The Senate President, Godswill Akpabio on Monday bemoaned that unclaimed dividends funds represents missed opportunities, dream deferred and a stagnant economy, saying Nigeria cannot afford to let this continue.
Specifically, Akpabio noted that Nigeria must rise to the challenge, confront the complexities, and find bold solutions that will restore faith in the nation’s financial systems and empower investors.
Akpabio spoke at a one-day public hearing on unclaimed dividends funds organized by the Senate committee on capital market held in Abuja.
The Senate President, represented by Senator Binos Yaroe observed that unclaimed dividends represents not just a financial loss, but a loss of trust in Nigeria’s capital market.
He explained that Nigeria have witnessed the exponential growth of unclaimed dividends, stressing that it is a reflection of the systemic issues that have plagued the nation’s financial sector for far too long.
According to Akpabio “it is time to break free from the shackles of the past and embrace a new era of transparency, efficiency and accountability”.
Continuing, he told the audience that “Nigeria, endowed with vast resources and resilient spirit, has the capacity to become a beacon of economic prosperity and opportunity”.
He however expressed optimism that “we have the power to transform our capital market into a vibrant hub of investment, innovation and wealth creation”.
He added that the public hearing was a platform for the exchange of ideas, the sharing of best practices, and the forging of partnerships that will drive meaningful change.
Meanwhile, the chairman of the Senate committee on capital market, Senator Osita Izunaso in a separate remarks said concerns have continued to grow following the federal government decision to scruritize unclaimed dividends and dormant account balances of up to six years in the country.
Izunaso said in the 2020 finance Act, the management of unclaimed dividends and dormant account balances has been captured as part of many other provisions intended by government to mitigate the country’s fiscal frailties and economic crunch.
“Our goal is to foster a robust investment environment that upholds investor confidence and market integrity” Izunaso added.
