Dr. Emomotimi Agama, the director General the Securities and Exchange Commission, has urged the registrars to adopt technology in addressing the problem of unclaimed dividends in the capital market.
He stated this during a meeting with the executives of the Institute of Capital Market Registrars.
According to him, SEC will soon release a framework that will guide the capital market in the proposed recapitalization exercise by banks.
“We are on top of the issues around the recapitalisation exercise. Very soon, we will come up with a framework to guide the market. The idea is to interact with you all. There may be things hanging, and due to the transition, we do not want to miss anything. It will still be attended to in the interest of the market.
“We will come up with a framework to move the market. We are in this together, and we will continue to work and do our best. This is our constituency, and we will do our best. We crave your cooperation to help us deal with major challenges.”
According to him, the “Unclaimed dividends are a monster that we must deal with now. Whatever it will take to deal with it, we must do it. We must embrace technology as one of the ways to deal with it.
He however advanced the course for better collaboration in the industry.
“Let us put our thoughts together and provide a workable solution; let us ensure that this becomes a thing of the past. We need to provide a solution, and the time is now. As custodians, we implore you to provide practicable steps to address this issue,” he stated.
Corroborating his view, Bola Ajomale, SEC’s acting executive commissioner of Operations, said that technology adoption is the most effective approach to guaranteeing punctuality and sanitise the system.
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