NIGERIA: SEC wants dividends paid into savings account

The Securities and Exchange Commission, SEC, yesterday, appealed to Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, to mandate the banks to accept payment of dividend warrants into shareholders’ savings accounts.

Speaking at the end of the second quarter Capital Market Committee, CMC, meeting in Lagos, Director General of SEC, Ms. Arunma Oteh, said the move would help to resolve the rising spate of unclaimed dividends in the country, which is currently put at over N60 billion.

Although she said some banks had started accepting payment of dividend warrants into savings account, she added that mandating others to follow suit was critical in tackling the issue of unclaimed dividend.
She said: “We welcome the agenda of the new CBN governor; and we hope to continue to work together with CBN to ensure that we tackle issues that are of utmost importance to the growth of the capital market.”

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