The Nigerian Securities and Exchange Commission (SEC) has advised all shareholders and investors in the Nigerian capital market to approach their banks or registrars to complete the e-dividend mandate forms for immediate processing and upload to the e-dividend mandate management system (eDMMS) free of charge for the next 90 days effective from 23 November, 2015, after which a fee of N100 will apply.
The Director General of the commission, Mr. Mounir Gwarzo said at a post media briefing in Lagos that the e-dividend registration mandate is one of the many steps taken to ensure successful implementation of the initiatives surrounding its 10 year master plan, geared towards the growth and development of the Nigerian Capital market.
Other mandates recently engaged by the Commission include the: Recapitalisation exercise to strengthen market institutions, Dematerialisation of share certificates which according to Mr. Gwarzo has reached unprecedented level of over 85% with 100% in sight before the year ends and the Direct Cash Settlement which leverages on the BVN database.
The SEC boss said the recent unveiling of the Corporate Governance Scorecard launched by Chief Olusegun Osunkeye will bring about a new era in corporate governance compliance as specific rules that make compliance with the SEC Code of corporate governance mandatory.
Other programmes mentioned include the National Investor Protection Fund (NIPF) scheme launched by the former Minister of Finance, Dr. Shamsuddeen Usman who also inaugurated the board of the fund as well as its verification committee; and the Inauguration of Capital Market Master Plan Implementation Council (CAMMIC).
Gwarzo noted that “this was a major step towards the master plan implementation as we have in this council distinguished and highly respected Nigerians who will lead advocacy efforts to various master plan initiatives.
“These are major changes that are happening within the market and a lot more changes is on the way as we continue to faithfully implement the master plan.”
By Pita Ochai