SEC Calls For e-Dividend Fee Inclusion in Bank Charges

security and exchange commission
  • SEC Calls For e-Dividend Fee Inclusion in Bank Charges

The Security and Exchange Commission(SEC) on Friday, called on the Central Bank of Nigeria (CBN), to include e-dividend fees in bank charges to aid the reduction of unclaimed dividends and multiple accounts.

SEC made this call in Lagos through its Acting Director-General, Mary Eduk, after a Capital Market Committee( CMC) meeting.

In a press briefing with newsmen, Eduk said that SEC was committed to ensuring the reduction of e-dividend in the capital market; adding that, it has successfully regularized 34 billion units of shares and has mandated over 2.7 million accounts for dividends.

She revealed that the commission would infuse capital market studies into the curriculum of schools across the country; adding that it was already working with the Nigerian Education Research and Development Council, to realise this goal.

She 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 .”

Eduk also disclosed that the National Technology Department Agency will be available in the next CMC meeting to give a presentation on data regulations and protection for investors.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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