Mary Uduk, acting director general of the Securities and Exchange Commission, (SEC) is encouraging Nigerian youths to invest in the capital market instead of indulging in gambling.
Uduk said there are various products and funds available in the market that would appeal to the youth populace in Nigeria, and encouraged them to take advantages of these opportunities and invest wisely.
According to her, the capital market have mutual funds and it covers every asset. “Whether it is money market, insurance, capital market, real estate, infrastructure among others. The youths can invest in these, rather than leave your money in savings account you can invest in mutual funds. It runs like savings account and after three months you can withdraw your money same way as you do with the banks,” she advised.
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The acting director general disclosed that the commission had commenced investor education and enlightenment for Nigerians to understand the benefits of these funds which gives more interest that saving money in bank accounts.
She also urged those already invested in the market to register to claim their dividends electronically as a means of reducing the unclaimed dividends profile.
“For every account that is mandated all accrued dividends is automatically paid. Then there is the use of regularization of multiple accounts. We discovered that while dividend is growing and it is increasing unclaimed dividends, the pace is not as satisfactory as when we observe that multiple accounts which have not been claimed for many years are still being paid dividends.
“Those people that have multiple accounts can only lay claim on dividends in one account, all the others will keep warehousing dividends as long as they are not regularized.
“We therefore urge all those with multiple accounts to regularise such accounts so that they can also claim their dividends”.