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SEC moves to reduce N190bn unclaimed dividends 

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SEC moves to reduce N190bn unclaimed dividends 

The Securities and Exchange Commission, on Thursday, said it has started moves to reduce unclaimed dividends with the current value of N190bn.

In August 2023, the total value of unclaimed dividends rose to N190bn, representing a 7.35 per cent rise from N177bn recorded in 2021, which was the last figure from the SEC.

The apex regulator, saddled with the dual responsibilities of regulating and developing the Nigerian capital market, disclosed this to journalists on Thursday after a three-day investor clinic it held in Yobe State to address complaints from investors in the region.

According to the Head of the SEC Zonal Office in Kano, Mr Danladi Mohammed, the investor clinic was jointly organised by the Securities and Exchange Commission and the Gombe State Investment & Property Development Company to proffer solutions to investors with unclaimed dividends and related matters.

Mohammed said the three-day exercise was aimed at creating awareness and enlightenment on e-dividend, dematerialisation of share certificates, and a direct cash settlement payment system, among other initiatives, and handling inquiries and complaints from shareholders for the people of Yobe State and its environs.

“The initiative is one in a series of programmes and strategies towards reducing the level of unclaimed dividends, which stood at N190bn in August 2023, by creating awareness, particularly in the regions, to make the investing public come forward to take what rightfully belongs to them.

“This is one of the key objectives of the Capital Market Development Master Plan 2015–2025,” he said.

It will be recalled that the Director General of the Securities and Exchange Commission, Lamido Yuguda, while briefing the members of the House Committee on Capital Markets and Institutions on the overview of the capital market and its importance to the Nigerian economy, intimated that the commission had made several efforts in the past and has a lot of strategies and measures in place to tackle the rise in unclaimed dividends.

He said, “The core mandate of the commission is to regulate and develop the capital market of Nigeria to be on par with its counterparts in other jurisdictions in all ramifications, and the commission is not resting on its oars to achieve and sustain that mission.

“The commission will embark on a series of investor clinics in 2024 in all the regions of the federation to provide the platforms for investors to reap the benefits of investing in the capital market.”

The commission noted that, at the end of the three-day event, it was able to address the many complaints by investors who attended the clinic, which included the request for guidance on e-dividend adoption, change/reconciliation of names, scheme consideration pay-off, verification share certificate, transmission of shares, payment of outstanding dividends, and many other issues.`

Capital market experts have attributed the rise in unclaimed dividends to either a change in residential address by investors and failure to update records with the registrars or investment companies or not keeping track of personal investments or investments owned by deceased relatives.

Armed robbers raid commercial banks in Kogi

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Armed robbers raid commercial banks in Kogi

A group of armed robbers have reportedly launched an attack on two commercial banks in Anyigba, Dekina Local Government Area of Kogi State.

Eyewitnesses said that there were indiscriminate shootings, with multiple banks targeted in the robbery.

The robbery operation was said to have started around 5 pm. when they stormed the two banks and started shooting to ease their escape after stealing an unspecified sum of money.

It was gathered that operatives of the Nigerian Security and Civil Defence Corps engaged them in exchange of gunfire.

As of the time of filing this report, efforts to reach the state police command for its reaction proved abortive.

Repeated calls made to the state Police Public Relations Officer, SP William Aya, went unanswered.

Similarly, efforts to reach the Kogi State Security Adviser, Jerry Omadara, proved abortive as his line could not be reached.

No decision yet on zoning, says PDP 

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No decision yet on zoning, says PDP 

The Peoples Democratic Party has clarified that it has not zoned its ticket for the November 16, 2024, governorship election in Ondo State to any Senatorial District.

As outlined in the party’s schedule, the congress to select the gubernatorial candidate is scheduled for Thursday, April 25, 2024.

The sale of expression of interest, nomination forms, and Ad-hoc forms is scheduled from March 7 to March 21. March 25 marks the deadline for the submission of completed expression of interest and Ad-hoc forms.

Therefore, the National Working Committee convened with gubernatorial aspirants and stakeholders from Ondo State on Tuesday to deliberate on zoning, primary election methods, and consensus. However, the meeting concluded without reaching a definitive decision.

PDP in a statement by its National Publicity Secretary, Debo Ologunagba, Thursday commended the Party stakeholders from Ondo State for their openness and commitment towards the success of the Party in the forthcoming Governorship election.

The statement read in part, “The NWC clarifies that the party has not zoned its ticket for the November 16, 2024 Governorship election in Ondo State to any part or area of the State.

“The NWC assures all intending Governorship aspirants and all members of the party in Ondo State of a level playing ground in all Party nomination processes and activities leading to the November 16, 2024, Governorship election in accordance with the Constitution of the PDP (as amended in 2017), the Electoral Act, 2022 and the Party Guideline for the Election.

