₦airaland Forum

The biggest fraud on the society is driven by Nigerian banks.It is time the EFCC starts beaming it's lights on the banks.

I have ben unable to view my cashcraft account since yesterday.Says application error.Is this peculiar to only me?

Has anyone been able to view their cashcraft account online?

Has anyone been able to view their cashcraft account online?

I still have not receieved my returned money.I went to the branch i bought it in and was told my name is not there.I sent someone to First registrars in lagos and was told my cheque had been sent to the branch I bought it from.I then called the branch again and I was informed there have been mistakes where the returned cheques were sent to a different branch.Now it is up to me to start tracking my cheque.If these cheques have been ready for months why can't they just post them to us?

I tire no be small,

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The Securities and Exchange Commission (SEC) wielded the big stick yesterday saying it would suspend trading in the shares of any public quoted company that fails to dispatch share certificates or return surplus monies in accordance with market rules.
The commission also said with effect from April 1, 2008, no registrar will be allowed to administer any public company to which it is a subsidiary.
Many investors have expressed considerable displeasure which has turned into disenchantment with the capital market over deliberate delays by public quoted companies to dispatch their (investors’) share certificates several months and even years after the closure of their public offers.
Also, in instances when offers are oversubscribed, investors who are unlucky to get their full allotment of shares wait endlessly to get back their money.
In a bid to check this unwholesome trend and stamp its authority on the market, SEC yesterday said companies that violate its rules and regulations relating to the dispatch of share certificates and returned/surplus money will have their listed securities suspended indefinitely from being traded on the floor of the Nigerian Stock Exchange (NSE).
According to SEC’s rules, companies must submit their allotment proposals six weeks after the closure of an offer while certificates/returned money must be dispatched 15 working days after the date of clearance of the allotment.
These rules have been violated by many companies without any serious sanctions by the capital market regulator.
Commenting on these developments, market analysts said SEC may have awoken from its slumber by the issuance of the new directive.
Apart from suspending trading in the shares of erring companies, the commission said that such defaulting companies would not be allowed to access the market for fresh issues.
“All such defaulting companies shall not be allowed to access the Nigerian capital market until all outstanding complaints against them are cleared to the satisfaction of the commission,” SEC said in a circular to all quoted companies.
The commission has also disallowed applications for preferential allotment.
“With effect from April 1, 2008, no registrar shall be allowed to administer the register of any public company to which it is a subsidiary, a holding company, a related company or which has substantial shareholding in the said registrar or in which the said registrar has substantial shareholding,” SEC said.
According to the commission, any violation of the directives shall attract severe sanctions including the outright withdrawal of registration to operate in the Nigerian capital market.
Meanwhile, SEC has asked all investors who have not received their share certificates and returned/surplus monies in respect of all public offers that closed on or before October 31, 2007 to forward their complaints in writing to the director-general of the commission.
The commission advised such investors to enclose evidence of transactions justifying their claims, indicate the public offer and clearly mark the complaint “Non-receipt of share certificates and return/surplus” and telephone numbers.
Some of the companies whose offers closed before October 31, last year include, United Bank for Africa Plc, Oceanic Bank International Plc, First Bank Plc and Access Bank Plc.

http://www.thisdayonline.com/nview.php?id=102150

I think there is something in the NSE we are all overlooking.
People are waking up to the NSE and everyone is pouring money into the NSE now.Even my grand mother in the village was asking me the other day if she could buy shares.With so much money around,and few companies listed on the stock market ,your guess is as good as mine,especially with the penny shares.

NSE will even continue to climb when the hedge funds come in.Every financial analyst in Europe is researching Nigeria.Today my friend who works for a research company,told me a hedge fund has commissioned them to investigate 8 Nigerian companies.I think the market will rise this year and then start to even out,except ofcourse,Yar'adua's election is annulled and a re-election leads to anarchy!!!This appears to be a major reason why Hedge Funds are not yet pouring into the country.

There~their as in above

Abeg all the gurus in the house,I have been eyeing Union Homes.It is the only one in it's group(mortgage) and there is currently a boom in "build and sell" in Nigeria.They are also into Loans and Savings,with UBN backing them,is there share price at 7.80kobo a good buy?

Bearing in mind that there third quarter result has just been released with almost a billion naira profit.Last year they declared a bonus share.With all these good news why is the price still stuck at around 7.80kobo?

Is this a good buy now?


What is happening to International Energy Insurance?

The London Stock Exchange is exciting if you stick to penny shares.AIM is better to play on and not the Professional Market.There are loads of GDRs on offer(not like the Diamond Bank "wurururu listing") that you can tap into.A recent one was reliance energy of India.get the GDR and later convert to local shares in India and sell off.All these can be done with a good broker who also trades in India.Most brokers do.

