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IT Will Ease Registrar’s Job, Capital Market – Ogogo
Dr. David Ogogo, is the Registrar and Chief Executive of Institute of Capital Market Registrars; an Associate of the prestigious Association of Business Executives (London), he holds an Advanced Diploma in Business Administration and Masters Degree in Business Administration (MBA) from Lagos State University. He is an Associate of the Chartered Institute of Marketing of Nigeria, a member of the Nigeria Institute of Strategic Management (MSM) and holds a PhD in Corporate Leadership and Governance from the European-American University. Dr. Ogogo worked and held various Senior Management positions in Union Bank Plc, Union Bank Registrars Department, corporate Trust Ltd (a Finance House), Anchoria Investments & Securities Ltd (a stockbroking outfit), Business Innovators Ltd (a management consulting outfit), among others prior to his new job. He spoke with Peter Ugwu.
Place of Capital Market in Economic Development
The capital market is a securities market that deals with long-term maturity funds. Some people call such securities shares, but that does not cover the entirety of the market. Is a provision or arrangement made for companies to raise fund and for others to invest. That is, both those in surplus and deficit unit come to the market. Who are these people? The deficit unit comprises of organizations publicly quoted and coming to raise money. For instance, when someone buys First Bank shares, the person is in surplus unit, because he is investing in First Bank, so the capital market makes it possible for organizations to raise money for the sake of expansion. It also provides liquidity for investment funds from the standpoint of the individual and the economy. This role differentiates it from the money market that usual goes with short-term investment. The market serves as a measure of confidence in the economy and as an important economic barometer. But due to the short fall of the capital market, most investors are now becoming shy that they now patronize debentures, bonds and such likes. However, we must note that if the capital market is dead, the financial system of the country can not function well. The market is such platform that provides industrial management with some ideas of the current cost of capital through its pricing mechanism, as an important issue in determining the level and rate of investment. It encourages inflow of foreign capital when multinational companies or investors invest in domestic securities. Apart from that, the market provides the opportunities for government to finance development oriented projects.
Market Segmentation
Basically, there are two markets within the Capital Market. We have the primary and secondary markets. The former is for fresh or new securities while the latter is for existing securities. The difference is very simple. The market for fresh securities means that new securities are been introduced for the first time like the Initial Public Offers (IPOs). These are offers by either subscription, but they are coming to the public. For instance, if a company is coming to raise money from the capital market; the first contact is the issuing house. I call them the ‘Coordinators of New Issues’. So the issuing house will invite other parties like the Brokers, Solicitors, Registrars, Report Accounts and other professionals in the industry. They are all participating because of the prospects or offers.
Registrars
A prospectus is normally prepared for every offer or issue in the primary market. It rests on the shoulder of the registrars to distribute the prospectus to receiving agents. They make use of courier companies or bulk post ventures to send them out. At the end of every offer, of course share certificates are produced by them as well. Previously, registrars travel from one place to another to mail these things themselves. Many thought it was not fashionable to use courier services. Presently, that responsibility is made easier because courier companies are retained to perform that job. In the case of over-subscribed offers, money returned cheques are prepared by registrars for mailing to the investors concerned.
Business Opportunities for Courier companies
Courier and bulk post companies form part of stakeholders in the capital market because of the delivery system. Nevertheless, I would advise them to take note of something while reading newspapers. Usually, companies announce their Board Meetings, probably a completion board meeting because not all board members participated in the last meeting. So the board members, investors and representative of the Securities and Exchange Commission (SEC) have to witness the signing ceremony in support of presented document. Immediately after that, courier companies should know that there are opportunities for grab – it is them to liaise with the registrars. Even in the Secondary Market by the virtue of Companies and Allied matter Act (CAMA), all companies, especially publicly quoted ones are expected to hold their Annual General Meeting (AGM) once a year, and notices are expected to be sent to shareholders 21 days before the date of the meeting. Registrars, therefore retain the services of courier companies to send out annual reports and accounts. At times dividends are declared at AGMs, when this happens, registrars print the relative dividend warrants and courier companies are invited to assist in their dispatch and mailing.
