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Home Markets Equities Stock Market

What SEC says will happen to those who buy shares with false names

Onome Ohwovoriole by Onome Ohwovoriole
May 11, 2017
in Stock Market
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Nairametrics| The Securities and Exchange Commission (SEC) has given a six month grace period to individuals who made illegal subscriptions of shares. After the grace period, SEC will confiscate the shares and accruing dividends. The DG of the commission made this statement at a media be briefing. Here are key points from the briefing:

  • SEC has set up a Nigerian Capital Market Development Fund (NCMDF) with a seed fund of N5 billion.
  • SEC would hence forth prosecute investors who use  false identities to buy shares.
  •  Such shares will be confiscated and handed over to the NCMDF.
  • Dividends from such shares will also accrue to the fund.
  • Membership of the fund will comprise representatives from  SEC,  trade groups, shareholder associations, and Self Regulatory Organizations​.

The DG also gave an update on the dematerialization programme:

  • 2.2 million investors have mandated their accounts for e dividends.
  • All shares in the market have been migrated to CSCS.
  • Total volume of shares migrated is 187 billion.

The June 30 deadline for issuance of physical dividend warrant still stands. In addition, direct cash settlement of share sales has been made compulsory for all investors effective September 2017.

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Tags: Custom Street
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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Comments 2

  1. Anonymous says:
    May 11, 2017 at 9:46 pm

    Please can I know how I can rectify a case of irregular signature on a stock I bought in which I have the certificate.

    Reply
  2. Anonymous says:
    May 17, 2017 at 4:28 pm

    @ Anonymous You can get a banker’s confirmation letter from your bankers. It should be addressed to the registrar .

    Reply

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