SEC, ASHON move to resolve irregular accounts in capital market

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The Securities and Exchange Commission, SEC and Association of Securities Dealing Houses of Nigeria, ASHON, are now collaborating to address the issue of accounts irregularities in the Nigerian capital market in their bid to enhance transparency and protect investors’ assets.

ASHON disclosed that it is partnering with all the stakeholders including the Nigerian Stock Exchange, NSE, Central Securities Clearing System Plc (CSCS) Registrars and shareholders to ensure that the irregular accounts are updated within the time frame set by SEC.

The Chairman of ASHON, Patrick Ezeagu, urged the investors to liaise with their stockbrokers to provide necessary information that will enhance the conduct of their identity test.

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He stated that the outstanding accounts would have been resolved but for COVID-19 pandemic and its associated challenges.

“The accounts which our members are currently trading on are Know Your Customers, KYC- compliant. The issue is the old accounts. They must be updated. This is part of our due diligence as a global market. We would have resolved this but for COVID-19 pandemic that has obstructed many activities globally.

”The situation in the market is also a factor. The case was made worse by the lockdown, social distancing, and restriction of movement. The good thing is that we are collaborating with all stakeholders. We urge all shareholders to update their records with stockbrokers without further delay. After this exercise, account of a shareholder that is not updated shall not be traded on” said Ezeagu.

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