TheCable

The Securities and Exchange Commission (SEC) says it will continue to engage stakeholders to resolve rising unclaimed dividends.

Lamido Yuguda, director-general of the SEC, stated this during the presentation of the 2022 budget of the commission before the house of representatives committee on capital markets and institutions in Abuja on Tuesday.

Yuguda disclosed that the commission is engaging relevant stakeholders to resolve various issues in the capital market.

He explained that part of the problems of unclaimed dividends had to do with identity management, saying the commission was engaging the registrars and increasing investors’ education to stem the trend.

According to Yuguda, the commission has set up an identity management committee to harmonise various databases of investors and facilitate data accuracy in the market.

“We have engaged with the industry to see where the issues are. We have understood the problem better and we are working in collaboration with them to ensure that by the end of the first half of 2022 we will be able to report back to this committee some of the milestones achieved in solving some of these issues and we believe it will have a massive impact,” he said.

“We need to transform our IT infrastructure as we superintendent over a market that is vast and technology-driven. The Steering committee has started work, and we are already looking at the proposals.

“SEC has been collaborating with the Standards Organisation of Nigeria to develop standards for commodities and the commission has already held two workshops in Lagos and Kano, expressing the hope that it will make the nation’s agricultural commodities acceptable the world over as well as create wealth for the country.”

In his remarks, Babangida Ibrahim, chairman of the committee, commended the commission on its efforts and assured that the committee would continue to provide support where necessary to ensure that the nation has a vibrant capital market.

“It is our responsibility to oversight the SEC, and that is why we invited them here today to brief us on the performance of their 2021 budget, including the success and challenges they have faced in the year under review,” Ibrahim said.

“We will continue to engage with the Commission to attain the progress we desire for our capital market.”