Hellooooo!!! I just want to see contributions on this thread always.

First Bank has cancelled previous arraignments for fresh capital into the bank as it said last weekend it had no need to raise fresh capital and that it was unlikely to go ahead with a previously-planned bond issue. Reuters quoted the Chief Risk Officer of the bank, Remi Odunlami, as saying at a conference call, "It is unlikely that we are going ahead with the raising."


proshareng.com

The Milking of African Petroleum Plc By Mr Femi Otedola– The Aviomoh Papers

This is a reproduction of the Press Statement by M.S.C Aviomoh, Executive Director Finance & I.T, African Petroleum PLC at the Protea Hotel Ikeja on 21st July 2010 titled: The Milking of African Petroleum Plc

Good Morning Ladies and gentlemen of the Press.

I have facts and data that show without any doubt that Mr Femi Otedola has been Milking African Petroleum for his private gains for the past two years. I wrote several memos and petitions about this as the Finance Director of AP to all the Directors AP, the DG of the Securities and Exchange Commission, The President of the Stock Exchange and the Police and we have received no response. My lawyer has also written a petition to the EFCC on this issue. I am now compelled to come to the public and state the facts, so that if anything should happen to me, everyone will know who is responsible and why. I am not a wealthy man with friends in high places, but I am a professional accountant and I refuse to be a part of falsehood. I am currently being persecuted because I refused to cook the books as requested by Femi Otedola, I also refused to allow Mr Otedola to continue to siphon money out of AP for the benefit of himself and his other companies. AP is quoted on the Nigerian Stock Exchange and the shareholders need to know what s going on!

Now, please let me fill you in with the facts.

Please bear with me that I may not be eloquent, but the facts speak for themselves.

http://www.proshareng.com/articles/2115

So, Femi dey cook book too? Na wa o

Maybe it is time for people to start selling their AP shares

http://saveafricanpetroleum.com/

SEC Takes 260 Entities and Individuals to Court for Market Abuse

The Securities and Exchange Commission (SEC) in its avowed commitment to restore investor confidence, enhance market integrity and protect everyday investor, is taking two hundred and sixty (260) entities and individuals to the Investments and Securities Tribunal (IST) for alleged violation of the Investments and Securities Act (ISA), 2007.

These entities and individuals including banks and other capital market operators are alleged to have been involved in price fixing, share price manipulation, fraud, and insider trading. These activities are contrary to the provisions of the Act.


http://www.proshareng.com/news/singleNews.php?id=11529

Nigerian MADORFFs on trial. Maybe, this could help bring the needed sanity and confidence inthe market.

i still wonder when nigerians still talk about stocks and shares in nigeriia,if warren buffet was a nigeriian he wouldnt have achieve the feat of being a millionaire.nigeria stock is dead.if u wants to trade on shares and stock go foreign

jamace:

SEC Takes 260 Entities and Individuals to Court for Market Abuse

The Securities and Exchange Commission (SEC) in its avowed commitment to restore investor confidence, enhance market integrity and protect everyday investor, is taking two hundred and sixty (260) entities and individuals to the Investments and Securities Tribunal (IST) for alleged violation of the Investments and Securities Act (ISA), 2007.

These entities and individuals including banks and other capital market operators are alleged to have been involved in price fixing, share price manipulation, fraud, and insider trading. These activities are contrary to the provisions of the Act.


http://www.proshareng.com/news/singleNews.php?id=11529

Nigerian MADORFFs on trial. Maybe, this could help bring the needed sanity and confidence inthe market.

blatantly raping millions of ordinary nigerians, main reason i dont have sympathy for those bank CEOs all bloody thieves!!

surprised the Otedola issues hasn't made the headlines

The Director-General of the Nigerian Stock Exchange, Ndidi Okereke-Onyuike, has been fired

Her sack was announced in a statement signed by the Assistant Director/Head Media of the Commission, Lanre Oloyi. The statement also announced the removal of the President of the Commission, Aliko Dangote.

Mr. Oloyi, in the statement, said the decision was taken in response to "the developments in the Nigeria Stock Exchange, particularly with respect to inadequate oversight of the Exchange, ongoing litigation, allegations of financial mismanagement, governance challenges, and the inordinate delays in the implementation of the succession plan for the Exchange."

Mr. Dangote had on Tuesday accused the Director-General of mismanaging N11 billion which led operators in the capital market to protest her continued stay in office.

