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Uncover unclaimed dividend owners, Senate tells SEC

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The Senate Committee on Capital Market, the Security and Exchange Commission and stakeholders in the capital market on Monday agreed to evolve practicable strategies to address the issue of unclaimed dividends in the country.

The agreement was reached at a one-day public hearing organised by the Senate panel to find a lasting solution to the issue.

Apart from suggesting a further amendment to the Finance Act, shareholders at the forum stressed the need for proper sensitisation about the activities of the SEC.

They also mandated SEC to deploy modern technology to identify owners of the unclaimed dividends and come up with comprehensive data.

All the participants also agreed that the Director-General of the Security and Exchange Commission, Dr Emomotimi Agama, should within the next six months forward to the Senate panel, the necessary strategies on how to reclaim unclaimed dividends in the Debt Management Office.

The DMO, according to the stakeholders had no business keeping the 10 per cent of the fund, as currently empowered by the Finance Act.

Declaring the event open, the Senate President, Godswill Akpabio, said the forum was organised to identify the root causes of unclaimed dividends and to chart a path forward that would empower investors, protect their interest and unleash the full potential of the capital market.

The Chairman of the Senate panel, Osita Izunaso, said necessary legislation was vital to instill confidence in the capital market.

He said, “The most important thing is, what the major takeaways of this summit are? Somebody said here, and I concur with that person completely, that capital market is something that involves trust.

“Once that trust is eroded, people will not want to invest again. And you know since the crash of the capital market in 2018, a lot of people still don’t have confidence in the capital market.

“So it is our responsibility, it is our collective responsibility to make sure that this confidence is built back. Whether you are a stakeholder, whether you are in the parliament, whether you are a shareholder, whoever you are, make sure that this confidence comes back.”

Isunazo added, “The declared dividend alone for five years is N5tn. So which means it’s an average of N1tn, so you can say that it is N1tn annually. So if the dividend alone can be N1tn, then the stock market is not doing badly. But you can see that if it is promoted further, we’re going to make more money from that exercise.”

He, therefore, challenged the SEC DG to redouble his efforts to identify owners of unclaimed dividends through massive enlightenment activities.

Izunaso said, “A lot is on your shoulders because you are the main regulator. Now, there is a need to strengthen the Know Your Customer requirements.

“I’ve said it here. It’s very key. Once you strengthen the KYC requirements, some of these issues will have been taken care of. You should simplify the process of account updates. This is for the bank. Let the process be simplified.

“The shareholder’s representative that spoke was talking about their website where all these things will be there, once you go to that website, you will see everything.

“I don’t know whether there is such a website in existence. If there is, please, make sure that the public knows about it. If there’s none, let there be one. So that all these stories will not come up again.

“They will just go to the website and you see everything there. Now, we need to also address the inadequacies in the financial institutions’ infrastructure.”

He added, “The  DG talked about the leveraging on technology, that is key. That is the major key. We as National Assembly have a role to play and we know our roles. Our roles are very clear. There is a need to amend the Finance Act.

“You can’t lump up all these things together. There is a need to separate it. The CBN will not have a role to play in the matter of accounts, while the SEC and other institutions will have a role in the acclaimed dividends.

“So I think we should amend the Finance Act. And in any case, I don’t just subscribe to the fact that the Minister of Finance should be the chairman of any such institution. He is too busy to chair it. And we don’t even know whether it will properly constitute it.”

NCC orders SIM restoration as angry subscribers protest

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The Nigerian Communications Commission on Monday directed telecommunication companies to immediately restore all the telephone lines of subscribers that were blocked after thousands of customers stormed the offices of the firms in protest.

Subscribers whose telephone lines were blocked due to the non-linkage of their National Identification Numbers to SIM cards besieged the offices of the companies less than 24 hours after the incident.

An impeccable source told our correspondent that the affected telephone lines from different mobile operators in the country were estimated to be around three million.

“It might be a bit difficult to say the exact number because it’s not just from one mobile operator. The number is fairly large from across the board. It is estimated to be about three million lines,” the source who pleaded for anonymity, due to lack of authorisation to speak on the matter, said.

The NCC, in a statement issued on Monday by the Director of Media and Public Affairs, Reuben Muoka, explained that the directive to restore the blocked telephone lines was in response to the widespread disruption and subscriber outrage caused by the blockages.

On Sunday, many subscribers found themselves unable to access their phone lines after failing to verify their NINs with SIMs, leading to their numbers being blocked in compliance with NIN-SIM linkage regulations.

