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SEC Reaffirms Readiness to Sensitise Investors on e-Dividend

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By Tony Obiechina, Abuja

The Securities and Exchange Commission, SEC said that it will continue to collaborate with relevant stakeholders to sensitise investors on the need to regularise their multiple accounts as well as claim their dividends.

The Acting Director General, Ms Mary Uduk who stated this during an interview in Abuja, at the weekend, said the Commission has taken various steps to ensure that shareholders benefit from their investments in the capital Market.

According to her, the volume of unclaimed dividend is still huge but the commission is doing a lot to bring it down.

The DG said, “Only recently, in our determination to reduce the quantum of unclaimed dividends in the Nigerian Capital Market and encourage beneficiaries of deceased investors to step up efforts to claim such dividends, the Commission exposed an amendment to our Rules which reduced the time, processes and costs of the transmission of shares from a deceased to the beneficiary.

“The timeline for the transmission of decreased’s shares has been reduced from three weeks to one week. Going by that, registrars shall ensure that shares of a deceased are transmitted within a week of receiving the request from the administrators or executors.

This effort will ensure seamless transmission and claim of a deceased’s shares by heirs and administrators.

Uduk explained that the quest for investors to get the benefit of their investments that prompted the Commission to release a circular to shareholders of defunct Skye bank to claim all outstanding dividends.

She said sensitisation efforts are going on with other stakeholders to enlighten members of the public on the need to go and claim their shares through regularization of multiple accounts.

“If you cannot claim your shares, there is no way you will be talking about claiming  your dividends. One of the things the Commission has done is to encourage these people to come and regularize their accounts. As I speak about 2.6 million account holders have registered for e-dividend and many can testify that they are getting their dividends promptly” she said.

She also said the SEC has informed shareholders of the defunct Skye Bank that unclaimed dividends declared by the bank are being held in trust on their behalf and urged them to claim their dividends.

This, according to her, will further help reduce the volume of unclaimed dividends in the market and boost investor confidence.

Uduk said the Commission has also directed Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders are addressed forthwith.

The Acting DG further said since the company is no longer in operation, these unclaimed dividends have to be made available to the rightful owners that are the shareholders, as that will go a long way in boosting investor confidence in the market.

“They invested in a company and since the company has gone under, there is no reason why they should not have access to their unclaimed dividends. That is why we are calling on them to take advantage of this opportunity and claim their dividends” Uduk stated.

She said the Commission has put in place a complaint management framework to ensure that investors get attended to promptly. “So, once you approach your registrars for your dividends to be paid and there is reason for complaints, you can always contact the Commission for the issue to be resolved” she added.

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DMO Offers N150bn Sukuk Bond for Subscription at N1, 000 Per Unit

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The Debt Management Office (DMO) on Tuesday offered for subscription, Ijarah Sukuk valued at N150 billion.

According to a statement by the DMO, the Sukuk is issued by Federal Government of Nigeria (FGN) Roads Sukuk Company PLC, on behalf of the Federal Government.

It said that the Sukuk were offered at N1,000 per unit, subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

“Rental payment is made half-yearly, and bullet repayment is done on the date of maturity.

“Proceeds will be used solely for the construction and rehabilitation of key road projects and bridges across the six geopolitical zones of the country,” the DMO said.

It added that the Ijarah Sukuk was backed by the full faith and credit of the Federal Government.

“It qualifies as securities in which trustees can invest under the Trustee Investment Act.

“Qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“To be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited, ” it said.

It added that the Ijarah Sukuk was classified as liquid asset by the Central Bank of Nigeria (CBN) and certified by the Financial Regulation Advisory Council of Experts of the CBN.

The News Agency of Nigeria (NAN) reports that the Sukuk is a Sharia-compliant instrument that represents the interests of the owner in an asset or pool of assets.

It ensures that every financial activity is backed by real economic activity, is usually linked to specific infrastructure projects.(NAN)

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Ooni partners Chinese company to create over 50000 jobs

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The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has signed a Memorandum of Understanding (MoU) with a Chinese company to create employment opportunities for over 50,000 indigenes of the state.

Ooni signed the MoU with China Overseas Energy Development Technology Ltd on Tuesday in Ile-Ife under Community and Private Partnership arrangement.

