SEC Proposes New Rule on Application of 12 Years and Above Unclaimed Dividends

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Tuesday, August 23, 2016 3:52pm /SEC

Pursuant to the provisions of Section 313(1)(n) of the 
Investments and Securities Act(ISA) 2007, the Commission hereby proposes this Rule:

1.       Companies and Registrars in custody of dividends which remain unclaimed by shareholders 12 years after the date of declaration or subsequently attain the 12 years threshold shall upon the coming into effect of this Rule transfer such monies into the Nigerian Capital Market Development Fund (NCMDF).

2.      All companies and registrars shall not later than 30 days after the end of every calendar year forward to the Commission a report of unclaimed dividends in their custody, which shall specify compliance with Sub Rule (1) of this Rule.

3.      Companies shall disclose details of compliance with this Rule in their annual reports.

All comments and input should be forwarded to the Secretariat, Rules Committee of the Commission, via, or through the DG, SEC, not later than two (2) weeks from the date of publication.

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