“The NWC further assures that the nomination process and activities leading to the Governorship election will be all-inclusive, free, fair and transparent in accordance with the provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and the Party Guideline for the Election.

“The NWC approved the convening of a special meeting of Party leaders comprising of Governor Seyi Makinde of Oyo State, Governor Ademola Adeleke of Osun State, top Party leaders from Ondo State and the NWC to further ensure reconciliation and unity among Party stakeholders in the State.

“The NWC urges and emphasises the need for all stakeholders to be consistent in the display of fidelity to the party and work together in the greater interest of the Party and the people of Ondo State who are looking up to the PDP to rescue their State from the failed All Progressives Congress (APC) administration.

“The NWC restates its charge to the Independent National Electoral Commission (INEC) to ensure that the November 16, 2024, Governorship election in Ondo State is free, fair and credible.”

FG unveils new pay TV

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FG unveils new pay TV

The Federal Government on Thursday in Abuja launched a new satellite pay television which it affirmed would yield Nigerians value for money. The Secretary to the Government of the Federation, George Akume, who unveiled the indigenous Nigerian satellite television, Silver Lake Television, at the Shehu Yar’Adua Centre, Abuja, said its establishment aligns with the hopes

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Viral video captures moment lightning strikes plane mid-flight

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Viral video captures moment lightning strikes plane mid-flight

A video that went viral captured the moment when a plane travelling from Vancouver to London, with 400 passengers on board, was struck by lightning during its flight.

As reported by Dailymail on Thursday, the Air Canada Boeing 777 encountered a lightning strike shortly after taking off from Vancouver Airport in Canada.

Despite the dramatic incident, there were no casualties, and the aircraft completed its journey safely, landing at London Heathrow as scheduled.

The video, taken by aviation enthusiast Ethan West, who aspires to become a pilot, documented the lightning bolt hitting the plane directly as it continued its course toward the ground without affecting the flight.

Although the sight might have been alarming for onlookers, passengers onboard likely didn’t perceive any effects from the lightning strike.

Modern aircraft, such as the one in this instance, are equipped with materials like carbon composite coated with a thin layer of copper, designed to conduct electricity around the aircraft, thus ensuring the safety of those inside.

Passengers might witness a flash of lightning or hear the sound of thunder if lightning strikes their plane, but they would not be endangered or feel as if they were directly struck.

Upon arrival at London Heathrow, Air Canada confirmed that the aircraft underwent inspection to ensure the flight’s safety.

According to the National Weather Service, lightning strikes on planes occur once or twice a year on average.

Commercial passenger planes typically travel at speeds around 500 mph, while lightning bolts travel at nearly 700 million mph.

Most lightning strikes happen in near-freezing temperatures at high altitudes or during turbulent conditions, with the occurrence varying based on geographical location.

Between March and July, over half of lightning strikes on aircraft occur, often when planes pass through clouds during ascent or descent.

With temperatures reaching nearly 30,000°C, lightning is incredibly hot—three times hotter than the sun’s surface.

Although rare, there have been nine recorded plane crashes attributed to lightning, primarily involving commercial airliners and two military planes.

Among these incidents, the most devastating was the 1971 LANSA Flight 508, which resulted in the loss of 91 out of 92 passengers and crew.

 

Matawalle orders arrest of people calling for coup in Nigeria

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Matawalle orders arrest of people calling for coup in Nigeria

The Minister of State for Defence, Bello Matawalle, has directed the Defence Intelligence Agency to go after those calling for a coup in the country and bring them to justice.

He described those calling for a coup as “criminals and enemies of democracy” and “agents of darkness.”

The allegations of coup against the military have been rife in the last few months, with the Armed Forces vehemently denying the claims.

The latest to refute the allegation is the Chief of Army Staff, Lt. Gen.  Taoreed Lagbaja who, on March 5, said the military has accepted the democratic system of government in place in the country.

However, in a statement on Thursday by the Ministry’s Director of Information, Henshaw Ogubike, the minister warned the purveyors of a coup in the country to desist from the act or otherwise be dealt with.

The statement read, “The Minister of State for Defence, Dr. Bello  Matawalle, has described those calling for the undemocratic change of Government as agents of darkness.

“He warned coup mongers calling for the unconstitutional change of government of President Bola Ahmed Tinubu GCFR to desist from their inglorious calling, warning that the government would not treat those behind it with kid gloves.

“The call for violent change of government by the military is absurd, preposterous and naive as the military has come to reality with a democratic government in Nigeria and are focused on their constitutional duty of defending the constitution.”

The Minister vowed that there would be no forceful takeover of power in the country.

He said, “Those calling for a coup do not love Nigeria. Under the present government, there will be no military takeover of power. There is a need for elected leaders to lead while the military fulfills its duty of protecting the Constitution.

