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 to investors in the country, according to the Financial Standard, a business-oriented newspaper. Minister of Finance Shamshudeen Usman, who performed the official launching in the 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 shares 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 introduced e-bonus for shareholders. SEC Director General,Musa Al-Faki said the scheme would enhance the efficiency of the market and investors confidence.
