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Tag: SEC

  • Stakeholders slam SEC over Oando

    Shareholders yesterday knocked the Securities and Exchange Commission (SEC) for punishing Oando Plc.

    They queried the regulator’s powers to impose such sanctions, claiming that its actions would harm the firm, damage shareholders’ investment and weaken market confidence.

    On Friday, SEC announced the conclusion of the investigation of Oando and barred its Group Chief Executive Officer (GCEO), Mr Wale Tinubu and the Deputy GCEO, Mr. Omamofe Boyo, from being directors of public companies for five years.

    It also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company, among other actions.

    But Oando said that the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”

    It obtained a Federal High Court injunction on Monady to restrain SEC from taking any step concerning its imposition of N91,125, 000.00 fine on Tinubu, and barring him and Boyo from being directors of public companies for a period of five years.

    One of the company’s shareholders, Kabiru Tambari, said yesterday that SEC’s actions “defied logic” and could kill the company.

    Speaking on behalf of the Sokoto shareholders of the firm, Tambari said: “We are not happy at all with has happened. Wale Tinubu and his management team have suffered, they have put their resources; energy, time; to keep this company moving forward and now the SEC wants to take it away from not just them but us the shareholders as well.

    “When the company was making losses the SEC didn’t bring up all these infractions and sanctions, but now the company is doing well, and has returned to profit and they’ve come with such drastic actions. This will foil the company’s attempt to pay us dividend at the end of the year. It is clear that the SEC wants to kill the company.

    “How else do you explain an action such as this that defies logic? We, the shareholders, who the SEC are meant to be protecting are not satisfied with the way this has been handled.

    “They should think of the effect their actions will have on the market, if this continues, the company will not be able to pay salaries, the shares will be devalued badly leaving us in a precarious position. We implore the Court to look into the matter carefully and adjudicate accordingly.”

    Read also: Oando: Regulator barred from removing directors

    Another shareholder, Mr. Patrick Ajudua, alleged that  SEC may have overreached itself.

    Ajudua, who is the National Chairman, New Dimension Shareholder Association, said: “The SEC’s findings on Oando speak volumes. As shareholders of the company, we are more interested in the protection of minority shareholders, the development and protection of the capital market.

    “The consequences of these far reaching directives from the regulator will have an adverse effect on the share price of the company both locally and internationally, market integrity, rule of law and expected returns on investment.”

    Ajudua claimed that the SEC, as presently constituted, has no power to issue such far reaching directives without the consent of a Board.

    He added: “Disappointedly, the regulator has been operating without a board for more than four years and as such is like a car without a pilot, a human being with a body but no head. Even the USA SEC has not operated without a board since 1939.

    “The law setting up SEC is very clear on power, authority and function of an acting DG. Therefore it is my submission without prejudice to the rights of Directors of Oando to seek judicial intervention that the SEC as a body had gone beyond the remit of their powers.

    “I strongly support the steps taken by Oando in seeking legal redress and justice. SEC as the apex regulator of capital market must be seen to operate within the rule of law, you can’t beat a child and ask him not to cry.”

    Founder of Stanbic IBTC Bank Plc, Atedo Peterside, also weighed in on the issue.

    Peterside, a renowned financial expert shared his concerns on his Twitter handle last Saturday.

    He tweeted: “On Oando, what I don’t understand is why the SEC would not give the findings of the Forensic Audit to Oando and give them an opportunity to defend themselves? The findings of the Forensic Audit should be made public alongside Oando’s responses so we can all judge for ourselves.”

    Another analyst, Johnson Chukwu, who spoke on Channels Television, also faulted the SEC’s sanctions.

    Chukwu, Chief Executive Officer (CEO) of Cowrie Asset Management said: “For the past four years the SEC has not had a Board and the absence of an oversight body is a major constraint to a regulator like SEC.

    “What they have done is tie their hands to the back; they are trying to correct and implement corporate governance in a company when they themselves do not have a corporate governance position or structure of their own, coupled with other internal issues that they have.”

    Another Twitter user, Yinka Ogunnubi, questioned the regulator’s powers to impose the sort of sanctions it did, saying: “I think it’s time we started asking ourselves some very important questions; does the SEC have the powers to remove Directors of a listed Company? Does the SEC which doesn’t have a Board have the locus standi to take actions against a listed company based on corporate governance issues?”

