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Tag: Mary Uduk

  • SEC urges Nigerians to shun Ponzi schemes

    NIGERIANS have again been urged to desist from investing their hard-earned resources in investment schemes that have not been registered to carry out fund management functions.

    Securities and Exchange Commission (SEC) Acting Director-General Ms. Mary Uduk gave the advice in the face of various unregistered schemes luring unsuspecting Nigerians with unreasonable returns.

    Enjoining investors to be wary of any investment with suspicious and unreasonably high return level proposals, Ms. Uduk also advised investors to always be sure of the status of such fund managers to know if the products they offer are registered with the SEC.

    According to her, the capital market is properly positioned to attract Nigerians and provide benefits to investors.

    She said the SEC has been doing a lot in terms of investor education to assist people understand whatever issues they have around the capital market.

    “But besides that, there are new products coming up every day in the Nigerian capital market. We have a lot of ethical funds, one of the safest areas to invest in is in Mutual Funds, Collective Investments Schemes and we encourage Nigerians to be part of these and others,” she said.

    The SEC, she said, has introduced initiatives to make the capital market more user-friendly such that people can participate in it with greater ease, comfort and convenience.

    She said: “There is the added and all-important purpose of ensuring that the gains of your participation, be these dividends, proceeds from share sales/transfers, etc. accrue to you seamlessly, without sweat and in the shortest time possible.

    “The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.

    “These fraudsters or promoters of Ponzi Schemes are the false prophets of the investment environment, they are the ill wind that blows no good and at whose sight you must flee; they are to be avoided. This is one message you must keep spreading to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard–earned money”.

    Read Also: Beware of Loom ponzi scheme, SEC warns Nigerians

    Uduk therefore advised the general public to distance themselves from such schemes, adding, “Please note that anyone that subscribes to these illegal activities does so at their own risk.”

    She also informed investors that the SEC is currently leading the entire capital market industry in an effort to migrate all shareholders to an e–Dividend regime.

    The essence of the e-Dividend Mandate Management System she said, was to eradicate or reduce to the barest minimum the incidence of unclaimed dividend.

    “Unclaimed dividend is an undesirable feature of the Nigerian capital market which denies investors/shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money which should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.

    “It is a consequence of the bottlenecks which are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency, change in investors’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others,” she added.

    Ms. Uduk stated that the e-Dividend regime bypasses these limitations by ensuring that dividends which do not exceed 12 years of issue are credited directly to an investors account after declaration by the paying company and within a stipulated payment period through simple interbank transfer.

    Recall that the e-Dividend registration exercise started on November 23, 2016.

    Other initiatives by the SEC to ensure that Investors get the benefit from investing in the market, according to Uduk include, Multiple Subscription Regularisation, Direct Cash Settlement, dematerialisation, National Investor Protection Fund, Recapitalisation of capital market operators, corporate governance scorecard, new rules for products innovation, development of commodity exchange, Collective Investment Schemes among others.

  • SEC urges defunct Skye bank investors to claim dividends

    The Securities and Exchange Commission, SEC, has again reiterated its earlier directives to shareholders of defunct Skye bank to claim their dividend payment.

    This the SEC said is part of its investor protection programme and as well as ensure that shareholders get the benefits of investing in the capital market.

    According to Acting DG, Ms. Mary Uduk in Abuja, the SEC recently released a circular to shareholders of defunct Skye bank to claim all outstanding dividends.

    She said, “we have informed shareholders of the defunct Skye Bank that unclaimed dividends declared by the bank are being held in trust on their behalf. This will further help reduce the volume of unclaimed dividends in the market and boost investor confidence.

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    “Investors that have unclaimed dividends are therefore advised to contact Cardinalstone Registrars to process their dividend payments”.

    Uduk said the Commission has also directed Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders are addressed forthwith.

    The Acting DG said since the company is no longer in operation, these unclaimed dividends have to be made available to the rightful owners that are the shareholders, as that will go a long way in boosting investor confidence in the market. 

    “They invested in a company and since the company has gone under, there is no reason why they should not have access to their unclaimed dividends. That is why we are calling on them to take advantage of this opportunity and claim their dividends,” Uduk said.

