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IT Will Ease Registrar’s Job, Capital Market – Ogogo

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David Ogogo
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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.    


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Lagos Unveils Plan for 24-hour Electricity Supply in the State

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Lagos State Government has unveiled an ambitious roadmap to end the “culture of blackouts” and establish a 24-hour electricity market driven by private sector investment, smart metering and independent power generation across the state.

Lagos Unveils Plan for 24-hour Electricity Supply in the State

Biodun Ogunleye, commissioner for Energy and Mineral Resources, middle at the press briefing

 

Biodun Ogunleye, commissioner for Energy and Mineral Resources, disclosed this during the 2026 Ministerial Press Briefing held in Alausa, Ikeja, on Monday, where he presented the achievements and strategic direction of the ministry under the Babajide Sanwo-Olu administration.

Ogunleye said the state had commenced aggressive reforms following the implementation of the Lagos State Electricity Law 2024, describing the initiative as a major step towards making Lagos the leading subnational electricity market in Africa.

According to him, the administration’s long-term objective is to deliver between 95 and 100 per cent grid availability, achieve full metering penetration and reduce energy losses to single digits by 2030.

“The administration’s plan for a farewell to the culture of blackouts rests on strong regulatory institutions, investor-friendly policies, independent power generation and full metering,” Ogunleye said.

He disclosed that the Lagos State Electricity Regulatory Commission (LASERC), had already begun licensing operators, enforcing regulatory standards and strengthening consumer protection mechanisms within the emerging electricity market.

Ogunleye revealed that 14 licences and permits had already been issued to compliant operators, while the state planned to commence a 100 per cent metering initiative from July 2026.

The commissioner said Lagos was also developing an Artificial Intelligence-powered monitoring system known as the “Electric Eye of Lagos” to provide real-time visibility across electricity trading and power delivery activities statewide.

According to him, the state was finalising market rules, grid interface guidelines and consumer supply codes to support a competitive and investor-friendly electricity ecosystem.

Ogunleye disclosed that Lagos currently has 12 Independent Power Producers under regulation, with seven already fully operational commercially.

He added that the state government was facilitating strategic energy infrastructure projects to improve reliability and industrial growth.

Among the major projects highlighted was the 37.7-kilometre Badagry electricity infrastructure corridor, which includes three high-voltage distribution towers crossing the Gbaji Lagoon and the rehabilitation of 33kV lines linking Gbaji, Seme, Owode and Apa.

The commissioner also announced plans for a major Lekki-Epe Integrated Energy Corridor featuring a 132kV bulk transmission line stretching from Ajah to Alaro City alongside a parallel gas pipeline network.

Ogunleye stated that the government had significantly expanded public lighting infrastructure through the deployment of 42,000 smart solar streetlights across major roads and highways in Lagos.

He said 22,000 conventional streetlights had already been replaced with solar-powered systems on corridors including Gbagada-Oshodi Expressway, Lekki-Epe Expressway, Lagos Island Expressway and Ikorodu Road.

The commissioner further disclosed that nearly 40,000 solar-powered streetlights were now operational across the state.

On power interventions in public institutions, Ogunleye said Gbagada General Hospital now enjoys between 21 and 22 hours of uninterrupted electricity daily following the installation of 2MVA and 1MVA transformers.

He added that renewable energy upgrades had also been completed in 52 secondary schools and 11 primary healthcare centres through lithium-ion battery replacement projects.

 


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Group Backs Constitutional Challenge against X Restriction in Tanzania

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Paradigm Initiative (PIN) has thrown its support behind an ongoing constitutional case before the High Court of Tanzania challenging restrictions on access to X, formerly known as Twitter, in the East African country.

Group backs constitutional challenge against X restriction in Tanzania

A determination on the matter is expected on May 22, 2026.

The case was filed in 2025 by Tanzanian lawyers, Tito Elia Magoti and Kumbusho Dawson Kagine, as a public interest constitutional challenge against the Minister for Communications and Information Technology, the Tanzania Communications Regulatory Authority (TCRA), and the Attorney General.

The applicants are seeking judicial intervention on the constitutionality of actions restricting access to digital platforms under the Constitution of the United Republic of Tanzania and the Basic Rights and Duties Enforcement Act.

The dispute stems from restrictions imposed on May 20, 2025, which have rendered X inaccessible to users in Tanzania except through the use of Virtual Private Networks (VPNs).

The applicants argued that the restriction violates constitutional rights guaranteed under Articles 18, 20 and 29, including freedom of expression, access to information and freedom of assembly.

They further contended that the measures were blanket in nature, disproportionate in impact and introduced without public consultation or clear legal justification.

According to court filings, the restriction has disrupted access to public health information, affected digital and media-related livelihoods, constrained journalistic activities and undermined civic participation.

The applicants also noted that forcing citizens to rely on VPNs imposes additional financial and potential legal burdens while fragmenting communication within the country.

Supporting the suit, PIN said restrictions of such nature undermine constitutional guarantees and risk establishing disproportionate state control over digital spaces.

Executive Director of PIN, Gbenga Sesan, said the case raises critical questions about the limits of state power in regulating digital platforms.

“Where restrictions are imposed, they must meet constitutional thresholds of legality, necessity and proportionality.

“Blanket disruptions of access to widely used platforms threaten not only freedom of expression but also the broader ecosystem of civic participation and access to information,” Sesan said.

In response, the respondents denied claims that the restriction on X in Tanzania constitutes a global concern.

They maintained that the action was lawful and necessary to ensure public safety, public health and public morals.

The respondents further argued that the owner of X had been given prior notice to comply with Tanzanian laws and procedures before the restriction was imposed.

They said access to the platform was restricted due to the owner’s alleged failure to comply with local regulatory requirements.

The case remains pending before the High Court of Tanzania, with observers saying its outcome could define constitutional boundaries for digital platform restrictions and shape digital rights jurisprudence across the region.


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Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

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Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.

“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.

“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”

It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.

But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.

It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.

“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.

“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”

MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.

Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.

“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”

In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.

It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”

Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.

“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.

“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”

Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.

It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.

The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.

President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.

He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.

“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.

“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”

He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.


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