Since Diamond Bank's GDR was lsited on the LSE I have tried in vain to get it and not one single broker knows how to get it.It is trading daily.But Brokers will tell you it is not on their system.It is called the more you see the lsee you understand!If you have Diamond GDR my candid advise is that you should convert them to local shares sharp sharp!

Today's market result.

http://www.trw-stockbrokers.com/services.aspx

@Poster,
Like I have always said,no one chooses who to love.It just happens.As long as you understand the type of relationship you are in,then that is fine.There is no formula to happinness and we are not all created alike and we must not all do the same things.

Think hard and if a single guy comes along please do not hesitate to go along.

http://allafrica.com/stories/200801220718.html

Leadership (Abuja)
22 January 2008
Posted to the web 22 January 2008
Yakeen Nurudeen

Even as the move by the National Communication Commission, NCC to licence more investors to roll out their services in the mobile telecommunication industry, has been seen by many Nigerians as a welcome development towards providing quality service delivery, others see it as an attempt to compound the already troubled sector. Yekeen Nurudeen x-rays the prospects and challenges of this move.

With all its attendant benefits and opportunities, many Nigerians dispassionately admit that one of the unforgettable legacies of the last administration of former President Olusegun Obasanjo was the introduction of the Global System of Mobile Telecommunication, otherwise known as GSM. Since 2001 when operating licence was granted to the then Econet Nigeria Limited, now Celtel wireless, MTN Nigeria Limited, and later to the Globacom, the first and only indigenous mobile telecommunication operator, telecommunication system and business have grown in leaps and bounds.


Even when the duo of Econet and MTN were the major competitors in the business, Nigerians were made to pay through their nose to acquire mobile phones and lines. Yet, they were willing to pay more for the services due to barriers that the arrival of the system was able to surmount. Then, it was an apparent case of day light exploitation of subscribers as alleged by many Nigerians, until the Nigerian Communication Commission, NCC granted Glo Mobile the licence to operate as the third GSM service provider. Although Mtel, a sister company of the moribund Nigerian Telecommunication Company, NITEL came into existence before Glo, it was merely a paper tiger in the business.

In the analysis of some subscribers and telecommunication business experts, the arrival of Glo Mobile broke the ranks of the earlier comers, MTN and Econet, who were apparently taking much from the subscribers in terms of tariffs charged for their services without commensurate quality services and value added. They argued that both MTN and Econet, now Celtel would have milked dry Nigerians who were in desperate need for the new technology were it not for the introduction of per second billing system introduced by the Glomobile. That singular action by the alternative service provider in the guise of Glomobile did not only force the two GSM giants to review their billing systems but were also made to be more alive to their responsibilities to the subscribers.

They have since introduced series of services and offers that have provided subscribers with many alternatives and bonuses for their money. While their services have aided business transactions tremendously and have also made life a lot easier, the Nigerian Communication Commission, NCC, which is the nation's sole regulator of the telecommunication is no doubt confounded by what it described as the poor services delivery of the GSM providers. The NCC, under the leadership of its Executive Vice Chairman/Chief Executive, Mr. Ernest Ndukwe has been at the forefront of campaign to make subscribers get services from GSM service providers that measure up to their money.

The latest effort of the NCC to grant licence to more companies to start GSM operation in the country this year. The move is a further reaction, according to the NCC boss, to the deplorable GSM services the current operators are rendering to the consumers of telephone services. He emphatically said that more operators in the nation's GSM industry will increase competiton and translate to better value and choice for the consumer. "2008 will be a good year for telecoms in Nigeria," he said.

While this is seen as a welcome development at widening the nation's telecoms industry, and making Nigerians whose money are being used by telecoms operators to expand their businesses to have value for such money. It could also mean a double - edged blessings for Nigerians who have always been victims of exploitative tendencies of the GSM service providers and their poor service delivery, argued some experts.

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Those who view this attempt at registering more operators by NCC to roll out their services as a positive move, opine that consumers of telephone services would now have competing alternatives beyond three or four that are presently available to them, and that would invariably compel those who have been in the business earlier to strive to maintain their market dominance by improving on their services and give their subscribers value for their money. "None of them could claim to be indispensable when there are many others that are out with better services and perhaps at cheaper rate." One GSM subscriber who gave his name as Ganiyu Kamorudeen said.

IN the analysis of those who share this view, MTN, Celtel and Glo would be forced to review their billing systems than they have done recently and would equally be intimidated to invest their huge proceeds on acquiring facilities to expand their services towards quality service delivery. They added optimistically that some of these providers may be forced to learn how to give back to the society what they have taken through more open and transparent social responsibility programmes, than are being done at the moment.

