Business

SEC Stops Issuance Of Dividend Paper Warrants

Published

8 years ago

January 3, 2018

The Securities and Exchange Commission yesterday directed all registrars to stop the issuance of dividend paper warrants
A dividend warrant paper is a financial instrument in form of a cheque issued by a quoted company to its shareholders through which dividend is paid to them.
The Acting Director General, SEC, Dr. Abdul Zubair said this during a media briefing on the on-going capital market initiatives of the commission.
He said the stoppage of the issuance of dividend paper warrants would take effect from January 1 this year, adding that all paper warrants issued up till December 31, 2017 were still valid and should be honoured by banks.
He said, “In line with the approved rules of the Commission, all registrars have been directed to stop the issuance of dividend paper warrants with effect from January 1, 2018.
“For the avoidance of doubt, all paper dividend warrants issued up till December 31, 2017 are valid and should be honoured. Banks and registrars are accordingly implored to please note and adhere.”
He also said the commission, in a bid to encourage many investors to consolidate their multiple subscriptions into one account, has also extended the forbearance for multiple accounts till March 2018.
He added, “Investors that bought shares of the same company during public offers, using different names are allowed till 31st March, 2018 to continue to approach their stockbrokers or registrars to regularise their shareholdings, in line with SEC on customer identification.
“Thereafter, all shares not regularised shall be transferred, on trust, to the Capital Market Development Fund.”
On the issue of electronic dividend, Zubair said the free registration exercise for investors ended on December 31, 2017 in line with the stipulated deadline.
He said during the period of the free registration exercise, the Commission spent the sum of N315m to underwrite the mandate of 2.1 million shareholders.
He said henceforth, all investors that are yet to enroll under the e-dividend platform would now do so after the payment of a marginal cost of N150.
“Such investors should continue to approach their banks or registrars, as usual, to seamlessly mandate their bank accounts for the collection of their dividend electronically, including unclaimed dividend not exceeding 12 years of issue, as the N150 would not be demanded from them at the point of registration,” he added.

Business

FEC Approves Concession Of Port Harcourt lnt’l Airport

Published

1 day ago

November 10, 2025

The Tide

The Federal Executive Council (FEC) on Thursday approved the concession of the Port Harcourt International Airport to private investors for more efficient management and improved service delivery.

Minister of Aviation and Aerospace Management, Festus Keyamo, disclosed this while briefing journalists at the State House, Abuja, shortly after the meeting, presided over by President Bola Ahmed Tinubu, Thursday.

Keyamo, however, assured aviation workers that the concession would not result in job losses, stressing that the government remains committed to protecting workers’ rights while pursuing reforms to make the aviation sector more viable.

“We have two major airports now that we have approvals in terms of the business case to begin to finalise with private investors. One of them is the Port Harcourt International Airport. Let me assure the unions that nobody will lose his job as a result of these concessions. I am pro-union, pro-workers, and I will engage them to ensure they are comfortable with the process, Keyamo said.

The Minister noted that the move was part of government’s effort to ensure that airports operate sustainably.

He explained that many airports currently run at a loss, with revenue from Lagos, Abuja, and Kano used to subsidise others.

“Before we came in, Port Harcourt was a no-go area — no investor was interested. But today, because of the activities of this government, it has become the beautiful bride. Over six investors competed to manage the airport,” he said.

Keyamo also listed other aviation-related approvals secured from FEC, including contracts for the maintenance and support services for airport management solutions across Nigeria’s five international airports; Abuja, Lagos, Kano, Port Harcourt, and Enugu, as well as the procurement and installation of advanced tertiary power systems and navigational aids.

Additionally, the Council approved the purchase of 15 airport rescue and firefighting vehicles to meet International Civil Aviation Organisation (ICAO) standards and the construction of a permanent headquarters for the Nigerian Airspace Management Agency (NAMA) in Abuja.

Another significant approval was the exclusion of all Federal Airports Authority of Nigeria (FAAN) residential properties within and around airports from sale to private individuals, a move aimed at preserving operational safety and security within airport environments.

FEC also approved the concession of biometric verification systems at airports to integrate passengers’ National Identification Numbers (NIN) into boarding processes, enhance aviation security, and curb the use of fake identities.

Keyamo said the ministry also secured approvals for contracts under its 2024 budget to improve lighting systems at airports, enabling night operations and helping local airlines increase passenger capacity and revenue.

“These reforms are designed to make our airports safer, more efficient, and commercially sustainable. We are bringing them to global standards,” the minister affirmed.

