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SEC Engages Securities Houses To Address N190bn Unclaimed Dividends

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ALJAZIRAH
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0

Acting Director General of the Securities and Exchange Commission ,SEC, Dr. Emomotimi Agama, has urged the Association of Securities Dealing Houses of Nigeria ,ASHON, and other key stakeholders in the capital market to collaborate with the Commission in addressing the substantial issue of unclaimed dividends, which currently stands at a staggering N190 billion.

During a meeting with ASHON held in Abuja, Agama described unclaimed dividends as a “monster” in the capital market that requires immediate and decisive action.

According to a statement from the Commission on Wednesday, he emphasized the need for swift measures to tackle this issue, alongside other market-related challenges.

The acting DG further emphasized that the Commission would address these challenges in the shortest time possible and invited ASHON to submit practical proposals on how to reduce the current level of unclaimed dividends.

The SEC boss pledged to give their best efforts to eliminate all forms of infractions in the market, work towards broadening the market for the overall benefit of the economy, and achieve substantial success for Nigeria’s economic growth.

The statement read in part: “Dr Agama assured that every unresolved issue ranging from unclaimed dividends, which is the big Elephant in the room, time to market and other related market issues will be addressed in the shortest time possible.

He assured the association that every good thought that they have had will be brought to fruition while inviting the Association to forward a practical proposal on how they are going to deal with the current level of unclaimed dividends”.

Shareholders under the aegis of the New Dimension Shareholders Association of Nigeria recently called on the new Acting Director-General of the Securities and Exchange Commission ,SEC, Dr. Emomotimi Agama, to find a lasting solution to the rising wave of unclaimed dividends in the country.

President of the New Dimension Shareholders Association, Mr. Patrick Ajudua, addressing to selected newsmen, said unclaimed dividends have defiled all logic and have kept on rising to over N190 billion despite the recently established Unclaimed Dividend Trust Fund.

The total value of unclaimed dividends according to SEC has risen to N190 billion, representing a 7.35% rise from N177 billion recorded in 2021, which was the last figure from the commission.

The Securities and Exchange Commission ,SEC, plans to conduct a series of investor clinics across the country in 2024. The clinic will address investors’ grievances and concerns regarding unclaimed dividends and related issues.

It is also a strategic move to enhance investment inflows into the capital market and tackle the persistent challenge of unclaimed dividends.

The SEC boss recently stressed the need to embrace technology as one of the ways of ensuring that the issue of unclaimed dividends in the capital market becomes a thing of the past.

FG To Pay N1.7trn Electricity Debt Through Bonds, Promissory Notes

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ALJAZIRAH
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By Charles Ebi

Federal Government plans to settle about N1.7 trillion in electricity debt by issuing bonds and promissory notes.

This plan is contained in the draft Accelerated Stabilization and Advancement Plan ,ASAP, presented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to President Bola Tinubu.

Through this plan, which is expected to be implemented within the next six months, the government hopes to address a significant tariff shortfall and the liquidity crisis in Nigeria’s power sector.

According to the ASAP document seen by AljazirahNigeria, the Minister of Finance, the Federal Inland Revenue Services ,FIRS, and the Central Bank of Nigeria ,CBN, will work alongside key stakeholders in the power sector to implement alternative settlement methods for verified legacy debt, primarily through the issuance of bonds and promissory notes.

Another crucial intervention is the quarterly provision of funds to gas suppliers. This step is designed to ensure a consistent and reliable supply of gas to power plants, crucial for maintaining steady electricity generation. The cost for this intervention is projected at N216 billion. The impact of this provision is the replenishment of the Gas Supply Stabilisation Fund ,GSSF, which is essential for maintaining the stability and reliability of the gas supply chain.

There is also a plan to integrate renewable energy sources into Nigeria’s energy mix. Variable renewable energy integration ,VREI, studies will be conducted to incorporate renewable energy sources such as solar and wind into the national grid. This intervention, costing $2 million, aims to improve the energy mix and reduce overall energy costs, contributing to a more sustainable and cost-effective power sector.

To address the infrastructural gaps in the power sector, the ASAP proposes the completion of 25 Transmission Company of Nigeria ,TCN, substation projects that are currently at 30% completion. This effort aligns with the Nigerian Electricity Regulatory Commission’s ,NERC, order on TCN’s Performance Improvement Plan and is expected to cost $73.2 million. Additionally, the plan includes completing 25 TCN transmission line projects, also at 30% completion, which will cost $170.4 million. Both interventions are critical for closing the infrastructure gap and enhancing the transmission capacity of the power sector.

