Senate yesterday raised concern over the downward movement of capital market capitalization from N11trillion to its present position of N9trillion within a short period.
Chairman, Senate Committee on Capital Market, Senator Isiaka Adetunji Adeleke stated this when the Director General, Security Exchange Commission, SEC, Munir Gwarzo appeared before the committee at the National Assembly in Abuja.
Gwarzo had told the committee that Nigeria’s total unclaimed dividends at the nation’s stock market is about N78 billion.
Senator Adetunji, however, explained that the Companies and Allied Matters Act, CAMA1990, stipulates that dividends which remain unclaimed after 15 months of being declared should be returned to the firm.
He added that the investors may make a claim not later than 12 years after, such unclaimed dividends are considered statue barred and thus forfeited by shareholders.
The committee chairman said, “it gives me a serious concern to inform you of the persistence downward movement of the market capitalization, within a short period of time”.
“The market lost more than N2 trillion, from N11 trillion to its present position of N9 trillion”, he added.
Senator Adeleke, however, implored regulators, especially the SEC to apply drastic measures to arrest the trend.
He assured the agency of the committee’s support by providing an enabling environment that would stimulate strong domestic market which would enhance the nation’s economic growth.


Ad:See How you can turn $500 into $10,000 Click HERE For Details.
SHARE