Business

Mixed Reactions Trail Move To Regulate Conduct Of AGMs

Published

7 years ago

May 15, 2019

Stock market operators last Monday, expressed mixed reactions to plans by the Securities and Exchange Commission (SEC) to regulate conduct of Annual General Meetings (AGMs) and pre-AGMs.
The operators spoke with The Tide source n Lagos.
The new sub-rule seeks to reduce the cost of organising shareholder meetings, by eliminating distribution of gifts to shareholders, observers and any other persons at annual and extraordinary general meetings.
The Publicity Secretary, Independent Shareholders Association of Nigeria, Mr Moses Igbrude, said that the reasons given by SEC for the rule were not strong.
Igbrude said that money spent on corporate gifts to shareholders could not be compared with amount spent on corporate social responsibilities, penalties and taxes, among others, by quoted companies.
He said that none of the shareholder groups had compelled any company to give corporate gifts or to hold pre-AGM meetings.
According to him, food and water given to shareholders at meetings cannot be quantified as corporate gifts.
“Yes, there are issues in crowd management and distribution of gifts or food to shareholders at AGMs, that doesn’t mean SEC has to criminalise giving of gifts or pre-AGMs.
“SEC should find better ways of addressing the issues rather than to punish shareholders and their companies,” he said.
The National Coordinator, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said that the commission should not regulate conduct of meetings but could assist the companies where things could get out of hands.
Okezie said that the law permitted that the commission should attend AGMS as observers on invitation by quoted companies.
He said that SEC could not stop companies from conducting pre-AGMs organised for shareholders by the owners of the business so long they did not compromise.
Okezie said that the fora afforded shareholders opportunities to evaluate companies’ performances and activities in the past year.
On the ban on AGM gifts, the shareholder activist said that sharing of gifts at AGMs had created a lot of problems to many companies.
Okezie noted that some shareholders failed to conduct themselves in an orderly manner.
He, however, said that there was no need for fining companies for sharing gifts at AGMS, urging that SEC should be more concerned with critical issues in the market such unclaimed dividends and inability of companies to post annual reports to shareholders within 21 days.
“It does not call for fine of any sorts; unclaimed dividends are still there for the regulatory body to tackle as well as posting of annual reports to shareholders within 21 days, which many companies have failed to comply with,” Okezie said.
He said that sharing of companies’ products at separate meetings with shareholders should not be discouraged as long as there would be decorum.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, however, described the SEC move as good, saying that it would help companies to conserve funds to boost their operations.
“Entertainment at the meetings is good, but should not go as far as buying corporate gifts or giving cash to few shareholders to influence their comments at AGMs, leading to praise-singing even where the company dividend payout is low compared to share price,” Omordion said.
He said that some shareholders failed to set agenda to directors and management of their companies due to unnecessary gifts.
“Many companies have continued to post losses and investors are deprived of dividends,” Omordion stated.
He said that SEC should educate shareholders to know their rights and how to defend them to protect their investments.
NAN reports that SEC proposed a N10 million fine against any company which will flout the rule.

Transport

Nigeria Rates 7th For Visa Application To France —–Schengen Visa

Published

9 hours ago

January 28, 2026

The Tide

Nigeria was the 7th country in 2024, which filed the most schenghen visa to France, with a total of 111,201 of schenghen visa applications made in 2025, out of which 55,833, about 50.2 percent submitted to France

Although 2025 data is unavailable, these figures from Schengen Visa Info implies that France is not merely a preferred destination, but has been a dominant access point for Nigerian short-stay travel into Europe.

France itself has received more than three million Schengen visa applications, making it the most sought-after Schengen destination globally and a leading gateway for long-haul and third-country travellers. It was the top destination for applicants from 51 countries that same year, including many without visa-exemption arrangements with the Schengen Zone, and the sole destination for applicants from seven countries.

Alison Reed, a senior analyst at the European Migration Observatory said, “France’s administrative reach shapes applicant strategy, but it also concentrates risk. If processing times lengthen or documentation standards tighten in Paris, the effects ripple quickly back to capitals such as Abuja.”

The figures underline that this pattern is not unique to Nigeria. In neighbouring West and Central African states such as Gabon, Benin, Togo and Madagascar, more than 90 per cent of Schengen visas were sought via French authorities in 2024, with Chad, Djibouti, the Central African Republic and Comoros submitting applications exclusively to France.

