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Oando: SEC begins forensic audit this month

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Oando: SEC begins forensic audit this month

…directs banks, registrars to stop dividend issuance

The Securities and Exchange Commission (SEC) has said that there is no going back on forensic audit of Oando oil firm scheduled for resumption this January just as it directed all registrars, commercial banks to stop issuance of dividend paper warrants with effect from January 1, 2018.

However, it said that all paper dividend warrants issued up till December 31,2017 are valid and should be honoured by banks and registrars.

Acting Director- General of SEC, Dr. Abdul Zubair announced yesterday in Abuja at a Press briefing to update the media on some of the market-related initiatives of the agency.

He said 2.1 million investors successfully enrolled in to E- dividend platform at expiration of December 31st 2017 deadline just as he reiterated a “no going back stance” of SEC regarding to forensic audit of Oando oil firm scheduled for resumption this January.

Zubair said investors that are yet to enrol on e-dividend, are enjoined to continue with the registration exercise with his/ her respective banks, adding that, the exercise will attract marginal cost of N150.

“Such investors should continue to approach their banks or Registrars, as usual, to seamless mandate their bank accounts for the collection of their dividend electronically, including unclaimed dividends, not exceeding twelve years of issue; as the N150 would not be demanded from them at the point of registration”, he explained.

The capital market regulator has also, granted extension to forbearance in respect to multiple account consolidation till 31st March, 2018. Zubair said extension option was arrived at, “to encourage many more investors to consolidate their multiple subscriptions in to one accounts”.

Besides, he said, “Investors that bought shares of the same company during public offers, using different names, are allowed till 31st March, 2018 to continue to approach their stockbrokers or Registrars to regularize their shareholdings, inline with SEC Rules on customer identification.

Thereafter, all shares not regularised shall be transferred, on trust, to the Capital Market Development Fund “.

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