Nigeria: SEC Calls for Stakeholder Support to Address Unclaimed Dividends and Market Infractions

SEC Calls for Stakeholder Support to Address Unclaimed Dividends and Market Infractions
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Dr. Emomotimi Agama, Acting Director General of the Securities and Exchange Commission (SEC), has called on capital market stakeholders to support efforts in reducing unclaimed dividends and addressing market infractions. During a meeting with the Association of Securities Dealing Houses of Nigeria (ASHON) in Abuja, Agama identified unclaimed dividends as a significant issue that needs immediate attention.

Agama emphasized the urgency of resolving unclaimed dividends, which he referred to as the “big elephant in the room,” along with other market-related issues. He assured stakeholders that these problems would be addressed promptly, highlighting the need for innovative approaches to achieve different results. “We cannot continue to do things the same way and expect different outcomes. Strengthening the institutions under you and ensuring continuity of legacy is crucial,” he stated.

ASHON’s Support and Optimism

Mr. Sam Onukwe, Chairman of ASHON, commended President Bola Ahmed Tinubu for appointing Agama as the Director General and the three Executive Commissioners. He described these appointments as a sign of renewed hope for the Nigerian capital market and the broader economy.

Onukwe expressed confidence in Agama and his team’s ability to leverage their extensive experience to foster the growth and development of the capital market. “In my lifetime, this is the first time the SEC board has been chosen from within the system,” he noted, emphasizing the unique opportunity for the team to set a new direction for the capital market.

The collaborative efforts of SEC and ASHON aim to address long-standing issues in the capital market, with a particular focus on reducing unclaimed dividends and curbing market infractions. By working together, stakeholders can strengthen the market’s infrastructure and promote sustainable growth, ultimately benefiting the Nigerian economy as a whole.

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