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HomeAfricaE-allotment debuts at Nigerian capital market

E-allotment debuts at Nigerian capital market

The apex regulatory body in the Nigerian capital market, Securities and Exchange Commission (SEC), has introduced the e-allotment scheme that will pave the way for a certificate-less system of alloting shares t o investors in the country, according to the Financial Standard ,a business-orie n ted newspaper.

Minister of Finance Shamshudeen Usman, who performed the official launching in t he capital city of Abuja, said the new device would reduce cost in printing and dispatch of share certificates as well as help investors receive allotment of sh ares speedily anywhere they might be residing.

In recent times, SEC had embarked on series of innovative measures in line with international best practices.

Few weeks ago, it launched the e-dividend payment system and before then introdu ced e-bonus for shareholders.

SEC Director General,Musa Al-Faki said the scheme would enhance the efficiency o f the market and investors confidence.

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