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Nigerian Capital Market Enrolled 2.8m Shareholders For E-Dividend In 2019 -Mary Uduk, Ag DG, SEC

Capital Market	1273 VIEWS
Capital Market
1273 VIEWS

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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