Connect with us

CSCS

  •  The Managing Executive Officer of Central Securities Clearing System Plc Jalo Waziri Haruna has reteirated the company s commitment to continuous sensitisation on cyberattacks Haruna said this at a news conference on Thursday in Lagos ahead of the 3rd annual Cybersecurity Conference with the theme Future of Cybersecurity Emerging Issues and Solutions According to him the annual conference is one of the ways the organisation creates awareness and facilitates knowledge exchange on cybersecurity Haruna said cyber security remained a top priority for the board of directors of the organisation as a key risk which needed to be given attention He said Nigeria and the market infrastructure is no different as we begin to interconnect amongst APIs databases social transactions perspective to transactional perspective to even a communication perspective We need to make sure that we understand the risks that exist in our market and try to bring out issues with policymakers participants experts to understand what the issues are and proffer solutions The CSCS boss noted that Nigerians should be conscious of the fact that cyber security had moved beyond just the financial industry Cybersecurity is a key aspect of how the world is going to live not just financial services or financial markets As you know open banking has come in open finance open API s interconnectivity across everyone Cybersecurity becomes top requirement and it s critical as we deliver services deliver products as we live our lives Take a look at maybe smart homes smart offices working from home all of these things are part of life We can t do anything about them It s the way the world is going Haruna said He therefore said it was important and critical to protect oneself from intrusions and disturbances within the system itself Haruna also said CSCS was ahead in terms of standardisation compliance ISO 27 001 for global best practice in data security He said We can say that we are fairly meeting standards now Certainly we try as much as possible within our own system to be able to build resilience in case it happens and then build protection so that it doesn t happen from external perspective The CSCS cybersecurity conference slated for Oct 27 is an exclusive high profile business networking event that brings together leading cybersecurity industry professionals government officials financial institutions telecommunication companies and industry regulators The conference focuses on discussion on the significance of keeping cyber vigilance on varying degrees of business technology touchpoints for data exchange The conference will be held at the Transcorp Hilton Hotels in Abuja on Oct 27 with the collaboration of renowned private and public sector institutions NewsSourceCredit NAN
    CSCS reiterates commitment to cybersecurity awareness
     The Managing Executive Officer of Central Securities Clearing System Plc Jalo Waziri Haruna has reteirated the company s commitment to continuous sensitisation on cyberattacks Haruna said this at a news conference on Thursday in Lagos ahead of the 3rd annual Cybersecurity Conference with the theme Future of Cybersecurity Emerging Issues and Solutions According to him the annual conference is one of the ways the organisation creates awareness and facilitates knowledge exchange on cybersecurity Haruna said cyber security remained a top priority for the board of directors of the organisation as a key risk which needed to be given attention He said Nigeria and the market infrastructure is no different as we begin to interconnect amongst APIs databases social transactions perspective to transactional perspective to even a communication perspective We need to make sure that we understand the risks that exist in our market and try to bring out issues with policymakers participants experts to understand what the issues are and proffer solutions The CSCS boss noted that Nigerians should be conscious of the fact that cyber security had moved beyond just the financial industry Cybersecurity is a key aspect of how the world is going to live not just financial services or financial markets As you know open banking has come in open finance open API s interconnectivity across everyone Cybersecurity becomes top requirement and it s critical as we deliver services deliver products as we live our lives Take a look at maybe smart homes smart offices working from home all of these things are part of life We can t do anything about them It s the way the world is going Haruna said He therefore said it was important and critical to protect oneself from intrusions and disturbances within the system itself Haruna also said CSCS was ahead in terms of standardisation compliance ISO 27 001 for global best practice in data security He said We can say that we are fairly meeting standards now Certainly we try as much as possible within our own system to be able to build resilience in case it happens and then build protection so that it doesn t happen from external perspective The CSCS cybersecurity conference slated for Oct 27 is an exclusive high profile business networking event that brings together leading cybersecurity industry professionals government officials financial institutions telecommunication companies and industry regulators The conference focuses on discussion on the significance of keeping cyber vigilance on varying degrees of business technology touchpoints for data exchange The conference will be held at the Transcorp Hilton Hotels in Abuja on Oct 27 with the collaboration of renowned private and public sector institutions NewsSourceCredit NAN
    CSCS reiterates commitment to cybersecurity awareness
    Economy2 weeks ago

    CSCS reiterates commitment to cybersecurity awareness

    The Managing Executive Officer of Central Securities Clearing System Plc, Jalo-Waziri Haruna, has reteirated the company’s commitment to continuous sensitisation on cyberattacks.

    Haruna said this at a news conference, on Thursday in Lagos, ahead of the 3rd annual Cybersecurity Conference with the theme, “Future of Cybersecurity: Emerging Issues and Solutions.

    ” According to him, the annual conference is one of the ways the organisation creates awareness and facilitates knowledge exchange on cybersecurity.

    Haruna said cyber-security remained a top priority for the board of directors of the organisation, as a key risk which needed to be given attention.

    He said, “Nigeria, and the market infrastructure, is no different as we begin to interconnect amongst APIs, databases, social transactions perspective, to transactional perspective to even a communication perspective.

    “We need to make sure that we understand the risks that exist in our market and try to bring out issues with policymakers, participants, experts, to understand what the issues are and proffer solutions.

    ” The CSCS boss noted that Nigerians should be conscious of the fact that cyber-security had moved beyond just the financial industry.

    “Cybersecurity is a key aspect of how the world is going to live, not just financial services or financial markets.

    “As you know, open banking has come in, open finance, open API’s interconnectivity across everyone.

    “Cybersecurity becomes top requirement and it’s critical as we deliver services, deliver products, as we live our lives.

    “Take a look at maybe smart homes, smart offices, working from home; all of these things are part of life.

    We can’t do anything about them.

    It’s the way the world is going,” Haruna said.

    He, therefore, said it was important and critical to protect oneself from intrusions and disturbances within the system itself.

    Haruna also said CSCS was ahead in terms of standardisation compliance, ISO 27 001 for global best practice in data security.

    He said, “We can say that we are fairly meeting standards now.

    “Certainly we try as much as possible within our own system to be able to build resilience in case it happens and then build protection so that it doesn’t happen from external perspective.

    ” The CSCS cybersecurity conference, slated for Oct, 27,  is an exclusive high-profile business networking event that brings together leading cybersecurity industry professionals, government officials, financial institutions, telecommunication companies and industry regulators.

    The conference focuses on discussion on the significance of keeping cyber vigilance on varying degrees of business technology touchpoints for data exchange.

    The conference will be held at the Transcorp Hilton Hotels in Abuja on  Oct.27, with the collaboration of renowned private and public sector institutions.


    NewsSourceCredit: NAN

  •  The International Securities Services Association ISSA has appointed Mr Haruna Jalo Waziri Chief EXecutive Officer CEO of Central Securities Clearing System CSCS Nigeria to its board The company said this in a statement signed by Mr Johnson Onowugbeda Team Lead Corporate Communication CSCS on Friday in Lagos The appointment of Jalo Waziri s makes CSCS Nigeria the first African firm to join and become a member of the Board of Directors of ISSA The ISSA board includes a range of firms involved in the global securities services industry Jalo Waziri has more than 30 years of experience in the financial industry He began his career at the Securities and Exchange Commission SEC In 2007 he was appointed Managing Director and CEO of United Bank of Africa UBA Stockbrokers and later UBA Asset Management He has been CEO of CSCS for almost five years and also serves as Vice President of the Africa and Middle East Depositories Association AMEDA Accepting the nomination Jalo Waziri said he was delighted to have the opportunity to contribute towards global capital market development I look forward to deepening my engagement with ISSA towards advancing its crucial role in the global securities services industry for the mutual interest of all members and more importantly the integrity and efficiency of the market CSCS joining the board is an honour for us and we are excited that Africa is duly recognised as a critical part of the global market ecosystem relevant for driving ISSA s mission to shape the future of securities services he said Phil Brown Chairman of ISSA said that CSCS was a great addition to the ISSA board bringing not only in depth knowledge of Africa but also a forward thinking and technologically advanced perspective Brown said ISSA is committed to building its brand on the continent and ensuring the relevance of its products to all market segments The presence of CSCS on the board will ensure that ISSA delivers on this commitment he said nannnews Edited Vivian Ihechu NewsSourceCredit NAN
    CSCS joins ISSA’s board, appoints CEO, Haruna Jalo-Waziri as member
     The International Securities Services Association ISSA has appointed Mr Haruna Jalo Waziri Chief EXecutive Officer CEO of Central Securities Clearing System CSCS Nigeria to its board The company said this in a statement signed by Mr Johnson Onowugbeda Team Lead Corporate Communication CSCS on Friday in Lagos The appointment of Jalo Waziri s makes CSCS Nigeria the first African firm to join and become a member of the Board of Directors of ISSA The ISSA board includes a range of firms involved in the global securities services industry Jalo Waziri has more than 30 years of experience in the financial industry He began his career at the Securities and Exchange Commission SEC In 2007 he was appointed Managing Director and CEO of United Bank of Africa UBA Stockbrokers and later UBA Asset Management He has been CEO of CSCS for almost five years and also serves as Vice President of the Africa and Middle East Depositories Association AMEDA Accepting the nomination Jalo Waziri said he was delighted to have the opportunity to contribute towards global capital market development I look forward to deepening my engagement with ISSA towards advancing its crucial role in the global securities services industry for the mutual interest of all members and more importantly the integrity and efficiency of the market CSCS joining the board is an honour for us and we are excited that Africa is duly recognised as a critical part of the global market ecosystem relevant for driving ISSA s mission to shape the future of securities services he said Phil Brown Chairman of ISSA said that CSCS was a great addition to the ISSA board bringing not only in depth knowledge of Africa but also a forward thinking and technologically advanced perspective Brown said ISSA is committed to building its brand on the continent and ensuring the relevance of its products to all market segments The presence of CSCS on the board will ensure that ISSA delivers on this commitment he said nannnews Edited Vivian Ihechu NewsSourceCredit NAN
    CSCS joins ISSA’s board, appoints CEO, Haruna Jalo-Waziri as member
    Economy2 weeks ago

    CSCS joins ISSA’s board, appoints CEO, Haruna Jalo-Waziri as member

    The International Securities Services Association (ISSA) has appointed Mr Haruna Jalo-Waziri, Chief EXecutive Officer (CEO) of Central Securities Clearing System (CSCS) Nigeria, to its board.