The disconnection of the telephone lines coincided with the anticipated August 1 nationwide protests, raising concerns among citizens about a potential communication disruption.

However, the industry regulator and the telcos rebuked the insinuation, stating that the disconnection was in line with the data harmonisation exercise.

The NCC said, “The consumer is our priority; therefore, considering the challenges the blockages have caused, the commission has directed all operators to reactivate all lines that were disconnected over the weekend, because of the short time available for consumers to undertake the verification of their NINs with their SIMs.”

It clarified that the affected consumers should note that this reactivation was for a limited period to allow them to properly link their NINs to their SIMs.

The commission urged all subscribers who had not yet verified their SIMs to do so promptly to maintain access to their services.

The mandatory linkage of NINs with SIMs, initiated in December 2020, was geared towards enhancing the country’s security and ensuring an accurate SIM ownership database. Despite several deadline extensions, including the latest to July 31, 2024, many lines remain unverified.

Since December 2023, the commission has reviewed the deadline multiple times. Initially, April 15, 2024, was set as the deadline for the full barring of subscribers with four or fewer SIMs that had unverified NIN details.

This deadline was extended to July 31, 2024, to give consumers more time to ensure their submitted NIN details were properly verified. Despite these extensions, many phone lines are yet to be linked with verified NINs.

In its earnings report for the year ending December 31, 2023, MTN Nigeria disclosed that it disconnected 4.2 million lines after the February 28 deadline for linking SIMs with NINs expired.

MTN stated, “We also had approximately 4.2 million lines disconnected for which the subscribers did not submit their NIN. Several of these lines were low-value subscribers, minimising the revenue impact.”

Airtel Nigeria, the second-largest telecom operator, reported in May that 5.7 million of its subscribers had yet to link their SIMs to NINs.

In its financial report for the quarter ending March 2024, Airtel said it was working with affected customers to ensure smooth verification.

The operator, part of Bharti Airtel, mentioned that it complied with government directives, barring customers without NINs and those with more than four active SIMs, with minimal revenue impact. Since December 2023, Airtel has verified 7.9 million customers’ NINs.

Information on the number of subscribers barred by indigenous operators Globacom and 9mobile is currently not available, as these companies are not listed on the stock exchange and do not publicly disclose such details.

NATCOMS, MTN react

Videos and pictures on social media, including Facebook and X show long queues of customers who crowded MTN offices, with many subscribers lamenting and protesting against the telcos.

A senior official at MTN, who was not authorised to speak publicly on the matter, told The According that the firm had increased the number of staff to ensure that subscribers were properly served.

He said the disconnection was in line with the Nigerian Communications Commission’s directive to bar lines not linked to NIN.

“We have introduced a self-service option that allows customers to link their NIN without necessarily visiting our offices,” the official said.

On his part, the President of the National Association of Telecommunications Subscribers, Adeolu Ogunbanjo, told The According that many subscribers had refused to adhere to instructions to link their SIMs with NIN.

He said the disconnection should have happened years ago, but the association had approached the NCC for an extension, which was subsequently granted.

Meanwhile, the Association of Licensed Telecommunication Operators of Nigeria clarified that the disconnection was not related to the planned August 1 protest.

“Customers who had their lines blocked recently are those whose service providers found a mismatch between their records on both databases. We advise such customers to contact their service providers through communicated channels for resolution of the issue,” the group explained in a statement.

AIICO projects higher dividends for shareholders

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AIICO Insurance Plc is considering committing a higher portion of its profits to the dividend payout.

According to a statement from the firm on Monday, this was disclosed by the Managing Director/Chief Executive Officer, Mr Babatunde Fajemirokun, at the firm’s 54th annual general meeting held in Lagos.

Fajemirokun assured the shareholders of high value and better returns on investment in the years ahead.

“Fajemirokun said both the board and management were considering devoting a bigger chunk of future profits to dividend payments,” the firm stated.

Meanwhile, the Chairman of AIICO, Mr Kundan Sainani, said 2023 produced significant gains for the company as a consequence of the meticulous execution of its business strategy, resulting in a gross written premium of N110.1bn during the review year as against N88.3bn in 2022.

The result, according to him, was achieved as the company transitioned from using IFRS 4 to IFRS 17 standard, which resulted in the recognition of insurance revenue of about N72.6bn from N54.8bn in 2022, demonstrating the company’s commitment to transparency and robust financial practices.

Sainani noted that those results were achieved amid serious socio-economic challenges typified by increases in monetary policy rate, inflation, removal of fuel subsidy, forex scarcity, and other headwinds, which contributed to the rise of domestic prices.