In a petition to the Director General of the Securities and Exchange Commission, Arunma Oteh, Mr Dangote had urged the regulatory authority to investigate irregularities in the accounts and finances of the NSE.

Mr. Oloyi said that "given the gravity of the allegations around financial mismanagement of the Exchange, the Commission has also directed the conduct of an independent investigation into the allegations."

According to the statement, the affairs of the Exchange will be managed by an interim administrator appointed by the Commission pending the selection of a new Director General.

Read More: http://234next.com/csp/cms/sites/Next/Money/Business/5603002-146/securities_and_exchange_commission_sacks_okereke.csp

Is it only 11 billion, let them check well?

NSE Response to the Complaint by Aliko Dangote

July 29, 2010

The Director General

Securities & Exchange Commission

Plot 272, Samuel Adesujo Ademulegun Street

Central Business District

Abuja

Dear Madam,


RE: COMPLAINT BY A MEMBER OF THE COUNCIL OF THE NIGERIAN STOCK EXCHANGE

We are in receipt today of your letter of 28th July 2010 on the above subject – matter and wish to respond as follows:

We provide hereunder specific responses to the issues raised in the petition:

1. Audited Accounts for 2009

It was alleged that “seven months into the current Financial year, the management of the Nigerian Stock Exchange has not presented the Audited financial statements for the year ended December 2009”

Response:

The Council of the Exchange met on Monday March 8, 2010 to consider and approve the draft accounts for year – ended 31st December 2009 to pave way for the commencement of the Statutory Audit.

The pre- audit meeting was held on 22nd April 2010 and formal audit exercise commenced on 10th May 2010. The auditors, Messrs Akintola Williams Deloitte, have completed their work and the audit report will be ready within the next few days.

It should be noted that for the first time the financial statements of The Nigerian Stock Exchange are being consolidated with the accounts of its subsidiary/associate companies, namely Coral Properties Ltd, Naira Properties Ltd, NSE Consult Ltd and Central Securities Clearing System Ltd.

2. First and Second Quarter Accounts

It was also alleged that Management has been unable “to produce for consideration of the Finance and General Purpose Committee of the Council interim financial statements for the first and second quarters of 2010”

Response:

The first quarter and half – year accounts have been prepared and filled with Securities and Exchange Commission vide our covering letters dated May 13th and July 27th 2010 respectively. Acknowledgement copies of letters are attached as Appendix B and C.

The petitioner as a Member of Finance and General Purpose Committee is in a better position to give reason as to why the finance and General Purpose Committee of Council could not meet to consider the accounts, this is obvious because of the court judgment against him.

3. Financial Health of The Exchange

Alhaji Aliko states that he “is aware that the Nigerian Stock Exchange is experiencing financial difficulties mostly arising from undisciplined spending and financial imprudence exhibited by the Management of The Exchange”

Response:

The Nigerian Stock Exchange, like any other institution of the Capital Market, has gone through very difficult times over the last two years following the global financial crisis. However, the Nigerian Stock Exchange has responded very well by maintaining critical operations) uninterrupted trading sessions, system upgrade, branch net-work expansion, etc) without external borrowing.

4. Expenditure Pattern of The Exchange

It is alleged that “In the last 4 years from 2006 to end of 2009, The Nigerian Stock Exchange grossed a total income of N42.2 billion with a surplus of only N5.6 billion, representing 13% growth over the 4 – year period”

Response:

Over the same 4 year period The Nigerian Stock Exchange carried out major infrastructure upgrades such as: buy- out of 60% interest of Daily times Plc in Naira Properties Ltd (owners of The Nigerian Stock Building) installation of two 1, 500- KVA Generators of The Nigerian Stock Building, redesign and upgrade of the World- Class Head Office Trading Floor Commissioned by president Umar Musa Yar’adua, GCFR in October 2007, design and construction of a data centre and power bank to guaranty regular trading, investment road- shows that increased the rating of Nigeria in the international investment community, opening of new branch offices in Benin, Ilorin, Uyo, Onitsha, Abeokuta, Oweeri and Bauchi, among others.

It is misleading to ignore these major achievements in profiling the major cost pattern as “salaries, pension, travel and marketing”. Salaries and associated pension costs increased significantly over the period because the pension scheme was back- dated by 20 years and approved by the Council of The Exchange to accommodate the retired Director- General and Deputy Director – General and other retired staff of The Exchange.

