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MTN Nigeria’s Unclaimed Dividend Hits N1.65bn  

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MTN Nigeria Plc, the largest telecommunication firm in Africa’s most populous nation has total unclaimed dividend outstanding of N1.65 billion as at December 2020, according to its audited financial statement.

That is 21.36 percent higher than 2020’s N1.36 billion.

In line with Security and Exchange Commission (SEC) guidelines, Coronation Registrars Limited returned to the telco giant the sum of N688 million unclaimed dividend as at 31 December 2021.

The board of directors of the company approved and paid a final dividend of N133.0 billion as at December 2020.

MTN Nigeria has a dividend yield of 6.53 percent while price to earnings ratio stood at 10.73 times.

The value of unclaimed dividends in the Capital Market has risen to N170 billion, according to recent data by the SEC.

“There are people who have bought shares under false names before. That is what we call the multi-subscription problem. The thing is yes there is a problem with the process and also there is a problem with us as a people,” said Lamido Yuguda, the Director General of SEC.

“If you are buying securities using your own wealth, why would you use another person’s name? Why would you use a name that may not be traceable to you? And most of these things really became an issue after the introduction of BVN, because BVN is tied only to one name.”

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