Acting Director General of the Securities and Exchange Commission (SEC) Dr. Emomotimi Agama has charged relevant stakeholders in the capital market to co-operate with the Commission in its desire to reduce the quantum of unclaimed dividends.
The SEC Acting DG who stated this during a meeting with the Association of Securities Dealing Houses of Nigeria (ASHON) in Abuja, described unclaimed dividends as a monster in the capital market which must be tackled swiftly.
Dr. Agama assured that every unresolved issue ranging from unclaimed dividends, which is the big Elephant in the room, time to market and other related market issues will be addressed in the shortest time possible.
He assured the association that every good thought that they have had will be brought to fruition while inviting the Association to forward a practical proposal on how they are going to deal with the current level of unclaimed dividends.
According to him, “We cannot continue to do a thing in a particular way and expect a different result. You need to strengthen the institutions under you and know who you are leaving behind to continue the Legacy”.
The SEC Acting DG had recently urged registrars to embrace technology as one of the ways of ensuring that the issue of unclaimed dividends in the capital market becomes a thing of the past.
He said, “Unclaimed dividends is a monster that we must deal with now. Whatever it will take to deal with it, we must do it. We must embrace technology as one of the ways to deal with it.
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“Let us put our thoughts together and provide a workable solution; let us ensure that this becomes a thing of the past. We need to provide solution and the time is now. As custodians, we implore you to provide practicable steps to address this issue”.
The SEC management, therefore, pledged to give their best and ensure that the market is rid of every form of infractions, work towards broadening the market for the greater good generally and achieve success in the Nigeria Economy.
In his remarks, the Chairman of ASHON, Mr. Sam Onukwe applauded President Bola Ahmed Tinubu for appointing Dr. Emomotimi Agama as the Director General and the three Executive Commissioners describing it as indeed, a renewed hope for the Nigerian Capital Market and the economy.
Onukwe expressed the strong belief that Dr. Agama and his team will bring their outstanding wealth of experience to bear in the growth and development of the capital market, and the advancement of the Nigerian economy as a whole.
He said, “In my lifetime, this is the first time the board of SEC is chosen from the system”, emphasizing that it is an opportunity for the Team to chart a new course for the capital market.
