“The attention of Capital Market Operators is also drawn to the guidelines on the new capital requirements currently available on the Commission’s website,” the apex regulator noted. SEC also directed all registrars of public companies to return all unclaimed dividends, which have been in their custody for 15 months and above, to the paying companies.
“Registrars are required to file evidence of remittance with the Commission not later than June 30, 2015. Please note that failure to comply with this directive shall attract appropriate sanctions without further recourse,” SEC noted. Director General of SEC, Mr. Mounir Gwarzo had while receiving members of the Council of the NSE in his office in Abuja early this year, said the commission would revisit the issue of recapitalisation of operators in the nation’s capital market in June 2015.
Expectations were that by June, the factors that led to the current impasse, such as the steady decline in oil price and uncertainty of general elections in the country would have been over. Expectations that the deadline may be further extended by the new leadership was dashed as Gwarzo recently noted that September 30 deadline for new minimum capital requirement for market operators would not be extended. Director-General who said the commission had no plans to extend the deadline noted that the deadline has come to stay. He said that the capi-tal requirement would be implemented vigorously.
“The deadline is still September and progress is being made, the level of compliance has gone up but we are determined to keep to that September 30, no shaking, no going back. There is no going back and we are happy the way we are receiving responses from all the capital market operators,’’ he said.
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