Acting Director General, Securities and Exchange Commission (SEC), Ms. Mary Uduk, has enjoined capital market investors that bought shares with different names to regularise their accounts to derive full benefit of their investments.
This is even as the Capital Market Committee (CMC), extended the forbearance for multiple subscription regularisation to December 31st, to enable investors normalise their accounts. Uduk, who spoke at a news conference after the Second CMC Meeting in Lagos, at the weekend, said: “During the banking and insurance sector consolidation between 2004 and 2007, there were a lot of issues in the primary market because the banks or insurance companies came to the market to raise funds. And during that period, because a lot of people were coming to the capital market for the first time, they saw the capital market as a place where they can make a lot of money so a lot of them bought shares in different names.
“Today, those shares are not in the system, because if you are unable to identify yourself properly those shares cannot be properly captured in the system. We are saying come and regularise that situation and get back your shares which are being warehoused somewhere.