Multiple Subscriptions Regularization Project Update

1. REPORT OF THE COMMITTEE ON MULTIPLE SUBSCRIPTIONS TO PUBLIC OFFERS PRESENTED AT THE CAPITAL MARKET COMMITTEE’SMEETING OF AUGUST 9, 2018 HELD AT FEDERAL PALACE HOTEL, LAGOS By Committee Members

2. The CMC, at its meeting of April 19, 2018, observed that there appeared to be some unanticipated challenges confronting the Multiple Subscriptions Regularization Project. Overall, it was observed that the market has not recorded adequate success in the Project. • Accordingly, the CMC directed the Committee to review, among others, the implementation of the Project, the identity management challenges confronting the Project and proffer solutions. • The Committee met on 18th May, 2018 and 20th July, 2018, respectively, and identified that among other issues, the language used in the notification issued to the affected investors and the general public, tends to portray the investors as criminals; thereby discouraging such investors from coming forward to regularize their shares. • After a careful review of the issues, the Committee recommended as follows: • To urgently revise the notification issued to the general public; ensuring that the language is non-apprehensive to the affected investors and the content is simple and clear. Presented in slide 4 below, isthe draft proposed by the Committee, as the revised notification to be circulated/published. The CMC is invited to consider the draft for possible adoption; • To widelycirculate the revised notification, leveraging the platforms of all stakeholders, so as to arouse the interest of the concerned investors towards taking advantage of the window of opportunity to regularise their shares; • All stakeholders to immediately commence intensive Enlightenment Campaigns, using the adopted notification circular, towards enabling the affected investors become aware of the opportunity.

3. The media should be engaged to ensure that the true message of the Project is accurately reported/communicated to the investing public. • That the CMC adopts the Frequently Asked Questions (FAQs) developed by the Committee as part of the enlightenment instruments. • That the FAQs should be produced in forms of flyers, newsletters, e-mails and messages on social media platforms and disseminated by the Commission in collaboration with all other stakeholders such as banks, stockbrokers, registrars etc. • That each Stock broking house should examine its records (for instance, Return Sheets and Bank statements for the period of 2004-2009) and compile the list of all identified cases of multiple subscriptions in their records, for onward submission to the Registrars. • All other receiving agents should also be implored to identify the investors who actually paid for the shares. • That the window of opportunity for the regularization exercise should be extended by an additional 6 months (that is, up to March 31, 2019) to allow time for the above recommendations to be fully implemented, if approved.

4. DRAFT REVISED NOTIFICATION (for JINGLES & PUBLICATIONS) • This is a special announcement from The Securities & Exchange Commission to all investors who participated in the public offers which took place in Nigeria from 2000 – 2010: 1. Did you buy shares in the past years using different combinations of names? 2.Did you buy those shares by yourself or through stockbrokers, registrars, banks or other capital market operators? 3. If YES, the Securities and Exchange Commission has opened a window of opportunity to help you regularise your shares and claim any accrued dividends on such shares. 4. Hurry now to your stockbrokers, registrars, bankers or any other capital market operator through whom the shares were purchased, for guidance on the steps you need to take to regularise those shares and claim any accrued dividends on such shares. 5. You can also visit our website at www.sec.gov.ng/faqs for more information on this process. • Hurry now before this window of opportunity closes.

5. THANK YOU