The Securities and Exchange Commission (SEC) announced an extension of the forbearance window for investors with multiple accounts and subscriptions to September 2018.
Acting director-general SEC, Ms. Mary Uduk stated this at the first 2018 post-Capital Market Committee (CMC) press briefing in Lagos at the weekend. The forbearance is to enable those who bought shares in multiple names consolidate such multiple shareholder’s identities with the registrars and Central Securities Clearing System (CSCS) into one that bears their official names.
She noted that during the market boom, some investors bought shares with different names which they had forgotten hence could no longer access the benefits of such investments. The acting DG called on the affected investors to take advantage of the forbearance window to ratify their accounts.
Uduk also expressed commitment to ensure listing of multinationals adding that de-listing by quoted companies posed a threat to the growth of the capital market. “Increase in de-listing by public companies pose a threat to the market in view of the fact that quite a number of them are highly capitalised,” she said.
She said that the commission mandated the committee to come up with strategies aimed at tackling de-listing and boosting listing of more multinationals, noting that said that some highly capitalised companies had delisted, thereby, affecting the growth of the market.
According to her, the committee will meet with stakeholders and find out why they are delisting as well as discuss with eligible ones why they are not listed. Uduk said that some companies had complained of tax issues, and gave the assurance that the commission would engage the government to address the issue.