5. Inter-Company/Associated Company Investments

It is allege that “As of today, the current inter-company balances with inter-company/Associated companies amount to over N3 billion”.

Response:

There are no un-reconciled items in the inter-company accounts between The Nigerian Stock Exchange and its subsidiary/Associated companies. This is a normal occurrence in a Holding Company/Subsidiary/Associated Companies relationship. These intercompany balances would nil out the consolidated accounts.

6. Pension Scheme

Alhaji Aliko is canvassing that “the pension Scheme should be urgently audited to gain a thorough understanding of the extent of the liability of The Exchange

Response:

Scheme Liability
In 2007 the pension Scheme had an Actual surplus of N29.64 million. The 2008 Actuarial Valuation Report that indicated N2.59 Billion deficit was based on Staff total emoluments instead of pensionable salary as per the scheme’s Trust Deed and Rules.

The latest valuation as at 31st December, 2009 indicated an Actuarial surplus of N55.94 million.

Transfer of Fund (N423 million)

In August 2009 Intercontinental Bank was advised to transfer N400.0 million with the accrued interest to the Pension Fund. See NSE letter of August 17, 2009.

This amount was accounted for (as part of the Pension Assets) in the pension Fund Administrator’s August 2009 Fund Statement Report forwarded with their letter of 2nd September, 2009.

An additional amount was released by the Bank as interest due to the tune of N24.54 million in September 2009. This amount was accounted for in September 2009 Fund Statement Report of 5th October 2009.

In essence, the principal amount plus the accrued interest is N424.54 million which forms part of the Pension Fund total assets of N2.17 Billion as at December, 2009. The fund was at all times under the management of NLPC Pension fund Administrators Ltd, and not with an unknown insurance company as alleged.

7. Financial Health and Low Morale

The uncertain financial health of the NSE has created low morale among staff (the 13th month salary for 2009 was not paid in December0 and uncertainty in the minds of creditors such as Accenture”

Response:

We consider it important to say that it was mischievous of Alhaji Dangote to cite non-payment of 13th Month bonus to staff in 2009 as an instance of the alleged financial ill-Health the Exchange, when the Council of the Exchange had directed a downward adjustment of salaries and other benefits in view of the reduced revenue of The Exchange following the global financial markets meltdown. When has a prudent financial initiative become a sign of distress? It suffices to state, however, that contrary to Alhaji Dangote’s allegation, staff of The Exchange are far from being demoralized, as salaries and benefits are paid as they fall due, which cannot be said for many comparable institutions in the Nigerian Financial district.

On the outstanding bills due to Accenture, it should be stated that Accenture was foisted on the Exchange without subjecting them to due process or a competitive bidding process. No other consultancy firm was invited to submit a proposal to the Exchange for a project valued at N212 million. Of the total project sum the Exchange has paid a total of N166 million, the last payment of N60 million was done as recently as 15 June 2010.

Accenture created payment difficulties for themselves by completely avoiding management in their drive to generate more business for themselves under questionable and uncompetitive manner by dealing directly with Alhaji Aliko Dangote as if he is the Chief Executive Officer of The Exchange.

Recent Newspaper Articles Referencing Contempt Charges

We had on 27th July 2010 written to the Commission on this matter (see Appendix E) and can only add that later that day, our Director General/Chief Executive Officer, Professor Ndi Okereke-Onyiuke, OON, and Secretary to Council, Mrs Josephine Igbinosun were discharged and acquitted on the charges of contempt of court, as both ought not to have been charged in the first instance, having committed no offence and they were not mentioned in the substantive suit. However, the contempt charge and bench warrant against Alhaji Dangote is still pending at the same court.

Regarding our newspaper advertisement on Tuesday 27th July 2010 and the matter of supervisory oversight of the Council of the Exchange, we wish to draw the attention to the fact that it was clearly stated in the advertisement that Committees of the Council have been meeting and discharging their various functions and in the process ensuring the smooth running of the Exchange and its market.

In particular, the Disciplinary Committee of Council has met and taken disciplinary actions against Dealing members firms, which were communicated to the Commission, vide our letter dated April 30, 2010 (see Appendix D). The Quotations Committee and the Rules Committee of Council were extremely active during this period and so indeed all is well with the Exchange and the market since the beginning of the year. If the Finance and General Purpose Committee of the Council has not met to consider the accounts of the Exchange for the first and second quarters of the year, it was because of the Court judgment involving Alhaji Dangote as a Member of the Committee.

