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Senate Moves To Boost Capital Market

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9 years ago

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Senate President, Dr. Abubakar Bukola Saraki, urged members of the Senate Committee on Capital Market, to work closely with stakeholders in the sector to reposition the nation’s capital market.
Saraki, according to a statement by his Chief Press Secretary, Sanni Onogu, made the call on Tuesday at a public hearing organized by the Senate Committee on Capital Market on the status of the N90billion unclaimed dividends in securities for Nigerian investors and on a Bill to give legislative framework for the Chartered Institute of Capital Market Registrars.
Represented by the Senate Leader, Senator Ahmad Lawan, the Senate President expressed confidence that the Committee will find legislative safeguards to challenges militating against the capital market.
Saraki said: “It is to be noted that Capital Market exists to provide long-term capital to both the government and corporate bodies for industrial and socio-economic development and at the same time attract returns for investors by way of dividends.
“It is expected that a Chartered Institute of Capital Market Registrars will help set ethical standards and standard professional conduct for members including benchmark and best practices in Nigeria.
“Finally, it is my hope that this Committee whose members were carefully selected will work closely with all stakeholders in this sector to bring back the past glory to the Capital Market.
“I have no doubt that this Committee will succeed in finding legislative antidotes to the challenges in this sector thereby strengthening the economy of this great nation,”  he said.
Saraki, however stated that the issue of unclaimed dividends remains quite critical as it has endangered the progress of the Nigeria Capital Market, “an issue among others that has eroded our Investor’s confidence.”
He added: “Investments in the area of shares have dropped abysmally and dividends accruing to investors have come to zero thereby discouraging a lot of new investors from buying shares. The attendant economic and social effects of this development can best be imagined.
“It is therefore on this premise that the Senate at its Plenary Session on the 8th Day of November, 2016, considered and deliberated a motion moved by Senator Muhammad Shittu seeking the “Need to Determine the Status of Unclaimed N90 Billion Dividends in Securities for Nigerian Investors and the circumstances to which it was accumulated.
“The Senate also mandated this Committee by way of the Senate Resolution, to ensure proper verification of the alleged unclaimed dividends, make recommendations which seeks to amend the twelve (12) year ban on Unclaimed Dividends as provided for by section 383 of the Companies and Allied Matters Act (CAMA) 1990,” he said.

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Kenyan Runners Dominate Berlin Marathons

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23 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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23 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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23 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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