December 31st Deadline: SEC Urges Shareholders To Regularize Multiple Names On Investments

…To Constitute Fintech Committee

The Securities and Exchange Commission (SEC), has again reiterated that the December 31st 2018, as final day given to shareholders to regularize multiple names on their investment in the equities market remains sacrosanct.

This is even as it said that, in view of the impact of technology in the financial market, the commission would constitute a market wide Financial Technology (Fintech) committee that will develop a framework for the Nigerian capital market.

The Acting Director General of the commission Ms Mary Uduak made this remarks to financial journalist on Friday, during the post Capital Market Committee (CMC) briefing for the second quarter of 2018 in Lagos.

The acting DG who was accompanied by the commissions acting commissioners and some key market operators noted that this edition of the CMC meeting was no different as participants identified various issues that required extensive reviews and attention.

She appealed to shareholders that purchased shares with multiple identities, during Initial Public Offering (IPO) to regularize their multiple subscription on or before December 31, 2018, because it will not attract any penalties.

Other issues that was discussed according to her,  is the existing pilot exercise of electronic distribution of annual reports by public companies, which should continue, while efforts are made to enlighten shareholders and obtain their relevant e-mail addresses. She added that following the completion of the work by committee on Minimum Operating Standard (MOS), the commission would work with trade group association to implement the committee recommendations.

While trade group associations who are yet to register with the commission should register immediately, as well as other capital market operators are expected to register with their respective trade group associations on or before December 31, 2018. The SEC Acting DG explained that the Nigerian capital market within the quarter under review witnessed some achievements in various segments of its operations.

Some of the achievements she highlighted includes, aggressive use of social media platform to boost financial literacy campaigns such as the creation and deployment of a one minute’s financial literacy video on YouTube. The renovation of five warehouses by the Nigerian Commodities Exchange (NCX) in preparation for commodities trading. Conclusion of about 30 cases at the Investment and Securities Tribunal (IST) from a backlog of over 50 cases. Commencement of modalities to introduce the Investments and Securities Tribunal Law Reports.

Implementation of the Recommendations of the Commodities Trading Ecosystem in phases, from 2018 to 2025. Increase in the number of shareholders who have mandated their accounts for E-Dividend payments to 2.55 million. The event, which was well attended by stakeholders in the market, including the Chairman of the House of Representatives Committee on Capital market and Institutions, featured presentations by various Market Technical Committees, Self-Regulatory Organizations (SROs) and other Stakeholders.

Photo Caption: Ag. Director General, Securities and Exchange Commission, SEC, Ms. Mary Uduk, Ag. Executive Commissioner Operations, SEC Mr. Isyaku Tilde, Ag. Executive Commissioner Legal and Enforcement SEC, Mr. Reginald Karawusa and the President Association of Issuing Houses of Nigeria (AIHN), Mr. Sonnie Ayere during the Second Post Capital Market Committee (CMC) Briefing held in Lagos.

Post Author: Friday Ekeoba