Another significant intervention is increasing the capacity of the Niger Delta Power Holding Company ,NDPHC. This initiative, costing €4.5 million, is expected to add 1000 MW of generation capacity, significantly boosting Nigeria’s overall power generation and addressing the persistent power shortages in the country.

The total cost of these immediate interventions is estimated at N1.916 trillion, $245.6 million, and €4.5 million.

Through these plans, the government hopes to stabilize the power sector quickly and ensure a more reliable electricity supply across Nigeria.

The successful implementation of these interventions is expected to significantly impact the power sector, addressing both financial and infrastructural challenges.

Addressing the financial challenges plaguing the sector, Tony Elumelu, Chairman of the Board of Directors at Transcorp Group, recently decried the substantial debts owed to power generation companies ,GenCos, by the Nigerian Bulk Electricity Trading Plc ,NBET. He urged the Federal Government to expedite actions to address these debts, emphasizing the need for liquidity to sustain reliable electricity generation.

The GenCos also urged the Federal Government to settle outstanding electricity debts to ensure their continued operation.

They warned that the non-payment of over N2 trillion could jeopardize the sustainability of electricity generation for Nigerians.

The Federal Government earlier announced plans to pay N130 billion to settle part of the gas supply debts in the Nigerian Electricity Supply Industry ,NESI. According to the Minister of Power, Mr. Adebayo Adelabu, President Bola Tinubu endorsed a proposal from the Minister of State for Petroleum Resources concerning gas, which is to clear the outstanding debts owed to gas suppliers by the power sector.

Crude Market Rises Over Expected US Federal Reserve Rate Cut

By
ALJAZIRAH
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0

Crude oil market climbed by 1% on Wednesday as hopes of an interest rate cut by the US Federal Reserve in September outweighed demand concern after data showed builds in US crude and fuel stocks.

Brent crude futures settled 89 cents or 1.2% higher to $78.41 per barrel and the US West Texas Intermediate ,WTI, crude futures increased by 82 cents or 1.1% to $74.07 a barrel.

The US Energy Information Administration (EIA) reported an estimated inventory build of 1.2 million barrels for the week to May 31 versus the decline of 4.1 million barrels for the previous week, which failed to move prices higher because it came in the company of fuel inventory builds in both gasoline and middle distillates.

The EIA estimate follows the American Petroleum Institute’s reporting of a crude oil inventory build and fuel builds. The inventory change was unexpected and further pressured oil prices down since the start of the week.

In fuels, the EIA reported inventory builds of 2.1 million barrels for the last week of May, adding to demand concerns as the week reflected fuel usage around the Memorial Day holiday, which signifies the start of the US summer driving season.

Meanwhile, Reuters reported that the US Federal Reserve will cut its key interest rate in September and once more this year.

Lower interest rates decrease the cost of borrowing, which can incentivize economic activity and boost oil demand.Pressure also came after the most recent meeting of the Organisation of the Petroleum Exporting Countries and its allies ,OPEC+, over the weekend, there was news that some of the production cuts that the group agreed to last year might be undone later this year. Traders saw the chance as a surplus promise, as long as the market conditions were right.

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has said OPEC+ would pause the unwinding of the cuts or reverse them if demand wasn’t strong enough to absorb the barrels.

Prices were weighed down by the first drop in five months in Saudi Arabia’s official selling price for its flagship Arab Light crude oil to Asia.

The price cut for Asia highlights the strain on OPEC producers as non-OPEC supply grows and demand concerns.

English Premier League Clubs Vote To Retain VAR

By
ALJAZIRAH
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0

English Premier League clubs voted on Thursday in favour of continuing to use the Video Assistant Referee ,VAR, system next season.

Although the statement did not contain figures for the ballot, held at the Premier League’s annual general meeting, the BBC reported that 19 of the division’s 20 clubs had voted to retain the controversial technology.

The BBC said only Wolves who last month called the vote to scrap the system had backed the abolition of VAR.

The Midlands club had accused VAR of “undermining the value of the Premier League brand” after another season of several debatable decisions.

VAR was introduced in the Premier League in 2019 with the aim of helping referees avoid clear and obvious errors that had marred matches in the past.

But there were numerous controversies surrounding the technology during the recently concluded 2023/24 campaign, with Premier League managers and fans growing increasingly vocal in their disdain for the system.

Following Thursday’s vote, however, the Premier League acknowledged improvements were required.

“While VAR produces more accurate decision making, it was agreed that improvements should be made for the benefit of the game and supporters”, the league said in a statement.

Semi-automated offside technology is set to be introduced next season in the hope this will reduce the length of time needed for offside checks, while in-stadium announcements will be made where an on-field decision is changed following a VAR intervention to keep fans at the ground informed.

