In A Target Of Shareholding, EFCC Raids Transcorp!

The anti-graft crusade of the Economic and Financial Crimes Commission (EFCC) yesterday moved to the head office of Nigeria’s mega corporation, Transnational Corporation Plc (Trans-corp).

At the end of their visit to the Alfred Rewane Road, Ikoyi, Lagos, office of the corporation, EFCC operatives left with Transcorp’s managing director, Mr. Bernard Longe, the chairman, Mrs. Ndi Okereke-Onyiuke, and some key staff.

As at press time yesterday, all of them were still being interrogated at the Awolowo Road, Ikoyi office of EFCC but were expected to be released last night.

Although no reason was officially given for the EFCC action, THISDAY however gathered that it is a move targeted at unraveling the real ownership structure of the mega company. “EFCC operatives stormed the place in order to unravel the alleged mystery and loud complains about the corporation”, according to an informed source in the corporation.
Specifically, EFCC are looking at shareholdings in Transcorp as it affects Obasanjo Holdings Blind Trust and if there is any direct link with President Olusegun Obasanjo which may result in any conflict of interests.

The action of the commission may be a welcome relief to a cross section of Nigerians that have demanded to know the true owners of Transcorp, particularly since media reports indicated that President Obasanjo owns 200 million shares in the corporation through a blind trust.

Also, EFCC was also said to be seriously concerned about the Director General of the Nigerian Stock Exchange (NSE), Dr. Ndi Okereke-Onyuike, if there is also any conflict of interest, given that Transcorp would soon be listed on the NSE.
According to information, the agency is interested in establishing if her position as a regulator conflicts with her role as a participant in the market through Transcorp.

A Transcorp staff confided in THISDAY that EFCC wanted to know why Okereke-Onyiuke should double as the chairman of the corporation as well as the director general of the Nigerian Stock Exchange, NSE, and at the same time would be presiding over the listing of “her company” during the forthcoming Initial Public Offer, IPO, of Transcorp.

THISDAY gathered that EFCC also wanted to establish the role being played by other shareholders of Transcorp whether their shareholding is commensurate to their income and if there are facilities to back their shareholdings.

You can check http://www.thisdayonline.com/nview.php?id=58170 for more details.

Considering the indication that Agba Olusegun Obasanjo has interests in transcorp, does this suggest that EFCC is independent?

Anybody's Ox can Be Gored?

Can Atiku's Claims of being Victimized Still Hold Water?


Is Ribadu the Man we've been waiting for?

Is he interested in running for president?

Would you vote 4 him?

rotbog:

Considering the indication that Agba Olusegun Obasanjo has interests in transcorp, does this suggest that EFCC is independent?

Anybody's Ox can Be Gored?

Can Atiku's Claims of being Victimized Still Hold Water?


Is Ribadu the Man we've been waiting for?

Is he interested in running for president?

Would you vote 4 him?

#

All a smokescreen, my friend. all a smokescreen.

I, however, am not THAT gullible.

The way some of you doubt everything, I wonder how you come to believe that you are alive!

Lucifer:

The way some of you doubt everything, I wonder how you come to believe that you are alive!

I share the sentiments above. It seems to some of us, anything we don't like or approve of don't exist even if it does while anything we like do exist even if it does not.

I think we need a leadership that is "deaf" because the rate at which people comment on issues regardless of the facts on ground will make the best leader give up in Nigeria.

Is it really impossible for us to praise what is worth praising and condemn what is worth condemning?

Must we take the either you are with us or you are against us approach?

Did you people read that report well? one of the transcorp guys claimed that no such thing happened.

Tick, toc, tick, toc . . .

My best advice is just relax and watch the comedy of errors and the tragedy of horrors going on in Nigerian politics.

Nigerian political power tussle is a bloody soap opera.
Every politician has an evil role to play and the devil is their director.

Murder will out.

lets just be patient, the good Lord will give us long life to be witnesses to all the drama. When Ribadu probed NPA and Bode George and others were indicted, reports published and we read it all what did they do is that not a testimony that EFCC is not independent what other thing do u need ?

Man pickin dey smell ''rat''.

But sometimes, I wonder how all these our leaders see us. I guess they think the average Nigerian does not know anything.

