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Tag: SEC

  • Oando minority shareholders query SEC over suspension of AGM

    Minority Shareholders of Oando Plc on Wednesday decried the cancellation of the company’s 2018 Annual General Meeting (AGM) by the Securities and Exchange Commission (SEC) on the eve of the programme.

    Mr Hamza Ridhwa, who is also the Secretary-General, Association for Investors Liberation, spoke on behalf of the shareholders at a news conference in Lagos.

    The News Agency of Nigeria (NAN) recalls that the commission had on June 10 suspended till further notice, Oando’s AGM scheduled to hold on June 11.

    The suspension followed an order by a Federal High Court in Lagos due to an application made by the Group Chief Executive Officer of Oando Plc, Mr Adewale Tinubu and his deputy, who were suspended by SEC on May 31.

    Ridhwa said that the way and manner the meeting was cancelled was disappointing and disheartening.

    “We condemn in absolute terms the way and manner chosen by SEC in announcing the cancellation on the eve of the event, despite having ample time to do the same.

    “We have shareholders who have come in from all over the country; it is disappointing and disheartening to think that SEC did not think it worthy to consider us,” he said.

    Ridhwa said that SEC should explain to the shareholders, how the last minute suspension of the AGM was in their own interest.

    “SEC is a regulator that is here to protect the market, and in particular, we the minority shareholders.

    “They have a duty to care for us first. Their actions in the Oando case has neither protected us, nor shown a duty of care,” he said.

    Ridhwa said that shareholders were disappointed at SEC current management of the investigation into Oando Plc.

    “The actions, over the last two years and specifically the last 10 days, has shown that our voices as minority shareholders are not being listened to,” he said.

    Ridhwa said that the development had caused an erosion of value in the company’s shares since SEC’s May 31 Press statement from N4.20 on May 31 to N3.75 per share on June 11.

    He urged the Federal Government and the Presidency to intervene in the matter, noting that it was not acceptable for SEC to attempt to take down the company.

    According to him, the company adds so much value to the Nigerian economy, an employer of labour and also attracts significant Foreign Direct Investment into the country.

    The shareholder activist said that the commission should be called to order to act in a manner that was legal in the interests of the capital market and shareholders.

    In a statement in Lagos on June 10, SEC said that it directed the suspension to allow parties involved in the suit to maintain status quo.

    The commission said that it would update relevant stakeholders and the general public on the outcome of the litigation.

    SEC had on June 2, following the outcome of its forensic audit on Oando, constituted an interim management team to be headed by Muntiu Sunmonu for the oil company.

    It said that Sunmonu would oversee the affairs of the company and conduct an extra ordinary general meeting on or before July 1, to appoint a new board of directors. (NAN)
    JNC/CHOM

  • Oando Saga: SEC says action aimed at protecting investors

    The Securities and Exchange Commission (SEC) on Sunday said that Oando Plc was given sufficient opportunity of being heard before they were penalised.

    The commission said in Lagos that there were various opportunities by the company to defend themselves during the investigation by SEC and during the forensic audit.

    “The attention of SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigations of Oando Plc.

    “To put the records straight, SEC hereby states that fair hearing is a paramount and fundamental principle which the Commission as a law abiding agency adheres to in all its investigative processes.

    “In the course of the investigations, communications e.g. letters and phone calls were exchanged and meetings held between the commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations.

    “The findings of the commission was communicated to the Group Chief Executive Officer (GCEO) of Oando Plc by a letter dated July 10, 2017,” SEC said in statement by Mrs Efe Ebelo, its Head, Corporate Communications and made available to the News Agency of Nigeria (NAN)

    The commission said it subsequently engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

    “In the course of conducting the forensic audit, Deloitte & Touche held regular sessions with members of the board and senior management of Oando Plc, and afforded them the opportunity to provide explanations on issues relating to the audit.

    “The commission confirms that Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.

    “The responses given by Oando Plc, were, however, considered unsatisfactory; prompting, the decision by the Commission to penalise the company and some of the individuals related to it for violations of securities laws.

    “The actions of the commission were properly effected pursuant to the provisions of the Investments & Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007,” SEC said.

