As part of the recovery plan for the nation’s capital market the Securities and Exchange Commission, SEC, has mapped out strategies in key areas, especially investor protection and education, to boost investor confidence and enhance the expansion of the capital market role in Nigeria’s economy.
The Acting Director General, SEC, Ms Mary Uduk, explained that part of the measures in protecting the investors is through compensating for genuine losses incurred by investors in the market.
Uduk, in a chat with Vanguard MoneyDigest on the side line of the just concluded 2018 SEC Academy for financial journalists held in Uyo, Cross River State, last weekend, said that the National Investor Protection Fund (NIPF) was established to compensate investors for pecuniary losses, boost their confidence and encourage the domestic retail investors back to the market.
She added: “The e-Dividend Mandate Management System (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. So far, 2.5 million accounts have been mandated under this system.
Vanguard, December 3, 2018