A staggering US$120 million (#190 billion) in unclaimed dividends currently sits idle in Nigeria’s capital market, according to the Securities and Exchange Commission (SEC). This massive sum, equivalent to unredeemed earnings owed to shareholders, has become a persistent challenge for regulators, investors, and the broader financial ecosystem. What’s Behind the Accumulation? Several factors contribute to this looming issue: Out-of-date records and unclaimed shares due to shareholders relocating without updating contact or bank information. Legacy complications such as multiple subscriptions under fictitious or old names from past eras, especially during the indigenization period of the 1970s, where investments were made under aliases—drivers, gardeners, deceased relatives—to evade detection. Ongoing struggle with identity management and data integrity within systems like the electronic dividend (e-dividend) portal. Regulatory Response: SEC Takes Action The SEC is tackling the iss...