Business

Unclaimed Dividend Grows By 7.35% To N190bn, Says SEC

Published

2 years ago

August 26, 2023

The total value of unclaimed dividends has risen to N190bn, representing a 7.35 per cent rise from N177bn recorded in 2021, which was the last figure from the Securities and Exchange Commission.

This was revealed on Friday at the media briefing, following the quarterly Capital Market Committee meeting in Abuja.

The SEC’s Executive Commissioner, Operations, Dayo Obisan, stated that while the figure for the unclaimed dividend had gone up, there was a need to pay attention to the pace of increase.

Obisan said, “It is estimated to be N190bn, but I think one of the most important questions to keep asking is the trajectory of growth. Is it growing at a reduced pace? One of the major issues that keeps the figure of unclaimed dividends high is having the final beneficiaries of this money have access to them.”

He added that efforts were being made to reduce the figure.

“At our meeting yesterday (Thursday), we discussed that efforts are being made by the regulators and other capital market operators to ensure that the spate and volume of unclaimed dividends is reduced by transmitting them to the beneficial owners.

“We keep putting a lot of efforts and activities towards making sure that investors on their own come forward to claim their dividends, update their information and other Know Your Customers details, which will not only help us reduce the volume of unclaimed dividend but ensure that future benefits, which is not only limited to unclaimed dividends, get quickly transmitted.

“Thirdly, that everyone in the capital market is rightly and adequately accounted for, so that our data is more robust to aid our planning.”

Last year, the SEC declared that the total value of unclaimed dividends in the country rose to N177bn in 2021 from N168bn in the prior year. The figure was N158.44bn in 2019.

The value of unclaimed soared by a whopping 8,369 per cent from N2.09bn in 1999 to N177bn in 2021 and went up by 96.67 per cent from N90bn in 2015, when the e-dividend mandate was introduced by SEC.

Meanwhile, the SEC Director-General, Lamido Yuguda, revealed that registered exchanges in Nigeria outperformed global indices in the first half of the year.

Yuguda said, “The registered exchanges present at the meeting informed members that Nigeria outperformed global indices on gains in the All-Share Index and market capitalisation.

“This exceptional performance can be attributed to several factors such as appealing dividend yields offered by certain stocks, the recovery of corporate earnings and a notable improvement in sentiments among domestic retail investors. Also, all indicators reflecting investor involvement including volume, value and the number of transactions have demonstrated month-on-month increase throughout the first half of 2023.”

Also, the SEC DG allayed fears about the proposal of the Nigerian Exchange Limited to allow the listing of dollar-denominated bonds by some selected companies and later equities.

He said, “For dollar-denominated bonds listed on the NGX, I don’t see any problem. Any bond should be an obligation. It is backed by the ability of the obligor to repay the bonds. So, while that bond has that attribute, then it doesn’t matter the currency or the denomination.

“Of course, that bond could be a corporate bond, a sovereign bond or an agency bond. What matters really is person or entity that has borrowed the money through that bond is able to meet the requirement of both interest and principal as they fall due. Once, it is there, it is a good investment for those who wish to participate in those kinds of funds.”
PUNCH

Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.