“Despite this unsettling landscape, 2023 was another strong year for AIICO, with the firm generating impressive record revenue and substantial growth. Our profits for the period increased by 132.6 per cent to N12bn from N5.2bn in 2022, reflecting strong underlying performance across our businesses”, he remarked.

Referencing the dynamics in the economy and projecting into the future, Sainani declared that AIICO remained resilient and adaptable, ready to provide more favourable terms to its valued customers and strategically invest in opportunities that yield advantageous returns.

Some shareholders at the AGM commended the board and management of AIICO for strengthening the company’s fundamentals and growing its asset base.

A shareholder, Dr Alex Adio, commended the company for consistent dividend payments and urged the board to increase the dividend payout next year.

Another shareholder, Dr Anthony Omojola, praised the company for its share buy-back scheme, noting that it would enhance earnings per share and increase share price.

AIICO Insurance, founded in 1963, provides life & general insurance, health insurance, and investment management services.

Zenith Bank to raise N290bn fresh capital

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Zenith Bank Plc has finalised plans to raise about N290bn fresh capital, which is higher than the N230bn it needs to meet the fresh recapitalisation mandate of the Central Bank of Nigeria.

According to a statement from Zenith Bank on Monday, the capital raise was announced at the bank’s rights issue/public offer signing ceremony on Monday in Lagos.

According to the lender, the capital raise will be a combination of a rights issue and a public offer.

It added that the rights issue would be offering 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share, while the public offer would be presenting 2,767,251,036 ordinary shares of 50 kobo each at N36.50 per share to new investors.

It noted that the rights issue allowed existing shareholders to purchase additional shares in proportion to their current holdings and offered based on one new ordinary share for every six existing ordinary shares held as of Wednesday, July 24, 2024.

On the other hand, the public offer is open to the general public and aimed at attracting new investors.

The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr Adaora Umeoji, said, “Today, we signed the transaction documents with respect to Zenith Bank’s N290bn rights issue and public offer. This is slightly above the N230bn required for us to meet the CBN’s minimum recapitalisation requirement.

“We are extremely pleased with the level of enthusiasm we have already seen from our existing shareholders for the Rights Issue. Beyond existing shareholders, incorporating a public offer is crucial to ensure that our customers, who are not yet shareholders, can have the opportunity to join in the ownership of this premium brand.

“In terms of tier-1 capital, Zenith Bank has been adjudged by The Banker, Financial Times to be number one in Nigeria and the only Nigerian Bank in the top 600 banks globally. Over the years, we have consistently rewarded our esteemed shareholders. Specifically, in the last five years, we have maintained the record as the highest dividend-paying Bank in Nigeria. In 2023, we set a record as the only Nigerian bank to pay a dividend of N4 per share.”

She added that the proceeds from the capital raise will be channelled towards expanding banking operations across Africa and internationally, investing in technology infrastructure, and supporting working capital on an ongoing basis.

The Chief Executive of Stanbic IBTC Capital Limited, Mr Oladele Sotubo, commended the management of Zenith Bank for its commitment to the transaction, which provides an opportunity for existing shareholders to consolidate their position and welcomes new investors to join the journey towards the future of Zenith Bank.

He also expressed gratitude for the opportunity for Stanbic IBTC Capital Limited to lead and guide the execution of the transactions.

He added, “A combined offer that is both a rights issue and a public offer confirms Zenith Bank’s position as a pacesetter and a role model, which will undoubtedly spur more transactions in the capital market.”

Stanbic IBTC Capital Limited is the lead issuing house for the rights issue and public offer with joint issuing houses, including Quantum Zenith Capital & Investments Limited, CardinalStone Partners Limited, Meristem Capital Limited, Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited and Vetiva Advisory Services Limited.

The Offer will open on Thursday, August 1, 2024, and close on Monday, September 9, 2024.

In late March, the Central Bank of Nigeria directed Deposit Money Banks to recapitalise. Per the CBN recapitalisation circular, commercial banks with international authorisation are to increase their capital base to N500bn and national banks to N200bn while those with regional authorisation are expected to achieve a N50bn capital floor. Similarly, non-interest banks with national and regional authorisations will need to increase their capital to N20bn and N10bn, respectively.

According to the CBN circular, only the share capital and share premium items on the Shareholder Fund portion of the balance sheet will be recognised in this particular round of recapitalisation.

The apex bank circular said the banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026, using the options of raising additional capital, mergers and acquisitions and licence change.