    It added that these facts had been properly articulated in the court process it filed at the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive Officer of Oando Plc.

    “As the apex regulator of the Nigerian capital market, the commission has a mandate to protect investors,” it said.

    SEC noted that its recent action on Oando Plc aligned with the above cardinal mandate.

    It said that the directive for the removal of persons from the board of Oando Plc and the appointment of an interim management team to temporarily steer the affairs of the company was to protect investors and preserve stakeholder value.

    SEC said that failure or refusal of the commission to act in the face of the serious issues thrown up by the investigations or to reverse its directive would undermine the Federal Government’s agenda to build strong institutions.

    NAN reports that SEC on June 2, following the outcome of its forensic audit constituted an Interim Management team to be headed by Sunmonu for embattled Oando Plc.

    It noted that Sunmonu would oversee the affairs the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint new board of directors.

    The regulatory body also said that appointed new board of directors at the meeting would subsequently select a management team for Oando Plc.

    The commission, however, reiterated its commitment to maintaining the integrity of the market.

    But the Federal High Court Lagos on June 3 granted an interim injunction to the embattled management of Oando restraining SEC from executing an interim management in the company.

    The interim injunction followed an application filed by Messrs Jubril Adewale Tinubu, embattled GCEO and Omamofe Boyo, for the enforcement of their fundamental human rights.

    It also restrained the commission from imposing a fine of N91.13 million on Tinubu and barring him and Boyo from being directors of public companies for five years.

  • Two directors quit Oando over uproar with SEC

    Two non-executive directors of Oando have resigned their appointments in the latest twist to the face-off between Oando and the Securities and Exchange Commission (SEC).

    Chief Sena Anthony and Oghogho Apata resigned on Friday a week after SEC asked Wale Tinubu, the group managing director, and Mofe Boyo, his deputy, to quit and barred from being directors of any public company for five years.

    Sources at Oando said on Friday that the company received official correspondence from the Deputy Commissioner of Police in Lagos State on Thursday , requesting cooperation from management of the company on the deployment of armed men in Oando’s head office to maintain law order.

    The sources said the letter came three days after armed policemen were drafted to the head office,claiming that the presence of the security personnel is scaring staff from work and hampering business operations.

  • Operators seek FG intervention in SEC, Oando saga

    Operators seek FG intervention in SEC, Oando saga

    Capital market operators on Wednesday called for urgent intervention of the Federal Government in the conflict between the Securities and Exchange Commission (SEC) and Oando Plc.

    They made the call in interviews with the News Agency of Nigeria (NAN) in Lagos.

    They reacted to the outcome of a forensic audit on Oando released by SEC on May 31, as well as a court injunction restraining SEC from sacking Oando’s Group Chief Executive Officer (GCEO), Mr. Adewale Tinubu, and his deputy.

    The operators applauded the courage of SEC’s Acting Director-General, Ms. Mary Uduk, in releasing the outcome of the forensic audit.

    Recall that following the outcome of the forensic audit, SEC on June 2 constituted an interim management team to be headed by Mr. Mutiu Sunmonu for Oando Plc.

    It said in a statement that Sunmonu would oversee the affairs the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint new board of directors.

    The commission said that the new board of directors would subsequently select a management team for Oando Plc.

    However, a Federal High Court in Lagos on June 3, granted an interim injunction restraining SEC from executing the interim management in Oando.

    The court injunction followed an application filed by Tinubu and his deputy, Mr. Omamofe Boyo.

    Tinubu and Boyo applied for the enforcement of their fundamental rights.

    The court also restrained SEC from imposing a fine of N91.13 million on Tinubu, and barring him and Boyo from being directors of public companies for five years.

    Mr. Ambrose Omorodion, the Chief Operating Officer, Invest Data Ltd., said that the Federal Government would need to intervene in the matter to safeguard investors’ confidence.

    Omorodion said that the unfolding events between Oando and SEC could dampen investors’ confidence and tamper with Nigeria’s integrity.

    He said that the international investment community was watching to see the manner the Oando issue would be handled.

