SEC moves multiple subscription deadline to 2019
.Partners CBN to update regulations on margin lending
By Udeme Clement
Fact emerged that the Securities and Exchange Commission, SEC, has extended the forbearance deadline for shareholders with multiple accounts from December 31, 2018 to December 31, 2019 fiscal year.
The Acting Director-General of the Commission, Mary Uduk, made this known at the third quarter Capital Market Committee, CMC, news conference, in Lagos.
According to SEC DG, the one year extension becomes imperative for more investors to embrace the initiative, aims at reducing unclaimed dividends in the Market.
Uduk also explained that the deadline was extended in anticipated disruptions ahead of 2019 general elections in the country, even as she said the Market regulators realised that a number of investors were yet to understand the initiative, as well as the need for more investors to be captured.
She emphasised, “The CMC agreed that the forbearance window be extended by another year from December 31, 2018 deadline previously communicated to December 31, 2019. Therefore, we expect investors to take advantage of this opportunity to claim their unclaimed dividends and bonuses. This is a good opportunity for investors to regularise their accounts, in order to reduce the quantum of unclaimed dividends in the Market.”
In the same vein, Uduk said SEC would engage Nigeria Inter-bank Settlement System to facilitate identity validation, as well as account validation, to boost e-dividend mandate.
This, she said, would address the issue of identity theft in the system.
The SEC boss further stated that the Commission is partnering with the Central Bank of Nigeria, CBN, to update regulations on margin lending.