The Securities and Exchange Commission (SEC) has released its fourth-quarterly (Q4) reports. The Q4 report shows activities in: primary and secondary markets; securities and investments services; registration and recognised investment exchanges; financial standard and corporate governance; monitoring enforcement, and international relations.
The report also shows activities of SEC zonal offices – Kaduna, Kano, Lagos, Onitsha, Port Harcourt, and Ibadan.
INVESTOR’s look at operational activities of some of them shows increased complaints against Registrars. For instance, during the period under review (October to December), the Kaduna zonal office received a total number of 63 complaints out of which 57 were Registrar related, while five were Broker related, and the final one was against a Fund Manager.
Thus, from the aforesaid 23 complaints were fully resolved, out of which 20 were Registrars related while two were Broker related, one was against the CSCS.
The Kano zonal office of SEC received a total of 110 complaints during the period under review. The office satisfactorily resolved 166 cases during the reporting period. The zone had a total of 673 ongoing cases.
The office recovered 33 share certificates representing 480,602 units of shares from different Registrars belonging to various investors, during the reporting period. During the reporting period, the zone recovered N3.787 million which embodied unclaimed and revalidated dividend warrants, and consideration warrants.
During the period under review, the Onitsha zonal office received a total of 38 complaints from investors out of which 15 were Registrars related, while 20 were stockbrokers related and three Illegal Capital Market Operators related.
In this zonal office, a total of 23 complaints were resolved and closed. Nineteen were Registrar related while four were stockbroker related. The zonal office was able to resolve and close 146 complaints from Registrars and stockbrokers related successfully at the end of the reporting quarter.
In Port Harcourt zonal office of SEC, 302 new complaints were received while there were 102 existing complaints from shareholders/investors during the quarter under review.
Summarily, 404 complaints were received and treated during the period under review. Twenty-eight new complaints were resolved, while 274 outstanding new complaints are still undergoing further investigation.
