I bought into this companies during their private placement (Consolidated hallmark insurance and Globe reinsurance), I know Consolidated hallmark made the list of recapitalized insurance companies but nothing was said of Globe reinsurance. any information about the companies would be HIGHLY appreciated by me.

i also bought globe re but so far, there is no news oooo

The old new i got about globe re last month from www.proshareng.com is thus

Brief history of the company
Globe Reinsurance Plc was one of the five reinsurance firms that played in the pre-consolidation era of the reinsurance sub-sector of the Nigerian economy. The company was incorporated to do business on the 15th May, 1987 as a Private Limited Liability Company. It commenced business on the 1st of January, 1988 with a paid up share capital of N10 million. However, the company was initially licensed to transact all classes of Non-life risk in December, 1989.

Prior to it’s Private Placement which is still hanging in the balance, the company in its placement memorandum had a paid up share capital of a little over N604 million with a shareholders fund of about N1.1 billion, the company is owned 80 percent by five insurance companies; which include AIICO Insurance Plc, Prestige Assurance Plc, Leadway Assurance Company Limited, NICON Insurance and Niger Insurance Plc; while the remaining 20 percent of shares were held by other Nigerian Investors.

Board/Management
The Chairman of the company is Chief Sonny Oyekunle; who had a working career with the UAC of Nigeria Plc and Nigerite Limited; where he served at various times as Company Secretary and Executive Director (ED) before voluntarily retiring in 1988. He is a Fellow of the Chartered Institute of Secretaries and Administration ( London ) with no background in insurance.

Others are Remi Ajomale, the founding and former Managing Director (MD) of the company, he studied Insurance and he is a fellow of the Chartered Insurance Institute of Nigeria (CIIN), we also have Oye Hassan-Odukale; who started his career with Standard Chartered Insurance Brokers and a host of others.

However, Abiola Ekundayo former Deputy Managing Director (DMD) of the company is now the man at the helms of affairs as the MD of Globe Reinsurance Plc. He took over from Fola Daniels; who was the MD of the company until his appointment as the Commissioner in charge of National Insurance Commission (NAICOM).

These investors are still very much active on the board and management of the company.

Current state of Globe Reinsurance Plc
Before this time, there were only five companies registered to do reinsurance business in Nigeria ; these include Continental Reinsurance, Nigeria Reinsurance, African Reinsurance, Universe Reinsurance and Globe Reinsurance Plc.

During the consolidation era, Globe Reinsurance opted to merge with Nigeria Reinsurance in order to meet the minimum capital requirement of N10 billion for players in the reinsurance industry; as directed by the Federal Government (FG) through (NAICOM). Globe Reinsurance in the process of the merger, realized that Nigeria Reinsurance which they had hitherto was to be merged with in order to meet the recapitalization deadline; realized that Nigeria Reinsurance had some problems which they declined to disclose at the onset.

According to Jaiyeola Kate, Assistant General Manager (AGM) Finance of Globe Reinsurance, as at 28th February, 2007, her company actually merged with Nigerian Reinsurance and it was assumed they had made it, “but after this date, we discovered that they do not have what they claimed to have in order to make the consolidation; which was the reason for the placement” she said.

She says the FG through NAICOM has not given Globe Reinsurance the necessary papers “which was exactly what we are working on, the first list is out and the second would soon be out” she said.

Globe reinsurance at this point in time decide to pullout of the merger, thereafter they made a case to NAICOM to be on their own; which culminated into raising fresh funds through Private Placement.

However, the company is still open and doing both local and international businesses. The placement memorandum made available shows that the company is doing business with a number of international brokerage firm which include United African Insurance Brokers, Glanvil Enthoven Reinsurance Brokers Afro-Asian Insurance, Nouvelle Siacre, Pierre le Blanc to mention but a few.

Globe Reinsurance Private Placement and Investors money
Globe Reinsurance Plc in order to meet the minimum capital requirement as directed by regulatory authorities offered to investors by way of Private Placement six billion (6,000,000,000) ordinary shares of 50 Kobo each at 85 Kobo per share, between 29th August, 2006 to September, 2006. Joint issuing houses to the offer were Afribank Nigeria Plc and Tiddo Securities Limited.

