Nigeria’s Securities and Exchange Commission announced the revised electronic Dividend Mandate Management System, which would go live on July 31st.
This information was provided by the Director-General of the SEC, Mr. Lamido Yuguda, on Thursday in Abuja at the first quarter post-Capital Market Committee media conference.
The Inter-Bank Settlement System’s Document Management System can complete e-Dividend Mandate Forms for Nigerian capital market investors thanks to the e-dividend site.
The head of the SEC announced that NIBSS would be in charge of hosting and disseminating an extensive e-dividend form and that registrants would be responsible for validating them as part of the dividend payment process citing that the SEC is committed to measures tackling unclaimed dividends in the market.
He noted that members were “notified of efforts to rebuild the E-Dividend Mandate Management System by the E-Dividend Mandate Management Committee.
“The committee provided a report on the updated e-DMMS platform, which took stakeholder input into account. The revised e-DMMS platform is scheduled to launch on July 31st.
In order to tax non-interest financial products, he added that the SEC is also working with the Federal Inland Revenue Service.
The Non-Interest Capital Market Implementation Committee updated the audience on a variety of topics, including its continuous interaction with the Federal Inland Revenue Services. The discussion will center on the recently published regulations regarding the taxation of financial products with no interest.
The SEC further stated that its Technical Committee on the Commodities Trading Ecosystem worked with several commodity exchanges, such as the National Insurance Commission, the regulator of the Insurance industry.
He highlighted the steps that will be taken to create stronger market links, allowing insurance firms to participate and increase their insurance coverage for the commodities trading value chain.
He added that five new FinTech companies have been registered as full-fledged market operators, including two intermediaries for crowdfunding, two digital sub-brokers, and one robo-adviser. “The approval of Rules on the revised National Investors Protection Fund was another significant topic discussed at the meeting. During the conference, it was also revealed that the Regulatory Incubation Program would officially begin for these businesses.
The Securities and Exchange Commission told investors that the interests of minority owners will be protected during all transactions in the capital market.
This came after Oando Plc’s move to delist from the Nigerian Exchange Limited.
He pointed out that the Commission’s main duty was to safeguard the interests of both majority and minority shareholders.
“Protection of investors is the central mandate of the Commission, and when the Commission protects investors, we do not discriminate between minority and majority shareholders”, he said.
“When there is a case of delisting, the application for the delisting comes to the Commission, and we go through it very carefully to ensure that the shares of the company being delisted are fairly valued because fair valuation is what protects all the shareholders.”