According to The Nation, all investors in the Nigerian capital market will be credited directly with the net proceeds of stock market transactions commencing January 2, 2016.
This was enacted by the Capital Market Committee (CMC), the umbrella body of all capital market stakeholders under the leadership of the Securities and Exchange Commission (SEC). During the body’s quarterly meeting in Lagos, it was requested that every stakeholder must work towards the take-off date of January 2, 2016 for the direct cash payment initiative.
The new development will differ from the initial procedure of payments being made into brokers accounts for disbursements to clients.
Source: The Nation