According to Jaiyeola, the placement did well by way of oversubscription and they are still in the process of allotment of the shares, all hands are on deck, we are trying to do the necessary things; so that we can communicate with people that put their money in the company” she said, However, unconfirmed sources at Afribank Capital Markets Limited, buttressed Jaiyola’s claim that the offer was oversubscribed. Mamman Bukar, Assistant Manager Capital Markets of Afribank Capital market says investor’s money are safe; “but we are yet to do allotment and we waiting for the Security and Exchange Commission’s (SEC’s) approval” he said.

Jaiyeola earlier disclosed this and was confirmed by Dipo Oparinde, a Manager in the technical department of Globe Reinsurance, “information is power it can make or mar you” he said.

She also disclosed that Globe Reinsurance would soon list on the floor of the Nigerian Stock Exchange (NSE), a claim Oparinde also confirmed and “we urge investors to be calm and if they are not convinced, they should contact our issuing house Afribank” he said. Oparinde says Globe Reinsurance is an existing company that is about to revive its license.

According to him, there are no hide and seek game when people put their money in your custody and want to know how it is doing, “it is a normal phenomenon, the onus rest on you to reassure them that there is no problem” he said. Oparinde says the funds raised during the placement was far above N15 billion or thereabout and it is still with the issuing house Afribank; a claim Jaiyeola earlier made. “We never had access to the money; because it wasn’t meant for us” he said. Though unconfirmed sources at Afribank Capital say over N13 billion was raised.

On the issue of refund of money to those who bought into the placement, Jaiyola says Globe Reinsurance is not refunding any money to its investors, however, at Afribank Capital, the claim from Jaiyola was confirmed that there are no refunds to investors.

Then the question is that with this development from the Re Capitalisation Verification team - what becomes of investors money after all these while? Are the funds trapped or what?

Sola Oni Head Corporate Affairs of NSE was not forthcoming on the issue of Globe Reinsurance, according him, the company is not quoted on the exchange and do not have any information to share concerning what have become of investors money in the company.

While Ajibowo Abiola, a Zonal Head, with the Lagos Zonal Inspectorate of NAICOM, says the FG demanded that all players in the insurance and reinsurance sector are to increase their capital base to N2 billion, N3 billion and N10 billion for those in the life, Non-life and reinsurance sectors of the Nigerian economy respectively and with 28th February, 2007 as deadline.

“As at this date, Globe Reinsurance could not merge or raise capital, so automatically they were not listed as a one of the post-consolidation players in the industry” he said.

According to him, Globe Reinsurance, after 28th February, 2007 went into a private placement; and raised some amount; which according to him is in excess of the required capital.

Ajibowo says SEC is to fight for investors’ money, “Globe Reinsurance did not make the list as at now” he said.

While reacting on Globe Reinsurance still doing business, Ajibowo says the company is not doing new businesses, “they would have to run off the business they had before the conclusion of the recapitalization exercise” he said.

They are not dealing with the public; but with insurance companies, so all I am saying is that a right thinking insurance company would definitely not patronize them, “they are not in business, and they are trying to run-off what is in their register and nobody can force them not to do that” Ajibowo said.

According to Akintunde Asalu, shareholder leader, who do not think highly of Globe Insurance Plc. But, he says investors always have an opportunity to take a chance “and whatever chance they took, it is their business, they must learn to accept consequences” he said.

He says that Globe Reinsurance have a duty to exist, “a lot of insurance money goes outside the country and you need a reinsurance business to track these funds” he said.

On the money trapped at the Escrow account of the Central Bank of Nigeria (CBN), Asalu says in the case of Globe Reinsurance, it is those who scaled the hurdle first that would get their money first and for Globe Reinsurance; maybe a special case has to be made. He debunked the claims by NAICOM that they have released some of the money trapped at the CBN escrow account. “It is not true as at 27th November, 2007, not a kobo has been released to anybody” he said.

