By InvestAdvocate

Lagos (INVESTADVOCATE)- Mounir Gwarzo, acting director general (Ag DG) of  Nigeria’s Securities and Exchange Commission (SEC) on Tuesday urged Registrars on the drastic reduction of unclaimed dividends.

The Ag DG of SEC gave this advice in Abuja on Monday following a courtesy visit by the leadership of the Institute of Capital Market Registrars (ICMR) led by its President, Bayo Olugbemi, a statement from the Commission said.

Similarly, he advised the registrars to ensure efficient service delivery, including 100 percent compliance with e-dividend, total support for dematerialisation of share certificates.

Also, the Ag DG of SEC disclosed the Commission will empower Self Regulatory Organisations (SROs) like the Nigerian Stock Exchange (NSE) and Trade Groups in the Nigeria Capital Market (NCM) on compliant resolution.

“We have finished the rules on complaints management framework and very soon, it will be exposed. One of the highlights is to allow complaints to be managed at the lower level” Gwarzo added.

According to him, only unresolved issues can be escalated to the Commission for resolution. “This will enable it concentrate more on its core functions of regulating and developing the Capital market,” he said.

Olugbemi, president of ICMR on his part said that there are some factors affecting the operations of the Registrars which include poor income from their activities in the market and non passage of the institute’s bill among others.

“We are in support of reduction of fees in the capital market but what we earn is just too small and not a reflection of services we render and the bill for the institute to be chartered has not been passed,” he noted.

Olugbemi called for the Commission’s assistance over these issues, while assuring the of ICMR’s cooperation and compliance with SEC’s directives.

The ICMR president also disclosed that statute barred unclaimed dividends in the possession of Registrars have been remitted to the companies in line with the law and a recent SEC’s directive.

Gwarzo while agreeing that the work of Registrars is enormous, advised its members to have good negotiation with their clients before taking up any job detailing their services. “We cannot negotiate for you, instead, you are to have a good negotiation with your clients, stating your functions and then they will reason with you,” he advised.