₦airaland Forum

^{How Much is Transcorp Worth?
======================
You are asking me a $2billion question. But if you are really interested in knowing, some of the information
is contained in their prospectus. Of course, for some of you guys there is nothing to believe about Transcorp
even if there was an 18 months audited report (I believe). Some of you guys will go out on a limb to vouch
for the market valuations or audited reports of other companies, but when it comes to Transcorp we have
to invoke Sarbane Oxley and the likes. What has SOX got to do with Nigeria? Should we just start using SOX
because Transcorp just appeared on the market?}
We cannot believe in Transcorp because it has a flawed business strategy.because NITEL and NICON were undersold and there was favoritism at play. What's going to happen with new Govt? I mean legal/ethical standards that would guarantee investors money since NDi Okereke runs NSE not the president. This is a conflict of interests. I don't know why Nigerians always defend low standard. This company cannot even enlist in Ghanaian stock exchange, let alone S/Africa. You as an investor should know some of these holes. Does Transcorp have underwriters? Can it secure a line of credit from global financial institutions like IFC, Merril Lynch, RSB without a business and credit track record?
I would classify their stocks as junk since they do not have any record to prove me wrong. You don't know their worth. Glo Mobile is a profit private venture and it has not gone public, why the rush with Transcorp. Let this company be privately managed for some years so that people can access their performance. Do you know what they did; they allotted themselves with “paper shares” and are now raising your money to run their experiment. This is going to be like Societe Generale Bank of Sarakis, where every member of the National Assembly got their deposits before it went bankrupt and masses lost their deposits

^{So Nigerians CAN NOT manage a mega corporation? What lesson are we supposed to take from that? Don't
ever attempt it because GOD said Nigerians CAN NOT manage a mega corporation? The verdict is still out on
that and so far I am glad to be a part of that experiment. What is life without hope, faith, and of course a
chance to make some real money? Grin}


This should be devoid of sentiments and spirituality. Nigerians have not successfully managed a mega corporation. They use Nigerian as their CEOs but they are always under strict evaluation and monitoring by their white partners because he who blows the piper dictates the tune. Biggest companies on NSE by market share are partly owned by foreigners. From NB PLC, Cadbury, Coca Cola to PZ. do you know any company that is 100% by Nigerians that is a mega corporation?

Nigeria does not have a global product and will take time to have one. S/Africa has MTN, Standard Bank, De Beer, Sab Miller and co, Zimbabwe has Strive Massiwa of Econet Wireless,Sudan Mo Muhammad, CEO Celtel, Egypt has Orascom Telecom, Ghana has Anglo-Gold, the first African company to be traded on New York Exchange market. Royal Caribbean Cruise is incorporated in Liberia. What does Nigeria have? It tells you that these countries have sound business practices for investors to pour their money into them. This is lacking in Nigeria and Transcorp.

Free Shares
========
<sub>Can you ascertain that all the shares of First Bank, Union Bank, Zenith Bank, Oando, Conoil, etc are actually
paid for? I am not sure I see where you are going here. Also, Ndi does not own mega shares in Transcorp,
7.2 million shares out of a possible 26billion shares its not "mega" by any definition. Now, Dangote's 1 billion
shares or that of Otedola's is really mega. So I suppose Ndi and the others looked away, why Dangote and
Femi Otedola just awarded themselves billions of shares each without paying for them, what are we really
really getting at?

Just like as the private placement target of N6billion resulted in about N18billion, I am predicting that its IPO
will come very close to meeting its target, that is if its not exceeded, then we can all exercise our jaws better.
Time will tell.</sub>


You sounded like a novice in this post. Are you telling me that these mentioned companies do not publish their annual earnings? Or does it mean that they do not have auditors? This is lacking in Transcorp because they do not have published earnings. One more point. Soludo is not board member of any of these banks, that’s what is lacking in Transcorp. Why is Dangote running his own IPO even though he resigned from Transcorp board.A comparison is based on two or more known conditions, since there has been no audit to determine the worth of Transcorp and to ascertain that these shareholder actually paid for their allotments , burden of proof still lies on you since there is no audit

OBJ has lost in every legal battle with Atiku. Does he not have advisers who counsel him on the chances of his legal undertakings

Iyke-D

How much is Transcorp worth? Any independent audit to ascertain that those shareholders actually paid for the shares alloted to them? Can you go into a partnership with someone whose worth you cannot ascertain. This overweighs all the risks.

As per being US educated, do we really have the regulatory framework like Sarbanes and Oxley Act to checkmate the likes of Ndi Okereke Onyiuke who is a mega shareholder as well as President of NSE. Can you be a judge in your own case?