“Fola Daniels can influence so many things, but cannot influence what does not exist” he added.

While reacting on Globe Reinsurance claims of still doing business when they have not made the list, Asalu says the law stipulating that a percentage of the business be ceded to them has been waived, “it was waived some four to five years ago” he said.

He says if Globe Reinsurance had goodwill, they would continue to have the patronage of the insurance companies.

Reacting on why Globe Reinsurance is doing business as a Public Liability Company (Plc), Asalu says a company is allowed to be a PLC without been quoted, there are many companies that are PLC without been quoted. “Once your number of shareholders exceeds 49, you transmit into being a PLC; you don’t have to go to the stock market” he said.

However, unconfirmed sources say that First Bank of Nigeria Plc is going to buy 30 percent of the company’s shares and the would soon pay in a cheque of N4 billion on this. Also the unconfirmed source disclosed that two key members of the top brass of the Finance Ministry and some other investors are trying to get a stronghold of the company through their investment in the company and they also intend to take hold of Nigeria Reinsurance.

With all these trends and investors money trapped with Globe Reinsurance Plc, we believe that the real cost of investors money in the company is the loss of trust and market confidence in the processes that guides conduct by certain regulatory authorities. Most disturbing is the obvious lack or disregard for necessary public safety nets by these groups including Mr. Remi
Brief history of the company
Globe Reinsurance Plc was one of the five reinsurance firms that played in the pre-consolidation era of the reinsurance sub-sector of the Nigerian economy. The company was incorporated to do business on the 15th May, 1987 as a Private Limited Liability Company. It commenced business on the 1st of January, 1988 with a paid up share capital of N10 million. However, the company was initially licensed to transact all classes of Non-life risk in December, 1989.

Prior to it’s Private Placement which is still hanging in the balance, the company in its placement memorandum had a paid up share capital of a little over N604 million with a shareholders fund of about N1.1 billion, the company is owned 80 percent by five insurance companies; which include AIICO Insurance Plc, Prestige Assurance Plc, Leadway Assurance Company Limited, NICON Insurance and Niger Insurance Plc; while the remaining 20 percent of shares were held by other Nigerian Investors.

Board/Management
The Chairman of the company is Chief Sonny Oyekunle; who had a working career with the UAC of Nigeria Plc and Nigerite Limited; where he served at various times as Company Secretary and Executive Director (ED) before voluntarily retiring in 1988. He is a Fellow of the Chartered Institute of Secretaries and Administration ( London ) with no background in insurance.

Others are Remi Ajomale, the founding and former Managing Director (MD) of the company, he studied Insurance and he is a fellow of the Chartered Insurance Institute of Nigeria (CIIN), we also have Oye Hassan-Odukale; who started his career with Standard Chartered Insurance Brokers and a host of others.

However, Abiola Ekundayo former Deputy Managing Director (DMD) of the company is now the man at the helms of affairs as the MD of Globe Reinsurance Plc. He took over from Fola Daniels; who was the MD of the company until his appointment as the Commissioner in charge of National Insurance Commission (NAICOM).

These investors are still very much active on the board and management of the company.

Current state of Globe Reinsurance Plc
Before this time, there were only five companies registered to do reinsurance business in Nigeria ; these include Continental Reinsurance, Nigeria Reinsurance, African Reinsurance, Universe Reinsurance and Globe Reinsurance Plc.

During the consolidation era, Globe Reinsurance opted to merge with Nigeria Reinsurance in order to meet the minimum capital requirement of N10 billion for players in the reinsurance industry; as directed by the Federal Government (FG) through (NAICOM). Globe Reinsurance in the process of the merger, realized that Nigeria Reinsurance which they had hitherto was to be merged with in order to meet the recapitalization deadline; realized that Nigeria Reinsurance had some problems which they declined to disclose at the onset.

According to Jaiyeola Kate, Assistant General Manager (AGM) Finance of Globe Reinsurance, as at 28th February, 2007, her company actually merged with Nigerian Reinsurance and it was assumed they had made it, “but after this date, we discovered that they do not have what they claimed to have in order to make the consolidation; which was the reason for the placement” she said.

