SEC Suspends Deadline For Multiple Accounts Regularisation – TheNigerialawyer

The Securities and Exchange Commission (SEC), has suspended the
regularisation deadline for shareholders that opened accounts for
the purchase of shares with different names.

According to the Commission, this was part of the outcome of the
third Capital Market Committee (CMC) meeting, in Lagos, weekend.
Acting Director-General of SEC, Ms Mary Uduk, said this would
enable other shareholders that are having challenges with their
details to come up and regularise their holdings, noting that the
Commission discovered that some shareholders are avoiding it due to
the fear of prosecution.

“The Multiple Subscription Committee presented the status of its
ongoing engagement with the Central Bank of Nigeria (CBN), and
Committee of Heads of Banking Operation, to display multiple
accounts regularisation banners in the banking halls all over the
country.

“The Committee also reported that CMOs have commenced the filing
of report on regularised accounts with the Commission on a
quarterly basis. Given the relevance of this exercise and the need
to create more awareness, the Committee requested for an extension
of the deadline of multiple accounts regularisation.

“We are keeping it open for now with no deadline. We are also
encouraging investors to take advantage of this to regularise their
accounts and claim their dividends.”She said SEC also reviewed the
request from the Association of Stockbroking Houses of Nigeria
(ASHON), for extension of time for compliance on the transfer of
complete investor data among operators such as Brokers, Registrars,
and CSCS, adding that upon completion, the Commission will
communicate its position to the relevant parties.

Speaking on e-Dividend Mandate Management System (e-DMMS),
introduced to curb unclaimed dividend, Uduk said a total of 2.82
million had enrolled on the platform as at the end of third quarter
2019.She pointed out that registrars had been directed to
discontinue the practice of requesting for confirmation of bank
signature during the E-DMMS process to tackle unclaimed
dividends.Uduk also said capital market operators were to display
awareness campaign banners of e-DMMS in their offices and venue of
Annual General Meetings (AGMs).

She said the Non-interest Finance Committee presented the
importance of granting Pension Fund Administrators (PFAs)
permission to invest a given percentage of a willing contributor’s
Retirement Savings Account in non-Interest capital market
products.