  • Stakeholders fault SEC actions against Oando

    Stakeholders, including shareholders, have faulted the Securities and Exchange Commission (SEC)’s sanction of oil firm Oando Plc.

    They questioned the regulator’s powers to impose such sanctions, claiming that its actions would harm the firm, damage shareholders’ investment and weaken market confidence.

    The SEC had on Friday announced the conclusion of the investigation of Oando and barred its Group Chief Executive Officer (GCEO), Mr Wale Tinubu and the Deputy GCEO, Mr Omamofe Boyo, from being directors of public companies for a period of five years.

    It also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company, among other actions.

    But Oando said the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”

    It obtained a Federal High Court injunction restraining SEC from taking any step concerning its imposition of a fine of N91, 125,000.00 on Tinubu, and barring him and Boyo from being directors of public companies for a period of five years.

    One of the company’s shareholders, Alhaji Kabiru Tambari, said on Tuesday that the SEC’s actions “defied logic” and could kill the company.

    Speaking on behalf of the Sokoto Shareholders of the firm, Tambari said: “We are not happy at all with has happened. Wale Tinubu and his management team have suffered, they have put their resources; energy, time; to keep this company moving forward and now the SEC wants to take it away from not just them but us the shareholders as well.

    “When the company was making losses the SEC didn’t bring up all these infractions and sanctions, but now the company is doing well, and has returned to profit and they’ve come with such drastic actions. This will foil the company’s attempt to pay us dividend at the end of the year. It is clear that the SEC wants to kill the company.

    “How else do you explain an action such as this that defies logic? We, the shareholders, who the SEC are meant to be protecting are not satisfied with the way this has been handled They should think of the effect their actions will have on the market, if this continues, the company will not be able to pay salaries, the shares will be devalued badly leaving us in a precarious position. We implore the Court to look into the matter carefully and adjudicate accordingly.”

    Read also: Oando: Regulator barred from removing directors

    Another shareholder, Mr. Patrick Ajudua, alleged that the SEC may have overreached itself.

    Ajudua, who is the National Chairman, New Dimension Shareholder Association, said: “The SEC’s findings on Oando speak volumes. As shareholders of the company, we are more interested in the protection of minority shareholders, the development and protection of the capital market.

    “The consequences of these far-reaching directives from the regulator will have an adverse effect on the share price of the company both locally and internationally, market integrity, rule of law and expected returns on investment.”

    Ajudua claimed that the SEC, as presently constituted, has no power to issue such far-reaching directives without the consent of a Board.

    He added: “Disappointingly, the regulator has been operating without a Board for more than four years and as such is like a car without a pilot, a human being with a body but no head. Even the USA SEC has not operated without a Board since 1939.

    “The law setting up SEC is very clear on power, authority and function of an acting DG. Therefore it is my submission without prejudice to the rights of Directors of Oando to seek judicial intervention that the SEC as a body have gone beyond the remit of their powers.

    “I strongly support the steps taken by Oando in seeking legal redress and justice. SEC as the apex regulator of capital market must be seen to operate within the rule of law, you can’t beat a child and ask him not to cry.

    “Efforts must be made to give the company the opportunity to defend the allegations and where they are found wanting necessary sanction can be made with human face as to err is human and to forgive is divine. Minority shareholders must not be made to suffer as a result of this unhealthy fight.”

    Founder of Stanbic IBTC Bank Plc, Atedo Peterside, also weighed in on the issue.

    Peterside, a renowned financial expert shared his concerns on his Twitter handle last Saturday.

    He tweeted: “On Oando, what I don’t understand is why the SEC would not give the findings of the Forensic Audit to Oando and give them an opportunity to defend themselves? The findings of the Forensic Audit should be made public alongside Oando’s responses so we can all judge for ourselves.”

    Another analyst, Johnson Chukwu, who spoke on Channels Television, also faulted the SEC’s sanctions.