She says the FG through NAICOM has not given Globe Reinsurance the necessary papers “which was exactly what we are working on, the first list is out and the second would soon be out” she said.

Globe reinsurance at this point in time decide to pullout of the merger, thereafter they made a case to NAICOM to be on their own; which culminated into raising fresh funds through Private Placement.

However, the company is still open and doing both local and international businesses. The placement memorandum made available shows that the company is doing business with a number of international brokerage firm which include United African Insurance Brokers, Glanvil Enthoven Reinsurance Brokers Afro-Asian Insurance, Nouvelle Siacre, Pierre le Blanc to mention but a few.

Globe Reinsurance Private Placement and Investors money
Globe Reinsurance Plc in order to meet the minimum capital requirement as directed by regulatory authorities offered to investors by way of Private Placement six billion (6,000,000,000) ordinary shares of 50 Kobo each at 85 Kobo per share, between 29th August, 2006 to September, 2006. Joint issuing houses to the offer were Afribank Nigeria Plc and Tiddo Securities Limited.

According to Jaiyeola, the placement did well by way of oversubscription and they are still in the process of allotment of the shares, all hands are on deck, we are trying to do the necessary things; so that we can communicate with people that put their money in the company” she said, However, unconfirmed sources at Afribank Capital Markets Limited, buttressed Jaiyola’s claim that the offer was oversubscribed. Mamman Bukar, Assistant Manager Capital Markets of Afribank Capital market says investor’s money are safe; “but we are yet to do allotment and we waiting for the Security and Exchange Commission’s (SEC’s) approval” he said.

Jaiyeola earlier disclosed this and was confirmed by Dipo Oparinde, a Manager in the technical department of Globe Reinsurance, “information is power it can make or mar you” he said.

She also disclosed that Globe Reinsurance would soon list on the floor of the Nigerian Stock Exchange (NSE), a claim Oparinde also confirmed and “we urge investors to be calm and if they are not convinced, they should contact our issuing house Afribank” he said. Oparinde says Globe Reinsurance is an existing company that is about to revive its license.

According to him, there are no hide and seek game when people put their money in your custody and want to know how it is doing, “it is a normal phenomenon, the onus rest on you to reassure them that there is no problem” he said. Oparinde says the funds raised during the placement was far above N15 billion or thereabout and it is still with the issuing house Afribank; a claim Jaiyeola earlier made. “We never had access to the money; because it wasn’t meant for us” he said. Though unconfirmed sources at Afribank Capital say over N13 billion was raised.

On the issue of refund of money to those who bought into the placement, Jaiyola says Globe Reinsurance is not refunding any money to its investors, however, at Afribank Capital, the claim from Jaiyola was confirmed that there are no refunds to investors.

Then the question is that with this development from the Re Capitalisation Verification team - what becomes of investors money after all these while? Are the funds trapped or what?

Sola Oni Head Corporate Affairs of NSE was not forthcoming on the issue of Globe Reinsurance, according him, the company is not quoted on the exchange and do not have any information to share concerning what have become of investors money in the company.

While Ajibowo Abiola, a Zonal Head, with the Lagos Zonal Inspectorate of NAICOM, says the FG demanded that all players in the insurance and reinsurance sector are to increase their capital base to N2 billion, N3 billion and N10 billion for those in the life, Non-life and reinsurance sectors of the Nigerian economy respectively and with 28th February, 2007 as deadline.

“As at this date, Globe Reinsurance could not merge or raise capital, so automatically they were not listed as a one of the post-consolidation players in the industry” he said.

According to him, Globe Reinsurance, after 28th February, 2007 went into a private placement; and raised some amount; which according to him is in excess of the required capital.

Ajibowo says SEC is to fight for investors’ money, “Globe Reinsurance did not make the list as at now” he said.

While reacting on Globe Reinsurance still doing business, Ajibowo says the company is not doing new businesses, “they would have to run off the business they had before the conclusion of the recapitalization exercise” he said.

