House Committee Lauds Ibas, Pledges Support for Return to Democratic Rule

The House of Representatives Ad hoc Committee on the Oversight of the Administrator of Rivers State has commended the sole administrator, Ibok-Eket Ibas, for what it described as remarkable progress in stabilising the state during emergency rule, pledging its support for the restoration of democratic governance in the state.

The committee, led by House Leader and Chairman, Professor Julius Ihonvbere, was in Rivers State on a courtesy visit and inspection tour as part of its oversight mandate. 

Speaking during the visit on Thursday, Ihonvbere said the National Assembly was encouraged by the sole administrator’s achievements so far and remained committed to ensuring the return of democratic rule.

“We are hopeful about what the administrator has done so far. The House of Representatives is committed to seeing a smooth transition back to full democratic governance in Rivers State,” Ihonvbere said. 

The lawmakers inspected the Rivers State House of Assembly complex, where reconstruction works are ongoing to prepare the legislature for effective operations once the state returns to civilian leadership.

Ihonvbere noted that the quality and scope of the work showed readiness for a functional assembly in the post-emergency period.

Receiving the delegation, Ibas expressed appreciation for the National Assembly’s support and oversight role, which he said had bolstered his administration’s work. He stressed that restoring security had been a top priority and a significant success.

The administrator further disclosed that preparations for the conduct of local government elections were in full swing. The polls, scheduled for 30 August 2025, are aimed at reinstating democratic governance at the grassroots. 

He said the Rivers State Government had provided the necessary funding to the Rivers State Independent Electoral Commission (RVSIEC) to guarantee smooth and credible elections.

Ibas also briefed the committee on several projects being pursued under his administration. 

They include the reconstruction of the state House of Assembly complex, which he described as essential for restoring legislative work; the completion of the Mother and Child Hospital in Port Harcourt, which will be handed over to the state Teaching Hospital to enhance healthcare delivery; and the long-delayed dualisation of the Port Harcourt Ring Road. 

On the latter, he revealed that N150 billion had already been paid for the project, yet no tangible work had commenced.

The committee expressed satisfaction with the administrator’s efforts and acknowledged the challenges of governing under emergency conditions. 

The committee embers urged that all key projects, particularly those affecting infrastructure and public services, be completed on schedule to consolidate gains made during the emergency period.

Ihonvbere assured Ibas that the House of Representatives would continue to monitor developments closely, provide legislative backing where needed, and work to ensure the transition back to democratic governance is smooth and timely.

Both sides agreed on the need for sustained collaboration between state and federal authorities to maintain peace, accelerate development and guarantee the restoration of democratic rule in the state.

The visit ended with an inspection of key project sites, during which committee members expressed optimism that the state was on the right path to stability and progress.

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    Addressing Real Issues Behind Unclaimed Dividends in Nigeria’s Capital Market

    Addressing Real Issues Behind Unclaimed Dividends in Nigeria’s Capital Market

    Jonathan Eborah

    Investing in the stock market is a long-term strategy for building wealth. In Nigeria, as in other parts of the world, investors expect to benefit from dividends, capital appreciation, or both. However, the recurring problem of unclaimed dividends has cast a shadow over the credibility of the capital market, with many retail investors expressing frustration at the role of registrars. While these concerns are understandable, blaming registrars exclusively oversimplifies a much broader and more complex issue.

    Unclaimed dividends are a product of systemic challenges, not merely the inefficiencies of registrars. These dividends often remain unclaimed due to various factors, including: Multiple accounts created with different names or pseudonyms; Shareholders’ failure to update bank details or contact information; Estate complications after the death of shareholders; Delays by banks in validating dividend mandates and General investor ignorance about claim procedures.

    Registrars are just one part of a broader value chain that includes stockbrokers, issuing companies, banks, and regulators. Holding them solely responsible ignores the collaborative nature of capital market operations.

    One of the most criticized aspects of the dividend claim process is identity verification. However, registrars have a legal and fiduciary obligation to ensure that payments are made to the rightful owners. This is especially crucial in an environment where identity theft, fraud, and impersonation are real threats.

    Registrars rely on tools such as BVN (Bank Verification Number), NIN (National Identity Number), and signature verification to verify claims. These are not “excuses” but part of risk management and regulatory compliance.

    Contrary to the belief that registrars are resistant to change, many have embraced digital transformation. Several registrars now operate online portals where investors can: Submit e-dividend mandates; View dividend histories; Request revalidation of payments and Update personal data securely.

    The challenge often lies not with the systems, but with incomplete or inconsistent data submitted by shareholders. Additionally, national infrastructure gaps, poor internet access in some regions, and low levels of digital literacy further compound the problem.

    The delay in processing dividend claims is sometimes outside the registrar’s control. For instance: When shareholders provide incorrect or inconsistent data; When banks delay in validating or updating mandates and When investors fail to follow up after initial submission.

    Even in cases where shareholders visit registrar offices, delays may still occur due to missing documentation or legacy issues related to paper-based systems from decades ago.

    While the Securities and Exchange Commission (SEC) has taken steps, such as issuing a circular on unclaimed dividends and establishing the Unclaimed Funds Trust Fund, there may be a need for stronger enforcement and clearer redressal mechanisms.

    Registrars alone cannot enforce policy or penalize non-compliant parties. The SEC must implement: Minimum response time standards for processing complaints; A user-friendly and responsive digital complaint resolution portal; Investor education programs targeted at low-literacy or elderly shareholders; Sanctions for all stakeholders, banks, brokers, and registrars, when they fail to meet expectations. And A unified identity system for the capital market to ease the Know-Your-Customer

    Obligations and reduce the risk of identity theft:

    Investors must also bear some responsibility. Many are unaware of how to complete e-dividend mandates or follow up on their claims. Some hold outdated physical share certificates or have never updated their contact details since purchasing shares/investments decades ago.

