Rule on share transmission to reduce N100bn unclaimed dividend

By Nkiruka Nnorom

Domestic retail investors have commended the decision of the Securities and Exchange Commission, SEC, to initiate rules that will facilitate transmission of investments of a deceased shareholder to the next-of-kin, saying that it will further reduce the incidence of unclaimed dividends currently put at over N100 billion in the market.

Part of the challenges and drawbacks to investing in equities market has been that of transmission of shares from one investor to another and claiming of investments of a deceased investor by the family members. Transmission of shares occurs when the shares of a deceased shareholder are inherited or bequeathed to an heir or personal representative of the deceased shareholder. It takes place in case of death, insanity or insolvency of a member or, where the member is a company, on its liquidation.

Securities and Exchange Commission

SECAccording to the SEC, it has come up with a two-pronged approach to address the intractable challenges associated with share transmission, which involves developing rules that will stipulate the time-frame for the transfer as well as the fee structure.

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The Commission also said it will engage probate registries around the country as part of the process with a view to enlighten them on the workings of the capital market and reduce the cumbersome process.

“We had meeting with registrars some time ago and a lot of them complained about the problem they had at the probate registries. So, we thought that in the same way that we have been engaging with judges when we have Judges Conference and we enlighten them about the workings of the capital market and importance of it, we thought that we should also extend the same measure to the probate registries around the nation so that capital market issues will be attended to as soon as possible”, said the Commission’s Acting Director General, Ms. Mary Uduk.

Commending the development, Moses Igbrude, General Secretary, Independent Shareholders Association of Nigeria, ISAN, said that implementation of the rule would deepen the capital market and help to reduce unclaimed dividend. He advised that efforts should be made to ensure safety of the process in order not to transfer such shares to wrong people.

“It is a good development to hear that SEC is now alive to its responsibilities by looking into areas that were disincentive to the investing public and l hope their search light continues to beam on cloudy areas in the capital market,” said Gbadebo Olatokunbo, Co-Founder Nigeria Shareholders Solidarity Association, NSSA.

Mr. Patrick Ajudua, National Chairman, New Dimension Shareholders Association, NDSA, stated that the introduction would consolidate the success story of e-dividend mandate that has contributed to reduction in unclaimed dividend, adding that what is required is the formulation and amendment of existing laws for smooth implementation of the policy.

Source:https://www.vanguardngr.com/2019/02/rule-on-share-transmission-to-reduce-n100bn-unclaimed-dividend/

Collation officer arrested in Plateau for attempting to escape without announcing result

A mild drama unfolded in Bokkos Local Government Area of Plateau, yesterday, when a Collation Officer, Prof. Musa Izam of University of Jos, attempted to escape declaring results for Saturday’s Presidential and National Assembly, NASS, elections in the area.

INEC

INECThe Professor of Physics was in the midst of results collation when he took excuse from party agents, INEC officials and observers to go an ease himself.

Chairman of Peoples Democratic Party, PDP, Bokkos Local Government Area, Mr Michael Abi, said little did they know collation of results from the 12 wards of the council had been concluded waiting to be announced when the professor excused himself.

He said: “We, however, smelt a rat and asked some people to monitor him. And true to our fears and suspicion, the man ran into a waiting vehicle nearby and zoomed off.

“We had to chase after them as the vehicle sped towards Barikin Ladi Local Government Area en route to Jos and caught up with them at Maikatako near Kuba village in Bokkos.

“Guess who took him away in that car, one of the Special Assistants to Gov. Simon Lalong on Security Matters, whose name I won’t want to mention.

“We brought them back to the collation centre only for the professor to apologise to everybody in the hall over his actions.”

Former Attorney-General and Commissioner for Justice, Mr Jonathan Mawuyau, also apologised on behalf of the don, asking that he be allowed to continue with compilation of the results for final announcement of winners of the elections in the area.

“We could not believe our eyes when we saw such a strange attitude from a learned and a whole Professor of Physics who works with a reputable institution like University of Jos,” Solomon Maren lamented over the development.

“In fact, it is like a film that we use to watch. Well, the good thing is that he is back and I think we are ready to conclude the compilation and for the result to be announced to us.

“Nevertheless, all eyes were on the collation officer for him to do the needful without springing another surprise on the results collation and announcement of winner of polls,” Maren said.

Source:https://www.vanguardngr.com/2019/02/collation-officer-arrested-in-plateau-for-attempting-to-escape-without-announcing-result/

Killings: US calls for end to violence in Rivers

As Wike vows to get justice for victims

PORT HARCOURT—The United States Consul-General to Nigeria, John Bray has called for an end to the violence and deaths associated with the Presidential and National Assembly elections in Rivers State.