“The harbingers of this evil thought are agents of destabilisation as Nigeria has a democratic government in place. Democracy is in action under the leadership of President Bola Tinubu and the dividends of democracy are being delivered.

“The administration of President Bola Tinubu has provided a level playing ground for people to express themselves which is one of the pillars of democracy and fundamental human rights are being respected.”

He also condemned those behind a viral video encouraging the military to take over.

The minister said, “In addition, some mischief makers posted viral videos and inciting statements on the media depicting a false situation and impression and encouraging the Military to truncate the constitution which they will never do because they have been aligned with the democratic culture which makes coup no longer fashionable.”

Matawelle said as a result of this,  and other factors, he has directed the DIA to apprehend anyone calling for a coup.

He said, “However, consequent to this and other extenuating factors, the Ministry of Defence is warning all the propagators calling for truncation of the constitutional government to desist from it and face the democratic reality on the ground as the Minister of State for Defence has directed DIA to go after the criminals and enemies of democracy and bring them to justice.”

Reps to probe MDAs involved in shady procurement process

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Reps to probe MDAs involved in shady procurement process

The House of Representatives, on Thursday, raised the alarm over suspicious practices in Ministries, Departments, and Agencies in the procurement process involving the execution of capital projects and called for an immediate investigation in line with the 10th House’s commitment to promoting transparency in the conduct of government business.

The House resolution followed the adoption of a motion moved by Kelechi Nwogu, member representing Etche/Omuma Federal Constituency, Rivers State, on the “Suspicious Practices of the Federal Government Ministries, Departments, Agencies, parastatals and institutions in the execution of capital projects in the appropriation act,” in Abuja.

In his lead debate, the lawmaker relied on Section 81 (1) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) which provides that “The President shall cause to be prepared and laid before each House of the National Assembly at any time in each financial year estimates of the revenue and expenditure of the Federation for the following financial year.”

According to him, most of the MDAs, parastatal and institutions allegedly awarded contracts that are below the amount provided for the execution of the capital component of the Appropriation Act.”

He added, “The House is disturbed that the National Assembly has not been provided with information on withheld funds from Federal Government agencies and this is causing project procurement reductions to negatively impact project completion and contractors’ abandonment or requests for variation of the initial cost;

“We are alarmed that the National Assembly’s powers, as provided in Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria 1999 (as amended), are being undermined by the actions of the Federal Government’s Ministries, Departments and Agencies, Parastatals and Institutions,” he said.

The House, following the adoption of the motion, mandated its Committees on Financial Crimes, Public Service Matters and Public Procurements to investigate the procurement of Capital Projects by MDAs, parastatals and institutions of the Federal Governments to recover withheld sums from the execution and report back within four weeks for further legislative action.

Tinubu suspends rural electrification agency’s MD, three directors

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Tinubu suspends rural electrification agency’s MD, three directors

President Bola Tinubu has suspended the Managing Director/Chief Executive Officer of the Rural Electrification Agency, Ahmad Salihijo, alongside three Executive Directors of the Agency, indefinitely.

This followed “new findings unearthed during a comprehensive investigation into the financial activities of the Rural Electrification Agency,” the State House revealed in a statement signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, on Thursday.

The statement is titled, ‘President Tinubu suspends Rural Electrification Agency managing director and team from office.’

Aside from Salihijo, the President also suspended the Executive Director, Corporate Services, Olaniyi Netufo; Executive Director, Technical Services, Barka Sajou and Executive Director, Rural Electrification Fund, Sa’adatu Balgore.

Tinubu also ordered a wider investigation into the conduct of the officials in “a fraudulent misexpenditure amounting to over N1.2bn over the past two years, some of which has already been recovered by anti-graft agencies,” Ngelale revealed.

Consequently, the President appointed a new management team of the Agency who will serve in acting capacity with immediate effect.

They include: Abba Aliyu as Managing Director/CEO, Ayoade Gboyega as Executive Director, Corporate Services, Umar Umar as Executive Director, Technical Services, Doris Uboh as Executive Director, Rural Electrification Fund and Olufemi Akinyelure as Head of Project Management Unit, Nigeria Electrification Project.

The President “expects all appointees in his administration to uphold the highest standards of transparency and accountability in the discharge of their duties and reiterates his determination to elevate the yearnings of Nigerians for good governance and qualitative service delivery above the narrow interests of individuals who are entrusted to provide critical services to the Nigerian people,” the statement concluded.

Mike Tyson to face Jake Paul in exhibition match

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Mike Tyson to face Jake Paul in exhibition match

Former heavyweight champion Mike Tyson will return to the ring to face Youtuber-turned-boxer Jake Paul in an exhibition bout screened on Netflix, organisers announced on Thursday.

Tyson, 57, and Paul will face off at the AT&T Stadium in Arlington, Texas, the home of the NFL’s Dallas Cowboys, on July 20, Netflix and Most Valuable Promotions (MVP) announced.

