Economy
SEC Mulls e-Dividend Fee in Bank Charges
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has urged the Central Bank of Nigeria (CBN) to include electronic Dividend Mandate Management System (e-DMMS) charges in its Guideline for Bank Charges.
The Acting Director-General of the SEC, Ms Mary Uduk, made this disclosure at the end of the Second Quarter Capital Market Committee Meeting (CMC) in Lagos during the weekend.
She explained that the CBN has published charges for the banks, which means that any transactions carried out by any bank has an established charge.
The agency also announced that considerable progress has been made in the implementation of its consolidation of multiple shareholder accounts and e-DMMS as so far about 3.4 billion shares have been consolidated.
According to her, “The e-dividend charge is not part of the charges from the CBN and so because of that investors, are having issues with banks where for instance, they are charged for so much e-transaction that is not listed as bank charges which they do not know.
“They complained to us and so we decided that we will engage CBN to actually make this part of their charges and so any e-dividend carried out will be charged by the CBN.
“This came up as a result of us stopping the payment of the e-dividend mandate as we were underwriting the cost for the initiative before we mandated investors to pay a token of N150 per mandate.
“We believe the capital market of our dreams can only be achieved through the collaboration of all stakeholders,” Ms Uduk said.
Speaking on considerable progress that has been made in the implementation of its consolidation of multiple shareholder accounts and e-DMMS, she said: “Both measures were introduced as part of checking the growth and possibly eliminating the unclaimed dividend menace in the nation’s capital market.
Ms Uduk revealed that a total of 2.7 million share accounts have so far been captured under the e-DMMS, expressing satisfaction with the regularization of multiple shareholders accounts since it was launched last year, describing investor response as very impressive.
Ms Uduk added that with the help of the Multiple Subscription Committee, 3.4 billion shares have so far been effectively consolidated. The committee, “informed the meeting that the Committee of Heads of Banking Operations had agreed to collaborate with the commission to display banners in (their) banking halls all over the country, sensitizing the public on the regularization of multiple subscriptions of shares.”
Similarly, stockbrokers and registrars are requested “to make available to the Committee on Multiple Subscription Account, on a periodic basis, the number of regularized accounts.”
Company Secretaries of listed companies, she continued, “have also agreed to display similar information on their website and offices.”
The meeting climaxed with a resolve that the SEC should engage relevant stakeholders on the e-Dividend and Multiple Subscription Accounts so as to ensure “that complete investor data are transferred among operators such as Brokers, registrars and the Central Securities Clearing System (CSCS).
SEC was also charge to help discourage unclaimed dividends from building up from securities of newly-listed companies, just as modalities should be developed for validating shareholders’ registers, such that “registrars are furnished with incomplete information such as missing account numbers.”
Speaking further, the Acting DG noted that the issue of unclaimed dividend was dynamic, given that as the old heap is being cleared by the registrars, new ones are mounting by the day.
Furthermore, Ms Uduk said the CMC’s Identity Management Committee gave updates of its meeting with National Information Technology Development Agency (NITDA) on the implications of the Nigerian Data Protection Regulation on capital market operations.
There are plans, the committee announced, “to develop a standardized data form, which seeks to consolidate registration and access to processes in the capital market by investors.”
After discussions on the issue, the CMC resolved that the SEC invites NITDA to make a presentation on the impact of the Nigerian Data Protection Regulation on the capital market at the 2019 Q3 CMC meeting.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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