I know of three things Nigerians cannot really do- Organizing a free and fair election, a free and fair census and managing a mega corporation. These staffers do not have extensive experience in hotel management, remember what happened to Econet wireless, Nigerians could not manage it because of lack of experience in GSM technology and it was rescued by Mo Mohamed of Sudan, CEO of Celtel.

Beckham cannot turn MLS around because Americans simply don't like soccer. Its a full 45 minute of play game with no commercials. unlike NFL where there are interruptions for commercials. corporate America will not buy ad spots. Americans like high scoring games. A point in NFL is upped to 6 points with a point for field goal while a goal is a goal in soccer. Americans are very individualistic, so they don't like to share victory- they cannot play a game where there is no winner , as in scoccer- (1-1) draw. Besides, America is opposite of British- does not want to be associated with british traditions.baseball as against cricket, American football as against rugby, episcopal Church=Anglican, electric switch is upside down. Lets remember they incorporate their military might in everything they do, they use draft, offense and defense in NFL. NFL is for strong and muscular athletes with less skills. NFL is a game of speed and collison, while soccer is a game of contact and and skills. SO many differences.

Beckham is over priced because he can never get that kind of deal anywhere but in America where they considered his celebrity status. In soccer,younger and upcoming players get paid higher than oldies, because they will stay longer and have room for improvement but in America, athletes with celebrity status get paid higher- Shaq vs Wade Beckham was laid off by Real Madrid per say.

Thanx 4play. The article supporteed some of my arguements. Who audited Transcorp? What about conflict of interests.

Why rushing to IPO? because Baba is still in office. These folks are taking money from gullible Nigerians. Why cant they run this company as a private company untill it establishes itself. I would rather invest in Dangote than Transcorp cos Nigerians are incapable of managing a mega corporation. Best and biggest naija company NB PLC is partly owned by Dutch group Heinenken. Why cant they be like SAB Miller of South Africa. I know what we can do and what we cant. Where were these so called shareholders when Protea, a S/African group took over the management of major private hotels in naija?

Loverbwoy,
I seem not understand your arguement sometimes. You said that OBJ handled IBB and I dared you to tell me in specific terms  if IBB had been the problem why NEPA is not work or why OBJ misused our $150 Billion in last 7yrs. What's  the connection between handling IBB and improving the lives of the masses?

@Edygirl,
I don't know about you, I go on a date to impress not to shit on top of alta. I did not complain to her. Besides,    there will be no second date and I repeat, I don't go out to teach people manners. Let it not be construed that sharing my expriences on this forum is a complaint since you are not in any way  going to change anything about my situation.

its only a fool that will believe this result.Its only in Nigeria we have more people living in the north than south even though elementary geography asserts otherwise. South- Thick forest, swampy, rainforest, more rainfall.
North- savanah, dry land, desert, low rainfall etc
Sudan is slightly more than one-quarter the size of the US  and it has only 41 million because of its topography. Its is the largest country in Africa by land mass and its in Northern Africa.

because she was mannerless

loverbwoy.
What's your arguement. cant make sense of what you wrote. You still left my questions unanswered.

@loverbwoy
Why did you seletively use a single line to generalize my arguement? The one that favoured your stand. Why don't you tackle all the issues I raised.

hell no

Let us remember that N14 million house in Lekki was paid in full with no mortgage. As of 300,000 pounds that will be paid in 30 yrs. A home owner is Naija is a real landlord while a home owner abroad is still a renter until he/she pays off.

The risk assessment of this company is that it has not clearly defined its specialty. Off course this company cannot venture where there is a vested interest since its an amalgamation of business interests. Can this company compete in Cement/Flour sector where Dangote holds sway? Can it compete in Banking sector where Jim Ovia and Co hold sway. The issue is that this company is rooted in favouritism and it is mostly bound to fail. Tell me any reputable auditor who has audited their accounts to see that they are really worth what they say. This is why scam thrives in Naija because people overlook flaws, risks when they are over-occupied with excessive profits.
I cannot be in a joint venture with someone whose worth I don’t know and cannot ascertain. How much is this company worth? What does it do besides acquiring NICON and NITEL through favouritism? These agents of Transcorp have not dared to take my questions one on one because they will be lost of answers. If this company is really good why don’t they buy Dangote so that he can be chairman of the company, instead his Company is running parallel IPO to shore up his market share. Who are their underwriters and lenders?
In western countries, like the US their stocks will be classified as junk stocks because of unproven business and credit track record. Some US Automakers like GM bonds are classified as junk by S&P rating for not turning in profits, how much Transcorp. Oh my gosh- I didn't know that people would be so blind folded as not to know the truth. This company may become in future but not now because the risks far outweigh the gains. One of my resolutions this year is to invest in capital markets, but this venture does not seem good to me. Please someone should critically tackle these issues for me, not rambling or rhetoric

