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SEC Commences Campaign To Recover Unclaimed Dividends For Investors

The Securities and Exchange Commission (SEC) has commenced a nationwide enlightenment campaign to help Nigerians recover unclaimed dividends and other monies arising from capital market transactions.

The campaign, which began with a town hall meeting in Lagos on Thursday, is aimed at sensitising investors on the existence of unclaimed monies, the role of the National Investor Protection Fund (NIPF) and the procedures for verifying and recovering legitimate claims.

The SEC Director-General, Emomotimi Agama, who was represented at the event by the Director, Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was necessary to ensure that funds belonging to investors were returned to their rightful owners.

Agama said unclaimed monies administered by the NIPF included return monies from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that had remained unclaimed.

He noted that the Commission considered it unacceptable for investors’ funds to remain unclaimed, adding that many investors and their families were either unaware that such monies existed or did not know the procedures for recovering them.

“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.

Agama said the SEC Board had approved a nationwide public enlightenment campaign to sensitise Nigerians on unclaimed monies, the role of the NIPF and the process for making legitimate claims.

He said the Lagos programme marked the commencement of the outreach, which would subsequently cover the six geopolitical zones and the Federal Capital Territory.

The SEC, he added, would also use electronic and social media platforms, its official website and other communication channels to reach more Nigerians, while continuing to publish and periodically update the list of companies whose corporate actions had resulted in unclaimed monies.

The Director-General said the campaign would also address the transmission of securities following the death of an investor, noting that families were often unaware that their deceased relatives owned shares or other capital market investments.

He said even when beneficiaries were aware of such investments, many lacked knowledge of the legal and administrative procedures required to obtain probate or letters of administration and transmit the investments to the rightful beneficiaries.

“As a result, valuable investments and return on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said.

Agama said the Lagos programme included an expert session on probate administration and the transmission of securities to demystify the process and provide practical guidance to investors and their families.

He urged investors to maintain proper records of their investments and encouraged families to take steps to preserve inherited wealth.

The SEC DG also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, saying fraudsters continued to exploit economic pressures and digital platforms to lure unsuspecting members of the public with promises of guaranteed and unusually high returns.

He urged the public to be cautious of investment opportunities offering risk-free returns, stressing that investor education and vigilance remained critical to combating financial fraud.

Speaking on behalf of the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, SAN, Deputy Director in the Ministry of Justice, Olujoke Ogunojemite, commended the SEC for extending the campaign to Lagos and recognising the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.

She said the issue had a practical impact on beneficiaries who were unable to access assets after the death of their loved ones.

Ogunojemite said the ministry was committed to ensuring that legal processes did not become barriers to beneficiaries seeking to recover legitimate assets.

“We will continue to provide partners for citizens to resolve such issues,” she said.

She described the SEC’s outreach as commendable, saying it would help restore assets to their rightful beneficiaries.

The Lagos State Government, she added, remained ready to collaborate with the SEC and other stakeholders to promote investor education and strengthen financial inclusion.

admin by — July 17, 2026 in Business 0
Peter Obi, Kwankwaso will unite Nigeria – Galadima

Engineer Buba Galadima, a leader of the Nigeria Democratic Congress (NDC), has described the Peter Obi and Rabiu Musa Kwankwaso presidential ticket as a “healing ticket” that could help unite Nigeria and address the country’s long-standing divisions.

Speaking during an interview with Arise News on Wednesday, Galadima said he and other members of the Kwankwasiyya movement supported Obi because they believe his partnership with Kwankwaso offers the best chance to rebuild the country.

“It is our belief that this is the only ticket that can salvage Nigeria. Not only salvage it, but it is a ticket we call the ‘healing ticket,’ designed so that we can forget the past,” Galadima said.

He explained that the alliance was created to strengthen ties between the North and the South-East, adding that Obi should be seen as a Nigerian leader rather than a candidate representing one ethnic group.

Galadima said the group had spent more than two years working to improve understanding between both regions. According to him, the effort has helped reduce tensions and encouraged dialogue.

He also said Obi had promised to focus on security, agriculture and education if elected president, while involving members of the alliance in tackling the challenges.

“Peter Obi has agreed that if he becomes the President of Nigeria, he will not only address these three issues personally, but he will make us part of those who will work on these issues,” he said.

Responding to critics, Galadima argued that there was no reason to attack those supporting Obi, noting that former Vice President Atiku Abubakar had previously chosen running mates from the South-East.

He admitted that ethnic and religious politics had contributed to Nigeria’s divisions but insisted the Obi-Kwankwaso ticket was focused on national unity.