    The company said this in a statement signed by Mr Johnson Onowugbeda, Team Lead, Corporate Communication, CSCS, on Friday in Lagos.

    The appointment of Jalo-Waziri’s makes CSCS Nigeria the first African firm to join and become a member of the Board of Directors of ISSA.

    The ISSA board includes a range of firms involved in the global securities services industry.

    Jalo-Waziri has more than 30 years of experience in the financial industry.

    He began his career at the Securities and Exchange Commission (SEC).

    In 2007, he was appointed Managing Director and CEO of United Bank of Africa (UBA) Stockbrokers and later UBA Asset Management.

    He has been CEO of CSCS for almost five years, and also serves as Vice President of the Africa and Middle East Depositories Association (AMEDA).

    Accepting the nomination, Jalo-Waziri said he was delighted to have the opportunity to contribute towards global capital market development.

    “I look forward to deepening my engagement with ISSA towards advancing its crucial role in the global securities services industry for the mutual interest of all members, and more importantly, the integrity and efficiency of the market.

    “CSCS joining the board is an honour for us and we are excited that Africa is duly recognised as a critical part of the global market ecosystem, relevant for driving ISSA’s mission to shape the future of securities services,” he said.

    Phil Brown, Chairman of ISSA, said that CSCS was a great addition to the ISSA board, bringing not only in-depth knowledge of Africa, but also a forward-thinking and technologically advanced perspective.

    Brown said, “ISSA is committed to building its brand on the continent and ensuring the relevance of its products to all market segments.

    “The presence of CSCS on the board will ensure that ISSA delivers on this commitment.

    ” he said.

    nannnews.

    Edited  Vivian Ihechu
    NewsSourceCredit: NAN

  •  Alhaji Lamido Yuguda the Director General Security and Exchange Commission SEC says the commission is working to ensure it reduces the level of unclaimed dividends to zero percent In an interactive session with editors on Tuesday in Lagos Yuguda said that unclaimed dividends rose to N180 billion as of Dec 31 2021 This continues to be an important area of concern for the commission and we have been engaged in tackling it in the capital market the director general said Although N180 billion in unclaimed dividends is a large amount Yuguda said that the amount constituted only five percent of the quantum of dividends declared in the entire capital market That is a large amount but when you compare that with the total amount of dividends declared in the Nigerian capital market these unclaimed dividends amount to about five percent of the total amount of dividends declared Although five percent is still not the ideal number it should be zero percent Every person who has come to the capital market and invested money should be able to get his dividends as and when due Yuguda said He also said that SEC is working with the Central Securities Clearing System CSCS and other stakeholders in the industry to address the issue of unclaimed dividends The SEC has been working with CSCS Registrars and the stockbrokers to make sure that every market appraisal makes it easy for the clients to fill their mandate form We are also making sure that investors continue to get their dividends He also said that the Federal Government intervened last year by enacting a Finance Act on Unclaimed Dividends Fund The government is looking at unclaimed monies both in the capital market and the banking system and established a fund that will actually access through dividends that have been unclaimed for a certain number of years that meet certain basic definitions It is not that the government has taken over the money but when the claimants eventually surface there is a system for recovering Every person who has come to the capital market and invested money should be able to get his dividends as and when due he added He noted that SEC would continue working to ensure it gets to the zero percent level saying that there is a need for strong investor education to achieve success NewsSourceCredit NAN
    Unclaimed dividends hit N180bn as SEC strives to achieve zero percent
     Alhaji Lamido Yuguda the Director General Security and Exchange Commission SEC says the commission is working to ensure it reduces the level of unclaimed dividends to zero percent In an interactive session with editors on Tuesday in Lagos Yuguda said that unclaimed dividends rose to N180 billion as of Dec 31 2021 This continues to be an important area of concern for the commission and we have been engaged in tackling it in the capital market the director general said Although N180 billion in unclaimed dividends is a large amount Yuguda said that the amount constituted only five percent of the quantum of dividends declared in the entire capital market That is a large amount but when you compare that with the total amount of dividends declared in the Nigerian capital market these unclaimed dividends amount to about five percent of the total amount of dividends declared Although five percent is still not the ideal number it should be zero percent Every person who has come to the capital market and invested money should be able to get his dividends as and when due Yuguda said He also said that SEC is working with the Central Securities Clearing System CSCS and other stakeholders in the industry to address the issue of unclaimed dividends The SEC has been working with CSCS Registrars and the stockbrokers to make sure that every market appraisal makes it easy for the clients to fill their mandate form We are also making sure that investors continue to get their dividends He also said that the Federal Government intervened last year by enacting a Finance Act on Unclaimed Dividends Fund The government is looking at unclaimed monies both in the capital market and the banking system and established a fund that will actually access through dividends that have been unclaimed for a certain number of years that meet certain basic definitions It is not that the government has taken over the money but when the claimants eventually surface there is a system for recovering Every person who has come to the capital market and invested money should be able to get his dividends as and when due he added He noted that SEC would continue working to ensure it gets to the zero percent level saying that there is a need for strong investor education to achieve success NewsSourceCredit NAN
    Unclaimed dividends hit N180bn as SEC strives to achieve zero percent
    Economy3 months ago

    Unclaimed dividends hit N180bn as SEC strives to achieve zero percent

    Alhaji Lamido Yuguda, the Director-General, Security and Exchange Commission (SEC), says the commission is working to ensure it reduces the level of unclaimed dividends to zero percent.In an interactive session with editors on Tuesday in Lagos, Yuguda said that unclaimed dividends rose to N180 billion as of Dec. 31, 2021.“This continues to be an important area of concern for the commission and we have been engaged in tackling it in the capital market,’’ the director-general said.Although N180 billion in unclaimed dividends is a large amount, Yuguda said that the amount constituted only five percent of the quantum of dividends declared in the entire capital market.“That is a large amount, but when you compare that with the total amount of dividends declared in the Nigerian capital market, these unclaimed dividends amount to about five percent of the total amount of dividends declared.“Although five percent is still not the ideal number, it should be zero percent.“Every person, who has come to the capital market and invested money, should be able to get his dividends as and when due,’’ Yuguda saidHe also said that SEC is working with the Central Securities Clearing System (CSCS) and other stakeholders in the industry to address the issue of unclaimed dividends.“The SEC has been working with CSCS, Registrars, and the stockbrokers to make sure that every market appraisal makes it easy for the clients to fill their mandate form.“We are also making sure that investors continue to get their dividends.’’He also said that the Federal Government intervened last year by enacting a Finance Act on Unclaimed Dividends Fund.“The government is looking at unclaimed monies both in the capital market and the banking system and established a fund that will actually access through dividends that have been unclaimed for a certain number of years that meet certain basic definitions.“It is not that the government has taken over the money, but when the claimants eventually surface, there is a system for recovering.“Every person who has come to the capital market and invested money should be able to get his dividends as and when due,” he added.He noted that SEC would continue working to ensure it gets to the zero percent level, saying that “there is a need for strong investor education to achieve success.NewsSourceCredit: NAN

  •   MTN Nigeria Communications MTNN Plc has announced that its first public offering of 575 million shares was oversubscribed by 139 47 per cent This is contained in a statement signed by MTNN company secretary Uto Ukpanah posted on the Nigerian Exchange NGX website The statement said the offering was 139 47 percent oversubscribed triggering the allocation of an additional 86 25 million shares It revealed that 661 25 million MTNN shares were permitted adding that 126 720 retail investors submitted valid applications and received the full allocation The statement added that 114 938 new Central Securities Compensation System CSCS accounts were created representing new market participants It said that about 76 percent of successful applicants through the digital platform were women and 85 percent were under 40 years old The statement also said that after the successful completion of the offering MTN Group s stake in MTNN was reduced by 3 25 percent from 78 83 percent to 75 58 percent Commenting on the offer MTN Group CEO Ralph Mupita said We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6 6 million Nigerians becoming direct or indirect owners in MTNN shareholders The goal of expanding the shareholder base and creating shared value has been met We are proud that our offering was the first Nigerian public offering to use the Digital Application Platform Prime Offering which enabled broader investor participation in Nigeria We thank the Nigerian authorities for their support of this offer we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria through the medium said Mupita Additionally Karl Toriola CEO of MTNN said We are delighted to welcome so many new shareholders to the MTN family 11 6 times more than before the offering It has been inspiring to see so many Nigerians many of whom are young buy shares for the first time and use a digital platform to do so This is the beginning of a journey to expand our shareholding and there will be more opportunities to participate We are pleased with the level of digital innovation that we championed with this offering with the active collaboration of our main broadcaster and the various regulatory bodies Deepening retail participation in Nigerian capital markets is a process and we are off to a great start demonstrating the role that digital platforms can play in expanding access said Mr Toriola Bolaji Balogun CEO of Chapel Hill Denham the local broadcasting house said Chapel Hill Denham is honored to have worked with MTN to complete Nigeria s first digital and predominantly green offering I wish to thank the Securities and Exchange Commission SEC NGX CSCS all professional firms and other interested parties for delivering a great victory for the Nigerian capital markets by allowing the adoption of the main offering and this transaction marks a new and exciting future Over 90 percent of the offering s underwriters were first time participants in the capital markets and the MTNN Instruments case made that possible said Mr Balogun NGX CEO Temi Popoola said NGX is proud to have worked with MTNN Chapel Hill Denham and other transaction parties to drive the Nigerian capital market forward through the adoption of forward thinking technology CSCS Executive Director Haruna Jalo Waziri said We are excited to be part of the innovation that the offering brings which enabled the successful launch of the primary offering digital application platform This further reinforces the need for digital transformation enabling market access for all categories of investors including institutional and retail investors within and outside the country YAYA
    Our public offer oversubscribed by 139.47%, says MTN Nigeria
      MTN Nigeria Communications MTNN Plc has announced that its first public offering of 575 million shares was oversubscribed by 139 47 per cent This is contained in a statement signed by MTNN company secretary Uto Ukpanah posted on the Nigerian Exchange NGX website The statement said the offering was 139 47 percent oversubscribed triggering the allocation of an additional 86 25 million shares It revealed that 661 25 million MTNN shares were permitted adding that 126 720 retail investors submitted valid applications and received the full allocation The statement added that 114 938 new Central Securities Compensation System CSCS accounts were created representing new market participants It said that about 76 percent of successful applicants through the digital platform were women and 85 percent were under 40 years old The statement also said that after the successful completion of the offering MTN Group s stake in MTNN was reduced by 3 25 percent from 78 83 percent to 75 58 percent Commenting on the offer MTN Group CEO Ralph Mupita said We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6 6 million Nigerians becoming direct or indirect owners in MTNN shareholders The goal of expanding the shareholder base and creating shared value has been met We are proud that our offering was the first Nigerian public offering to use the Digital Application Platform Prime Offering which enabled broader investor participation in Nigeria We thank the Nigerian authorities for their support of this offer we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria through the medium said Mupita Additionally Karl Toriola CEO of MTNN said We are delighted to welcome so many new shareholders to the MTN family 11 6 times more than before the offering It has been inspiring to see so many Nigerians many of whom are young buy shares for the first time and use a digital platform to do so This is the beginning of a journey to expand our shareholding and there will be more opportunities to participate We are pleased with the level of digital innovation that we championed with this offering with the active collaboration of our main broadcaster and the various regulatory bodies Deepening retail participation in Nigerian capital markets is a process and we are off to a great start demonstrating the role that digital platforms can play in expanding access said Mr Toriola Bolaji Balogun CEO of Chapel Hill Denham the local broadcasting house said Chapel Hill Denham is honored to have worked with MTN to complete Nigeria s first digital and predominantly green offering I wish to thank the Securities and Exchange Commission SEC NGX CSCS all professional firms and other interested parties for delivering a great victory for the Nigerian capital markets by allowing the adoption of the main offering and this transaction marks a new and exciting future Over 90 percent of the offering s underwriters were first time participants in the capital markets and the MTNN Instruments case made that possible said Mr Balogun NGX CEO Temi Popoola said NGX is proud to have worked with MTNN Chapel Hill Denham and other transaction parties to drive the Nigerian capital market forward through the adoption of forward thinking technology CSCS Executive Director Haruna Jalo Waziri said We are excited to be part of the innovation that the offering brings which enabled the successful launch of the primary offering digital application platform This further reinforces the need for digital transformation enabling market access for all categories of investors including institutional and retail investors within and outside the country YAYA
    Our public offer oversubscribed by 139.47%, says MTN Nigeria
    Headlines8 months ago

