SEC Committee commences action against multiple stock accounts

The Securities and Exchange Commission, SEC has set up a committee to fix the deadline for account consolidation by

investors who have multiple accounts which were part of the reasons why unclaimed dividend had risen to over N80 billion. Vanguard gathered that the committee members were selected from the Nigerian Stock Exchange, NSE, Central Securities Clearing System, CSCS Plc and stock broking firms.

Account consolidation is a process where investors in the capital market who have multiple accounts in the system are made to merge them into a single account. A source close to the Commission confirmed that the committee is also expected to address all other issues of multiple accounts by investors.

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