“This ticket is not about Igbos, Hausas, Yorubas, Islam, or Christianity. This ticket is about Nigeria,” he said.

Galadima added that, if elected, the alliance would prioritise job creation, agriculture, skills development and local manufacturing to revive the economy and reduce unemployment.

admin by — July 16, 2026 in News 0
Why North aligned with Peter Obi despite opposition – Buba Galadima

A chieftain of the Nigeria Democratic Congress, NDC, Buba Galadima, has explained that the North aligned with Party’s presidential candidate, Mr Peter Obi.

The NDC chieftain the region believes an Obi-Rabiu Kwankwaso ticket offers the best chance of rescuing Nigeria and promoting national reconciliation.

Galadima stated this while speaking on  Arise Television’s Prime Time programme on Wednesday.

According to him, the decision to back Obi was based on political calculations rather than ethnic or religious considerations.

He described the proposed Obi-Kwankwaso alliance as a “healing ticket,” saying it would help Nigerians move beyond past divisions and foster national unity.

Galadima said: “We aligned with Obi and we have a reason. In politics, you do mathematics, and you calculate; it is our belief that that is the only ticket that can salvage Nigeria.

“Not only salvation; it is a ticket we call the healing ticket, such that we can forget the past. After all, a lot of people call us names because we brought Obi.

“I don’t want to mention tribe or religion in my politics, but we are being called a lot of names. You may never know. We’ve been having this fight in this part of the country.”

admin by — July 16, 2026 in News 0
Kebbi govt vows justice after farmers-herders clash claims eight lives

Kebbi State Government has vowed to ensure those responsible for the deadly farmers-herders clash in Gulma, Argungu Local Government Area, are brought to justice, while condoling with families of the eight victims killed in the violence.

Deputy Governor, Senator Abubakar Umar Tafida, conveyed the government’s condolences during a visit to the community on behalf of Governor Nasir Idris, sympathising with the bereaved families and praying for the repose of the victims.

Tafida described the incident as unfortunate and assured residents that those responsible for the killings would be arrested and prosecuted in accordance with the law.

He also urged residents to remain peaceful and avoid reprisals, stressing that the government would not tolerate any act capable of threatening peace and security in the state.

Speaking during the visit, Chairman of Argungu Local Government Area, Aliyu Sani Gulma, said the violence began after cattle allegedly strayed into a farmland belonging to one Aminu Ala and destroyed crops.

According to him, an argument reportedly ensued between the farmer and the herder, during which the farmer was allegedly stabbed to death.

The incident triggered reprisals by residents, who killed the herder and set his body ablaze.

Gulma said the violence later spread to members of the herders’ community despite the intervention of security agencies.

He added that two more bodies were later recovered on the outskirts of Gulma, bringing the death toll to eight, comprising one farmer and seven herders.

The council chairman commended the state government for the swift deployment of security personnel, saying the intervention helped restore calm in the affected community.

Also speaking, the Emir of Argungu, represented by the Kokanin Kabi, Kabiru Abdullahi, described the incident as tragic and appealed to farmers and herders to embrace peaceful coexistence.

A representative of the Fulani community, Aliyu Usman, also called for dialogue and tolerance to prevent future clashes.

admin by — July 16, 2026 in News 0
No one can alter election results in Gombe – Pantami

The governorship candidate of the Peoples Democratic Party (PDP) in Gombe State, Prof. Isa Ali Pantami, has warned that the party will not accept any form of election rigging or manipulation during the 2027 governorship election.
Pantami spoke on Wednesday while meeting PDP members and supporters in Nafada and other local government areas of the state.

Addressing supporters in Hausa, he urged the Gombe State Government and Governor Muhammadu Inuwa Yahaya to ensure a fair and transparent electoral process when campaigns begin.

He said, “No one has yet been born who can change our election results in Gombe State. Not this time around, the people will cast their votes, and it will count.”

Pantami said the PDP would focus on issues during its campaign rather than insults or confrontation.

According to him, “Gombe electorates are very wise now, they will not allow their votes to be wasted.”

He also encouraged residents not to be intimidated but to participate in the election and vote according to their choice.

The PDP candidate said the party is determined to defeat the ruling All Progressives Congress (APC) through the ballot and lawful democratic processes.

Pantami further accused the APC-led state government of failing to improve the lives of residents, alleging that government contracts are being awarded to only a small group of people.

