Reps C’ttee To Investigate Unclaimed Dividends Worth N126bn - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
November 7, 2019
TheHouse of Representatives has directed its Committee on Capital Market andInstitutions to investigate unclaimed share dividends in the capital market,valued at over 126.03 billion naira.
Thisfollowed the unanimous adoption of a motion moved by Babangida Ibrahim at theplenary.
Themotion was tagged “Need to Investigate the Rising Value of Unclaimed Dividends,Unremitted Withholding Tax on Dividends and their Attendant Effects on theNation’s Economy.”
Ibrahimsaid unclaimed dividends had continued to increase over the years, thusincreasing the unremitted withholding tax on dividends in the country.
Thelawmaker said that the value of unclaimed dividends rose from 5.1 billion nairato 103.1 billion naira between 2002 and November 2016, compared with the valueof 2.09 billion naira in 1999.
TheHouse, therefore, mandated the committee to investigate the rising value ofunclaimed dividends and unremitted withholding tax on dividend and theirattendant effects on the nation’s economy.