There are however fears being expressed in some quarters as to how the NCC would regulate a barrage of more than five GSM operators, given its predicament at the moment to make the three or four current GSM service providers to comply with its directive about improving upon their services. If words of Mr. Ernest Ndukwe are anything to go by concerning how it has been an Herculean task to make GSM operators to be alive to their responsibilities to consumers, many begin to wonder what service improvement and quality delivery can be expected from the newly licenced operators.

The U.S is not easy too.Except you find one "AKATA" marry,but as in your case you already have a "wife" waiting.
Don't even bother going anywhere.Just stay in nigeria and maximise your oppurtunities.You can do a MAster's degree online-I think Liverpool university offers some courses.

If you are not a skilled professional,young in age and/or willing to take major risks then don't bother emmigrating to the U.S or U.K.The stress is not worth it!

A word is enough for the wise!

I placed an order for SkyeBank and ZenithBank and my broker has not been able to get any for me.Gave her the order last week monday.Are they that scarce?

Another issue-I have been unable to sell Lasaco twice now.When it hit 4.80kobo in early January I had a sell price of 4.40kobo yet my broker could not sell.I reduced the sell price to 4.20kobo and uptil today she has not been able to sell.When I contacted her yesterday she said something about them having many customers with Lasaco wanting to offload and it does appear preference is being given to some, is this possible?

Abeg make we leave this Japaul matter for mathias!

Todays market report:

http://www.trw-stockbrokers.com/services.aspx

I hate been reminded about Japaul.Sold at 8 naira just a couple of weeks ago.

This thread no move today, abi na nations cup cos am?

I just offloaded my equityasur.After making a profit of 100 percent.I only bought in November.Greed almost allow me no sell.But like the gurus always say, "stick to your exit plan and don't be greedy"

If you put the book in simple words like you guys have done on Nairaland it will be a big sell.Black people read.Many people read this thread.In my hospital alone 3 of us are so commited to this thread.There are many silent readers who do not contribute .I followed this thread for 3 months before making my first contribution.

Pumping,
Just realised that you live in Philadelphia.And to think I was there last week.I for come "dobale" for you.You guys are doing great.Have you,Fatherofmany,Wanajo all thought of coming together and writing a book on "The Nigerian Stock Exchange and Suicide Bombing".

Walahi it will be a big sell.Just make sure you use your nairaland names.

A marriage has nothing to do with parents accepting.A marriage has to do with two consenting adults accepting each other and going before the laws of the land to affirm their commitment to each other.

http://www.punchng.com/Articl.aspx?theartic=Art200801211448414

Dangote Sugar Refinery Plc has allotted 10,011,100 units of its shares, at 50 kobo each to 700 its staffers who have been under its employment since July 2007.

According to an e-mailed statement from the company’s Head, Corporate Affairs, Mrs. Ngozi Ngene, obtained on Thursday, the shares were allotted to the workers in pursuit of the company’s policy to empower its workforce.

The statement also said that 85 other staffers were awarded for their long service in the company.

It quoted the Managing Director of the company , Mr. Abdullahi Sule as saying that the shares, which had been allotted to the workers, would be held under a ‘Share Staff Scheme.’

He said that the company’s management had resolved to encourage and reward its workforce for their commitment towards the achievement of the company’s goals and objectives.

Sule described year 2007 as a good year for the company and called on the management and staff to brace up for more challenges this year, in view of the management’s strategic initiatives for market expansion.

He added, “The expansion of the company’s new product line is in progress. This development will see to the addition of user friendly sizes of 20g, 500g and 1kg to the exiting 50kg package of Dangote Vitamin A, fortified white sugar; and enable the company meet customer’s demand.”

Fatherof2,
When I first joined this thread and I noticed the number of "disciplines" you had,I was initially like, "What is so special about Fatherof2 sef".

I hereby confirm that I am proud to be called your discipline.Infact we suppose change your name to "Fatherofmany".

I followed one of your recommendations and I made a "killing".

With kind regards,

Discipline John.

http://www.independentngonline.com/?c=162&a=9366CBN Suspends Omoyeni, Wema Bank MD


Sun, 20 Jan 2008 00:00:00

Adebisi Omoyeni, Group Managing Director and Chief Executive of Wema Bank Plc got a birthday and belated Christmas present last week.

He was directed to proceed on indefinite leave by the Central Bank of Nigeria (CBN), following what a source described as "weighty allegations" of fraudulent activities.

In his place, Alhaji Nurudeen Fagbenro, the bank’s only Executive Director had been named acting Chief Executive.

