Ugoobuz:
Oga Agba, i greet you sir!

Bros I gentle o

EDUECO:
Is letter of confirmation of account also included with the dividend mandate?

Please,someone should attend to my question.Thank you!

EDUECO:
Is letter of confirmation of account also included with the dividend mandate?

Please,someone should attend to my question.Thank you!.

EDUECO:
Please,someone should attend to my question.Thank you!.

I think you need to take the dividend mandate to your bank with a passport photograph. Ur bank will sign it and add a banker's confirmation (letter) carrying your passport photograph and your signature

EDUECO:
Is letter of confirmation of account also included with the dividend mandate?

I don't think that letter of confirmation of account is included in the dividend warrant. What you should do is to go to your bank and instruct them to write the letter for you. I don't know about commission for other banks but Access bank charge about 5000 naira + for bankers confirmation. I have similar issue But I called the first registrar and complained about the high commission. And it was rectified.

EDUECO:
Please,someone should attend to my question.Thank you!.

If you have other shares you brought through IPO that is domiciled with the registrar, you can call them and tell them because it means they are in possession of your signature unlike when you buy through secondary market. In that case, you won't need to spend money on bankers confirmation.

Nigeria political situation is getting bad everyday, house of assemble is turning to WWE wrestling ground, see fight in the green chamber, house of representative members fought one another today during their meeting. Will this encourage the foreign investors to come in. Nigeria economy might not get better soon, stocks may keep on falling. Myself for now, I am on break, because these days jijo is turning to jijowl ( jump in jump out with loss) for now I have not seen the news that will push the stock price up, but negative news on daily basis, market is closing on negative side mostly these days.

Chibuking81:
Nigeria political situation is bad, see fight in the green chamber, see how our house of representative are fighting in their meeting today, will this encourage the foreign investors to come in. Nigeria economy might not get better soon, stocks may keep on falling. Even me for now I am on break, because this days jijo is turning to jijowl meaning jump in jump out with loss, for now I have not seen the news that will push the stock price up, but negative news on daily basis, market is closing on negative side mostly these days.

The great pessisimist has landed! Let's fasten our belt. ASI below 30,000 here we come

Chibuking81:
Nigeria political situation is getting bad everyday, house of assemble is turning to WWE wrestling ground, see fight in the green chamber, house of representative members fought one another today during their meeting. Will this encourage the foreign investors to come in. Nigeria economy might not get better soon, stocks may keep on falling. Myself for now, I am on break, because these days jijo is turning to jijowl ( jump in jump out with loss) for now I have not seen the news that will push the stock price up, but negative news on daily basis, market is closing on negative side mostly these days.

Sir, it is all De'ja V'u movie. It had been watched before

Ugoobuz:
Pls i need your advise ooo, i am intending using csl my broker or is it only morgan that can do the jijo strategy for me perfectly? thanks!

Why Morgan is recommended for jijo is that total cost for buy and sell cost is 1.55% plus amt for trade alerts which is n4 or more depending on no of deals that filled ur request.
With 1.5 5% cost ,u can easily jump in n jump out at little margin and still make profit.
Note-for u to succeed in jijo, u must be a trend lover. I've written some things on jijo.u can search for it. No trend, no jijo. I HV made money in this stagnant MKT with jijo , but my jijo has not been as constant as b4 cos my price HV not been falling through of late. Jijo is made sweet by market markers. If you observe the price they are defending their stock, u bid 3 to 5% lower and sell at their price. U make money.

If you observe, unity bank mm doesn't want their stock to go below 2,5, so anything 3 to 5% below that is a sure jijo. For fcmb, they defend at 3 naira.Same can be observed for some other stocks. Just look for stocks DT d mm have been defending. They are also defending UBA at a price, BT I've not jijoed it cos it hardly falls with a good %margin.

Note that d eterna wasn't a pure jijo. I've not seen any mm defence there. I just gambled it cos I noticed d price has been rotating around 2.55, 2.66,2.80 etc.I've not jijoed for 2days , so I decided to try that.

Jijo with a % of ur portfolio. Not more than 30% except its pure /sure jijo wit mm backing.


There are many magic going on in this MKT. Once u identify it, u align and smile .
In jijo, u can ride d MKT volatility.

We are advanced gamblers.

myjoy08:


Sir, it is all De'ja V'u movie. It had been watched before

Agbalowomeri:


The great pessisimist has landed! Let's fasten our belt. ASI below 30,000 here we come

Forget that man, He will not say when He will JI just like pre-election bear. Soon He will come here and start telling us what I do not understand.

Keep the ministry rocking.

PETERiCHY:


Unclaimed dividend becomes irredeemable after 12yrs not 10yrs.

So, after 12 years, what becomes of the dividend, sir?

