₦airaland Forum

Does anyone know the right CSCS telephone contact number?
I have been trying since I woke up.I need to reverse the sale of some of my shares.
I am trying the numbers on their website and they are all ringing out.No one is picking.I sent them emails and they all bounced!
Is there any other way I can contact them?

My broker,specifically Cashcraft sold my stocks without my consent.I asked for it to be sold on Monday and by wednesday when they had not sold it,I called my broker and asked them not to sell again.I followed this up with a text and email.I received a trade alert on Friday that the shares had been sold at a loss.

What can I do to reverse this sale.I tire for Cashcraft.First they put me in debt by buying shares I didn't ask them to.Now they sell shares I didn't ask them to.

Is sending an email to CSCS enough to reverse the sale.As I understand this is the reason why we have trade alerts.So brokers cannot sell your shares.HAs this happened to anyone before?How did they deal with it.

I can't wait to get all my money out of cashcraft.It remains the worst broker in the Universe.Cashcraft was definately created by the devil.

Transcorp is dead!
Even their hotel made a loss during the festive season.
I won't be bothering with it.Good luck guys.

It is one thing to list shares on the NSE and another to be able to trade the shares.

When I stared following this thread,CICO used to be for 6 weeks.Now I can think it is one week,max two weeks.6 weeks na short-medium term investment.

I bought Equity at 2 naira at the end of November,I can't imagine recommending it to someone now at over 5 naira.

Here is the link
http://www.leadershipnigeria.com/product_info.php?products_id=22416

FG Descends On Transcorp, Pentascope

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Stanley Yakubu




To strip Transcorp of majority ownership of NITEL/MTEL
Defrauded Transcorp shareholders drag Ndi Okereke-Onyiuke to EFCC


The last may not have been heard of the dirty deals that were sealed in the communications industry during the eight-year rule of former president, Olusegun Obasanjo, as the federal government is set to initiate a probe to uncover the circumstances surrounding the handing over of the Nigeria Telecommunications Limited (NITEL) and Mobile Telecommunications (MTEL) to cronies of the country’s former leader.

LEADERSHIP WEEKEND can authoritatively reveal that the federal government has concluded plans to set up special panels to investigate the shoddy dealings of both Pentascope and the Transnational Corporation, (TRANSCORP).

But before this is done, it was reliably gathered from presidency sources that any moment from now, Aso Rock will strip TRANSCORP of majority ownership and leave it with only 15%.

President Umaru Musa Yar'Adua, it was further gathered, is particularly interested in knowing how TRANSCORP managed to acquire NITEL/MTEL's majority shares as it was clear to all that due process was not followed in the privatisation exercise.

When this is done, our reporter learnt, aggrieved ordinary shareholders who feel defrauded by the chairman of TRANSCORP, Dr Ndi Okereke-Onyiuke, who made a lot of easy money from selling shares, leaving them shortchanged in the process, are already getting set to drag her to the Economic and Financial Crimes Commission (EFCC).

Investigating Pentascope, a Dutch firm which was alleged to have looted about N40 billion of NITEL's investment, according to a source, would bring some sort of relief to many Nigerians, who are now at the receiving end of the dubious transaction.

The Nigerian government had to relieve Pentascope of its services within a short period, following the wise counsel of an influential group within the National Council on Privatisation (NCP). Pentascope, appointed NITEL's contract managers less than two years before that time, was attacked by Atiku Abubakar, the then vice president and chairman, National Council on Privatisation (NCP), for its inability to turn NITEL's fortunes around, as anticipated.

The former vice president's strident criticism capped a series of attacks against the Rein Zwolsman-led management team.

Incidentally, it was the NCP with Abubakar as chairman that approved the appointment of Pentascope, in spite of the disapproval of some highly vocal critics that the Dutch company did not meet the prescribed requirements for managing NITEL.

Under the guidelines spelt out by privatisation midwife, the Bureau for Public Enterprises (BPE), a management consultant must have had experience in managing a network of one million lines and must have a successful track record of growing networks in a developing country. Pentascope had no such experience.

On the other hand, TRANSCORP, a conglomerate owned by Obasanjo and his associates, having investments in hotel, power and other undertakings, had acquired majority shares of NITEL/MTEL companies, re-slated it for sale.

960 million units multiplied by 5 naira=1.8 billion naira!

UP AIT!

Risky,
I been like blueband well well as pickin.
I go find blueband company invest in.no worry!

dbenz
I sent a letter to SEC today.
I copied it to FBN MD and First Registrars GM and the branch I bought the shares from.They should be with their copies by today.
I specifically asked SEC to list my case for hearing on an APC.

