A staggering US$120 million (#190 billion) in unclaimed dividends currently sits idle in Nigeria’s capital market, according to the Securities and Exchange Commission (SEC). This massive sum, equivalent to unredeemed earnings owed to shareholders, has become a persistent challenge for regulators, investors, and the broader financial ecosystem. What’s Behind the Accumulation? Several factors contribute to this looming issue: Out-of-date records and unclaimed shares due to shareholders relocating without updating contact or bank information. Legacy complications such as multiple subscriptions under fictitious or old names from past eras, especially during the indigenization period of the 1970s, where investments were made under aliases—drivers, gardeners, deceased relatives—to evade detection. Ongoing struggle with identity management and data integrity within systems like the electronic dividend (e-dividend) portal. Regulatory Response: SEC Takes Action The SEC is tackling the iss...
If you’re an entrepreneur in Africa (or looking to break into the continent’s massive market), here’s something you can’t afford to ignore: Nigeria is rapidly becoming the most tax-friendly destination in Africa for startups and SMEs —and it’s not by accident. Thanks to the newly enacted Nigerian Tax Act 2025 , the country is pulling out all the stops to attract entrepreneurs, stimulate innovation, and boost economic growth . The result? Founders are flocking in. Investors are leaning in. And Nigeria is setting a new gold standard for startup tax policies in Africa. Why You Should Be Paying Attention The Nigerian Tax Act 2025 isn’t just another government reform—it’s a founder-first tax revolution. Here's what’s on the table: ✅ 0% corporate tax for startups in their first 3 years ✅ 10% flat tax for SMEs earning under ₦100 million annually ✅ VAT exemptions for key industries: tech, health, agri, education ✅ 5-year tax holidays for impact-driven startups in rural or underdevelop...