The Premier League added the “high threshold” for intervention would also be maintained.

2026 FIFA World Cup Qualifier: George Unleashes Iheanacho, Lookman, Boniface On Bafana Bafana

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ALJAZIRAH
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Joel Ajayi

Nigeria are determined to put their best foot forward in aiming for all three points when they go headlong against South Africa in Friday night’s 2026 FIFA World Cup African qualifying series Day 3 encounter at the Godswill Akpabio Stadium, Uyo.

The Super Eagles know nothing but victory will assuage the feelings of football-passionate Nigerians, who are still unhappy at their sluggish start to the campaign, with two points from a possible six in their opening two games, and a rash of late arrivals to camp this time, though not entirely of the concerned players’ making.

The absence of Africa Player of the Year, Victor Osimhen due to injury, and injuries to defenders William Ekong (this year’s AFCON’s Man of the Competition), Kenneth Omeruo, Jamilu Collins and Zaidu Sanusi mean Head Coach Finidi George will scratch the bottom of the barrel for rearguard service against the AFCON bronze medallists.

George, in his competitive match in charge of Nigeria, is most likely to throw the experienced Kelechi Iheanacho and youngsters Victor Boniface and Ademola Lookman into the fore with the objective of getting the goals early enough on, on a turf that Nigeria has lost only one competitive game since it was opened 10 years ago.

Incidentally, that one competitive loss was to the Bafana (0-2 defeat at the start of the 2019 Africa Cup of Nations) on 10th June 2017, but the Eagles rallied in the campaign and eventually finished ahead of the Bafana to qualify for the finals in Egypt, where they also defeated the Bafana in the quarter-finals on the way to a third-place finish.

The Bafana may also count as triumph their 2-2 with the Eagles draw at the same venue on 19th November 2014, which prevented Nigeria from qualifying for the 2015 Africa Cup of Nations.

However, the Super Eagles are always one to rise above monsters of the past and do their thing, and captain Wilfred Ndidi said on Thursday that the three-time African champions will give their very best on Friday evening.

Lookman, who became only the sixth man in history to score a hat-trick in a European Cup final when he led Atalanta of Italy to victory in Dublin on 22nd May, is in a great form to continue where he left off after the Africa Cup of Nations, where he netted three crucial goals to steer Nigeria to a second-place finish. He also netted an important winner for the Eagles against Ghana in a friendly in Morocco three months ago, which helped Nigeria to a first triumph over Ghana in 18 years.

Boniface also had a marvelous season, winning the German League and Cup double with Bayer Leverkusen and reaching the Europa Cup final, where Lookman was the big obstacle.

Iheanacho, and midfield enforcer Wilfred Ndidi, are pumped up after helping their English club Leicester City back to the Premiership after one season in the Championship.

The Eagles will enter the pitch on Friday night recalling that South Africa has mostly been second best against them, and that their last encounter, in the semi-final of the AFCON in Cote d’Ivoire, ended in a penalty shootout victory for Nigeria.

Arsenal Fan Banned For Head-Butt Against Roy Keane

By
ALJAZIRAH
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0

An Arsenal fan was given a three-year football banning order on Thursday after headbutting former Manchester United star in a “gratuitous and senseless act of violence”.

Scott Law, 43, was found guilty of common assault after clashing with Keane following Arsenal’s Premier League win over United at the Emirates Stadium on September 3.

Keane and fellow television pundit Micah Richards were walking to do their post-match analysis when the attack happened, a trial at a London magistrates court heard.

Former Republic of Ireland midfielder Keane was head-butted by Law and fell through some doors in the incident.

Law’s defence team said CCTV footage from inside the stadium showed Keane elbowing the defendant in the face.

Keane, 52, told the court: “I was just walking and, before I knew it, I was hit. I felt the contact and fell back through some doors.

“I was absolutely not expecting it… I was in shock”.

Keane said he suffered bruising on his chest and arms.

Law, who was sat beneath the Sky Sports studio during the match, claimed Keane “picked me out and started telling me to see him outside. He was pointing to doors in the box”.

Djokovic Undergoes Successful Knee Surgery After Withdrawing From French Open

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ALJAZIRAH
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0
Tennis - French Open - Roland Garros, Paris, France - June 3, 2024 Serbia's Novak Djokovic reacts after falling during his fourth round match against Argentina's Francisco Cerundolo REUTERS/Yves Herman

Novak Djokovic underwent surgery on his knee, the world number one said on yesterday, after he was forced to pull out of the French Open with an injury that could threaten his Wimbledon and Olympic chances.
The injury, sustained in his fourth-round win over Francisco Cerundolo, ended the Serb’s quest to win a record-extending 25th Grand Slam trophy and will result in him losing his top ranking to Italian Jannik Sinner on Monday.

