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How To Get Back Unclaimed Dividends & Process e-dividends

How To Get Back Unclaimed Dividends & Process e-dividends

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How To Get Back Unclaimed Dividends & Process e-dividends

 

As an investor in shares it is very likely that you may have come across incidences of unpaid dividends either due to the dividend warrants getting expired or the dividend warrants never even getting to you at all. Recently, I embarked on a mission to get back some of my unclaimed dividends from yester years as well as ensure I never again miss out on my return on investments, otherwise called dividends. Here is a step by step guide of how I did it.

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Get a List of All Your Shares

The first thing I did was to visit my stockbroker requesting for an updated list of all the stocks that I own in the Central Securities Clearing System (CSCS). You can actually get this printed online yourself if you register with the CSCS. I also took a list of all the share certificates I have just to be sure my entire portfolio is accounted for.

One can also search for one’s name using this link

It will pull up a list of companies that one has unclaimed dividends in, as well as the registrars involved.

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Obtain a list of the respective Registrar’s for the Stocks you own

Every company listed on the floor of the Nigerian Stock Exchange has a unique Registrar that manages their outstanding shares on their behalf. The Registrars are mandated to manage all shareholder issues such as dividends, public offers, share certificates, bonus issues etc. on behalf of companies. Therefore if you are to get back your dividends you will have to know who your registrars are.

[Read Also: How To Monetize Old Share Certificates and Locate Missing Stocks]

Sign a Share Transfer Form

The stockbroker will give you a share transfer form for each of the shares you own. The form basically mandates the stockbroker to act as your agent, thus giving them the powers to   process your unpaid dividends with your respective registrars. This service typically requires a token fee depending on the stockbroker. The fees can be a flat amount or percentage of the dividends you are expecting.

These all depends on the value of your dividends. The alternative will be for you to approach the registrars one by one by yourself just to get your unpaid dividends sorted out. This can be time consuming if you do not have the luxury of time for this. However, it does save you some fees which you would have paid to your stockbroker.

This process can last within a month or more depending on the efficiency of the registrar and the commitment of your stockbroker. You will also need to follow them up very often to ensure that you get your dividends on time.

Processing E-Dividends

I also used the same opportunity to process my e-dividends registration. E-dividend registration is basically a solution to the incidences of unpaid dividends. By registering for E-dividends, your registrars simply credits your bank account whenever dividend is paid out by any of your companies.

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This process completely avoids the more common paper dividends and has the added benefits of ensuring that you never lose your dividends and that they get paid to you on time. Considering that I still received a number of paper dividends I informed my stockbroker that I wanted to switch to E-dividends. I was then given a set of E-dividend forms of the respective registrars for each of the companies I owned shares in following which I filled the forms.

[Read Also: How to protect your bank account from phishing attempts]

A typical E-dividend form will contain the name of the bank which you intend your dividend to be paid into, the address of the bank,  Nuban Bank account number, sort code, the name and address of the shareholder, name of stockbroker, email address, company seal (if it is a registered company) etc. Registrars typically have various formats but contain basically the same information.

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Visit your Bank

After filling and signing the forms, you will have to take a copy to the banks as well for them to sign. Without the bank’s signature on your forms the e-dividend form may not fly. I found this quite rigorous as well as I hate to visit banks and prefer to transact online. However, considering the sensitivity of e-dividends, it is understandable that they make the process a lot more thorough.

You can prefer to use one bank only for your e-dividends if you do not like the stress of having to visit multiple banks and going through the same process all over again. Another advantage one bank gives you is that it makes dividend monitoring very easy as you only have to check one bank statement when it’s time to reconcile your dividends.

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Back to the stockbroker or registrar

Once you are done with signing the e-dividend forms take it to your stockbroker, if you had mandated them to process your e-dividend on your behalf. Remember, you may have to give them a power of attorney to do that. Otherwise, you take the forms to the respective registrars yourself for them to complete the final leg of the registration. Again, the timeline for this depends on the registrar and how efficient they are in processing e-dividends.

You should also use this opportunity to follow up with your stockbroker or registrar about your past dividends which I had mentioned earlier. Remember, e-dividends will only be paid for subsequent dividends and not the ones that had already being paid but not credited to you.

