SEC Boss Highlights Gains of Financially Inclusive Society

By Dipo Olowookere

Acting Director General of the Securities and Exchange Commission (SEC) Ms Mary Uduk, at the weekend in Lagos said the Nigerian economy can become very viable by making financial services more accessible to citizens.

Speaking at the 2018 PEARL Awards Night, Ms Uduk assured that her agency will continue to pursue initiatives that would aid financial inclusion of Nigerians.

According to her, “Innovations in financial technology, has made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services.”

She stressed that, “A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth–and will create million more jobs. The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective.”

While commending the efforts of the Board of Governors and management of PEARL Awards Nigeria, for giving consideration to companies with good corporate governance practice in the award nomination process, Ms Uduk also enjoined them that in future editions, emphasis should also be given to companies with technological innovation in the capital market, in the advent of the convergence of Finance and Technology – FinTech.

The SEC boss also disclosed that the SEC was implementing various initiatives aimed at making the Nigerian market deeper, vibrant and more effective.

“The forbearance window for shareholders with multiple subscriptions has been extended by another year from the December 31, 2018 deadline previously communicated. Consequently, we enjoin those who have not come forward for the regularization of shares purchased with multiple identities, to do so.

“We have also developed a two-pronged approach to addressing the intractable challenges associated with transmission of shares related to the estate of deceased investors. The first step would involve engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares. Secondly, Rules would be developed around the time frame for transmission shares and the fee structure,” she said.