Uduk Urges Beneficiaries of Deceased Investors to Claim their Reward

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Mary Uduk, the acting director general of the Securities and Exchange Commission (SEC) has reiterated her call on beneficiaries of deceased investors to claim their reward for investment.

According to her, beneficiaries of deceased investors in Nigeria’s capital market should step up efforts to claim such dividends.

Uduk stated that one category of investors whose investment yields had contributed to the growth of unclaimed dividends in the capital market were deceased investors.

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This is because beneficiaries as indicated in the Will or Letter of Administration are yet to claim the investments and accrued dividends through the share transmission process.

“The capital market is a market for raising medium to long-term capital via a number of instruments. The most popular of the instruments are shares including bonds with resultant yields of dividends and interests.

However, the quantum of unclaimed dividends in the Nigerian capital market has been on the increase as investors fail to claim the dividends from their investment in shares,” she said.

As at November 2018, unclaimed dividends, resting in the coffers of the Registrars was pegged at N60billion, according to market sources.