SEC to collaborates CBN over e-Dividend fee in bank charges

The Securities and Exchange Commission has will engage the Central Bank of Nigeria (CBN) to seek the inclusion of e-Dividend Mandate Management System fee in the guidelines of bank charges.

Left to right: Acting Executive Commissioner Legal and Enforcement, Securities and Exchange Commission, SEC, Mr. Reginald Karawusa, Acting Executive Commissioner Corporate Services, SEC, Mr. Henry Rowlands, Acting Director General, SEC, Ms. Mary Uduk and Acting Executive Commissioner Operations, SEC, Mr. Isyaku Tilde at the Second Quarter Post Capital Market Committee Meeting Press Briefing in Lagos, Weekend.

The acting Director-General, SEC, Ms Mary Uduk, said this at a press briefing in Lagos on Friday after a meeting of the Capital Market Committee on Thursday

Ms Uduk said the inclusion of the e-DMMS fee would facilitate the goal of reducing multiple accounts and unclaimed dividends.

According to her, over 2.7 million accounts have been mandated for e-Dividend while over 3.4 billion units of shares have been effectively regularised.

Uduk noted that SEC was working hard to ensure the reduction of e-Dividend in the capital market, describing it as an undesirable feature

She said the sub-committees of the CMC passed a resolution to invite the National Information Technology Department Agency to the next CMC meeting to make a presentation on data regulations and protection for investors.

Uduk said, “SEC is taking these steps to combat the issue of identity theft in the market.

“Other key initiatives embarked on include our partnership with the University of Lagos to promote capital market education and attract experts to the industry. We are also taking capital market education to primary and secondary schools so that we can capture these young ones.”

Uduk stated that SEC was working in partnership with the Nigerian Educational Research and Development Council to inculcate capital market studies into the curriculum of schools.

She said the aim was to ensure that children grew up to understand the technicalities of the market.

The Acting SEC boss explained that the Fintech committee presented their report, which will be posted on the commission website for comments. Noting that a work group will be constituted for the market.

Also she revealed that 42 fintech operators has indicated their interest in the capital market and the commission is doing everything possible for the fintech operators to lead in there are area’s of interest, so that the commission can makes regulatory frameworks to guide their operations.

SEC DG also disclosed that the commission engagement with the Lagos state probate was successful, as there is need to take the enlightenment campaign across the country. This is geared towards reduction of unclaimed dividend of deceased shareholders, she added.

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