Linkage Assurance Plc proposes N500 million as closing dividend for 2020, bonus subject on present shares

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The Securities and Exchange Commission (SEC) has faulted the actions of some Capital Market Operators (CMOs) which frustrates the e-dividend mandate course of, resulting in an increase in unclaimed dividends within the capital market.

This is because the unclaimed dividends within the capital market have been estimated to have risen to over N200 billion.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Director-General of SEC, Lamido Yuguda, whereas talking on the 2021 first post-Capital Market Committee (CMC) digital information convention.

READ: Why SEC should support democratization of sale of foreign securities

What the Director-General of SEC is saying

Yuguda, in his assertion, stated that the fee was conscious that some CMOs have been irritating the e-dividend mandate course of.

He stated, “We implore all stakeholders to adjust to all directives of the Commission on this regard, as defaulters can be sanctioned appropriately. We have noticed that the expansion within the variety of mandated accounts has been on the decline for a while.

The capital market neighborhood has directed its e-Dividend Committee to have interaction with the Committee of Heads of Banking Operations to encourage higher cooperation from banks as we deal with the challenges of unclaimed dividends.’’

READ: Shareholders move against FG’s establishment of unclaimed dividend trust fund

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The SEC boss reminded all CMOs that the fee’s directive on the replace of traders’ Know Your Customer data was nonetheless in impact noting that the extent of compliance had been low regardless of a number of engagements by the fee.

Yuguda revealed that 4.01 million accounts nonetheless have incomplete KYC data as of April 8 regardless of the federal government’s efforts.

He stated, “Despite a number of engagements, we realised that as of April 8, there have been nonetheless 4,012,311 accounts with incomplete KYC data. This train is vital to deepening the participation of retail traders and we direct all CMOs to accord it the very best stage of precedence.’’

READ: SEC adjusts operations, introduces e-filing, other measures

In case you missed it

  • SEC had earlier urged all Capital Market Operators (CMOs) to replace their traders’ Know Your Customer data because of the low stage of compliance.
  • The CMOs have been additionally warned by SEC to cease offering any type of assist to unregistered entities working unlawfully within the nation inside the capital market as that will not be condoned.

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