    Our public offer oversubscribed by 139.47%, says MTN Nigeria

    MTN Nigeria Communications, MTNN, Plc has announced that its first public offering of 575 million shares was oversubscribed by 139.47 per cent.

    This is contained in a statement signed by MTNN company secretary Uto Ukpanah, posted on the Nigerian Exchange NGX website.

    The statement said the offering was 139.47 percent oversubscribed, triggering the allocation of an additional 86.25 million shares.

    It revealed that 661.25 million MTNN shares were permitted, adding that 126,720 retail investors submitted valid applications and received the full allocation.

    The statement added that 114,938 new Central Securities Compensation System (CSCS) accounts were created, representing new market participants.

    It said that about 76 percent of successful applicants through the digital platform were women and 85 percent were under 40 years old.

    The statement also said that after the successful completion of the offering, MTN Group's stake in MTNN was reduced by 3.25 percent, from 78.83 percent to 75.58 percent.

    Commenting on the offer, MTN Group CEO Ralph Mupita said: “We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTNN with over 6.6 million Nigerians becoming direct or indirect owners. in MTNN shareholders.

    “The goal of expanding the shareholder base and creating shared value has been met. We are proud that our offering was the first Nigerian public offering to use the Digital Application Platform, Prime Offering, which enabled broader investor participation in Nigeria.

    “We thank the Nigerian authorities for their support of this offer, we remain committed to playing our humble role in driving digital and financial inclusion in Nigeria through the medium,” said Mupita.

    Additionally, Karl Toriola, CEO of MTNN, said: “We are delighted to welcome so many new shareholders to the MTN family, 11.6 times more than before the offering.

    “It has been inspiring to see so many Nigerians, many of whom are young, buy shares for the first time and use a digital platform to do so.

    “This is the beginning of a journey to expand our shareholding and there will be more opportunities to participate.

    “We are pleased with the level of digital innovation that we championed with this offering with the active collaboration of our main broadcaster and the various regulatory bodies.

    “Deepening retail participation in Nigerian capital markets is a process and we are off to a great start, demonstrating the role that digital platforms can play in expanding access,” said Mr. Toriola.

    Bolaji Balogun, CEO of Chapel Hill Denham, the local broadcasting house, said: “Chapel Hill Denham is honored to have worked with MTN to complete Nigeria's first digital and predominantly green offering.

    “I wish to thank the Securities and Exchange Commission (SEC), NGX, CSCS, all professional firms and other interested parties for delivering a great victory for the Nigerian capital markets by allowing the adoption of the main offering and this transaction marks a new and exciting future. .

    “Over 90 percent of the offering's underwriters were first-time participants in the capital markets and the MTNN Instruments case made that possible,” said Mr. Balogun.

    NGX CEO Temi Popoola said, "NGX is proud to have worked with MTNN, Chapel Hill Denham and other transaction parties to drive the Nigerian capital market forward through the adoption of forward-thinking technology."

    CSCS Executive Director Haruna Jalo-Waziri said: “We are excited to be part of the innovation that the offering brings, which enabled the successful launch of the primary offering digital application platform.

    “This further reinforces the need for digital transformation, enabling market access for all categories of investors, including institutional and retail investors within and outside the country.”

    YAYA

  •   By Itohan Abara Laserian The Board of Directors of Central Securities Clearing System CSCS Plc has announced the reappointment of Mr Haruna Jalo Waziri as Managing Director Managing Director The reappointment is for another five year term starting November 1 CSCS President Oscar Onyema said in a statement made available to the Nigeria News Agency Tuesday in Lagos Onyema said Jalo Waziri s reappointment follows a successful four year tenure of his outstanding performance and exemplary leadership style The Board of Directors is impressed with Jalo Waziri s performance at CSCS over the past four years and it has been exciting to work with the management team under his leadership More so we believe that the foundation the team has built position the company for its next phase of growth This is why we aim to consolidate our achievements and diversify the activity for sustainable growth On behalf of the Board of Directors I congratulate Jalo Waziri on this renewal which reflects our vote of confidence and our increased expectations from him in terms of creating value for CSCS shareholders and broader stakeholders Onyema said Commenting on his renewal Jalo Waziri thanked the board of directors for the confidence shown in him I would like to thank the Board of Directors for this renewal It is a vote of confidence in my team whose tenacity and ingenuity are my greatest motivation and confidence I am extremely proud of the talent pool that we have built here at CSCS As we strive to diligently execute our next growth strategy I am very excited about the future of this great institution and look forward to deepening our partnership with different stakeholders for mutual prosperity I would continue to count on the support of our highest regulator the Securities and Exchange Commission our board of directors participants and other stakeholders in deepening the Nigerian capital market for our mutual growth It has been an exciting and challenging journey and the grass continues to get greener at every turn he said Jalo Waziri took over the leadership of the CSCS in 2017 from the Acting Director General Mr Bola Adeeko with a clear mandate to lead the next phase of the CSCS strategic journey Over the past four years the company has seen its revenue base grow significantly and forged strong strategic alliances with other financial market entities across Africa Under the supervision of the Board of Directors and a fully dedicated management team Jalo Waziri led CSCS earnings growth of 18 CAGR and generated a 20 return on average equity during the year fiscal year 2020 despite the pandemic Jalo Waziri was previously Executive Director Capital Markets at the Nigerian Stock Exchange now Nigerian Exchange Group Plc where he led cross functional teams responsible for the recovery of primary and secondary markets between 2012 and 2017 He has co managed a number of initiatives at the Stock Exchange including the launch of the Premium Board the London Stock Exchange s strategic partnership with the Nigeria Stock Exchange and the development of Nigerian Savings Bonds Sukuk Bonds and green bonds among several other markets Large scale initiatives www Source NAN
    CSCS board renews Jalo-Waziri’s appointment for another 5 years
      By Itohan Abara Laserian The Board of Directors of Central Securities Clearing System CSCS Plc has announced the reappointment of Mr Haruna Jalo Waziri as Managing Director Managing Director The reappointment is for another five year term starting November 1 CSCS President Oscar Onyema said in a statement made available to the Nigeria News Agency Tuesday in Lagos Onyema said Jalo Waziri s reappointment follows a successful four year tenure of his outstanding performance and exemplary leadership style The Board of Directors is impressed with Jalo Waziri s performance at CSCS over the past four years and it has been exciting to work with the management team under his leadership More so we believe that the foundation the team has built position the company for its next phase of growth This is why we aim to consolidate our achievements and diversify the activity for sustainable growth On behalf of the Board of Directors I congratulate Jalo Waziri on this renewal which reflects our vote of confidence and our increased expectations from him in terms of creating value for CSCS shareholders and broader stakeholders Onyema said Commenting on his renewal Jalo Waziri thanked the board of directors for the confidence shown in him I would like to thank the Board of Directors for this renewal It is a vote of confidence in my team whose tenacity and ingenuity are my greatest motivation and confidence I am extremely proud of the talent pool that we have built here at CSCS As we strive to diligently execute our next growth strategy I am very excited about the future of this great institution and look forward to deepening our partnership with different stakeholders for mutual prosperity I would continue to count on the support of our highest regulator the Securities and Exchange Commission our board of directors participants and other stakeholders in deepening the Nigerian capital market for our mutual growth It has been an exciting and challenging journey and the grass continues to get greener at every turn he said Jalo Waziri took over the leadership of the CSCS in 2017 from the Acting Director General Mr Bola Adeeko with a clear mandate to lead the next phase of the CSCS strategic journey Over the past four years the company has seen its revenue base grow significantly and forged strong strategic alliances with other financial market entities across Africa Under the supervision of the Board of Directors and a fully dedicated management team Jalo Waziri led CSCS earnings growth of 18 CAGR and generated a 20 return on average equity during the year fiscal year 2020 despite the pandemic Jalo Waziri was previously Executive Director Capital Markets at the Nigerian Stock Exchange now Nigerian Exchange Group Plc where he led cross functional teams responsible for the recovery of primary and secondary markets between 2012 and 2017 He has co managed a number of initiatives at the Stock Exchange including the launch of the Premium Board the London Stock Exchange s strategic partnership with the Nigeria Stock Exchange and the development of Nigerian Savings Bonds Sukuk Bonds and green bonds among several other markets Large scale initiatives www Source NAN
    CSCS board renews Jalo-Waziri’s appointment for another 5 years
    Business12 months ago

    CSCS board renews Jalo-Waziri’s appointment for another 5 years

    By Itohan Abara-Laserian

    The Board of Directors of Central Securities Clearing System (CSCS) Plc has announced the reappointment of Mr. Haruna Jalo-Waziri as Managing Director / Managing Director.

