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
Nigeria Needs Some 480,000 Local DPOs for Data Protection

Nigeria needs some 480,000 data protection officers (DPOs), to develop, implement, and oversee organizations’ data privacy strategy to ensure compliance with laws like the GDPR and the Nigeria Data Protection Act (NDPA).

Currently only about 10,000 individuals possess the necessary certification highlighting a major skills gap, according Vincent Olatunji, national commissioner, Nigeria Data Protection Commission (NDPC).
Olatunji spoke on Monday at the second edition of its Data Protection Officers training and certification programme in Abuja and Lagos.
He said that the NDPC has domesticated the certification of data protection officers (DPOs) to address the widening gap in certified DPOs, despite steady growth in the number of trained professionals over the past three years.
“At the moment, we have about 10,000 certified DPOs to work in that space. The gap of about 480,000 still exists,” he said.
The shortfall reflects rising demand for data privacy skills as more businesses, government agencies and digital platforms process personal data under the Nigeria Data Protection Act.
Olatunji said the number of certified DPOs has grown from fewer than 1,000 three years ago to over 10,000, while more than 27,000 professionals now operate within Nigeria’s wider data protection ecosystem.
He said the commission is scaling up training and certification efforts to close the gap and position Nigeria as a leading source of data protection talent in Africa.
“Our goal is to make Nigeria the go-to country when it comes to sourcing qualified data protection officers in Africa,” he said, adding that the certification meets global standards.
The NDPC said expanding the talent pool could also support job creation and strengthen trust in Nigeria’s digital economy.
Tolu Fadipe, head of research and development at the commission, said data protection is becoming critical as the country moves deeper into digital systems and emerging technologies.
“As we move towards a digital economy, data becomes central and protecting that data is essential,” she said.
Adeola Sopade, lead trainer, said participants in the programme would be trained on global best practices, including data protection principles, compliance requirements and handling user data requests.
The training also includes practical exposure and internships with organisations to improve job readiness.
Participants said the programme offers opportunities for young Nigerians to build careers in technology and prepare for emerging fields such as artificial intelligence.
E-Business
FG Unveils ePharmacy Platform to Regulate Digital Pharmaceutical Services

Federal government has inaugurated the Electronic Pharmacy Regulation Platform (E-Pharmacy) to enhance the safety of online healthcare services.

Pic credit….healthreporters.info
The platform, championed by the Pharmacy Council of Nigeria (PCN), is designed to regulate digital pharmaceutical services and improve public health outcomes.
Inaugurating the platform, Prof. Ali Pate, coordinating minister of Health and Social Welfare, said the initiative signified Nigeria’s commitment to building a world-class regulatory environment.
Pate noted that pharmacy regulation had faced significant challenges for over three decades but expressed optimism that the new platform would strengthen oversight and accountability.
He said the initiative would enable evidence-based monitoring of pharmaceutical practices while supporting innovation and investment in the health sector.
“This launch is a testament to our collective commitment to advancing technology in the service of health, safety and human dignity.
“It is a decisive step to ensure that pharmaceutical practice in Nigeria aligns with national and global health priorities, reflecting the realities of the 21st century.
“It enables the country to adopt evidence-based approaches to monitoring and protecting public health while supporting innovation and investment,” he said.
The minister added that the platform would help establish a safe, accessible and well-regulated national e-pharmacy ecosystem driven by digital technology.
Earlier, Alhaji Ibrahim Ahmed, registrar/chief executive officer of PCN, said the need to regulate online pharmacy operations became more urgent during the COVID-19 pandemic.
Ahmed said the pandemic accelerated the adoption of digital tools and e-commerce in healthcare, exposing longstanding inefficiencies in pharmaceutical supply chains, particularly in Africa and Nigeria.
“This has led to the increasing adoption of digitised distribution of essential medicines through cost-effective and technology-enabled models.
“For decades, PCN has regulated pharmacy education, training, practice and business in Nigeria. However, as the world shifts towards digital solutions, access to medicines has evolved.
“The Electronic Pharmacy Regulations 2026 provide a comprehensive legal and technical framework for the registration, licensing, operation and oversight of digital pharmaceutical services,” he said.
He added that the framework would ensure that ethical standards and patient safety are not compromised in the delivery of online pharmaceutical services.
E-Business
Flutterwave Targets Anambra as South-East Tech Hub

Olugbenga Agboola, CEO, Flutterwave, has announced plans to establish Anambra State as the company’s hub for Nigeria’s South East, leveraging a fresh banking license from the Central Bank of Nigeria (CBN) to boost local fintech and businesses.

Flutterwave
Agboola made the disclosure yesterday in Awka during a meeting with Anambra tech community leaders, hosted alongside Dr. Stanley Uzochukwu, CEO, Stanel Group and proprietor, Delborough Hotel.
He highlighted Flutterwave’s status as Africa’s leading payment system, born in Nigeria, with infrastructure powering companies nationwide.
“We want Anambra to be our hub for the entire South East,” Agboola said. “We’ll deploy our systems, fees, infrastructure, and POS terminals to every small business and large firm here, making our services the top consumer choice.”
Agboola pledged a massive impact program for Anambra entrepreneurs to foster global platforms from the state, enabled by the new license for faster growth.
For a decade, Flutterwave has facilitated payments, but now aims to empower South East businesses through partnerships, POS access, loans, and value for SMEs.
“We’re partnering on a huge impact program launching soon—impacting the tech community with technology, financing, and lending to create more millionaires from this city,” he added.
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