Hopefully this should move things.If by the end of the month inever hear anything from SEC then na Securities Tribunal I go file my case.Na almost my life savings I take buy FBN shares

Please what is the capital to open an account with LEAD Capital?Is Zenith Securites good?I need a broker that accepts orders online.

I was just going to ask if anyone had received a trade alert sms today.Just spoke to my broker now and they could not get me one of the most liquid stocks.I tire for brokers.

I tire no be small.Uptill now I am yet to receive my return money for FBN,can you imagine?Headache wan kill me.E b like person go soon find something else do.

Mr. Risky:
What is driving

Evans Medical?
Tripple Gee?
NCR?
Neimeth (Good result though)
Berger Paints?
University Press?
Adswitch?
Afprint?

The list is endless

Na dey same driver wey dey drive AFROIL,CAPOIL,IPWA and BIGTREAT!

zomike:
DEAP CAPITAL is one of the quoted companies on the Nigerian Stock Exchange.
A stock is said to be on STRONG BID when number of buyers strongly out-weighs number of sellers and its said to be on STRONG OFFER when the reverse is the case.
I hope i have answered on behalf of Blueband




kauskey you do well as you answer that guy with love.
some people just dey operate the forum like say na for them only.if the guy know wetin e bi
i sure say him for no ask.
please lets have it behind our mind say so many people are new to this stock issue,if someone ask a question it is better not to say anything instead of shuting the person down.
me i don ask question so tey some people shut me down,another person politely ask me to go and think for myself.
now i feel intimidated and all i do is DUBB.
ANYWAY ,WINDY WAS TOO MUCH YESTERDAY NIGHT
NAPOLEON ,I WANT TO BE BOLD LIKE YOU.THE GUY SABiiii.
all the same you guys  are great ,i admire your brain
keep jisting while i dubb at the background
CHEERS!!!

Hmmmm, wetin you mean by Windy was too much yesterday night?e b like other things dey happen for this forum ooooo!

buzzgonz
The question has been answered.Abeg make we no laugh anyone here o.We are all learning!

Meanwhile buzzgonz wetin I go buy this year?Pary for me too

Mr Risky,
I have had an order for DEAP CAPITAL since monday via cashcraft dem never still fit execute am.I hear it is on a strong bid!

Marco74,
No be only you don tire for psych work for oyinbo land.If we focus on drug and substance abuse we might make a killing.And above all,it is how you run your hospital that attracts the clients.In Nigeria doctors run hospitals as if it is not a business!

AKTOPGUN,
I am game!

I ahve been thinking about it for sometime now.
Looking at establishing a clinic in green area,with lush garden,gym,sporting facilities and at the same time incoporating community care into it, to cater for highbrow psych patients(na dem get money to pay).

I remeber when i did my psychiatry posting as a medical student in Nigeria.60 percent of the fee paying drug induced psychotic patients were children of generals and the rich.There is a market out there for us to nip into.

Lets stay in touch.Email me at bluebanduk@yahoo.com

I can see Linkage Assurance has dropped below 5 naira from a price of 6.28kobo last week.Profit takers?

Is this the time to enter for a quick CICO?

Come home and estabilish himself?How many mad people dey pay for treatment for Naija?

The magu magu for NSE toomuch.Imagine dead UNTL price still dey go Miduguri.If SEC does not restore confidence in the market there might bo no NSE to even trade on very soon.It;s Bigtreat that worries me.A bread company!This chinesse people no go kill us.

What we can do is either float a company as it is and get a licensed broker.Or we take over a moribound stockbroking firm.I think taking over a moribound stock broking firm will be easier.We can always employ licensed stockbrokers.Dem full naija wey no get jobs .At the moment I think capital for stockbroking firms is 100 million.From 2009 it becomes 1 billion.

How much does it take to open a stockbroking firm now.Before they recapitalise.Does the whole procedure take upto 3 months?

I think it is high some of us came together and floated our won stockbroking firm.I believe with all we have observed we will offer good services!

I am game.Anyone else?

debenzd:
I also use them as one of my brokers. YOu hit the nail right on the head. Sometimes, I think they are just overwhelmed

What did they expect? Nigerians a picking up on the stock trading game and it is time they woke up!

How easy is it for you to place and cancel orders?

Can someone introduce me to small broker?

I use Futureview and cashcraft ,Cashcrat has never been good.NEVER!To get my money out is trouble.I have sent someone to their office 3 times to issue me a cheque so I can leave them.It is come tomorrow they keep tellling him.

Futureview used to be good with my former marketer,now it is crap.
Is there any broker out there that someone can go to and be rest assured he will at least get feedback when his shares are not sold?Or sold?

