By Michael Eboh
The Securities and Exchange Commission, SEC, Wednesday, advised military and other security personnel in the country to begin to take steps towards making crucial investments that would help guarantee their financial security in the near future.
Speaking at a one-day enlightenment outreach for officers of the armed forces, police, and other para-military agencies, on the investment initiatives in the capital market, and how to protect their sundry investments, Acting Director-General of SEC, Ms Mary Uduk, said the focus of the security operatives should not only be on maintenance of peace and security of the country.
She said, “This is because without a peaceful environment, no sustainable economic development can be achieved. While you continue to work for the peace and security of our dear country, you must also work for the peace and security of your financial future. I am happy to inform you that the capital market has a number of products and platforms that can guarantee these.”
She noted that SEC was making efforts at addressing financial literacy and empowerment gaps within the society, adding that this is expressed in the various financial inclusion and literacy initiatives it is currently undertaking in collaboration with other stakeholders.
She said, “I wish to commend your interest to learn how to build wealth in a secured and protected environment. While some of us will invest for today, most I believe will take the benefits deep into their retirement years when the energy to work is lost but the benefits of investments will continue to trickle in, to ensure relative financial security even at old age.
“We also have other initiatives arising from our ten year Capital Market Master Plan which protects investors and also bring confidence to the Capital Market, such as the e-Dividend mandate.
“When people invest in the capital market, they expect returns, they expect to make money. One of it is to be able to protect your dividend and get your dividend as at when due.”
She added that, “Others are the multiple subscriptions. In the past, people subscribe for shares and bond in many different names; some as many as six different names.
“Because of that they are not able to get the benefit of investing in the Capital Market. For instance, a bank account has only one name with only one BVN. So if you have different names that are not your real name, and your share certificate does not carry those names, and the bank the does not recognise those names, you are not able to get the dividends of investing in the market.
“Therefore, we have given the market a window of opportunity for people that engage in multiple subscriptions to come and regularise those holdings that they have and consolidate them to be able to get the benefits of investing in the Capital Market.
“We also have the National Investor Protection Fund, NIPF, that protects investors arising from problems that Capital Market operators go through other than those of them that are brokers, because brokers own are covered by that of the NSA” she said.
She said the commission is now very closely, supervising the capital market operators to ensure that investments of investors are not violated, misused or mismanaged in any way, adding that a framework had been set up where it monitors operators regularly.
In his remarks, Director, Head of Market Development Department, Mr. Edward Okolo, said One of the thing that keeps others away from the Capital Market is basically the lack of understanding and the opportunities to acquire the needed knowledge to help in making informed decisions about their financial wellbeing and growth.
“It is this opportunity that we have brought to you this morning and we believe you will take advantage of it to ensure that going forward, you are better able to manage your finances to the extent of knowing what investment portfolio will help build your wealth in a sustainable manner,” he added.