[ad_1]
The Securities and Trade Fee (SEC) says that the unclaimed dividends determine within the nation’s capital market at the moment stands at N190 billion.
Mr Lamido Yuguda, the Director-Basic of SEC, stated this on the second post-Capital Market Committee (CMC) media briefing in Abuja on Friday.
He stated the determine elevated as a consequence of points regarding identification administration within the nation.
Yuguda additionally attributed the rising determine to a number of subscriptions by buyers throughout banking consolidation and identification administration.
Based on him, “we’ve legacy points which have aggravated unclaimed dividends.”
Yuguda, nonetheless, stated the fee was working with the Nigeria Inter-Financial institution Settlement System (NIBSS), on the e-dividend portal.
He added that the SEC was working with NIBSS to make adjustments to the digital dividend portal at the moment going by some type of upgrading and restore.
“We’re working very exhausting to make sure we cut back the variety of unclaimed dividends.
“Because of this we’re upgrading the e-dividend portal with NIBSS to revive buyers’ dividend and cut back unclaimed dividends.
“We reiterate that each individual, who has come to the capital market and invested cash, ought to have the ability to get his dividends as and when due,” he stated.
On greenback denominated bonds listed on NGX, the director-general stated it was not an issue so long as it was a company one.
He stated that the street forward of the market was undeniably difficult however that the capital market would step ahead in no matter method to lend its serving to hand to the present financial reforms.
“We launched the Know Your Buyer (KYC) requirement so that every one info wanted might be collated.
“The market should make sacrifices to assist drive the financial transformation that can change our nation’s fortunes for the higher.
“The Chairman knowledgeable the assembly that the Investments and Securities Invoice (ISB) 2023 was into account by the tenth Nationwide Meeting.
“The Invoice goals to align rules with the trendy dynamics of the market and it’s hoped that if handed into legislation, it can allow optimum contribution of the capital market to nationwide growth,” he stated.
The director-general stated that market gamers have been urged throughout the assembly to prioritise cyber-security measures to safeguard delicate monetary information and transactions.
He lamented the development the place firms selected to de-list from the capital market.
Additionally talking, the Commissioner, Operations at SEC, Mr Dayo Obisan, stated one of many main points bedeviling the fee was for beneficiaries to get entry to assert their dividends.
“We hold placing our efforts to make sure that buyers replace their financial institution particulars, info and declare their dividends.
“However we nonetheless have a few of them who fill in particulars wrongly.
“We at SEC are working very exhausting and we wish to guarantee bonuses get transferred to beneficiaries, seize everybody who’s out there in order that our information is extra sturdy.
“We are able to have the ability to work successfully on lowering unclaimed dividends,” Obisan stated.
[ad_2]
Source link