Economy

Investors Can Still Get Unclaimed Dividends of Dead Firms—SEC

Published

7 years ago

15/07/2019

By Adedapo Adesanya

Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has assured investors that they would still be able to get their unclaimed dividends of defunct companies listed on the Nigerian Stock Exchange (NSE).

The SEC chief gave this assurance in a statement issued yesterday in Abuja, where she made it clear that shareholders must be paid what belongs to them no matter what so as to boost confidence in the capital market.

“They invested in a company and since the company has gone under, there is no reason why they should not have access to their unclaimed dividends. That is why we are calling on them to take advantage of this opportunity and claim their dividends” Ms Uduk was quoted as saying in the statement on Sunday,

She stated further that a complaint management framework to ensure that investors get attended to promptly has also been put in place by the commission.

“So, once you approach your registrars for your dividends to be paid and there is reason for complaints, you can always contact the commission for the issue to be resolved,” she added.

Ms Uduk noted that by doing this, it will help reduce the volume of unclaimed dividends in the market and ensure investor confidence.

The SEC chief further said about 2.6 million account holders have registered for electronic dividends, though the number of unclaimed dividends was still high. She however, said the commission would continue to collaborate with relevant stakeholders to sensitise investors on the need to regularise their multiple accounts as well as claim their dividends.

“Only recently, in our determination to reduce the quantum of unclaimed dividends in the Nigerian capital market and encourage beneficiaries of deceased investors to step up efforts to claim such dividends, the commission exposed an amendment to our rules which reduced the time, processes and costs of the transmission of shares from a deceased to the beneficiary.

“The timeline for the transmission of deceased’s shares has been reduced from three weeks to one week. Going by that, registrars shall ensure that shares of a deceased are transmitted within a week of receiving the request from the administrators or executors. This effort will ensure seamless transmission and claim of a deceased’s shares by heirs and administrators.

“One of the things the commission has done is to encourage these people to come and regularize their accounts. As I speak about 2.6 million account holders have registered for e-dividend and many can testify that they are getting their dividends promptly,” she said.

Economy

Regency Alliance Urges Shareholders to Participate in N3.04bn Rights Issue

Published

3 hours ago

19/06/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The N3.04 billion rights issue of Regency Alliance Insurance Plc is expected to open on Monday, June 22, 2026, and close on Friday, July 3, 2026, with shareholders urged to participate.

The underwriting firm recently signed an agreement on the rights issue, with board members, management, issuing houses, legal advisers, stockbrokers, and other key stakeholders in attendance.

Regency Alliance is offering to shareholders 3,201,000,000 ordinary shares of 50 Kobo each at 95 Kobo per share on the basis of one new ordinary share for every five ordinary shares held.

The purpose of the fresh capital raise is to bolster the company’s solvency ratios, support business growth, and invest in digital infrastructure and new product development.

The insurance company noted that the rights issue provides an opportunity to existing shareholders to subscribe for additional shares in proportion to their current holdings, protecting them from dilution while enabling them to participate in the organisation’s future growth.

“This capital raise will give us the firepower to meet evolving risks, expand our reach, and deepen the promise we make to every policyholder; that Regency Alliance will be there when it matters most,” the acting chairman of Regency Alliance, Mr Wale Taiwo (SAN), stated.

“We are particularly encouraged by the unwavering support of our shareholders who have stood by the company through its growth journey. We urge all eligible shareholders to take advantage of this rights issue and fully exercise their rights.

“By doing so, they will not only protect their investment from dilution but also participate directly in the exciting growth opportunities that lie ahead for Regency Alliance Insurance,” he added.

Also commenting, the Managing Director of the firm, Mr Bode Oseni, said, “Regency Alliance has always prided itself on being agile, customer-focused xd, and financially sound. The proceeds from this rights issue will accelerate our digital transformation, enhance claims efficiency, and enable us to introduce innovative products tailored to SMEs, Gen Z, and other underserved segments across Nigerian and beyond. We are not merely raising capital; we are raising our ambition.”

