Academy Press reports 1,116 unclaimed dividends -holds AGM Sept 30 2010



By Peter OBIORA investadvocate

Sept 29 2010 12.00 GMT



Lagos (investadvocate)-Academy Press Plc (AP) operating in the Printing & Publishing sector of the Nigerian Stock Exchange (NSE) has reported 1,116 unclaimed dividend warrants by shareholders of the company.


This was contained in the company’s year 2009 Annual Reports and Accounts made available recently by Sterling Registrars Limited to (investadvocate) in Lagos Nigeria.


The Printing & Publishing Company affirmed that the unclaimed dividend warrants was put as at June 30 2009.


Sterling Registrars affirmed that this report by Academy Press was made in compliance with Section 382 (1) of the Companies and Allied Matters Act, Cap C20, LFN 2004.


As earlier reported by investadvocate, Apex Capital Market Regulatory Institution, the Securities and Exchange Commission (SEC) had early in July 2010 written to Registrars and quoted companies in the Nigerian Capital Market (NCM) to furnish the list of unclaimed dividends in their possession in order to find a lasting solution of tackling the issue of unclaimed dividends and making sure that investors reap the benefits of their investments as at when due.


Also, between year 2009 and 2010, it has been reported that the current worth of unclaimed dividends by the Nigerian investors is estimated to be between N17.9 billion as at year 2009 and currently in year 2010, reports has it that the figure has risen to about N20 billion.


Sir Sunny Nwosu, The National Coordinator, Independent Shareholders Association of Nigeria (ISAN), confirmed to investadvocate recently in Lagos Nigeria that the unclaimed dividend bill amendement has passed a second reading at the Nigeria’s House of Assembly and only awaiting public hearing.


This he affirmed will hit the brick wall as some people are trying to reap where they did not sow. “Shareholders may lose the funds within a shorter period of time than 12 years, which was the length of time allowed before the dividend becomes status barred” Nwosu said.


He further affirmed to investadvocate that this move by the Nigerian House of Assembly to amend the unclaimed dividend bill will discourage entrepreneurship in Nigeria, those who came together to found these businesses or companies would be discourage to continue doing so; because they would have been robbed of their investments” he said.



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