The Securities and Exchange Commission (SEC) has said that the unclaimed dividends figure in the nation’s capital market currently stands at N190 billion.
Director-General of SEC, Lamido Yuguda, said this at the second post Capital Market Committee (CMC) media briefing in Abuja on Friday.
He said the figure increased due to issues concerning identity management in the country.
Yuguda also attributed the rising figure to multiple subscriptions by investors during banking consolidation and identity management.
According to him, “we have legacy issues that have aggravated unclaimed dividends.”
Yuguda, however, said the commission was working with the Nigeria Inter-Bank Settlement System (NIBSS), on the e-dividend portal.
He added that the SEC was working with NIBSS to make changes to the electronic dividend portal currently going through some form of upgrading and repair.
“We are working very hard to ensure we reduce the number of unclaimed dividends.
“This is why we are upgrading the e-dividend portal with NIBSS to restore investors’ dividend and reduce unclaimed dividends.
“We reiterate that every person, who has come to the capital market and invested money, should be able to get his dividends as and when due,” he said.
On dollar denominated bonds listed on NGX, the director-general said it was not a problem as long as it was a corporate one.
He said that the road ahead of the market was undeniably challenging but that the capital market would step forward in whatever way to lend its helping hand to the current economic reforms.
“We introduced the Know Your Customer (KYC) requirement so that all information needed will be collated.
“The market must make sacrifices to help drive the economic transformation that will change our nation’s fortunes for the better.
“The Chairman informed the meeting that the Investments and Securities Bill (ISB) 2023 was under consideration by the 10th National Assembly.
“The Bill aims to align regulations with the modern dynamics of the market and it is hoped that if passed into law, it will enable optimal contribution of the capital market to national development,” he said.
The director-general said that market players were urged during the meeting to prioritise cyber-security measures to safeguard sensitive financial data and transactions.
He lamented the trend where companies chose to de-list from the capital market.
Also speaking, the Commissioner, Operations at SEC, Mr Dayo Obisan, said one of the major issues bedeviling the commission was for beneficiaries to get access to claim their dividends.
“We keep putting our efforts to ensure that investors update their bank details, information and claim their dividends.
“But we still have some of them who fill in details wrongly.
“We at SEC are working very hard and we want to ensure bonuses get transferred to beneficiaries, capture everyone who is in the market so that our data is more robust.
“We can be able to work effectively on reducing unclaimed dividends,” Obisan said. (NAN)
UBA Wins Big at The Bankers Awards as African Bank of the Year
By Tony Obiechina, Abuja
Global bank, United Bank for Africa (UBA) Plc, has again demonstrated its prowess on the international stage as it clinched nine prestigious awards at The Bankers Awards 2023, organized by The Banker Magazine – a publication of Financial Times of London, the world’s leading business newspaper.
The prestigious awards presented to the Bank at a ceremony in London, United Kingdom on Thursday, included the highly coveted Bank of the Year Africa 2023, solidifying UBA’s position as the leading financial institution on the African continent.
The Bank’s subsidiaries also emerged as the Bank of the Year in eight of the 20 countries where it operates in Africa.The winning subsidiaries are UBA Cameroon, UBA Chad, UBA Ghana, UBA Cote d’Ivoire, UBA Mozambique, UBA Congo, UBA Sierra Leone, and UBA Tanzania, underscoring the bank’s dominance and impact across diverse African markets. It is noteworthy that this would be the second time in the past three years that the Bank has won the regional award as the best bank in Africa, as it had emerged winner in 2021.
UBA’s Group Managing Director, Oliver Alawuba, who received the awards on behalf of the bank, expressed his gratitude and excitement about the awards, and said the recognitions come as a reassurance that the bank is on track in its goal of consolidating its leadership position in Africa, and creating superior value for its stakeholders.
“UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa. This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team. We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.
Continuing, Alawuba said, “We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning and receiving these accolades.”
The Banker Awards is widely recognized as a benchmark for banking excellence globally, and UBA’s multiple victories underscore the institution’s commitment to providing exceptional financial servicesand superior financial intermediation on the continent. As Africa’s Bank of the Year, UBA has demonstrated its ability to navigate the complexities of the African banking landscape and emerge as a leading force in driving economic growth and financial inclusion.
Speaking earlier about UBA’s consistent excellence in the financial services sector across the continent which has earned the bank great accolades overtime, Editor of the Banker, Joy Macknight, said that as always, UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.
“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the 2nd time in three years. Congratulations. The award recognises the bank’s strength across Africa, including many of its most competitive markets,” Macknight stated.
Since 1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence.
Just recently, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider, Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength and capacity to provide liquidity to the Nigerian financial market even in the face of harsh economic realities. Despite the headwinds, UBA Group has consistently maintained its position as Nigeria’s leading financial institution.
In June, the banking group announced impressive half-year financial results, and further increased the performance in Quarter 3, 2023, with profit before tax (PBT) soared to N502.01 billion, Shareholders’ Funds standing strong at N1.778 trillion, and total assets, reaching N16.24 trillion.
