SEC orders companies to honour unclaimed dividend requests

By Obas Esiedesa, Abuja  The Securities and Exchange Commission, SEC, has directed   all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”—especially those dating from before the enactment of the Finance Act 2020.The Commission noted that the directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Uncl