Access, First Bank, 3 others record N17bn unclaimed dividends



Returns filed by capital market registrars for third quarter 2012 showed that as at September 30, top five companies, Access Bank, First Bank, UACN Plc., Nestle Plc. and Fidelity Bank have the highest amount of unclaimed dividends, valued at N11.191 billion.

Access Bank had highest level of unclaimed dividends amounting to N3.456 billion followed by First Bank with N3.167 billion while UACN Plc recorded N1.972 billion.
The duo of Nestle Plc and Fidelity Bank Plc followed in that order with N1.369 billion and N1.227 billion, respectively.
During the period, the Securities and Exchange Commission received returns on unclaimed dividend totaling N17.414 billion for that period alone.

According to SEC quarterly report for the third quarter 2012 the value of unclaimed dividends had increased sharply in recent time, from about N27.8 billion in 2008 to N41.3 billion in 2009, only to hit N41.7 billion in 2010.
In 2011 it hit N50.2 but slightly increased further to N50.7 billion as at September 2012.

In April 2012, SEC disclosed that the stock of unclaimed dividend had risen to N52.2 billion from about N40 billion. But SEC quarterly report for third quarter 2012 which was released in November put the figure at N50.7 billion suggesting that owners of the money might have claimed about N2 billion or probably it got statue barred and was reverted to the originating companies.

The apex regulator had recently said it had begun strategic reduction of the outstanding unpaid dividends and tasked registrars on a radical solution to the problem adding that “we jointly considered a number of options and by the end of this quarter, the result will be felt.”

The Director General, Ms Arunma Oteh noted that the commission’s target was that in 2013 it should reduce the size outstanding dividend by 50 percent stressing the regulator aimed to finally dispose of the operational and regulatory bottlenecks that have led to the accumulation of unpaid dividends.

Oteh said the regulator understand that some of the shareholders are having problems on the issue of paying their dividends into current accounts as some of them do not  operate such account.
She noted that the commission is currently working with other regulators on how to ensure that dividends are paid directly to shareholders savings accounts.

24 yrs boy started importation with N10,450. Read his story here!

Men, forget Viagra. Use these to increase your manhood size & strength

How 2make over N500,000 in less than 12 days like I did

How watermelon made a Benin boy over N1,000,000 in 73days

Superb premature ejaculation spray. You 'll last 30minutes+

How to earn 40k-200k monthly from football matches almost on autopilot

3 Things I did to cure premature ejaculation after my wife left me

Small manhood and premature ejaculation limited my performance for 4yrs!

7 Simple yet amazing steps to earn over N200,000/monthly. Click here

How to get flat belly in just 9 days. Click here!

How to turn your Facebook to ATM machine that vomits cash

How 28yrs Lagos boy increased his manhood strength & size in 18days

Click here now if you are interested in earning at least N7,500/daily

How a young Nigerian generate over N1,000,000/month via digital marketing

Are you a real man? Click here to know if you are?

Get daily updates of jobs in Nigeria. Apply for your dream jobs

Work from home and get paid at least $1000 weekly!

Get bigger manhood and cure premature ejaculation using these solutions!

Housewife reveals How to Turn N8,500 into N100,000 monthly!

Small manhood made me lose my fiancee to a next neighbour

Shocking! See 1 crazy trick a man uses to last long on his wifey


About Author

Leave A Reply