Business

Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor

Published

1 day ago

November 10, 2025

The Tide

The Senate has issued a decisive order to the National Agency for Food and Drug Administration and Control (NAFDAC), directing it to enforce a total ban on the production and sale of alcoholic beverages in sachets and small plastic bottles by December 2025, warning that no further extension of the deadline will be tolerated.

The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.

Ekpenyong who raised the alarm over NAFDAC’s repeated extensions of the phase-out date, despite the grave health and social risks posed by sachet-packaged alcohol reminded the Senate that NAFDAC had initially fixed 2023 as the deadline before shifting it to 2024, and later to 2025, a pattern he said had emboldened manufacturers to lobby for further delays.

He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.

Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.

“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”

“Some responsible manufacturers have already complied in good faith. But they are now suffering unfair competition from those who continue to produce and sell non-compliant products. This is both unethical and dangerous.”

The motion drew wide bipartisan support, with lawmakers condemning the proliferation of cheap, high-alcohol-content drinks sold in small sachets, describing them as “silent poisons” targeted at vulnerable Nigerians.

Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.

“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.

Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.

Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”

closing remarks, Akpabio commended senators for taking what he described as a “historic and moral stand” to protect Nigerians from a “slow-killing culture”.

According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.

“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”

closing remarks, Akpabio commended senators for taking what he described as a “historic and moral stand” to protect Nigerians from a “slow-killing culture”.

“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”

“The Senate has spoken clearly. The time for excuses is over. Let this harmful practice end, for the health, safety and sanity of our nation

With this resolution, the Senate has effectively placed NAFDAC and allied agencies under legislative mandate to ensure that by December 2025, sachet and small-volume alcoholic drinks are completely phased out across Nigeria, with no further extensions permitted.

Business

PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth

Published

1 day ago

November 10, 2025

The Tide

In a show of solidarity for Rivers State’s economic revival, President of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), Dr. Chinyere Nwogu, has joined past presidents and executive council members in commending Commissioner for Commerce and Industry, Warisenibo Joe Johnson, for his proactive engagement with the private sector.

The commendations came during a courtesy visit by Johnson to PHCCIMA’s corporate headquarters in Port Harcourt, where he underscored the critical need for public-private partnerships to transform the state into a vibrant commerce hub.

“The Chamber plays a pivotal role in driving business growth here in Rivers State,” Mr. Johnson remarked, extending thanks for the warm welcome, indicating that this was his first outing as Commissioner for Commerce.

He called for intensified collaboration on trade missions, investment drives, and business facilitation, while outlining government initiatives to attract investors and expand industrial opportunities.

Johnson expressed optimism about future engagements, pledging to return for deeper discussions with Dr. Nwoga and her team.

He further highlighted ongoing efforts to lure investors, emphasizing that retaining them requires a supportive ecosystem built through joint action.

Responding, Dr. Nwoga assured the commissioner of PHCCIMA’s unwavering support saying “We stand ready to partner fully in trade promotion, easing the business environment, and empowering small and medium enterprises (SMEs)”.

She reaffirmed the Chamber’s commitment to aligning with the Ministry’s vision.

While noting that this is the 1st time that a Commissioner of Commerce has visited the Chamber for interactions, Chinyere thanked the Rivers State Governor, H E Siminalayi Fubara for his commitment to growing commerce through collaboration with PHCCIMA.

The meeting drew broad support from PHCCIMA’s leadership. Past President Dr. Engr. Vincent Furo lauded the visit as a positive step, pledging the Chamber’s backing for government-led commerce initiatives. Chief Nabil Saleh, another past president, stressed the importance of investor confidence, urging assurances that new investments would be nurtured and sustained in the state.

Dr. Emeka Unachukwu, who is also a past president, echoed the call for an enabling environment to draw and retain capital.

Exco members present at the visit included – 1st Deputy President, Chf Isaac Wonwu, Financial Secretary, Chf Emmanuel Ogbonda, Welfare Secretary, Amb. Florence Igbeaku Nwosibe, who lent their voices to the call for collaboration with PHCCIMA.

Also present were elected Council Member, Engr. Dr. Virgilus Ezugu, SME/NGO Trade Group Chairman, Jack Daboikiabo, Ms. Tariboba Memberr, Chairperson of PHCCIMA’s Inter-Governmental Relations Committee, Ms Patricia Ihunze, Deputy Coordinator of the Women Chambers (WCCIMA), and Mr. Victor, Chairman of PHCCIMA member company Einfotech, each of whom expressed the desire of the Chamber to be recognized as a hub for commerce.

In closing, Dr. Nwoga reiterated PHCCIMA’s dedication to advancing commerce and industry for the state’s prosperity, and the readinessof the PHCCIMA to be dependable ally in growing the economy of Rivers State.