    Chukwu, Chief Executive Officer (CEO) of Cowrie Asset Management said: “For the past four years the SEC has not had a Board and the absence of an oversight body is a major constraint to a regulator like SEC. What they have done is tie their hands to the back; they are trying to correct and implement corporate governance in a company when they themselves do not have a corporate governance position or structure of their own, coupled with other internal issues that they have.”

    Another Twitter user, Yinka Ogunnubi, questioned the regulator’s powers to impose the sort of sanctions it did.

    He tweeted: “I think it’s time we started asking ourselves some very important questions; does the SEC have the powers to remove Directors of a listed Company?

    Does the SEC which doesn’t have a Board have the locus standi to take actions against a listed company based on corporate governance issues?”

  • Breaking: SEC sets up interim management for Oando Plc

    The Securities and Exchange Commission, SEC, has constituted an Interim Management Team to oversee the affairs of Oando Plc, and conduct an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new Directors to the Board of the Company, who would subsequently select a Management Team for Oando Plc.

    This was made known through a statement by the Head of Corporate Communications of the SEC, Mrs. Efe Ebelo, in Abuja.

    The interim management will be headed by Mr. Mutiu Olaniyi Adio Sunmonu, CON, who till date is an Independent Non-Executive Director of Unilever Nigeria Plc, and the Chairman of Julius Berger Nigeria Plc.

    Read also: Why wasn’t Oando given a fair hearing?

    It would be recalled that the SEC after concluding investigation of Oando Plc, directed among others the resignation of the affected board members, and also barred the Group Chief Executive Officer and the Deputy Group Chief Executive Officer of Oando Plc from being directors of public companies for a period of five (5) years.

    The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company.

     

  • Why wasn’t Oando given a fair hearing?

    The long awaited results from the forensic audit into Oando PLC, was finally released on Friday, May 31, 2019 on the website of the Securities and Exchange Commission (SEC) indicating weighty infractions with attendant sanctions leveled against the Company.

    In a press statement issued on its website, Oando PLC responded to the SEC’s report saying: “Oando is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company. The Company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC. The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.”

    The severity of the penalties and the timing of the release has roused public curiosity as to the motive and the basis for the penalties. According to the Chief Operating Officer, Oando Energy Resource, Dr. Ainojie ‘Alex’ Irune, at a press conference in the Company’s head office, “We were not given a chance to review and respond to the outcome of the report. You do not sentence a person to death without giving him or her a chance to defend him or herself. In this instance we have been sentenced to death without knowing what our crime is or being given a chance to defend ourselves. At the barest minimum, best practice requires that you give the person a chance of a fair hearing. We have not been accorded this opportunity.” Dr. Irune explained that when the company made the decision to drop its court case challenging the SECs decision to carry out a forensic audit it was assured that they could trust the system for an independent investigation that would be fair and follow due process. He reiterated that it was in the spirit of transparency, cooperation and full disclosure, they agreed to the forensic audit.

    Echoes of Oando’s sentiments are resounding across the country with everyone wanting to know what exactly have the Oando management team done to warrant such steep penalties’. Business personalities such as Atedo Peterside, founder of Stanbic IBTC bank went so far as to go on social media to publicly ask the SEC why it would not share the findings of the forensic audit with Oando thus giving them an opportunity to defend themselves. He went on further to challenge the SEC to share the forensic audit findings and Oando’s response with the general public so we can all judge for ourselves.

    According to a media source at the Oando press briefing, the forensic audit report was ready and submitted by Deloitte and Touche as far back as December 2018. Why the SEC then decided to sit on the report for six whole months without engaging Oando where necessary, remains a mystery. It also brings to mind the famous quote, power corrupts, but absolute power corrupts absolutely. Is this a case of abuse of power, or has someone been put under duress to release the report without any regard for due process? What are the details of the infractions as opposed to a summary and what are the associated penalties for each infraction according to the SEC rule book?

    Drawing from a story by Proshare “Memo to the Market: The Oando Corporate Journey – At the Regulators Gate”, the publication said: “Regulatory authorities in this age, as we have seen with the Debt Management Office (DMO) under Dr. Abraham Nwankwo and sustained under a new leadership understand that their ultimate responsibility is to build businesses to be viable entities, stronger and not destroy value. Sanctions arising from regulatory action therefore must be in accordance with extant rules and regulations, severe relative to infractions, precise and satisfy the deterrence principle.”