Is any body here knows how one can access daily NSE bid/offer status. Can one be able to access it through online trading portal?

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@pythonimmanuello: I really need to know the brand of Orijin you indulge in. But hope say nor be the local kai kai wey don send flenty fifu to yonder o.

@Agbalowomeri and Bros Young: C'mon, you folks know this Chibok pRoPhEt too well to lend credence to his posts. Your audience with him can only be pardoned on jocular grounds.

@Dame Mercy: I should think you have an 8-to-4 job. The level of your JIJOing is curious and next-to-none. NB: I have some experience in manicure, that is to say, I can repair burnt fingers.

Thank God Dangote is now eyeing the solid minerals sector.
All hope is not lost on MULTIVERSE then.
Oga Dangote, pls do the needful.

Moneysage:
@pythonimmanuello: I really need to know the brand of Orijin you indulge in. But hope say nor be the local kai kai wey don send flenty fifu to yonder o.

@Agbalowomeri and Bros Young: C'mon, you folks know this Chibok pRoPhEt too well to lend credence to his posts. Your audience with him can only be pardoned on jocular grounds.

@Dame Mercy: I should think you have an 8-to-4 job. The level of your JIJOing is curious and next-to-none. NB: I have some experience in manicure, that is to say, I can repair burnt fingers.

Lol
I have been on 3weeks annual leave. Work resumes on Monday.
Jijo is doable even with 8 to 6 work.
What is required is to set ur trap every morning. Do ur work for the day. Once its 2 o'clock, u log in to check if u trap caught a meat. Place d sale order. After work, check if d sale went through. If the sale didn't go through, the next morning, place the sale order, also set ur trap for buy. Everything doesn't take up to 10 mins.
@for burnt finger, it only happens when I gamble, and when I gamble, I don't use so much money. Burnt finger also happens when the mm gets tired. When u notice it, u Jo at a loss. Bt other previous cycles takes care of that.
My hispy is an institution. He will do the manicure when need be.

chillykelly86:


So, after 12 years, what becomes of the dividend, sir?

It becomes irredeemable after 12 years

angrybull:


It becomes irredeemable after 12 years

I know that already.

Does it get ploughed back into the business or its used to buy additional shares for the owner? My question is about the fate of the money after 12 years, not its redeemability.

No wonder.. ....


Naira Now N225 In Parallel Market On Friday 25th June 2015



The bear is still coming..

Youngzedd:
No wonder.. ....


Naira Now N225 In Parallel Market On Friday 25th June 2015



The bear is still coming..

What do u make out of this? Should we put our money in foreign currency?
Should we sell and watch , stay by the side?

mercylicious:


What do u make out of this? Should we put our money in foreign currency?
Should we sell and watch , stay by the side?

Bring the money make I hold it for ya, I promise it will be safer than NSE


Before last election, I had over 2k in my USA PayPal account. My paddy had physical dollar.



Make all of una bring the money, make I holam for una.



If you happen to be foreign investor, you will pull out your money from NSE.
If your loss is much, don't sell, if it's small sell and re-enter.


I am just by the side watching closely. Chibuking over to ya.

chillykelly86:


I know that already.

Does it get ploughed back into the business or its used to buy additional shares for the owner? My question is about the fate of the money after 12 years, not its redeemability.

irredeemable (http://en.wiktionary.org/wiki/irredeemable)
adjective
- Not redeemable; not able to be restored, recovered, revoked, or escaped.
- (finance) Not able to be cancelled by a payment or converted to another form of currency or financial instrument, especially one considered more secure or reliable.
synonyms
- unredeemable


========
Text generated by the application English Dictionary https://play.google.com/store/apps/details?id=livio.pack.lang.en_US

chillykelly86:


I know that already.

Does it get ploughed back into the business or its used to buy additional shares for the owner? My question is about the fate of the money after 12 years, not its redeemability.

Stemming tide of unclaimed dividends

Unclaimed dividends in the coffers of quoted companies  hit an all time high  of N60 billion as of December last year and is still on the increase in spite of the  launch  in 2008, of e- payment dividend system  which allows the payment of dividends through electronic means into shareholders’ nominated accounts.

According to the provision of the Companies and Allied Matters Act (CAMA), unclaimed dividends are dividends not claimed within six months after declaration, and are returned to the company, from where the investors can make claims not later than 12 years. This implies that the shareholders would forfeit dividends not claimed within 12 years.

Many reasons have been adduced for the mounting incidence of unclaimed dividends.

These include issues of shareholders who died without giving due information on their next-of-kin to claim such dividends and multiple applications made by applicants during investment process, example during initial public offerings (IPOs)

Others are loss of dividend warrants by investors following Nigeria’s poor postal system, change of mailing addresses without notifying the registrars as well as lack of awareness on the part of the investing public.

