From Left: Acting Executive Commissioner, Legal & Enforcement, Securities and Exchange Commission (SEC), Mr Reginald Karawusa; Acting Director General, Ms Mary Uduk; Acting Executive Commissioner, Operations, Mr Isyaku Tilde and Acting Executive Commissioner Corporate Services, Mr. Edward Okolo during the third Capital Market Committee Meeting in Lagos, weekend

The Securities and Exchange Commission (SEC) has suspended the regularisation of accounts deadline put in place for shareholders who had shares accounts with different names.

Acting Director General of SEC, Ms Mary Uduk said this will enable other shareholders that are having challenges with their details to come up and regularize their holdings, noting that the commission has discovered that some shareholders are avoiding it due to the fear of prosecution.

According to her, “the Multiple Subscription Committee presented the status of its ongoing engagement with the Central Bank of Nigeria (CBN) and Committee of Heads of Banking Operation to display multiple accounts regularization banners in the banking halls all over the country. The Committee also reported that CMOs have commenced the filing of report on regularized accounts with the Commission, on a quarterly basis. Given the relevance of this exercise and the need to create more awareness, the Committee requested for an extension of the deadline of multiple accounts regularization”.

“We are keeping it open for now with no deadline. We are also encouraging investors to take advantage of this to regularise their accounts and claim their dividends”.

Uduk explained that other resolutions that were reached at the meeting includes, “Registrars are to discontinue the practice of requesting for confirmation of bank signature during the E-DMMS (e-Dividend Mandate Management System) process.

“CMOs are to display awareness campaign banners of e-DMMS at their offices and Venue of Annual General Meetings (AGM). Capital market operators should also work with the Commission to share awareness information on their social media platforms”

She said the commission also reviewed the request from the Association of Stockbroking Houses of Nigeria (ASHON) for extension of time for compliance on the transfer of complete investor data among operators such as Brokers, Registrars and CSCS. Adding that upon completion, the position of the Commission will be communicated to the relevant parties.