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Reps To Probe Unclaimed Dividends

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13 years ago

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The House of Representatives has directed its Committee on Capital Market and other institutions to investigate the high volume of unclaimed dividends in quoted companies in Nigeria.

The committee is expected to report back to the House within four weeks.

The resolution was sequel to a motion by Rep. Akpan Umoh (PDP-Akwa Ibom ).

Leading the debate on the motion, Umoh said the alleged unclaimed dividends, according to the Securities and Exchange Commission (SEC), amounted to about N40 billion.

He also referred to a story in a national daily which reported that Vitafoam recorded N148 million unclaimed dividends for 2011 while that of 2010 was N149 million.

The implication of the revelation, he added, was that in the last two years, Vitafoam “alone has accumulated N297 million of unclaimed dividends.”

Umoh said that dividend warrants from majority of quoted companies in Nigeria got to the shareholders days after they had expired.

“Also according to SEC, there is still some controversy surrounding the payment of dividends into the savings accounts of the shareholders.’’

Umoh added , “it has become a deliberate sharp practice or manipulation by quoted companies to have their cheques delayed in order to generate a pool of unclaimed dividends.’’

He urged the relevant committee to investigate the matter.

Rep. Emmanuel Jime (PDP-Benue), in his contribution in support of the motion, said that “the motion boils down to the committee to investigate this matter”.

Rep. Uche Ekwunife (APGA-Anambra) observed that most Nigerians were no longer interested in investing in the capital market due to the prevailing situation in that sector of the economy.

Meanwhile, five bills were presented to the House for the first time.

They are the Nigerian Council for Management Development bill 2012; Education (National Minimum Standards Establishment of Institutions ) Amendment Bill 2012; National Kidney Centre (Establishment) bill 2012; Federal Capital Territory College of Nursing and Midwifery Bill 2012 and Prohibition of Sale and Unauthorised Use of Uniforms of Law Enforcement Agencies Bill 2012.

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Kenyan Runners Dominate Berlin Marathons

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2 days 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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2 days 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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2 days 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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