Ongoing campaign by the Securities and Exchange Commission (SEC) for investors to embrace e-dividend mandate has led to the payment of N29 Billion out of N90 Billion unclaimed dividend between November 2015 and this year.
Briefing Journalists on the outcome of the Capital Market Committee (CMC) parley in Lagos, Director-General of SEC, Mounir Gwarzo emphasised need for sustained investors’ education in the nation’s capital market.
He explained that through incentive and extension of time, more investors are embracing the e-dividend scheme, adding that SEC’s advocacy role will continue until the market achieved 100 percent compliance.
Making reference to the circular on establishment of Nigerian Capital Market Development Fund (NCMDF) expected to take care of all unclaimed dividends that is above 12 years, Gwarzo explained that a committee has been raised to work out its modalities.
Gwarzo who spoke on sundry issues explained that relevant committees are reviewing the Investments and Securities Act (ISA) and the Companies and Allied Matters Acts (CAMA), adding that the market will be guided by the outcome of their efforts