Economy
PZ Cussons Shareholders Lose N160m
By Dipo Olowookere
Some shareholders of PZ Cussons Nigeria Plc have lost about N160 million in dividends over their failure to claim them for more than 12 years.
According to Nigerian law, when dividends paid to shareholders by a company are not claimed for a period of 12 years, they are returned to the organisation.
Section 385 of the Companies and Allied matters Act, Cap C20, Laws of the Federal Republic of Nigeria, 2004 states that, “Dividends shall be special debts due to, and recoverable by, shareholders within 12 years, and actionable only when declared.”
When these cash rewards are not claimed by beneficiaries and refunded to the company, they became statute-barred, meaning they cannot be recovered by the owners.
Over the weekend, PZ Cussons released its audited financial statements for the year ended May 31, 2020, and according to the firm, the sum of N160.1 million was returned to the organisation as unclaimed dividends for 12 years by its registrar, First Registrars Limited, during the financial year.
In the analysis of the financial accounts by Business Post, it was observed that the N160 million was transferred to the retained earnings of PZ Cussons.
A critical look into this development showed that in the previous fiscal year, 2019, the amount of unclaimed dividends forfeited by shareholders of the company stood at N83.4 million.
The issue of unclaimed dividend in the Nigerian capital market has been a source of worry for the Securities and Exchange Commission (SEC).
The agency, as part of efforts to address this problem, stopped the posting of dividend warrant to shareholders and asked companies to adopt e-dividend, which ensures that the payments are made directly into the bank accounts of beneficiaries.
According to SEC, there are over N158 billion unclaimed dividends in the nation’s capital market and from investigations, some of them include dead investors and those with identity issues.
“Right now, you will not get unclaimed dividends from new issues. Part of the problem of unclaimed dividend has to do with identity management, which we are doing all we can to educate the public on and engaging the various stakeholders to be able to get a lot of the information that we require,” the former acting Director-General of the agency, Ms Mary Uduk, had said in December 2019.
In August 2020, during the Capital Market Committee (CMC) meeting of SEC, the new DG of the commission, Mr Lamido Yuguda, expressed worry at the quantum of unclaimed dividends in the market, saying the commission will pay attention to issues around e-dividend.
“To this end, we shall be paying attention to issues around e-dividend and the quantum of unclaimed dividends we have. We believe that to make retail investors return to the market, their concerns must be addressed. Market conduct must also be improved, and bad behaviour rooted out,” the SEC chief said.
Business Post gathered that some investors have blamed registrars for the bottlenecks faced when trying to get the reward of their sweat.
But the SEC DG has said the agency will address these issues and work with registrars, the Central Securities Clearing System (CSCS) and stockbrokers to come up with easier ways of processing the unclaimed dividends.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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