Chinwendu Obienyi
The Nigerian capital market has been described as critical to the attainment of economic growth and development of the nation.
This was stated by the Acting Director General of the Securities and Exchange Commission, (SEC) Mary Uduk, during a visit to media houses in Lagos, Tuesday. Uduk who was represented by Head, External Relations Department, Mr. Sufian Abdulkarim, said the capital market can assist the nation in its infrastructural development while also creating wealth for Nigerians.
According to Uduk, the SEC is stepping up regulations to ensure that Nigerians are able to invest in the market and get returns on their investment.
“We have zero tolerance for infections in the market and will not hesitate to apply the necessary sanctions on any operator that is found wanting. We are doing all of these to make the investor know that his money is safe in the market,” she said.
While commending the media on its role in educating and enlightening members of the public on the oppourtunities that abound in the capital market, Uduk stated that more needs to be done for it to perform better.
She said: “We are aware of the support and co-operation we have received from the media so far, but we want to further solicit your help especially as it relates to issues around our recent initiatives, to enlighten investors on the need for them to key-in.
“We urge Nigerians to go out and register for the e-dividend, they need to consolidate their multiple accounts as these are some of the ways they can get the benefits of investing in the market while also reducing the unclaimed dividends profile.
“We also have the Direct Cash Settlement which makes it possible for investors accounts to be credited directly when there is a transaction. We have also migrated from physical share certificates to electronic ones. All these initiatives are geared towards making our market perform better and ensure investors receive the benefits of their investments.”