To ensure proper reportage of the capital market and education of the investing public, the Securities and Exchange Commission ( SEC ) has pledged to work with Finance Correspondents
Dr Abdul Zubair, the Acting Director-General of SEC,made the pledge when a group of Abuja-based newsmen visited him in his office.
The News Agency of Nigeria (NAN) reports that 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 the investing public.
He named some of the initiatives by the SEC to include direct cash settlement, dematerialisation, consolidation of multiple accounts and e-Dividend Mandate Management System.
He said that the initiatives had helped to 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 directly.
“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, dematerialisation, 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 enhanced productivity,” the director-general said.
Zubair therefore enjoined shareholders to take advantage of the initiatives introduced in the capital market aimed primarily at strengthening the market and accelerating economic development.
Earlier, leader of the delegation, Nduka Chiejina, pledged the support of his colleagues in assisting the commission to inform, educate and enlighten investors on the benefits of the Nigerian Capital Market.
