Last updated on May 18th, 2023 at 10:08 pm
Close to 15 years after DAAR Communications Plc sold its stocks to hundreds of investors, some of those who participated in the Initial Public Offer (IPO) complain that they’ve never received dividends from the broadcast giant.
Not only some are investors angry, but some of them also continue to accuse the company of “shady” dealings on the stock market.
We’ll show you the steps to take to claim your unclaimed dividend and also guide you on how to receive future Daar Communications dividend payments directly into your bank account.
NOTE: You may not receive any dividend if a company declares losses.
We’ve already covered a topic on how to calculate an unclaimed dividend, most especially if you have been following the stock market closely.
Table of Contents
Before that, it’s important to know the composition of the company under review: Who is the founder?
Who are members of the board of directors?
Is it possible to claim more than 10 years dividend?
The owner of Daar communication Raymond Aleogho Dokpesi can be described as the doyen of commercial broadcasting in Nigeria when he founded the company on August 31, 1988, as a limited liability company.
By April 23, 2007, it converted it into a Public Liability Company (Plc) thereby setting the path for investors to come on board, invest and share in the profit of the company.
Its subsidiaries include:
- RayPower 100.5FM (it pioneered commercial broadcasting)
- AIT Television
- FAAJI FM
- DAAR News
- DAAR UK Operations
- DAAR Digital Services
- DAAR Education Services
- DAAR Ventures and Synergy
- Daarsat ( direct-to-home subscription TV)
Its Data on NGX
- Ticker: DAARCOMM
- Market Classification: Main Board
- Sector: Services
- Sub-sector: Media/Entertainment
- Nature of business: Broadcasting, Multimedia and Allied Services
- Registered Office Address: No.1 Ladi Lawal Drive, Off Gen. T.Y. Danjuma Street, Kpaduma Hills, Asokoro Abuja, FCT
- Telephone: 1) +234 1 773 0968; 2) +234 1 773 0968
- Email: firstname.lastname@example.org
- Auditor: SIAO (Chartered Accountants)
- Registrar: First Registrars and Investor Services
- Company Secretary: Anopuo Donatus O.
- Date Listed on NSE now NGX: September 26, 2008
- Incorporation number: RC No. 117587
- Date of Incorporation: Aug 31, 1988 (according to data on CAC portal)
- Company Website: daargroup.com
- Market Cap: NGN2,400,000,000.00 (as of February 18, 2022)
Board of Directors
- Raymond Paul Dokpesi (Jnr): Chairman
- Anegbe Anthony Akiotu: Chief Executive Officer, Group Managing Director
- Stanley Sagboje: Executive Director
- Dr. (Mrs.) Oluwatosin Dokpesi: Executive Director
- Anthony Chukwuemeka Uyah: Executive Director
- Ibitoru Linda Ofili: Non-Executive Director
- Shedrack A. Akolokwu: Non-Executive Director
- Malam Gambo Lawan: Non-Executive Director
- Charles Chukwuka Iyizoba: Non-Executive Director
- Cornelius Emeona Oboh: Non-Executive Director
- Ralph A. Akinfeleye: Non-Executive Director
- Ambrose Somide: Executive Director
- Nornah Awoh: Independent Director
- Raymond Aleogho Anthony Dokpesi: Chairman-Emeritus, Non-executive director
Listing of DAAR Communications Plc on Nigerian Stock Exchange
On September 26, 2008, a few months after it upgraded to PLC, Daar Communications listed 8,000,000,000 Ordinary Shares of 50 Kobo each at N5.00 per share on the Nigerian Stock Exchange (NSE now Nigerian Exchange).
The share was worth NGN40 billion, according to Proshare, an intelligent investing platform, which closely monitored the listing at the time.
Its founder Aleogho Dokpesi, who was elated byt te listing described it as a milestone in the broadcast industry.
Several years after that milestone, what has happened to the share?
We went online to check what some investors are saying about DAAR Communication shares and its dividend.
The comments and doubts on African Exchange and Nairaland, Nigeria’s most popular forum are not palatable. We captured a select few below:
An investor laments:
“Why can’t Daar communication come out and tell the masses that they have eaten our money since 2008?”afx.kwayisi.org
Emede Isaac says:
“I bought shares with your company DAAR COMMUNICATIONS since July 2008, and I was issued a certified certificate to that effect, but since then I haven’t heard anything from the company, or my dividends.”afx.kwayisi.org
“I bought a shares from Daar communications in 2007 and till now,have not receive any dividend payment from them. They only send the certificate to me in 2008. I make several complaints on their website and I send several mail to their official e mail address but no response. Please am I the only one affected ? Has anybody receive dividend payment from daar communication or is the whole process a fraud?”nairaland.com
Musa Danjuma Bajida from Kaduna state who is worried about his investment asked:
”Please I want to know how I can go about it as regarding the accessibility to my account and dividends up to date. I need enlightenment on how to go about the whole thing and possibly access my account even online.”
