Full Dematerialization Statistics Report Presentation to Capital Market Committee Meeting Lagos August 2016
The full dematerialization project update outlines progress and challenges faced, with 98.4% of securities successfully dematerialized as of July 2016. Registrars' performance and reconciliation efforts are detailed, with a focus on issues such as share capital discrepancies. The report reflects a concerted effort towards achieving a seamless transition to a dematerialized system in the Capital Market.
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Full Dematerialization Statistics Report as at date Presentation to Capital Market Committee Meeting Lagos August, 2016
Update On Full Dematerialization Exercise Schedule of Registrars Registrars S/N No. Of Security 28 26 6 6 21 5 27 4 4 27 9 2 7 5 Africa Prudential Registrars Cardinalsonte Registrars EDC Registrars Mainstreet Registrar Meristem Registrars Veritas Registrars GTL Registrars Centurion Registrars Unity Registrars First Registrars Pace Registrars Flourmills Registrars United Securities Ltd Pac Registrars 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Introduction: The dematerialization project commenced in July 2015 following the Securities & Exchange Commission s directives to all Capital Market Registrars to work in concert with Central Securities Clearing System (CSCS) to ensure that investors outstanding certificates are dematerialized accordingly. At the commencement, there were 190 (One Hundred and Ninety) securities managed by 19 (Nineteen) Registrars. Apel Registrars Lighthouse Registrars DataMax Registrars 6 1 3 15 16 17 Allcrown Registrars 2 18 NIC Registrars 1 19 190
Full Demat: progress So far.. The initial challenges were overcome in the course of the exercise after much brainstorming sessions. dematerialized 98.4%, translating to 186 securities successfully completed as at July 2016. The remaining 1.6% which represents Three (3) securities are being reconciled for issued share capital discrepancies by Registrars. In furtherance to several meetings with Registrars before and during the exercise, teething issues, as usual in projects of this nature came up which revolved around; We have Authorized share capital Issued Share Capital Data mismatch File categorization Withdrawal of processed records. the concerned
Registrars Performance On Full Demat As at Date S/N REGISTRAR NO. OF REGISTER (S) NO. NO. NO. READY TO BE UPLOADED NO. % of REASON FOR REJECTION TURNED IN UPLOADED REJECTED successful Upload 1 Africa Prudential Reg. Plc Cardinalstone Registrars EDC Registrars Ltd Mainstreet Registrars Ltd Meristem Registrars Ltd 28 28 28 - - 100% 2 3 4 26 6 6 26 6 6 26 6 6 - - - - - - 100% 100.% 100% 5 22 21 21 - (1) 95.5% (recently adopted & being reconciled ) 6 7 8 9 10 11 12 13 14 15 16 17 18 Veritas Registrars Ltd GTL Registrars Ltd Centurion Registrars Ltd Unity Registrars Ltd First Registrars Limited PACE Registrars Flour Mills Registrars Ltd United Securities Ltd Pac Registrars Ltd Apel Registrars Limited Lighthouse Securities Datamax Registrars Ltd Allcrown Registrars Ltd TOTAL 5 5 5 27 4 4 27 9 2 7 3 6 1 2 2 186 - - - - - - - - - - - - - - - 1 100% 100% 100% 100% 100% 100% 100% 100% 75% 100% 100% 66.7% 100% 27 4 4 27 9 2 7 4 6 1 3 2 189 27 4 4 27 9 2 7 4 6 1 3 2 - - - - - - ISSUED SHARE CAP - 1 - ISSUED SHARE CAP *Total Registers Successfully Uploaded = 186 *Percentage of successful upload = 98.4% *Please note that the Delisting of STOKVIS Nigeria Plc from the Nigerian Stock Exchange reduced the total number of registers from 190 to 189.
Efforts on Resolution Reconciliation is in progress towards addressing the issues. We have been collaborating with the Registrars to ensure that reconciliation of securities Registers is effected to ensure accuracy of records and data integrity at both company and account levels
