The House of Representatives has directed its Committee on Capital Market and Institutions to investigate unclaimed share dividends in the capital market, valued at over 126.03 billion naira.
This followed the unanimous adoption of a motion moved by Babangida Ibrahim at the plenary.
The motion was tagged “Need to Investigate the Rising Value of Unclaimed Dividends, Unremitted Withholding Tax on Dividends and their Attendant Effects on the Nation’s Economy.”
Ibrahim said unclaimed dividends had continued to increase over the years, thus increasing the unremitted withholding tax on dividends in the country.
The lawmaker said that the value of unclaimed dividends rose from 5.1 billion naira to 103.1 billion naira between 2002 and November 2016, compared with the value of 2.09 billion naira in 1999.
The House, therefore, mandated the committee to investigate the rising value of unclaimed dividends and unremitted withholding tax on dividend and their attendant effects on the nation’s economy.