By Etuka Sunday
Securities and Exchange Commission (SEC) has pledged to work with Finance Correspondents to ensure proper reporting of the capital market in order to enlighten and educate the investing public.
Acting Director General of SEC, Dr. Abdul Zubair stated this when Executive of Finance Correspondents Association of Nigeria (FICAN) Abuja Chapter visited him recently.
Zubair commended the journalists for their assistance so far in propagating the initiatives of the Commission and enjoined them to continue to support the SEC in its quest to educate and enlighten the investing public, as means of further deepening the market.
Some of the initiatives, he stated, include direct cash settlement, dematerialization, consolidation if Multiple Accounts and e-Dividend Mandate Management System; as they promote transparency, protect and enhance investors’ confidence in the capital market.
“We have rolled out a number of initiatives among which is the e-dividend campaign where investors will now be paid their dividends directly to their bank accounts. E- dividend simply refers to an online system of paying dividends to investors when companies declare dividends, which are the profits meant for investors. Rather than send it by post, Registrars will just wire it to the investor’s bank account.’’
“This will help in no small measure, reduce the problem of unclaimed dividends and also ensure that investors receive the benefits of their investments in the capital market timely.
“We also have the direct cash settlement, dematerialization, Nigerian Capital Market Development Fund (NCMDF), National Investors Protection Fund (NIPF) among others, all in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhance productivity” Zubair added.
Zubair therefore enjoined all shareholders to take advantage of the initiatives introduced in the capital market aimed, primarily, at strengthening the market and accelerating economic development.
Speaking earlier, Chairman of Abuja Chapter of FICAN, Nduka Chiejina pledged the support of the association in assisting the Commission inform, educate and enlighten investors on the benefits of the Nigerian Capital Market.