“My Dad bought shares for me and my om4 siblings including my mum and hinself in Daar communications in 2008 and he’s late, I’m yet to get any dividends cos I don’t know how to go about it, I need help to know where to start from”afx
If you fall under the category of complainants about or you don’t know what to do to start receiving your dividend from DAAR Communications, we’ve complied the requirements and how to go about it:
How To Claim DAAR Communication Dividend
The step to take is to activate e-Dividend for your shares.
The e-Dividend involves the process of direct crediting of dividends into the shareholder’s bank account. This reduces the problem of “lost in transit” of dividend documents as it was in the 1990s and early 2000s
After activating the e-Dividend, you will be notified right on your mobile phone or email address once payments are made into your bank account.
NOTE: You need to mark the e-Notified when you are filling the mandate form form
What are the requirements?
- Investor’s full name
- Mobile phone number
- Email address
- Your shareholder’s account number
- Bank Verification Number (BVN)
- Current passport photo
- Bank Name
- Bank Branch
- Bank Address
- Bank Account Number
- Account Opening Date
- Clearing House Number (CHN) if any.
Note: A certified stockbroker in Nigeria can open a CSCS account and CHN for you. In case you don’t have it at the time of submitting the e-Dividend form, don’t worry, you’d be guided on how to go about it.
1) Visit http://sec.gov.ng/non-mandated/
2) Type your full name and hit the search button. Your name and other likely names will pop up
3) Check the one that belongs to you and ensure it corresponds with the company under search, it will also show the name of the registrar
4) Head over to DAAR Communication registrar’s portal First Registrars to download an e-dividend form. It’s available on the resources page>Download forms>E-dividend
Alternatively, you can download the form on SEC portal
5) Fill out the form, scan it and submit it to the official email of First registrars (email@example.com) or submit it at the registrars office in Abuja or Lagos at 2 , Abebe Village Road , Iganmu, P. M. B. 12692 Lagos. Nigeria.
I’m sure you’d prefer online submission because it can be done in any part of the world, it’s cheaper and faster.
Daar Communication as one of many defaulting companies on dividends
In damning report by Adamolekun Ronald of the Premium Times, Daar Communications is one of the 51 Nigerian listed firms that failed to pay its shareholders any dividend in at least five years.
Specifically, the paper revealed that Daar Communication has never paid dividends since it was listed in 2008.
In what can be described as disturbing, the company has also been reporting losses since at least 2013, according to the report.
To corroborate this, another report by TheGuardian in 2016 revealed that the company recorded a loss of N 3.4 billion in its 2013 and 2014 operating years.
What does this mean?
Daar communication will not pay dividends in the year losses were recorded. Kindly check our report on the benefits and disadvantages of investing in shares
When last did DAAR communication pay dividends?
Since it was listed and sold shares to the public in 2008, Daar communication has never paid a dividend at the time of filing this report, Monday, February 21, 2022
How can I track Daar Communications share in Nigeria?
You can track it by activating the e-dividend form to receive dividend in your bank account when the company makes profits and declare a dividend.
The best way to trace old shares is to use the SEC portal, search name and the company where you bought the share and contact the registrars of the issuer
When will Daar Communication declare dividend?
Is it good to buy Daar communication share?
For a company that has been recording losses for more than 10 consecutive years, it’s risky to buy such shares. Besides, its share is currently worth NGN0.20 per unit. That’s poor when compared with the initial offering value in 2008.
Besides, the company was not doing well in corporate governance. For instance, the Nigerian Exchange on June 24, 2014, according to Vanguard Newspapers, threatened to delist it and 19 other quoted companies from its daily official list for failing to file their quarterly and annual financial reports and account with the NSE.
Current value of Daar Communication Share
As of Thursday, May 18, 2023, a unit of DAARCOM share was sold at NGN0.20. This has been the trend for the troubled company for the seven trading days.
Would you still consider your shares in the company a gain or a loss? If you bought a unit at NGN5 and it’s currently worth 20kobo, that’s losses.
Above all, you can only claim DAAR Communications dividend when it makes a profit and declares it