| Capital Market |    1796 VIEWS  |
| Capital Market | |
| 1796 VIEWS | |
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Thursday, November 28, 2019 / 5:35 PM / Bukola Akinyele for Proshare WebTV / Header Image Credit: WebTV
About 2.8m Nigerians enrolled for the e-dividend mandate scheme in Q3,
2019.
The Acting Director-General of the Securities and Exchange Commission
(SEC), Ms. Mary Uduk disclosed at a recent Capital Market Committee (CMC) press
briefing in Lagos.
Ms. Uduk said that capital market operators, CMOs, had been actively
involved in the awareness campaign on the value of the e-dividend, displaying
the banners at their offices and also at the venue of annual general meetings
of companies.
Uduk also informed correspondents that Capital market operators are
expected to work with the Commission to increase awareness through their social
media platforms.
Giving further updates, she said that registrars had been
directed to discontinue the practice of requesting for confirmation of bank
signature during the E-DMMS (E-Dividend Mandate Management System) process to
tackle unclaimed dividends.
She also notified the market that the commission also reviewed the
request from the Association of Stockbroking Houses of Nigeria (ASHON) for
extension of time for compliance on the transfer of complete investor data
among operators such as brokers, registrars and the CSCS (Central Securities
Clearing Systems Plc). Upon completion, the Commission would communicate with
the relevant parties.
The SEC's acting boss also stated that the CMC agreed to the
suspension of the deadline on the regularisation put in place for shareholders
that opened accounts for the purchase of shares with different names.
In the area of effective regulation for the Nigerian capital market, she
said the Fintech roadmap was launched recently to deepen financial inclusion in
the market especially connecting with the millennials.
She said the roadmap was an avenue for SEC Nigeria to provide the regulatory
framework required to guide innovation in the capital market ecosystem.
Speaking further, she said SEC had deepened its interaction with retail
investors through enlightenment programmes and the integration of capital
market studies into the curriculum for junior and secondary schools in the
country.
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