He thanked supporters for backing his candidacy and urged them to maintain the momentum ahead of the 2027 general election.

admin by — July 16, 2026 in News 0
Oyo govt honours fallen heroes of Oriire rescue operation, commiserates with families

Oyo State Government has paid tribute to civilians and security personnel who lost their lives during the operation that led to the rescue of abducted pupils and teachers in Oriire Local Government Area, describing them as heroes whose sacrifices would remain etched in the memory of the state.

In a memorial message shared on its official X account on Wednesday, the government celebrated the safe recovery of the victims while expressing sorrow over the loss of lives recorded during the rescue mission.

“While we express gratitude for the safe return of the children and teachers abducted from Oriire LGA, we also wish to honour those who lost their lives. We extend our deepest condolences to the bereaved families. We commit to supporting them during this trying period. May their souls rest in peace,” the state government stated.

As part of the tribute, the government released an “In Memoriam” list featuring the names of civilians and security operatives who died during the Ahoro-Esinle and Yawota abduction incident.

Those honoured include:

Civilians

Mr Michael Oyedokun

Deacon John Olaleye

Mr Joel Adesiyan

Mr Oluwasegun Akanni

Military and security personnel

Lieutenant F. A. Isaac

Mr Adigun Saibu

Mr Isa Saliu

Mr Rafiu Ayuba

One unidentified soldier

The pupils and their teachers were abducted on May 15, 2026, after armed men attacked three schools located in Ahoro-Esinle and Yawota communities in Oriire LGA.

They were eventually rescued after spending approximately 57 days in captivity following a joint operation involving security agencies.

The attack had earlier claimed the lives of two teachers; Mr Michael Oyedokun and Mr Esiyan Adegboye, during the abduction. While Adegboye’s remains were recovered and buried after the incident, Oyedokun’s body has not yet been found.

Oyedokun’s family has appealed to President Bola Tinubu, Oyo State Governor Seyi Makinde and relevant security authorities to intensify efforts to recover his remains so he can receive a proper burial.

The rescue mission itself also resulted in the deaths of some security personnel who participated in the operation to secure the release of the victims.

The Oyo State Government commended their bravery, reaffirming its commitment to standing with the families of those who lost their lives and ensuring that the sacrifices of the fallen heroes are not forgotten.

admin by — July 16, 2026 in News 0
Kebbi Assembly begins one-month recess, suspends legislative activities

Kebbi State House of Assembly has suspended legislative activities for a one-month recess and is expected to resume plenary on August 11, 2026.

The decision was announced on Wednesday by the Speaker of the House, Rt. Hon. Salihu Maikasuwa Dangoje, during plenary at the Assembly Complex in Birnin Kebbi.

The recess followed the adoption of a motion moved by the Majority Leader, Hon. Faruku Aliyu Nassarawa Jega, seeking the suspension of sittings until August 11.

The motion was seconded by Hon. Faruku Abubakar Maisudan and received unanimous support from members.

Following the resolution, the Speaker formally adjourned the House and urged lawmakers to use the recess to engage with their constituents and identify challenges affecting their communities.

Dangoje encouraged members to maintain close contact with the people during the break and gather feedback that would support legislative activities when the Assembly reconvenes.

The one-month recess is part of the Assembly’s legislative calendar and is expected to provide lawmakers with an opportunity to attend constituency engagements before the commencement of a new legislative session.

The Kebbi State House of Assembly is scheduled to resume plenary on Tuesday, August 11, 2026.

admin by — July 16, 2026 in News 0
PIA permits Dangote’s dollar fuel sales – Regulator

Dangote Petroleum RefineryThe regulator of the midstream and downstream petroleum sector has told The PUNCH exclusively that the Dangote Petroleum Refinery has not violated any provision of the Petroleum Industry Act by opting to sell fuel in dollars instead of naira.

Multiple senior sources within the regulatory agency, who spoke on condition of anonymity, said the refinery has the right to recover its costs if it has been purchasing crude oil in dollars.

According to the officials, the Petroleum Industry Act allows operators to earn returns on their investments and recover eligible costs.

“It’s a pretty straightforward issue. The naira-for-crude deal is not to Dangote’s advantage right now. They are sourcing a lot offshore. And with the crisis in the Middle East, the refinery has to recover costs now. It has to survive.

“Basically, to be fair to Alhaji Aliko Dangote, he has tried, if you look at it. He has absorbed a lot. But maybe he has reached a breaking point. So he has to do stuff to recover costs. And that’s why he wants to share that burden with off-takers,” one source said.

Another official told our correspondent that the PIA permits operators that incur costs in dollars to recover those costs in the same currency.

