Dipo Olowookere
By Dipo Olowookere
The need for the different stakeholders in the Nigerian capital market, especially the media, to support the initiatives of the Securities and Exchange Commission (SEC) aimed at deepening market activities has been emphasised by the Acting Director-General of the commission, Mr Abdul Zubair.
Mr Zubair wants the media to continue to report the new ideas being put in the place by the regulatory agency so as to properly educate and enlighten the investing public.
He described the media as a very vital part of the capital market, commending finance reporters for their past efforts.
The SEC boss, speaking when Mr Nduka Chiejina led members of Finance Correspondents’ Association of Nigeria (FICAN), Abuja Chapter to his office, said the commission will continue to work closely with the association.
He urged the group to do more in spreading the good initiatives of SEC especially the e-Dividend Mandate Management System, de-materialization, direct cash settlement, as well as consolidation of multiple accounts.
According to him, these were put in place to promote transparency, protect and enhance investors’ confidence in the nation’s capital market.
“The direct cash settlement, de-materialization, Nigerian Capital Market Development Fund (NCMDF), and National Investors Protection Fund (NIPF) are all in line 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,” Mr Zubair said.
He added that the e-dividend payment system mandates Registrars to directly pay dividends into investors’ bank accounts.
“With this, rather than send dividends by post, Registrars will just wire it to the investor’s bank account. This will help reduce the problem of unclaimed dividends and also ensure that investors receive the benefits of their investments in the capital market timely,” he explained.
In his remarks, Mr Chiejina thanked the Acting DG for his support to the media and called for more partnerships.
He urged his host to assist in putting in place regular training and workshops for members of the media so as to deepen their knowledge of the capital market, which will in turn help their reporting.
Mr Chiejina assured the SEC boss that FICAN will continue to support and propagate the good initiatives of the agency so as to further boost investors’ confidence in the Nigerian capital market.
