TheNewsGuru

Tag: Multiple Accounts

  • We won’t prosecute multiple accounts holders, SEC assures Nigerians

    Nigerians have once again been enjoined not to entertain any fears of prosecution but take steps to regularize their multiple subscription accounts in order to obtain the benefits of their investments in the capital market.

    Acting Director General of the Securities and Exchange Commission, SEC, Mary Uduk stated this during an interview in Abuja.

    Uduk said such investors should not entertain any fears of prosecution as the Commission is only interested in ensuring investors have the benefits of their investments.

    According to her, “They are not going to be prosecuted, we just want them to come forward and take back their shares and register them properly with CSCS so that the trading float in the market will increase.

    “The forbearance window for shareholders with multiple subscriptions has been extended by another year from the December 31, 2018 deadline previously communicated. Consequently, we enjoin those who have not come forward for the regularization of shares purchased with multiple identities, to do so.”

    Uduk also enjoined investors to take advantage of the on-going e-dividend registration in a bid to reduce the unclaimed dividends profile as well as increase liquidity in the capital market and the economy.

  • SEC Extends Deadline for Investors to Regularise Multiple Accounts

    SEC Extends Deadline for Investors to Regularise Multiple Accounts

    The deadline earlier set for investors and shareholders in the Nigerian capital market to regularise their multiple accounts has now been extended by one year.

    Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, while briefing newsmen last Thursday on outcome of the last Capital Market Committee (CMC) meeting for this year in Lagos, said the forbearance window was no longer December 31, 2018, but December 31, 2019.

    “I am delighted to report that on the lingering issue of multiple subscriptions and forbearance for shareholders with multiple accounts, the CMC agreed that the forbearance window should be extended by another year from the December 31, 2018 deadline previously communicated.

    “We expect investors to take advantage of this opportunity to claim their unclaimed dividends and bonuses,” Ms Uduk informed capital market journalists.

    On the distribution of annual accounts to shareholders of publicly quoted firms electronically, the SEC boss said shareholders have largely accepted the new initiative and were willingly providing their email addresses.

    According to her, the committee agreed that further sensitisation would be carried out by stakeholders to enlighten shareholders on the benefits of the initiative.

    Speaking on the issues of identity theft in the capital market, Ms Uduk said SEC will work with other major stakeholders in setting up a committee that will look into and proffer solutions to problems around identity management in the Nigerian capital market.