Dipo Olowookere
By Dipo Olowookere
Members of the various security agencies in Nigeria have been urged to consider investing in the nation’s capital market by keying into any of the different products tailored to meet their investment needs.
This charge was given on Wednesday by the Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, during a one-day enlightenment outreach for officers of the armed forces, police, and other para-military agencies.
The seminar was mainly put together to sensitize participants on the investment initiatives in the capital market, and how to protect their sundry investments.
Ms Uduk told the security officials that while it was important for them to safeguard the nation, neglecting life after service could be deadly, urging them to start planning for the future with investment in the capital market now.
“While it is true that no sustainable economic development can be achieved without a peaceful environment, you must also work for the peace and security of your financial future.
“I am happy to inform you that the capital market has a number of products and platforms that can guarantee these,” the SEC chief said at the programme.
According to her, the capital market regulatory agency was making efforts at addressing financial literacy and empowerment gaps within the society, adding that this is expressed in the various financial inclusion and literacy initiatives it is currently undertaking in collaboration with other stakeholders.
“We also have other initiatives arising from our 10-year Capital Market Master Plan which protects investors and also bring confidence to the Capital Market, such as the e-dividend mandate.
“When people invest in the capital market, they expect returns, they expect to make money. One of it is to be able to protect your dividend and get your dividend as at when due.”
Continuing, Ms Uduk said, “Others are the multiple subscriptions. In the past, people subscribe for shares and bond in many different names; some as many as six different names.
“Because of that they are not able to get the benefit of investing in the capital market. For instance, a bank account has only one name with only one BVN.
“So, if you have different names that are not your real name, and your share certificate does not carry those
names, and the bank the does not recognise those names, you are not able to get the dividends of investing in the market.
“Therefore, we have given the market a window of opportunity for people that engage in multiple subscriptions to come and regularise those holdings that they have and consolidate them to be able to get the benefits of investing in the capital market.
“We also have the National Investor Protection Fund (NIPF) that protects investors arising from problems that capital market operators go through other than those of them that are brokers, because brokers own are covered by that of the NSA,” she said.
According to Ms Uduk, SEC was now closely supervising the capital market operators to ensure that investments of investors are not violated, misused or mismanaged in any way, adding that a framework had been set up where it monitors operators regularly.
