Press "Enter" to skip to content

SEC better even without board…Gwarzo

. Anambra indigenes top investors in capital market
The Director General Securities and Exchange Commission, Mallam Mounir Gwarzo has said that even without a properly constituted board of the commission, the commission was functioning effectively.

Gwarzo said this on Wednesday, in Lagos, during the commission’s post Capital Market Committee (CMC) Meeting press briefing, which held in its Lagos office.

He said that the absence of the board has not disrupted the effective performance of SEC in any way, as the commission would ensure commitment to its constitutional responsibilities to enhance the nation’s economy through the capital market.

He said,”It is not for us to appoint the board, but for the presidency. Yes, it is good to have a board, but the lack of a board is not negatively impacting on the development and work of SEC.”

The SEC DG said that the commission is intensifying its focus on market sensitization and enlightenment to capture the youth population and to ensure more indigenous retail investors participate in the market.

He said this become imperative because recent statistic by e-dividend registration portal showed that Anambra state, with 10 per cent of the total investors in the market, ranked as the highest in state of origin classification of investors in the market.

However, he said, Lagos scored 38 per cent, on the basis of base of investors in the market;
Imo state and Ogun state paired at the second position with 9 per cent of investors respectively, Abuja ranked 3rd with 8 per cent of investors captured as indigenes of Abuja; Delta, and Edo /Rivers states ranked 3rd and 4th and 5th with 8 per cent, 7 per cent and 6 per cent of investors from the states respectively .

Ogun and Oyo states had 5 per cent respectively; and ranked 6th on the basis of state of origin. The report showed that 0.4 per cent of investors are foreigners. On gender distribution, 35 per cent of investors in the Nigerian capital market are female while 65 per cent are males.

The report showed that the major investors in the market are between the ages of 25 to 65. It further showed that 2.1 million investors have been captured by e-dividend, 838,671 are total unique investors by accounts, while 433,664 are the total number of unique investors by BVN.

Gwarzo explained that with 15-24 years’ ranking, 0.9 per cent of total investors in the market, renewed effort should be directed at ensuring that youths make an inroad into the market through sustained enlightenment campaign.

According to the DG, the commission is committed to ensuring that multiple accounts is eliminated through the BVN platform, adding that multiple accounts that are identical and linkable to natural human beings can be modified to a single account, but multiple accounts not identical and domiciled with the CSCS data base would be forfeited.

He revealed that the capital market is committed to helping listed companies conserve funds, with the elimination of printing of annual reports, as such, reports could be obtained online, while few of the reports would be delivered with SE recognized shareholders associations.

Bonny Amadi

(Visited 1 times, 1 visits today)

Be First to Comment

Leave a Reply

%d bloggers like this: