To address the over billions of naira high incidence of unclaimed dividend in the market that Nigeria is currently facing, there is need for keeping and updating of shareholders register and fostering of amiable communication and relations with all shareholders.

According to Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, failure to keep accurate and reliable members register will not only lead to confusion and members/shareholders disaffection, but also to punitive payment of fine.

Its President, Bode Ayeku, emphasised that it has become imperative for companies to keep flow of communication between it’s reliable shareholders, as such, the pattern can make the firm stand-out, hence, become more attractive to other shareholders.

He recommended that companies should continue to publish the amount of unclaimed dividends in annual reports, while the ones which were returned to companies should be properly monitored by Securities Exchange Commission to avoid diversion.

From left – Francis Olawole, FCIS, Honorary Treasurer, Taiwo Gbenga Owokalade, FCIS, Vice President, Bode Ayeku, FCIS, President/Chairman of Council and Taiwo Olusesi, FCIS, Registrar/Chief Executive Officer, all of The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) during the 46th Annual General Meeting of the Institute attended by members virtually.

The Institute Boss flaked by his Deputy, Taiwo Owokalade, Honorary Treasurer, Francis Olawale, Registrar/Chief Executive Officer Taiwo Olusesi, said this at news briefing after the council election.

He maintained that it is trite that members register is such an important statutory document that must be handled efficiently.

Ayeku added that there is the need to focus on retail investors to get the capital market right, and the need for solution on identity management for settling unclaimed dividends.

He recommended that registrars should continue to put more effort to ensuring that the register of members of publicly quoted companies are regularly and appropriately updated from time to time.

On COVID-19, Ayeku has commended Federal Government’s efforts to the timely response to the first case of Covid-19 in the country, and so far, saying it is commendable that Nigeria speedily detected the case and is addressing the matter in Lagos.

He said the federal governments took proactive steps to curtail the spread of coronavirus throughout the country, as the country experiences a steady increase in the number of confirmed cases, movement restrictions and lockdowns are being instituted to adequately respond to the pandemic.

According to him, the situational responses affect businesses including in their interactions with their relevant regulators, saying there is no doubt that the pandemic has proven to be a serious challenge to the global economy, Nigeria inclusive.

Ayeku said the treatment and management of the affected patients in all the isolation centres, continuous updates on every development and the distribution of palliative packages as well as food items, to the vulnerable and less privileged will forever remain indelible in the minds of Nigerians.

He however, seriously thinks that within the challenge, there are opportunities for Nigeria to scale as a nation, as the opportunities abound, saying such growth will only happen if companies and innovators are encouraged to make use of the window of opportunity presented by the crises orchestrated by the pandemic.

Nigeria indeed has the population and human capital capabilities, beyond population, Nigeria needs a critical ingredient to make use of the chance to succeed presented by the pandemic, he says the answer to Nigeria’s quest to defeating the pandemic and turning it to a thing of blessing is in disguise: innovation that is readily supported by the Federal Government.

Instead of looking inward to explore the natural and human resources available to fight the pandemic, the Federal Government seems to be more interested in promoting other countries’ ideas and innovations.

Ayeku said the ongoing global lockdown due to the Covid-19 pandemic had brought the corporate world to the point of seeking alternatives to conducting businesses and holding meetings.

This, he stressed, must be done without violating the orders of governments worldwide to help flatten the curve of the spread of the deadly virus.

In determining the venue of a virtual meeting, Ayeku said ICSAN’s law, “stipulates that a meeting should be held at a particular location.

The ICSAN president also recommended that the board should sensitise the shareholders on the need for an express provision in the Articles of Association authorising AGMs to be held virtually where a physical meeting will not be possible.

He gave recommendations to help businesses continue to prosper during and after Covid-19 disruptions, advising business entities to conduct a business impact analysis and choose the business continuity team after identifying objectives of the plan and set goals.

This, he explained, would ensure that a business war chest aimed at preventing dangers and uncertainties with the ability to withstand them in case of eventualities without breakdown or collapse was in place.

Ayeku called on the governments, regulatory agencies, public and private sector, and the citizenry to collaborate in promoting the ease of doing business.

According to the ICSAN president, the public sector will thrive when there is a conducive environment for business, while the private can contribute their quota towards the development of the economy.

Ayeku noted that the fundamental challenge of the organised private sector was in not being able to do their business with ease, while the government officials said their priority was to create ease of doing business.