     

  • SEC urges beneficiaries of deceased investors to claim their dividends

    In a bid to further reduce the quantum of unclaimed dividends in the Nigerian capital market, the Securities and Exchange Commission, SEC, has urged beneficiaries of deceased investors to step up efforts to claim such dividends.

    This was stated by the Acting Director General of the SEC, Ms Mary Uduk in her welcome remarks at the enlightenment programme for Lagos State Probate Registry in Lagos, Tuesday.

    Uduk who was represented by Acting Executive Commissioner Operations of the SEC, Mr. Isyaku Tilde, said the purpose of the enlightenment programme is to give participants an understanding of the operations of the capital market, especially in the area concerning transmission of shares and administration of estate, areas in which the Probate Registry is a key stakeholder.

    Uduk stated that one category of investors whose investment yields have contributed to the growth of unclaimed dividends are deceased investors, whose beneficiaries as indicated in the will or letter of administration are yet to claim the investments and accrued dividends through the share transmission process.

    According to her, “The capital market is a market for raising medium to long term capital via a number of instruments. The most popular of the instruments are shared and bonds with resultant yields of dividends and interests respectively.

    “However, the quantum of unclaimed dividends in the Nigerian capital market has been on the increase as investors fail to claim the dividends from their investment in shares.”

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    Uduk also congratulated the Probate Registry on the recent commissioning of the e-filing probate registry saying it will guarantee integrity of data, provide for online tracking of applications, simplify and shorten the application process of Letter of Administration and grants.

    She therefore restated the readiness of the SEC to collaborate with the Probate Registry staff so that together the Nigerian capital market can become a desirable investment destination.

    In a keynote address, Hon. Justice A.A. Oyebanji who represented the Chief Judge of Lagos state, commended the SEC on the enlightens programme which she said will go a long way in aiding the staff of the probate registry on the discharge of their duties.

    Oyebanji said the Registry processed legal instruments for the administration of the real and personal estate of a deceased person who was resident in Lagos state and who owned landed properties in Lagos state.

    She disclosed that the Probate Registry in Lagos state is now fully. Computerised and all applications must be made online.

    “This e-Probate system was introduced primarily to ensure a more efficient delivery of services to elements of the public. It is aimed at reducing significantly the length of time required to obtain a Grant, whether in the Ikeja of the Lagos Division” she added.

     

     

  • MTN yet to submit application for listing, says SEC

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has said that MTN Nigeria has not filed any application that could kick-start regulatory consideration of the proposed listing of the telco on the Nigerian stock market.

    SEC stated that while there had been some engagements with the telco, MTN Nigeria or its professional parties have not filed any formal application with the apex capital market regulator.

    MTN recently indicated it plans to list its shares by way of introduction, rather than the initial plan of an Initial Public Offering (IPO).

    By way of introduction, MTN Nigeria’s existing shares will be admitted to the Daily Official List of the Exchange for trading. MTN indicated it plans to list before the end of this first half.

    READ ALSO: MTN Nigeria to list on Stock Exchange

    Under the extant rules, a private limited liability company seeking to list its shares shall convert to public limited liability company and register its shares with SEC.

    For listing by way of introduction, the company will then apply to the relevant Exchange for listing.

    In the case of IPO, the company will apply to SEC for approval of the IPO and the relevant Exchange if it intends to list after the IPO.

    Briefing newsmen after the meeting of the Capital Market Committee (CMC) in Lagos, Acting Director General, Securities and Investment Services, Securities and Exchange Commission (SEC), Ms Mary Uduk, noted that there is an established due process for listing and issuance of securities in the Nigerian capital market, which forms the basis for regulatory consideration.

    “There is no formal application as at now, until when they file application, that’s when we will know what method of listing they want,” Uduk said.

    MTN Nigeria had in 2016 appointed an advisory team and set out a road map towards listing on the Nigerian Stock Exchange (NSE) in 2017.

    The telco however missed the 2017 target and has since been struggling with the listing.

