- SEC has given a deadline for investors involved in multiple subscriptions to public offers during the market boom. These are investors who might have used various names in different forms to enable them purchase more than the permitted units of shares in public offers.
- SEC has advised these investors to contact their stockbrokers or registrars with a proof of identity to consolidate the multiple accounts on or before September 1, 2017. Failing to comply with the new regulation will result in all securities and accruing dividends to be transferred to the Nigerian Capital Market Development Fund.
- At the expiration of the deadline, unclaimed dividends traceable to investors with multiple names, will be identified and consolidated along with other securities. Subsequently, the entire portfolio of such investor will be transferred to the Nigerian Capital Market Development Fund. This fund will be managed transparently in a separate basket with clear guidelines.
- At the expiration of the deadline, unclaimed dividends that cannot be traced to investors with multiple names will be transferred to the Nigerian Capital Market Development Fund.
- Investors who used untraceable fictitious names shall lose their unclaimed dividends and other related securities to the Nigerian Capital Market Development Fund.
- Finally, the Securities and Exchange Commission reiterated that any investor caught in the illegal act of multiple subscriptions for the same public offer shall be liable for prosecution.
In light of the above, we are pleased to inform you that we will be available to carry out the consolidation of all your multiple accounts. Please contact us through the various channels to begin consolidation of your sundry accounts:
Phone: +234(1)2717350, 2717351, 2717352, 0800MERISTEM
SMS Only: 08076767606
Email: email@example.com, firstname.lastname@example.org
Website chat: http://www.meritrade.com
We will attend to you promptly.
Thank you for choosing Meristem Stockbrokers Limited. You are at the center of everything we do and we work tirelessly in ensuring we meet and exceed your expectations.