 

Patricia

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

40 Comments

40 Comments

  1. Felix

    May 14, 2014 at 2:05 pm

    I can relate to the above write-up. For a couple of years now I have been going through this maze of procedures and policies just to locate and keep track of my shares in only three companies. For someone used to simplicity and efficiency of getting the same things done in the west, it has been a very frustrating process dealing with registrars, stockbrokers and banks in Nigeria. Even emails and text messages take forver to reply, and so-called customer service phone numbers are hardly answered. At one point, I wanted to forget the whole thing.

    The worst part is that every identifying document has to come from Nigeria, even when you have not been in Nigeria for 20 years; postage stamps, affidavits, references, etc. There is no provision in the rules and regulations governing these processes to accomodate Diaspora Nigerians, and that is very wrong, especially in a world where international transactions are becoming more seamless.

    There is that expectation by those living outside Nigeria, that such services as banking, insurance, share purchase, etc should not be a nightmare in this day and age, given the explosion of information technology; unfortunate, one is greatly disappointed that Nigerian businesses are light years behind, and this negatively affects investment revenue inflow to the country.

    • Ugodre

      May 14, 2014 at 4:53 pm

      Thanks for your comment. I believe with e-dividends you will get better and speedy value for your investments

    • olakunle

      September 7, 2017 at 5:58 am

      i bought 1000 unit shares of Dangote Flour Mills Plc. 10 years ago nd im yet to get my Dividends , ive been outside the country for some time now and i dont even know whats up with my shares..

  2. Stanley alaribe

    January 11, 2015 at 8:08 pm

    How do i find out from my registrant about my unclaimed dividend?

  3. olatunjiogunwale

    September 26, 2015 at 8:28 pm

    l dont know where to start, my late dad left some shares under my name, original will still with the administrator who refuse to do anything since 20 yrs daddy has left. But photocopy of the will with me. Many shares certificate has lost due to change of postal box. what can l do now .pls, reply me via my e-mail thanks

    • kasali adekunle

      June 4, 2017 at 1:55 pm

      i just received message that my e-dividend mandate form has been approved by first regstrars on 1/6/2017.what shall be next step now

  4. Ogundipe Benedict Oludayo

    January 18, 2016 at 10:25 pm

    For banks to append their signature a of 5k is charged why, which is why I abandoned the process.

  5. amusan oluwasegun

    July 20, 2016 at 7:32 pm

    since 2008 to 2011i’m not collect any dividend.

  6. John

    September 26, 2016 at 4:43 pm

    I bought dangote flour shares at UBA bank by 2008. During the process I filled my oceanic bank account on the form which I used to receive my dividend. I left the bank when they became ECObank and since then I’ve done nothing about my dividends. December 20015 I received a CD from Tiger Brands that has my Account number and annual report and also states that I have unclaimed dividend 1-5. Please how do I go about claiming these dividends and also updating my current bank details so that I receive the dividends at where am banking with. I’ll appreciate any reply you send to my email. Thank you.

  7. Bm

    October 25, 2016 at 4:30 pm

    Some shares were bought by two different people for me in my name when i was young(below 18). I want to claim my dividends now,how do i go about it?

    • Nairametrics

      October 25, 2016 at 10:30 pm

      Do you have the share certificates?

  8. Grace

    November 14, 2016 at 8:41 am

    i bought 3ooo unit shares of Fidelity 8 years ago nd im yet to get my certicate , ive been outside the country for some time now and i dont even know whats up with my shares

  9. Grace

    November 14, 2016 at 8:42 am

    no dear, i only have the receipt

  10. Grace

    November 14, 2016 at 8:53 am

    infact is was 10 years ago while i was studying at Unilag, their agent came to Unilag and i bought 3000 units. moreso the bank details i gave them has being closerd for sure cause i ve been outside the country for some years now. how can u be of help please

  11. ogioba precious

    August 19, 2017 at 1:27 pm

    my late dad bought units of shares for my siblings and I at ecobank 2008,havent receive any dividends and the only thing with me is the form and a teller attached to it which he used in purchasing the form….please what do i do about it ?
    precious.

  12. Abolanle

    October 16, 2017 at 2:37 pm

    Is there a law stating that your dividend warrant expires after 12 years untreated.

  13. Alhassan Umar yakubu

    November 1, 2017 at 4:28 pm

    I need my original share certificate the one sent to me was duplicate through my P.O. BOX, and I now have my own gmail want all information to come through it.

