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SEC Extends Deadline for Investors to Regularise Multiple Accounts

By Dipo Olowookere

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.

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“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.

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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.

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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.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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