BY COBHAM NSA, ABUJA – The Securities and Exchange Commission (SEC) has expressed its resolve to partner the media in driving initiatives aimed at strengthening the capital market and accelerating Nigeria’s economic development on a sustainable basis.
Acting Director General of SEC, Dr Abdul Zubair said media collaboration, especially with Finance Correspondents, as major stakeholders, will enhance effective reportage of the capital market with proper education and enlightenment of the investing public.
Addressing executive members of Finance Correspondents’ Association of Nigeria (FICAN), Abuja Chapter that visited him recently, Dr Zubair applauded the media for constantly supporting and propagating SEC’s initiatives of engendering confidence in the investing public, as a way of further deepening the market activities.
He listed some of the initiatives as direct cash settlement; de-materialization; consolidation if Multiple Accounts; and e-Dividend Mandate Management System that are all meant to promote transparency, protect and enhance investors’ confidence in the nation’s capital market.
According to the SEC boss, “We have rolled out a number of initiatives among, which is the e-dividend campaign where investors will now be paid dividends directly to their bank accounts. E-dividend simply refers to an online system of paying dividends to investors when companies declare dividends, which are the profits meant for investors. Rather than send it by post, Registrars will just wire it to the investor’s bank account.’’
Zubair explained that; “This will help in no small measure, reduce the problem of unclaimed dividends and also ensure that investors receive the benefits of their investments in the capital market timely.
“We also have the direct cash settlement, de-materialization, Nigerian Capital Market Development Fund (NCMDF), National Investors Protection Fund (NIPF) among others, all in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhance productivity.”
The Director General urged all shareholders to embrace the initiatives and support the Commission’s efforts at re-positioning and strengthening the market as a key driver of Nigeria’s sustainable economic growth and development.
In his speech, Chairman of FICAN, Abuja, Nduka Chiejina said the Association is ever ready to work with the Commission in educating, informing and enlightening the investing public on huge benefits derivable from the Nigerian Capital Market.
He also called for effective collaboration in the area of regular media training and workshops for improved and in-depth reportage of the market and economy.