NIPOST Faults Capital Market Registrars’ Oper



Emma Okonji

The Postmaster-General/Chief Executive Officer, Nigerian Postal Service (NIPOST), Mr. Bisi Adegbuyi, has picked holes in the operations of capital market registrars with respect to handling copies of the notice of annual general meeting (AGM) meant for NIPOST stakeholders.

He explained that the partnership between NIPOST and other key players in the capital market industry has come a long way, stressing that though sacrifices have been made by all stakeholders over the years, other partners have not kept their part of the obligation.
According to Adegbuyi, “Whereas it is often very good to cut cost people must not be unmindful of other stakeholders, to avoid exterminating the other partners in the capital market mailing chain.”

It is not out of place to point out that virtually all our capital market registrars are playing to the gallery of their client companies as against the Securities and Exchange Commission’s (SEC) rule as it refers to who gets a copy of the AGM and when he/she gets it, the Postmaster-General said.

According to him, “Every shareholder of a quoted company by right must receive notice of AGM at least 21 days before the meeting but in a bid to cut cost, they connive with registrars to circumvent the rule and this affects NIPOST and other stakeholders with multiplying effects on national economy.”

He further stated that NIPOST has introduced e-platform such as e-dividend, e-bonus to minimise the ever increasing unclaimed dividend fund accounts and to address pilfering and conversion, adding that stakeholders in the mail delivery chain should not be shut out.

According to him, e-dividend notices should be sent to shareholders whose accounts have been credited and the onus is now on the SEC and institute of Capital Market Registrars to effect this. “I want to call for rejuvenation of the quarterly tripartite meeting between the SEC, Institute of Capital Market Regisrars and Nigerian Postal Service”, Adegbuyi said.

He however, assured NIPOST customers of efficient and prompt service delivery across the country, going forward.

The Postmaster-General who gave the assurance at the 2016 BulkPost Customer Forum/Dinner held in Lagos recently, said the agency under his watch has put in place machineries to strengthen the Bulkpost venture in a manner to curb unnecessary delays in its service delivery, in order to satisfy its teeming customers across the country.

Adegbuyi, while presenting a paper on the theme: “The impact of the Action and or Inaction of the Capital Market Major Players on the Financial Prosperity of NIPOST,” at the forum, said the capital market sector has been a major victim of the economic hardship plaguing the country, while calling on stakeholders in the industry to think outside the box in order to operate successfully within the maxim change of President Muhammadu Buhari.

He said NIPOST has deployed Information and Communication Technology (ICT) to enhance delivery and improve on quality of service target.

“Postal brand is not just well known but very powerful. One of the most critical social roles of the Post is connecting the world through postal service. However, in today’s highly competitive scenario, a dynamic postal brand must represent far more than traditional service to the public. To be relevant in today’s dispensation, a postal brand must not only be proactive but must also evoke trust, security and highly qualitative service that is able to enhance customers’ loyalty,” Adegbuyi said.

Chairman of the occasion, and President Direct Marketing Practitioners Association of Nigeria, Mr. Rotimi Olaniyan, described direct mailing as the future of poster service in Nigeria, which he said, remained one of the tools of communication.

“Modern post needs direct mail, and the evolution of technology has in one way or the other influenced the way postal service work in Nigeria. Internet has been a great challenge to direct mail. What this means is that modern post must be alive to modern technology, and must have a clear understanding of what the customers need,” Olaniyan said.