Nigeria’s Securities and Exchange Commission (SEC) has sent a passionate appeal to beneficiaries of deceased investors to step forward to claim their dividends.
The regulator’s appeal is in response to the volume of unclaimed dividends in the Nigerian capital market, estimated at over N60 billion in November 2018, down from N129 billion in December 2017.
Speaking at an enlightenment programme for Lagos State Probate Registry in Lagos, on Tuesday, April 30, 2019, acting Director-General of SEC, Ms. Mary Uduk, said the collective effort of all stakeholders is imperative if the capital market must play its role in capital accumulation and economic development.
Uduk, who was represented by acting Executive Commissioner, Operations, Mr. Isyaku Tilde, said the enlightenment programme is to enable participants have a grasp of the working of the capital market, especially in the area of transmitting shares and administration of estate, areas in which the Probate Registry is a key stakeholder.
Uduk stated that one category of investors whose investment yields have contributed to the growth of unclaimed dividends are deceased persons, whose beneficiaries as indicated in the will or letter of administration are yet to claim the investments and accrued dividends through the share transmission process.
“However, the quantum of unclaimed dividends in the Nigerian capital market has been on the increase as investors fail to claim the dividends from their investment in shares,” Uduk said.
She also congratulated the Probate Registry on the recent commissioning of the e-filing probate registry, noting that the initiative will guarantee the integrity of data, provide for online tracking of applications, simplify and shorten the application process of Letter of Administration and grants.
She restated the readiness of the SEC to collaborate with the Probate Registry and other stakeholders to make the Nigerian capital market a preferred investment destination.
In a keynote address, Hon. Justice A.A. Oyebanji, who represented the Chief Judge of Lagos State, commended the regulator on the enlightenment programme, saying this will go a long way in aiding the staff of the probate registry on the discharge of their duties.
She disclosed that the Probate Registry in Lagos state is now fully computerized and all applications are 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, whether in the Ikeja of the Lagos Division,” she said.
SEC had in 2015 launched the e-Dividend Mandate Management System to enable investors to easily complete their bank mandate with company registrars.