    “The way SEC and government will handle this issue will go a long way to determine the success of the nation’s drive for financial inclusion and attraction of new retail investors and foreign investors returning to the market,” Omorodion said.

    He also urged the government to strengthen the commission by ensuring appointment of its board members soon.

    Omorodion expressed disappointment that SEC had been operating without board for about four years and had been with an acting director-general for over a year.

    Mr. Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria, alleged that shareholders had suffered enough loss in Oando with no dividend and poor market pricing.

    Igbrude said that court injunction could lead to long legal battles which could further affect the company’s shares price on the Nigerian Stock Exchange (NSE).

    He urged the exchange to place the share price on technical suspension to protect investors from further loss.

    The shareholder activist said that SEC should not allow its authority to be undermined if the outcome of the forensic audit was true.

    “I will appeal to whoever that is affected to obey the directives from SEC for the sake of our investments.

    “Oando as a company has suffered enough of reputational risk, adding that shareholders, for a long time, have not been paid dividend,” Igbrude said.

    Mr. Boniface Okezie, National Chairman, Progressive Shareholders Association of Nigeria (PSAN), said “The grass suffers when two elephants fight.”

    Okezie said that SEC and Oando must maintain the peace in the interest of all stakeholders, especially retail investors.

    The PSAN boss, who commended the commission for protecting investors, said that SEC should also beam searchlight on other oil companies quoted on the exchange.

    Mr Shehu Mikail, National President, Constance Shareholders Association of Nigeria, said that Oando saga needed a holistic approach to restore confidence.

    “Oando saga is a big issue in the Nigerian capital market that needs a holistic approach if really we are going to adhere to the truth of corporate governance,” Mikali said.

    He said that the action of SEC was in the right direction and aimed at protecting the interest of Oando shareholders.

    “Foreign investors are watching the drama and local shareholders and stakeholders are also awaiting.

    “The outcome of the saga would determine the direction of the capital market,” Mikali added.

  • BREAKING: Court restrains SEC from removing Tinubu, deputy as Oando directors

    The Federal High Court in Lagos on Monday restrained the Securities and Exchange Commission (SEC) from removing Mr Wale Tinubu as Group Chief Executive Officer of Oando Plc.

    The court also barred SEC from imposing a fine on Tinubu and carrying out its decision to bar him and his deputy Mr Omamofe Boyo from being directors of public companies for five years.

    Ruling on an ex-parte application filed by Tinubu and Boyo through their lawyers Mr Tayo Oyetibo (SAN), Yele Delano (SAN) and Motunrayo Akinyemi, Justice Mojisola Olatoregun ordered parties to maintain status quo.

    SEC had on Friday announced the conclusion of an investigation of Oando and ordered Tinubu and other affected board members to resign.

    The apex capital market regulator also said it barred Tinubu and Oando Deputy Group Chief Executive Officer Boyo from being directors of public companies for a period of five years.

    It said on Sunday that it had set up an interim management team headed by Mr Mutiu Sunmonu to oversee the company’s affairs and to conduct an Extraordinary General Meeting on or before July 1 to appoint new directors to the board, who would subsequently select a management team

    Tinubu and Boyo have filed a suit numbered FHC/L/CS/910/19 to challenge the SEC decision.

    In their ex-parte application, they sought “an order of interim injunction restraining SEC, its servants, agents, employees and/or privies from taking any step concerning or acting on its decision contained in its letter of 31st May 2019 imposing a fine of N91,125,000 on the first applicant and barring the first and second applicants from being directors of public companies for a period of five years pending the hearing and determination of the applicants’ motion for interlocutory injunction”.

    They sought “an order of interim injunction restraining the second respondent (Sunmonu) from acting as the head of the interim management of Oando Plc pending the hearing and determination of the motion for interlocutory injunction.”

    The applicants’ sought an order staying or suspending the enforcement of SEC’s decision imposing fine on Tinubu and barring them from being directors of public companies for a period of five years.

    Tinubu and Boyo prayed the court for an interim injunction restraining SEC or its agents from requesting any agency of government to act upon the decision contained in the May 31 letter pending the hearing and determination of their motion on notice.

