The Securities and Exchange Commission, SEC, yesterday, disclosed that the country’s infrastructure master plan has been estimated to cost $3.9 trillion over the next 30 years, just as it raised alarm over the rising unclaimed dividends in the nation’s capital market, which has risen to over N60 billion.
Chairman of SEC, Mallam Suleyman Ndanusa, decried the issue of unclaimed dividends which he said had grown to between N40 billion and over N60 billion.
Speaking at the third annual Capital Market Committee, CMC, retreat in Abuja, Ndanusa recalled that the leadership of SEC attempted to address the issue of unclaimed dividends, which was about N8 billion some years ago, regretting that today the amount had grown to about N60 billion.
He said: “One of the challenges that we still have today, which I am going to leave for the CMC is the issue of unclaimed dividends.
“The CMC, under the leadership of SEC, attempted to address the issue of unclaimed dividends which was about N8 billion some years ago, but today has grown to between N40 and N60 billion, to be very conservative.
“This is still a work in progress for CMC, but there are more and more things that have to be done and achieved in the market through the CMC.
“I am proud to say that what we started very humbly a few years ago is now going world class.”
Ndanusa advocated the need to evolve comprehensive measures to strengthen, broaden and deepen the market to enhance intermediary role in financing economic development.