Wike and AmaechiAddressing journalists at Government House, Port Harcourt, yesterday, after a meeting with Governor Ezenwo Wike of the state, the Diplomat decried the violence that greeted the polls in some parts of the state.

It will be recalled that soldiers allegedly unleashed violence on Abonnema in Akuku-Toru Local Government Area of the state where 15 Peoples Democratic Party, PDP, members were killed.  The military also killed two PDP agents in Emohua Local Government Area of the state on Saturday.

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He said: “I am here as an international observer.  We have been watching elections in Rivers State.

“I am not here to grade elections or anything like that. I am just here to say that there has been enough violence.

“Enough people have died. I am here today to speak with all the different candidates and party leaders.”

Wike to seek justice for victims

Meanwhile, Governor Wike said that the Rivers State Government will pursue justice for all those killed in cold blood by soldiers of the Nigerian Army in Abonnema and other towns  during Presidential and National Assembly elections in the state.

Wike had alleged that the soldiers were used by the All Progressives Congress, APC, to unleash mayhem on PDP members in the state.

Addressing journalists, yesterday at the Government House, Port Harcourt, Governor Wike said that all those involved in the killing of innocent Rivers people to further the Presidential ambition  of their benefactor will not go unpunished.

He said: “Let it be known that those who masterminded the murderous assault on Abonnema and other communities in Rivers State last Saturday have bloodstains on their hands, for which they are all answerable before the Almighty God.

“I wish to assure all and sundry that we shall as a government pursue justice for the families of the victims against the perpetrators of the mayhem, killings and destructions in Abonema, Buguma, Degema and other places no matter how powerful they may seem and how long it may take.”

Source:https://www.vanguardngr.com/2019/02/killings-us-calls-for-end-to-violence-in-rivers/

Tension grips Ago Palace Way, Lagos residents over fears of reprisal attacks

lagos—Tension still grips residents of Ago Palace Way in Lagos following rumours of a reprisal attack by members of outlawed Oodua People’s Congress, OPC , whose member was nearly lynched after he allegedly led a group of thugs to destroy and burn ballot boxes and papers while the re-scheduled Presidential and National Assembly elections were in progress.

File: Pandemonium as thugs set cast ballot papers ablaze in LagosThe OPC member identified simply as Demola reportedly invaded Ago-Palace Way and disrupted election leading to the death of about three persons while scores of voters were badly wounded.  During the noon attack, no fewer than 100 ballot boxes filled with voting materials were burnt.

The enraged voters who were scattered during the indiscriminate shooting by the thugs later regrouped and accosted their attackers who escaped from the scene in motorcycles.  Demola was however unlucky as the crowd caught up with him, burnt his motorcycle and set him ablaze.  Luckily, he was rescued and rushed to the hospital where he is still recuperating from the injuries he sustained from the crowd.

Election violence: Police arrest 23 suspects in Lagos

Vanguard gathered that, when news went round that he was lynched, his colleagues in OPC swore to take their pound of flesh and were preparing for a reprisal attack in the area the following day.  Warning messages trended in the social media warning non indigenes living in the area especially Igbos, to be at alert.

Luckily, police authorities were able to get the information through intelligence gathering and swiftly moved into action by planting plain-clothed detectives in all the nooks and crannies of the area with a view to nipping in the bud any attempt to cause unrest.

Vanguard gathered the newly posted Commissioner of Police, Zubairu Muazu personally patrolled the area, midnight, with a formidable unit of heavily armed policemen with a view to ensuring that calm was restored.  Later in the day, soldiers attached to’ OP Messa’ were seen stationed at strategic positions in the area.

As at press time, it was not possible to ascertain if police authorities will still carry out their operational strategy tagged ‘Operation Show Force’ which they wanted to patrol the area but police sources said that if the situation escalates, it will certainly be carried out.

Some of the residents interviewed by Vanguard lamented that the situation is degenerating to that extent when they are the aggrieved in the case.  According to one of them, a business man who simply identified himself as Osondu,” They attacked and brutalized us, they disenfranchised us, yet they are coming to kill us. This is not fair.”

Source:https://www.vanguardngr.com/2019/02/tension-grips-ago-palace-way-lagos-residents-over-fears-of-reprisal-attacks/

On the Elections in Nigeria

“Yesterday, Nigeria voted. Today, votes are being counted. I am very concerned by credible reports that the vote is being tampered with. To avoid any manipulation of the tally, it is critical that the Independent National Electoral Commission (INEC) announce without delay actual results — which are certified by party agents and observers — at each polling unit as the vote is tabulated.