De-materializing
The market is considering ‘e-Offer’. Already, I have recommendations on Registrars’ IT Infrastructure Review Committee’s Report, which has been with the SEC for about two years now. Although they have not come up with decision due to the public hearing in Abuja, but we are scheduling to meet them. After that, there will be ‘e-Offers’. So, even the documents that have been flying here and there would have been reduced and that portends some danger for the courier service operators. But we should not distant ourselves from innovations in business. You must innovate to survive. By de-materializing, like is applicable in developed countries, we will not be producing share certificates any longer. We want to go paperless. So, if that happens, what will the courier agents carry from one place to another? Is it the flash or CD plates? Definitely, that can’t sustain anyone. So my charge is for them to cue-in to the paradigm shift. Think of what you can do to be part of it.
Complaints
Both the registrars and the courier companies have various complaints. The registrars complain of dumping of mails by companies commissioned to execute certain contracts; loaded bills; delay in providing proof of delivery and difficulty in tracing missing items. On the missing item, when problems occur in the market, the first point of call is the Registrars’ table. Infact, SEC in one land mark decision defined the registrars as the utmost custodians for the nation’s capital market, because the most important documents in the market are created, updated and handled by them. So when items are missing you see people coming to complain of not receiving their certificates even when they have been dispatched five months back. So, the registrars are put in a fix when the courier companies fail to leave up to expectations. We must get it right to remain in business.
Cycling enthusiasts, gear up for an exhilarating experience this Saturday, November 23rd, as FXTM proudly sponsors the Lagos State Monthly Crit at Dolphin Estate, Ikoyi, Lagos.
Interested participants should register at 6:30 AM and prepare for the main race, kicking off at 7:30 AM. Participants will compete for four thrilling hours in three categories: Professional, Junior, and Veteran.
The top prize starts at $500, adding an exciting competitive edge to the event. There will also be refreshments, music and an opportunity to socialize with like-minded individuals.
FXTM, known for its global commitment to promoting fitness through charitable cycling events, is thrilled to bring this spirited race to Lagos. Riding has always been synonymous to freedom, matching the company’s value of freedom to succeed.
The event not only aims to foster a love for cycling but also to enhance community fitness and well-being.
The stand-in Country Representative for FXTM, Kelechi Ehibudu said: “We are thrilled and delighted to sponsor this event as part of our charitable project.
“We look forward to an exciting time with all participants from all works of life. It’s going to be action packed event.”
Thembi Alfreds was driving home from a soccer match in Johannesburg when she stopped at a traffic light. A thief suddenly appeared and smashed the window of her car, grabbing her phone. She struggled with the thief but they managed to get away with the phone.
The incident left her feeling violated and unsafe. Not only did she lose personal memories, like photos of her children, but her personal and financial information stored on the phone was now compromised.
Phone theft is a serious concern in many countries across Africa, including South Africa, where Thembi’s situation highlights the need for better phone theft solutions.
Smartphone usage is on the rise in Sub-Saharan Africa, with adoption rates reaching 61% in Kenya, 31% in Uganda, and 24-25% in Rwanda and Burundi. This increased uptake has been accompanied by a rise in cellphone theft, as these devices become attractive targets for criminals due to their resale value and sensitive data within. This poses a significant challenge that can have serious consequences for both individuals and businesses in the region.
According to the GSMA Consumer Survey 2023, 19% of mobile phone users in South Africa experienced theft or loss of their device in the past year.The GSMA reports millions of devices stolen every year, and the numbers continue to grow. With our phones becoming increasingly more valuable & central to storing sensitive data, like payment information and personal details, losing one can be an unsettling experience.
Phone theft can be a traumatic experience, but there are steps that can be taken to reduce the risk and protect personal information. That’s why we have developed and thoroughly beta tested, a full suite of features designed to protect you and your data at every stage – before, during, and after device theft.
These advanced theft protection features are now available to users around the world through Android 15 and a Google Play Services update (Android 10+ devices).