These outstanding figures not only reflect UBA’s institutional strength, but also demonstrate its position as a corporate role model in Nigeria and across Africa.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
CBN’s Monetary Policy Committee Meeting and the Frenzy?
By Ademola Oyetunji
The atmosphere in the Nigeria’s financial sector is in a state of frenzy. Stakeholders are befuddled on why the apex bank’s monetary policy committee have not met. This is because the CBN had twice postponed the meeting under the leadership of its new Governor.
The first postponement scheduled to hold shortly after the appointment of Mr.Cardoso and his four deputy governors, was obviously put on hold to enable them settle down. The reason could also be that the new management team needs time to study and digest President Tinubu’s 8-point agenda and current trends in the financial system to align them with his vision.
Mr. Cardoso at the NASS screening had promised to ensure the independence of CBN. He also pledged to ensure that the CBN under his watch will play its role as a catalyst for growth, and adviser to the government. He said “his-CBN” will shy away from interloping responsibilities.
It is also a common knowledge that President Tinubu had ordered a clean house of the Bank believed to have veered of its mandate under the immediate past governor.
It is also a public knowledge and concern that the Naira has been under attack by speculators and rent seekers, a chronic headache for the Bank’s new helmsmen. Forex illiquidity has also become malignant. Thus, convening the MPC meetings amidst these challenges may not be an immediate priority, rather they have been unobtrusively addressing and stabilizing the financial sector. The gains of these efforts are visible, though the parallel market is still chaotic.
The postponement of what was supposed to be its last meeting for the year further heightens the palpable fear and uncertainties of the consequences of the MPC not meeting. Stakeholders’ fear cannot be dismissed as Nigerians battle economic hardship, rising food inflation and unbridled Naira depreciation.
However, the CBN Act 2007 section 12 saddles the Committee to ensure price stability and support economic policy of the federal government. The Committee consists of the Governor as the chairman, the four deputy governors, two members of Board of Directors, two members appointed by the Governor, and two members appointed by the President to formulate monetary and credit policy.
It is the highest policy making organ of the Bank responsible for reviewing economic and financial conditions in the economy. It also determines the appropriateness of policy applications in short to medium term, and regularly reviews Bank’s monetary policy framework, and adopt changes when necessary.
The Act mandates the Committee to communicate monetary and financial policy decisions effectively to the public and must ensure the credibility of the model of transmission mechanism of monetary policy. It is to meet bi-monthly, except otherwise (as it is the case presently) or on emergency.
Until the appointment of the present CBN Governor, the Committee had met four times under the last dispensation. It is also a public knowledge that boards of federal parastatals and agencies were dissolved by the President with many yet to be reconstituted. The CBN board is one of those dissolved and yet to be reconstituted, neither is it a public knowledge that the President has nominated his two candidates.
Hence, the Bank presently does not have the required number to form a quorum, nor the Governor and his deputies have the constitutional mandate to overtly make certain monetary policy decisions without the approval of the Board.
The concern by the public is normal, particularly the way economic saboteurs have been attacking the Naira and manipulating the parallel forex exchange market. The concern is also noted considering the latest inflationary figure, 27.33%, released by the National Bureau of Statistics (NBS).
But to allay the fears of the public, the Bank’s spokesman, Dr. Isa Abdulmumin had on the eve of the scheduled September MPC meeting issued a press statement to announce its postponement. He regretted any inconvenience the change in date may have caused the Bank’s publics.
The hullabaloo over non-holding of the meetings may have been misplaced but expected. And with Nigeria’s current economic reality, it behooves the economic managers to be strategic in meeting economic saboteurs at their wits ends.
Notable economists and financial technocrats have entertained worries over continuous postponement of the organ’s meeting. They believed it may further heighten economic uncertainties. Mr. Boluwafemi Agboladun, a chartered accountant, expressed fears that the silence from the Bank amidst economic turbulence is unsettling as no concrete reason was given for not holding the meetings.
He was however quick to add that the strategy adopted so far by the new management of the Bank is yielding positive dividend. There is stability in the forex market, and Naira exchange rate is no longer volatile. The strategic management adopted by the CBN so far, he noted, is commendable, making currency peddler unsure of what next is coming out from the Bank.
Agboladun also felt that the new CBN Governor may have decided to start the new year with his own monetary policy calendar after he would have gotten a clear heads-on of the fiscal direction to align it with his monetary policy philosophy. He stressed that, it is better for the CBN and the government to have a clear distinction in roles, unlike the muddled and overlapped responsibilities witnessed in the last administration.
Feranmi Deepak, a public commentator, was not surprised that the meeting, though statutory, has suffered two postponements. He was only worried that the outcome of the meetings would have avail the public of the monetary policy direction of Mr. Cardoso, as it would have road mapped investment decisions by local and foreign investors.
The CBN, he observed, may also be taking its time coming out with its agenda. This, he noted, may be due to the ongoing economic diplomacy drive of the President who has been unrelenting in his travels, marketing Nigeria. Therefore, the CBN, he said, “may be collating all he has been saying to the investing community to develop its monetary policy roadmap as government banker and advisor”.
