The Securities and Exchange Commission (SEC) disclosed that the amount of funds in Collective Investment Schemes (CIS) has reached N2.1 trillion as of the end of October 2023, showing a substantial increase from N1.1 trillion at the beginning of 2020. Lamido Yuguda, the Director General of SEC, shared this information during the opening of the two-day Journalist Academy organized by the Nigerian Capital Market Institute.
Represented by the Executive Commissioner (Operations), Dayo Obisan, Yuguda highlighted the SEC’s efforts to manage risk and instill trust in collective investment schemes. He mentioned that the Commission mandated that all CIS funds be held in custody, a move that contributed to the growth of these funds.
“We continue to encourage investors, especially those on the retail end, to approach the market through these CIS funds, as they provide investors with the opportunity to have their investments managed by knowledgeable investment professionals,” said Yuguda.
Addressing the issue of unclaimed dividends, which currently amounts to N190 billion, Yuguda mentioned that the Capital Markets Committee is addressing the matter through the creation of a new e-dividend portal. The portal is expected to become operational at the end of November, providing a solution to the persistent challenge of unclaimed dividends in the market.
