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SEC Vows To Ensure N215bn Unclaimed Dividend Settlement

…Approves 9 New Issues Valued At N1.228trn

by Olushola Bello
1 year ago
in Business
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The Securities and Exchange Commission (SEC) has vowed to ensure the settlement of unclaimed dividends, which stood at N215 billion as at March 2024.

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This is as the Commission said it has approved nine new issuances totaling N1.228 trillion as at August, 2024.

The director-general of SEC, Dr. Emomotimi Agama stated this during the Second Post CMC briefing held yesterday in Lagos.

SEC DG stressed the need for public and private sector collaboration to sustain the economy during these challenging times.

Agama expressed optimism about unlocking the full potential of the capital market in alignment with the national agenda of President Bola Tinubu’s administration.

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He pointed out that the capital market must mobilise financing and facilitate the transfer of purchasing power from surplus to deficit sectors to reinforce Nigeria’s position as Africa’s leading economy adding that the meeting also provided an opportunity for stakeholders to discuss the challenges and opportunities facing the capital market and to share ideas on how to improve the regulatory framework.

The SEC DG highlighted significant developments in the Nigerian capital market for 2024 to include the approval of nine new issuances totalling N1.228 trillion, reflecting increased confidence in the market and a growth in the Net Asset Value (NAV) of Registered Mutual Funds by 111.08 per cent to N3.335 trillion, indicating strong and sustainable growth.

The SEC DG said the Commission has demonstrated its commitment to protecting investors, as evidenced by the recent conviction of a Ponzi scheme operator, reinforcing its stance against market offenders, reiterating the Commission’s unrelenting efforts at combating Ponzi schemes.

Addressing unclaimed dividends, Agama noted that the SEC is collaborating with stakeholders to reduce the volume of unclaimed dividends in Nigeria, aiming to report progress to the Senate Committee within the next six months.

He added that the SEC has also improved complaints management through the implementation of the Complaints Management Framework and the establishment of an Investor Protection Fund to restore investor confidence.

To manage systemic risks, he disclosed that the SEC had mandated CMOs to prepare and submit their enterprise risk management frameworks and annual risk profiles to the Commission while also collaborating with other financial sector regulators and agencies in efforts to assist Nigeria in exiting the FATF grey list.

Agama expressed the determination of the Commission to continue to encourage companies to list and urged the exchanges to take steps to attract new listings to align with the government’s $1 trillion economy target.

“We believe that strengthening regulatory bodies, enhancing enforcement, and adopting international best practices are essential to market efficiency, transparency and global competitiveness.

“Also, promoting good corporate governance, encouraging private sector investment, developing alternative assets, and incentivising corporate bond issuance are crucial to market growth and development. Additionally, more companies should be encouraged to list on the exchange to improve market making and liquidity,” he added.


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Tags: Emomotimi AgamaSecurities and Exchange Commission (SEC)
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