SEC Plans Mobile App for N215bn Unclaimed Dividends

By Aduragbemi Omiyale

A mobile application is about to be developed by the Securities and Exchange Commission (SEC) to make it easier for investors to seamlessly access their unclaimed dividends, valued at N215 billion as of the first quarter of 2024.

This information was revealed by the Director General of SEC, Mr Emomotimi Agama, while briefing newsmen on Thursday on the outcome of the Capital Market Committee (CMC) meeting.

He further said a special unit would be established to look at ways to bring down unclaimed dividends, though he admitted that it could never be at zero Naira, noting that this team will operate both at the SEC headquarters and branches.

“We are going to set up a special unit at the SEC that speaks directly to the issues of unclaimed dividends.

“We discovered that a lot of investors are having some minor challenges in trying to get access to those unclaimed dividends,” the DG said.

Mr Agama also disclosed that the unclaimed dividends mobile app would be “available on the Google Play Store and will grant investors real-time access to the number of unclaimed dividends accrued to them and further simplify the process of reclaiming those funds,” adding that progress report will be supplied to the Senate Committee on Capital Market within the next six months.

The SEC chief further stated that the agency has improved complaints management through the implementation of the Complaints Management Framework and the establishment of an Investor Protection Fund to restore investor confidence.

“To manage systemic risks, the SEC had mandated Capital Market Operators (CMOs) to prepare and submit their enterprise risk management frameworks and annual risk profiles to the Commission while also collaborating with other financial sector regulators and agencies in efforts to assist Nigeria in exiting the FATF grey list,” he disclosed.

He also said the commission was intensifying efforts to protect investors and promote the private bond market, including reviewing its rules on private bonds to ensure that the market remains robust and that investors’ interests are adequately safeguarded.