…targets Unclaimed Dividends
The Securities and Exchange Commission (SEC) is developing a new framework to ensure a smooth process for the upcoming bank recapitalization.
Emomotimi Agama, Acting Director General of SEC, met with capital market registrars and announced the development of a framework for the recapitalization.
A statement from the SEC said that this framework will provide clear instructions on how the capital market should operate during the process.
Agama assured everyone involved in the capital market that the SEC is committed to working together for a successful recapitalization. He also requested the registrars’ cooperation in tackling major challenges.
One major challenge Dr. Agama highlighted is unclaimed dividends – money owed to investors that hasn’t been collected.
He urged registrars to embrace technology as a way to finally eliminate this issue.
The SEC plans to hold meetings with various groups in the capital market. This will give everyone a chance to ask questions and raise concerns to ensure a smooth process.
Both Dr. Agama and Bola Ajomale, Acting Executive Commissioner of Operations at SEC, stressed the importance of technology for registrars. Embracing new tech they said will improve efficiency, reduce risks, and make things easier for everyone involved.
The Institute of Capital Market Registrars (ICMR), represented by its President, Seyi Owoturo, expressed their support for the new SEC leadership. They pledged to continue working to ensure a safe and healthy capital market.
Owoturo acknowledged the upcoming bank recapitalization and its potential impact. He highlighted the need for registrars to embrace technology to meet the increased demands this will bring.
The SEC’s actions aim to create a clear and efficient framework for bank recapitalization, while also tackling the long-standing problem of unclaimed dividends.