  14. falodun olusegun mayowa

    January 11, 2018 at 1:42 pm

    good day,
    how do i go about claiming my dividend from shares bought, i have my certificate with me but my hitch is the bank ownership has changed. i got the shares under the name of bank PHB now keystone. Even before the switch i never got any dividend.

    i will appreciate if all procedural on how to work on this is forwarded via my email.

    thanks and look forward to your response.

  15. blessing onuwa

    February 12, 2018 at 11:47 am

    Am blessing onwa in mkurdi, I bought dangote flour in Kaduna [email protected] intercontinental bank now econank, I receive my first dividend on 31/12/2008 since then no dividend has been sent to the p.o.box I gave. I want my unclaimed dividends and my share certificate to be given to me with this address: Benue State Local Government Pension Board, P.M.B102095 Makurdi, Benue State.

  16. Usman Ado

    March 26, 2018 at 9:39 am

    Hello my name is Usman Ado I brought Dangote Flour Mill on 03 10 2007 but am yet to receive my share certificate of 1000 units Thanks

  17. Olusegun Omitola

    May 10, 2018 at 4:34 pm

    As a student then, I bought 1000 units of Oceanic bank share, 1000 units of Intercontinental bank share and 2000 units of FinBank share. I registered one of them with a broker but don’t know the details again. Please any help to trace the shares? Thanks.

    • chibuike dunstan

      August 12, 2019 at 8:13 pm

      if you still have the issue i will assist you. not that i am a stockbroker but just an investor like you- i also had intercontinental though Global bank before it became intercontinental bank shares.
      Now know this access bank acquired intercontinental bank at a very terrible rate, which means your shares in access are far fewer than 10,000units. but all your dividends you received as intercontinental bank and access bank since they acquired it will be given to you if you meet access bank registrars i.e united securities limited. take your shareholding number to access bank or browse it it to contact their registrars, fill and give your bankers to stamp on it then submit it. roughly within a month depending on the volume to be attended to, all your monies with enter your bank account you provided.

  18. Dare olumadare abiodun

    May 21, 2018 at 8:49 pm

    I have not collect any devidence since 2014

  19. Idike Gloria Onyebuchi

    May 25, 2018 at 2:02 pm

    I bought a dangote flour mill since January 2008 at then Oceanic, but I have never gotten any dividend please I need help on how to go about it tanks

  20. Patrick Usiaphre

    June 15, 2018 at 11:09 pm

    There is big conspiracy by some of the registrars not to pay dividends on flimsy excuses,the system has been simplified so the issue of identity and signatures can be verified online …int passport drivers liecense,national id,BVN and others

  21. Medugu Amtagu

    June 19, 2018 at 1:08 pm

    I bought some shares with Skye back back in 2008,details concerning that shares I have not received and I don’t have any knowledge on its progress.

  22. Gloria Oghoyon

    August 27, 2018 at 1:56 pm

    I bought dangote flour mill shares in 2007.i have my certificate but since 2011 they stop sending dividend.i ve written and fill E- dividend form so many times through my bank(Ecobank) but still nothing has been done.I will really appreciate it if you can tell me how to get my accrued dividend.you can reply me through my E-mail.
    Thank you.

  23. joshua komo pani

    August 28, 2018 at 9:50 pm

    i bought dangote flour mill shares in 2007, i have my certificate but since then i have not received dividend i also fill the e-dividend form. how can i get the accrued dividend.thanks please reply me through my e-mail.

  24. Victor

    October 17, 2018 at 4:23 pm

    I bought ETI, and First inland Bank. shares in 2008.i have my certificate but since they stop sending me dividend.appreciate it if you can tell me how to get my accrued dividend.you can reply me through my E-mail.
    Thank you.

  25. Olu Adebayo

    November 12, 2018 at 7:04 am

    I bought several shares in multiple names, how do I consolidate them into one.

    • Alfred Akuki

      November 12, 2018 at 5:49 pm

      You will need to go to your registrar/stockbroker/banker and try to identify the names in which you or a third party bought the shares on your behalf. You will need to have identification particulars and any other documents that establish that the shares you seek to claim are yours.

  26. Adelowo Adewale Samuel

    March 11, 2019 at 10:58 pm

    I bought 10,000 units of intercontinental in 2007 l received dividend for like 3yrs after which up till now 2019 l don’t know what is going on with my shares
    Can anyone help me out please?