Conclusion
In conclusion we attach minutes of the meetings of the Council of The Nigerian Stock Exchange on March 25, 2009 and March 8, 2010 where the respective draft accounts for years ending 2008 and 2009 were approved by Council for audit. Alhaji Aliko Dangote was present in both meetings and he did not go on record as challenging the accounts. This confirms our statement above that he is prepared to destroy The Nigerian Stock market in his flight to save himself from case of manipulation of the share price of African Petroleum Plc brought through a suit by aggrieved AP Shareholders.

We would like to reiterate that these accounts have been audited by Akintola Williams Deloitte, without qualification, and the accounts were approved by the Council of Exchange at its meetings and also approved by Members of the Exchange at Annual General Meetings. Furthermore, these same accounts were recently subjected to a special audit firm by a team of SECD inspectors and external consultants.

While management appreciates the opportunity to respond to the spurious allegations by Alhaji Aliko Dangote and it is ready to provide further explanations that may be required, please accept the assurances of our usual commitment to good corporate governance and financial discipline always.

End.

http://www.proshareng.com/articles/singleNews.php?id=2119

My Comment:
If it is true that Aliko Dangote was part and parcel of the council and was in the know when all these expenses were made, why did he not complain then but decided to shout out now? It seems to me Dangote is aggrieved by something he is yet to reveal.

With the dismissal of Madam and Dangote, is it the beginning of uhuru for the NSE?

^^ yes if someone with strong background can come up clean the place up and not dine with the crooked CEOs and incompetent accountants out there and introduce online trading for us to do the thing ourselves jare

The Independent Shareholders Association of Nigeria at the weekend faulted the decision by the Securities and Exchange Commission to sack the Nigerian Stock Exchange council, describing it as a hasty action “calculated to cover up her inept regulatory inadequacies.”

The association in a statement by its national coordinator, Sunny Nwosu, at the end of its emergency General Meeting on Friday in Lagos pointed out that “the punitive massive sack (of the leadership and Council of the NSE) was done to provide soft landing for the estranged member of the council in defiance to the order of a court of competent jurisdiction.”

where do they get these buggers from, these guys never look after the small fish they just look after themselves- ISAN me backside

For those who do not know, this is normal business practice for Aliko. Most times he goes all out to discredit or cripple financially his business opponents, as a way of getting ahead.

^^^

Very true,but Femi Otedola is in deep financial shyte and had been rapi.i.ng the accounts of AP

Nigerians are watching,

Exclusive: Ndi Okereke-Onyuike Responds to Developments at the NSE.

August 16,2010

Address to Members of the Capital market Committee at a hearing on the Recent Developments at the Nigerian Stock Exchange on Wednesday 11th August 2010 at the National Assembly, Abuja.

1.    Preamble
I thank the honourable members of the Capital Market Committee for the invitation to this hearing, as it affords me an opportunity to tell my story to Nigerians in the wake of unprecedented malicious disinformation about my person and The Nigerian Stock Exchange.
Unfortunately, on the basis of the co-ordinated and sustained disinformation, I have been made to suffer incalculable personal loss and The Stock Exchange has been brought to disrepute. Mass media editorials and all manner of opinions have been expressed without commentators knowing the kernel of the issues at stake.
Not even the House Committee is exempt in this regard, given that I have been invited in my personal capacity as “ex- Director General” of The Nigerian Stock Exchange to explain an issue that should ordinarily be addressed by the Council (Board) of The Exchange. Also, Alhaji Aliko Dangote has been invited to this hearing in his personal capacity when in fact he should be leading the Council of The Exchange to this hearing.
I have been addressed as former Director General when there has not been any examination of the process deployed by the authorities in managing the situation that is the subject of this proceeding.Attending this hearing is Mr. Emmanuel Ikhazobor who is described as the “Interim Administrator” of The Stock Exchange. It was reported in the media that I have been relieved of my position as Director General of The Exchange when the letter The Exchange received from the Securities and Exchange Commission (SEC) was a directive to the Council of The Exchange to effect my removal.
As at today, the Council of The Exchange is yet to meet to decide on the SEC directive. Yet, the same SEC that issued this directive has deployed the worst kind of abuse of state power in a democracy to abduct the Secretary to the Council of The Exchange and invaded the premises of The Exchange in Lagos with heavily armed state security personnel to effect my purported removal from office.
The issue of due process is especially important in the context of democratic ideals and the sacred duty of the legislature to protect and advance civil liberty.
We must not gloss over the issue of due process because what happened last week at The Nigerian Stock Exchange is a precedent that put every Nigerian at risk. As the saying goes, ask not for whom the bell tolls, for it tolls for every one of us.


