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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.

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.

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Tanker Drivers Suspend Strike as NNPC and DSS Intervene

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NUPENG called off strike

NARTO Called Off Strike as NNPC and DSS Intervene

The Nigerian Association of Road Transport Owners (NARTO) on Tuesday said it has called off its two-day warning strike that began on Tuesday.

On Monday NARTO had directed all its members to halt operations following the new policy of the federal government that restricted truck above 45,000 litres from plying Nigerian road.

The National President of the association, Yusuf Othman, said the directive was sudden with little to no time for affected tanker drivers to make adjustments.

However, on Tuesday in Abuja, Othman said the association had to call off the strike following the intervention of the Nigerian National Petroleum Corporation and the Department of State Services.

He said “Yesterday (Monday), following an emergency meeting of the National Executive Council of our association, it was resolved that transport owners would park their trucks from 22nd to 23rd September, 2020.

“This was in protest of the Federal Government’s decision to ban all trucks of over 45,000 litres capacity from loading petroleum products from all depots throughout the country.”

He added, “However, following the intervention of the Group Managing Director of NNPC and the Director-General of the DSS, we are hereby directing all our members to resume operation nationwide.

“This is a directive that we revert to status quo until January 2021 to allow for wider consultation.”

NARTO president said the association now await peaceful resolution and hope that the agreed time would be enough for affected members to re-engineer their trucks in accordance with the 45,000 litres directive.

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FG to Boost Foreign Revenue Through Methylformate Production

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Naira Dollar Exchange Rate

FG to Enhance Methylformate Production

The Federal Government has started unlocking domestic capacity to up foreign revenue generation and deepen domestic productions through various means including enhancing the production of methylformate.

The Minister of Environment, Dr. Mohammad Abubakar, disclosed this during the inauguration of Systems House of Vitapur Nigeria Limited on Tuesday in Ikeja.

He said the Federal Government was committed to improving the nation’s foreign reserves by unlocking domestic capacity in methylformate productions.

Speaking further he said domestic capacity in methylformate would help in phasing out ozone depleting substances and mitigate climate change, adding that such technological innovation also has potential to enhance Nigeria’s foreign revenue generation, among others.

According to him, such domestic production have advantages, including availability of ozone-friendly and low global potential blowing agents in the production of rigid foam, generation of forex for the country from export of methylformate and forex savings from local production, building of local capacity in the formulation of methylformate-based systems and consequently generation of employment and wealth.

The methylformate systems will serve as source of raw material to ice making machine manufacturers. The project will lead to increased capacity utilisation in enterprises that will be using the methylformate being produced by Vitapur,” Abubakar said.

He reiterated the commitment of the government towards creating enabling environment that will enhance the global competitiveness of manufacturers, especially through fiscal incentives.

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N-Power Beneficiaries Receives N13.3bn in Kwara State

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NPower Beneficiaries in Kwara States Received N13.3bn

The National Social Investment Programme (NSIP) has said N-power beneficiaries in Kwara State received a total sum of N13.3 billion.

The amount was paid to 15,246 beneficiaries from both batches A and B that exited the programme.

Hajia Bashirah Abdulrazaq, the Focal Person of the programme in the state, said batch A beneficiaries were paid N7.4 billion for the 42 months period they were engaged.

She said batch B beneficiaries who were engaged for about 24 months received a total sum of N5.7 billion.

Non-graduates received the sum of N10,000 every month and were engaged for a period of 24 months with a total sum of over N24 million spent,” she added.

Abdulrazaq also said Kwara state government had created a replica of the empowerment programme, codenamed K-power, in order to support beneficiaries after exiting the N-power programme.

She said around 10,000 of N-power beneficiaries benefited from “trader moni’ programme in the state with over N1.3 billion disbursed to them.

She, however, said the people are not willing to repay the loan.

Said she: “Poor masses are not ready to repay the loan after collection because of the attitude of Nigerian to anything from the government thinking it is national cake. Also, those that disbursed the money do not have records of beneficiaries like phone numbers and addresses. Thus, making it difficult to track them for repayment.

“The programme is designed to provide soft loans to boost small scale businesses in the markets which Vice President Yemi Osinbajo flagged off sometime last year to support women with N10,000 as soft loans to
be paid back and then enjoy the next stage of N50,000.

“Unfortunately, many beneficiaries didn’t pay back or the channel for payment was not identified, therefore, beneficiaries could not fulfill their pledges. Though, the component is going through restructuring to
seeing it achieves its objectives,” she said.

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