    • chibuike dunstan

      August 10, 2019 at 8:34 am

      if you still have the issue i will assist you. not that i am a stockbroker but just an investor like you- i also had intercontinental though Global bank before it became intercontinental bank shares.
      Now know this access bank acquired intercontinental bank at a very terrible rate, which means your shares in access are far fewer than 10,000units. but all your dividends you received as intercontinental bank and access bank since they acquired it will be given to you if you meet access bank registrars i.e united securities limited. take your shareholding number to access bank or browse it it to contact their registrars, fill and give your bankers to stamp on it then submit it. roughly within a month depending on the volume to be attended to, all your monies with enter your bank account you provided.

  27. emmanuel uduanu

    September 2, 2019 at 11:47 pm

    i bought 3000 unit of oceanic shares in 2007 and up till now i have not receive any divident.pls i need your help

  28. Omulu Obiora Lawrence

    September 17, 2019 at 6:08 am

    Hi
    I need your help, my late dad got shares with UTC PLC and UAC PLC. I went to their office in Lagos from Enugu on 2011/2012 for these but sad that after bringing requested documents like share certificates, power of attorney, open an estate account and so on, I never received a cent or kobo since then.
    What must I do or who should I write or complain to?

  29. Regina

    October 4, 2019 at 8:46 am

    I bought four different share with different names since 2006 and uptill date I have not been paid

  30. Ritaro James

    December 7, 2019 at 11:36 am

    Good morning.
    My dad bought shares under bagco from first bank but has not collected dividend

  31. Anyanwu Sun Chukwuemeka

    December 28, 2019 at 5:40 pm

    Good day sir, compliments of the season. please i need help on how to claim and receieve my dividend. for some years , i have not recieved any and have trying to make contacts on what to do. I will be very happy if my request is look into and granted. Thanks, God bless.

  32. BANKOLE DICKSON

    January 23, 2020 at 6:25 pm

    I bought OCEANIC BANK shares in 2007 and up till now, I haven’t receive any dividend. I didn’t register with cscs as I wasn’t in the Country for a lo g time. How can u help? [email protected] gmail.com

  33. Abiodun

    June 27, 2020 at 8:07 am

    Please, as an investor living abroad, how do i process my e-dividend form from there? Thank you.

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Debt Securities

FMDQ admits Axxela funding of N11.5 billion bond on its platform

FMDQ explained that Axxela Funding 1 PLC is a special purpose vehicle incorporated by Axxela Limited.

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The FMDQ Group, through its subsidiary, FMDQ Security Exchange Limited, has admitted the Axxela Funding 1 PLC N11.50 billion Series 1 Bond on its platform.

According to News Agency of Nigeria (NAN), this was disclosed by the FMDQ Group in a statement that was issued on Thursday, July 9, 2020, in Lagos.

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The statement explained that FMDQ admitted the N11.5 billion Series 1 Bond, which is under the Axxela Funding N50 billion bond programme on its platform.

FMDQ explained that Axxela Funding 1 PLC is a special purpose vehicle (SPV) incorporated by Axxela Limited to raise funds through the issuance of debt securities in the domestic capital market.

READ MORE: Nigeria’s Capital Market: Equities, ETFs, Bonds and Beyond

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According to the statement, “Axxela Limited, owned by Helios Investment Partners, is a natural gas shipping company on the West African Gas Pipeline, providing unique energy solutions with presence in Nigeria and gas export operations in neighbouring West African countries.

“The admittance of the Axxela bond is testament to the opportunities which the Nigeria Debt Market Capital (DCM) avails to corporates in diverse business areas and further, to the potential of the market to support stakeholders effectively even as they carry on their activities in the face of the pandemic.

“The Axxela bond, by its listing on FMDQ, shall be admitted onto the FMDQ Daily Quotations List; thus, promoting the much-needed transparency for investors and providing a credible basis for portfolio valuation daily.

“Also, through the global visibility which the FMDQ website and systems guarantee, the corporate profile of the issuer is raised even further ahead of tapping into other opportunities in the Nigerian capital market.”

READ ALSO: NSE’s Oscar Onyema urges market operators to explore opportunities in Finance Act

The FMDQ in its statement revealed that the Nigerian Debt Capital Market plays an important role in the efficient mobilization and allocation of resources in the economy. Despite the impact of the current economic crisis, the market had continued to effectively support corporate firms looking to expand their business operations.