INEC worries over pre-election violence in Edo

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The Chairman of the Independent National Electoral Commission, Prof Mahmood Yakubu, on Monday expressed concerns about the political tension in Edo State ahead of the September 21 governorship election in the state.

Yakubu said INEC would be meeting with security agencies to address the concerns.

The INEC Chairman, speaking at the quarterly meeting with political party leaders in Abuja, on Monday, called the attention of the stakeholders to the recent attack on the All Progressives Congress governorship candidate in Edo State, which led to the death of a security officer.

He said with 53 days until the Edo election, some political parties had still not submitted the list of their polling and collation agents, adding that the portal would close on Tuesday (today).

Speaking on deadlines, the INEC chairman said only 14 political parties had uploaded details of the polling agents and collation agents for the Edo election.

He announced that three parties had yet to upload a single polling agent, while five parties had not uploaded agents for ward, LG and state collation centres.

“As of yesterday, Sunday, 28th July 2024, 14 political parties have uploaded the details of 38,354 polling agents and 819 collation agents for the Edo State governorship election.

“Three parties are yet to upload a single polling agent while five parties have not uploaded a single agent for ward, local government and state collation centres. The deadline is tomorrow, Tuesday 30th July, 2024 when the portal automatically shuts down at midnight. I urge you to ensure that you meet the deadline so that the commission can produce the accreditation tags and deliver them to you for distribution to your agents in good time.”

He called for compliance with stipulated rules and guidelines to ensure a smooth process.

“Campaign by political parties and candidates is in full swing in both Edo and Ondo states. This is the time for party leaders to demonstrate compliance with the commission’s regulations and guidelines for political parties, especially the aspect dealing with rallies, processions, and campaigns already available on our website.

“As a reminder, however, hard copies of the document have been included in your folders for this meeting. The campaign period has often been characterised by acrimony and tension. Sadly, it is also a period of verbal abuse and physical confrontation among parties, candidates, and their supporters.

“The commission finds the recent event in Edo State, resulting in the death of security personnel worrisome. Happily, there has been no incident known to the commission since then. Nevertheless, the commission will meet with the security agencies under the auspices of the Inter-Agency Consultative Committee on Election Security.

“I want to assure you that security in Edo and Ondo will be a major issue to discuss at the meeting. We are as concerned about the safety of your candidates, agents, and supporters as we are about the security of our officials, observers, journalists, service providers, and, above all, the voters,” he said.

Speaking on the preparation for the election, the INEC chairman said, “It is now 53 days to the Edo State governorship election coming up on Saturday, 21st of September 2024.

“Our preparations are going on in earnest. I am glad to report that we have recovered from the torrential rainfall that resulted in the severe flooding of our state headquarters in Benin City two months ago.”

The INEC chairman revealed that additional Bimodal Voter Accreditation System machines had been provided to Edo State to train election duty personnel and for contingency support on election day.

He continued, “The damage to the physical infrastructure has been fixed. Vehicles have been repaired while other movable and immovable facilities have been serviced, refurbished or are being gradually replaced.

“We have delivered additional Bimodal Voter Accreditation System machines to Edo State for the training of election duty personnel as well as contingency for Election Day support.

“We have since published the final list of candidates but we are once again sharing the list with party leaders at this meeting, given the recent court order mandating the commission to replace the running mate of the candidate of the Labour Party. The amended list is already published on our website.”

Yakubu added that after completing the Continuous Voter Registration process, the register was displayed for claims and objections from citizens.

He explained that data clean-up was performed using the Automated Biometric Identification System and the final register for the 2024 governorship elections in Edo and Ondo states is currently being completed.

“Before the end of this week, the commission will publish the final figures of new voters in the states as well as their distribution by gender, age, occupation, and disability.

“Thereafter, the timetable for the collection of uncollected Permanent Voters’ Cards from previous registration and new registrants from the latest CVR will be published.

“The commission is aware that according to our timetable and schedule of activities, the voter register will be published no later than 30 days before the date fixed for the election.

“We wish to reassure the chairmen of political parties that each party fielding candidates in the forthcoming governorship election in Edo State will receive the softcopy of the register on August 20, 2024, while that of Ondo State will take place on October 15, 2024,” he said.

The Chairman of the Inter-Party Advisory Council, Yusuf Dantalle, said as a key player in the political process, IPAC remained steadfast in its commitment to ensuring electoral integrity.

He said the organisation was dedicated to upholding the sanctity of the ballot box, respecting the will and mandate of the people, and promoting political stability and the well-being of Nigerians.

