The Securities and Exchange Commission (SEC) has pledged to work with finance correspondents to ensure proper reportage of the capital market and properly educate the investing public.
The Acting Director-General of SEC, Abdul Zubair, made the pledge when a group of Abuja-based journalists visited him in Abuja.
He commended the journalists for their assistance, so far, in propagating the initiatives of the commission, while enjoining them to continue to support the SEC in its quest to educate the investing public.
He named some of the initiatives by SEC to include direct cash settlement, dematerialisation, consolidation of multiple accounts and e-Dividend Mandate Management System.
He said that the initiatives had helped to promote transparency, protect and enhance investors’ confidence in the capital market.
“We have rolled out a number of initiatives among which is the e-dividend campaign, where investors will now be paid their dividends directly to their bank accounts.
” E- dividend simply refers to an online system of paying dividends to investors when companies declare dividends, which are the profits meant for investors.
“Rather than send it by post, Registrars will just wire it to the investor’s bank account directly.
“This will help in no small measure; it will reduce the problem of unclaimed dividends and also ensure that investors receive the benefits of their investments in the capital market timely.
“We also have the direct cash settlement, dematerialisation, Nigerian Capital Market Development Fund (NCMDF), National Investors Protection Fund (NIPF) among others.
“All in consonance with the present administration’s economic strategy, focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity,” Zubair said.
He, therefore, enjoined shareholders to take advantage of the initiatives introduced in the capital market aimed, primarily, at strengthening the market and accelerating economic development.
Earlier, leader of the delegation, Nduka Chiejina, pledged the support of his colleagues in assisting the commission to inform, educate and enlighten investors on the benefits of the Nigerian Capital Market.