    The reappointment is for another five-year term, starting November 1.

    CSCS President Oscar Onyema said in a statement made available to the Nigeria News Agency Tuesday in Lagos.

    Onyema said Jalo-Waziri's reappointment follows a successful four-year tenure of his outstanding performance and exemplary leadership style.

    “The Board of Directors is impressed with Jalo-Waziri's performance at CSCS over the past four years and it has been exciting to work with the management team under his leadership.

    “More so, we believe that the foundation the team has built position the company for its next phase of growth. This is why we aim to consolidate our achievements and diversify the activity for sustainable growth.

    "On behalf of the Board of Directors, I congratulate Jalo-Waziri on this renewal, which reflects our vote of confidence and our increased expectations from him in terms of creating value for CSCS shareholders and broader stakeholders", Onyema said.

    Commenting on his renewal, Jalo-Waziri thanked the board of directors for the confidence shown in him.

    “I would like to thank the Board of Directors for this renewal.

    It is a vote of confidence in my team, whose tenacity and ingenuity are my greatest motivation and confidence.

    “I am extremely proud of the talent pool that we have built here at CSCS. As we strive to diligently execute our next growth strategy,

    “I am very excited about the future of this great institution and look forward to deepening our partnership with different stakeholders for mutual prosperity.

    “I would continue to count on the support of our highest regulator, the Securities and Exchange Commission; our board of directors; participants and other stakeholders in deepening the Nigerian capital market for our mutual growth.

    “It has been an exciting and challenging journey and the grass continues to get greener at every turn,” he said.

    Jalo-Waziri took over the leadership of the CSCS in 2017 from the Acting Director General, Mr. Bola Adeeko, with a clear mandate to lead the next phase of the CSCS strategic journey.

    Over the past four years, the company has seen its revenue base grow significantly and forged strong strategic alliances with other financial market entities across Africa.

    Under the supervision of the Board of Directors and a fully dedicated management team, Jalo-Waziri led CSCS earnings growth of 18% CAGR and generated a 20% return on average equity during the year. fiscal year 2020, despite the pandemic.

    Jalo-Waziri was previously Executive Director, Capital Markets at the Nigerian Stock Exchange (now Nigerian Exchange Group Plc), where he led cross-functional teams responsible for the recovery of primary and secondary markets between 2012 and 2017.

    He has co-managed a number of initiatives at the Stock Exchange, including the launch of the Premium Board, the London Stock Exchange's strategic partnership with the Nigeria Stock Exchange, and the development of Nigerian Savings Bonds, Sukuk Bonds and green bonds, among several other markets. -Large-scale initiatives. (www.)

    Source: NAN

  •   By Chinyere Joel Nwokeoma The Central Securities Clearing System Plc CSCS reported an after tax profit of N6 93 billion for the fiscal year ended December 31 2020 In a statement the company said the after tax profit was 41 43 higher than the N4 90 billion recorded in the corresponding period of 2019 In addition profit before tax increased by 22 35 to 7 39 billion naira compared to 6 04 billion naira realized in the corresponding period of 2019 Its total income was 12 09 billion naira compared to 9 21 billion naira in 2019 indicating an increase of 31 3 The group s total income increased by 31 27 to 12 09 billion naira from 9 21 billion naira recorded in the comparative period of 2019 The company s investment income rose 61 39 to 7 44 billion naira from 4 61 billion naira in 2019 The company s operating expenses edged up 46 13 to N4 72 billion from N3 23 billion in 2019 partly reflecting investments in technology and human capital The board also recommended a dividend of 5 85 billion naira or 1 17 billion naira a growth of 36 against 86 000 dividends per share paid in 2019 Commenting on the group s performance Mr Oscar Onyema Chairman of the Board of Directors of CSCS said the company has challenged the unprecedented challenges that characterized fiscal 2020 It is exciting to report these excellent results Meeting the unprecedented challenges that characterized fiscal 2020 The CSCS grew stronger delivering exceptional growth in revenues and results and executing large scale initiatives that would sustainably strengthen the competitiveness and resilience of the company said Onyema He said the board and management were optimistic about CSCS prospects for value creation with earnings growth of over 41 percent We are delighted that the progress made so far in repositioning the company to effectively play a more active and leading role in deepening the Nigerian capital market will be sustained With continued investments in new technology talent and the work environment we are optimistic about the productivity of CSCS going forward he said Further commenting on the performance Mr Haruna Jalo Waziri CEO of CSCS said the result reinforces his commitment to deliver superior value to our shareholders regardless of rating These impressive results reflect our enhanced collaboration with various stakeholders and their unwavering support and loyalty to CSCS as the basic infrastructure for the Nigerian financial market Therefore my colleagues and I are delighted to dedicate this performance to our valued participants the regulator and the board whose support has kept us strong during the pandemic We would continue to invest in our collective goal of deepening the capital market and the broader financial system while seeking new and effective ways to strengthen our partnerships for mutual prosperity After having laid a solid foundation over the past three years we are more optimistic than ever about the outlook for our business especially as we are diversifying the business for better resilience in the face of macroeconomic and stock market volatility We will maintain our disciplined culture of profitability in our commitment to deliver sustainable shareholder value over the long term We are excited about the cost income ratio of 39 percent despite the impact of exchange rate volatility and rising headline inflation on our cost base Jalo Waziri said NOPE NAN
    CSCS Reports N6.93 Billion Profit, 2020 N 5.85 Billion Dividend
      By Chinyere Joel Nwokeoma The Central Securities Clearing System Plc CSCS reported an after tax profit of N6 93 billion for the fiscal year ended December 31 2020 In a statement the company said the after tax profit was 41 43 higher than the N4 90 billion recorded in the corresponding period of 2019 In addition profit before tax increased by 22 35 to 7 39 billion naira compared to 6 04 billion naira realized in the corresponding period of 2019 Its total income was 12 09 billion naira compared to 9 21 billion naira in 2019 indicating an increase of 31 3 The group s total income increased by 31 27 to 12 09 billion naira from 9 21 billion naira recorded in the comparative period of 2019 The company s investment income rose 61 39 to 7 44 billion naira from 4 61 billion naira in 2019 The company s operating expenses edged up 46 13 to N4 72 billion from N3 23 billion in 2019 partly reflecting investments in technology and human capital The board also recommended a dividend of 5 85 billion naira or 1 17 billion naira a growth of 36 against 86 000 dividends per share paid in 2019 Commenting on the group s performance Mr Oscar Onyema Chairman of the Board of Directors of CSCS said the company has challenged the unprecedented challenges that characterized fiscal 2020 It is exciting to report these excellent results Meeting the unprecedented challenges that characterized fiscal 2020 The CSCS grew stronger delivering exceptional growth in revenues and results and executing large scale initiatives that would sustainably strengthen the competitiveness and resilience of the company said Onyema He said the board and management were optimistic about CSCS prospects for value creation with earnings growth of over 41 percent We are delighted that the progress made so far in repositioning the company to effectively play a more active and leading role in deepening the Nigerian capital market will be sustained With continued investments in new technology talent and the work environment we are optimistic about the productivity of CSCS going forward he said Further commenting on the performance Mr Haruna Jalo Waziri CEO of CSCS said the result reinforces his commitment to deliver superior value to our shareholders regardless of rating These impressive results reflect our enhanced collaboration with various stakeholders and their unwavering support and loyalty to CSCS as the basic infrastructure for the Nigerian financial market Therefore my colleagues and I are delighted to dedicate this performance to our valued participants the regulator and the board whose support has kept us strong during the pandemic We would continue to invest in our collective goal of deepening the capital market and the broader financial system while seeking new and effective ways to strengthen our partnerships for mutual prosperity After having laid a solid foundation over the past three years we are more optimistic than ever about the outlook for our business especially as we are diversifying the business for better resilience in the face of macroeconomic and stock market volatility We will maintain our disciplined culture of profitability in our commitment to deliver sustainable shareholder value over the long term We are excited about the cost income ratio of 39 percent despite the impact of exchange rate volatility and rising headline inflation on our cost base Jalo Waziri said NOPE NAN
    CSCS Reports N6.93 Billion Profit, 2020 N 5.85 Billion Dividend
    Economy1 year ago

    CSCS Reports N6.93 Billion Profit, 2020 N 5.85 Billion Dividend

    By Chinyere Joel-Nwokeoma

    The Central Securities Clearing System Plc (CSCS) reported an after-tax profit of N6.93 billion for the fiscal year ended December 31, 2020.

    In a statement, the company said the after-tax profit was 41.43% higher than the N4.90 billion recorded in the corresponding period of 2019.

    In addition, profit before tax increased by 22.35% to 7.39 billion naira, compared to 6.04 billion naira realized in the corresponding period of 2019.

    Its total income was 12.09 billion naira compared to 9.21 billion naira in 2019, indicating an increase of 31.3%.

    The group's total income increased by 31.27% to 12.09 billion naira from 9.21 billion naira recorded in the comparative period of 2019.