Dantalle stressed that IPAC’s efforts were focused on maintaining the credibility of elections and supporting the democratic process to benefit the entire nation.

He called for the immediate scrapping of the States Independent Electoral Commissions as a way of deepening democracy in the country.

“The charade called elections SIECs conduct is an aberration, dent and mockery of our emerging democracy; a waste of taxpayers’ money that ought to have been channelled to developmental projects.

“To restore confidence in the electoral system, INEC should be empowered to conduct all LG elections. Politics is local, citizens should be encouraged to actively participate in grassroots politics and contribute to building a better society.

“In this vein, IPAC calls for the amendment of the Constitution and the Electoral Act to empower INEC to conduct all LG polls. Council rejects the proposed bill by the Senate to create the so-called Local Government Independent Electoral Commission, bearing in mind that it would be another SIEC in disguise.

“It is unacceptable, ill-conceived, another electoral jamboree that will impede the nation’s democracy and waste public funds at a time when citizens demand a smaller government to reduce the cost of governance,” the IPAC chairman said.

Speaking on the elections in Edo, he said: “For the Edo State governorship election, the die is cast. There is no substitute for a free, fair, credible, transparent, inclusive and peaceful poll.

“The success of this election along with Ondo’s election will go a long way in restoring trust in the democratic process essential for enduring representative governance.

“Flawed elections that produced incompetent leaders are the remote cause of economic stagnation, political upheavals, and socio-religious disharmony in the polity, as the imposed leaders seek personal interests in place of national interest,” he added.

Apps to keep children busy during holidays

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With schools on vacation, parents can use apps to keep children busy. In this article, JUSTICE OKAMGBA explores the options

With all nursery and primary schools in Nigeria on vacation for at least a month, parents find themselves navigating a mixed bag of emotions.

On one hand, it is a wonderful opportunity to spend quality time with their children, create cherished memories, and watch them relax and recharge after a long period of school work.

On the other hand, it can be challenging for parents to manage their work and personal responsibilities while ensuring their children are engaged and entertained during the holidays.

Finding a balance between these responsibilities and keeping children productively busy can be daunting. Fortunately, technology offers a range of apps designed to keep children entertained and stimulated, providing parents with a much-needed helping hand.

The Chief Executive Officer of Edten, an online educational platform, Hritvik Gaur, understands the struggle.

“That is why you typically reach for tablets, phones, or other electronic devices for your kids to play with when they’re bored,” Gaur explained.

“But it can be difficult to figure out which apps are worth downloading and even buying, let alone deciding which ones are safe and kid-friendly.”

So, how can parents keep their kids productively busy during the holidays? Here are some apps that can help.

Read Along by Google

One such app is Read Along by Google, a free reading app for Android that makes learning to read fun for children. The app features an in-app reading buddy that listens to children read aloud, offers help when they struggle, and rewards them with stars for their achievements.

One Google user in a review praised the app, saying, “Loved this app. It is helping my younger sister, who unfortunately missed her kindergarten classes and is poor at reading English.

“There are a few bugs, like the app incorrectly taking input when there is noise around and not allowing us to re-read lines, but overall, it’s an excellent app from Google. I hope developers fix these issues soon.”

Another user, Aakash Gupta, commented, “The overall view and content of the app are very good, but it would be better if it classified the content into three levels: Easy, Medium, and Hard.”

He said this would help children know their level of development and improve their reading skills.

Additionally, adding games for vocabulary building, sentence making, short write-ups, and jumbled words would further enhance children’s reading skills, he wrote.

Moose Math

Moose Math, suitable for ages 3-7, takes kids on a mathematical adventure through engaging, multi-level activities that teach counting, addition, subtraction, sorting, geometry, and more.

In the Moose Juice Store, Puck’s Pet Shop, and Lost & Found, kids play five different activities to earn rewards, build their own city, and decorate buildings. The developers introduced the whimsical Dust Funnies characters to help children master essential math skills.

Aligned with Common Core State Standards for Kindergarten and 1st Grade, Moose Math includes a Report Card section for parents and teachers to monitor progress and access additional skill-building activities.

The Oregon Trail

The Oregon Trail is a game that blends adventure, simulation, and survival in a settlement setting. Players can build, grow, craft, and harvest to transform the small frontier village of Independence, Missouri, into a bustling boomtown.

Originally designed to educate school children about the life of a 19th-century pioneer, the game lets you take on the role of a wagon leader.

