SEC Moves To Reduce Unclaimed Dividends

The Securities and Exchange Commission (SEC) has stated that efforts are ongoing to rebuild the E-Dividend Management Mandate System (e-DMMS) platform in a sustained effort to drive down unclaimed dividends in the capital market.

This was stated by the Director General of the SEC, Mr. Lamido Yuguda during an interview in Abuja.

Yuguda said members of the Capital Market Committee had adopted some measures to increase the number of mandated investors on the e-DMMS and reduce the quantum of unclaimed dividends in the market adding that the e-dividend committee had been working on the platform and have concluded plans to have it rebuilt.

He said this involves having a centralised submission of E-dividend mandate forms, Application Programming Interface (API) for Banks and Registrars, and a revamped web interface among others.

Yuguda disclosed that SEC has invested a lot of resources as well as embarked on a number of programmes on investor education to ensure that people mandate their accounts to enable them receive the benefits of their investment in the capital market.