The Independent Shareholders Association of Nigeria (ISAN) has opposed the proposed transfer of unclaimed dividends to the Central Bank of Nigeria (CBN), describing the move as detrimental to investors’ interests.
In a statement, ISAN National Coordinator Moses Igbrude argued that the policy would discourage investment in the capital market and erode shareholder confidence. He emphasized that unclaimed dividends remain the rightful property of shareholders and should not be repurposed without their consent.
The Federal Government had earlier proposed the transfer as part of efforts to boost liquidity and utilize idle funds for economic development. However, ISAN insists that companies and registrars should intensify efforts to locate beneficiaries through improved identity verification and shareholder education.
E247Mag reports that stakeholders are calling for alternative solutions, including enhanced data tracking and stricter compliance with the e-dividend mandate. The association warned that forcibly transferring the funds could lead to legal challenges and further distrust in Nigeria’s financial markets.
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