Shareholders criticise Cornerstone N0.04k dividend


August 30, 2007/ Punch



Former Communications Minister, Chief Olawale Ige, has called on the National Assembly to enact a law that will legalise electronically generated financial documents. He said, this would ensure the development of financial transactions, thereby aiding economic growth.


Delivering a Central Securities and Clearing System Limited’s 10th Anniversary Lecture in


Lagos on Wednesday, Ige said that the continued non-recognition of electronically generated materials as legal documents was impacting negatively on the economy.


He explained that the development was discouraging investors who might be afraid of losing investments due to the absence of such a law to protect them.



Explaining the efforts made last year to ensure the enactment of a law recognising electronic print outs, the Director-General of the Nigerian Stock Exchange, Prof. Ndi Okereke-Onyiuke, said that the NSE sent a bill to the National Assembly last year but could not be passed before the tenure of the last administration elapsed.



According to her, the NSE will send another bill to the current assembly and ensure that it is passed into law. She urged all stakeholders, including the bankers, lawyers information technology practitioners to join in the campaign.



In his welcome address, the Chairman of CSCS, Mr. Hayford Alile, said that the CSCS, which began operations in 1997, had made many achievements.



According to him, CSCS has reduced the transaction cycle from average of six months to four days.



“This CSCS has the capacity and is gearing up to commence the T+1 cycle. This CSCS has settled stocks worth over N1.7tn as well as dematerialised certificates well over six million sheets without any hitch in its 10 years of existence.



This great company is also celebrating because it has opened up back-up offices at Ikeja and


Abuja as well as appointed 21 settlement banks to financially settle stocks traded on the floors of the NSE,” Alile said.


He added that the company had attained N1bn share capital, from an initial N50m share capital.



Another great achievement, he said, was the establishment of the Digital Storage & Retrieval Centre in 2004. “That has modernised the clearing settlement and custodial services as well as other functions,” he explained.



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