    Registrars regularly hold investor clinics together with the SEC, participate in AGMs, and partner with regulators and stockbrokers for sensitization efforts. But participation is often low. Financial literacy must become a national priority if more investors are to enjoy the benefits of capital market participation.

    The unclaimed dividend problem is not limited to Nigeria but exists in developed countries and each country works out how to resolve the challenge. In Nigeria’s capital market, the unclaimed dividend crisis will not be solved by pointing fingers. Registrars are not the enemy; they are facilitators working within a regulatory and operational ecosystem that requires improvement across board. Enhancing automation and promoting investor education will go further in solving the problem than a blame-centered approach.

    For the Nigerian capital market to thrive and regain investor confidence, all stakeholders, regulators, registrars, companies, stockbrokers, and investors must work together in good faith to build a more transparent, inclusive, and responsive system.

    *Jonathan Eborah, the Registrar/Chief Executive, Institute of Capital Markets Registrars, writes from jonathaneborah@yahoo.co.uk

    The post Addressing Real Issues Behind Unclaimed Dividends in Nigeria’s Capital Market appeared first on THISDAYLIVE.

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    Jonathan Eborah Investing in the stock market is a long-term strategy for building wealth. In Nigeria, as in other parts of the world, investors expect to benefit from dividends, capital
    The post Addressing Real Issues Behind Unclaimed Dividends in Nigeria’s Capital Market appeared first on THISDAYLIVE.

    INEC: Over 500,000 Nigerians Pre-register Online for CVR in Five Days

    INEC: Over 500,000 Nigerians Pre-register Online for CVR in Five Days

    Adedayo Akinwale in Abuja 

    The Independent National Electoral Commission (INEC) yesterday, revealed that no fewer than 505,906 eligible Nigerians have pre-registered online for the Continuous Voter Registration (CVR) exercise within just five days.

    The commission described the turnout as a strong indication that Nigerians remain eager to participate in the democratic process.

    The electoral body added that it was impressed by the response of Nigerians who visited the online platform to pre-register.

    INEC Chairman, Prof. Mahmood Yakubu, made this known in Abuja, at the official flag-off of the commission’s nationwide sensitisation campaign aimed at boosting public participation in the voter registration process.

    Yakubu, who was represented by the National Commissioner, May Agbamuche-Mbu said  the commission launched a vibrant roadshow that kicked off at INEC Headquarters in Maitama, passed through Banex Plaza in Wuse, and terminated at the bustling Wuse Market.

    The chairman noted that similar campaigns would be held in states across the nation to further mobilise the public,

    He stated: “As of midnight of August 22, 505,906 citizens have pre-registered. This is a testament that Nigerians believe in our democracy and the effort of the commission to further strengthen the electoral process.”

    Yakubu said the CVR, which commenced with the online phase on August 18, 2025, would transition to the physical registration stage on Monday, August 25, 2025.

    He explained that at that stage, both online pre-registrants and new applicants can complete their registration at designated INEC State and Local Government Area offices, where their biometrics would be captured.

    The chairman emphasised that physical CVR would take place at 811 centres across the country, including all 774 Local Government Area offices and State offices, from 9 a.m. to 3 p.m., Monday to Friday.

    On her part the Director Voter Education and Publicity, Victoria Eta-Messi, expressed the commission’s readiness for the in-person registration across its offices nationwide.

    Her words: “Our offices are ready; we have been planning before now, which is why we took a week between pre-registration and in-person registration commencement.

    “So, everything is on course. From August 25, people will be attended to in our offices nationwide, 36 states and the FCT, and the 774 LGA offices of INEC from 9 am to 3 pm,” she said.

    Meanwhile, the Resident Electoral Commissioner (REC), Malam Aminu  Kasimu Idris, has charged the Commission’s  registration officers to maximise the training opportunity to equip their skills as the Commission expects high work ethics from them as schedule officers for the physical CVR exercise in the FCT. 

    The REC gave this charge yesterday, at the opening ceremony of a 2-day training on CVR for the Commission’s registration officers from the the six Area Councils and Head Office of INEC, FCT. 

    The Commissioner  urged the registration officers to be attentive to help refresh and broaden their knowledge to carry out the national assignment they have been entrusted with in the FCT. 

    Also speaking, the Administrative Secretary,  Mrs. Bimbo Oladunjoye, highlighted the importance of the training organised by the Commission, stressed that efficient use of technology, knowledgeable people and well defined processes are key to the success of the CVR  exercise. She admonished the trainees to develop mindsets to learn, and also to take note of the recent innovations introduced into the CVR technology to enable them efficiently discharge their responsibilities to the people.

    In INEC FCT, 66 Registration Officers were trained for the in- person  CVR exercise billed to start on Monday, 25th August, 2025 at the INEC offices in the six Area Councils and Head Office.

    The post INEC: Over 500,000 Nigerians Pre-register Online for CVR in Five Days appeared first on THISDAYLIVE.

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    Adedayo Akinwale in Abuja  The Independent National Electoral Commission (INEC) yesterday, revealed that no fewer than 505,906 eligible Nigerians have pre-registered online for the Continuous Voter Registration (CVR) exercise within
    The post INEC: Over 500,000 Nigerians Pre-register Online for CVR in Five Days appeared first on THISDAYLIVE.

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