Market Review: Market-led Approach Required to Reduce The Figure of Unclaimed Dividends
This edition of the Market Review features Mr. Obong Idiong the MD/CEO of Africa Prudential Plc as he speaks on "Addressing the Rising Tide of Unclaimed Dividends in Nigeria".
According to him, a market-led approach will be required to reduce the statistics of shareholders that have issues in claiming their dividends. He decried the fact that only 2% of investor accounts in Nigeria have complete Know-Your-Customer, KYC details which means a lot of work has to be done in resolving identity issues.
On the E-Dividend Mandate Management System, e-DMMS stressed the need for synergy between the platforms of registrars in the market and that of the Nigeria Inter-Bank Settlement Systems, NIBSS. He believed that this will help in reducing the turnaround time in documenting e-dividend mandates for shareholders.