Connect with us

Business

SEC Extends Regularisation Deadline for Multiple Share Accounts

Published

on

  • SEC Extends Regularisation Deadline for Multiple Share Accounts

The acting Director General, Securities and Exchange Commission, Ms Mary Uduk, has announced the extension of the forbearance window for the regularisation of multiple subscriptions held by shareholders to December 2019.

Uduk, while addressing journalists at the third Capital Markets Committee meeting in Lagos on Thursday, said the decision was jointly made by members of the committee in a bid to reduce the volume of unclaimed dividends in the capital market.

The SEC, in August 2018, extended the deadline to December 31, 2018, to enable more people to regularise their accounts.

Uduk said the CMC agreed to shift the deadline by one year because they realised that quite a number of investors were yet to understand the importance of the regularisation exercise.

She stated that the likelihood of disruption by electioneering campaigns was also taken into consideration to enable more people to be captured in the regularisation exercise.

Uduk noted that a lot of investors had bought shares in different names, making it difficult to properly capture the data of shareholders.

She said, “There is absolutely no punishment attached to it; all we are saying is that people should come and regularise their shares. The objective is that it will reduce liquidity in the market and reduce unclaimed dividends.

“We expect investors to take advantage of this opportunity to claim their unclaimed dividends and bonuses.”

Uduk stated that the SEC would begin a two-pronged approach to address the intractable challenges associated with the transmission of shares related to the estate of deceased investors.

She added that probate registrars would be enlightened, after which rules would be developed around the time frame for transmission of shares and the fee structure.

According to her, a committee has also been set up to look into and proffer solutions to problems around identity management in the Nigerian capital market.

Uduk said enforcement actions would be taken against identity thieves and also people caught engaging in trading in the shares of public unlisted companies outside a recognised securities exchange as provided by the rules.

Uduk said, “The commission is making concerted efforts in collaboration with the Corporate Affairs Commission and other stakeholders to assist public companies that are yet to register their securities to do so without much difficulty.

“In furtherance of the commitment to develop a vibrant commodities ecosystem, the SEC has commenced the implementation of measures to strengthen regulatory capacity by establishing a Commodities Division.

“In order to boost the e-dividend mandate and Direct Cash Settlement initiatives, the commission will engage the Nigeria Inter-Bank Settlement System to facilitate identity validation and account validation in an effort to enhance market processes.”

She added that further sensitisation would be carried out by stakeholders to enlighten shareholders on the benefits of the initiative.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

FG Reopens Osubi Airport Warri for Daylight Operations

Published

on

muritala-muhammed-airport

FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

Continue Reading

Business

Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

Published

on

Agric

Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

Continue Reading

Business

Shut Down Depots Selling Petrol Above Approved Price – Marketers

Published

on

Petrocam

Shut Down Depots Selling Petrol Above Approved Price – Marketers

The Federal Government should close down depots that are selling petrol above the approved price, oil marketers said on Thursday.

National President, Independent Petroleum Marketers Association of Nigeria, Sanusi Fari, said the sale of petrol above government approved price by depot owners would soon lead to a hike in the commodity’s pump price.

Fari told journalists in Abuja that the government through its agencies such as the Department of State Services and the Department of Petroleum Resources should curb the development to avoid crisis in the downstream oil sector.

He said some private depot owners were selling at N165 per litre to independent marketers, way above the government stipulated price of N148 per litre.

Fari said, “Our challenge is the inconsistency in the pricing of petrol. Up till a week ago, government was still insisting that the February price for petrol remained unchanged.

“And most of the private depot owners are selling above the government stipulated price. As at today ( February 25, 2021) private depot owners are selling at N165 per litre to independent marketers.”

He added, “In the last six years, only NNPC imports refined products into this country and these tank farms buy their products from NNPC under a controlled price.

“This has affected our businesses seriously because government is insisting that we sell at the rate of N165, which is not going to work.”

The IPMAN president said filling station owners buy the product at N165 per litre from the private depots and incur other expenses such as transportation, rent, etc.

“So government cannot expect us to sell less than what we buy,” he said.

Fari added, “This is why we are calling on government and agencies that are saddled with the responsibility to control petrol pricing to urgently clamp down on depots that are selling above the stipulated price.”

The Nigerian National Petroleum Corporation, the country’s sole importer of patrol, recently stated that it never hiked the cost of petrol to depots.

It also enjoined the depot owners to sell the product at the approved rate and called on the DPR to enforce the stipulated price across the depots.

Continue Reading

Trending