    The company's investment income rose 61.39% to 7.44 billion naira, from 4.61 billion naira in 2019.

    The company's operating expenses edged up 46.13% to N4.72 billion from N3.23 billion in 2019, partly reflecting investments in technology and human capital.

    The board also recommended a dividend of 5.85 billion naira, or 1.17 billion naira, a growth of 36% against 86,000 dividends per share paid in 2019.

    Commenting on the group's performance, Mr. Oscar Onyema, Chairman of the Board of Directors of CSCS, said the company has challenged the unprecedented challenges that characterized fiscal 2020.

    “It is exciting to report these excellent results. Meeting the unprecedented challenges that characterized fiscal 2020.

    “The CSCS grew stronger, delivering exceptional growth in revenues and results, and executing large-scale initiatives that would sustainably strengthen the competitiveness and resilience of the company,” said Onyema.

    He said the board and management were optimistic about CSCS 'prospects for value creation with earnings growth of over 41 percent.

    “We are delighted that the progress made so far in repositioning the company to effectively play a more active and leading role in deepening the Nigerian capital market will be sustained.

    “With continued investments in new technology, talent and the work environment, we are optimistic about the productivity of CSCS going forward,” he said.

    Further, commenting on the performance, Mr. Haruna Jalo-Waziri, CEO of CSCS, said the result reinforces his commitment to deliver superior value to our shareholders, regardless of rating.

    “These impressive results reflect our enhanced collaboration with various stakeholders and their unwavering support and loyalty to CSCS, as the basic infrastructure for the Nigerian financial market.

    “Therefore, my colleagues and I are delighted to dedicate this performance to our valued participants, the regulator and the board, whose support has kept us strong during the pandemic.

    “We would continue to invest in our collective goal of deepening the capital market and the broader financial system, while seeking new and effective ways to strengthen our partnerships for mutual prosperity.

    “After having laid a solid foundation over the past three years, we are more optimistic than ever about the outlook for our business, especially as we are diversifying the business for better resilience in the face of macroeconomic and stock market volatility.

    “We will maintain our disciplined culture of profitability, in our commitment to deliver sustainable shareholder value over the long term.

    “We are excited about the cost / income ratio of 39 percent, despite the impact of exchange rate volatility and rising headline inflation on our cost base,” Jalo-Waziri said. (NOPE)

    (NAN)

  •   The Institute of Chartered Secretaries and Administrators of Nigeria ICSAN has called for review of Section 39 of the Finance Bill 2021 over its provision for take over of unclaimed dividends of public listed companies Bode Ayeku ICSAN President made the call on Thursday in Lagos at the institute s 44th annual conference themed Entrenching the Right Governance Framework for Economic Development and Sustainability The News Agency of Nigeria reports that the take over is proposed to be done through the establishment of a trust to be known as unclaimed dividend trust fund NAN also reports that the Bill provides that unclaimed dividends of public listed companies that remain unclaimed for three years after declaration shall be transferred immediately to the trust fund either by the company or its registrar In addition all unclaimed dividend of more than 12 years shall lapse into government revenue and shall be transferred from the trust fund to the federation account as federation revenue Any company that fails to transfer its unclaimed dividend to the fund commits an offence and was liable to five times the value of the unclaimed dividends with accumulated interests at the Monetary Policy Rate of Central Bank of Nigeria Ayeku said the section was a big disincentive to listing on the Nigerian Stock Exchange by companies and constrained those already listed to delist since the Bill targeted listed companies He noted that Principle 23 of the Nigerian Code of Corporate Governance 2018 NCCG provides for the Protection of Shareholder Rights Ayeku said that the right to dividend by the shareholders was one of the rights that companies and stakeholders must protect He therefore urged a review of the Section to make unclaimed dividends accessible to shareholders indefinitely and not forfeited by any company after 12 years but be kept by the companies as stated in CAMA 2020 This he said was because companies had contractual responsibility to pay dividends to shareholders and the Finance Bill had the implication of inducing a breach of such contract The ICSAN president urged government to focus on addressing the root causes of unclaimed dividends by requesting the various state governments to review their complex unfair and exploitative probate processes He listed the processes to include the arbitrary valuation of assets of deceased leading to compromise by probate officials high estate duty of 10 per cent which dependents of deceased were compelled to pay notwithstanding that probate Ayeku called for the creation of a timeframe maximum of two months for issuance of probate after receipt of complete documentation by the probate registry of each state to enable quick claim by executors of deceased shareholders We request the Securities and Exchange Commission to further simplify the procedure for accessing unclaimed dividends by the shareholders such that one form can be used by affected shareholders to access all unclaimed dividends in PLCs Existing shareholders should be allowed to update their information by nominating default beneficiaries with bank account numbers that dividends should be paid in case of death or disability of the shareholders A section in the new Share Bond application form through the primary and secondary markets Stockbroker CSCS account opening forms for default beneficiaries to be stated by investor in order to proactively reduce the volume of unclaimed dividend in future should be included To ensure the safety of unclaimed dividends so that they can be accessed by shareholders indefinitely companies should be mandated to invest unclaimed dividends only in government securities gilt edge securities The unclaimed dividends should not be transferred from the custody of companies that declared them to any institution whether private or public corporate or institutional local or international he said Speaking on the theme of the conference Ayeku said it reflected the realities that the nation s economy was undeniably challenged on many fronts with many concerned stakeholders already being apprehensive of another recession At the moment we are experiencing shrinking of socioeconomic enterprises rising inflation fall in the value of Naira low capacity utilisation in the real sector retrenchment among others All these are aggravating the already very high rate of unemployment and the negative economic indices affecting national growth Therefore this year s conference has aptly brought to the front burner the imperative of creatively exploring all avenues for finding solution to the nation s socioeconomic regression through the right governance framework he said Edited By Wale Ojetimi Source NAN
    ICSAN urges review of Finance Bill 2021 on unclaimed dividends
      The Institute of Chartered Secretaries and Administrators of Nigeria ICSAN has called for review of Section 39 of the Finance Bill 2021 over its provision for take over of unclaimed dividends of public listed companies Bode Ayeku ICSAN President made the call on Thursday in Lagos at the institute s 44th annual conference themed Entrenching the Right Governance Framework for Economic Development and Sustainability The News Agency of Nigeria reports that the take over is proposed to be done through the establishment of a trust to be known as unclaimed dividend trust fund NAN also reports that the Bill provides that unclaimed dividends of public listed companies that remain unclaimed for three years after declaration shall be transferred immediately to the trust fund either by the company or its registrar In addition all unclaimed dividend of more than 12 years shall lapse into government revenue and shall be transferred from the trust fund to the federation account as federation revenue Any company that fails to transfer its unclaimed dividend to the fund commits an offence and was liable to five times the value of the unclaimed dividends with accumulated interests at the Monetary Policy Rate of Central Bank of Nigeria Ayeku said the section was a big disincentive to listing on the Nigerian Stock Exchange by companies and constrained those already listed to delist since the Bill targeted listed companies He noted that Principle 23 of the Nigerian Code of Corporate Governance 2018 NCCG provides for the Protection of Shareholder Rights Ayeku said that the right to dividend by the shareholders was one of the rights that companies and stakeholders must protect He therefore urged a review of the Section to make unclaimed dividends accessible to shareholders indefinitely and not forfeited by any company after 12 years but be kept by the companies as stated in CAMA 2020 This he said was because companies had contractual responsibility to pay dividends to shareholders and the Finance Bill had the implication of inducing a breach of such contract The ICSAN president urged government to focus on addressing the root causes of unclaimed dividends by requesting the various state governments to review their complex unfair and exploitative probate processes He listed the processes to include the arbitrary valuation of assets of deceased leading to compromise by probate officials high estate duty of 10 per cent which dependents of deceased were compelled to pay notwithstanding that probate Ayeku called for the creation of a timeframe maximum of two months for issuance of probate after receipt of complete documentation by the probate registry of each state to enable quick claim by executors of deceased shareholders We request the Securities and Exchange Commission to further simplify the procedure for accessing unclaimed dividends by the shareholders such that one form can be used by affected shareholders to access all unclaimed dividends in PLCs Existing shareholders should be allowed to update their information by nominating default beneficiaries with bank account numbers that dividends should be paid in case of death or disability of the shareholders A section in the new Share Bond application form through the primary and secondary markets Stockbroker CSCS account opening forms for default beneficiaries to be stated by investor in order to proactively reduce the volume of unclaimed dividend in future should be included To ensure the safety of unclaimed dividends so that they can be accessed by shareholders indefinitely companies should be mandated to invest unclaimed dividends only in government securities gilt edge securities The unclaimed dividends should not be transferred from the custody of companies that declared them to any institution whether private or public corporate or institutional local or international he said Speaking on the theme of the conference Ayeku said it reflected the realities that the nation s economy was undeniably challenged on many fronts with many concerned stakeholders already being apprehensive of another recession At the moment we are experiencing shrinking of socioeconomic enterprises rising inflation fall in the value of Naira low capacity utilisation in the real sector retrenchment among others All these are aggravating the already very high rate of unemployment and the negative economic indices affecting national growth Therefore this year s conference has aptly brought to the front burner the imperative of creatively exploring all avenues for finding solution to the nation s socioeconomic regression through the right governance framework he said Edited By Wale Ojetimi Source NAN
    ICSAN urges review of Finance Bill 2021 on unclaimed dividends
    Economy2 years ago

    ICSAN urges review of Finance Bill 2021 on unclaimed dividends

    The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has called for review of Section 39 of the Finance Bill 2021 over its provision for take-over of unclaimed dividends of public listed companies.

    Bode Ayeku, ICSAN President, made the call on Thursday in Lagos at the institute’s 44th annual conference, themed: Entrenching the Right Governance Framework for Economic Development and Sustainability.

    The News Agency of Nigeria reports that the take-over is proposed to be done through the establishment of a trust to be known as unclaimed dividend trust fund.

    NAN also reports that the Bill provides that unclaimed dividends of public listed companies that remain unclaimed for three years after declaration shall be transferred immediately to the trust fund either by the company or its registrar.