    Does the SEC have the right to institute these penalties? According to the guidelines of the SEC, Mary Uduk, as acting DG of the SEC was meant to submit her findings to the Board of the SEC which has been non-existent since Mounir Gwarzo was appointed DG of the SEC. This is not the norm and does not reflect corporate governance best practice. In the absence of a Board, a sign off from the Minister of Finance is required. Was this the case with the Oando Forensic Audit Report? The consensus following the press conference was that the publishing of the report whose cost would be borne by Oando without informing the principal, Oando, was contrary to best practice. It further shows that these are not the actions of a regulator working in the best interests of the market specifically minority shareholders. These actions are damaging to the Nigerian capital market and will further discourage foreign direct investment (FDI) into the country.

    In terms of foreign direct investment, back in 2013 inflows totaled $5.6 billion, most of it in the telecom and energy sectors. In 2018, Nigeria’s FDI flattened to $2 billion. In the last quarter of 2018. According to a recent article by Forbes contributor, Kenneth Rapoza titled ‘Nigeria has Become Africa’s Money-losing Machine’, if you want to lose money in one of Africa’s biggest markets, put it in Nigeria. Despite sitting on nearly 40 billion barrels of proven oil reserves and $48 billion worth of investment opportunities in the oil and gas sector, Africa’s largest economy is mired in problems. Kenneth said: “Its Nigeria’s abundant commodity resources that makes it so big. But its Nigeria’s Government that keeps it from getting bigger and richer.” When stories of this nature run in the international media we must sit up and take notice. In this instance we must look at the actions our regulators who are Government bodies take, and ask ourselves are the legal, are they correct, are they the actions of a progressive nation, do the perpetuate the negative picture that the international media, business and investing community already have of our country?

    Looking at it practically, the SEC’s actions could be likened to a teacher who has informed a student that he has performed woefully in his exams and will be required to repeat without detailing the subjects, where errors were made and the associated grades to enable the student know what subject areas to improve on. The NSE owes it to the shareholders, the general public and to the world at large to do things the right way. The SEC owes it to the country to show that we are not regressing, that as a regulator they are fair, transparent and fully focused on protecting the Nigerian capital market.

    Speaking on the damage done to the brand since the inception of the investigation, the Chief Finance Officer, Oando PLC, Olufemi Adeyemo said: “The damage cannot be quantified. We require credit to run our business and this has come at an extra cost, one that we would ordinarily not have incurred. Despite these challenges we’ve kept making milestones and running the business as usual.” It would interest you to note that the damage, financial and reputation, caused by the SEC fiasco is worth significantly more than the alleged infractions leveled against the company and its management team. Making a public spectacle of the company, its management team and eroding shareholder value is not acceptable by any standards – especially because some of this damage is irreversible. At the end of the day, this is a public listed company, so any erosion of value affects the general public who are shareholders. According to a social media user “If the SEC think removing Wale and Mofe is the solution, then they don’t understand the tie between the company and its founders. Removing them equates to taking the Company down and our money with it.”

    Nigeria as the giant of Africa, should lead by example, we must make a concerted effort to change the perception of Nigeria and Africa. As a nation we must align our operations with global standards and like the developed world be deliberate in building home grown businesses as opposed to tearing them down. Businesses such as Oando have contributed immensely in boosting the Nigerian capital market index since its inception as well as attracting FDIs into the country. The company’s contribution to the economy under the leadership of the said management who have been advised to resign, cannot be overlooked. Oando’s management have weathered every storm known to the industry to ensure the business remain viable, the company’s recovery from the monumental loss following the release of its full year end 2014 results should be applauded because not many companies with such a loss and a challenging environment would have survived. Today the company boots 3 years of profits.

    This is not the time for corporates and the likes to be silent. With the increased awareness on rule of law and justice, it is time to speak up against such injustice. Silence would mean giving in to the norm which shouldn’t be the case and as history has shown us, this will definitely repeat itself except measures are taken to correct it. The SEC should, as the watchdogs of Africa’s biggest economy, do the right thing and engage companies that they are investigating, this should be the minimum standard. Today it is Oando tomorrow it will be you.

