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SEC consolidates investors’ 3.4bn shares

SEC consolidates investors’ 3.4bn shares

SECURITIES and Exchange  Commission, SEC, has disclosed that 3.4 billion shares have been consolidated since the Commission commenced the consolidation of multiple shareholder accounts and electronic Dividend Mandate Management System (e-DMMS).

SEC The Acting Director-General, SEC, Mary Uduk, stated this in a chat with market operators in Lagos, stressing that the Commission is determined to ensure that investors are adequately protected in all transactions and that is the reason why the commission has stepped up enlightenment campaigns on some of its initiatives.

She said “As you are aware, we have a number of initiatives we have put in place to boost investors’ confidence. We have the e-Dividend Mandate Management System (e-DMMS), the Direct Cash Settlement as well as regularisation of multiple subscriptions in place. “Considerable progress has been made in the implementation of the consolidation of multiple shareholder accounts and e-DMMS. So far, about 3.4 billion shares have been consolidated. Both measures were introduced as part of checking the growth and possibly eliminating the unclaimed dividend menace in our capital market.” She stated that investors are also protected through the National Investors Protection Fund (NIPF) and the Risk-Based Supervision that enables the Commission to supervise operators.

“We have a complaints management framework that enables investors to know where to complain to and how long it takes for such complaints to be resolved. We are committed to protecting investors in the work we do. We will keep working on our rules and the possibility of amending them when the need arises, we want more transparency in the market so that investors will feel comfortable and the market can be better”, she added.