    The application was supposed by an affidavit deposed to by Boyo.

    After hearing the applicants counsel, Justice Olatoregun ruled: “That an interim order of injunction is granted within the prayers sought.

    “That parties are to maintain the status quo ante pending the determination of the motion on notice.

    “That this order is to be served on the respondents along with the motion on notice as well as other processes.

    “That an undertaking is to be filed indemnifying the respondents in case it later turns out that these orders ought not to have been made.

    “That the case is adjourned to 14th of June 2019.”

  • SEC sets up interim management team for Oando

    SEC sets up interim management team for Oando

    The Securities and Exchange Commission (SEC) Sunday named Mutiu Sunmonu as the head of an interim management team it constituted to oversee Oando Plc.

    It mandated members of the interim team to conduct an Extra Ordinary General Meeting on or before July 1 to appoint new directors to the Board of the company.

    The new board would subsequently select a management team for Oando Plc, the SEC said yesterday in a statement signed by its Head of Corporate Communications, Mrs. Efe Ebelo.

    Sunmonu, till date, is an Independent Non-Executive Director of Unilever Nigeria Plc, and the Chairman of Julius Berger Nigeria Plc.

    SEC, after concluding investigation of Oando Plc, directed, among others, the resignation of the affected board members, and also barred the Group Chief Executive Officer and the Deputy Group Chief Executive Officer of Oando Plc from being directors of public companies for five.

    The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and the refund of improperly disbursed remuneration by the affected board members to the company.

    Earlier yesterday, the management of Oando Plc., had accused SEC of acting without following due process, asking the regulator to produce the forensic audit report of its investigation on the company.

    It challenged the SEC to an engagement, claiming that the regulator’s verdict was suspicious. According to it, besides the fact that Oando was denied fair hearing, SEC sat on the forensic audit report for six months.

    In a statement on its website, Oando PLC responded to the SEC report saying: “Oando is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.

    “The Company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC. The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.”

    The severity of the penalties and the timing of the release have roused public curiosity as to the motive and the basis for the penalties, the Chief Operating Officer, Oando Energy Resource, Dr. Ainojie ‘Alex’ Irune, said at a news conference.

    Irune said: “We were not given a chance to review and respond to the outcome of the report. You do not sentence a person to death without giving him or her a chance to defend him or herself.

    “In this instance, we have been sentenced to death without knowing what our crime is or being given a chance to defend ourselves. At the barest minimum, best practice requires that you give the person a chance of a fair hearing. We have not been accorded this opportunity.”

    Dr. Irune explained that when the company decided to drop its court case challenging SECs decision to carry out a forensic audit, it was assured that they could trust the system for an independent investigation that would be fair and follow due process. He said it was in the spirit of transparency, cooperation and full disclosure that it agreed to the forensic audit.

  • Oando heads to court over SEC’s ruling baring CEO, Deputy from holding public company positions

    Oando Plc said on Friday that it would challenge the Securities and Exchange Commission (SEC) ruling on the outcome of its forensic audit.

    The company made the disclosure in a statement issued in Lagos by its Head of Corporate Communications, Mrs Alero Balogun.

    Balogun said that the company would take all legal steps to protect its business and assets, while remaining committed to act in the interest of its shareholders.

    “The company reserves the rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interest of all its shareholders,” she said.

    The News Agency of Nigeria (NAN) reports that SEC on Friday barred Mr Wale Tinubu, the company’s Group Chief Executive Officer (GCEO), and Mr Omamofe Boyo, the Deputy Group Chief Executive Officer (DGCEO), from being directors of a public company for five years.

    These were outcomes of the forensic audit of the company instituted by the commission in March 2018.

    SEC noted that it appointed Deloite Nigeria to proceed with the forensic audit.

    It said that the audit revealed infractions.

    The commission in a statement also directed resignation of affected board members, and called on the company to convene an extra-ordinary general meeting on or before July 1, to appoint new directors.

    Balogun, however, described as unsubstantiated, the commission’s call for resignation of affected board members of Oando Plc and convening of an extra-ordinary general meeting on or before July 1, 2019, to appoint new directors.