  • SEC, NSE streamline process to encourage more listings

    The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) have moved to make the processes involving listing on the NSE more efficient and cost-effective by streamlining the approval process between the two regulators.

    The streamlined process which will come into effect on June 1,  is aimed at reducing the regulatory burden on issuer’s by eliminating duplication of processes between SEC and NSE, reducing the time for the issuance and listing of securities and ultimately driving more listing on the Exchange.

    A statement by SEC explained that with  the streamlined processes,  SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC.

    In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC.

    Also, NSE will rely on SEC for approval of offer documents such as a Prospectus.

    The Ag. Executive Commissioner,  Operations at the SEC, Mr. IsiyakuBala Tilde, said: “Streamlining the issuance process with the listing process of the NSE is a major milestone for the Commission in its quest to create an enabling environment capable of attracting new listings.

    “One of our core values is leading by example, and we hope that other stakeholders will also look inward to explore similar initiatives which will ensure quick time to market of securities in our market.

    “We have no doubt that the streamlined process will enhance the competitiveness of the Nigerian capital market as a global investment destination.”

    Speaking on this development, Executive Director, Regulation at NSE Ms. Tinuade Awe,  said: “I commend the SEC for working with using streamlining the listing process for securities on the Exchange. “

     

    “The NSE is much obliged for the SEC’s demonstration of a worthy example of effective collaboration all through this process in the interest of the market.

    “As an agile exchange, we are determined to make it easier for issuers to list their securities in our market in an efficient, timely and cost effective manner.

    “The NSE began its collaboration with the SEC by identifying areas of duplication and overlap between the two organisations, paving way for a better experience for issuers.

    “We believe this will potentially attract more issuers to list their companies and other securities on the NSE.”

  • Loom is a ponzi scheme, SEC warns

    The Securities and Exchange Commission (SEC) yesterday warned Nigerians against the activities of some fraudsters running an online investment scheme tagged ‘Loom Money Nigeria’.

    It said Loom Money Nigeria is taking over the social media by targeting young people to participate in a pyramid scheme.

    SEC Acting Director-General Mary Uduk issued the warning during a press conference by the Minister of Finance in Abuja.

    Represented by Acting Executive Commissioner (Operations) at SEC, Mr. Isyaku Tilde, she  said the fraudsters carry out their illegitimate business on social media platforms, such as Facebook and WhatsApp, luring young Nigerians to invest as low as N1000 and N13,000 and get as much as eight times the value of their investments in 48 hours.

    Uduk said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds.

    “We are aware of the activities of an online investment scheme tagged Loom Money Nigeria. The platform has embarked on an aggressive online media campaign on Facebook and WhatsApp to lure the investing public to participate by joining various Loom Whatsapp groups to invest as low N1000 and N13,000 and get as much as eight  times the value of the investment in 48 hours.

    Read Also: ‘Beware of Loom ponzi scheme’

    “Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and Whatsapp. If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts.

    “We, therefore, wish to notify the investing public that the operation of this investment scheme has no tangible business model, hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”

    Uduk  advised the general public to distance themselves from the scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.”

    She also assured that an inter-agency committee, Financial Services Regulation Coordinating Committee (FSRCC) is working on the issue while collaborating with security agencies to shut them down.

    A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.

     

  • MTN registers 20b shares with SEC

    MTN Nigeria Communications Plc (MTN) says it has successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC).

    Its Chief Executive Officer, Ferdie Moolman, broke the news in a statement yesterday.

    Moolman said the completion of the process set in motion the next steps in MTN’s intended listing by introduction on the Nigerian Stock Exchange (NSE).

    “I am excited we have achieved another milestone in our listing process and want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process.

    “We have now begun to engage with the Nigerian Stock Exchange (NSE) to complete the listing process,” he said.

    Moolman said MTN was guided by a vision to lead the delivery of a bold new digital world, adding that its leadership position in coverage, capacity and innovation had remained constant, since its launch in 2001.

    The telco had changed its status from a private company to a public limited company in preparation for its listing on the NSE.

    Read also: Sterling Bank seeks energy sector reform

    The company hopes to complete its listing by introduction on the exchange by July.