Also identified were lack of operating current accounts for cashing dividends, while some shareholders consider certain amount of money too small to warrant the headache.

Some registrars and companies who lack liquidity are also known to deliberately deny investors their benefits through various schemes.

The implication of these developments on the investor, when dividend cannot be claimed, is that they are deprived of their rightful earnings. This could dampen the enthusiasm of investing in the capital market with severe implication for the economy.

In an effort to stem the increasing tide of unclaimed dividends, the Securities and Exchange Commission (SEC) in 2008 launched the e-dividend payment system which was expected to enhance the efficiency of dividend administration in the Nigerian capital market.

E-dividend system automatically allows dividends to be credited directly into a shareholder’s account within twenty-four hours of payment by the company.

For the policy to be fully effective, shareholders are expected to have current accounts and update same with their respective registrars who must work on providing an electronic platform to ensure that such account details are regularly updated.

The initiative was expected  to reduce the incidences of unclaimed dividends and enhance the ability of the shareholders or their heirs to immediately access and utilize the proceeds of their investments.

According to the then Director-General of SEC, Al-Faki, who spoke on the occasion of the e-dividend launch, this innovation would be beneficial to investors, the companies and the Nigerian economy as a whole..

He therefore encouraged all companies to meet their obligations in this regard while advising all parties that would be involved in the new initiative to remain dedicated.

Specifically, he advised the registrars to insist on full cash backing from companies for all dividends declared, before they are posted into shareholders’ accounts.

The era of piecemeal, according to him was over as he advised shareholders to immediately report cases of late payment of dividends into their bank accounts to SEC.

Before the e-dividend initiative, SEC had taken a bold step to address this menace when it set up a Committee on Unclaimed Dividends which was inaugurated on June 15, 2001.

The broad-based committee with membership drawn from the Corporate Affairs Commission, The Nigerian Stock Exchange, Abuja Stock Exchange ( now defunct), Committee of Bankers, Trustees, Chartered Stockbrokers, Public Companies and Shareholders Association, was mandated to study the phenomenon of unclaimed dividends in the country and proffer solutions.

Other initiatives had earlier been proposed and adopted in order to reduce the increasing incidences of unclaimed dividend.  One of such was the  mandatory publication of the list of investors whose dividends have remained unclaimed in the annual reports of quoted companies.

In spite of these efforts, the value of unclaimed dividends continued to be on a roller coaster.

According to official sources, the value of unclaimed dividends in 1999 was just N2.09 billion. Between 2002 and 2004, the unclaimed dividend increased from N5.1billion to N6 billion. It rose to N6.4 billion in 2003 but dropped by the end of 2004. At the close of the year 2008, unclaimed dividend was valued N17.9 billion, before skyrocketing to N52 billion at the end of 2012 and rose to N60 billion at the end of last year.

When these efforts were not producing the desired impact, SEC headed to the National Assembly where  it sponsored a bill  in 2010 recommending the setting up   of an Unclaimed Dividend Trust Fund (UDTF).

However, this move drew the flaks of capital market operators, leading to its being placed in the cooler  at the National Assembly.

The UDTF bill  seeks to establish a government agency that will be responsible for managing the billions of naira from unclaimed dividends of listed companies quoted on the stock exchange

Shareholders and other investors have expressed their opposition to the proposed Trust Fund, describing it as selfish and an attempt to divert money into the hands of some powerful individuals.

Some operators accused SEC and the government of having a hidden agenda, pointing out that the idea was to seek the control of the Fund for their own use.

Others were of the opinion that  SEC has no business getting involved in addressing the problem, because according to them, the Companies and Allied Matters Act (CAMA) had already made adequate provisions that would take care  of unclaimed dividends.

Besides, they insisted that the volume of unclaimed dividends was insignificant since most of them are already statute barred.

National Chairman, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, told Daily Independent that the move, if it had succeeded would have denied investors the benefit of their investments, adding that the National Assembly has no business legislating on dividends that have not been claimed.

According to him, “if an investor dies or is incapacitated, the money should be given to his family or returned to the firm where he or she has investment”However, SEC rose in stout defence of its action, explaining  that the Fund was not designed for either the SEC or even the government to have control.

It insisted that section six on the establishment and composition of the Board of the Fund was clear on the issue.