I would prefer someone who could spend $150Billion judiciously than someone who could "handle" IBB. IBB is not our present problem. Is he? Does IBB work at NEPA , Is IBB the minister of Works and housing that there are no roads. Is IBB the IG that there is no security. Is IBB responsible for Aviation that we have the worst airspace safety records in the world.
Please give me a break. IBB's influence is a village square or beer parlour story. I have outgrown this tori. I dont know about you

its an insult to think that no one is capable as OBJ in a country of 140 million people. Olu Falae will be better than , Alex Ekwueme, Emeka Anyaoku, Pat Utomi,
You cannot have a civil society that does not follow the constitution. That's why its called a democracy not anauthocracy. If you cant follow the constitution, why were you voted into an office? OBJ is not clean either , his jet was used to ferry money into the US. Who is investigating him. I believe that Nigerians have not seen a good leader in the past 2 decades that' why people are myopically saying that OBJ is the messiah. This administartion has made more than any other regimes, $150 Billion, yet Nigerians are poorer. Do the math how much money every Nigeria would get if the money was shared

@oshkosh.
Transcorp will not sail thru all these hurdles with my money OK. naija way of tackling issues. Eyes right from core issues. Why invest your money with a company that has no solid business footing or expertise. no business history, no credit history. Can you answer some of my questions? What does this company really do besides government favouritism that undersold Nicon and Nitel? Its stocks can soar above N70 but when the chips are down it may look like another Enron or Cadbury.
Good luck

Frst you don't build a company that way. They have a lot of vested interests. Ndi Okereke Onyiuke is shareholder in a company that trades on a stock exchange where she is the president - Conflict of interest. I think they will do better as an investment bank, mutual fund or hedge fund, but I will not stake my kobo. Dangote pulled out and his company is running an IPO at the stock exchange. This is another white elephant project. What does this company really do besides gaining undue advantage to buy government parastals? NITEL and NICON HILTON. Can this company seek a line of credit worth $200 million from IFC, Merrill Lynch, BNP Paris, and RSB? They have no credit history or even business history. What is their specialty? Jack of all trades.

They have strong affinities with politicians and government agencies. Remember what happened in Thailand, Prime Minister Thaksin Shinawatra selling his family telecom company without paying taxes. What happens when OBJ is out of office? NASS can open an investigation into the acquisitions of NITEL and NICON HILTON. A lot of dirts will be opened.

Lastly, most Nigerian businessmen are bereft of business ideas like our politicians because they cannot succeed without government connection. They could not manage Econet, it changed Vmobile to Celtel and it had to be bought over by a Sudanese enterpreneur- Dr Mo Mohamed. Nigerian business managers had not had experience in GSM sector and they failed. This is the way they will fail, because they have not really ventured into a mega corporation like the one they envisage.

why bring kids to this stressful world when you cannot take care of them? Children who are born and cared for by both parents excel better in live

I dont go out on a date to teach people common table manners and etiquette. I go out to impress and to be as flawless as possible even though I' ve got some flaws. I would appreciate if you show me your true personality on a first date so as to not waste my freaking time.

Nigeria does not have an Iconic figure that is respected by whites and blacks. Nelson Mandela is a person whom most western people would love to be associated with. Celebrities go to his birthday bash every year. Oprah says he is a source of inspiration to her. Most prominent blacks in the US have Mandel's picture in their offices. Denze Washington gives about $100,000 annually to Mandela's foundation.

Nigeria does not have a crowd puller , that's why New York Stock Exchange lumped OBJ with some other African Presidents together to ring the opening bell.

how healthy is this company. How transparent is this company. what's the ownership structure. I want to know about its management structure. Is Dangote listed as a class A or B company. What are his political affinities because I had a bad experience with Savannah bank.

I dont give money to people I barely know. Had she comported herself very well by drinking what she ordered without switching over to beer. Without spilling the table on two occasions. If I was not ready to pay for her drink, i would have said no. OK

Lets make a distinction here. If you earn 4000 pounds every month, what's your take home after tax? How many people really earn 4k in the UK with a minimum wage of less than 6 Pounds? You have to tell the guys that he MUST go to college to be OK. He is going to work for someone who is going to be his boss.
Right now he owns his business, goes to work whenever he wants. Freedom is the key here. I have a brother who is in his twenties but does not want to live outside Naija. He is a graduate and has a flourishing business.

If she was a class act, I would not have bulged about her actions

I give my dates list of places and allow them the choice of choosing where to go. My dates always tell me their ideal places on a first date. They always call the shot. I brought up this story to see how forumites would response to it.