Business
Unclaimed Dividend Grows By 7.35% To N190bn, Says SEC
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.”
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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.”
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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.”
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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
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.
Business
Dangote Refinery Reduces Fuel Price
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
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“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
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