The Securities and Exchange Commission (SEC) has called on operators in the capital market to uphold the integrity of the capital market in order to foster investors’ confidence.
The Director-General of SEC, Mr Lamido Yuguda, who disclosed this at the weekend during the Institute of Capital Market Registrars (ICMR) 10th Annual Conference, Investiture of fellows, Induction of Associates and Annual General Meeting in Lagos, said the investors are the greatest assets in the capital market.
He emphasised the need for the ICMR and SEC to work together and leverage the opportunities that digital technology provides.
He said that this would help to resolve the lingering issues surrounding unclaimed dividends in the Nigerian capital market.
Yuguda, in his keynote address, said that the attention of the commission had been drawn to the fact that some companies and registrars carry out selective payments and distribution of dividends.
He also disclosed that some were unwilling to release the unclaimed dividends in their custody and employed several antics to frustrate shareholders from enjoying the benefits of the E-DMMS platform.
In his welcome address, President and Chairman of Council, ICMR, Mr Seyi Owoturo, said that the COVID-19 crisis brought about digital transformation in the way companies in all sectors and regions do business.
“We are confident that by addressing the scourge of unclaimed dividends, the need for shared market infrastructure, and the changing role of regulators, the discourse in the conference will galvanise the drive towards repositioning the Nigerian capital market for sustainable growth,” he said.