SEC Achieves Integration Of 2.55 Million Investors’ Bank Accounts In E-Dividends Payment, Uduk

L-R: President, Chartered Institute of Stockbrokers, Mr Adedapo Adekoje; Acting Director General, Securities and Exchange Commission, Ms Mary Uduk and Acting Commissioner Corporate Services SEC, Mr Henry Rowlands during the SEC Journalist Academy 2018 held in Uyo, Akwa Ibom State yesterday.

***Reassures Commitment To Capital Market Reforms, Boosting Investors Confidence

By CLEMENT NWOJI, Uyo

The Securities and Exchange Commission (SEC) has through the e-Dividend Mandate Management System (e-DMMS) facilitated the electronic linking and paying of investors’ dividends direct into their respective designated 2.55 million bank accounts.

The Acting Director General of SEC, Mrs Mary Uduk, made the disclosure while delivering a keynote address at the opening ceremony of a two-day “SEC Journalist Academy 2018” organised in Uyo, Akwa Ibom state capital, Nigeria. The theme was “The Nigerian Capital Market Master Plan:2015-2025, The Journey So Far”.

e-DMMS is part of the Commission’s capital market recovery plan contained in it’s 10-Year Nigerian Capital Market Master Plan (2015-2025) developed in collaboration with other stakeholders to map out strategies to improve key areas especially investor protection and education, professionalism, product innovation, and for the expansion of the capital market’s role in Nigeria’s economy.

Mrs Uduk explained that eDMMS was developed to reduce the quantum of unclaimed dividends in the market and also enable direct payment of investors’ dividends into their nominated bank accounts.

The Director General who noted that the capital market witnessed a downturn in the recent past, however said it is the Commission’s resolve since 2008 to lead the recovery of the market.

She said: “It is therefore our resolve to remain committed to developing our capital market in line with the 10-Year Master Plan.

“With 101 initiatives, the Master Plan has the potential to expedite the implementation of the nation’s economic agenda.”

Among some other achievements recorded in the implementation of the Capital Market Master Plan are dematerialisation of certificates,
the recapitalization of capital market operators which led to compliance by 384 out of 449 as at December 30, 2016 deadline; and establishment of National Investor Protection Fund (NIPF) to compensate investors for pecuniary losses.

According to her, ” To further boost investors’ confidence, enhance transparency and eliminate fraud in the market, the Direct Cash Settlement (DCS) initiative was introduced.

“The SEC Corporate Governance Scorecard was equally developed and implemented with the aim of measuring level of compliance of the SEC Corporate Governance Codes and encourage better governance practices by public companies.

“The development of non-interest finance is a major pillar in the improvement of the Nigerian capital market. In 2017, the First Sovereign Sukuk was issued to facilitate funding of infrastructure development of the country through the capital market.

“In 2013, the Financial Market Dealers Quotation (FMDQ) and National Association of Securities Dealers (NASD) were registered by the Commission to serve as alternative trading platforms. In addition to AFEX commodity exchange, these platforms have contributed to diversifying the product offerings in the Nigerian capital market.”