Some Registrars Unwilling To Release Unclaimed Dividends – SEC Boss

The Director-General of the Securities and Exchange Commission, Lamido Yuguda, has said some registrars are unwilling to release shareholders’ unclaimed dividends in their custody.

Yuguda said the registrars had employed several antics to frustrate shareholders from enjoying the benefits of the Electronic Dividend Mandate Management System.

Speaking at 10th annual conference of the Institute of Capital Market Registrars, he urged the ICMR to encourage its’ members to uphold the Code of Ethics of the profession contained in the Rules and regulations of the Commission.

He said “Capital market operators have a duty to uphold the integrity of the capital market to foster investor confidence as investors are the greatest assets any capital market has.

“The commission would therefore not hesitate to sanction any erring operator in relation to unclaimed dividend or any other issue.”