Since his appointment by President Muhammadu Buhari to head Nigeria’s Securities and Exchange Commission, Lamido Yuguda has brought nothing but a boisterous and effective regulatory mechanism to the financial market.
The Commission’s responsibility which includes but is not limited to protecting the investing public and ensuring financial market stability has never been more highlighted than in Yuguda’s leadership.
In this interview, the Director General of the SEC examines knotty issues affecting the nation’s capital market. Excerpt.
What has the SEC been doing about the unclaimed dividend?
The Commission has done a lot about the unclaimed dividend, by working with the registrars to be sure that dividends are now distributed by electronically through the bank accounts of investors rather than through dividend warrants that used to be the case. The problem is that people need to mandate their accounts, that is you need to provide your account details to the registrars so that the registrars can credit your account directly with these dividends. We observed that there are issues with that process, right now unfortunately you will still need to go to each and every registrar that you deal with to give the same information. Right now what we are doing is to try to get one point of supplying that information because you give it to one registrar you do not need to provide that information across all the other registrars and these registrars, of course, will…
