SEC: Only Fit, Proper Persons ’ll be Allowed in Capital Market

• SEC: Only Fit, Proper Persons ’ll be Allowed in Capital Market

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has restated its determination to ensure that only fit and proper persons and associations are allowed to operate in the nation’s capital market.

Acting Director-General, Securities and Exchange Commission (SEC), Ms Mary Uduk said SEC is open to suggestions and actions that would make the capital market vibrant, but the Commission would only be willing to collaborate with associations and persons that are fit and proper to operate in the market.

Speaking when members of the Association of Stockbroking Houses of Nigeria (ASHON) met with SEC management in Abuja, Uduk said the Commission is dedicated to further develop and deepen the capital market.

According to her, SEC is willing to collaborate with the association to lift the market and re-position it among leading capital markets that meet international standards and best practices.

SEC noted that a well-functioning capital market was essential to Nigeria’s economic development, and to realise its full potential, the country must have a world class capital market that is strong, sustainable, effective, and plays a central role in economic development.

Uduk commended members of the group on their efforts so far in deepening the market, especially for their support towards the financial literacy campaign of the SEC and assured them of the readiness of the SEC to continue to work with them.

“It is good that we work together to take our capital market to the height we want it to attain. We are ready to engage with you to give us clarity on several issues relating to the market. We are open to discussions that will benefit the market, the market is the most important in all our engagements,” Uduk said.

In his remarks, ASHON Chairman, Chief Patrick Ezeagu pledged the group’s commitment to the capital market growth, adding that whatever is done to make the market work is of concern to the association.

“We have always worked with SEC and will continue to do so and accord you all the co-operation you require to succeed,” Ezeagu said.

He said stockbroking houses will continue to collaborate in every way possible to bridge the gap in financial literacy.

Meanwhile, in a move to further enlighten investors and the general public on the process and benefits of e-dividend, will today hold a town hall meeting with stakeholders and the general public in Port Harcourt.

The meeting will provide the Commission the opportunity to highlight investment opportunities available in Nigerian capital market and how retail investors can benefit therein.

The meeting will also provide the Commission opportunity to educate and enlighten the public on electronic dividend and interact with the general investing public.

The Commission had earlier this year announced that the e-dividend registration would continue seamlessly in spite of the expiration of free registration deadline which and also enjoined investors yet to enroll, to continue with the registration at a cost of N150 only.

According to the Commission, investors should continue to approach their banks or registrars to seamlessly mandate their bank accounts for the collection of their dividends electronically, including unclaimed dividends, not exceeding 12 years of issue; as the N150 would not be demanded from them at the point of registration.