Read the full address here:
http://www.proshareng.com/articles/2129

Meanwhile, here is the CONCLUSION of the address:

3. Conclusion

I wish to conclude that I have worked for the past 36 years without being accused of financial impropriety and it should therefore be inconceivable that I would be involved in fraud with only weeks to my retirement and at nearly 60 years of age.
Also, it should be noted that there was no uncertainty as to date of my disengagement from The Exchange. As recent as Saturday, 31st July 2010, the Punch Newspaper (http://www.punchng.com/Articl.aspx?theartic=Art201007315593020) had published a news report based on an interview with the Head of Corporate Affairs of The Exchange, confirming that I would be going on terminal leave from September (next month). In fact, I was scheduled to submit my notice of disengagement at the meeting of Council scheduled for Friday, 6th August 2010.
So, it is inconceivable, and far from true that I had refused to retire from The Exchange and thereby was undermining the management succession programme of the organisation.
Finally, I invite this Committee to note that the attacks against my person and office by SEC were based on unsubstantiated allegations, while appealing that you consider seriously the breach of due process in the current crisis in the capital market and issue the necessary directives, as those who administer the law must be seen to act within the law at all times.

Thank you.

Professor Ndi Okereke-Onyiuke, OON
Director-General/CEO

Get the latest Scholarships for International Universities live from twitter immediately as it happens.
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These guys are giving away phones for free. Please it is free, do not hand over any money to them if they ask.
Check www.freegsmphones.info

"Financial education needs to become a part of our national curriculum and scoring systems so that it's not just the rich kids that learn about money, it's all of us."

-- David Bach, Personal Finance Author, Speaker and Consultant

blessaff:

What is the best company someone can invest in

Look for solid companies in consumer staples, food production, defense, energy and other sectors that produce goods and services that are essential.

Defence? on the NSE

^^ Please, do not quote me wrong. I advised blessaff to invest in "companies IN consumer staples, food production, defense, energy…" There is nowhere in my post I mentioned ‘Defense being listed on the NSE’. Companies that are involved in defense (like Northrop Grumman) may not be listed on the NSE, but I believe a lot of them are listed on the NYSE. After all, the title of this thread is “STOCK MARKET TIPS FOR NIGERIANS”.  And not “STOCK MARKET TIPS FOR NIGERIANS THAT WANT TO INVEST IN NIGERIA”.

Just read this:

https://www.nairaland.com/nigeria/topic-516947.0.html

STACO offers 1.6 billion rights issue to existing shareholders

By Nike Popoola Wednesday, 22 Sep 2010

STACO Insurance Plc has offered by way of rights issue, 1.6 billion ordinary shares of 50kobo each at 50kobo per share.

The rights issue will be on the basis of one ordinary share for every three ordinary shares held by the shareholders whose names appeared in the register of members as at the close of business on March 31, 2009.

A statement from the company on Tuesday said, during the company‘s Completion Board Meeting, The Chairman of the Board of Directors, Mr. Dere Otubu, discloded that the proceeds from the right issue would be used to enhance operation, invest in proposed new subsidiaries. It will also be used for upgrading companies and existing subsidiaries, upgrading of information technology, branch upgrade and expansion.

He noted that the reforms introduced by the Federal Government in the insurance sector, which included increased capital requirements, mandatory local content policy and the compulsory insurance policies, had geared up the sector to become one of the top performers in the economy.

He urged shareholders of the company to take up their rights in order to ensure that they continued to take full advantage of the current and potentials benefits of their investment in the company.STACO Insurance is one of the 49 insurance companies approved by the National Insurance Commission after the last consolidation exercise in the insurance sector.

http://www.proshareng.com/investors/company.php?ref=STACO

As long as you enjoy investing, you'll be willing to do the homework and stay in the game. That's why I try to make the show so entertaining, because if you aren't interested, you'll either miss the opportunity to make money in the market or not pay enough attention and end up losing your shirt.[i][/i]

Jim Cramer