The Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda, has pledged the determination of the SEC’s new management to make the capital market more accessible to more investors.
Yuguda, in an interview in Abuja at the weekend, said this would help attract more retail investors to the capital market and ensure steady growth.
“We need to make operations in the capital market as easy as possible; that way, we can attract investments.
“We are aware that some investors have left their money due to the Herculean procedures involved in getting them; hence our desire to ensure that people are able to benefit from investments. With that, we can increase investor confidence.
“We will look at the processes involved and streamline them to ensure that investors are able to get their money without much difficulties. When that happens, people can be motivated to come back to the market. Unless we are able to attract people back, we cannot get the capital market that we can be proud of,” he said.
Stressing that the commission had zero tolerance for sharp practices in the capital market, he urged stakeholders to ensure that they operate according to laid down rules and regulations.
He further stated that investor protection would be at the centre of the initiatives of the new management, warning that any operator that short-changed investors would not go scot-free.
“Retail investors are key to the development of the capital market in Nigeria and we want to assure investors that this market is for them. We are ready to do everything to increase investor enlightenment through education, robust regulation and fair dealing.
“We have robust rules and regulations guiding conduct in the capital market. We, therefore, urge operators to obey these rules. But for those that want to defraud investors, there would be no respite because we are ready to fight market manipulation and sharp practices. Anyone that flouts our rules will be made to face the consequences,” he stated.
Urging investors to key into the various initiatives already rolled out by SEC, including e-dividend, regularisation of multiple accounts, Direct Cash Settlement among others in other to have the benefit of their investments, he stated that the commission introduced a forbearance window to enable investors that bought shares with different names to regularise their accounts, to reduce the quantum of unclaimed dividends in the capital market.
His words, “We have told them that there is no penalty for doing so, as the SEC is not prosecuting anybody. All we want is for them to be able to get the benefits of their investments. However, many people have still not been able to claim their dividends because some of them have forgotten the names they used while others have not been able to prove to their stockbrokers that they are the owners of the shares.
“The SEC has given such shareholders amnesty to go, and claim their shares and as people are claiming those shares, unclaimed dividends number will go down. On our part, we will continue to persuade investors to regularise their accounts to curb the problem of unclaimed dividend.”