They are not dealing with the public; but with insurance companies, so all I am saying is that a right thinking insurance company would definitely not patronize them, “they are not in business, and they are trying to run-off what is in their register and nobody can force them not to do that” Ajibowo said.

According to Akintunde Asalu, shareholder leader, who do not think highly of Globe Insurance Plc. But, he says investors always have an opportunity to take a chance “and whatever chance they took, it is their business, they must learn to accept consequences” he said.

He says that Globe Reinsurance have a duty to exist, “a lot of insurance money goes outside the country and you need a reinsurance business to track these funds” he said.

On the money trapped at the Escrow account of the Central Bank of Nigeria (CBN), Asalu says in the case of Globe Reinsurance, it is those who scaled the hurdle first that would get their money first and for Globe Reinsurance; maybe a special case has to be made. He debunked the claims by NAICOM that they have released some of the money trapped at the CBN escrow account. “It is not true as at 27th November, 2007, not a kobo has been released to anybody” he said.

“Fola Daniels can influence so many things, but cannot influence what does not exist” he added.

While reacting on Globe Reinsurance claims of still doing business when they have not made the list, Asalu says the law stipulating that a percentage of the business be ceded to them has been waived, “it was waived some four to five years ago” he said.

He says if Globe Reinsurance had goodwill, they would continue to have the patronage of the insurance companies.

Reacting on why Globe Reinsurance is doing business as a Public Liability Company (Plc), Asalu says a company is allowed to be a PLC without been quoted, there are many companies that are PLC without been quoted. “Once your number of shareholders exceeds 49, you transmit into being a PLC; you don’t have to go to the stock market” he said.

However, unconfirmed sources say that First Bank of Nigeria Plc is going to buy 30 percent of the company’s shares and the would soon pay in a cheque of N4 billion on this. Also the unconfirmed source disclosed that two key members of the top brass of the Finance Ministry and some other investors are trying to get a stronghold of the company through their investment in the company and they also intend to take hold of Nigeria Reinsurance.

Brief history of the company
Globe Reinsurance Plc was one of the five reinsurance firms that played in the pre-consolidation era of the reinsurance sub-sector of the Nigerian economy. The company was incorporated to do business on the 15th May, 1987 as a Private Limited Liability Company. It commenced business on the 1st of January, 1988 with a paid up share capital of N10 million. However, the company was initially licensed to transact all classes of Non-life risk in December, 1989.

Prior to it’s Private Placement which is still hanging in the balance, the company in its placement memorandum had a paid up share capital of a little over N604 million with a shareholders fund of about N1.1 billion, the company is owned 80 percent by five insurance companies; which include AIICO Insurance Plc, Prestige Assurance Plc, Leadway Assurance Company Limited, NICON Insurance and Niger Insurance Plc; while the remaining 20 percent of shares were held by other Nigerian Investors.

Board/Management
The Chairman of the company is Chief Sonny Oyekunle; who had a working career with the UAC of Nigeria Plc and Nigerite Limited; where he served at various times as Company Secretary and Executive Director (ED) before voluntarily retiring in 1988. He is a Fellow of the Chartered Institute of Secretaries and Administration ( London ) with no background in insurance.

Others are Remi Ajomale, the founding and former Managing Director (MD) of the company, he studied Insurance and he is a fellow of the Chartered Insurance Institute of Nigeria (CIIN), we also have Oye Hassan-Odukale; who started his career with Standard Chartered Insurance Brokers and a host of others.

However, Abiola Ekundayo former Deputy Managing Director (DMD) of the company is now the man at the helms of affairs as the MD of Globe Reinsurance Plc. He took over from Fola Daniels; who was the MD of the company until his appointment as the Commissioner in charge of National Insurance Commission (NAICOM).

These investors are still very much active on the board and management of the company.

Current state of Globe Reinsurance Plc
Before this time, there were only five companies registered to do reinsurance business in Nigeria ; these include Continental Reinsurance, Nigeria Reinsurance, African Reinsurance, Universe Reinsurance and Globe Reinsurance Plc.