    According to her, payment of monetary penalties by the company and affected individuals and directors, refund of improperly disbursed remuneration by the affected board members to the company were also unsubstantiated.

    Balogun said that the company’s attention had been drawn to a statement issued by the commission on Friday, barring its GCEO and DGCEO from being directors of public companies for a period of five years.

    She said that Oando was of the view that the alleged infractions and penalties were unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.

    “The company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions, and defend itself accordingly before the SEC,” she said.

  • Alleged N115m fraud: Court discharges suspended SEC DG, Gwarzo, one other

    Justice Hussein Baba Yusuf on Tuesday discharged the suspended Director-General of the Securities and Exchange Commission (SEC), Dr Mounir Gwarzo, on charges of N115 fraud.

    Independent Corrupt Practices and Other Related Offences Commission (ICPC) charged Gwarzo with an Executive Commissioner in the commission, Zakawanu Garuba, with five counts of alleged misappropriation to the tune of about N115 million and conferment of corrupt advantage on a public officer .

    The commission accused Gwarzo of committing fraud to the tune of about N115 million in June, 2015, when he was SEC Director-General.

    It alleged that Gwarzo received N104, 851,154.94 as severance benefits when he had yet to retire, resign or disengage from the service of the organisation.

    It added that the director-general conferred a corrupt advantage upon himself when he received N10, 983,488.88 in excess of car grant payable to him.

    The commission (ICPC) accused Garuba of conniving with Gwarzo to commit the fraud.

    The defendants, however, pleaded not guilty to the charges.

    In Tuesday’s ruling, the judge, Baba-Yusuf, held that the prosecution did not establish any prima facie case against the defendants.

    He held that the prosecution failed to establish the essential elements of the offence for which the defendants were charged and subsequently discharged them.

    On Feb. 7, the defendants’ counsel, Abdulhakeem Mustapha, SAN, and Robert Emupkoeruo, informed the court of their intention to file no-case submission.

    The made the prayer after the prosecuting counsel, Mr Adesina Raheem, told the court that the prosecution was closing its case against the defendants with the testimony of the fifth prosecution witness (PW5), Taiwo Olorunyomi.

    Gwarzo’s counsel, Mustapha, on March 18 urged the court to hold that the prosecution had not adduced any credible evidence to make the defendant enter any defence.

    He informed the court that the no-case submission he prayed for was brought pursuant to sections 302 and 303 of the Administration of Criminal Justice Act (ACJA), 2015.

    Mustapha said the prosecution had failed to make out any prima facie case against Gwarzo, adding that the evidence adduced were all contradictory.

    He submitted that the prosecution in its written address on the submission relied on the law on certain political office holders and admitted that SEC was not mentioned in the law.

    Specifically, he urged the court to uphold the no-case submission by the first defendant, discharge and acquit him of the charges against him.

    Counsel to Garuba, Mr. Robert Emukpoeruo, also argued that the prosecution had failed from the evidence adduced to make any prima facie case against the second defendant.

    He said the evidence adduced by the prosecution during hearing had not established any ingredients of the offence said to have been committed by Garuba.

    He, then, urged the court not only to uphold the no-case submission but to discharge and acquit his client.

    However, the prosecution counsel, Mr. Raheem Adesina, urged the court to dismiss the no-case- submission of the defendants and ask them to enter their defence.

    Adesina stated that there was a need for the defendants to explain where they got the severance package from since there was nowhere in Exhibit ICPC 3, before the court where severance package was mentioned.

  • N115m scam: Court to deliver ruling of ex-SEC DG’s no-case-submission on Tuesday

    An FCT High Court on Friday is to deliver ruling on Tuesday in the no-case-submission filed by the suspended Director-General of the Securities and Exchange Commission (SEC), Dr Mounir Gwarzo on alleged of N115 fraud.

    The Independent Corrupt Practices and Other Related Offences Commission (ICPC) charged Gwarzo alongside an Executive Commissioner in the Commission, Zakawanu Garuba, with five counts of alleged misappropriation to the tune of about N115 million and conferment of corrupt advantage on a public officer before Justice Hussein Baba-Yusuf.