We just have to wait and see. . .

hmm this is naija the land of great possibilities. this could be a move to divert our attention by the baba himself because am yet to see how independent efcc is truly. remember "he who pays the piper dictates the tune"

big spif:

I believe the arrest of Mama Ndi is a movie produced and directed by Baba himself to look un baised in the control of EFCC. He is potraying that his close associate's feather too could be ruffled. It will die down as fast as it came up. I just hope that it will not affect the privatization of Nitel (which will spell doom for the ailling telco as it is in too deep sh, ).

Some people are still regarded as sacred cows in Naija, Ribadu can do alot if he is allowed to the free hand and i will only vote for him if im sure its going to be a free and fair election.

WORD STR8 FROM ASO VILLA.

but in the main time na jst cover up bros obj dey try do abeg make them forget story.still biols down to atiku 2 d end of the day

The more u look, the less u see,

The drama at trascorp is just unfolding. It is not out of place to say that the company was incorporated to buy the major juicy parastatals. What is absord however is how one could be a judge in his own course. Obj is the principal regulator under veils and is also a major shareholder in transcorp. The possibility of bias cannot be ruled out. Forget that the shares are being held for him in blind trust. There is no gain saying that the said trust is too active to be blind. It is about time these people stopped deceiving the populace. They must be called to order. Okereke onyiuke is the chairman of Trascorp and is major regulator in the stock market where Transcorp will soon be listed. The whole games is smarks of absurdities. To say the least our country is a mere theatre of absudities. Nigeria should act fast to salvage their country.

I'm afraid for all these things. I'm just looking at them.

GIF me a break, I'm not buying it. It's all part of the game.

Tell EFCC that what-ever they're looking for is inside the pocket of the trouser they are wearing.

Anoda grand deception playing out ! What a pity?
i refused to b hoodwinked by these 'script-actors'.
All is smoke-screen !
God help us all !

Lucifer:

The way some of you doubt everything, I wonder how you come to believe that you are alive!

Obasanjo denied having any share at transcorp. Now Ndi said that obsanjo has shares. Who are we going to believe?

IS THERE ANYTHING GOOD FROM LUCIFER? I KNOW YOU WANT ATIKU AND OBASANJO IS YOUR KINGDOM.

Big B1:

GIF me a break, I'm not buying it. It's all part of the game.

Tell EFCC that what-ever they're looking for is inside the pocket of the trouser they are wearing.

Tell them ooooooooooooooooooo.

Obasanjo Pulls Out of Transcorp.
Find Link Below
http://www.thisdayonline.com/nview.php?id=58337

Explanation on interests held in Transcorp by Obasanjo Farms ltd
http://www.ngrguardiannews.com/news/article09/140906

Alleged list of transcorp "owners" <-- (not sure what they mean by owners)
http://www.vanguardngr.com/articles/2002/cover/september06/14092006/f214092006.html

Wow, I don't understand what the president is doing at all.

No win situation, he pulls his relatively 'meagre' investment out, it's an issue, he stays, it's an issue. I read this comment today by Ndi Okereke,

"According to her, Transcorp emerged the highest bidder in the four oil blocs it indicated interest, but that Bloc 109, the most proven of the blocs, was later awarded to an Indian investor on ground of Right of First Refusal, which was outside the terms of the bargain
Responding, the committee’s chairman promised to ensure the protection of the interest of Nigerians in transactions made in the country. "

I trust that had this Indian company being openly Nigerian owned, we'd not have heard the last of it. Off course, afterall, Oyinbo are superior to us!! Had TransCorp being sold in the same vein, I trust Nigerians would have been very quiet indeed.

I truely sympatise with TransCorp and all they've had to put up with. It has become a soft and willing target in the war of attrition, for all and sundry, political journeymen and ill -nformed alike.

Sad because the beneficiaries of corporations like this are the young, able and dynamic Nigerian professionals that are already being recruited within and outside the shores of our land, those that can add real value and contribute to growth of TransCorp, Nitel and by extension, Nigeria.

In a society where leaders like Atiku and IBB plunder the treasury through cleverly constituted anonymous fronts, this venture really set out to be as open as possible. OBJ said from day one that he would invest, it was no secret. No one complained then.