“If you study the PIA relevant schedules and provisions, when it comes to tariffs, you can recover your costs in dollars if that’s what you’ve spent. So, it’s clear. That is the case. There’s nothing wrong with what the Dangote refinery has done. That’s why you’ve not heard any hoopla, even from major off-takers. Dangote is incurring costs in dollars. So what do you want him to do?” the official said.

Another source urged authorities in the upstream sector, including the Nigerian National Petroleum Company Limited, to address the challenges affecting the naira-for-crude arrangement.

“We have identified the gaps from the refinery, and it is for crude suppliers to do the needful supply. It is between the refinery and the dominant crude market supplier, which is the NNPC. Why are they not supplying the refinery? Why does it have to do the dominant purchase offshore? That’s why he has to recover his cost in dollars. It’s simple. The PIA doesn’t have an issue with that. It’s tariffing,” the source stated.

On Monday, the Dangote refinery announced that it would begin quoting ex-depot prices for petrol, diesel and aviation fuel in dollars for gantry and coastal transactions.

In a message to marketers on Monday, the company said, “Following our email on the 9th of July, 2026, regarding the transition from Naira to United States Dollars, please note that all issued Naira Coastal and Gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.”

Under the new pricing schedule, petrol sold through the gantry will cost $0.779 per litre, diesel $1.087 per litre, and aviation fuel $0.942 per litre, while coastal PMS supplies will sell for $1,044.62 per metric tonne.

The company, however, clarified that the new pricing arrangement does not apply to liquefied petroleum gas. Following the announcement, depot owners across major petroleum hubs began adjusting their loading prices as marketers factored in possible changes in replacement costs.

Pricing data from petroleumprice.ng showed that petrol prices increased by as much as N113 per litre at some depots, while diesel prices rose by up to N150 per litre in some locations.

Petroleum products marketers rejected the decision, arguing that they could not source scarce dollars to buy products that would ultimately be sold to Nigerians in naira.

Defending the decision, senior management sources at the Dangote Group told The PUNCH that the company had accumulated a large volume of requests for dollars from crude suppliers within and outside Nigeria because the refinery was not receiving sufficient crude from the NNPC under the naira-for-crude arrangement.

The sources added that the renewed tensions in the Middle East, which pushed oil prices to about $80 per barrel, had increased the refinery’s need for dollars to import crude and purchase supplies from local private producers.

According to the sources, the refinery has faced significant challenges selling fuel in naira while buying crude in dollars, adding that companies operating in free zones are permitted to sell their products in foreign currency.

The company said it had incurred substantial losses while waiting for dollar allocations and could no longer absorb the cost.

“Do you know how much we have lost waiting for the allocation of dollars? We can’t be subsidising the country after the government has withdrawn the subsidy. We are in a free zone, and that’s how it’s normally done. When we sell in naira, we are not being given dollars.

“We have a huge accumulation of requests for dollars piling up, and we are being given very little crude against the naira. It is not our fault. We are buying products in dollars. It is the other party that has failed to uphold the crude-for-naira agreement,” the sources said.

Independent petroleum marketers and energy experts opposed the dollar-denominated pricing of petroleum products, warning that the move could intensify foreign exchange pressures and create fresh instability in the downstream petroleum sector.

The stakeholders, who spoke separately with The PUNCH on Tuesday, argued that although the refinery, as a private business, has the right to make commercial decisions, pricing petroleum products consumed locally in dollars could have broader implications for the economy.

admin by — July 16, 2026 in Business 0
NGX gains N390bn as banking stocks lift market

NGXThe Nigerian equities market maintained its upward momentum on Wednesday as renewed demand for banking stocks offset profit-taking in select counters, keeping the Nigerian Exchange near historic highs despite a slowdown in trading activity.

The benchmark NGX All-Share Index ended the session at 242,366.75 points, while investors’ year-to-date return remained robust at 55.8 per cent, reflecting sustained confidence in the domestic equities market amid expectations of stronger corporate earnings and continued portfolio repositioning.

Although the benchmark index recorded only a marginal movement, the market’s overall value expanded by N390.32bn, pushing total market capitalisation to N156.24tn, underscoring continued wealth creation for investors.

The day’s performance was largely driven by renewed buying interest in banking heavyweights, with First HoldCo Plc gaining 10 per cent, Transnational Corporation Plc rising 6.2 per cent, Stanbic IBTC Holdings Plc advancing 2.4 per cent, and Guaranty Trust Holding Company Plc adding 1.1 per cent. Their gains outweighed losses recorded in selected consumer and industrial stocks, helping to sustain positive market sentimen

Investor appetite remained firmly positive, with market breadth closing at about 1.8 times, as 31 stocks appreciated against 17 decliners.