He was optimistic that the MPC meeting would assume its normal mode next year, when probably the President in his wisdom would have reconstituted the bank’s board to allow for normalcy in its calendar and restore stability in the financial sector.
*Ademola Oyetunji writes fro
Nigeria-Saudi Oil Pact, Triumph for Technological Progress – FG
The Federal Government has signed a Memorandum of Understanding (MoU) with Saudi Arabia to establish a robust framework for collaboration between the two nations in the oil and gas sector.
The MoU aims at promoting collaboration, information exchange and technology transfer, thereby creating a conducive environment for a mutually beneficial partnership.
The Federal Government, represented by the Minister for State Petroleum Resources (Oil), Sen.Heineken Lokpobiri and the Government of the Kingdom of Saudi Arabia, led by its Energy Minister, Prince Abdulaziz bin Salman signed the MoU in Saudi Arabia.
In a statement on Thursday by his Special Assistant, Media and Communication, Nneamaka Okafor, Lokpobiri said the MoU showed a significant stride towards fortifying bilateral ties and advancing mutual interests.
According to the minister, the MoU which is a testament to the shared commitment to fostering cooperation is aimed at facilitating technological exchange.
“One of the primary benefits anticipated from this landmark agreement is the facilitation of technological exchange.
“With Saudi Arabia boasting advanced technologies in oil and gas exploration and production, Nigeria stands to gain significantly from this knowledge transfer.
“The exchange of technical expertise is poised to elevate the efficiency and effectiveness of Nigeria’s energy operations, ultimately contributing to increased production levels and global competitiveness,” he said.
According to him, this crucial national assignment aligns seamlessly with the Ministry of Petroleum Resources’ overarching objective of elevating production standards and technological advancements within Nigeria’s energy sector.
Prince Abdulaziz bin Salman, who signed on behalf of the Kingdom of Saudi Arabia, expressed optimism about the far-reaching impacts this strategic alliance would have on both countries’ energy landscapes.
The MoU is expected to attract substantial foreign direct investment into Nigeria’s oil and gas sector.
Saudi Arabia, being a key player in the global energy market, holds the potential to channel significant investments into Nigeria, thereby stimulating economic growth, job creation and infrastructural development.
According to the MoU, the influx of capital will not only bolster the petroleum industry but also have a cascading effect on various sectors of the economy, contributing to Nigeria’s overall economic prosperity.
It said both nations have agreed to work together on adopting and implementing best practices in environmental conservation, ensuring that oil and gas activities are conducted in an eco-friendly manner.
This reflects a shared vision for a greener and more sustainable energy industry, aligning with global efforts to address climate change and promote cleaner energy alternatives.
For the people of Nigeria, this MoU holds the promise of a brighter and more prosperous future. The anticipated increase in production levels will not only secure a more reliable energy supply but also contribute to reducing dependency on imports.
This, in turn, is expected to stabilise fuel prices and enhance energy security, providing tangible benefits to Nigerian households and businesses alike.
Read Our ePaper
FCT Area Councils, Stakeholders Share N4.9 Billion Allocation
ShareBy Laide Akinboade, Abuja The six Area Councils in the Federal Capital Territory and other stakeholders have received the sum...
Nasarawa Police Apprehend 18 Suspected Criminals
ShareJoseph Hans Apuu, Lafia No fewer than 18 suspected criminals have been arrested and paraded by the police in Nasarawa...
MSMD Urges Adamawa, Taraba Residents not to Panic over Aircrafts Flying at Low Altitude.
ShareBy Yagana Ali, Yola. The Ministry of Solid Minerals Development, has urged the people of Adamawa State and Taraba States,...
FG Declares 50 Million Hectares Uncultivated, Begs Citizens to Plant Crops
ShareBy Eze Okechukwu, Abuja Federal Government of Nigeria has declared that about 50million out of the 80million hectares of arable...
Disquiet in Benue APC over Council Chairmen
ShareFrom Attah Ede, Makurdi Crisis is brewing among members of the All Progressives Congress (APC) in Benue State following dissolution...
ATBU Shuts down over Students Protest
ShareAbubakar Tafawa Balewa University (ATBU), Bauchi has been shut down following students’ protest, Mr Zailani Bappa, Director, Directorate of Information...
Death Toll in Military Drone Attack on Kaduna Civilains Rises to 80
ShareFrom Nicholas Dekera, Kaduna Death toll in the bombing of civilians by the Army at Tudun Biri Village in Igabi...
Finally, FG Takes Delivery of 2nd Niger Bridge From Contractors
ShareFederal Government has taken delivery of the Second Niger Bridge from the contractor, Julius Berger. This is seven months after...
Private Sector As Key to Successful Energy Transition Project -Analysis
ShareBy Tony Obiechina, Abuja In Nigeria, desertification in the north, floods in the centre, pollution and erosion on the coast...
158 Students Bag First Class as OAU Holds 47th Convocation
ShareNo fewer than 158 students of Obafemi Awolowo University (OAU), Ile-Ife, bagged first class degrees at the institution’s 47th Convocation...