During the consolidation era, Globe Reinsurance opted to merge with Nigeria Reinsurance in order to meet the minimum capital requirement of N10 billion for players in the reinsurance industry; as directed by the Federal Government (FG) through (NAICOM). Globe Reinsurance in the process of the merger, realized that Nigeria Reinsurance which they had hitherto was to be merged with in order to meet the recapitalization deadline; realized that Nigeria Reinsurance had some problems which they declined to disclose at the onset.

According to Jaiyeola Kate, Assistant General Manager (AGM) Finance of Globe Reinsurance, as at 28th February, 2007, her company actually merged with Nigerian Reinsurance and it was assumed they had made it, “but after this date, we discovered that they do not have what they claimed to have in order to make the consolidation; which was the reason for the placement” she said.

She says the FG through NAICOM has not given Globe Reinsurance the necessary papers “which was exactly what we are working on, the first list is out and the second would soon be out” she said.

Globe reinsurance at this point in time decide to pullout of the merger, thereafter they made a case to NAICOM to be on their own; which culminated into raising fresh funds through Private Placement.

However, the company is still open and doing both local and international businesses. The placement memorandum made available shows that the company is doing business with a number of international brokerage firm which include United African Insurance Brokers, Glanvil Enthoven Reinsurance Brokers Afro-Asian Insurance, Nouvelle Siacre, Pierre le Blanc to mention but a few.

Globe Reinsurance Private Placement and Investors money
Globe Reinsurance Plc in order to meet the minimum capital requirement as directed by regulatory authorities offered to investors by way of Private Placement six billion (6,000,000,000) ordinary shares of 50 Kobo each at 85 Kobo per share, between 29th August, 2006 to September, 2006. Joint issuing houses to the offer were Afribank Nigeria Plc and Tiddo Securities Limited.

According to Jaiyeola, the placement did well by way of oversubscription and they are still in the process of allotment of the shares, all hands are on deck, we are trying to do the necessary things; so that we can communicate with people that put their money in the company” she said, However, unconfirmed sources at Afribank Capital Markets Limited, buttressed Jaiyola’s claim that the offer was oversubscribed. Mamman Bukar, Assistant Manager Capital Markets of Afribank Capital market says investor’s money are safe; “but we are yet to do allotment and we waiting for the Security and Exchange Commission’s (SEC’s) approval” he said.

Jaiyeola earlier disclosed this and was confirmed by Dipo Oparinde, a Manager in the technical department of Globe Reinsurance, “information is power it can make or mar you” he said.

She also disclosed that Globe Reinsurance would soon list on the floor of the Nigerian Stock Exchange (NSE), a claim Oparinde also confirmed and “we urge investors to be calm and if they are not convinced, they should contact our issuing house Afribank” he said. Oparinde says Globe Reinsurance is an existing company that is about to revive its license.

According to him, there are no hide and seek game when people put their money in your custody and want to know how it is doing, “it is a normal phenomenon, the onus rest on you to reassure them that there is no problem” he said. Oparinde says the funds raised during the placement was far above N15 billion or thereabout and it is still with the issuing house Afribank; a claim Jaiyeola earlier made. “We never had access to the money; because it wasn’t meant for us” he said. Though unconfirmed sources at Afribank Capital say over N13 billion was raised.

On the issue of refund of money to those who bought into the placement, Jaiyola says Globe Reinsurance is not refunding any money to its investors, however, at Afribank Capital, the claim from Jaiyola was confirmed that there are no refunds to investors.

Then the question is that with this development from the Re Capitalisation Verification team - what becomes of investors money after all these while? Are the funds trapped or what?

Sola Oni Head Corporate Affairs of NSE was not forthcoming on the issue of Globe Reinsurance, according him, the company is not quoted on the exchange and do not have any information to share concerning what have become of investors money in the company.

While Ajibowo Abiola, a Zonal Head, with the Lagos Zonal Inspectorate of NAICOM, says the FG demanded that all players in the insurance and reinsurance sector are to increase their capital base to N2 billion, N3 billion and N10 billion for those in the life, Non-life and reinsurance sectors of the Nigerian economy respectively and with 28th February, 2007 as deadline.

