N90 billion unclaimed dividends: Senate moves to amend capital market acts

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Senate Committee on Capital Market on Tuesday organised a one-day public hearing on the “need to determine the status of unclaimed N90 billion dividends”.

In his opening address on Tuesday in Abuja, the Committee Chairman, Senator Isiaka Adeleke explained that the legislative arm of government had been mandated through a motion to reposition the market for better productivity in line with global best practices.

He pointed out that the twin policies of re-capitalisation and privatisation by government in the past had put pressure on the market, adding that the development attracted local and foreign investors into the Nigerian Capital Market.

“These two policies of re-capitalisation in banking and insurance sector attracted a large number of local and foreign investors into the Nigeria Capital Market”, he said.

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According to him, the banking sector secured short and long term loans from the surplus funds, a situation he added, boosted the market activities to the advantages of investors.

Adeleke further stressed that the move would ensure adequate structure in terms of trained and disciplined professionals in the market industry, adding that maintenance of records, documentation of investment in a transparent manner were keys to attaining best practices.

Expressing concerns over incidences of unclaimed dividends, Adeleke added that such could vitiate expectations of investing public.‎

“The Senate further worried that non payment of dividends could lead to social vices, street begging, fraudulent practices, youth restiveness with attendant negative effect”, the Chairman added.

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Meanwhile, Senate Leader, Senator Ahmed Lawan said the law will introduce ‎e-dividends to ensure that accounts of investors were credited within 24 hours.

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