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Take advantage of electronic products, First Registrars advises shareholders

By on March 23, 2011

TO facilitate safer and convenient transactions, shareholders in Nigeria’s stock market have been advised to embrace electronic products.

According to the Managing Director and Chief Executive Officer of First Registrars Nigeria Limited (FRNL), Mr. Bayo Olugbemi, numerous shareholders are still having problems of non-receipt of certificates, dividends and bonus issues because of their refusal to take advantage of changes in the market.

Speaking at the 10th anniversary celebration of the company in Lagos, Olugbemi said subscribing to e-products comes with many benefits to shareholders, adding that FRNL will continue to promote e-dividend and e-bonus initiatives among others.

“We are committed to increasing the values delivered to our clients, propelling innovation, industry and investment, reducing operating costs for business, eliminating duplication and waste while increasing overall efficiency and productivity,” said Olugbemi.

He added that in order to resolve to improve on its impressive performance in the last 10 years, FRNL unveiled additional e-products which include: Online-Access, e-share notifier, mobile-Access and e-lodgment.

He said that these are value added services that enable clients, companies, their shareholders and stockbrokers manage/access their stock enquiries right on their finger tips and in the comfort of their home/offices.

Making reference to the operation of the firm in the last 10 years, he said despite the challenges in the financial sector, the company, which started with N10 million share capital and N80 million shareholders’ funds, has grown to N5000 million capitalisation and N5 billion shareholders’ funds.

Olugbemi explained that from loss making outfit, FRNL has been repositioned as a profit making firm, recording a turnover of about N3 billion in the last financial year.

High point of the ceremony was when the company rewarded workers and past directors, who contributed to its growth.

Olugbemi used the opportunity to recognise the support of past Managing Directors of First Bank Plc, including Dr. Chris Adimorah, Mr. Bernard Longe, Mr. Jacobs Ajekigbe and current Chief Executive Officer of the bank, Mr. Bisi Onasanya.

He said: “We must appreciate all our members of staff both present and former for their service, loyalty, steadfastness and dedication in bringing the glory of FRNL to where it is today.

“We are proud to note that in the past 10 years, we have produced three Managing Directors/registrars, two deputy registrars and numerous other categories of professional for our industries”.

Source : Guardian