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Senate Moves To Boost Capital Market

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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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UNIPORT, UNIBEN Clinch NCDMB’S Engineering Olympiad Regional Victories 

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Two universities in the Niger Delta zone (University of Port Harcourt and University of Benin)  have emerged winners of the South-South region in the Nigerian Engineering Olympiad (NEO) competition.

The NEO competition which took place at the Nigerian Content Tower(NCT), headquarters of the Nigerian Content Development and Monitoring Board(NCDMB) in Yenagoa, Bayelsa State is a nationwide engineering, innovation and entrepreneurship competition launched in 2025 by a non-profit organization, ‘Enactus Nigeria’, in partnership with NCDMB, Renaissance Africa Energy Company Limited, First Exploration & Petroleum Development Company and the Nigerian Society of Engineers (NSE).

The two Universities teams represented differently by ‘Inovation team PROTRONICS’ and ‘Innovation team VHORDE’, won their counterparts from the Igbinedion University, Okada, Edo State, Federal University of Petroleum Resources (FUPRE), Effurun, Delta State, and the University of Uyo, Uyo, Akwa Ibom State, in the competition showcasing hardware and software prototypes developed to serve as innovative solutions to real-world challenges with specific reference to Nigeria and Africa.

From  UNIPORT’s ‘team PROTRONICS’ was an innovation called ‘KEYTRIC’ which the competitors presented as a ‘SMART POWER CONTROL’  that makes electricity usage effortless and automating with the use of an intelligent locking systems.

Team PROTRONICS highlighted high electricity bills, electricity fire risk and expensive smart home and gaps in existing solutions, including costly installation, lack of integration between security and energy, and dependence on the Internet as the reason for their innovative invention.

“Our innovative solution is a smart energy door lock that switches off a user’s electricity supply when they lock to leave the house.

“Our solution saves money on electricity bill, reduces the risk of electric fire accident, and is affordable to everyone”, the Uniport’s team said.

On the other hand, Team VHORDE of the University of Benin presented what it terms Intelligent Real-time Interface(IRIS) which enables visually impaired individuals to gain sight.

They pointed out that there are 4.5 million visually impaired Nigerians who are in some way incapacitated and unable to live life to the fullest.

The students displayed an IRIS pack, consisting sensors, wearable glasses, microphone, camera and Haptic feedback.

On how the IRIS works, the UNIBEN students said the smart glasses, which consist, a camera, depth sensor, and edge Artificial Intelligence(AI) processor, enables a visually impaired person to see and understand the world in real time.

“There’s an AI Compute Unit to be worn at the waist, which runs Convolutional neutral network (CNN) object detection, face recognition, and voice processing on-device”, the team said.

In a section on Business Model and Revenue Streams, the University of Benin competitors indicated production-scale pricing for IRIS Standard as N699,000 one-time purchase.

According to the team, the IRIS standard has the following functions, real-time object and scene identification, familiar face recognition, obstacle and hazard detection (haptic wristbands), natural voice interaction, Edge AI – fully offline core functions, and OTA software updates via Wi-Fi.

In an assessment of the prototypes and demonstrations made, one of the key judges of the competition, Engr. Dokubo Obongo, Manager, Institutional Strengthening, at the NCDMB, described all the presentations as “top-notch”.

He noted that there are solutions that are viable marketwise, relevant to the society and the challenges humans face, explaining that the Engineering Olympiad is a competition targeted at developing home-grown solutions from research and development from Nigerian universities.

“The idea is to see how we can proffer solutions to our own problems which means creating business opportunities”, he said.

Speaking for Enactus Nigeria, the group’s Country Director, Mr. Michael Ajayi, said the two top finalists from the six geopolitical zones would move to a boot camp for further preparation towards the main national championship, and that the best three teams would share N100 million.

He also disclosed that each of the 30 teams that displayed prototype technology in the regional competition would receive N3 million.

Team PROTRONICS of the University of Port Harcourt had as Team Lead Dr. Victor Jinn (Faculty Adviser), while the contestants were Chukwuma Sunday-Odu, Fubara David Otokini, and Ekemini Godwin Akpan, while Team VHORDE of the University of Benin had Anoint Oritsetimeyin Igorki, Oghosa Derick Osarobo, Uti Henry Eworitsewarami, Jada O. Godfrey-Ariavie, Richard O.Enegbuna, Momodu O. Olayemi, and Asemota G. Ayevbosa.

