Securities and Exchange Commission to Sanction Companies, Registrars over Unclaimed Dividend


The Securities and Exchange Commission (SEC) has warned quoted Companies and Capital Market Registrars to desist from selective payments and distribution of dividends.

Director-General, Securities and Exchange Commission (SEC) Lamido Yuguda stated this at the 10th Annual Conference of the Institute of Capital Market Registrar’s (ICMR) with the theme “Reinventing the Nigerian Capital Market for Growth: the digital technology approach”, held in Lagos.

Yuguda, who said that some Registrars are unwilling to release the unclaimed dividends in their custody and have employed several antics to frustrate shareholders from enjoying the benefits of the e-DMMS Platform, urged the ICMR to encourage its’ members to uphold the code of ethics of the profession and as contained in the rules and regulations of the Commission.

The SEC DG also stressed the need for an optimal regulation of digital technology in the capital market to forestall likely disruptions that could threaten investors’ confidence.

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