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SEC pushes for e-dividend in bank charges

SEC to align capital market master plan to current realities

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

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.

She 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.

Read also: FG sets up committee to recover N614bn budget support fund from 35 states

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.”

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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