The French Open said MRI results revealed that Djokovic, who played on with pain-killers, had suffered a torn medial meniscus that prompted him to take the decision.
“In the past day, I had to make some tough decisions after sustaining a meniscus tear during my last match. I’m still processing it all but I am happy to update you that the surgery went well”, Djokovic said in a post on Instagram.
“I am so appreciative of the team of doctors who have been by my side, as well as the overwhelming support I have received from my fans.
“I’m going to do my best to be healthy and fit to return to the court as soon as possible. My love for this sport is strong and the desire to compete at the highest level is what keeps me going”.
Wimbledon, which Djokovic has won seven times, will take place from July 1-14, while the men’s singles tennis tournament at the Paris Olympics is scheduled for July 27-Aug. 4.
Djokovic’s injury was the latest in a series of unfortunate events for the 37-year-old, who won three out of the four majors last year but has looked off the pace this season.
He has not won a title in 2024 and suffered a semi-final defeat by eventual winner Jannik Sinner at the Australian Open in January.

10th Nigeria Pitch Awards: Sanwo-Olu, Elegbeleye, Soname, Finidi In Spotlight As Ceremony Holds Saturday

By
ALJAZIRAH
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0

Joel Ajayi

There will be real pomp and pageantry in the city of Uyo on Saturday as the tenth edition of Nigeria Pitch Awards comes to town. The Ibom Hotel and Golf Resorts is the venue.

Shina Phillips, chief organizer of the awards, said yesterday that all is set for a ceremony that will be full of panache, glitz and glamour.

“As I said a couple of weeks ago, we are leaving no stone unturned to ensure a memorable tenth edition of the awards. All is set, and we are in Uyo not only to put up a super-show, but to mobilize resources within our capacity to support the Super Eagles to victory in tomorrow’s match. As an organization, we will continue to genuinely appreciate the NFF, the Super Eagles, all our friends, enablers, affiliates and commercial partners, for their support over the past 10 years, and to promise that the values of transparency, integrity and credibility will never depart from the Nigeria Pitch Awards”.

Nominees have been picked in all 18 award categories, with the winners to be unveiled on Saturday. The award categories include Goalkeeper of the Year, Defender of the Year, Midfielder of the Year, Striker of the Year, Queen of the Pitch, King of the Pitch, Sam Okwaraji Award, Football Pitch, Football-Friendly Governor, Corporate Sponsor, alongside several honours for media representatives.

Swiatek Continues Gauff Dominance To Reach Final

By
ALJAZIRAH
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0

Iga Swiatek continued her dominance over Coco Gauff to reach the French Open final and move closer to a third straight title at Roland Garros.

Top seed Swiatek, 23, broke in the first game of the match and, apart from briefly losing serve in the second set, retained control to win 6-2 6-4.

Third seed Gauff saved three match points before Poland’s Swiatek closed out victory.

The 20-year-old American has now lost 11 of her 12 matches against the world number one.

“It was intense, especially in the second set but I’m happy”, said Swiatek.

“I stuck with my tactics, didn’t overthink things and just went for it”.

Swiatek will face Italian 12th seed Jasmine Paolini or unseeded 17-year-old Russian Mirra Andreeva in Saturday’s final.

Paolini, 28, and Andreeva meet in the second semi-final later yesterday.

ICC Stands Firm On New York Despite India Pitch Fears

By
ALJAZIRAH
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0

There are no plans in place to move any T20 World Cup fixtures out of New York despite growing fears over substandard pitches.

Serious concerns are mounting over the unpredictable nature of the drop-in surfaces at the Nassau County International Cricket Stadium after the first two fixtures played at the venue.

On Monday, Sri Lanka we’re bowled out by South Africa for 77 – their lowest score in T20s – while India dismissed Ireland for 96 on Wednesday.

BBC Sport understands India have privately voiced their unhappiness with the unpredictable bounce and two-paced nature of the strips amid worries over the safety of their batters.

India play Pakistan on Sunday at the venue in Eisenhower Park in one of the most eagerly-anticipated fixtures of the tournament with a capacity crowd of 32,000 expected.

The International Cricket Council ,ICC, is believed to be analysing data from previously abandoned games to establish how to react should it need to act.

However, ICC officials have maintained there are no contingency plans in place to switch any of the New York games to venues in Florida or Texas, both of which have natural turf strips.

It is understood an unused pitch has been designated for the India Vs Pakistan showdown, although there is flexibility to alter that decision depending on how other pitches play before that encounter.

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