    Meanwhile, the Federal High Court (presided over by the Honourable Justice Aneke), has rejected the Notice of Preliminary Objection filed by the AGF in response to MTN’s lawsuit. The substantive case is now scheduled to be heard on June 26.

    MTN took the legal action after receiving a demand notice from the AGF alleging unpaid duties and taxes running into $2billion between 2007 and 2017. The suit challenges the authority of the AGF to deal with issues around tax and custom duties. According to the law, oversight for this is the responsibility of the Federal Inland Revenue Service (FIRS) and Nigerian Customs Service (NCS).

    The court heard arguments on the AGF’s preliminary objection on March 26, 2019. At the time, the AGF requested that MTN’s suit be dismissed because it was not filed within the appropriate timeframe, which the AGF asserted was within three months of receipt of the initial request for a self-assessment. Having considered the matter, the judge determined that MTN’s suit was not statute-barred, as the company was only required to file its case within three months of receipt of the actual demand notice, which it did.

    Even if the court ultimately rules that the AGF is within its rights to assess taxes and duties, it does not imply that the assessment that has been made is legitimate.

    MTN maintains that it is fully compliant with Nigerian tax laws. The company remains committed to meeting its fiscal responsibilities, and to contributing to the social and economic development of Nigeria.

    Since incorporation in 2001, MTN has invested more than NGN2 trillion into the Nigerian economy and has paid more than N1.7 trillion in taxes, levies and other regulatory fees.

  • SEC urges beneficiaries to claim deceased’s dividends

    Securities and Exchange Commission (SEC) has urged beneficiaries of deceased investors to step up efforts to claim their dividends as part of efforts to reduce the quantum of unclaimed dividends in the Nigerian capital market.

    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. 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.

    She noted that 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.

    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 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.

  • SEC, Pencom collaborate on financial literacy

    The Securities and Exchange Commission (SEC) and the National Pensions Commission (Pencom) have agreed to work together to ensure more Nigerians are brought into the financial literacy net.

    The resolution was reached  at a meeting between the Technical Committee on Financial Literacy and Pencom, held in Abuja.

    Head Market Development Department of the SEC, Edward Okolo, said the aim of the visit was to strengthen collaboration between the committee and Pencom so as to improve financial literacy among Nigerians.

    He disclosed that the committee is currently in partnership with FMDQ on the training of students on their platform so as to increase their interest in Capital Market Issues.

    “We would like to have an open window to collaborate with you, where we could get ideas from you. We should try to collaborate more with the investors and give them avenues for value optimization,” Okolo added.

    Also commenting, member of the Committee, Omagbitse Barrow expressed the need for the committee to collaborate with relevant agencies and foster a multi directional approach to what the Financial Literacy Committee does.

    According to Barrow, “We believe that when more members of the public are financially literate, they will make better financial decisions and deepen their participation in the market.

    “We have to work at financial literacy from the foundation, how to get people to manage their resources better before we can move on to investing in the capital market. The more people who are selling their products are interested in financial literacy the more products they will sell. Let’s broaden financial literacy approach so that the public will get value from the financial system. Financial literacy is about the people, the investors and ordinary Nigerians.”

     

  • SEC extends issuance of dividend warrants to Dec 2019

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has extended the deadline for the discontinuance of the issuance of dividend warrants to December 31, 2019.

    In a circular yesterday, SEC stated that the extension was to enable relevant stakeholders deliberate on and address all outstanding issues regarding dividend issuance and payment.

    According to the Commission, the decision is in furtherance of its overriding mandate to ensure that all categories of shareholders and investors are adequately protected.

    However the SEC stated that the e-dividend initiative remains critical to the complete elimination of the phenomenon of unclaimed dividend and Management of the Commission encourages all shareholders who are yet to do so, to get mandated on the e-DMMS platform before December 31, 2019.

    The Commission stated that it recently conducted a strategic assessment of the implementation of the e-dividend initiative across the country and reviewed feedback and observations received from stakeholders and the general public.

    “The assessment revealed that while remarkable progress has been recorded in concerted efforts through robust enlightenment campaigns to mobilize more shareholders to get mandated on the e-DMMS platform, there remain a few pertinent issue that need to be resolved as a precursor to the total discontinuance of the issuance of dividend warrants by Registrars” SEC stated.