Among the day’s top performers were First HoldCo Plc, Thomas Wyatt Nigeria Plc, Legend Internet Plc, Tripple Gee & Company Plc, and McNichols Plc, while Trans-Nationwide Express Plc, International Breweries Plc, HMC Allied Plc, DAAR Communications Plc, and Nigerian Exchange Group Plc ranked among the major losers.

Sectoral performance was mixed. The Banking Index emerged as the best-performing sector with a 2.2 per cent gain, reflecting strong demand for tier-one lenders. The Insurance Index also advanced 0.7 per cent, while the Consumer Goods and Industrial Goods indices declined 0.3 per cent and 0.2 per cent, respectively. The Oil and Gas sector closed unchanged.

Despite the positive market close, trading activity weakened considerably as many investors adopted a cautious stance following the recent rally. Total trading volume fell by about 25 per cent to 453.2 million shares, while the value of transactions dropped by more than 44 per cent to approximately N27.2bn, executed in nearly 40,000 deals.

First HoldCo Plc dominated market activity, accounting for the highest traded volume of 78.66 million shares valued at N6.19bn, reinforcing strong institutional and retail interest in the banking stock.

admin by — July 16, 2026 in Business 0
FirstBank urges intervention to drive down home prices

The Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, has called for stronger government intervention in Nigeria’s housing sector, saying it is necessary to make homes affordable for millions of Nigerians.

Speaking with journalists on the sidelines of the Chief Executive Officers’ Forum at the 20th African International Housing Show in Abuja, Alebiosu said increasing housing supply would help reduce property prices and improve access to decent accommodation.

“We need to increase the supply of houses because when supply meets demand, prices will come down and more Nigerians will be able to afford decent homes,” he said.

The FirstBank chief also urged Nigerians to view housing as a long-term investment, describing home ownership as one of the most reliable ways to build wealth and secure their financial future.

“I encourage Nigerians to invest in housing because owning a home is one of the best ways to build wealth and secure their future,” Alebiosu said.

He added, “Housing is an asset that provides long-term value. However, people should only take on mortgage products that are affordable and suitable for their financial situation.”

Alebiosu pointed to successful housing models in the United States and several European countries, noting that government-backed programmes had played a crucial role in making housing accessible to citizens.

“Countries like the United States and those in Europe have shown that government intervention is essential in making housing affordable. They support housing through various initiatives, including social housing programmes. Nigeria can adopt similar models to expand access to affordable homes,” he said.

According to him, expecting private developers alone to bridge Nigeria’s huge housing deficit is unrealistic because of the high cost of financing construction projects.

“It is difficult for private developers to solve the problem on their own because they often rely on expensive bank loans to finance projects. They also need to make profits, which increases the cost of housing,” he explained.

He stressed that collaboration between the government and the private sector remained vital to addressing the country’s housing challenges.

“Given the scale of Nigeria’s housing deficit, government support and collaboration with the private sector are necessary to achieve meaningful results,” Alebiosu said.

He maintained that housing remained critical to Nigeria’s economic growth and social development, adding that expanding housing supply, increasing government participation, and providing affordable financing would make home ownership attainable for millions of Nigerians.

Earlier, the founder of the African International Housing Show, Festus Adebayo, said this year’s theme, Housing Solutions for Low-Income and Informal Workers in Africa, reflects one of the continent’s most pressing development challenges.

He lamented that millions of teachers, artisans, traders, farmers, transport workers, market women, security personnel, and young professionals remained excluded from formal housing systems despite their contributions to national economies.

Adebayo said housing should not remain the privilege of a few but an opportunity available to every hardworking African.

He called for bold leadership, innovative financing, effective land reforms, sustainable infrastructure, modern construction technologies, and stronger partnerships between governments, the private sector, and development finance institutions to bridge Africa’s housing gap.

Also speaking, the Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, said the bank had expanded access to affordable housing finance through various mortgage products, including the non-interest NIT Mortgage Loan.

Osidi said the ethical financing option was introduced to promote financial inclusion by providing contributors with interest-free access to home financing.

He said the bank’s financing models were designed to support Nigerians at home and in the diaspora, as well as workers in both the formal and informal sectors, with viable pathways to home ownership.

Osidi expressed confidence that deliberations at the housing forum would produce practical policy recommendations, innovative financing models and stronger partnerships capable of improving housing delivery across Africa.

admin by — July 16, 2026 in Business 0