The Securities and Exchange Commission (SEC) says the redesigned electronic Dividend Mandate Management System (e-DMMS) platform will be inaugurated on July 31.
The Director-General of SEC, Lamido Yuguda, said this at the first quarter post Capital Market Committee (CMC) media briefing in Abuja on Thursday.
The e-DMMS portal utilises the Nigeria Inter-Bank Settlement System Plc (NIBSS) robust Document Management System to which completed e-Dividend Mandate Forms filled by the investor could be uploaded.
Yuguda said that the NIBSS would be responsible for hosting and disseminating a comprehensive e-dividend form, while registrars would validate them as part of the dividend payment process.
He said that the commission would continue to pursue initiatives that would tackle unclaimed dividends in the market.
”E-Dividend Mandate Management Committee notified members of efforts to rebuild the E-Dividend Mandate Management System (e-DMMS).
”The committee reported on the redesigned e-DMMS platform, which incorporated stakeholder feedback.
”The proposed inauguration date of the redesigned e-DMMS platform is July 31.
”The Non-Interest Capital Market Implementation Committee provided updates on various activities, including its ongoing engagement with the Federal Inland Revenue Services (FIRS).
”The engagement is on the recently released regulations on taxation of non-interest financial instruments,” he said.
The director-general said that the Technical Committee on the Commodities Trading Ecosystem collaborated with various Commodities Exchanges like National Insurance Commission (NAICOM), the regulator of the Insurance industry.
He said the aim was to explore ways of deepening the market by encouraging the involvement of insurance companies and expanding insurance coverage for the commodities trading value chain.
Lamido said the committee also engaged the Nigerian Bulk Electricity Trading (NBET) plc on modalities to establish an Energy Exchange.
”Another important issue mentioned at the meeting was the approval of Rules on the revised National Investors Protection Fund (NIPF), and the registration of five new FinTech companies as full-fledged market operators.
”They comprise two crowdfunding intermediaries, two digital sub-brokers, and one robo-adviser.
”Full commencement of the Regulatory Incubation (RI) Programme for these companies was also announced during the meeting,” he said.
Lamido expressed optimism about the growth potential of the Nigerian Capital Market and reaffirmed the Commission’s commitment to building and maintaining a vibrant, fair, and transparent market for investors and issuers.