    The board of MTN Nigeria had announced the appointment of Stanbic IBTC Capital Limited and its affiliates, Standard Bank of South Africa Limited and Standard Advisory London Limited and Citigroup Global Markets Limited as the joint transaction advisors and joint global coordinators for the proposed listing of MTN Nigeria on the NSE.

    It should be recalled that as part of the conditions to settle its $3.4 billion fine by the Nigerian Communications Commission (NCC), MTN Nigeria had announced its intention to list its shares on the NSE as soon as commercially and legally possible.

  • We need to attract, retain investments – Uduk

    Stakeholders in the Capital Market have been urged to continue to take positive steps to attract and retain both local and foreign investments to stimulate economic growth and develop critical infrastructure necessary for the country’s development.

    Ag. Director General of the Securities and Exchange Commission, SEC, Ms. Mary Uduk stated this at the launch of the book ‘Riding the Eagle’ written by Mrs. Toyin Sanni in Lagos, Monday.

    Uduk explained that during the decision-making process, investors want to be sure of the rational basis of their investment decisions before transferring resources, and this is why quality information is needed.

    According to her, “Providing information to investors will enhance transparency in the Nigerian markets and improve our global reputation in the investment community.

    “Riding the Eagle meets this imperative by providing comprehensive and up-to-date information on investing in the Nigerian markets via a roadmap and guide for foreign, domestic, institutional and individual investors alike. It also examines the challenges faced by the Nigerian economy across sectors, past and recent success stories and solutions to some of the nation’s economic and development challenges.”

    She said the Book goes into details on the key sectors that drive the performance of the Nigerian economy and what investment opportunities are available for interested investors and motivated entrepreneurs.

    The SEC DG therefore commended the author, for putting at the disposal of the industry, the value of over one decade in the money market and another two decades in the capital market.

    Read Also: Technology to drive processes in the Capital Market, says Uduk

    “The book serves investor interests through this comprehensive and authoritative work on investment opportunities in the Nigerian economy.

    “It is imperative therefore that we all as stakeholders continue to take positive steps to attract and retain both local and foreign investments to stimulate economic growth and develop critical infrastructure necessary for our country’s development,” she added.

    In her remarks, Vice Chairman FAMFA Oil Limited, Mrs. Folorunsho Alakija described the book as truly a most appropriate and timely information guide for all stakeholders in the investment sector in africa’s most populous and resource rich country (Nigeria).

    Author of the book, Mrs Sanni said the book is to help make Nigeria a sustainable preferred destination by providing detailed and concise information for investors.

  • Korea pledges collaboration with Nigeria

    The Republic of Korea has pledged to continue effective collaboration with Nigeria to ensure the nation attains its economic development goals.

    Ambassador of the Republic of Korea, Mr. Intae Lee stated this at the official opening of a Seminar on the Operations and Regulations on Derivatives Market in Nigeria under the Knowledge Sharing Programme, KSP held at the Head office of the Securities and Exchange Commission, SEC in Abuja Wednesday.

    The KSP which is on “Capacity Building on Operation and Regulation of Financial Derivatives Markets in Nigeria,” is based on the following topic areas: Development of Nigerian Derivatives Market, Operation, Surveillance, and Supervision on the Derivatives Market, Monitoring and Surveillance on Derivatives Market of Nigeria and Establishment of ICT infrastructure for Financial Derivatives Market.

    The Ambassador said the ceremony envisages the bright future that the two great nations will continue to build together, particularly in the area of economic and developmental cooperation. With that vision in mind, he said Korea has abundant developmental knowledge and experiences to share with Nigeria.

    According to Intae, “The Knowledge Sharing Programme represents what Korea has to offer the world. Once a poverty-stricken-country, the Korean people have built one of the most thriving market economies. Korea now also boasts the 11th largest economic growth country in the world.

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    “Through the KSP, Korea is going to share with Nigeria the recipes for the success of our derivatives market. Through this program, I sincerely hope Nigeria to become the financial hub of the entire African continent, not just of the West Africa.

    “Through the KSP, Korea is now offering the secrets behind our success to Nigeria so as to walk together the paths toward greater prosperity, affluence, and success.”

    He expressed confidence that the launching of the first KSP project will serve as a corner stone for the bolstered economic cooperation between the two countries in the future.

    In her remarks, Acting Director General of SEC, Mary Uduk, expressed appreciation to the government of the Republic of Korea on the programme, saying it will assist greatly in developing the derivatives market in Nigeria.

    Uduk said the country will not have a viable derivatives market without building the capacity of the regulator and other stakeholders, adding that the KSP will provide an opportunity to further develop the capital market in Nigeria.

    The Acting DG also disclosed that the Commission will welcome any collaboration with the Republic of Korea to drive digitalize operations in the Commission and the market.

    “The entire capital market is embracing financial technology and here at the SEC we are working on automating our processes to improve our regulatory work and we are open to collaborations to make this happen,” She added.

  • Korea partners Nigeria on economic development

    The Republic of Korea has pledged to continue effective collaboration with Nigeria to ensure the nation attains its economic development goals.

    Ambassador of the Republic of Korea, Mr. Intae Lee stated this in a goodwill message at the official opening of a Seminar on the Operations and Regulations on Derivatives Market in Nigeria under the Knowledge Sharing Programme, KSP held at the Head office of the Securities and Exchange Commission, SEC in Abuja Wednesday.

    KSP which is on “Capacity Building on Operation and Regulation of Financial Derivatives Markets in Nigeria”, is based on the following topic areas: Development of Nigerian Derivatives Market, Operation, Surveillance, and Supervision on the Derivatives Market, Monitoring and Surveillance on Derivatives Market of Nigeria and Establishment of ICT infrastructure for Financial Derivatives Market.

    The Ambassador said the ceremony envisages the bright future that the two great nations will continue to build together, particularly in the area of economic and developmental cooperation. With that vision in mind, he said Korea has abundant developmental knowledge and experiences to share with Nigeria.

    According to Intae, “The Knowledge Sharing Programme represents what Korea has to offer the world. Once a poverty-stricken-country, the Korean people have built one of the most thriving market economies. Korea now also boasts the 11th largest economic growth country in the world.

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    “Through the KSP, Korea is going to share with Nigeria the recipes for the success of our derivatives market.

    “Through this program, I sincerely hope Nigeria to become the financial hub of the entire African continent, not just of the West Africa. Through the KSP, Korea is now offering the secrets behind our success to Nigeria so as to walk together the paths toward greater prosperity, affluence, and success.”

    He expressed confidence that the launching of the first KSP project will serve as a corner stone for the bolstered economic cooperation between the two countries in the future.

    In her remarks, Acting Director General of SEC, Mary Uduk, expressed appreciation to the government of the Republic of Korea on the programme, saying it will assist greatly in developing the derivatives market in Nigeria.

    Uduk said the country will not have a viable derivatives market without building the capacity of the regulator and other stakeholders, adding that the KSP will provide an opportunity to further develop the capital market in Nigeria.

    The Acting DG also disclosed that the Commission will welcome any collaboration with the Republic of Korea to drive to digitalize operations in the Commission and the market.

    “The entire capital market is embracing financial technology and here at the SEC we are working on automating our processes to improve our regulatory work and we are open to collaborations to make this happen”. She added.

     

  • Technology to drive processes in the Capital Market, says Uduk

    Acting Director General of the Securities and Exchange Commission, SEC, Mary Uduk has said that Technology when properly leveraged will reduce the cost of doing business in the capital market.

    This Uduk said, is one of the reasons why the apex regulator of the Nigerian Capital Market is encouraging the introduction of technology in the market.

    According to Uduk: “We know that technology is driving a lot of things in the financial system at the moment. For instance, in the banking system, technology is driving the payment system. Even with phones people can buy, make payments and even obtain loans among others.

    “We have seen that there is a lot of innovation and cost reduction in the money market due to technology, and so we also want to do the same in the capital market.

    “To this end, the Capital Market Committee has set up a Road Map committee to come up with a guide for the capital market to enable us also leverage on technology to do business and reduce cost.”

    The Acting DG disclosed that the Commission already has a division dedicated to Fintech that will help look at all the technologies that relate to the capital market surrounding ICOs, among others.

