SEC NIGERIA COMMENDS CBN

The Securities and Exchange Commission (SEC) of Nigeria has commended the Central Bank of Nigeria (CBN) over the recent decision to allow bank customers pay cheques into their savings account.

In a notice on its website, SEC wrote: "The commission wishes to commend the CBN for this laudable step and appreciate the great support the CBN continues to show for capital market initiatives"

According to SEC those most likely to benefit from the move were retail investors who have been having problem cashing their dividend cheques and warrants over time.

This, it said, added to the problem of unclaimed dividends that now runs into billions of Naira.

It was for this reason SEC has been engaging other national institutions to find ways to resolve the matter.

It was this kind of engagement that gave birth to today's e-Dividend Mandate Management portal (eDMMS) for online enrollment for direct credit of dividends to investors approved accounts.

This, says SEC, was sequel to the committee set up in 2013 by engaged stakeholders to work out modalities for the eDividend programme.

To SEC, the policy change on savings account was "an important achievement investors have been clamouring for in Nigeria since the inception of the capital market"

SEC then asked investors to make good use of the opportunity by paying their dividends into whatever account they have or prefer provided they also have bank verification number.(BVN).

They can now also deposit previously received dividend warrants into their savings account, SEC added.

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