Economy
Identity Management System Will Reduce Unclaimed Dividends—SEC
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has expressed confidence that the identity management system being developed for the Nigerian capital market will reduce the problems of unclaimed dividends.
The high unclaimed dividends in the system have been a source of worry for the regulator, prompting the introduction of the e-dividend mandate, which made it possible for shareholders to receive their cash rewards directly into their bank accounts.
One of the issues discovered to be fuelling the fallow dividends is the identity management crisis and to eliminate this, SEC is coming up with an initiative to allow investors to regularise their shares bought with different identities into a single account.
Over the weekend, the Director-General of SEC, Mr Lamido Yuguda, received members of the Committee on Identity Management for the capital market in Abuja and he described identity theft as a fraudulent practise of using another person’s name and personal information to obtain shares, credit and loans, among others.
He added that the commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.
According to him, the problem of unclaimed dividends has to do with identity management, hence, the efforts to harmonize various databases of investors and facilitate data accuracy in the market as well as increase investors’ education to stem the trend.
Mr Yuguda, who expressed satisfaction with the work of the committee so far, added that stakeholder engagements would commence in earnest to ensure the success of the project.
While thanking the members of the panel for lending their support and resources to the project, he also expressed confidence in the success of the scheme that it would build a greater Nigeria and impact unborn generations.
In his remarks, the Chairman of the team, Mr Aigboje Aig-Imoukhuede, commended the agency on the recent release of Rules on Issuance, Offering Platforms and Custody of Digital Assets, saying that it was a step in the right direction.
Mr Aig-Imoukhuede said the committee’s work had exposed the need for standardization of systems within the Nigerian capital market that would support Open Finance which the SEC can drive, adding that the SEC could leverage on the committee to develop the framework for the Nigerian capital market.
According to him, “The committee had clearly defined the task ahead in a roadmap and also identified that the project would be carried out in stages supported by a consultant with recourse to the SEC on a regular basis.
“The committee is committed to ensuring that the customer journey for investors is such that would cause a revolution in the Nigerian capital market, thereby making our market attractive to the tech-savvy and younger generation.”
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with two Chinese companies to get the Port Harcourt and Warri refineries working again after decades of repeated failures.
The deal, through a potential Technical Equity Partnership (TEP) in support of the completion and operation of the refineries, was signed by the chief executive of the NNPC, Mr Bayo Ojulari; the chairman, Sanjiang Chemical Company, Mr Guan Jianzhong; and the chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Company Ltd, Mr Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.
The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance.
Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards, according to a statement by the NNPC’s Chief Corporate Communications Officer, Mr Andy Odeh, on Monday.
The NNPC said that the deal reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.
“The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs,” it added.
Speaking shortly after the signing, the NNPC helmsman described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners, Sanjiang and Xinganchen.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Mr Ojulari noted.
He further stated that the MoU was an important step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.
“The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals,” the statement added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange started the new week on an upward trajectory after it closed higher by 0.52 per cent on Monday, May 4.
This raised the market capitalisation by N12.48 billion to N2.409 trillion from last Thursday’s N2.396 trillion, and moved the NASD Unlisted Security Index (NSI) higher by 20.86 points to 4,026.64 points from 4,005.78 points.
The unlisted securities market gained weight yesterday despite recording two price gainers and two price losers.
FrieslandCampina Wamco Nigeria Plc added N8.92 to sell at N98.14 per share versus N89.24 per share, and Central Securities Clearing System (CSCS) Plc appreciated by N1.12 to N77.14 per unit from N76.02 per unit.
Conversely, NASD Plc lost N3.47 to sell at N31.23 per share compared with the previous price of N34.70 per share, and Food Concepts Plc declined by 26 Kobo to settle at N2.41 per unit, in contrast to the previous rate of N2.67 per unit.
During the session, the volume of securities traded by investors fell by 14.4 per cent to 751,518 units from 877,682 units, and the number of deals decreased by 44.1 per cent to 31 deals from 56 deals, while the value of securities climbed 32.8 per cent to N35.4 million from N26.7 million.
The most active stock by value on a year-to-date basis remained Great Nigeria Insurance (GNI) Plc with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 60.2 million units transacted for N4.1 billion, and Okitipupa Plc with 27.8 million units sold for N1.9 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Adedapo Adesanya
The Naira opened the week in the green territory in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday after it further appreciated against the US Dollar by N9.71 or 0.7 per cent to quote at N1,365.23/$1 compared with the previous session’s value of N1,374.94/$1.
The scenario was not different with the Pound Sterling at the same market window, where it gained N6.99 to sell for N1,851.25/£1 versus last Thursday’s closing price of N1,858.24/£1, and appreciated against the Euro by N8.62 to close at N1,607.58/€1, in contrast to the N1,612.87/€1 it was traded in the previous trading day.
Similarly, at the black market, the Naira improved its value against the greenback yesterday by N5 to settle at N1,380/$1 versus the previous rate of N1,385/$1, and at the GTBank FX desk, it closed flat at N1,384/$1.
The Nigerian Naira put up a good performance against the Dollar during the session due to sustained monetary tightening by the Central Bank of Nigeria (CBN) and a steady increase in foreign exchange inflows.
Specifically, stronger diaspora remittances, oil-related inflows, and a decline in speculative demand for the Dollar played pivotal roles in anchoring market expectations.
Sufficient FX liquidity has continued to keep the Naira stable. The local currency stayed strong despite an 83 per cent decline in CBN FX intervention in April to $150 million from $985 million in March.
As for the cryptocurrency market, prices were mixed as broader crypto markets were diverse and macro risks persisted, amid ongoing US-Iran tensions and steady central bank policy, with upcoming US earnings and jobs data seen as potential catalysts for further bitcoin volatility.
Bitcoin (BTC) gained 1.3 per cent to sell at $80,889.94, Ethereum (ETH) jumped 0.3 per cent to $2,376.40, Cardano (ADA) increased by 0.2 per cent to $0.2529, and TRON (TRX) appreciated by 0.2 per cent to $0.3399.
On the flip side, Dogecoin (DOGE) slid 0.8 per cent to $0.1113, Ripple (XRP) went down by 0.5 per cent to $1.40, Binance Coin (BNB) dropped 0.4 per cent to $626.41, and Solana (SOL) shrank by 0.3 per cent to $84.60, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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