LAGOS, Nigeria (VOICE OF NAIJA)– Stakeholders have set machinery in motion to address this lingering headlong, the Managing Director of Africa Prudential Plc, Catherine Nwosu has said.
Nwosu who dropped this hint while speaking on the sidelines at the company’s Annual General Meeting in Lagos recently, lamented the protracted problem of unclaimed dividends, stressing that it is one monster that has defied cure for years
She was however quick to admit that things are looking up as concerted efforts are being made to bring the challenge under control.
According to her, the N190b inventory of unclaimed dividends was humongous, adding that the Securities and Exchange Commission already is brainstorming to find ways of resolving the issue working in tandem with members of the National Assembly.
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“We really acknowledge that the issue of unclaimed dividends is a major challenge because it has everything to do with the identity management crisis in the capital market. Presently, a lot of awareness is being created. Before the end of this year, SEC must have visited the six geopolitical zones in collaboration with us and some other registrars to create awareness across the board.”
While noting that “A lot of people are not aware that they have unclaimed dividends. It’s not everybody that reads the newspaper, or watches television. The people in the villages and hinterlands are not even aware and that is why we are going to do grassroots mobilisation and awareness across the country so that people can come forward and solve this problem and then claim their dividends. And you know if you did not claim your dividend last year, if a company declares dividends this year, it will increase.
“So, it’s not that people have not been claiming their dividends, it is because of the additional dividends being declared by companies you see dividends increasing. But a lot is being done. Today, we are paying African Prudential shareholders dividends and I tell you 95 percent of the dividends will go today. On our part, we are doing everything assiduously to reduce the unclaimed dividends in our coffers.”
On her expectations in office, she said she hopes to sustain the legacy of growth by focusing on three key major areas including technology, people and process.
“So, these key areas are areas that I am going to focus on. If you have the best of people, you will achieve a lot. That is it because the people will help you identify the needs of your customers, whatever we are creating to make customers happy.”
On what she is doing to stabilise the company in order to add more value to the shareholders, she said her aim is to ensure the sustainability of the company through innovation by creating products that are customer-centric for our clients. “I mentioned today that there are lots of opportunities in the capital market. Just this first quarter the NGX has recorded a boom far more than they did in the entire 2023.”