You guide your group of chosen settlers from Independence, Missouri, to the Willamette Valley in Oregon, following the historic Oregon Trail in 1848. Over the years, the game has been released multiple times on various platforms by different game makers and publishers who acquired the rights.

SplashLearn

SplashLearn’s games provide both extra practice and fun challenges, delivering real learning outcomes.

The developers of this learning app said that as children explore new worlds and befriend magical creatures, they discover multiple ways to solve problems.

“With no timed challenges or strict skill progression, our games offer a safe space for exploration and learning from mistakes.”

Children who play SplashLearn more than four times a week show a learning improvement of over 77 per cent within the first two months, they said.

GCompris Educational Game

GCompris is a high-quality educational software suite that offers a wide range of activities for children aged 2 to 10.

While some of the activities have a game-like orientation, they remain educational, ensuring that children learn while having fun.

Quick Math Jr.

Quick Math Jr. is a math learning app designed to help children build a strong number sense through interactive experiences with numbers. Featuring 12 different games, the app covers fundamental math skills and concepts. With unique graphics and customizable characters, Quick Math Jr. keeps kids engaged. Children can practice handwriting by drawing or writing their answers directly on the screen.

According to Gaur, “If kids are going to be glued to the iPad anyway, it’s beneficial to have them learn something useful.” Gaur recommends utilizing educational apps like Quick Math Jr. to keep children engaged and learning across various age ranges, providing parents with some much-needed free time.

GOTV, DSTV price hike: Tribunal grants lawyer’s request to withdraw case

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In a dramatic development, the Nigerian Competition and Consumer Protection Tribunal has granted the request to withdraw the case against MultiChoice Nigeria concerning a price hike in GOTV and DSTV subscriptions.
This follows the sudden decision of the lawyer who filed the case, Festus Onifade to withdraw his case against the pay TV provider.
Onifade stated that he no longer intends to proceed with the matter, insisting that MultiChoice would leverage the vacation to argue its appeal at the Court of Appeal and frustrate his case.
“I am abandoning this matter. I am withdrawing this case,” he said, explaining he filed the suit to challenge the alleged oppressive attitude of multinationals toward Nigerian consumers.
The Federal Competition and Consumer Protection Commission (FCCPC) lawyer told the tribunal to allow the claimant to withdraw his matter.
Onifade then orally applied to withdraw the suit.
MultiChoice’s lawyer, Moyosore Onigbanjo (SAN) stated he had no objection to the claimant’s request to withdraw.
“The oral application of the claimant to withdraw this suit is hereby granted. No cost is awarded,” the tribunal ruled.
Initially, Onifade had appeared to be on course for a landmark victory for consumers after the tribunal had fined MultiChoice N150 million and mandated a one-month free subscription to customers for violating interim orders, but MultiChoice appealed and filed for a stay of proceedings.
The tribunal had restrained MultiChoice from increasing its subscription rates pending the hearing and determination of a motion on notice filed by Onifade.
A three-member tribunal chaired by Saratu Shafii had ruled in favor of Onifade by temporarily restraining MultiChoice from implementing the impending price increase scheduled to take effect on May 1, 2024, pending the hearing and determination of the motion on notice.
However, MultiChoice’s lawyer, Moyosore J. Onigbanjo (SAN), filed a preliminary objection urging the court to decline jurisdiction over the suit filed by Festus Onifade and to strike it out, arguing that a similar price dispute case had previously been decided in favor of his client.
Onifade argued that the issue before the court was whether MultiChoice Nigeria provided adequate notice regarding the May 1, 2024, TV subscription price increase, not about price regulation or increase.
In its ruling, the three-member panel chaired by Justice Thomas Okosu dismissed MultiChoice’s preliminary objection for disobeying its interim orders and subsequently imposed a 150 million naira administrative penalty on MultiChoice, along with a one-month subscription order against the Pay TV provider.
MultiChoice has filed an appeal against the ruling, arguing that the tribunal erred in its decision.
The company also filed counter-affidavits dated July 12, 2024, providing reasons for its price hike and requesting that the tribunal dismiss the case.
In its affidavits, deposed by Damilola Olatunji, MultiChoice explained that to mitigate the impact of the weakening exchange rate in Nigeria, it was constrained to increase its subscription prices, though it did so to the least affordable extent possible.
The company insisted that it duly notified its customers and regulatory authorities before the increment was effected.
It was stated that the defendant had already filed a notice of appeal dated June 7, 2024, and an application for a stay of execution of the tribunal’s orders made on June 7, 2024, along with a request for all further proceedings before the tribunal to be stayed pending the determination of the appeal.
Onifade urged the court to determine his case in the interest of justice.
At the resumed hearing on Monday, Onibanjo asked the tribunal to adjourn the matter until the Court of Appeal decided on his applications.
He explained that the law dictates that when a tribunal is aware that an application is before the Court of Appeal, it must allow the Court of Appeal to decide.
He argued that Order 6, Rule 4 of the Court of Appeal Rules states that where special circumstances make it impractical for a party to file a suspension of proceedings application at a lower court, the party can apply directly to the Appeal Court for determination.
“The heavens will not fall if the tribunal waits for the Court of Appeal to decide this matter. This tribunal is not an island; it and every court are very powerful but must abide by decided authorities.
“This matter is not personal to anyone. The duty of this tribunal is to do justice according to the law.
“If there is a defect in an appeal, the place to argue is at the Appeal Court and not at the tribunal,” he said, urging the court to adjourn the matter until the Appeal Court decides.
Onifade argued that the call for adjournment by MultiChoice over a pending appeal had been addressed on July 3, 2024, and the tribunal had ruled on it while fixing July 29 for hearing.
Ruling on the applications, the tribunal chair, Thomas Okosu, said while MultiChoice has the right to appeal, the “proper procedures” must be followed by MultiChoice.
He said MultiChoice’s legal team had not shown the special circumstances that restrained it from seeking the tribunal’s leave to suspend its proceedings.
“Whereas we agree that MultiChoice has the right to appeal on a matter before this tribunal, the proper procedures must be followed.
“We have reviewed the positions of Order 6, Rule 4 of the Court of Appeal Rules, and did not see or find any circumstances that prevented MultiChoice from filing a stay of proceedings and execution before this tribunal.
“In the circumstances, this tribunal has nothing to stay and will therefore proceed to hear and determine this matter,” the judge said, overruling MultiChoice’s submission and stating that the mere filing of an appeal does not amount to a stay of proceedings.
MultiChoice’s lawyer then argued that, based on its rules, the tribunal ought to adjourn for vacation between July and September 2024 and can preside only over urgent matters during vacation.
“This matter is by no means urgent,” Onibanjo said, urging the tribunal to adjourn the matter until after its vacation.
But Onifade asked the tribunal to overrule Onibanjo’s fresh application, arguing that MultiChoice cannot dictate the tribunal’s schedule and decline to hear his matter as scheduled.
In a brief ruling, the judge said he could not disobey the tribunal’s own rule on vacation.
“Therefore, this matter shall be adjourned,” Okosu said, rescheduling the hearing of the case to November.
It wasn’t this point that Onifade then stated that he no longer intended to proceed with the matter, insisting that MultiChoice would leverage the vacation to argue its appeal at the Court of Appeal and frustrates his case.
Okosu, therefore, adjourned the case to November.
By: Babajide Okeowo
The post GOTV, DSTV price hike: Tribunal grants lawyer’s request to withdraw case appeared first on Latest Nigeria News | Top Stories from TVN.

