E-Business
Nigeria’s Unclaimed Dividends Hit N170Bn- SEC
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2020/01/SEC-Nigeria-logo.png)
Securities and Exchange Commission (SEC) on Friday said the total unclaimed dividends in the Nigerian capital market stood at N170 billion as of December 2020.
Mr Lamido Yuguda, director-general, SEC, said this at the second post-Capital Market Committee (CMC) virtual news conference.
According to him, the figure had increased compared with N158.44 billion total unclaimed dividends as of December 2019.
The increase, he attributed to identity management and multiple subscriptions of investors.
“We have problems with identity management in the Nigerian capital market and this is really one of the things the commission is trying to resolve.
“We have set up a high powered committee to look at the issue, people bought shares under false names and multiple subscriptions.
“There is a problem with the process but there is a problem with us too as people because if you are buying securities using your own wealth; why will you use another persons name, why will you use a name that will not be traceable to you?
“This became an issue after the introduction of BVN because BVN is tied to only one name,” Yuguda said.
He noted that the commission constituted a Committee on Identity Management for the Nigerian Capital Market in June in order to address the unclaimed dividend issue.
“The committee is chaired by Mr Aigboje Aig-Imoukhuede and is expected to harmonise various databases of investors, and facilitate data accuracy in the market.
“We are optimistic that the outcome of this committee’s assignment would address the challenges of identity management and help resolve some of the issues we face in the areas of unclaimed dividend, direct cash settlement and multiple subscription,” he added.
On the Electronic Dividend Mandate Management System (e-DMMS) portal, Yuguda said the total number of mandated and approved accounts from its inception in 2016 to July 2021 stood at 1,144,970.
He explained that the COVID-19 pandemic affected the registration exercise.
Yuguda said members of the CMC had adopted some measures to increase the number of mandated investors on the e-DMMS and reduce the quantum of unclaimed dividends in the market.
He listed the measures as; automation for mandating to e-DMMS, increased monitoring of adherence to procedures and increased awareness campaigns on the initiative.
E-Business
South Korea Joins List of Countries Banning DeepSeek over Security Concerns
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South Korean authorities have temporarily blocked new downloads of the DeepSeek artificial intelligence (AI) app, citing concerns over the company’s handling of user data.
The country’s Personal Information Protection Commission (PIPC) announced the decision on Monday, saying that the Chinese AI startup had failed to fully comply with South Korea’s data protection laws.
According to PIPC, DeepSeek recently appointed legal representatives in South Korea and admitted to partially neglecting regulatory considerations regarding user privacy.
“The Chinese startup appointed legal representatives last week in South Korea and had acknowledged partially neglecting considerations of the country’s data protection law,” the PIPC said.
The commission added that the app’s service would resume once the company implements improvements in accordance with national privacy laws.
According to Reuters, when asked about South Korea’s move, a spokesperson for China’s foreign ministry said the Chinese government prioritises data privacy and security, ensuring compliance with legal standards.
The spokesperson also said China does not require companies or individuals to collect or store data in violation of laws.
The ban follows similar actions by other governments.
On February 4, Australia prohibited the use of DeepSeek on government devices due to security concerns.
Italy’s privacy regulator recently blocked the AI service, citing the company’s failure to address data policy issues.
Taiwan has also warned about potential risks related to cross-border data transmission and information leaks.
Also, regulators in Ireland and France have launched investigations into DeepSeek’s data-handling practices.
DeepSeek gained global adoption for its advanced human-like reasoning capabilities and open-source model.
In January, it surpassed OpenAI’s Chatgpt as the most downloaded free app on the Apple store.
E-Business
AU Endorses Nigeria as AfCFTA Digital Trade Champion
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The African Union (AU) has officially designated Nigeria as the Digital Trade Champion under the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol, citing the country’s leadership in digital enterprise and innovation.
The endorsement came at the 38th Ordinary Session of the Assembly of Heads of State and Government, which concluded on Sunday in Addis Ababa.
Nigeria’s proactive role in advancing the digital trade protocol, adopted in February 2024, was a key factor in the decision.
The AfCFTA Digital Trade Protocol encompasses eight annexes covering crucial areas such as rules of origin, digital identities, cross-border data transfers, online safety, and financial technology. The protocol is expected to provide a robust framework for Africa’s digital economy.
According to a statement issued on Monday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, former President of Niger Republic and AU AfCFTA Champion, Mahamadou Issoufou, praised Nigeria’s leadership, particularly for convening the Digital Economy Roundtable in January.
“No organization, region, or continent has negotiated or adopted such a comprehensive legal instrument on digital trade, positioning the African continent to benefit from the digital economy for innovation and job creation,” Issoufou said in his progress report to the AU Assembly.
He also highlighted Africa’s growing influence in digital innovation, particularly in mobile banking and financial technology, and noted that the protocol would create an enabling environment for young African entrepreneurs.
“The AfCFTA Protocol on Digital Trade will establish a conducive environment for these young people to fully participate in Africa’s digital economy,” Issoufou added.
Reflecting on the roundtable in Abuja, he commended President Bola Tinubu and his administration for facilitating discussions with key stakeholders.
“The Roundtable was attended by young pioneers in Fintech, mobile banking and other areas of the digital economy. It was evident from the discussions that young people are eager to take advantage of Africa’s digital economy through the AfCFTA Protocol on Digital Trade”, he said.
Speaking at the AU summit, Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the AU’s endorsement as a milestone in Africa’s economic development.
“Africa has demonstrated global leadership by pioneering the first-of-its-kind AfCFTA Protocol on Digital Trade—establishing a comprehensive regulatory framework,” Dr. Oduwole stated.
She emphasized that the protocol is a “game changer” for the continent, predicting that it would generate millions of jobs, contribute billions to Africa’s GDP, and attract significant investments in digital infrastructure.
E-Business
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands
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Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.
![Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg?resize=573%2C254&ssl=1)
Eric Schmidt, former Google CEO
He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.
Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”
“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.
With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.
His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.
The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.
Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.
He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.
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