Over Four Million Shareholder Accounts Still Without KYC- SEC

The Securities and Exchange Commission (SEC) has reminded Capital Market Operators in the country to update the Know-Your-Customer database of clients, which it said is still in effect.

Addressing newsmen during the first Post-Capital Market Committee Meeting press briefing in Abuja weekend, Director-General of the commission, Lamido Yuguda noted the low compliance level of the directive, lamenting that “as at April 8, 2021, there were still 4,012,311 accounts with incomplete KYC information.”

This, he lamented, is despite several engagements, stressing that the “exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority”.

A major highlight of the year 2021, Yuguda continued, “is the reintroduction of periodic renewal of registration by Capital Market Operators,” stressing that the rationale for this is to ensure that market operators are fit and proper at all times.

This, he continued, is besides helping to strengthen the supervision and monitoring activities of the commission.

The SEC boss recalled that despite the turbulence experienced following the outbreak of the Cornavirus pandemic, the Nigerian capital market remained resilient, expressing satisfaction that the capital market community contributed its quota to the fight against it.

He pledged “that we shall not relent in our efforts. To this end, our next phase of the support in the fight against COVID-19 will be the establishment of the Strategic Health Impact Fund for Transformation (SHIFT). This is planned to be a N100bn fund for investment in healthcare assets in Nigeria”.

Yuguda also stated that the commission is at the mid-point of implementing its Capital Market Master Plan (CMMP) and has commenced a review to update the assumptions, and align the plan with current realities.

Similarly, he said the commission has released new rules on warehousing, collateral management, crowdfunding, fund management products, and nominee companies to ensure proper regulation and development of our market.

Photo caption: SEC management team during the press briefing in Abuja on Thursday.

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