    They however, pleaded not guilty to the charge.

    The defendants, on Feb. 7, through their counsel, Abdulhakeem Mustapha, SAN, and Robert Emupkoeruo, informed the court of their intention to file no-case submission.

    This they prayed after the prosecuting counsel, Mr Adesina Raheem, had informed the court that the prosecution was closing its case against the defendants with the testimony of the fifth prosecution witness (PW5), Taiwo Olorunyomi.

    Gwarzo’s counsel, Mustapha SAN, on March 18 urged the court to hold that the prosecution has not been able to adduce any credible evidence to make the defendant enter any defence.

    He informed the court that the no-case submission he prayed for was brought pursuant to Sections 302 and 303 of the Administration of Criminal Justice Act (ACJA), 2015.

    According to him, the prosecution had failed to make out any prima facie case against Gwarzo, adding that the evidence adduced were all contradictory.

    He submitted that the prosecution in its written address on the submission relied on the law on certain political office holders and admitted that SEC was not mentioned in the said law.

    Specifically, he urged the court to uphold the no-case submission by the first defendant as well as discharge and acquit him of the charge against him.

    Counsel to Garuba, Mr Robert Emukpoeruo, also argued that the prosecution had failed from the evidence adduced to make any prima facie case against the second defendant.

    He said the evidence adduced by the prosecution during hearing has not established any ingredients of the offence said to have been committed by Garuba.

    He, then, urged the court not only to uphold the no-case submission but also discharge and acquit the second defendant.

    In his submission, the prosecution counsel, Mr Raheem Adesina, urged the court to dismiss the no-case-submission of the defendants and ask them to enter their defence.

    Adesina stated that there was the need for the defendants to explain to the court where they got the severance package from, since there was nowhere in Exhibit ICPC 3, before the court where severance package was mention.

    He argued that there was no single word of severance benefit in the SEC Board resolution in July, 2002 (Exhibit ICPC 3).

    He said that what was approved and collected was severance benefit when the first defendant never retired from SEC.

    The ICPC accused Gwarzo of committing fraud to the tune of about N115 million in June 2015, when he held forth as SEC Director-General.

    It alleged that the suspended D-G received the sum of N104,851,154.94 as severance benefits when he had yet to retire, resign or disengage from the service of SEC.

    It added that he conferred a corrupt advantage upon himself when he received the sum of N10,983,488.88 in excess of car grant payable to him.

    Garuba, on the other hand, was accused by ICPC of allegedly conniving with Gwarzo to commit the fraud.

  • SEC moves dividend paper warrant issuance deadline

    The Securities and Exchange Commission (SEC) has extended the deadline for the discontinuance of the issuance of dividend paper warrants to Dec. 31.

    Mrs Efe Ebelo, SEC’s Head of Media, made this known on Thursday in statement in Abuja.

    A dividend paper warrant is a financial instrument in form of a cheque that is issued by a quoted company to its shareholders through which dividend is paid to them.

    According to Ebelo, the extension of the warrant was disclosed in a circular by the commission in Abuja.

    She said the extension was to enable relevant stakeholders deliberate on and address all outstanding issues.

    “The decision of the Commission is in furtherance of its overriding mandate to ensure that all categories of shareholders and investors are adequately protected.

    “However, the e-dividend initiative remains critical to the complete elimination of the phenomenon of unclaimed dividend.

    “And the management of the Commission encourages all shareholders who are yet to do so, to get mandated on the e-DMMS platform before December 31,” she said.

    According to Ebelo, the SEC recently conducted a strategic assessment of the implementation of the e-dividend initiative across the country.

    She said the assessment reviewed feedbacks and observations from stakeholders and the public.

    She said the assessment revealed remarkable progress was recorded through robust enlightenment campaigns to mobilise more shareholders to get mandated on the e-DMMS platform.

    She however said there remained a few pertinent issues that needed to be resolved as a precursor to the total discontinuance of the issuance of dividend warrants by Registrars.

    The SEC had directed all registrars to stop the issuance of dividend paper warrants with effect from Jan. 1, 2018.