PSC invites 10,000 new constables for training Aug 10

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The Police Service Commission, on Monday, said training would commence for the 10,000 newly recruited constables.

Under its former Chairman, Solomon Arase, the PSC recruited 10,000 constables for the Nigeria Police in June.

However, Inspector-General of Police, Kayode Egbetokun, rejected the recruits, citing corruption in the process.

The police claimed that some qualified candidates were replaced with unqualified ones, a claim the PSC strongly denied.

The PSC insisted that the recruitment would not be cancelled.

In a statement on Monday, the PSC’s

Head of Press and Public Relations, Ikechukwu Ani, urged the successful applicants to visit the recruitment website for details.

He said, “The Police Recruitment Board has approved the 10th of August 2024 for the commencement of training for successful applicants of the 2022 constable recruitment exercise.

“The candidates are expected to confirm their status by logging into the recruitment website to confirm further details on the training.

“Specialist applicants are, however, to resume training two months after that of their General Duty counterparts. Information on dates and venues for their own specialised training will be announced in due course.

“The Police Service Commission wishes to appreciate the applicants for their patience and understanding while efforts were made to ensure that the exercise was inclusive and generally acceptable.”

Ani stated that the commission would ensure recruitment is merit-based.

He said, “The commission also states that it will continue to ensure that recruitment into the Nigeria Police Force is based on merit and respect for the Federal Character principles.

“It enjoins the successful candidates to see their new status as a call to duty for the Nigerian nation stressing  that the commission will monitor their training programmes to ensure that they will come out prepared to join forces in fighting the security challenges facing our nation.”