    Read Also: SEC advises shareholders to monitor investments

    She said that in the capital market, technology has assisted in improvements of processes like the use of Block chain to enhance settlement, and the use of technology to drive the platforms through which people are now able to come in to invest.

    “Innovations in financial technology, has made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services.

    “A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth and will create a million more jobs. The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective,” she added.

     

  • SEC urges shareholders to monitor their investments

    The Securities and Exchange Commission, SEC, has urged shareholders to monitor their investments in the capital market, assuring that the Apex Regulator will live up to its responsibilities on investor protection.

    Acting Director General of the SEC, Mary Uduk stated this in an interview in Abuja Wednesday.

    She said the Commission has put in place a number of initiatives to protect investors as well as boost their confidence including the e-dividend mandate Management System, Direct Cash Settlement, setting up a committee on identity management in the Nigerian Capital Market Regularization of Multiple Subscription, Complaints Management Framework among others, but however enjoined investors to take ownership of their investments.

    According to her, “They have to be able to monitor their investments, attend Annual General Meetings as well as read the annual reports sent out to them. On our part, we protect them through the National Investors Protection Fund (NIPF) Risk Based supervision that enables us to supervise the operators to ensure that they do not do what they are not supposed to do. And again the Complaints Management Framework enables investors to know where to complain to and how long it takes for such complaints to be resolved.

    “We advise investors to get their financial advisers to advise them properly on where to invest. In this area, we advise retail investors to invest in Collective Investment Schemes and Mutual Funds because those are managed independently by professionals and they are diversified thereby reducing risks. We are committed to protecting investors in the work we do.

    Read Also: We won’t prosecute multiple accounts holders, says SEC

     

    Uduk said the Commission is working with other major stakeholders in setting up a committee that will look into and proffer solutions to problems around identity management in the Nigerian capital market.

    “So for instance, to boost the e-dividend mandate and Direct Cash Settlement initiatives, we are engaging NIBSS (Nigeria Inter-Bank Settlement System) on behalf of the capital market community to facilitate identity validation and account validation in an effort to enhance market processes” she stated.

    The Acting DG also disclosed that the electronic distribution of annual accounts by public companies to shareholders continues to record tremendous success, as shareholders have largely accepted the new initiative and are willingly providing their email addresses. Alongside other stakeholders, we have continued sensitization to further enlighten shareholders on the benefits of the initiative.

    On the need to grow the market for trading in securities on unlisted public companies, Uduk said the SEC is making concerted efforts in collaboration with CAC and other stakeholders to assist public companies that are yet to register their securities to do so without much difficulty.

    On the role of technology in the Nigerian Capital market, Uduk said Innovations in financial technology, has made possible the potential of using digital tools to make financial services available to a wider range of consumers and enterprises, promoting financial inclusion and the affordability of financial services, adding “A financially inclusive society will provide increased access to finance, especially for women, help support sustainable growth and will create a million more jobs. The gains of having a more inclusive financial system are enormous, as it helps broaden financial markets and make policies more effective”.

    These initiatives she added, continue to highlight and promote developments and trends in the Nigerian Capital Market and drive Financial Inclusion aimed at reducing adult exclusion from financial services.

  • We won’t prosecute multiple accounts holders, says SEC

    Nigerians have once again been enjoined not to entertain any fears of prosecution but take steps to regularize their multiple subscription accounts in order to obtain the benefits of their investments in the capital market.

    Acting Director General of the Securities and Exchange Commission, SEC, Mary Uduk stated this during an interview in Abuja.

    Uduk said such investors should not entertain any fears of prosecution as the Commission is only interested in ensuring investors have the benefits of their investments.

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    According to her, “They are not going to be prosecuted, we just want them to come forward and take back their shares and register them properly with CSCS so that the trading float in the market will increase.

    “The forbearance window for shareholders with multiple subscriptions has been extended by another year from the December 31, 2018 deadline previously communicated. Consequently, we enjoin those who have not come forward for the regularization of shares purchased with multiple identities, to do so.”

    Uduk also enjoined investors to take advantage of the on-going e-dividend registration in a bid to reduce the unclaimed dividends profile as well as increase liquidity in the capital market and the economy.