By Adedapo Adesanya

Nigerian security depository company, Central Securities Clearing System (CSCS) Plc, has disclosed plans to pay N1.78 in dividends to shareholders for the 2025 financial year.

This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.

The notice indicated that the proposed dividend would be paid to those who hold the stocks of the company as of the qualification date for the dividend, which is today, Thursday, April 9. This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.

The payment will be subject to the approval of shareholders at the Annual General Meeting (AGM) of the company scheduled for Thursday, April 23, 2026.

According to the notice, the AGM will be held at the Civic Centre, located at Ozumba Mbadiwe Road, Victoria Island, Lagos, at 10:00 a.m.

If the dividend payment is approved at the meeting, shareholders of the company will be credited on the same day as the annual general meeting.

The notice noted that the closure of the company’s register will be on Friday, April 10, through Tuesday, April 14, 2023, all days inclusive.

By Adedapo Adesanya

All insurance and reinsurance companies operating in Nigeria are required to remit 0.25 per cent of their annual net premium income to a new fund, according to new guidelines by the National Insurance Commission (NAICOM).

The insurance regulator has issued binding guidelines for a new industry-wide protection fund that will compel every licensed insurer and reinsurer in the country to make annual cash contributions, or risk losing their operating licence.

NAICOM published the framework for the Insurance Policyholders’ Protection Fund (IPPF) under the authority of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law last August.

The guidelines, which take effect immediately, did not disclose an initial capitalisation target for the fund or a timeline for when it would be considered adequately funded for resolution purposes.

The IPPF is designed to function as a resolution backstop as a capital pool available to settle outstanding policyholder claims when a licensed insurer or reinsurer becomes insolvent or enters regulatory distress.

The mechanism addresses a longstanding vulnerability in the Nigerian market, where policyholders holding valid claims against failed insurers have historically had no guaranteed recourse.

The 0.25 per cent payments are due into designated deposit money bank accounts no later than June 30 each year.

NAICOM said it will supplement industry contributions by injecting 0.25 per cent of the balance held in the existing Security and Insurance Development Fund (SIDF) into the IPPF annually, creating a dual-stream capitalisation model.

The guidelines state explicitly that failure to remit the full assessed contribution within the stipulated timeframe shall constitute grounds for suspension or cancellation of an operator’s licence. The same penalty framework applies to defaults on any loans extended from the fund.

Day-to-day management of the IPPF will be delegated to an independent professional Fund Manager, subject to a minimum paid-up capital threshold of N5 billion.

Investment activity is restricted to low-risk, government-backed instruments. This is a deliberate constraint intended to preserve liquidity and protect the fund from market volatility.

Members are bound by a Code of Conduct that bars them from using their positions for personal advantage or to direct decisions in favour of any insurer, reinsurer, or connected party.

The guidelines introduce a mandatory early-warning mechanism: insurance operators who become aware of imprudent practices within their organisations or elsewhere in the industry are required to report such conduct to NAICOM within five working days.

The commission has provided explicit anti-retaliation protections, stating that no whistleblower shall be subjected to retaliation, intimidation, or any form of adverse action for making a disclosure.

By Modupe Gbadeyanka

President Bola Tinubu has been called on to use his influence to halt the passage of the proposed Customs, Excise and Tariff Amendment (CETA) Bill.

The proposed piece of legislation is currently before the National Assembly, and it seeks to introduce a percentage levy per litre of the retail price on non-alcoholic beverages.

In an outlined advertorial published in key newspapers, the Organised Private Sector of Nigeria urged the federal government to engage with the leadership of the parliament to stop the ongoing legislative process with a view to stepping down the CETA Bill, thus allowing the executive-led fiscal reforms to be fully integrated and aligned.

The OPS comprises the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small Scale Industrialists (NASSI), and the Nigerian Association of Small and Medium Enterprises (NASME).

In the advertorial signed by the presidents of all members of the group, it was submitted that allowing for more talks would strengthen policy coherence, enhance predictability, and improve the effectiveness of the nation’s excise framework.

It was stressed that halting the bill would also encourage structured, evidence-based engagement with industry stakeholders, thereby ensuring that any future measures will effectively balance revenue generation, public health objectives, and economic sustainability.

“While we fully support well-designed fiscal reforms and evidence-based public health interventions, we are concerned that the Bill, in its current form, raises significant social, economic, administrative, and legal issues that could undermine Your Excellency’s broader fiscal reform objectives,” the body stated.

While calling on the government to restrain the Senate from proceeding with the process, the organisation noted that the proposed levy would therefore constitute a regressive measure, reducing consumer purchasing power without providing viable alternatives or meaningful public health support.

Commenting on the impact of such a levy on industry stability, investment, and employment, OPS stated that the sector was already under severe pressure from exchange rate adjustments, high energy costs, and rising prices of imported inputs, packaging materials, and machinery.

“An additional excise burden would further increase production costs, reduce capacity utilisation, delay or cancel planned investments, and threaten the livelihoods of thousands of small distributors, retailers, and informal traders who depend on high-volume, low-margin sales.

“These pressures would inevitably be passed on to consumers through higher prices, leading to reduced demand and potential further job losses across the value chain,” it stated.

While commending the president for the leadership and bold economic reforms undertaken since assuming office in 2023, it noted that the reforms have played an important role in restoring macroeconomic stability and rebuilding confidence within the business community.