    In addition, all unclaimed dividend of more than 12 years shall lapse into government revenue and shall be transferred from the trust fund to the federation account as federation revenue.

    Any company that fails to transfer its unclaimed dividend to the fund commits an offence and was liable to five times the value of the unclaimed dividends with accumulated interests at the Monetary Policy Rate of Central Bank of Nigeria.

    Ayeku said the section was a big disincentive to listing on the Nigerian Stock Exchange by companies and constrained those already listed to delist since the Bill targeted listed companies.

    He noted that Principle 23 of the Nigerian Code of Corporate Governance 2018 (NCCG) provides for the “Protection of Shareholder Rights”.

    Ayeku said that the right to dividend by the shareholders was one of the rights that companies and stakeholders must protect.

    He, therefore, urged a review of the Section to make unclaimed dividends accessible to shareholders indefinitely and not forfeited by any company after 12 years, but be kept by the companies as stated in CAMA 2020.

    This, he said, was because companies had contractual responsibility to pay dividends to shareholders and the Finance Bill had the implication of inducing a breach of such contract.

    The ICSAN president urged government to focus on addressing the root causes of unclaimed dividends by requesting the various state governments to review their complex, unfair and exploitative probate processes.

    He listed the processes to include the arbitrary valuation of assets of deceased leading to compromise by probate officials, high estate duty of 10 per cent which dependents of deceased were compelled to pay notwithstanding that probate.

    Ayeku called for the creation of a timeframe maximum of two months for issuance of probate after receipt of complete documentation by the probate registry of each state to enable quick claim by executors of deceased shareholders.

    “We request the Securities and Exchange Commission to further simplify the procedure for accessing unclaimed dividends by the shareholders such that one form can be used by affected shareholders to access all unclaimed dividends in PLCs.

    “Existing shareholders should be allowed to update their information by nominating default beneficiaries with bank account numbers that dividends should be paid in case of death or disability of the shareholders.

    “A section in the new Share/Bond application form (through the primary and secondary markets), Stockbroker/ CSCS account opening forms for default beneficiaries to be stated by investor in order to proactively reduce the volume of unclaimed dividend in future should be included.

    “To ensure the safety of unclaimed dividends so that they can be accessed by shareholders indefinitely, companies should be mandated to invest unclaimed dividends only in government securities / gilt edge securities.

    “The unclaimed dividends should not be transferred from the custody of companies that declared them to any institution, whether private or public, corporate or institutional, local or international,” he said.

    Speaking on the theme of the conference, Ayeku said it reflected the realities that the nation’s economy was undeniably challenged on many fronts with many concerned stakeholders already being apprehensive of another recession.

    “At the moment, we are experiencing shrinking of socioeconomic enterprises, rising inflation, fall in the value of Naira, low capacity utilisation in the real sector, retrenchment, among others.

    “All these are aggravating the already very high rate of unemployment and the negative economic indices affecting national growth.

    “Therefore, this year’s conference has aptly brought to the front burner the imperative of creatively exploring all avenues for finding solution to the nation’s socioeconomic regression through the right governance framework,” he said.


    Edited By: Wale Ojetimi
    Source: NAN

  •   The Securities and Exchange Commission SEC on Tuesday urged the Investment and Securities Tribunal in Lagos to make an order freezing all stocks standing to the credit and benefit of a stockbroking firm First Stockbrokers Ltd In an application before the tribunal SEC claimed that the stocks were acquired with proceeds derived in violation of the provisions of Investment and Securities Act 2007 SEC also prayed the tribunal to make an order of forfeiture to the commission of all stocks standing to the credit and benefit of the first to fifth defendants in the suit in their respective accounts with Central Securities and Clearing System Plc CSCS Counsel to SEC Mr Ishmael Ebhodaghe filed the application following complaints from different members of the investing public against First Stockbrokers Ltd Other defendants in the suit are Rear Admiral Michael Onah Michael Ngbakor Ighalo Erik Geoffrey Ogwu and CSCS SEC is representing the complainants claimants including 2004 Investment Club comprising some News Agency of Nigeria staff members Mr Iranian Bartimaeus Mrs Getrude Ogazi Oasis Solicitors and Attorneys among others At the hearing on Tuesday the claimant s counsel told the tribunal that the first to fifth defendants were absent and had no legal representative He said that former counsel to the first to fifth defendants wrote a letter withdrawing his representation from the case citing unwillingness of the defendants to defend the case He however urged the tribunal to proceed with the hearing of the case after proving that hearing notices were given to the defendants Counsel to the sixth defendant CSCS Mr S O Obajaja also acknowledged that hearing notices were served saying that the first to fifth defendants might choose to defend the case or not In a ruling the five man tribunal headed by Dr Abubakar Ahmad granted the application The claimant s counsel called his only witness Mr Ikechukwu Osuji who said he worked as an investigator at the Investigation Division of SEC Osuji said that he investigated the case and was familiar with the case and the parties involved The claimant s counsel said that the witness statement was deposed on oath and tendered it in evidence It was admitted and marked as exhibit The counsel also tendered letters from all the complainants which were referred to in the witness s statement The letters were all admitted as exhibits He also tendered a letter written to the CSCS which was also admitted He urged the tribunal to grant all the prayers in the witness s statement During cross examination CSCS s counsel Obajaja asked the witness if there were any claims against CSCS but the witness said there were not The counsel prayed the tribunal to strike out the name of CSCS from the case since there were no claims against it This is a clear waste of CSCS s time he said However counsel to the claimant re examined the witness and said that the primary purpose of the case was to freeze certain accounts which were in possession of CSCS He also said that he had filed a counter affidavit in relation to the preliminary objection by CSCS because there is a clear case against CSCS After evidence by the claimant s witness the sixth defendant s witness Mr Theophilus Onwusiwekwu was called Onwusiwekwu said he worked at the Enterprise Risk Management Department Resolution Unit of CSCS He said he provided statements to stockbrokers so they could track their investments Onwusiwekwu said From the search of CSCS s system the first third and fourth defendants have accounts on its records The sixth defendant being a responsible stakeholder in the Nigeria capital market is willing to comply with all lawful directives of the tribunal His statement on oath was tendered and admitted in evidence The claimant s counsel consequently urged the tribunal to close the case of the first to fifth defendants and asked for a date for filing of written addresses The tribunal adjourned until Dec 11 for adoption of written addresses Edited By Ijeoma Popoola Source NAN
    SEC wants tribunal freeze First Stockbroker’s account
      The Securities and Exchange Commission SEC on Tuesday urged the Investment and Securities Tribunal in Lagos to make an order freezing all stocks standing to the credit and benefit of a stockbroking firm First Stockbrokers Ltd In an application before the tribunal SEC claimed that the stocks were acquired with proceeds derived in violation of the provisions of Investment and Securities Act 2007 SEC also prayed the tribunal to make an order of forfeiture to the commission of all stocks standing to the credit and benefit of the first to fifth defendants in the suit in their respective accounts with Central Securities and Clearing System Plc CSCS Counsel to SEC Mr Ishmael Ebhodaghe filed the application following complaints from different members of the investing public against First Stockbrokers Ltd Other defendants in the suit are Rear Admiral Michael Onah Michael Ngbakor Ighalo Erik Geoffrey Ogwu and CSCS SEC is representing the complainants claimants including 2004 Investment Club comprising some News Agency of Nigeria staff members Mr Iranian Bartimaeus Mrs Getrude Ogazi Oasis Solicitors and Attorneys among others At the hearing on Tuesday the claimant s counsel told the tribunal that the first to fifth defendants were absent and had no legal representative He said that former counsel to the first to fifth defendants wrote a letter withdrawing his representation from the case citing unwillingness of the defendants to defend the case He however urged the tribunal to proceed with the hearing of the case after proving that hearing notices were given to the defendants Counsel to the sixth defendant CSCS Mr S O Obajaja also acknowledged that hearing notices were served saying that the first to fifth defendants might choose to defend the case or not In a ruling the five man tribunal headed by Dr Abubakar Ahmad granted the application The claimant s counsel called his only witness Mr Ikechukwu Osuji who said he worked as an investigator at the Investigation Division of SEC Osuji said that he investigated the case and was familiar with the case and the parties involved The claimant s counsel said that the witness statement was deposed on oath and tendered it in evidence It was admitted and marked as exhibit The counsel also tendered letters from all the complainants which were referred to in the witness s statement The letters were all admitted as exhibits He also tendered a letter written to the CSCS which was also admitted He urged the tribunal to grant all the prayers in the witness s statement During cross examination CSCS s counsel Obajaja asked the witness if there were any claims against CSCS but the witness said there were not The counsel prayed the tribunal to strike out the name of CSCS from the case since there were no claims against it This is a clear waste of CSCS s time he said However counsel to the claimant re examined the witness and said that the primary purpose of the case was to freeze certain accounts which were in possession of CSCS He also said that he had filed a counter affidavit in relation to the preliminary objection by CSCS because there is a clear case against CSCS After evidence by the claimant s witness the sixth defendant s witness Mr Theophilus Onwusiwekwu was called Onwusiwekwu said he worked at the Enterprise Risk Management Department Resolution Unit of CSCS He said he provided statements to stockbrokers so they could track their investments Onwusiwekwu said From the search of CSCS s system the first third and fourth defendants have accounts on its records The sixth defendant being a responsible stakeholder in the Nigeria capital market is willing to comply with all lawful directives of the tribunal His statement on oath was tendered and admitted in evidence The claimant s counsel consequently urged the tribunal to close the case of the first to fifth defendants and asked for a date for filing of written addresses The tribunal adjourned until Dec 11 for adoption of written addresses Edited By Ijeoma Popoola Source NAN
    SEC wants tribunal freeze First Stockbroker’s account
    Judiciary2 years ago

    SEC wants tribunal freeze First Stockbroker’s account

    The Securities and Exchange Commission (SEC) on Tuesday urged the Investment and Securities Tribunal in Lagos to make an order freezing all stocks standing to the credit and benefit of a stockbroking firm – First Stockbrokers Ltd.

    In an application before the tribunal, SEC  claimed that the stocks were acquired with proceeds derived in violation of the provisions of Investment and Securities Act, 2007.