“We remain optimistic that our shareholders will embrace this opportunity and demonstrate their confidence in the company’s future by taking up their rights. Together, we are building a strong and more competitive insurance institution,” he added.

Economy

Unlisted Securities Exchange Retreats After Okitipupa Price Decline

Published

4 hours ago

19/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil palm processing firm, Okitipupa Plc, and two other securities weakened by the NASD Over-the-Counter (OTC) Securities Exchange by 0.4 per cent on Thursday, June 18.

During the trading day, Okitipupa Plc lost N20.00 to end at N280.00 per share compared with the previous day’s N300.00 per share, NASD Plc declined by 36 Kobo to finish at N37.00 per unit versus N37.36 per unit, and Central Securities Clearing System (CSCS) Plc depreciated by 23 Kobo to N86.34 per share from N86.57 per share.

As a result, the market capitalisation retreated by N10.39 billion to N2.609 trillion from N2.619 trillion, and the NASD Unlisted Security Index (NSI) slid by 17.36 points to 4,361.09 points from 4,378.45 points.

Business Post reports that the sole price gainer for the session was Afriland Properties Plc, which improved by 65 Kobo to N16.20 per unit from N15.55 per unit.

Yesterday, the volume of securities transacted by market participants shrank by 71.6 per cent to 792,835 units from Wednesday’s 2.8 million units, the value of securities fell by 61.8 per cent to N49.0 million from N128.3 million, while the number of deals went down by 39.4 per cent to 20 deals from 33 deals.

Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 67.7 million units traded for N4.7 billion.

GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.

Economy

Naira Falls to N1,363/$ at Official Market

Published

5 hours ago

19/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira free-fall against the US Dollar continued in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, June 18, losing 0.24 per cent or N3.23 to trade at N1,363.30/$1 compared with the previous day’s N1,360.07/$1.

However, the domestic currency appreciated against the Pound Sterling in the official market during the session by N19.12 to trade at N1,805.69/£1 versus midweek’s N1,824.81/£1, and gained N12.89 on the Euro to sell at N1,565.07/€1, in contrast to the preceding day’s N1,577.96/€1.

At the GTBank FX counter, the Naira lost N1 against the Dollar to trade at N1,373/$1 versus Wednesday’s closing rate of N1,372/$1, and at the black market, it remained unchanged at N1,385/$1.

Tightness in FX liquidity continued to pressure the local currency, contributing to a decline in the official exchange rate due to rising demand for foreign payments.

Analysts also attribute the market liquidity dynamics to the lack of substantial Open Market Operation (OMO) bill positioning by foreign portfolio investors, who are key sources of hard currency inflows for the Central Bank of Nigeria (CBN).

The apex bank’s daily FX report revealed that interbank FX turnover increased to $69.918 million across 85 interbank transactions, up from $54.293 million the previous day.

As for the cryptocurrency market, Bitcoin (BTC) traded below $63,000 after losing 1.7 per cent to close at $62,742.28 on Thursday, as risk assets sold off worldwide, erasing the gains it made earlier in the week on the back of the US-Iran peace deal.

The pressure came from a wider retreat in markets as shipping through the Strait of Hormuz returned to normal under the signed US-Iran deal and eased what had been a historic supply shock.

Attention now turns to talks over Iran’s nuclear programme, with Vice President JD Vance saying a 60-day clock to settle the deal’s details has started.

During the session, Solana (SOL) crashed by 3.3 per cent to $68.68, Ripple (XRP) depreciated by 2.7 per cent to $1.13, Cardano (ADA) slid 2.4 per cent to $0.1606, Binance Coin (BNB) slumped 2.0 per cent to $576.11, Dogecoin (DOGE) slipped by 1.9 per cent to $0.0826, and Ethereum (ETH) went down by 1.7 per cent to $1,696.74.

However, TRON (TRX) improved by 0.1 per cent to $0.3204, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.