The Securities and Exchange Commission (the Commission) in furtherance of its investor protection and market development mandate has over the years, and in collaboration with other market stakeholders, worked actively to –amongst others – ensure accountability, transparency and stability in the capital market. In line with the foregoing, the Commission desires to forestall, reduce and eventually eliminate the incidence of unclaimed dividend to ensure that investors receive the benefits accruing to their investments, timeously and with ease.
Consequently, in order to achieve the above mandate, the Commission hereby directs as follows:
Such information should be validated against the Nigerian Interbank Settlement Systems Limited (NIBSS) BVN validation portal.
Brokers should update their Order Management System to enable the system flag off accounts with incomplete KYC information.
The relevant Capital Market Operators are hereby advised to note that monitoring and enforcement of strict compliance with the foregoing will commence on April 1, 2020.