SEC Committed to Leading Nigeria’s Capital Market Recovery - Mary Uduk, Ag DG

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Friday, November 30, 2018 7.30AM / Ottoabasi Abasiekong, Proshare WebTV

 

The 10 year Nigerian capital market master-plan from 2015-2025, is poised to lead the recovery of the market from the post 2008 stock market crisis to a level of renewed investor confidence. 

Acting Director-General of Securities and Exchange Commission, Nigeria Ms Mary Uduk disclosed this at the 2018 Capital Markets Journalists academy in Uyo, Akwa Ibom State. 

Ms Uduk shared that part of the capital market master plan by the Commission in collaboration with other stakeholders, was to map out strategies to improve key areas especially investor protection and education, professionalism, product innovation, and for the expansion of the capital market’s role in Nigeria’s economy. 

She said the  101 initiatives in the Master Plan, had the potential to expedite the implementation of the nation’s economic agenda. 

According to her as part of the implementation of the plan, SEC Nigeria has ensured that all share certificates are fully dematerialized. 

“This is to say that physical share certificates are now fully converted into electronic form in Nigeria. This initiative has further enhanced the market efficiency and transparency” Uduk said . 

Speaking further the Acting DG of SEC Nigeria said the recapitalization of capital market operators was aimed at improving the baseline infrastructure of the Capital Market Operators, improves their market access and service delivery as well as enable them comply fully with the New Minimum Operating standard set by the Commission. 

“These were aimed at helping the market develop robust controls; strong governance framework and effective human capital. As at December 30, 2016 which was the deadline given for all CMOs to  recapitalize, 384 out of 449 CMOs had fully complied. More of them have done so Afterwards”. 

Other initiatives that she listed as key developments to advance the Nigerian capital market, include the following;

  • The National Investor Protection Fund (NIPF) which was established to compensate investors for pecuniary losses, boost their confidence and encourage the domestic retail investors back to the market.
  • The e-Dividend Mandate Management System (eDMMS) developed to reduce the quantum of unclaimed dividends in the market and also enable direct payment of investors’ dividends into their nominated bank accounts.  So far, 2.55 million accounts have been mandated under this system.
  • The Direct Cash Settlement (DCS) initiative which was introduced. DCS is an initiative that allows proceeds from sale of investors’ shares to settle directly into their account.
  • The SEC Corporate Governance Scorecard was equally developed and implemented with the aim of measuring level of compliance of the SEC Corporate Governance Codes.

 

She commended the journalists for their assistance so far in propagating the initiatives of the Commission, and enjoined them to continue t0 support the SEC Nigeria in its quest to educate and enlighten the investing public.

 

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Proshare Nigeria Pvt. Ltd.

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