Economy

SEC accuses traders of frustrating electronic dividend registration

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By Chinyere Joel-Nwokeoma

The Securities and Exchange Commission (SEC) on Thursday blamed some capital market operators (CMOs) for frustrating the electronic dividend mandate process, leading to an increase in unclaimed dividends in the capital market.

The Nigeria News Agency (NAN) reports that unclaimed dividends in the capital market have been estimated at over 200 billion naira.

SEC chief executive Lamido Yuguda said this during the first 2021 post-Capital Market Committee (CMC) virtual press conference.

Yuguda said the commission observed that some CMOs were failing the electronic dividend mandate process.

“We implore all stakeholders to comply with all Commission directives in this regard, as defaulters would be appropriately sanctioned.

“We see that the growth in the number of mandated accounts has been declining for some time.

“The financial markets community has asked its e-Dividend committee to engage with the Chief Banking Officer committee to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends,” he said. declared.

The CEO reminded all CMOs that the commission’s directive on updating investor Know Your Customer information is still in effect.

He said the level of compliance had been low despite several commitments from the commission.

Yuguda revealed that there are still 4.01 million accounts with incomplete KYC information as of April 8.

“Despite several engagements, we realized that as of April 8, there were still 4,012,311 accounts with incomplete KYC information.

“This exercise is essential to deepen retail investor engagement and we ask all marketing managers to give it the highest priority,” he said. (NOPE)

(NAN)

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