The Securities and Exchange Commission (SEC), will penalize parties whose acts thwart its efforts to lower the number of unclaimed dividends.
This was said by Mr. Lamido Yuguda, Director-General of SEC, at a news conference held on Friday in Abuja following the Capital Market Committee (CMC).
Investors have reportedly continued to complain about the delay in receiving their e-dividends despite the commission’s attempts to ensure the Electronic Dividend Mandate Management System (e-DMMS), according to Yuguda.
He claimed that many investors still have not mandated their accounts so they could start receiving dividends.
According to Yuguda, unclaimed dividends as of 2021 were N177 billion, up from N168 billion in 2020.
“Capital market operators must also do more to show through their actions that a capital market system is effective and prioritizes investors’ interests.
“The commission warned the operators of these platforms that they stand the chance of being prosecuted,” he said. “This warning is part of our efforts to stem the tide of activities of unregistered crowdfunding platforms.”
The commission had received donor financing to purchase and implement a securities market surveillance system, the director-general added.
He claims that the surveillance technology will enhance the commission’s ability to regulate and oversee securities trading operations.
He declared that to strengthen the commodities ecosystem, the commission would keep working with the Standards Organization of Nigeria (SON).
with regard to the request for a tax exemption for corporate bonds, Yuguda stated that the commission has kept in contact with the Ministry of Finance, Budget, and National Planning.