Unclaimed dividends have continued to rise despite the introduction of the e-dividend mandate by the Security Exchange Commission to address the challenge. OLUWAKEMI ABIMBOLA writes on why the challenge of unclaimed dividends persists
Taking a swipe at registrars, the National Coordinator of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, asserted that the registrars were frustrating the shareholders.“For instance, with some big companies, when you look at their unclaimed dividends, it is on the high side and it is not as if all of them with unclaimed dividends are dead. Some of them are still alive. The registrars on their own, still need a lot of training on how they relate to shareholders.
To address some of the challenges faced by investors in claiming their dividends, stakeholders have said that the SEC needs to penalise some registrars and also encouraged them to be proactive about investor education. “Except SEC penalises registrars with high unclaimed dividends, that is when all these things will stop.”
On the Unclaimed Dividend Trust Fund, Adonri said that it was not peculiar to Nigeria and that when dividends were declared, the government is in a position to be able to administer unclaimed funds. The President of the Institute of Capital Market Registrars, Oluseyi Owoturo, denied the allegations of complicity of registrars in the rising unclaimed dividend.
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