The Securities and Exchange Commission (SEC), says it will sanction stakeholders whose actions are frustrating its efforts toward reducing the volume of unclaimed dividends.
Mr. Lamido Yuguda, the Director-General of SEC, said this at a post Capital Market Committee (CMC) news conference on Friday in Abuja.
According to Yuguda, in spite of the commission’s efforts in ensuring Electronic Dividend Mandate Management System (e-DMMS), investors have continued to lament the delay in the payment of their e-dividends.
He said that a lot of investors had yet to mandate their account to be able to receive their dividends, adding that unclaimed dividends as at 2021 stood at N177 billion, which was higher than the 2020 figure of N168 billion.
“Capital market operators must also do more to demonstrate through their activities, an efficient capital market system that prioritises the interest of investors.
“As part of our efforts to stem the tide of activities of unregistered crowdfunding platforms, the commission warned the operators of these platforms that they stand the chance of being prosecuted,” he said.
NAN