According to SEC, “there is an established management for the Fund, which includes a (i) Board of Trustees, which shall comprise of 15 persons representing eight Shareholders’ Association duly registered by the Commission representing the six geo political zones, Lagos and Abuja. (ii) Nigerian Employers Consultative Association, which shall be represented on the Board by one of its members who must be a public, quoted company; and  (iii) Registrars of public companies, which shall be represented on the Board by one of its members. (iv) National Association of Small and Medium Scale Enterprises; (v) Corporate Affairs Commission; (vi) Chartered Institute of Stockbrokers (CIS), which shall provide one representative who shall be a practicing stock broking company and (vii) The Chief Executive Officer and Managing Director of the Fund who shall be a person with 15 years managerial experience in the financial sector and have a minimum of first degree”.

However, in the midst of this impasse, SEC Director General, Arunma Oteh, provided a glimmer of hope when she said two years ago, that the Commission took on the registrars on a radical solution on the nagging issue, adding:”we jointly considered a number of options, and by the end of this quarter, the results will be felt”

According to Oteh,: “Our target is that in 2012, we shall reduce the size of outstanding dividend by 50 per cent”

But this optimism soon evaporated as recent pronouncements by the Commission on the issue indicated that the outcome was far fetched.

However, some registrars, responding to the  consultations with the Commission and put their shoulders to the wheel, in a move that will witness drastic reduction in the value of unclaimed dividends  in the country.

One of such registrars is the First Registrars Nigeria Ltd.which has introduced into the capital market, a prepaid card known as ‘FirstDividend Plus’, issued to shareholders into which dividend amounts due to them are automatically loaded/credited on the payable date.

Managing director/CEO, First Registrars Nigeria Ltd . Bayo Olugbemi, said the rationale for this decision  was to make it easier for shareholders to get their dividend.

According to him, “It does not mean that the issue of dividend warrant or direct credit to bank accounts is over. We are encouraging shareholders to embrace innovation. This product is for the retail and disadvantaged shareholders who do not have bank accounts”.

He went on: “With this card, there is no more unclaimed dividends as you can now claim all your dividend right away even without a bank account. It is our commitment to reducing unclaimed dividends. Shareholders can also load additional money into their card for future transactions and safekeeping. You can activate your card through any of these channels: ATM, Point of Sale (PoS), and mobile.”

The Commission, striking while the iron was still hot, took the battle to the Central Bank of Nigeria (CBN where it appealed to CBN governor,. Godwin Emefiele to mandate the banks to accept payment of dividend warrants into shareholders’ savings accounts.

Speaking at the end of the second quarter Capital Market Committee (CMC) meeting in Lagos this year, Director General of SEC,  Arunma Oteh, said the move would help to resolve the rising spate of unclaimed dividends in the country, which at present, she put at over N60 billion.

he said, even though, some banks had started accepting payment of dividend warrants into savings account,  mandating others to follow suit was critical in tackling the issue of unclaimed dividends.

“We welcome the agenda of the new CBN governor; and we hope to continue to work together with CBN to ensure that we tackle issues that are of utmost importance to the growth of the capital market,” she added.

Even so,the regulator appears to have overlooked certain critical stages in the process which would have made the implementation of the e-dividend payment initiative more efficacious.

According to the MD/CEO, Crane Securities Ltd.,, Mike Ezeh, the Commission should compel the stock broking firms, which are the first point of contact with investors, to make it mandatory for them to fill the e-dividend form at the time payment is being made for the transaction.

The practice has been that clients who were not informed of this development initially, latter have to grapple with the hassle of getting the e-dividend form, after being told that dividend has been declared.

He suggested that, it  should also be mandatory for stock broking firms to insist at the point of first contact that investor’s current account was a pre-condition to the consummation of their transactions. This is because most clients only get this information when ever they come back to dispose of their shares.

Also, as a way to further facilitate payment of dividend warrants, banks should not insist on client’s current account, as most of them are small investors who are ill-equipped to go further than savings account, Ezeh said.

He further suggested that in order to curb the excesses of some companies that declare dividends without making efforts or having no money to pay, some relevant sections of the (CAMA) might need to be amended to compel such companies to transfer such unpaid dividends to a special account to be opened by the companies in their behalf in any scheduled bank to be called ‘Unpaid Dividend Account.

If the unpaid dividend are not so transferred, the companies involved should pay a determined interest rate per annum that  should serve as deterrent, he added.

http://dailyindependentnig.com/2014/08/stemming-tide-unclaimed-dividends-2/

Youngzedd:



Bring the money make I hold it for ya, I promise it will be safer thank NSE


Before last election, I had over 2k in my USA PayPal account. My paddy had physical dollar.



Make all of una bring the money, make I holam for una.


If you happen to be foreign investor, you will pull out your money from NSE.



I am just by the side watching closely. Chibuking over to ya.

You forget that we have domicilliary savings acnt and Dom fixed deposit. I will earn interest ontop the dollar. Besides, no withdrawal charge for staff. Hehehe.

I have never done dollar business , b4 they say am a competitor.
Bigass will laugh with post above.