Theft Detection Lock uses powerful AI to proactively protect you at the moment of a theft attempt. By using on-device machine learning, Theft Detection Lock is able to analyze various device signals to detect potential theft attempts. If the algorithm detects a potential theft attempt on your unlocked device, it locks your screen to keep thieves out.To protect your sensitive data if your phone is stolen, Theft Detection Lock uses device sensors to identify theft attempts.
This feature is rolling out gradually to ensure compatibility with various devices, starting today with Android devices that cover 90% of active users worldwide. Check your theft protection settings page periodically to see if your device is currently supported.
In addition to Theft Detection Lock, Offline Device Lock protects you if a thief tries to take your device offline to extract data or avoid a remote wipe via Android’s Find My Device. If an unlocked device goes offline for prolonged periods, this feature locks the screen to ensure your phone can’t be used in the hands of a thief.
If your Android device is lost or stolen, Remote Lock can quickly help you secure it. Even if you can’t remember your Google account credentials in the moment of theft, you can use any device to visit Android.com/lock and lock your phone with just a verified phone number. Remote Lock secures your device while you regain access through Android’s Find My Device – which lets you secure, locate or remotely wipe your device. As a security best practice, we always recommend backing up your device on a continuous basis, so remotely wiping your device is not an issue.
These features are now available on most Android 10+ devices via a Google Play Services update and must be enabled in settings.
Advanced security to deter theft before it happens
Android 15 introduces new security features to deter theft before it happens by making it harder for thieves to access sensitive settings, apps, or reset your device for resale:
- Changes to sensitive settings like Find My Device now require your PIN, password, or biometric authentication.
- Multiple failed login attempts, which could be a sign that a thief is trying to guess your password, will lock down your device, preventing unauthorized access.
- And enhanced factory reset protection makes it even harder for thieves to reset your device without your Google account credentials, significantly reducing its resale value and protecting your data.
Later this year, we’ll launch Identity Check, an opt-in feature that will add an extra layer of protection by requiring biometric authentication when accessing critical Google account and device settings, like changing your PIN, disabling theft protection, or accessing Passkeys from an untrusted location. This helps prevent unauthorized access even if your device PIN is compromised.
Real-world protection for billions of Android users
By integrating advanced technology like AI and biometric authentication, we’re making Android devices less appealing targets for thieves to give you greater peace of mind. These theft protection features are just one example of how Android is working to provide real-world protection for everyone. We’re dedicated to working with our partners around the world to continuously improve Android security and help you and your data stay safe.
You can turn on the new Android theft features by clicking here on a supported Android device. Learn more about our theft protection features by visiting our help center.
Lagos State Government has awarded a whooping sum of N100 million in grants to 26 successful young agripreneurs at the maiden edition of Agrinnovation.
The grant award ceremony took place yesterday, Tuesday 14, November 2024 at Marcelina house Ikeja Lagos, and was attended by top government official from the Lagos State Government and technocrats of renown.
Agrinnovation, was not only the the very first of its kind, but an audacious step which was organised by the Lagos State Ministry of Agriculture and Food Systems, in conjunction with the Lagos State Employment Trust Fund (LSETF), and the Eko Innovation Centre and designed to foster meaningful conversations, collaboration, and groundbreaking innovations within the agricultural sector.
Some of the successful young startup agriprenuer who benefitted from the Lagos State Government include; Farmcraft Foods limited, Rehoboth 910, Foodie world, Hommal foods, Ofadahub Nigeria limited, Dharkag Empire limited, D-olivette Renewable Energy and Green Mall.
Others are; Dehydrator hub, Agricfood Technology limited, Corporate farmers international limited, Ultra Farms Integrated Ventures limited, Eti Farms Global limited, Hairat Ajao & Co ( Fisherwoman, Happy Coffee, Ecotutu Limited, Ofadaboy Company, Leky Mills Limited, Yellow fish limited, Ufarmy Ecoedu-Tech Solution Limited, Fauzziyah’s Honey Limited, Green Republic Limited, Price Pally Limited among others.