“As at this date, Globe Reinsurance could not merge or raise capital, so automatically they were not listed as a one of the post-consolidation players in the industry” he said.

According to him, Globe Reinsurance, after 28th February, 2007 went into a private placement; and raised some amount; which according to him is in excess of the required capital.

Ajibowo says SEC is to fight for investors’ money, “Globe Reinsurance did not make the list as at now” he said.

While reacting on Globe Reinsurance still doing business, Ajibowo says the company is not doing new businesses, “they would have to run off the business they had before the conclusion of the recapitalization exercise” he said.

They are not dealing with the public; but with insurance companies, so all I am saying is that a right thinking insurance company would definitely not patronize them, “they are not in business, and they are trying to run-off what is in their register and nobody can force them not to do that” Ajibowo said.

According to Akintunde Asalu, shareholder leader, who do not think highly of Globe Insurance Plc. But, he says investors always have an opportunity to take a chance “and whatever chance they took, it is their business, they must learn to accept consequences” he said.

He says that Globe Reinsurance have a duty to exist, “a lot of insurance money goes outside the country and you need a reinsurance business to track these funds” he said.

On the money trapped at the Escrow account of the Central Bank of Nigeria (CBN), Asalu says in the case of Globe Reinsurance, it is those who scaled the hurdle first that would get their money first and for Globe Reinsurance; maybe a special case has to be made. He debunked the claims by NAICOM that they have released some of the money trapped at the CBN escrow account. “It is not true as at 27th November, 2007, not a kobo has been released to anybody” he said.

“Fola Daniels can influence so many things, but cannot influence what does not exist” he added.

While reacting on Globe Reinsurance claims of still doing business when they have not made the list, Asalu says the law stipulating that a percentage of the business be ceded to them has been waived, “it was waived some four to five years ago” he said.

He says if Globe Reinsurance had goodwill, they would continue to have the patronage of the insurance companies.

Reacting on why Globe Reinsurance is doing business as a Public Liability Company (Plc), Asalu says a company is allowed to be a PLC without been quoted, there are many companies that are PLC without been quoted. “Once your number of shareholders exceeds 49, you transmit into being a PLC; you don’t have to go to the stock market” he said.

However, unconfirmed sources say that First Bank of Nigeria Plc is going to buy 30 percent of the company’s shares and the would soon pay in a cheque of N4 billion on this. Also the unconfirmed source disclosed that two key members of the top brass of the Finance Ministry and some other investors are trying to get a stronghold of the company through their investment in the company and they also intend to take hold of Nigeria Reinsurance.

With all these trends and investors money trapped with Globe Reinsurance Plc, we believe that the real cost of investors money in the company is the loss of trust and market confidence in the processes that guides conduct by certain regulatory authorities. Most disturbing is the obvious lack or disregard for necessary public safety nets by these groups including Mr. Remi Babalola, who in the performance of his duties, should have recognized that he ought to address the question of what next for the investors in these firms? The story continues to unfold…… .

About the Authors
Editorial & Investigations Team of the Proshare Investors Relations Service, where Anselm Obi is a consultant. The team wish to acknowledge the insightful contributions received from numerous Proshare readers around the

About the Authors
Editorial & Investigations Team of the Proshare Investors Relations Service, where Anselm Obi is a consultant. The team wish to acknowledge the insightful contributions received from numerous Proshare readers around the Babalola, who in the performance of his duties, should have recognized that he ought to address the question of what next for the investors in these firms? The story continues to unfold…… .

About the Authors
Editorial & Investigations Team of the Proshare Investors Relations Service, where Anselm Obi is a consultant. The team wish to acknowledge the insightful contributions received from numerous Proshare readers around the

summarise please!

Diva4ever, thanks a WHOLE lot. I guess the bottom line is for all to sit down and keep our finger cross. however i know it will be well at the end of the day.

na wa o,this one na long essay

@ diva4eva: Geez!! Ur post wud have actually been better if summarised. I slept off while scrolling down ur post.