E-Business
Nigeria’s Unclaimed Dividends Hit N170Bn- SEC

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
Internet Society Announces Peering Fellowship

The Internet Society’s six-month Fellowship Peering program continues to help make internet access affordable, dependable, and resilient. The program, according to the global charitable organisation, is targeted for fifteen professionals in the peering and interconnection sector.
“It offers a unique opportunity to build the skills, knowledge, and networks necessary to improve local Internet infrastructure and policy,” according to the site’s description.
The fellowship participants will participate in a comprehensive curriculum that includes virtual training sessions, collaborative forums, and technical and advocacy-based instruction on routing, Internet Exchange Points, and policy.
The fellowship culminates in attendance at a global peering event, which provides direct experience and networking opportunities with important voices in the Internet community.
The fellowship enhances participants’ impact in their particular nations by developing engagement with seasoned professionals and boosting regional and global collaboration. The program invites fellows to return to their communities prepared to expand interconnectivity, improve policy conditions, and make a meaningful contribution to the development of the Internet ecosystem.
Applicants must have at least three years of Internet experience and be based in Latin America and the Caribbean, Africa, or Asia-Pacific.
Eligibility also required proper travel documentation and availability to attend important events such as African Peering and Interconnection Forum, Latin American and Caribbean Network Operators Forum, or Peering Asia, as well as a commitment of roughly four hours per week over six months.
E-Business
SERAP Calls for Withdrawal of Nigeria’s Data Act Amendment

Socio-Economic Rights and Accountability Project (SERAP) has called for the withdrawal of the amendment of the Nigeria Data Protection Act 2023 because it seeks to regulate the activities of bloggers operating within the territorial boundaries of Nigeria.
The organisation in its letter urged Mr Godswill Akpabio, Senate President, and Mr Tajudeen Abbas, Speaker of the House of Representatives, to “immediately withdraw the repressive bill.”
The titled A Bill for an Act to Amend the Nigeria Data Protection Act, 2023, to Mandate the Establishment of Physical Offices within the Territorial Boundaries of the Federal Republic of Nigeria by Social Media Platforms and for Related Matters among others intends to regulate bloggers, including by requiring all bloggers to register local offices and join recognised national association for bloggers.
Currently, the bill has passed its first and second reading in the Senate.
In the letter signed its deputy director, Mr Kolawole Oluwadare, SERAP asked Mr Akpabio and Mr Abbas “to ensure that any amendment to the Nigeria Data Protection Act promotes and protects the rights of bloggers and other journalists and does not undermine the fundamental human rights of Nigerians.”
It demanded an end to “the imposition of unnecessary restrictions on the rights of Nigerians online and Internet-based content.”
In the letter dated April 12, 2025, the group said, “This bill is a blatant attempt to bring back and fast-track the obnoxious and widely rejected social media bill by the back-door.”
“If passed, the bill would also be used to ban major social media platforms—including Facebook, X (formerly Twitter), Instagram, WhatsApp, YouTube, TikTok, and independent bloggers if they ‘continuously fail to establish/register and maintain physical offices in Nigeria for a period of 30 days.
“Lawmakers should not become arbiters of truth in the public and political domain. Regulating the activities of bloggers and forcing them to associate would have a significant chilling effect on freedom of expression and lead to censorship or restraint.
“Should the National Assembly and its leadership fail to withdraw the bill to regulate the activities of bloggers, and should any such bill be assented to by President Bola Tinubu, SERAP would consider appropriate legal action to challenge the legality of any such law and ensure it is never implemented in the public interest,” the organisation warned.
E-Business
NITDA Warns Against Fake Google Play Store

National Information Technology Development Agency (NITDA) has issued a public advisory warning Nigerians about a fraudulent website impersonating the Google Play Store.
Mrs Hadiza Umar, head of Corporate Affairs and External Relations at NITDA, made this known on Friday in Abuja.
Umar stated that the fake website was distributing a new malware strain known as the Play Praetor Trojan.
“Cybercriminals are using fraudulent websites designed to mimic the Google Play Store to lure victims into downloading malicious applications,” she said.
She explained that the fake Play Store links were being circulated through various social engineering tactics, including phishing emails, malicious advertisements, and SMS messages.
According to Umar, once the fake application is installed, the Play Praetor Trojan gives attackers unauthorised access to the victim’s device.
“This access can lead to data theft, credential harvesting, financial fraud, remote control of the device, and further malware deployment,” she warned.
She urged the public to download apps only from the official Google Play Store or other trusted sources.
Umar also advised users to verify app developers, read reviews before installation, regularly update their devices and apps to patch vulnerabilities, and use reputable mobile security solutions to detect and block threats.
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