Naira sheds N2 to begin week at N1,611/$1 at official window

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The Nigerian currency, the naira, slumped again against the American dollar on Monday, July 29, 2024.
The domestic currency shed N2 to close the week at N1,611/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) has shown.
This is against the rate of N1,609/$1 it traded on Friday July 26, 2024.
The intra-day high and low recorded during the day were N1,622/$1 and N1,500/$1 respectively, representing a lean spread of N122$1.
The naira sheds N5 against the dollar at the parallel section of the FX market against the dollar to trade N1,600|$1, as against the rate of N1,595/$1 it traded the previous trading day.
The naira also shed N5 against the British Pound to trade at N2,065£1 as against the previous trading day’s rate of N2,060£1 representing a loss of N5 for the local currency.
The Canadian dollar continues to close flat against the naira to trade at N1,200| CA$1 same as the previous trading day rate of N1,200| CA$1.
The naira also lost N80 against the Euro to trade at ₦1,750/€1 as against the previous trading day’s rate of ₦1,670/€1.
By: Babajide Okeowo
The post Naira sheds N2 to begin week at N1,611/$1 at official window appeared first on Latest Nigeria News | Top Stories from TVN.

30 Nigerian Hajj pilgrims died in Saudi Arabia — NAHCON

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No fewer than 30 Nigerians died during the just-concluded Hajj pilgrimage in Saudi Arabia, the Chairman of the National Hajj Commission of Nigeria, Mallam Jalal Arabi, said on Monday.

Arabi, who disclosed this at a post-Hajj press briefing in Abuja, explained that about four victims passed away as a result of the heat wave recorded during the Hajj exercise.

He said, “It is very true that the 2024 Hajj experienced one of the harshest weathers that had ever been experienced in the past. But the good thing was that we were informed well in advance.

“It was included in the sensitisation we did and we provided the necessary tools to ensure our pilgrims were safeguarded. We provided safety kits, from umbrellas to newly innovated fans and other things that could keep them safe.

“But if anybody’s time is up, it is up, you can’t stop it. We tried the best we could to avert deliberate exposure to the weather. Of course, we lost pilgrims but not all died from the heat wave.

“From the 30 we lost, probably about four or five could be said to have died from the heat wave. We pray Allah to accept their souls.’’

The NAHCON boss also explained the circumstances that led to President Bola Tinubu’s approval of  N90bn subsidy for the pilgrimage exercise on the heels of the increment in Hajj fares that saw pilgrims pay as much as N8m, among other issues with private tour operators.

He said, “Recall that by the final deadline of 12th February 2024, the unforeseen spike in foreign exchange rates had totally complicated matters, necessitating fresh adjustment of the year’s Hajj fare from the initially announced N4.9m.

“The financial projection after the foreign exchange liberalisation was that each pilgrim would have to top up about N3.6m in addition to the initial payment. The situation impelled urgent intervention.

“Recognising the gravity of the situation, NAHCON promptly engaged with the Federal Government to mitigate the effects of the high cost of the foreign currency with an appeal for the government to approve a concessionary rate of N850 as exchange rate for the dollar component of the hajj fare.

“That appeal was further amplified by other reputable stakeholders in the project. We are grateful to President Bola Ahmed Tinubu for his swift approval of N90bn instead.’’

Arabi said NAHCON devised a distribution strategy that played a crucial role in ensuring that all the stakeholders involved in the 2024 Hajj benefited from the government’s support.

“Each pilgrim was supported with N1,637,369.87 from the N90bn except for pilgrims under the Hajj Savings Scheme who enjoyed more.

“Hence, all registered intending pilgrims, except those on HSS, were required to pay a balance of N1,918,094.87 since the N90bn was not sufficient to make up for the balance.

“However, new registrants were asked to pay N8,454,464.74, being exempted from the Federal Government’s intervention. It is on record that eligible officials and stakeholders from all tiers of government enjoyed the subsidy from the N90b,” he stated.

The NAHCON chairman stressed that the Hajj subsidy was transparently utilised and further gave assurances of improving the processes to ensure equitable access to facilities and services for all future pilgrims.

Arabi’s explanation on Monday came weeks after the National Assembly began a probe of the N90bn Hajj subsidy.

According to the federal lawmakers, the handling of the 2024 Hajj was shoddy.

The same verdict was passed by the Governor of Niger State, Mohammed Bago, who questioned the alleged poor welfare of pilgrims despite the N90bn Hajj subsidy.