Representatives call on Edun, Cardoso and others not to withdraw unclaimed dividends

THE Home of Representatives on Tuesday resolved has invite THE Minister of Finance And Coordination Minister of THE Economy, Mr. Wales Edun; Minister of Budget & National Planning, Senator Atiku Bagudu; Governor of THE Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso on THE non-operationalization of THE Unclaimed Dividend Trust Fund.

President, Home Committee on Capital Walk And Other Establishments, Hon. Solomon Bob, issued THE notice during A interactive session with THE General manager of THE Securities Exchange Commission (SECOND), Mr. Lamide Yuguda, WHO confirmed that unclaimed dividends stood has N210,981,480,402.44 as of September 30, 2023. Out of This Rising, N166,671,399,552.73 was In THE jail of paid businesses, while N44,310,080,849.73 was In THE jail of THE Clerks.

In her Remarks, Hon. Bob charge THE Commission has provide details on a few of THE problems affecting THE capital walk, including unresolved problems of unclaimed dividends. He reiterated THE Committee solve has minimize THE impact of unclaimed dividends, noting inconsistencies In THE report of THE 9th Assembly Committee on Capital Walk And DRY submission, Thus THE need has reconcile THE divergences.

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He Also underlines THE need For SECOND And other stakeholders has interact with THE Committee during subsequent commitments has address THE myriad of challenges focused towards THE capital market.

In her address, SECOND General manager, Mr. Yuguda explain that THE Act stipulated that all unclaimed dividends And unused the amounts In A sleeping bank account duty be transferred either by THE public limit business, Clerk, Or deposit money bank.

He further disclosed that there are two aspects of THE back on equity invested In miscellaneous companies Operating In THE country: dividends And capital appreciation/gain. While noting that a few companies TO DO not pay periodic dividends but rely on uniquely on capital appreciation, such as Google And technology businesses, he sharp out that a few investors Also bought actions through fictional names.

Mr. Yuguda maintained that Since THE Commission had stopped paid dividends through mandates next to THE report of Annual General Meeting (AGM), he introduced electronic dividend payment which requires Shareholders NIN And BVN.

Worried by her submission, Hon. Bob request, "What TO DO You think has has been responsible For THE non-operationalization of THE Funds After THE Act was pass? I think After NOW We need has to broaden THE list of This engagement, including all those people listed below THE Act You just read out—CBN Governor, yourself, OGD, And THE rest of them—so that We can give teeth has that law And immediately to start THE operationalization of that Funds. »

In her answer has THE President investigation, Mr. Yuguda said, "We to have not Really seen A complete take off And THE Implementation of THE Unclaimed Dividends Trust Funds. Both THE Commission has has been functioning with THE OGD And Ministry of Finance has ensure that This transition arrived without any of them hiccups. »

Speaking further away, THE SECOND helmsman explain that Since THE beginning of This Act, unclaimed dividends In A listed business And unused the amounts In A sleeping bank account maintained In Or by A deposit money bank which has stayed unclaimed Or unused For A period not less that 6 years Since THE date of declaring THE dividend Or domiciliation THE funds In A bank account duty be transferred immediately has THE Unclaimed Funds Trust Funds. THE Debt Management Desk established by THE Debt Management Desk (Establishment, etc.) Act 2003 Or subsequent statuses which replace This Act duty oversee THE operations of THE funds.

According to has him, a few of THE regulatory Actions taken by THE Commission has guarantee investor protection Since THE year 2000 include THE emission of A Executive Bill Before THE National Assembly For THE establishment of Unclaimed Dividend Trust Funds. Always, THE idea was sidelined due has strong opposition Since a few stakeholders In THE Walk. Eventually, THE best solution has THE growth In unclaimed dividends East has ensure all Registrars to have THE account details of all shareholders In their save.

He added that THE Commission In September 2015 directed all Registrars of companies has back unclaimed dividends In their jail For A period of fifteen month And above has THE paid businesses.

Other Actions include THE abolition of THE to use of internally Registrars by paid Businesses has improve transparency A...