Japaul Shareholder Raises Alarm Over Alleged 13-Year Dividend Non-Payment
By Naomi Onome
A shareholder in Japaul Gold and Ventures Plc, formerly known as Japaul Oil and Maritime Services Ltd., Comrade Prince Saviour Iche, has called for an investigation into the company’s alleged failure to pay dividends to shareholders for about 13 years.
Iche, who described himself as “the voice of the voiceless,” raised the concern while narrating his experience after recently attempting to establish the status of his investment in the company.
According to him, he had invested in Japaul shares many years ago but had not received dividends from the company for several years.
He said his decision to revisit his investment was prompted by renewed interest in the Nigerian capital market, which made him decide to verify the status of some of the shares he had purchased in the past.
Iche therefore urged the authorities responsible for regulating Nigeria’s capital market to examine the circumstances surrounding dividend payments and the treatment of shareholders whose investments have remained dormant or failed to deliver the returns they expected.
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He said his experience had made him reconsider participating in the Dangote IPO, adding that he would be cautious about encouraging others to invest in the Nigerian capital market based solely on his experience.
“I want Nigerians to be very wise. This is what happened to me,” he said.
The activist also recounted meeting other shareholders during his visit to a share registration office, including a woman who, according to him, was attempting to access her brother’s investment after being directed by him to use the proceeds to address financial difficulties.
Iche said the experience reinforced his concern that some Nigerians might be unaware of the status or value of investments acquired years earlier.
He, however, said he was prepared to present his share certificates and other documents to the companies or relevant authorities if his allegations were disputed.
Iche said that after presenting his share certificates and other required documents to the relevant authorities, he was informed that Japaul had not paid dividends to shareholders for almost 13 years.
“I gave them my Japaul share certificates. They said Japaul has not paid dividend for almost 13 years. They have not paid anybody dividend,” he alleged.
The development, he said, was disturbing, particularly because he had assumed that the company remained active and that shareholders would continue to receive returns on their investments where dividends were declared.
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Iche questioned why shareholders who invested their hard-earned money in the company had allegedly gone for years without receiving dividends.
He argued that the situation could discourage Nigerians from investing in the capital market if investors were unable to obtain clear information about the status of their investments or receive returns where applicable.
The shareholder therefore called on the authorities responsible for regulating Nigeria’s capital market to investigate the circumstances surrounding the alleged non-payment of dividends by Japaul and establish what happened to the investments of affected shareholders.
He said the matter should not be ignored, particularly because many Nigerians invest in shares with the expectation that their investments will provide financial support in the future.
“Why did they not pay their shareholders for 13 years? I want the people that regulate shares in Nigeria to know that this is what is happening,” he said.
Iche also alleged that another of his colleagues who invested in African Independent Television (AIT) had encountered a similar situation after attempting to ascertain the status of his investment.
He claimed that his colleague was informed that the company was no longer paying dividends to shareholders, although he did not provide documentary evidence to substantiate the claim.
According to Iche, such experiences could undermine public confidence in the Nigerian capital market and discourage potential investors from committing their savings to publicly traded companies.
He subsequently called on the Economic and Financial Crimes Commission (EFCC) to investigate what he described as irregularities in the management of shareholders’ investments and dividend payments.
“EFCC should investigate the Nigerian Stock Exchange and unravel the mystery behind giving shareholders appropriate dividends,” he said.
Iche said investors deserved transparency regarding the status of their shares, dividend history and any corporate actions affecting their investments.
He added that he was prepared to present his share certificates and other relevant documents to the appropriate authorities to support his complaint and seek clarification on the status of his Japaul investment.
The allegations require responses from Japaul and the relevant capital-market regulators to establish the company’s actual dividend history, the status of the shareholder’s investment and the circumstances surrounding any period during which dividends were not declared or paid.
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