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SEC Extends Regularisation Deadline for Multiple Share Accounts

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  • 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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Peter Obi Advocates for Full Government Backing of Dangote’s $21bn Refinery Project

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Peter G. Obi

Peter Obi, a prominent Nigerian politician and public figure, has called for unwavering support for the Dangote Refinery amid recent conflicts between Dangote Industries and government agencies.

In a passionate appeal, Obi said the current disputes extend beyond political and personal differences, touching upon the broader interests of Nigeria’s economy and its future prosperity.

In his statement on X.com, Obi highlighted the refinery’s immense potential to drive economic growth and create employment opportunities.

With an estimated annual revenue potential of approximately $21 billion and the capacity to generate over 100,000 jobs, the Dangote Refinery represents a cornerstone of Nigeria’s industrial advancement and economic stabilization.

“The recent challenges faced by Dangote Industries should not overshadow the vital role this enterprise plays in our national economy,” Obi asserted.

“Alhaji Dangote’s contributions are monumental, and it is essential that we rally behind his ventures, particularly the refinery, which is set to make a significant impact on our fuel crisis and foreign exchange earnings.”

The refinery, with its strategic importance, stands as a beacon of hope for Nigeria’s fuel supply and overall economic development.

It is poised to address long-standing issues in the energy sector, provide substantial revenue streams, and enhance the country’s economic resilience. Given these benefits, Obi stressed that any actions hindering the refinery’s operation would be counterproductive.

Obi also commended Alhaji Dangote for his remarkable achievements across various sectors, including cement, sugar, salt, fertilizer, infrastructure, and more.

“Alhaji Dangote embodies patriotism and commitment to Nigeria’s growth. His extensive industrial activities are not only a testament to his entrepreneurial spirit but also a vital contribution to Nigeria’s economic landscape,” he added.

Despite the challenging business environment, Dangote’s diversified industrial investments demonstrate a commitment to Nigeria’s industrialization and job creation.

Obi urged the Federal Government and its agencies to offer full support to Dangote Industries, recognizing the broader economic benefits and the positive impact on national welfare.

“The success of Dangote Industries is intrinsically linked to the success of Nigeria and Africa as a whole. We cannot afford to let such a crucial enterprise falter,” Obi warned. “Every sensible and patriotic government should view enterprises like Dangote Industries as national treasures that deserve robust support and protection.”

Obi’s appeal underscores the critical need for collaboration between the government and private sector leaders to ensure the successful operation of key projects like the Dangote Refinery.

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Dangote Accuses NNPC and Oil Traders of Secret Operations in Malta

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Aliko Dangote, chairman of Dangote Industries Limited, has leveled serious allegations against personnel from the Nigerian National Petroleum Company (NNPC) Limited and certain oil traders.

Speaking at a session with the House of Representatives, Dangote claimed that these parties have established a blending plant in Malta, raising concerns about the integrity of Nigeria’s fuel supply.

Dangote described the blending plant as lacking refining capability, instead focusing on mixing re-refined oil with additives to produce lubricants.

“Some of the terminals, some of the NNPC people, and some traders have opened a blending plant somewhere off Malta,” he stated.

He emphasized that these activities are well-known within industry circles.

Addressing the drop in diesel prices, Dangote argued that locally produced diesel, with sulfur content levels of 650 to 700 parts per million (ppm), is superior to imported variants.

He linked numerous vehicle issues to what he described as “substandard” imported fuel.

He called for the House of Representatives to set up an independent committee to investigate fuel quality at filling stations.

“I urge you to take samples from filling stations and compare them with our production line to inform Nigerians accurately,” Dangote insisted.

The accusations come amid an ongoing dispute between the Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Farouk Ahmed, NMDPRA’s chief executive, had previously claimed that local refineries, including Dangote’s, were producing inferior products compared to imports.

Also, the House of Representatives has initiated a probe into allegations that international oil companies are undermining the Dangote Refinery’s operations.

In response to the escalating tensions, Heineken Lokpobiri, the Minister of State for Petroleum Resources, intervened by meeting with key stakeholders including Dangote, Ahmed, and other top officials from the Nigerian petroleum regulatory bodies.

The discussions aimed to address claims of monopoly against Dangote, which he has strongly denied, and to ensure that all parties operate transparently and fairly.

This development highlights the complex dynamics within Nigeria’s oil industry. The allegations and subsequent investigations could impact market stability and investor confidence.

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Africa’s Richest Man, Aliko Dangote Ready to Sell Refinery to Nigerian Government

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Dangote refinery

Aliko Dangote, Africa’s wealthiest entrepreneur, has announced his willingness to sell his multibillion-dollar oil refinery to Nigeria’s state-owned energy company, NNPC Limited.

This decision comes amid a growing dispute with key partners and regulatory authorities.

The $19 billion refinery, which began operations last year, is a significant development for Nigeria, aiming to reduce the country’s reliance on imported fuel.

However, challenges in sourcing crude and ongoing disputes have hindered its full potential.

Dangote expressed frustration over allegations of monopolistic practices, stating that these accusations are unfounded.

“If they want to label me a monopolist, I am ready to let NNPC take over. It’s in the best interest of the country,” he said in a recent interview.

The refinery has faced difficulties with supply agreements, particularly with international crude producers demanding high premiums.

NNPC, initially a supportive partner, has delivered only a fraction of the crude needed since last year. This has forced Dangote to seek alternative suppliers from countries like Brazil and the US.

Despite the challenges, Dangote remains committed to contributing to Nigeria’s economy. “I’ve always believed in investing at home.

This refinery can resolve our fuel crisis,” he stated, urging other wealthy Nigerians to invest domestically rather than abroad.

Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority accused Dangote’s refinery of producing substandard diesel.

In response, Dangote invited regulators and lawmakers to verify the quality of his products, which he claims surpass imported alternatives in purity.

Amidst these challenges, Dangote has halted plans to enter Nigeria’s steel industry, citing concerns over monopoly accusations.

“We need to focus on what’s best for the economy,” he explained, emphasizing the importance of fair competition and innovation.

As Nigeria navigates these complex issues, the potential sale of Dangote’s refinery to NNPC could reshape the nation’s energy landscape and secure its energy independence.

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