10-Year Master Plan Will Deepen Nigeria’s Capital Market- Uduk

Ms. Mary Uduk, Director-General of the Securities and Exchange Commission (SEC), at the weekend in Lagos said its ongoing initiatives as contained in the 10-year capital market master plan are aimed at deepening the market and making it vibrant and more effective.

Addressing newsmen, she explained that the forbearance window for shareholders with multiple subscriptions is still open, urging those yet to regularize shares purchased with multiple identities to do so.

Uduk said: “The Multiple Subscription Committee presented the status of its ongoing engagement with the Central Bank of Nigeria (CBN) and Committee of Heads of Banking Operation, to display multiple accounts regularisation banners in the banking halls all over the country.

“The committee also reported that CMOs (Capital Market Operators) have commenced the filing of a report on regularised accounts with the commission, on a quarterly basis. Given the relevance of this exercise and the need to create more awareness, the committee requested an extension of the deadline of multiple accounts regularisation.”

A statement by Efe Ebelo, Head, Corporate Communications, at the SEC, quoted Uduk as saying the commission has developed a two-pronged approach to addressing intractable challenges associated with the transmission of shares related to the estate of deceased investors.

“The first involves engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares. “Secondly, Rules are being developed around the time frame for transmission of shares and the fee structure,” she stressed.

Uduk said to boost the e-dividend mandate and Direct Cash Settlement initiatives, the SEC is engaging the Nigeria Inter-Bank Settlement System (NIBSS) on behalf of the capital market community to facilitate identity validation and account validation in an effort to enhance market processes.

According to her, the electronic distribution of annual accounts by public companies to shareholders continues to gain traction, as shareholders have largely accepted the new initiative which will ensure timeliness of information and cost reduction to public companies.

“On the need to grow the market for trading in securities on unlisted public companies, we are making concerted efforts in collaboration with CAC and other stakeholders to assist public companies that are yet to register their securities to do so without much difficulty” she added.

Photo caption: Left to right: Registrar/Chief Executive, Chartered Institute of Bankers of Nigeria (CIBN), Oluseye David Awojobi; Acting Director-General, Securities and Exchange Commission, Ms. Mary Uduk and Governor, Central Bank of Nigeria, Godwin Emefiele at the 54th Bankers Dinner held in Lagos at the weekend.