Tyson said in a statement he was looking forward to fighting an opponent who is 30 years his junior, insisting that he had been impressed by Paul’s performances in his fledgling boxing career.

“He’s grown significantly as a boxer over the years, so it will be a lot of fun to see what the will and ambition of a ‘kid’ can do with the experience and aptitude of a GOAT,” Tyson said.

Paul fought on the undercard of Tyson’s last outing, an eight-round exhibition against former middleweight king Roy Jones Jr. in Los Angeles in 2020.

“I started him on his boxing journey on the undercard of my fight with Roy Jones and now I plan to finish him,” Tyson quipped.

The fight is the latest in what has become a popular trend in recent years, pitting internet celebrities against each other or against recognised boxers, who have already retired or are well past their prime.

Jake Paul’s brother Logan Paul played a key role in pioneering the trend, even fighting against boxing icon Floyd Mayweather in 2021.

Jake Paul however has become a bigger draw, building a 9-1 record with six knockouts.

He scored back-to-back knockouts against professional boxers in his last two fights with victories over Ryan Bourland and Andre August.

Tyson, meanwhile, was regarded as one of the most ferocious heavyweight boxers in history, reigning as an undisputed champion between 1987 and 1990 and winning his first belt at the age of 20 years, four months and 22 days to become the youngest heavyweight champion in history.

AFP

Senate probes delay in power distribution to Delta communities

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Senate probes delay in power distribution to Delta communities

The Senate, on Thursday, mandated its Committee on Power to investigate and equally take action to resolve the delay in the distribution of 100 megawatts of electricity to communities in Delta North Senatorial District.

The Red Chamber urged the Federal Ministry of Power and Transmission Company of Nigeria to step down the electricity generated as agreed by the Okpai Independent Power Plant to ensure it benefits the communities in Delta North.

The resolutions of the Senate followed its consideration and adoption of a motion titled “Need to address the unexplained delay in Electricity Step-Down of Okpai Independent Power Plant” sponsored by Senator Ned Nwoko (PDP, Delta North).

Nwoko, in his lead debate, said the Senate noted that “Nigeria boasts 23 Power Generating Plants, also known as Independent Power Plants, that are interconnected with the national grid.

“These plants have a combined capacity to generate 11,165.4 megawatts of electricity.

“One of these facilities is the Okpai Independent Power Plant, situated in the Ndokwa East Local Government Area of the Delta North Senatorial District in Delta State.

“This power plant operates a functional 930-megawatt gas-fired power generation facility that contributes to Nigeria’s power supply grid.”

He added, “These Independent Power Plants are managed by Independent Power Providers and the Niger Delta Holding Company. Okpai Independent Power Plant, on the other hand, is operated and managed by the Nigeria Agip Oil Company.

“In April 2005, former President, Chief Olusegun Obasanjo, commissioned the Okpai Independent Power Plant and ordered the immediate implementation of the Environmental Impact Assessment Report for the plant.

“This included the provision of 50 megawatts of electricity to benefit the host communities within a 50-kilometer radius from the plant.”

He further stated that at “the time of the plant’s commissioning in 2005, it generated only 480 megawatts of electricity. Nevertheless, it played a crucial role in the national power distribution system in Nigeria by supplying electricity to nine distant states in the country, including Anambra, Enugu, and the Federal Capital Territory, Abuja, among others.

“Also aware that Okpai Independent Power Plant has been upgraded to provide a functional 930 megawatts of electricity with another order and understanding to increase the power supply to host communities from 50 megawatts to 100 megawatts.

“This extension will include host community beneficiaries from the entire Delta North Senatorial District of Delta State.”

“To enhance its electricity supply, the Transmission Company of Nigeria awarded a contract worth approximately N4.2bn in 2021 for the construction of a 132KV Double Circuit Transmission Line.

“However, to date, there have been unexplained delays in executing the contract project.”

“Despite the presidential pronouncement in 2005 and the upgrade of the Okpai Plant to 930 megawatts, the people of Ndokwa nation and the entire Delta North Senatorial District continue to lag seriously behind in the supply of electricity.”

He added, “This is the case even though the Okpai Plant hosts several oil companies in its vicinity, including Nigeria Agip Oil Company, Sterling Exploration and Energy Production Company, Energia Limited, Midwestern Oil and Gas Limited, Pillar Oil Limited, Chorus Energy Limited, and more.

“Recall that Section 14(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria (with alterations) stipulates that the welfare of the people shall be the primary purpose of government.”

Senators, in their contributions, supported the motion and voted to adopt its prayers when they were put to voice vote by Senate President Godswill Akpabio.

Akpabio thereafter referred the motion to the committee on power for further legislative work and to report back to plenary in one month.

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