Poor mail handling cost capital market investors heavily

The Deputy Vice-Chancellor, Lead City University, Ibadan, Oyo State, Prof. Olufemi Onabajo, has decried the loss of billions of naira by capital market investors through improper mail handling by the Nigerian Postal Service. Onabajo stated this at the presentation of a book, "The Journal on Communications and Governance", in Lagos on Saturday. The book, written by the Senior Assistant Postmaster-General and Head, Courier Regulatory Department, NIPOST, Dr. Simon Emeje, was published and sponsored by Troop Pharmaceuticals Limited. At a public lecture, with the theme, "Repositioning the NIPOST for Capital Market Delivery: Role of Regulation," Onabajo said millions of dividend warrants and share certificates despatched through NIPOST were either delivered late or they got missing in transit. He said, "Tonnes of document mails in many post offices are often left unsorted for weeks and months. Meanwhile, billions of naira in unclaimed dividends are mounting up in the accounts of registrars and publicly quoted companies, instead of the rightful owners. "At present, NIPOST is contending with traffickers, in collaboration with the National Drug Law Enforcement Agency, and also with courier companies that have no licence." He said for NIPOST to remain relevant, the agency must embrace modern Information Technology, un-bundle its operations and be privatised. He recommended that the parastatal should key into the electronic transactions of the capital market to develop platforms for the delivery of abridged offer prospectus, annual companies reports and other capital market documents to shareholders. Onabajo also stressed the need for the establishment of a Postal Regulatory Commission, which would make NIPOST shed its dual role of operator and regulator of the courier companies.In her remarks, the Chief Executive Officer, TPL, Mrs. Chizomam Emeje, said her passion to publish the book was borne out of the desire to let Nigerians into the untapped goldmine in the communications industry. She said until the government separated the regulator from being an operator, as done in advanced economies, NIPOST would not make appreciable progress.
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