Investment

E-Dividend: Banks Dare SEC, Charge Investors N3,150 Verification Fee

Published

9 years ago

January 18, 2016

Commercial banks in the country are flouting the directive of Securities and Exchange Commission (SEC) on the e-dividend iportal nitiative. While SEC directed that registration on the portal will be free for investors in the first 90 days, investigations reveal that some banks are charging investors as high as N3,150 to register on the portal. Financial Vanguard investigations reveal that some banks as at Friday, charged investors as high as N3,150 for verification and stamp on mandate form.

For example, Ecobank charges N3,150; First Bank N1,050; Zenith charges N1,000 while UBA and Union Bank charge no fee. The Director General of SEC, Mounir Gwarzo who expressed satisfaction with the level of success recorded so far with the enlightenment programme boost awareness about the portal. He urged investors to take advantage of the service and visit their registrars or banks to register.

“We have all agreed that this is the way to go. It is now left for the investors to go and register. We have agreed with all the stakeholders that for the first 90 days the registration is going to be free. After 90 days, anyone that wants to register will pay N100” “Once the e-dividend is in place, the issue of stale warrant will be of the past, the issue of travelling from one place to another to deposit the warrant will be a thing of the past; the issue of change of address will also be eliminated.

“The era of proceeds not being remitted for shares sold will be a thing of the past. The e-dividend platform with the use of BVN is what will give us that. Once we register for e-dividend, we will also benefit from the Direct Cash Settlement. Another advantage of the e-dividend is that it will provide a very robust KYC to the operator.

“It is because of lack of KYC that we find a lot of infractions in this market. With the BVN platform which the e-dividend is leveraging on, the KYC will now be very robust. People will not be able to use all sorts of identifications to claim what does not belong to them” “The era of stale dividend and huge unclaimed dividend in the market will be a thing of the past with the launch of e-dividend payment platform. The commission will conduct intensive training for bankers and registrars on the usage of the new portal,” Gwarzo stated.

E-dividend refers to the payment of cash dividend into a shareholder’s nominated bank through a direct credit rather than issuing a cheque or warrant. The e-dividend portal which was launched by SEC on July 29 last year has been designed for the use of banks and registrars to digitise the manual process of verification of shareholders’ account details and ensure efficiency in the enrolment process for e-dividend payment.

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Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Investment

Economic Alliance: Governors Eno and Sanwo-Olu Flag Off Ibom Towers in Victoria Island

Published

5 days ago

October 31, 2024

Bassey Marshall

The Governor of Akwa Ibom State, Umo Eno, and his Lagos State counterpart, Babajide Sanwo-Olu, have flagged off an 18-storey Ibom Towers project in the Victoria Island area of Lagos State.

Governor Eno announced this via a post on his official X handle on Wednesday, October 30.

Speaking after the Ibom Towers project ceremony in Lagos, Governor Eno stated that the project will drive revenue growth and strengthen economic ties between Akwa Ibom and Lagos States.

Eno commended Lagos State Governor Sanwo-Olu for leading the ceremony, adding that the project is set for completion in 24 months.

He detailed that the Ibom Towers, located at Plot 868A, Bishop Aboyade Cole, Victoria Island, Lagos, will feature luxury apartments, gyms, pools, and smart building technology.

Governor Eno said, “Today, as part of our efforts to diversify Akwa Ibom’s economy, we marked the groundbreaking of the 18-story Ibom Towers in Lagos. This project, expected to be completed in 24 months, will drive substantial revenue growth and economic ties between Akwa Ibom and Lagos States.

“We are grateful to Governor Babajide Sanwo-Olu for leading the groundbreaking ceremony and to former Governors Udom Emmanuel, CON, and Obong Victor Attah for their support.

“Ibom Towers represents a bold step toward economic innovation, featuring luxury apartments, gyms, pools, and smart building technology.

“It’s designed to attract urban professionals and generate revenue through property leases and tourism, boosting GDP for both states. Thanks to everyone who joined us today, including the Oba of Oniru, HRM Oba Abdulwasiu Omogbolahan Lawal, His Eminence Ntenyin Solomon Etuk, Speaker Udeme Otong, AKICORP MD Imo-Abasi Jacob, and numerous traditional rulers for their support in bringing this vision to life. Together, we’re paving the way for a prosperous future!”

