SEC to restructure Abuja commodity exchange

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Arunma Oteh

Arunma Oteh

The Nigeria’s Securities and Exchange Commission (SEC) said it plans to restructure the Abuja Securities and Commodities Exchange (ASCE) this year.

Director General of SEC, Arunma Oteh stated this during the first quarter media parley in Lagos. She said an inter-ministerial meeting was held with the World Bank in the third quarter of 2011 where it was discussed.

“This was with a view to aligning the structure and operations of the exchange with the agricultural transformation agenda of the Federal Government. In its summation, the World Bank amongst others advocated for the privatization of the ASCE, a position the commission is in agreement with,” she said.

According to Oteh, “given its importance to the growth of the national economy, the coordinating ministry for the economy and minister of finance is leading the collaboration of the Ministry of Agriculture, the Ministry ofTrade and Investment and the SEC to reform the ASCE.”

The Abuja commodities exchange was originally listed for full privatization under the public enterprises privatization and commercialization Act of 1999.

Also speaking at the parley, executive commissioner, operations of SEC, Mrs. Daisy Ekineh said the unclaimed dividend in the Nigerian capital market has hit about N40 billion. She said SEC is working hard to ensure that it is reduced through the e-dividend payment system where shareholders would be paid directly through their bank accounts.

“We understand that some of the shareholders are having some problems with the issue of paying directly into their accounts, because they had savings accounts, when we were about starting the e-dividend, we actually spoke with the banks and it was agreed that dividends would be paid directly into these savings accounts” Ekineh said.

In : Finance