In his address, the Lagos State Governor, Mr. Babajide Sanwo-Olu, ably represented by his Chief of Staff, Mr. Tayo Ayinde, stated that the state will not stop until she achieves food security and production serving as an example to other parts of the nation and Africa.
He also said that the gesture is a symbol of what the state can achieve when it trusts the youth to lead and supports them in doing so.
His words, “We gather here with the purpose to build sustainable agriculture and food system for the next generation and to ensure that Lagos not only sustains itself but leads Nigeria and Africa towards food security and agricultural excellence.
“As a government, we understand that agriculture development depends on more than just traditional practices. It requires us to embrace technology, foster collaboration and create sustainable practices that endure.
“I want to commend particularly the creation of the Lagos Agrinnovation Club. This club is not just an initiative, it has become a community of young agriprenuers, a hub of creativity and a platform for those who dare to reimagine agriculture.
“This year’s Agrithon saw 316 business case entries from dynamic startups, championed by young people who are driven by their vision to transform agriculture and build sustainable solutions.
The 26 finalists we honour today have not only made it through a rigorous selection process but have also shown us that the future of food in Lagos is brought. With access to mentorship, network and share of the N100 million Agrinnovation Fund, these entrepreneurs will have the resources to take their enterprise’s solutions further”.
He also said that the young entrepreneurs will be monitored to ensure that they use the grant well. “To our Agrithon finalists I urge you to put this funding to excellent use, as you’ve demonstrated through your impressive and innovative ideas”, he added.
Earlier, in her welcome address, Abisola Olusanya, Honourable Commissioner of the Ministry of Agriculture and Food Systems of Lagos state expressed her appreciation to all in attendance and especially to the jurors who worked tirelessly in the selection process of the 26 finalists.
“We would like to thank everyone for being here, especially our jurors, who worked throughout the rigorous process on the Agrithon programme, helping us with the selection process from 316 business entries to 26.
“We are here to celebrate young entrepreneurs who have not waited for the government to give them opportunities but have looked within themselves and others for inspiration. They have made themselves and their enterprises something to be proud of and we are proud to be associated with them.
“They have shown that agriculture is indeed a pathway towards being prosperous as a nation, they have shown passion and connectivity. We are proud to celebrate them, to encourage other people to come into the state.
“We want newcomers to know that there is a lot to gain in the agricultural space and particularly in the direction that the government of Governor Samwo-olu is going, there is enough to unearth in the coming months. It is up to you newcomers to come in and plug into what is happening in the sector.”
Also speaking at event and charging benefiacries of the grants, was Mr Victor Afolabi, the Founder of Eko Innovation Centre, according to him, it was important that entrepreneurs understand that investments should be meant for businesses and not for personal upliftment.
His words; “It’s very important for founders to understand that you are not a celebrity, when you raise funds, use it for the business that it was meant for.”
Afolabi who is a serial entrepreneur, noted that it was necessary for young founders to embody discipline when it came to work, addding that this was contributing to the demise of many young startups in the country.
Corroborating his thoughts, Aisha Raheem, the co-founder and Chief Executive Officer of Farmz2u, noted the importance of plan and vision.
According to her, many startups lose this vision when they become profitable at the first instance.
This was also echoed by Jummai Abalaka, Founder and Chief Operating Officer (COO) who noted that it was necessary to have a positive attitude towards work.
She said that this works hand in hand to ensure the success of enterprises in the country. They pressed on the matter of separating work from personal wants.
Also speaking at the event, was Prince SJ Samuel, the Chairman of Origin Tech Group who noted that innovation was facing a lot of challenges in the Nigerian landscape.
He pointed out that the average farmer earns about two thousand dollars and takes home about 40%, with more than half of the earnings going into logistics and other expenses.
He also noted that Inflation is very high in the Nigerian economy and food inflation makes up about 38% of that which serves as a major concern in the country.
The entrepreneur stated that the agricultural space contributes about 37% to gdp of the country. Although he a plauded the current administration for its investment in the agricultural sector in the country, compared to its predecessors.
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