    SEC also prayed the tribunal to make an order of forfeiture to the commission, of all stocks standing to the credit and benefit of the first to fifth defendants in the suit, in their respective accounts with Central Securities and Clearing System Plc. (CSCS).

    Counsel to SEC, Mr Ishmael Ebhodaghe filed the application following complaints from different members of the investing public against First Stockbrokers Ltd.

    Other defendants in the suit are  Rear Admiral Michael Onah, Michael Ngbakor, Ighalo Erik, Geoffrey Ogwu and  CSCS.

    SEC is representing the complainants/claimants  including 2004 Investment Club comprising some News Agency of Nigeria staff members, Mr Iranian Bartimaeus, Mrs Getrude Ogazi, Oasis Solicitors and Attorneys, among others.

    At the hearing on Tuesday, the claimant’s counsel told the tribunal that the first to fifth defendants were absent and had no legal representative.

    He said that former counsel to the first to fifth defendants wrote a letter withdrawing his representation from the case, citing unwillingness of the defendants to defend the case.

    He, however, urged the tribunal to proceed with the hearing of the case after proving that hearing notices were  given to the defendants.

    Counsel to the sixth defendant (CSCS), Mr S. O. Obajaja, also acknowledged that hearing notices were served, saying that the first to fifth defendants might choose to defend the case or not.

    In  a ruling, the five-man tribunal headed by Dr Abubakar Ahmad granted the application.

    The claimant’s counsel called his only witness, Mr Ikechukwu Osuji, who said he worked as an investigator at the Investigation Division of SEC.

    Osuji said that he investigated the case and was familiar with the case and the parties involved.

    The claimant’s counsel said that the witness statement was deposed on oath, and tendered it in evidence.

    It was admitted and marked as exhibit.

    The counsel also tendered letters from all the complainants which were referred to in the witness’s statement.

    The letters  were all admitted as exhibits.

    He also tendered a letter written to the CSCS which was also admitted.

    He urged the tribunal to grant all the prayers in the witness’s statement.

    During cross-examination, CSCS’s counsel, Obajaja, asked the witness if there were any claims against CSCS but the witness said there were not.

    The counsel prayed the tribunal to strike out the name of CSCS from the case since there were no claims against it.

    “This is a clear waste of CSCS’s time,” he said.

    However, counsel to the claimant re-examined the witness and said that  the primary purpose of the case was to freeze certain accounts which were in possession of CSCS.

    He also said that he had filed a counter-affidavit in relation to the preliminary objection by CSCS “because there is a clear case against CSCS”.

    After evidence by the claimant’s witness, the sixth defendant’s witness, Mr Theophilus Onwusiwekwu, was called.

    Onwusiwekwu said he worked at the Enterprise Risk Management Department (Resolution Unit) of CSCS.

    He said he provided  statements to stockbrokers so they could track their investments.

    Onwusiwekwu said, “From the search of CSCS’s system, the first, third and fourth defendants have accounts on its records.

    “The sixth defendant being a responsible stakeholder in the Nigeria capital market is willing to comply with all lawful directives of the tribunal.”

    His statement on oath was tendered and admitted in evidence.

    The claimant’s counsel consequently urged the tribunal to close the case of the first to fifth defendants, and asked for a date for filing of written addresses.

    The tribunal adjourned until Dec. 11 for adoption of written addresses.


    Edited By: Ijeoma Popoola
    Source: NAN

  •  Mr Haruna Jalo Waziri Chief Executive Officer Central Securities Clearing System CSCS Plc says cyber security is a collective effort and everyone must play their roles to preserve the integrity and sanctity of the financial market He spoke on Monday at a webinar on Cyber Security and Information During the Pandemic organised by the CSCS Nigeria s capital market infrastructure Financial market stakeholders including bankers and capital market operators shared ideas on innovative measures for preventing cybercrimes at the webinar Jalo Waziri said that eradicating cybercrimes required collaborative effort According to him the pandemic and its attendant remote connections occasioned by business continuity and work from home protocols have increased exposures to cyber security risks He said that some businesses may also have suffered colossal losses due to cyber attacks since the pandemic More than ever cyber attacks are like a double whammy at this challenging time when businesses are re strategising to adapt to the new normal and ensure sustainability he said Mr Femi Onifade the Chief Strategy Officer CSCS said that a breach on a market operator s system could inadvertently expose the entire system This he said reinforced why all must collaborate to prevent any vulnerabilities in the financial system He said that all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber resilience Mr Bharat Soni Chief Information Security Officer GTBank Plc said the new work culture had expanded remote activities and cloud capabilities to an unprecedented level He said this had made businesses more vulnerable to cyber attacks such as online scams and phishing disruptive malware malicious domains amongst others Soni said that due to this the use of strong authentication for accessing networks would no longer be an option but a necessity According to Soni awareness of the new realities of safe cyber practices needs to be communicated to employees partners and customers He said this was necessary so that they could remain aware of the evolving cyber threat and how to best protect themselves and their organisations Mr Ikechukwu Ugoji Chief Information Security Officer Interswitch Limited said that over 90 per cent of breaches were facilitated by phishing emails or social engineering attacks He said that every employee is a first line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization On his part Mr Tobe Nnadozie Divisional Head Technology and Innovations CSCS noted that the pattern of spending on cyber security showed that organisations were taking steps to protect their systems Organisations are making relevant investments to protect their systems and broader market albeit sadly lack of vigilance is the leading cause of breaches he said The attendees lauded the timeliness of the webinar as COVID 19 pandemic and the attendant remote connections may have increased cyber security risks in many organisations Edited By Tayo Ikujuni Oluwole Sogunle Source NAN
    Cyber-security: CSCS chief, others say collaboration key
     Mr Haruna Jalo Waziri Chief Executive Officer Central Securities Clearing System CSCS Plc says cyber security is a collective effort and everyone must play their roles to preserve the integrity and sanctity of the financial market He spoke on Monday at a webinar on Cyber Security and Information During the Pandemic organised by the CSCS Nigeria s capital market infrastructure Financial market stakeholders including bankers and capital market operators shared ideas on innovative measures for preventing cybercrimes at the webinar Jalo Waziri said that eradicating cybercrimes required collaborative effort According to him the pandemic and its attendant remote connections occasioned by business continuity and work from home protocols have increased exposures to cyber security risks He said that some businesses may also have suffered colossal losses due to cyber attacks since the pandemic More than ever cyber attacks are like a double whammy at this challenging time when businesses are re strategising to adapt to the new normal and ensure sustainability he said Mr Femi Onifade the Chief Strategy Officer CSCS said that a breach on a market operator s system could inadvertently expose the entire system This he said reinforced why all must collaborate to prevent any vulnerabilities in the financial system He said that all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber resilience Mr Bharat Soni Chief Information Security Officer GTBank Plc said the new work culture had expanded remote activities and cloud capabilities to an unprecedented level He said this had made businesses more vulnerable to cyber attacks such as online scams and phishing disruptive malware malicious domains amongst others Soni said that due to this the use of strong authentication for accessing networks would no longer be an option but a necessity According to Soni awareness of the new realities of safe cyber practices needs to be communicated to employees partners and customers He said this was necessary so that they could remain aware of the evolving cyber threat and how to best protect themselves and their organisations Mr Ikechukwu Ugoji Chief Information Security Officer Interswitch Limited said that over 90 per cent of breaches were facilitated by phishing emails or social engineering attacks He said that every employee is a first line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization On his part Mr Tobe Nnadozie Divisional Head Technology and Innovations CSCS noted that the pattern of spending on cyber security showed that organisations were taking steps to protect their systems Organisations are making relevant investments to protect their systems and broader market albeit sadly lack of vigilance is the leading cause of breaches he said The attendees lauded the timeliness of the webinar as COVID 19 pandemic and the attendant remote connections may have increased cyber security risks in many organisations Edited By Tayo Ikujuni Oluwole Sogunle Source NAN
    Cyber-security: CSCS chief, others say collaboration key
    Economy2 years ago

    Cyber-security: CSCS chief, others say collaboration key

    Mr Haruna Jalo-Waziri, Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, says cyber-security is a collective effort, and everyone must play their roles to preserve the integrity and sanctity of the financial market.

    He spoke on Monday at a webinar on “Cyber Security and Information During the Pandemic”, organised by the CSCS, Nigeria’s capital market infrastructure.

    Financial market stakeholders, including bankers and capital market operators, shared ideas on innovative measures for preventing cybercrimes at the webinar.

    Jalo-Waziri said that eradicating cybercrimes required collaborative effort.

    According to him, the pandemic and its attendant remote connections occasioned by business continuity and work-from-home protocols have increased exposures to cyber-security risks.

    He said that some businesses may also have suffered colossal losses due to cyber attacks since the pandemic.

    “More than ever, cyber attacks are like a double whammy at this challenging time when businesses are re-strategising to adapt to the new normal and ensure sustainability,” he said.

    Mr Femi Onifade, the Chief Strategy Officer, CSCS, said that a breach on a market operator’s system could inadvertently expose the  entire system.

    This, he said, reinforced why all must collaborate to prevent any vulnerabilities in the financial system.

    He said that all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber-resilience.

    Mr Bharat Soni, Chief Information Security Officer, GTBank Plc, said the new work culture had expanded remote activities and cloud capabilities to an unprecedented level.

    He said this had made businesses more vulnerable to cyber-attacks such as online scams and phishing, disruptive malware, malicious domains amongst others.

    Soni said that due to this, the use of strong authentication for accessing networks would no longer be an option but a necessity.

    According to Soni, awareness of the new realities of safe cyber practices needs to be communicated to employees, partners and customers.

    He said this was necessary so that they could remain aware of the evolving cyber threat and how to best protect themselves and their organisations.

    Mr Ikechukwu Ugoji, Chief Information Security Officer, Interswitch Limited, said that over 90 per cent of breaches were facilitated by phishing emails or social engineering attacks.

    He said that every employee is a first-line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization.

    On his part, Mr Tobe Nnadozie, Divisional Head, Technology and Innovations, CSCS, noted that the pattern of spending on cyber-security showed that organisations were taking steps to protect their systems.

