The Securities and Exchange Commission (SEC) has said the country’s harsh economic environment was making it difficult for the capital market to achieve its full potential.
Its director-general, Lamido Yuguda, who said this at the second post Capital Market Committee (CMC) media briefing Friday in Abuja, added that despite the high inflation, exchange rate volatility, the Capital Market had continued to prosper.
Since President Bola Ahmed Tinubu assumed office, the country’s capital market has continued to witness an upward trajectory with local equities recording gains.
The SEC boss said the Investment and Securities Bill (ISB) 2023 was under consideration by the 10th National Assembly.
He said the Bill which would align regulations with “present day realities will strengthen the capital market when it is eventually passed and accented by the president.”
According to him, the Commission is actually pushing to ensure the bill is passed.
“The Bill aims to align regulations with the modern dynamics of the market and it is hoped that if passed into law, it will enable optimal contribution of the capital market to national development.
“It is presently in the House of Representative,” he said.
On the issue of unclaimed dividends, Yuguda said the figure rose to N190 billion due to identity management and multiple subscriptions by investors.
“We have legacy issues that have aggravated unclaimed dividends.”
He, however, said the Commission was working with the Nigeria Inter-Bank Settlement System (NIBSS) to make changes to the e-dividend portal.
“This is why we are upgrading the e-dividend portal with NIBSS to restore investors’ dividend and reduce unclaimed dividends.”
He said when he assumed office he discovered that expenditure was way beyond revenue, thus prompting it to raise revenues from the capital market.
“We made significant changes and the right type of expenditure that can be sustained.”
