… reels out listing benefits on the exchange
… Commission ready to help galvanize capital for infrastructure
As part of its strategic drive to drastically reduce the incident of unclaimed dividend in the capital market, the Securities and Exchange Commission (SEC), will on November 30, 2023 launch a revamped e-dividend portal to enable investors receive their returns on investment as at when due.
Aimed to be a self serving e-dividend portal, will enable investors to mandate their details from the comfort of their home/offices.
It will be recall that, discrepancies in investors names and addresses amongst others, has been an albatross in the reduction of the issue of unclaimed dividend, which current figure has been put at over N190 billion.
Addressing the capital market community/press post 2023, 3rd Capital Market Committee (CMC) meeting in Lagos on Friday, the Director General of SEC, Mr. Lamido Yuguda said the revamped e-dividend portal will bring a new vista in the reduction of the unclaimed dividend in the capital market.
According him, the portal no doubt will help streamline transaction in the local bourse, as against the current unclaimed dividend albatross in the domestic economy.
Speaking on the usability of the portal, the Committee Chair on the new portal, Mrs Hafsat Rufai disclosed that, a cost of N200 will be attracted at every completion of investors details and submission via the portal.
Presenting an update on the collaborative project with ICMR and NIBSS to enhance the e-Dividend portal, Mrs Rufai, reaffirmed commitment to the project’s timely completion, aiming for a launch on or before November 30, 2023.
Earlier, NIBSS showcased the revamped portal to the e- demonstrating its dedication to delivering the project in line with the revised project work plan. The Committee noted that 18 out of 19 Registrars had submitted updated data on Un-Mandated Accounts for upload.
The SEC DG who also address the need for adequate listing on the local bourse to sure-up the market capitalization, noted that listing as against delisting has it enormous benefits.
According to him, ” it’s really important to educate people in the country. Especially the would be investors on the significance of listing. listing has some obligation. That’s you have to provide some information. You have to report your finances, you have to really be transparent. This are actually very good qualities of a company.
“Listing on the exchange gives credibility. Credibility outside the country. It gives visibility. Companies who knows the benefits of listing will not want to delist”, he added
Iterating the need for all stakeholders in the financial ecosystem to synergies, so as to make the Renewed Hope Agenda of the present administration a reality, Mr. Yuguda said the capital market is working assiduously to help out in the area of infrastructural deficit.
Mr. Yuguda who expressed optimism about unlocking the full potential of the capital market, aligning it with President Bola Ahmed Tinubu drive to turn around the economy, said “our goal at the commission is to refocus attention on how we will galvanize the capital market to assist in building our infrastructure.
In line with the government drive to build a trillion dollars economy, Mr. Yuguda said while the country has what it takes really to do it, noted that the “commission is committed in galvanzing the market to help finance deficit in infrastructure, to reach this goals even faster.