A former Executive Director in the bank, Omoyeni was re-called by the board from the Ekiti State Government where he was former deputy to then Governor Ayodele Fayose in December 2005 to take over the mantle after the sack of ex-MD, Alhaji Musuliu Alade Adeleke.

A document made available to Sunday Independent over the weekend alleged, for example, that the sacked chief executive asked for and got a N90 million housing allowance upfront for five years, amounting to N450 million. Although, this was without board approval, the directors became culpable in the anomaly when they agreed that they approved after it was discovered by the regulators.

There is also the allegation that Omoyeni took undue advantage of a CBN directive to acquire shares of Wema Bank last year. The CBN had directed that cumulative government stake in any of the nation’s 25 banks by March 31, last year be no more than five per cent. As a result of this, the banks had made spirited efforts to comply before the deadline through a "special offer" of its shares to the public on the Nigeria Stock Exchange (NSE).

Taking advantage of this, Omoyeni was said to have set aside about N4 billion, with which he mopped up a substantial portion of the 40 per cent stake in the bank until recently owned by the governments of five South Western States of Ogun, Ondo, Oyo, Osun and Ekiti.

The five states own Odu’a Investment Company Limited; a conglomerate with interest in several sectors of the economy including blue chip companies whose shares are listed on the NSE. Before the CBN directive, the group was the single largest investor in Wema Bank with 40 per cent of Wema Bank’s 8.902 billion ordinary shares.

As a result of the trading, which seems to have confirmed allegation that the rise in the price was being manipulated and without fundamentals, Wema Bank last year was the most sought after within the period.

According to a report presented by Prof. Ndi Okereke-Onyiuke, director-general and chief executive of the NSE last week, Wema Bank’s 13.072 billion shares were traded last year. This accounted for 9.46 per cent of the 138.1 billion shares which changed hands during the period. Fidelity Bank followed from afar, noted the DG’s report, with 7.595 billion units or 5.49 per cent of the year’s most active stocks by turnover volume.

The portion of Odu’a Investment Limited shares to be sold to the public in compliance with the CBN directive was offered through a "special sale" on the floor of the exchange in the first quarter of last year.

According to a note sent to stockbrokers on Wednesday by the NSE, the special sale of shares involved an offer of 38.5 million shares of the bank to investors.

The move, according to the Exchange, is "part of reduction of public sector interest in the bank as directed by the CBN."

Details of the offer showed that each stockbrokerage firm was allowed to bid a limit of 200,000 units on behalf of itself and its clients.

When contacted on phone on Saturday, Tunde Olofintila, Head, Corporate Affairs, told Sunday Independent that he was at a function and asked to be called again in an hour.

But Festus Idoko, a Deputy Director and Head, Corporate Affairs at the CBN said: "I am not aware of that. You are just telling me now. Somebody was talking about his being on leave, but I don’t know."

Asked if such a development could take place without his knowledge Idoko reiterated he was not aware but pledged to make calls.

Does anyone know when the Ecobank/Sterling merger will be concluded?

nedsly:
we all claim we are christian, but 99 out of 100 couple make love before any form of formal introduction. so lets stop pretending. most of this couples have slept with several mates before the got together,

I remember as a young boy my uncle wanted to marry a lady I didn't like.I said to myself."I am sure he won't marry her, if she tells him she is not a virgin".

They eventually got married-I guess she must have been a virgin.

Marriage appears to be a big accomplishment for most ladies,sometimes at the expense of happiness.Seriously if this guy makes you happy and yu love him,I will rather you sit with him and discuss realistically the prospects of your future together.Does he have some skills he can apply,is he educated,things like that.You don't need a house to be married.I agree you need a job but definately not a house.The wedding does not have to be grand.

I remember my some years ago,a man told us how when he married his wife they were so poor and he was still in school struggling.His wife stood by him.This man is now a SAN and was a former minister.He refers to his wife as his "rock of inestimable value"

Bigjay01
I will get back to you when I find her.She does not work on Leo Ward,does she?

Both reasons are valid reasons.So my thinking is that you were refused because of your circumstances.That has to change.Now that you are married,try aain and say you want to visit your aunt.It is better to stick to one story.If you are planning on eloping,life is hard in the U.K oooo.Aunty or no Aunty.Many Nigerians are stuck here doing menial jobs(some don't even have jobs), just be warned!

Don't apply with your wife,that might help,

bigjay01:
na waaa ooo, small small

she de with Lambeth hosp.

I am in Maudsley.But I dey do locums for Lambeth sometimes.I will start asking all the females there(excluding the patients) if they know Bigjay01

Hi Bigjay
What is your missus name?I work with SLAM!