The Securities and Exchange Commission (SEC) has said that it would collaborate with the Ahmadu Bello University, Zaria in a bid to further deepen the Nigerian capital market.
The Commission in a statement in Abuja yesterday said its Director General, Mr. Lamido Yuguda stated this when the Vice Chancellor of ABU Prof Kabiru Bala led other top management of the university visited the Commission.
Yuguda said that the Commission was currently carrying out a number of initiatives that would appeal to the younger generation and attract them to the capital market.
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“Today, people like things they can do on their phones/tablets and that is why we are embracing technology in the capital market. Fintechs are attracting young people to do investments with their phones meanwhile the market still relies on paper documentation.
“This is really something of the past as we are committed to ensuring that our markets are technology driven. Technology is the way to go and it is the way to really engage people. Once the youths buy an idea, it goes far and wide”, he stated.
Yuguda bemoaned the high level of unclaimed dividends in the capital market and enjoined investors to mandate their accounts for e-dividend in a bid to reduce the quantum.
He said: “So many investors have shares in the capital market and have abandoned them. People have not come forward to claim their dividends and this has led to huge unclaimed dividends and has increased the unclaimed dividends profile”.
Speaking earlier, Vice Chancellor of ABU Prof Kabiru Bala described the visit as part of the advancement of the university to keep in contact with their alumni as is done in most global universities.
Prof. Bala implored alumni to collaborate with their universities and institutions to assist such institutions where necessary adding that many universities are currently grappling with issues of funding.
“We know many institutions are grappling with issues of funding and these alumni can come in to assist. This will drastically reduce the incidences of industrial action by the staff” He stated.
The Vice Chancellor also requested for collaboration with the SEC that would enable undergraduates of the institution intern with the Commission for a specified period in a bid to understand in detail the workings of the capital market adding that this will increase their employability chances.