          “Well-placed sources report that in some states and localities — including Anambra, Enugu, Ebonyi, Imo, Abia — INEC commissioners are receiving enormous pressure to alter poll results.  This must not be allowed to happen.

“The eyes of the United States, of Africa, and the world are upon Nigeria and INEC.  I also ask Secretary Michael Pompeo to hold accountable anyone who seeks to cheat the Nigerian people — who have waited patiently — of their vote or foments violence.”

Observer Group Releases Interim Report, Says INEC Officials Connived with Politicians

The Centre for Transparency Advocacy (CTA), an election observer group, has noted with concern, few cases where Independent National Electoral Commission (INEC) officials connived with politicians to sabotage the electoral process in Saturday’s presidential and National Assembly elections.

The group in its preliminary report also noted with concern the reported killings in parts of the country, while urging security agencies to ensure culprits are brought to book.

Its Acting Executive Director, Ms. Faith Nwadishi, stated this at a press conference Sunday in Abuja, where she said that though there were some challenges with the conduct of the election in some states of the federation, the frameworks and mechanisms put in place by the Commission ensured the polls were credible.

The group added that despite initial fears of concern, following the initial postponement of the election, INEC performed credibly well, while also commending the quick response of the INEC Chairman for ordering the arrest of erring officials who connived with politicians to sabotage the electoral process.

She stressed that simultaneous accreditation and voting introduced by the electoral body, in no small measure, contributed to the relative success of the elections.

Nwadishi pointed out that reports from observers deployed by CTA across the country indicated that the elections were still marred by challenges ranging from late arrival of materials and personnel, malfunctioning card readers, shortage of sensitive and non-sensitive materials, pockets of violence in some states resulting in killings and disruption of voting, missing names of registered voters from the electoral register, poor management of RACS on the polling day.

She stated, “We also note with concern, few cases of INEC officials conniving with politicians to sabotage the electoral process. For example in parts of Imo state, INEC officials connived with politicians to withhold electoral materials thereby preventing the elections from holding. We commend the quick response of the INEC Chairman in arresting the situation and ordering the arrest of the erring officials.”

She noted that in most cases where card readers malfunctioned, the electoral body was able to respond in a timely manner to either fix the problem or replace such malfunctioning card readers.

Nwadishi stressed, “While INEC generally displayed dedication, we observed that some of them were still grappling with a basic understanding of their roles as well as the capacity to operate the card readers.

“There were widespread reports of late arrival of materials and personnel across the country even though the RACs were activated a night before. From our observation, this was due to poor deployment of materials and personnel to various places.

“The perchance for the use of political thugs, vote buying, the predilection for compromising the security agencies have all combined to pose serious threats to the political process by the political class/political parties.”

Source:https://www.tori.ng/news/117012/observer-group-releases-interim-report-says-inec-o.html

Release Galadima now, PDP tells DSS

By Dirisu Yakubu
ABUJA- The Peoples Democratic Party, PDP, has called for the unconditional release of Alhaji Buba Galadima who was alleged arrested by operatives of the Department of State Security, DSS, on Sunday.

In a statement signed by its national chairman, Prince Uche Secondus yesterday, the party condemned the development, saying Galadima committed no offence to warrant his arrest.

“I call for the immediate release of Mr. Buba Galadima by the Department of State Security, even as I remind the DSS and other security agencies, that their oath of allegiance was sworn to Nigeria and not to the All Progressive Congress or President Muhammadu Buhari.

“We as a party condemn this arrest in the strongest possible terms. Buba Galadima is a patriot. His patriotism has been previously and strongly highlighted by various Nigerians, including President Muhammadu Buhari.

“What crime has he committed? I answer my own question and say none. Mr. Galadima is constitutionally guaranteed a right of freedom of speech and freedom after the speech.

“The nation is currently boiling with the deaths caused by thugs of the All Progressives Congress, APC. Not one of these thugs has been arrested by the DSS. The nation was embarrassed by drone images of bullion vans laden with cash driving into the home of the National Leader of the APC and no action has been taken by the law enforcement authorities. Yet a patriot and pro-democracy activist is arrested.

“We cannot be hoodwinked by the puppeteering of the DSS by the APC. It is obviously no coincidence that the APC Presidential Campaign Council called for the arrest of Mr. Galadima at 12 noon today (Sunday the 24th of February, 2019) and the arrest was duly effected by the DSS an hour later,” the statement read in part.

Secondus added that regardless of the incident, “Nigeria will not be cowed. We have voted for democracy and as a nation, we will not be taken back to Egypt by the discredited blame centred anti democratic forces who have turned a once thriving economy into the world headquarters for extreme poverty.”

Source:https://www.vanguardngr.com/2019/02/release-galadima-now-pdp-tells-dss/