By: Ariwera  Ibibo-Howells, Yenagoa

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Customs Launches  SCADS To Curb Airport Delays

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The Nigeria Customs Service (NCS) has officially unveiled the Simplified Customs Advanced Declaration System (SCADS) at the international wing of the Nnamdi Azikiwe International Airport, Abuja.

The move is aimed at improving passenger clearance, compliance and customs operations.

This was contained  in a statement by the NCS spokesperson, Abdullahi Maiwada, and made available to Newsmen in Abuja.

Maiwada explained that the platform, designed to simplify baggage declaration for inbound international passengers, aims to reduce manual bottlenecks, improve transparency in revenue assessment and enhance operational efficiency at Nigeria’s international airports.

Speaking at the inauguration ceremony, Deputy Comptroller-General of Customs in charge of ICT/Modernisation, Oluyomi Adebakin,  said the deployment of SCADS marked another major step in the service’s digital transformation agenda.

Adebakin said the initiative became necessary to address operational challenges encountered on the service’s previous passenger declaration platform earlier this year.

She explained that rather than allowing the setbacks to slow operations, the service chose to develop a stronger and more efficient alternative.

“When the earlier platform experienced operational challenges, we chose not to see it as a setback. 

“We saw it as an opportunity to build something better, stronger and more efficient,” she said.

According to her, the newly introduced SCADS platform allows passengers to declare items before arrival, thereby reducing clearance time while improving compliance and operational integrity.

“For passengers, this system creates the opportunity for advance declaration before arrival. It means faster clearance, easier compliance and smoother movement through our airports,” she added.

Adebakin said that the system would eliminate subjective revenue assessment by ensuring that duties were being automatically generated based on declared items, their quantities and actual values.

“When we talk about revenue collection, it is not about collecting more or less. It is about collecting the right revenue. With this system, assessment will now be more objective, accurate and driven by data,” she said.

Earlier Comptroller  Customs Area Controller, FCT Area Command, Victoria Alibo,described the selection of the command for the pilot phase as a vote of confidence in its operational capacity.

Alibo said the new platform integrates passenger baggage and e-commerce declarations into a single digital framework designed to support global Customs best practices.

“SCADS is designed to simplify declarations, reduce clearance time, eliminate manual bottlenecks and align our operations with international standards,” Alibo said.

She said that the pilot phase would run for five days, from May 18 to May 22, during which officers would evaluate the system in a live environment ahead of nationwide deployment.

The event was attended by senior Customs officers, officials of the Federal Airports Authority of Nigeria, partner government agencies, technical teams, and other key stakeholders in Nigeria’s aviation and border management ecosystem.

By: CHINEDU WOSU 

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Energy Theft, Obsolete Infrastructure Deepen Nigeria’s Electricity Crisis – Expert

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The President, Nigeria Consumer Protection Network, Mr Kunle Olubiyo, says Nigeria’s electricity sector continues to suffer massive revenue losses due to widespread energy theft and obsolete metering systems.

Olubiyo, said this in an interview with Newsmen to Monday in Abuja.

He said energy theft occurs at both the consumer and institutional levels across the electricity value chain from generation to transmission and distribution.

According to Olubiyo, at the consumer level electricity theft includes metre bypass, illegal connections and unauthorised access to power without proper billing.

According to him, some customers would dig underground cables directly to their homes or businesses without being metered, while others exploit estimated billing systems to consume electricity without payment.

“Whether through metre bypass or illegal connection, many customers are using electricity for free. That is energy theft,” he said.

He also alleged that institutional energy theft exists within the power sector, particularly through defective, obsolete, or wrongly installed metres used in monitoring electricity generation and distribution.

He said that wholesale metres installed at critical interfaces among generation companies (GenCos), transmission companies, and distribution companies (DisCos) were often out-dated or improperly configured.

He said those could lead to inaccurate readings and inflated subsidy claims.

“If 4,000 megawatts is generated and 7,000 megawatts is recorded, that is energy theft because the excess energy does not get to consumers,” he stated.

The expert further said  some operators in the sector allegedly exploit maintenance and repair contracts through inflated contract sums and possible collaboration with vandals.

He also cited the deployment of secure pole-mounted metres in military barracks as an example of how technology can curb metre tampering and unauthorised access.

He, therefore said the sector had to urgently address infrastructure decay, weak regulation, poor investment, and corruption within the value chain.

Otherwise, according to him, Nigeria’s electricity industry will continue to face liquidity challenges, revenue losses and unstable power supply.

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