SEC: Investors still have N60bn unclaimed dividends with companies

The Securities and Exchange Commission (SEC) says investors have not come forward to claim dividends worth N60 billion.

Mary Uduk, the acting director-general of the commission, was speaking on Tuesday during a courtesy visit to TheCable.

Uduk, who was represented by Sufian Abdulkarim the commission’s head of external relations department, said SEC is making efforts to ensure that the issue of unclaimed dividends is resolved.

“We have the direct cash settlement which makes it possible for investors accounts to be credited directly when there is a transaction,” she said.

“We have also migrated from physical share certificates to electronic ones. All these initiatives are geared towards marking our market perform better and ensure investors receive the benefits of their investments.”

Speaking further, Uduk advised investors to do proper research before investing their money because people are forming other ways of defrauding Nigerians.

She also assured investors that the commission is ready to investigate any complaints concerning the capital market that is directed to them.

The SEC boss, however, cautioned investors to ensure they do due diligence before investing their hard-earned money on any product to avoid patronising fund managers that are not registered.

“In the past, people just go to stockbrokers to buy stocks without having proper knowledge of what to buy but now we are encouraging people to go through the investment schemes. If you don’t know anything about stocks go through CIS and invest in different stocks so that professionals can manage your investments,” she said.

“You do not have to have so much money or any formal education to be able to invest in this market, there are professionals who will advise you and tell you the best product to invest in to suit your needs. They will also assist you to manage such investments.”

In response, Simon Kolawole, chief executive officer of Cable Newspaper Limited, said the organisation aims to contribute to the growth of Nigeria.

This, he said, will be done through factual and investigative reporting.

Kolawole also acknowledged the role of the capital market in economic growth saying: “In any developed country today, the capital market is an important part”.