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Therefore, the FMDQ, in its role as a market organizer of the Nigerian Debt Capital Market, amongst others, has continued to provide stakeholders in the Nigerian capital market with a credible and robust platform for capital access, risk management and transfer of value.

This means that Axxela Series 1 Funding will have the opportunity to global visibility through FMDQ Exchange’s website and systems.

The Series 1 bond would be included in FMDQ Daily Quotations List, in order to ensure and maintain information transparency.

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Debt Securities

Covid-19: Companies raise N222 billion in capital during lockdown

Corporate organizations successfully raised at least N222.6 billion from the 24th of March till date.

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The COVID-19 pandemic is unarguably the greatest disruption of recent times. Not only has the world been faced with the existence of a real-life plague, but its impact has also been felt across industries, economies, markets, and more. Yet, corporate organizations successfully raised at least N222.6 billion from the 24th of March till date, covering the toughest periods of the economic impact of the pandemic itself as well as the pandemic-induced lockdown.

Across the world, businesses and companies alike have sought out ways to curb the menace that is the pandemic through the introduction of cost-cutting measures to withstand the storm. However, in the midst of this, an array of companies have also sought out ways to raise finance to ensure their sustainability while also leveraging the relatively cheap opportunity to raise capital.

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READ ALSO: NSE promotes gold as viable option in the current investment landscape

Increase in Listing

Data from the Nigerian Stock Exchange (NSE) reveals corporate bodies and the government have raised capital and facilitated secondary market trading activities worth over N1.8 trillion. A number of securities have also been listed on FMDQ. Methods used cut across Rights Issues, private placements, bond listings, etc., and they have been supposedly geared towards supporting working capital needs of the organizations, facilitating business expansion and more.

Listings over the period include; LAPO Microfinance Bank’s bond worth N6.2 Billion, NewGold ETF valued at N7 Billion, UACN Property Development Plc’s N16 Billion Rights Issue, Dangote Cement Plc’s bond worth N100 Billion, FBNQuest Merchant Bank’s Series-1 N5Bn Bond, Flour Mills’ N30 Billion Series 13 & 14 Commercial Paper programme, Primero BRT Securitisation SPV Plc bond worth N16.1Bn Bond, and the Golden Guinea Breweries Plc’s private placement of N1.2 Billion. Also listed are MTN Nigeria Communications plc’s proposed series of N50 billion and Transcorp Hotel’s N10 billion Rights Issue.

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In addition to this, several Government Bonds worth over N797 Billion have also been listed within the past few months. Other companies have also listed capital financial issues include Guinness Nigeria (N5 billion) and United Capital (N20 billion) through commercial papers, also offering low-interest rates to suit the overall trajectory of the economy.

READ MORE: Lafarge Africa hits 5 year low as NSE ends week in the red

The amounts raised

Of the various amounts listed over the same period, Flour Mills has raised N7 billion. FBNQuest Merchant Bank’s 5 billion issuance was 2.3 times oversubscribed but news reports are not clear as to how much was actually received; UACN Property Development raised N16 billion; Dangote Cement was 1.5 times oversubscribed, raising N155 billion; The Golden Guinea Breweries, Primero BRT Securitisation SPV, and NewGold ETF were all 100% subscribed at  N1.2 billion, N16.1 billion, and N7 billion respectively. United Capital raised N5.3 billion in Commercial paper issuance and N10 billion in its Series 1 Bond issuance, and LAPO Microfinance is ongoing. This brings the total amount raised in the period to at least, N222.6 billion.

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The attraction with raising capital in a COVID-19 era

The pandemic has brought about the world’s worst statistics and Nigeria is no exception with rising inflation juxtaposed with lower-than-normal interest rates – and that appears to be the catch. A common phenomenon across these bond listings is that many have been oversubscribed despite COVID-19 headwinds. In other words, with very limited opportunities available across markets, investors have rushed at many of these bonds at their comparatively low coupon rates. Given that these investments are locked at fixed interest rates, companies now have the opportunity to piggyback growth strategies on affordable capital raising. With investors, on the other hand, grappling for opportunities to shield their funds from inflation, the situation appears to take the semblance of a win-win situation.

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Debt Securities

Why interest rates on treasury bills, bonds crashed

The yoyo between debt and equity is likely to ensue as uncertainty remains in the forex market.

