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We won’t prosecute multiple accounts holders – SEC

Nigerians have been told not to fear prosecution but take steps to regularise their multiple subscription accounts in order to obtain the benefits of their investments in the capital market.

Acting Director General of the Securities and Exchange Commission Mary Uduk stated this in an interview in Abuja.

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Uduk said such investors should not entertain any fear of prosecution as the commission is only interested in ensuring investors have the benefits of their investments.

According to her, “they are not going to be prosecuted, we just want them to come forward and take back their shares and register them properly with CSCS so that the trading float in the market will increase.

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“The forbearance window for shareholders with multiple subscriptions has been extended by another year from the December 31, 2018 deadline previously communicated. Consequently, we enjoin those who have not come forward for the regularization of shares purchased with multiple identities, to do so,” she stated.

Uduk also enjoined investors to take advantage of the on-going  e-dividend registration in a bid to reduce the unclaimed dividends profile as well as increase liquidity in the capital market and the economy.


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