Any Nigerian With Good Knowledge Of The Stock Market, Please Step In Here!

Hi guys. I wonder if any of you can help me with one or two questions.

I run an Investment club in the UK with a few Naija friends of mine. I am Nigerian myself. So far, we have invested exclusively in Western stocks. Recently, we decided to have a look at the Naija market. I used a Bloomberg terminal to find the fundamental analysis ratios for Nigerian stocks and found that only 12 of the Nigerian Companies on NSE have balance sheets and Income statements published on the Bloomberg terminal, out of which only 8 or so were even up to date (mostly banks). There is a saying that "if any information is available, you can find it on a Bloomberg terminal" and in my experience, I find this to be true. So, unless the Bloomberg data collectors are not doing their jobs properly, this leads me to two nagging questions:

(1).  I don't live in Naija so I don't know this. Do Naija companies publish their balance sheets and Income statements? Are all these Nigerians investing in companies which are unaccountable? Please help me clarify this. Maybe the companies publish but Bloomberg just don't have their results.

(2).  Secondly, I have heard many a time that even the companies that do publish their balance and income statements may be falsifying their books. What are your views? Might this be correct? Some of the companies I studied had fantastic fundamentals but it was not reflected in the growth of their share price. Is it because investors do not have confidence in their accountability? I mean, we all remember what happened with Enron.

(3). Thirdly, if all my fears about false accounting are true, this could lead to a crash. Does anyone else foresee this or is it just me? And if so, how long before we see somethig like that? The reason is, I believe IPO's are the only viable solution to recieve large returns in Naija. Most of the stocks who did PO's have stalled since they did them. I can see that the growth in NSE is primarily down to IPO's. But I would not want to hold an IPO share if there is a danger of a stock market crash.

I need some informed opinions please. Your views will be greatly appreciated.

@ Poster; no need to look too far; go to this topic "Stock Market Tips For Nigerians" you will get all the information you need especially if you endeavour to start from the begining of the thread.