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SEC, ABU partner on capital market development

By Anthony Otaru, Abuja
29 March 2022   |   4:03 am
The Securities and Exchange Commission (SEC) is collaborating with Ahmadu Bello University, Zaria, to deepen Nigeria’s capital market.

The Securities and Exchange Commission (SEC) is collaborating with Ahmadu Bello University, Zaria, to deepen Nigeria’s capital market.

Director-General of SEC, Mr. Lamido Yuguda, stated this when the Vice-Chancellor of ABU, Prof Kabiru Bala, led other members of the top management team of the university to the Commission in Abuja at the weekend.

Yuguda said that the Commission is currently carrying out a number of initiatives, which would attract the younger generation to the capital market.

He said: “Today, people like things they can do on their phones/tablets and that is why we are embracing technology in the capital market. Fintechs are attracting young people to do investments via smartphones, meanwhile the market still relies on paper documentation. This is really something of the past as we are committed to ensuring that our markets are technology-driven. Technology is the way to go and it is the way to really engage people. Once the youths buy an idea, it goes far and wide”.

Yuguda decried the high level of unclaimed dividends in the capital market and urged investors to mandate their accounts for e-dividend in a bid to reduce the volume.

He said: “So many investors have shares in the capital market and have abandoned their dividends. People have not come forward to claim their dividends, and this has led to huge unclaimed dividends.

“The Commission has over time been educating and enlightening the public on how they can get their dividends. Now, they do not need to wait for the broker to send the dividend warrants through the registrars. The dividends can actually come to them through their bank accounts in the form of e-dividends.

“We will arrange investor clinics for ABU to talk about issues in the capital market and encourage the staff and students to key in. ABU is reputed for giving the very best in tertiary education and some of us are proud alumni of the university.

Bala described the visit as part of the advancement of the university to keep in contact with their alumni as is done in other climes.

He implored alumni to collaborate with their universities and institutions to assist them where necessary, adding that many universities are currently grappling with funding challenges.

“We know many institutions are grappling with issues of funding and these alumni can come in to assist. This will drastically reduce incidences of industrial action by the staff,” he stated.

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