On second thought, it's attitude like this that encourages leaders to engage in graft and shady dealings. Dubious owners of these companies hide behind front companies whilst promoting themselves as saints and nationalists.

The likes of TransCorp are truely ahead of our time as they'll always be the subject of speculation and inuendo. Atiku / IBB, more grease to your elbow in your secret ownership of our national assets, ditto, GlobalCom etc,

I look forward to the day when those raising their heads high in Nigerian circles are the upright and hardworking, legitimately successfull and not the 419'ers and 'My father is , ' crowd.

This is slowly happening in Nigeria, and is in itself, a sign that things are changing and an indication of times to come,

Exactly! This is what I don't understand. He stated openly that he would invest from day one. He did so via his company. So what exactly is the problem with his investemnt? Did it break a law in the constitution?

This puts the future of Transcorp among the Uncertain. Mega Corp, Mega Issues.

I wonder what one will do in a country where the only certainty is uncertainty?

Mariory:

Exactly! This is what I don't understand. He stated openly that he would invest from day one. He did so via his company. So what exactly is the problem with his investemnt? Did it break a law in the constitution?

Yes, it goes against Code of Conduct regulations. Okereke shouldn't be Chairperson either. It flies in the face of international standards on every fundamental level. But, as we all know, anything is possible in nigeria. As soon as King Kong leaves office, Transcorp will commence its slow, agonizing death. That much is certain.

@ Nutter, can you please confirm what international Standards you refer too? Are you familiar with rule and regulations concerning corporate / stockexhanges governance? Are you aware of the process involved before she assumed chairmanship of TransCorp, ?

It's obvious you're against TransCorp and anything open, , let's continue to encourage the shady and covert dealings of our looters past and present, , as we continue to demonstrate, a people truely, deserve the leaders they get.

Nutter:

Yes, it goes against Code of Conduct regulations. Okereke shouldn't be Chairperson either. It flies in the face of international standards on every fundamental level. But, as we all know, anything is possible in nigeria. As soon as King Kong leaves office, Transcorp will commence its slow, agonizing death. That much is certain.

So what part of this document does it go against?
http://64.233.167.104/search?q=cache:1aWQMv3goIgJ:unpan1.un.org/intradoc/groups/public/documents/CAFRAD/UNPAN004656.pdf+Code+of+Conduct+%2B+nigeria&hl=en&gl=uk&ct=clnk&cd=1&client=firefox-a

or in pdf format
http://unpan1.un.org/intradoc/groups/public/documents/CAFRAD/UNPAN004656.pdf

@joshO,

We really shouldn’t be having any kind of debate on this matter. There is an obvious conflict of interest. That conflict is as clear as day! See the links below. The second is a compendium of articles which are unanimous in their condemnation of this all-too-nigerian practice. It is time for us to speak the truth. Support King Kong and Okereke all you want but please don’t think for a moment that everyone is eager to swallow the nuggets of your blind allegiance.

http://www.sunnewsonline.com/webpages/opinion/editorial/2006/aug/24/editorial-24-08-2006-001.htm

http://www.dawodu.com/aluko142.htm


*If there is any inaccuracy in these articles as presented, please let me know.*

Mariory:

So what part of this document does it go against?
http://64.233.167.104/search?q=cache:1aWQMv3goIgJ:unpan1.un.org/intradoc/groups/public/documents/CAFRAD/UNPAN004656.pdf+Code+of+Conduct+%2B+nigeria&hl=en&gl=uk&ct=clnk&cd=1&client=firefox-a

or in pdf format
http://unpan1.un.org/intradoc/groups/public/documents/CAFRAD/UNPAN004656.pdf

@Mariory,

Did you read your link at all? I suggest you start reading from page 3. Your link destroys your argument. You shouldn't have posted it.

who b dis joshO guy sef.u are mad @ atiku\IBB for wat and then schemin OBJ out for being a saint LMAO.U MUST BE A BIG JOKER.atikfor your info i jst got news that sum1 brought out fourteen cheques made in for withdrawals by obj in the range of 30 to 50 million naira as gifts to a couple of people which were illegalfrom the federation accounts.jst watch out