    “Organisations are making relevant investments to protect their systems and broader market, albeit sadly, lack of vigilance is the leading cause of breaches,” he said.

    The attendees lauded the timeliness of the webinar, as COVID-19 pandemic and the attendant remote connections may have increased cyber-security risks in many organisations.


    Edited By: Tayo Ikujuni/Oluwole Sogunle
    Source: NAN

  •  SUNU Assurances Nig Plc s has announced a 30 per cent profit increase to N1 2 billion for the 2019 financial year The company recorded N914 million profit in the 2018 financial year L R Non Executive Director SUNU Assurances Nigeria Plc Olanrewaju Ogunbanjo Executive Director Adeleke Hassan Managing Director Samuel Ogbodu Company Secretary John Akujieze and Chief Finance Officer Akeem Adamson during the AGM in Lagos Mr Kyari Bukar Chairman of SUNU Assurances made the announcement during a physical and virtual 33rd Annual General Meeting of the company on Friday in Lagos Bukar said that the achievement largely resulted from decrease in net claims by 24 per cent According to him the company recorded an improved production in terms of gross written premium with 0 4 per cent increase to N3 060 billion in 2019 from N3 049 billion in 2018 Also the company s investment income grew to N719 52 million in 2019 from N519 57 million in 2018 according to Bukar The chairman expressed satisfaction that in spite of numerous challenges facing the company it was able to achieve a modest result in the 2019 financial year He listed the challenges to includebond debt with its attendant huge finance cost and the National Insurance Commission NAICOM previous penalty on offshore transactions which would have a yearly payment of N86 6 million until 2021 During the year we were able to increase significantly our processes through improved operating efficiency optimising our current assets and improving operating efficiency which is part of our strategy We also seek to create further value by developing the opportunities embedded in our existing operations which present the most attractive options for growth We are always looking beyond our current operations for sustainable growth opportunities Going forward we shall strive to operate our business with a sharp focus on efficiency transparency and sustainable cost improvements he said According to him the company has effected some changes e which include implementation of new operating procedures to strengthen internal capabilities and prevent leakages I have no doubt that the future will bring many new opportunities and challenges but we have learnt that by focusing on running safe and efficient operations maintaining our costs and managing our strategic objectives we will continue to succeed he said Bukar also shed light on the new minimum paid up capital requirements of insurance companies by NAICOM He said The shareholders at its Extraordinary General Meeting EGM held in March 2020 unanimously approved the resolutions put forward for the recapitalisation of the company including but not limited to the cancellation of four existing ordinary shares out of every five ordinary shares held by members of the company The total number of issued ordinary shares post the reconstruction exercise would be 2 8 billion ordinary shares while 11 2 billion ordinary shares were cancelled and unissued The company has obtained approvals for the completion of the share reconstruction exercise and conversion of the bond debt to equity Similarly the Federal High Court Lagos sanctioned the company s application for the confirmation of the reduction of the issued share capital of the company as required by Section 106 of CAMA The final approval of Securities and Exchange Commission and the Nigeria Stock Exchange is currently being awaited to complete the exercise and credit the CSCS accounts of shareholders Bukar hoped that by Dec 31 2020 SUNU Assurance would have satisfied the newly required minimum paid up capital of N5 billion In addition conscious efforts would be made to achieve the required minimum paid up capital of N1O billion by Sept 30 2021 through the Rights Issue exercise as approved by the shareholders at the last Extraordinary General Meeting Edited By Tayo Ikujuni Ijeoma Popoola NAN
    SUNU Assurances declares N1.2bn profit
     SUNU Assurances Nig Plc s has announced a 30 per cent profit increase to N1 2 billion for the 2019 financial year The company recorded N914 million profit in the 2018 financial year L R Non Executive Director SUNU Assurances Nigeria Plc Olanrewaju Ogunbanjo Executive Director Adeleke Hassan Managing Director Samuel Ogbodu Company Secretary John Akujieze and Chief Finance Officer Akeem Adamson during the AGM in Lagos Mr Kyari Bukar Chairman of SUNU Assurances made the announcement during a physical and virtual 33rd Annual General Meeting of the company on Friday in Lagos Bukar said that the achievement largely resulted from decrease in net claims by 24 per cent According to him the company recorded an improved production in terms of gross written premium with 0 4 per cent increase to N3 060 billion in 2019 from N3 049 billion in 2018 Also the company s investment income grew to N719 52 million in 2019 from N519 57 million in 2018 according to Bukar The chairman expressed satisfaction that in spite of numerous challenges facing the company it was able to achieve a modest result in the 2019 financial year He listed the challenges to includebond debt with its attendant huge finance cost and the National Insurance Commission NAICOM previous penalty on offshore transactions which would have a yearly payment of N86 6 million until 2021 During the year we were able to increase significantly our processes through improved operating efficiency optimising our current assets and improving operating efficiency which is part of our strategy We also seek to create further value by developing the opportunities embedded in our existing operations which present the most attractive options for growth We are always looking beyond our current operations for sustainable growth opportunities Going forward we shall strive to operate our business with a sharp focus on efficiency transparency and sustainable cost improvements he said According to him the company has effected some changes e which include implementation of new operating procedures to strengthen internal capabilities and prevent leakages I have no doubt that the future will bring many new opportunities and challenges but we have learnt that by focusing on running safe and efficient operations maintaining our costs and managing our strategic objectives we will continue to succeed he said Bukar also shed light on the new minimum paid up capital requirements of insurance companies by NAICOM He said The shareholders at its Extraordinary General Meeting EGM held in March 2020 unanimously approved the resolutions put forward for the recapitalisation of the company including but not limited to the cancellation of four existing ordinary shares out of every five ordinary shares held by members of the company The total number of issued ordinary shares post the reconstruction exercise would be 2 8 billion ordinary shares while 11 2 billion ordinary shares were cancelled and unissued The company has obtained approvals for the completion of the share reconstruction exercise and conversion of the bond debt to equity Similarly the Federal High Court Lagos sanctioned the company s application for the confirmation of the reduction of the issued share capital of the company as required by Section 106 of CAMA The final approval of Securities and Exchange Commission and the Nigeria Stock Exchange is currently being awaited to complete the exercise and credit the CSCS accounts of shareholders Bukar hoped that by Dec 31 2020 SUNU Assurance would have satisfied the newly required minimum paid up capital of N5 billion In addition conscious efforts would be made to achieve the required minimum paid up capital of N1O billion by Sept 30 2021 through the Rights Issue exercise as approved by the shareholders at the last Extraordinary General Meeting Edited By Tayo Ikujuni Ijeoma Popoola NAN
    SUNU Assurances declares N1.2bn profit
    Economy2 years ago

    SUNU Assurances declares N1.2bn profit

    SUNU Assurances Nig. Plc’s has announced a 30 per cent profit increase to N1.2 billion for the 2019 financial year.

    The company recorded N914 million profit in the 2018 financial year.

    L-R: Non-Executive Director, SUNU Assurances Nigeria Plc, Olanrewaju Ogunbanjo; Executive Director, Adeleke Hassan; Managing Director, Samuel Ogbodu; Company Secretary, John Akujieze; and Chief Finance Officer, Akeem Adamson during the AGM in Lagos.

    Mr Kyari Bukar, Chairman of SUNU Assurances, made the announcement during a physical and virtual 33rd Annual General Meeting of the company on Friday in Lagos.

    Bukar said that the achievement largely resulted from decrease in net claims, by 24 per cent.

    According to him, the company recorded an improved production in terms of gross written premium, with 0.4 per cent increase to N3.060 billion in 2019, from N3.049 billion in 2018.

    Also, the company’s investment income grew to N719.52 million in 2019 from N519.57 million in 2018, according to Bukar.

    The chairman expressed satisfaction that in spite of numerous challenges facing the company, it was able to achieve a modest result in the 2019 financial year.

    He listed the challenges to include

    bond debt with its attendant huge finance cost and the National Insurance Commission (NAICOM) previous penalty on offshore transactions which would have a yearly payment of N86.6 million until 2021.

    “During the year, we were able to increase significantly our processes through improved operating efficiency, optimising our current assets and improving operating efficiency which is part of our strategy.

    “We also seek to create further value by developing the opportunities embedded in our existing operations which present the most attractive options for growth.

    “We are always looking beyond our current operations for sustainable growth opportunities.

    “Going forward, we shall strive to operate our business with a sharp focus on efficiency, transparency and sustainable cost improvements,” he said.

    According to him, the company has effected some changes e which include implementation of new operating procedures to strengthen internal capabilities and prevent leakages.

    “I have no doubt that the future will bring many new opportunities and challenges, but we have learnt that, by focusing on running safe and efficient operations, maintaining our costs and managing our strategic objectives, we will continue to succeed,” he said.

    Bukar also shed light on the new minimum paid-up capital requirements of insurance companies by NAICOM.

    He said: “The shareholders at its Extraordinary General Meeting (EGM) held in March 2020 unanimously approved the resolutions put forward for the recapitalisation of the company including but not limited to the cancellation of four existing ordinary shares out of every five ordinary shares held by members of the company.

    “The total number of issued ordinary shares post the reconstruction exercise would be 2.8 billion ordinary shares while 11.2 billion ordinary shares were cancelled and unissued.

    “The company has obtained approvals for the completion of the share reconstruction exercise and conversion of the bond debt to equity.

    “Similarly, the Federal High Court, Lagos sanctioned the company’s application for the confirmation of the reduction of the issued share capital of the company as required by Section 106 of CAMA.

    “The final approval of Securities and Exchange Commission and the Nigeria Stock Exchange is currently being awaited to complete the exercise and credit the CSCS accounts of shareholders.”

    Bukar hoped that by Dec. 31, 2020, SUNU Assurance would have satisfied the newly required minimum paid-up capital of N5 billion.

    “In addition, conscious efforts would be made to achieve the required minimum paid-up capital of N1O billion by Sept. 30, 2021, through the Rights Issue exercise as approved by the shareholders at the last Extraordinary General Meeting.”


    Edited By: Tayo Ikujuni/Ijeoma Popoola (NAN)