By Modupe Gbadeyanka
The Securities and Exchange Commission (SEC) has continued to step up its campaign aimed to further reduce the quantum of unclaimed dividend in the Nigerian capital market.
The agency has used every occasion to appeal to investors to come forward to register for the e-dividend initiative it came up with to address the issue.
The total value of unclaimed dividend in the market currently stands at N103 billion as at December 2017.
On Tuesday, SEC held an enlightenment programme for Lagos State Probate Registry in Lagos, where it was disclosed some deceased persons were one category of investors whose investment yields have contributed to the growth of unclaimed dividends.
Acting Director-General of SEC, Ms Mary Uduk, in her welcome address at the seminar, said the beneficiaries of these sums as indicated in the will or letter of administration were yet to claim the investments and accrued dividends through the share transmission process.
Ms Uduk, who was represented by the Acting Executive Commissioner in charge of Operations at SEC, Isyaku Tilde, said the purpose of the enlightenment programme was to give participants an understanding of the operations of the capital market, especially in the areas of transmission of shares and administration of estate; areas in which the Probate Registry was a key stakeholder.
“The capital market is a market for raising medium to long term capital via a number of instruments. The most popular of the instruments are shared and bonds with resultant yield of dividends and interests respectively.
“However, the quantum of unclaimed dividends in the Nigerian capital market has been on the increase, as investors fail to claim the dividend from their investment in shares,” the SEC chief said.
Ms Uduk restated SEC’s readiness to collaborate with the probate registry staff so that together the Nigerian capital market can become a desirable investment destination.
During the programme, the Acting DG congratulated the Probate Registry on the recent inauguration of the e-filing system, saying it will guarantee integrity of data, provide for online tracking of applications, simplify and shorten the application process of Letter of Administration and grants.
In a keynote address, Justice A.A. Oyebanji, who represented the Chief Judge of Lagos State, commended the Commission on the enlightenment programme, which she said will go a long way in aiding the staff of the Probate Registry in the discharge of their duty.
Justice Oyebanji said the Registry processed legal instruments for the administration of the real and personal estate of a deceased, who was a resident, and who owned landed properties in Lagos State.
She disclosed that the Registry is also now fully-computerised, and all applications must be made online.
“This e-Probate system was introduced primarily to ensure a more efficient delivery of services to elements of the public. It is aimed at reducing significantly the length of time required to obtain a grant in Ikeja of the Lagos Division,” she added.
