THE Institute of Capital Market Registrars (ICMR) has forwarded a petition to the Director-General of Securities and Exchange Commission (SEC), Ms Arunma Oteh, seeking her intervention in respect of a recent policy directive from the Central Bank of Nigeria (CBN), that all banks should comply with the Nigeria Uniform Bank Account Number (NUBAN) scheme.The Registrar/Chief Executive of ICMR, Dr David Ogoro, who confirmed the development in an interview with The Guardian yesterday, advised the SEC DG to initiate discussions with the CBN.In the petition with ref: ICMR/11/012/181, the institute said: 'We forward herein a letter from First Registrars Nigeria Limited dated 25th July, 2012 which captures the experience of many registrar outfits in connection with dividend warrants already in circulation'.Dated July 27, 2012, the petition added: 'It will be highly appreciated, if you can use your good offices to prevail on the Central Bank of Nigeria to direct all banks to accept such warrants say until the end of October 2012, within which time all registrars will make sure dividend warrants are NUBAN compliant'.Signed by Ogoro, the petition urged the SEC boss to 'kindly give this matter the urgency and attention it deserves so that Investors will not be made to suffer unjustly'.Further investigation conducted by The Guardian yesterday revealed that investors who were yet to comply with the CBN directive have been unable to process their recent dividend warrants.Speaking on the development in an interview with The Guardian yesterday, chairman Proactive Shareholders Association of Nigeria (PROSAN), Taiwo Oderinde argued that the development is capable of dampening investors' interest in Nigeria's capital market.The NUBAN account number is a 10-digit account number that complies with the CBN's initiative on implementing a uniform bank account numbering scheme for all banks in Nigeria.Under the dispensation, every bank is required to create and maintain a NUBAN code for every customer account in its customer records database.The CBN had recently explained that the transition period for compliance with the NUBAN will lapse on May 31, 2012.CBN via a circular said: 'Please refer to our circular No. 02/033 dated June 13, 2011, which extended the transition period for compliance with the Nigeria Uniform Bank Account Number code standard by one year. During the transition period, the old account numbers were to run concurrently with the NUBAN codes.'This is to remind you that the transition period for compliance with the standard shall lapse on May 31, 2012. In view of this, all banks are hereby directed to fully comply with NUBAN standard by that date.'CBN explained that with effect from June 1, 2012, any payment instrument that is not NUBAN compliant would not be allowed to pass through the automated clearing system.
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