“France acts as the central enumeration point for many African and Asian applicants,” said Manish Khandelwal, founder of Travelobiz.com, which reported the consolidated statistics. “Historical ties, language networks and established diaspora communities all play into that concentration. But volume inevitably invites scrutiny, and that affects refusal rates and processing rigour.”

That scrutiny is visible in the rejection statistics. Of the more than three million French applications in 2024, approximately 481,139 were denied, a rejection rate of about 15.7 per cent. While this rate is lower than in some smaller Schengen states, the sheer volume of applications means France contributes significantly to the total number of refusals within the zone.

For Nigerian applicants and policymakers, one implication is the need to broaden engagement with other Schengen consular hubs. “Over-reliance on a single consulate creates what one might call administrative bottleneck effects,” said Jean-Luc Martin, a professor and expert in European integration and mobility law at Leiden University. “If applicants from Nigeria default to France without exploring legitimate alternatives in countries like Spain, Germany or the Netherlands, they expose themselves to systemic risk

Martin added that the broader context of Schengen visa policy is evolving, with the European Commission’s preparing roll-out of the European Travel Information and Authorisation System (ETIAS) aimed at harmonising pre-travel screening across member states.

For Nigerians seeking leisure, business or educational travel to Europe, these trends suggest that strategic planning and consular diversification could become as important as the completeness of documentation and financial proof. Governments and travel consultancies in Abuja, Lagos and beyond are already advising clients to explore alternative consular pathways and to prepare for more rigorous screening criteria across all Schengen states

By: Enoch Epelle

Transport

West Zone Aviation: Adibade Olaleye Sets For NANTA President

Published

9 hours ago

January 28, 2026

The Tide

Prince Abiodun Ajibade Olaleye, a former Welfare Officer and Public Relations Officer of the National Association of Nigeria Travel Agencies (NANTA), has formally declared his intention to contest for the position of Vice President of NANTA Western Zone, ahead of the zonal elections scheduled for Thursday, February 26, 2026.

In a New Year message to members of the association, Olaleye expressed optimism about the prospects of the travel and tourism industry in 2026, despite the economic headwinds and migration policy challenges that affected operations in the previous year.

He acknowledged that reduced patronage and declining trade volumes had placed significant financial pressure on many travel agencies, but urged members to remain resilient and forward-looking.

According to him, the challenges confronting the industry should be seen as opportunities for growth, innovation and institutional strengthening.

He stressed the need for unity and collective action among members of the association, noting that collaboration remains critical to navigating the evolving global travel environment.

Unveiling his vision for the NANTA Western Zone, Olaleye said his aspiration is to consolidate on the achievements of past leaders while expanding the zone’s relevance, influence and impact “beyond imagination.” He promised a leadership focused on commanding excellence, improved member welfare and stronger stakeholder engagement.

Drawing from his experience in previous executive roles within NANTA, the vice-presidential aspirant said he is well-positioned to make meaningful contributions to the association, particularly in areas of member support, public engagement and institutional growth.

“I believe that together, we can take our association to greater heights and build a stronger, more prosperous NANTA Western Zone that benefits all members,” he said, while appealing to delegates for their support and votes.

Olaleye concluded by offering prayers for good health, peace and prosperity for members in 2026, expressing confidence that the new year would usher in renewed opportunities for the travel industry and the association at large.

By: Enoch Epelle

Business

Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE

Published

9 hours ago

January 28, 2026

The Tide

The Centre for the Promotion of Private Enterprise (CPPE) has warned that renewed calls for a sugar tax on non-alcoholic beverages could hurt Nigeria’s manufacturing sector, threaten jobs and slow the country’s fragile economic recovery.

In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.

Yusuf who insisted that the food and beverage sector remains the backbone of Nigeria’s manufacturing industry, said the industry supports millions of livelihoods across farming, processing, packaging, logistics, wholesale and retail trade, and hospitality.

He remarked that any policy that weakens this ecosystem could have far-reaching consequences, including job losses, lower household incomes and reduced investment.

Yusuf argued that proposals for sugar taxation in Nigeria are often influenced by global policy templates that do not adequately reflect local conditions.

According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.

“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.

“Existing obligations include company income tax, value-added tax, excise duties, levies on profits and imports, and multiple state and local government charges. These are compounded by high energy costs, exchange-rate volatility, elevated interest rates and expensive logistics,” he said.

The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.

Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.

By: Lady Godknows Ogbulu