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Why interest rates on treasury bills, bonds crashed

The Nigerian debt market has been faced with a series of challenges, most of which were triggered by the worst pandemic recorded in human history Its prospects in attracting foreign portfolio investors were dampened as macros on Nigeria’s economy revealed a downtrend in the market, and this trend has only worsened in the past months. 

The fixed income market sustained its downward trajectory for the third consecutive month in June 2020 largely driven by excess liquidity as well as an overall scarcity of instruments in the market. Reports from several analysts indicate the demand for fixed income securities has increased considerably over the last 6 months driving down interest rates earned by investors. 

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Victor Silas an Investment analyst told Nairametrics about the OMO bills liquidity for the month of June. He said“For June, fixed income rates were liquidity-driven following the ban of locals from OMO and limited investment outlets. OMO bills maturities are creating more liquidity for locals and it is finding its way to the bond market and Treasury bill.   

READ MORE: How to invest in uncertain times

“The 2050 trading below 11% yield and the 364-day Treasury bill closing at 3.4%. It just tells you there are a lot of liquidity concerns for locals.” 

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Most foreign portfolio investors based abroad are staying out of naira debt dominated securities; this shows that Nigeria’s debt markets are now controlled by local investors.  

Nigeria attracted just $67.9 million in Foreign Portfolio Investment (FPI) inflow for the month of April 2020, the lowest inflow recorded this year. A cursory look at the Central Bank data shows that FPI sharply reversed from $2.30 billion at the beginning of the year (January) to just $67.9 million inflow in April 2020. Nigeria like most emerging markets relies heavily on foreign portfolio investments to shore up its external reserves and manage its exchange rate position.   

Portfolio inflow into money market instruments fell from N1.6 billion and N1.4 billion in January and February respectively to just N229 billion and N49 million in April and May respectivelyOn the flip side, those that still have their investment stuck in Nigeria, have stayed away from any other type of investment except money market instruments such as bonds and treasury bills.  Most of the investors are waiting patiently for the central bank to fund their dollar purchase so they can exit. 

READ MORE: Nigeria’s pension contributors add N100billion to pension asset

Issuers Market 

Emmanuel Orji Emerging Market/ Fixed Income Trader, COMERCIO PARTNERS spoke to Nairametrics on the performance of fixed income securities in June. He said;  

“Subsequently, the unexpected reduced sale at the June bond auction of NGN100 billion as against the NGN150 billion originally offered further strengthened the aggressive bullish run in the bond market.  

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“The bond auction closed relatively strong as a result, with a bid to cover ratio of 3.6x and rates declining by 120bps, 70bps, and 45bps to print at 8.00%, 11.00%, and 12.15% across the 3-year, 5-year, and 30-year maturities respectively.  Note: BPS refers to basis points, a financial term for percentages. 100 basis point is equal to 1%. 

READ ALSO: Nigeria’s foreign debt has breached a 15-year trigger

“As a result, yields for the benchmark securities monitored declined across all maturities on a month-on-month basis, with yields of the sovereign bonds with 3-year, 5-year, 10-year and 20-year maturities declining by 332 bps, 138 bps, 96 bps, and 138 bps to close at 5.64%, 7.13%, 9.76%, and 10.05% respectively.  

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“Given the amount of idle PFA cash sitting in bank placement (c. NGN1.5 trillion) and the sudden weakness in demand for equities, we expect the buying interest to persist in the near term, which should drive yields lower in the bonds market.”  

Nigerian fiscal stakeholders have resorted to borrowing domestically as opposed to seeking for funds abroad, another effect of the pandemic. This is expected to lead to an increase in the yields of FGN bonds in the short and mid-term horizon as the inward plan to seek funds locally intensifies. 

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Where this leaves equities  

Concomitantly, the equities market benefitted from the apparent thirst for asset yielding investments in recent months. As yields for safer investment fell, investors shifted to the equities market taking advantage of the earning season often market by dividend payouts. Most stocks paid dividend yields in double digits following the stock market crash in March 2020.  

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But by June the market sell-offs ensued with investors moving funds out to secure stakes in corporate debt securities. The yoyo between debt and equity is likely to ensue as uncertainty remains in the forex market and the country’s stimulus plans.  

Some retail investors who spoke to Nairametrics insist they have abandoned the Nigerian Stock Market preferring to trade in cryptocurrencies or US stocks. The proliferation of intech supported investing apps has made cross border investing easier providing access to market far beyond the shores of Nigeria. 

 

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