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SEC reviewing NSE demutualisation application, assures transparent process

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The Securities and Exchange Commission (SEC) says it is reviewing the Nigerian Stock Exchange (NSE) demutualisation application.

Ms Mary Uduk, SEC acting Director-General, disclosed this at the third quarter post-Capital Market Committee (CMC) meeting news conference held in Lagos on Friday.

Demutualisation is the process through which any member-owned organisation becomes a shareholder-owned company.

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Speaking on e-Dividend Mandate Management System (e-DMMS) introduced to curb unclaimed dividends, Uduk said that a total of 2.82 million had enrolled into the platform at the end of third quarter 2019.

She said that registrars had been directed to discontinue the practice of requesting for confirmation of bank signature during the E-DMMS process to tackle unclaimed dividends.

Uduk said that capital market operators were to display awareness campaign banners of e-DMMS at their offices and venue of Annual General Meetings (AGM).

She stated that the Non-interest Finance Committee presented the importance of granting the PFAs the permission to invest a given percentage of a willing contributor’s Retirement Savings Accounts in Non-Interest capital market products.

Edited By: Oluwole Sogunle
(NAN)

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