Unclaimed dividends hit N50.94 billion in 2013 – Official

N50.94 billion was recorded as unclaimed dividends in 2013 as against N60 billion recorded in 2012.

The Institute of Capital Market Registrars, ICMR, on Saturday said unclaimed dividends in the nation’s purse had reached N50.94 billion as at December 31, 2013.

The Chairman of Council ICMR, Bayo Olugbemi, who made the disclosure in Lagos at a news conference, said the figure represented 5.05 per cent of the total dividends declared for the past 10 years.

He said the current level of unclaimed dividends was a significant improvement compared with past years.

The N50.94 billion was recorded as unclaimed dividends in 2013 as against N60 billion recorded in 2012.

Mr. Olugbemi said that efforts made by regulators and registrars had helped to reduce the level of unclaimed dividends in the nation’s capital market.

He said the value of dividends currently being declared by companies were huge compared to 10 years ago.

Mr. Olugbemi, the Managing Director, First Registrars Ltd., said the efforts of regulators and registrars had yielded significant results in reducing the level of unclaimed dividends in the market.

“Years back the percentage of unclaimed dividends was around 24 per cent. But we have reduced it to below 20 per cent, 10 per cent and 5.05 per cent in December 2013,” he said.

He promised that stakeholders in the capital market would do more to further reduce the level of unclaimed dividends.

The chairman said that some of the big banks in the country which paid dividends below N10 billion in past years, paid over N54 billion dividends in 2013.

He said that in 2013, Dangote Cement declared dividend of about N120 billion.

Mr. Olugbemi said registrars would not relent in their efforts to make the capital market more attractive to investors.

He said the ICMR had decided to focus on corporate governance at its conference coming billed for this year.

(NAN)

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.