He said that the company would invest in agriculture, green energy, gold, lithium and other mineral resources in Ile-Ife and the state at large.

According to him, the Chinese company will also focus on the development of agriculture; mechanised farming and the production of cocoa in large quantity.

The traditional ruler stated that the MoU would help the indigenes of the state to enjoy unprecedented investment flow, while assuring that the company would not disappoint in the area of funds.

“The partnership we are signing today with China Overseas Technology Development Company Ltd is going to create over 50,000 employment opportunities to Osun indigenes.

“The company would first invest in agriculture and would set up a cocoa processing plant in Ife-ife, which will serve as its agricultural hub.

“The company will farm on over 20,000 hectares of land, generate green energy using solar which is starting from this palace.

“This palace will be powered by solar 100 per cent within the next 30 to 60 days when it is completed,” Ooni stated.

Continuing, Oba Ogunwusi said the future of Nigeria oil and gas lies in lithium, noting that soonest lithium would be the only means to power battery, electric cars among others.

He added that partnership with the Chinese company would be Community and Private Partnership driven which would help to grow the economy at the community level.

Ooni, who emphasised that the investment would be on a large scale both for Osun and the Federal Government, called for the support of all and sundry.

“In Dubai alone, the Chinese company has investment more than 10 billion U.S. dollars. In South Sudan right now, they are investing over 4 billion dollars. They are now ready to invest double of such investment in Nigeria,” he stated.

Speaking at the occasion, Gov. Ademola Adeleke lauded Ooni for the initiative and the management of the Chinese company for agreeing to invest in the state.

Adeleke restated his commitment to promote culture, tourism and entertainment in the state to improve the wellbeing of residents.

In his remarks, Mr Zhang Xiaolin, the Managing Director/Chief Executive Officer, China Oversea Energy Development Ltd, congratulated Ooni on the celebration of Olojo 2023.

Xiaolin also applauded the traditional ruler for partnering with the company and pledged that the company would adhere to the agreement terms. 

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KDSG reiterates commitment to enhance capabilities of KADBUSA’s operations 

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The Director-General (DG), Kaduna Bureau of Substance Abuse Prevention and Treatment (KADBUSA), Joseph Ike, said, Kaduna State Government has reiterated its commitment to enhance the capability of KADBUSA.

The DG stated this on Tuesday at the Capacity-Building Training for operatives of KADBUSA in Kaduna.

He said the training which is in alignment with Gov.

Uba Sani’s administration’s agenda, emphasizes Human Capital Development and Citizens’ Engagement.

“It is also important in diligently carrying out the important mandate of the Bureau.

“This collaborative initiative between KADBUSA, the Kaduna State Ministry of Health, and the  United Nation Office on Drugs and Crime ( UNODC), underscores the commitment to address the pressing issue of substance abuse within the state.

He said by enhancing the capabilities of KADBUSA’s operations staff, the programme aims to make a tangible difference in the lives of those affected by drug abuse and addiction.

“This two-day, Capacity-Building Training is a significant step towards a healthier, more secured, and prosperous Kaduna State,” he said.

On his part, Project Officer, UNODC, Dr. Akanidomo Ibanga, called for development of policies that will address the prevalence of drugs abuse in the country.

He said people with drug disorder who come in contact with the criminal justice system, should be treated rather than sent to prison.

According to Dr. Ibanga, 14.3 per cent of Nigerians have used drugs within the past years, “that is 14.4 million people. Now, that is three times more than the global average. We have a serious drugs problem on our hands.

“The Nigerian situation is peculiar because it has the drugs problem but doesn’t have enough treatment facilities to handle the issues of people that have drugs disorder.

“This is even a 2018 data. From that time till date, the number of people using drugs have probably increased.

“From projections from WHO and UNODC, there would be 40 per cent increase in drug use by 2030 in Africa, and Nigeria, being the most populous country in Africa, will have most of the number.

“So, we are saying that, we are sitting on s time bomb, because come 2030, we are talking about 20 per cent prevalence, that is, one in every five people you meet on the street.

“There are certain things we can do to avert this. UNODC has evolved certain responses and developed certain models, which can be run by both National and state governments,” Dr. Ibanga added. 

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