Governor Sanwo-Olu, who described the project as a symbol of inter-state collaboration, commended Umo Eno for recognizing Lagos as a prime investment opportunity.

The Lagos State Governor expressed his full support for Governor Eno and the Ibom Towers project.

He said, “Today, I joined Governor Umo Eno of Akwa Ibom State for the groundbreaking ceremony of Ibom Towers in Victoria Island, Lagos.

“I commend Governor Eno for recognizing Lagos as a prime investment opportunity, as this project is a symbol of inter-state collaboration. It represents not only physical growth but also our commitment to strengthening economic ties and fostering new opportunities.

“As Ibom Tower rises, it will serve as a beacon for business and community engagement, reflecting our shared vision for Nigeria’s growth through creativity and collaboration.

“On behalf of Lagos State, I extend our support to Governor Eno and all involved in this endeavor.”

Investment

FG Warns Property Owners: Settle Ground Rent in 60 Days or Lose Certificates of Occupancy

Published

2 weeks ago

October 24, 2024

Bassey Marshall

The Federal Ministry of Housing and Urban Development has announced plans to revoke the Certificates of Occupancy (C of O) of property owners who continue to refuse payment of ground rent and other statutory charges owed to the Ministry.

This development was disclosed by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the 29th Conference of Directors of Lands held in Abuja on Wednesday.

Dangiwa stated that the Federal Government is giving C of O holders a 60-day ultimatum to clear their outstanding debts.

At the conference, themed “Equitable Land Stewardship: Challenges of Land Administration and Its Impact on Climate Change and Community Rights,” Dangiwa revealed that property owners’ refusal to pay their dues has resulted in a loss of trillions of naira in revenue for the government.

According to him, President Bola Tinubu’s administration will not tolerate non-compliance, as the revenue is critical to delivering on the president’s agenda.

He said, “The Federal Ministry of Housing and Urban Development is aware that several owners of titled properties have failed to pay ground rent and other statutory charges to the Ministry for several years.

“This non-compliance has resulted in the loss of trillions of naira in revenue to the Federal Government. Under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, this cannot be tolerated, as this revenue is much needed to deliver the Renewed Hope Agenda.”

“As such all Federal C of O title owners are hereby given a 60-day notice to settle all outstanding ground rent and statutory charges. Failure to make payment within this period will result in the revocation of their C of Os.”

“Failure to adhere to these requirements will attract the appropriate penalties and sanctions,” Dangiwa warned.

The announcement comes amidst the economic hardship ravaging the country as a result of the fuel subsidy removal of President Bola Tinubu government’s.

Investment

Deji Adeleke Boasts of Generating 15% of Nigeria’s Electricity, to Unveil $2bn Worth of Power Plant Next Year

Published

3 weeks ago

October 16, 2024

Ugwoke Ogbodo

A billionaire businessman and father of popular music star David Adeleke, also known as Davido, Dr. Adedeji Adeleke has disclosed that he has a firm that generates about 15 per cent of Nigeria’s electricity.

He disclosed this while speaking at the Seventh-Day Adventist Church’s General Conference Annual Council 2024.

Adeleke revealed that he is in the process of constructing a 1,250-megawatt power plant worth $2billion, saying that upon completion, is expected to be the largest in the country and that it would be operational in January, 2025.

He said as a businessman in electricity, he owns power plants and generate presently about 15 percent of the electricity needs of Nigeria.

The elder brother of the Osun State Governor, Ademola Adeleke, said he has Chinese engineering companies that work for him, adding that his tenth new power plant will be the biggest thermal power plant in the country.

Adeleke disclosed that while preparations for the project were underway, an unnamed government official threatened to prevent its completion.

Despite this challenge, Adeleke credited the near-completion of the project to the mercies of God, stating that it is a testament to divine intervention that the venture has progressed this far.

Adeleke noted that his Chinese friend had to travel down to Nigeria to discuss a way out because he never believed that prayer was enough to get the project done.

He affirmed that prayer did as the then Minister of Power granted the approval because he saw that the project was a brilliant one.