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Business News

SEC petitioned to probe the unclaimed dividends of delisted companies

The Issuers & Investors ADR Initiative (IIADRI), has petitioned the Acting Director-General of the Securities and Exchange Commission (SEC) to probe the utilisation of unclaimed dividends by delisted companies.

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The Issuers & Investors ADR Initiative (IIADRI), has petitioned the Acting Director-General of the Securities and Exchange Commission (SEC) to probe the utilisation of unclaimed dividends by delisted companies.

IIADRI also urged SEC to investigate the final pay-off of investors of such companies. The petition reads thus;

“As you already know we are the foremost organisation with a mandate to ensure the stability and growth of the Nigerian capital market through the protection of the rights of both the issuers and investors.

“It is in pursuance of this objective that we call your attention to some unanswered questions arising from the delisting of public quoted companies and seek your clarification on this. It has come to our notice that some companies after declaring unclaimed dividend have gone ahead to deregister as public limited liability companies.

“We seek to know the law and policy regarding the unclaimed dividend in such companies as they convert to private limited liability companies.

“Finally, we call on SEC as the regulator of the capital market to probe all unclaimed dividend and final pay off due to shareholders in all public companies that have converted to private companies to ascertain the safety and where bout of this two set of unclaimed money in the likes of Enpee Plc, Nigerian Bottling Company Plc, Seven-Up Bottling Company Plc, Nigerian Tobacco Company Plc, among others).”

Past Developments: Note that the Nigerian Stock Exchange (NSE) delisted Newrest ASL Nigeria Plc in 2018, and is now set to also delist First Aluminium Nigeria Plc. These are all voluntary delistings. Newrest ASL Nigeria Plc had applied for voluntary delisting as a result of its inability to meet up with the 20 per cent free float requirement of The Exchange, while First Aluminium Nigeria Plc chose to delist because its shareholders were not benefiting from its continued listing.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business

Hyundai and Kia to set up an assembly plants in Ghana by 2022

The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

Why this matters

More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

SSKOHN

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Business

Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

What the Minister said

“On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

“But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

The new passport process

The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

“When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

What you should know 

  • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
  • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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