SOME registrars of the Securities and Exchange Commission (SEC) are unwilling to release shareholders’ unclaimed dividends in their custody, the Director-General, Lamido Yuguda, has said.
The SEC DG said the registrars had employed several antics to frustrate shareholders from enjoying the benefits of the Electronic Dividend Mandate Management System.
Speaking at the 10th annual conference of the Institute of Capital Market Registrars, Yuguda 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.”