How do you cancel orders with cashcraft?There is nowhere to do so on their website

The Federal Government has started a search for new investors for NITEL and its mobile subsidiary, Mtel to improve on their dwindling fortunes.

At a meeting with the Transnational Corporation last December, the government made it clear that it was prepared to get another investor to salvage the telecoms companies.

The government said this was to redress the worsening condition of the companies, a year after Transcorp took over their operations.

This decision was contained in a communique at the end of a stakeholders’ meeting, which was made available to the News Agency of Nigeria in Abuja on Monday.

The resolution indicated that both parties agreed to divest a percentage of their equity in the parent company to a new investor.

“There is the need for a new core investor, who is an industry player, with a focus, technical expertise, managerial experience and financial capacity to turn NITEL/Mtel around’’ it stated.

The Federal Government currently owns 49 per cent share in the NITEL, while Transcorp controls 51 per cent after paying N63bn ($500m) in November 2006.

With this resolution, the government is to relinquish 24 per cent of its holding to the new investor and retain 25 per cent for divestment to Nigerians.

“Transcorp is to relinquish a maximum of 27 per cent out of its 51 per cent holding to the new operator/investor in order to make up the 51 per cent needed to give the core investor majority ownership” the resolution said.

NAN gathered that the resolution had been sent to President Umaru Yar’ Adua for approval.

Top ministry officials told NAN that the meeting, held on December 17, 2007, was attended by the Minister of Information and Communication, the Nigeria Communications Commission, Transcorp and the BPE.

Top ministry officials said some investors had already indicated interest in the company.

The officials said the memo to the President entitled, “Re: Unmerited six months tolerance of Transcorp’s sloppy management of NITEL/Mtel,” catalogued about 32 post-acquisition expectations that Transcorp did not meet.

The officials said Transcorp had failed to meet the post-acquisition plan of NITEL/ Mtel, which included the infusion of N8.9bn working capital loan to turn around the company.

Shares' certificates: SEC revokes registrars' licences | Print | E-mail
Written by Omoh Gabriel, Business Editor
Sunday, 10 February 2008
PIQUED by the increasing quantity of unclaimed dividends and sharp practices, delay in shares' certificates dispatch by Registrars in the capital market, the Securities and Exchange Commission (SEC), the apex capital market, regulator has revoked the operating licences of Registrars and ordered all of them in the Capital Market to turn in fresh applications to determine their continued suitability to operate as company registrars in the country.
Registrars found lacking the necessary skills and IT infrastructure to operate in the growing Nigerian Capital Market will be denied registration and booted out of the market.

Disclosing this to Financial Vanguard on Friday, Mr. Lanre Oloyi, Head, Corporate Affairs, Securities and Exchange Commission, speaking on behalf of the Director-General, Mr. Musa Al Faki, said the regulatory body would in the next few weeks set up a committee to look into problems associated with public offers which have generated a lot of controversies in the Nigerian capital market.

He said the body would, among others, look into the problems of multiple applications in public offers, e-allotment among others. According to him, this is to bring the much-needed transparency and accountability into the market.

Mr. Bayo Olugbemi, Chief Registrar, First Registrar Limited, also in an interview with Financial Vanguard had earlier said in the next one or two weeks, SEC would come out with a list of members of a committee that would look into the challenges in the market and come out with possible solutions to the various problems associated with public offers.

Members of the committee, he said, would be drawn from all stakeholders in the Nigerian capital market. According to him, “SEC has been meeting with all stakeholders to see that problems associated with public offers are addressed.”

Company Registrars who are the book keepers of companies in the exchange market have been accused of manipulating the market to their advantage. Services rendered by this arm of the capital market operators are not only shoddy but of very low quality, resulting in high level of unclaimed dividends in Nigeria.

Registrars' sins

Most of the registrars, apart from shoddy services, are located in remote parts of the city. Facilities in their offices are not in line with modern trends, resulting in queues of investors seeking basic information and assistance about their investments.

Following the increasing nauseating behaviour of these registrars, SEC, last week announced far-reaching preliminary measures against companies that unnecessarily delay the issuance of shares' certificates of their public offers and return of surplus monies to investors.

Shares of such companies, SEC said, would be suspended from trading on the floor of the Nigerian Stock Exchange (NSE).

SEC bans preferential allotment

The commission has also banned preferential allotment of shares on public offers and directed that registrars could no longer maintain registers of their related companies with effect from April, this year.
The sanction is to further protect the investing public and guarantee greater confidence in the Nigerian capital market.

, warns companies

SEC warned that any public company found to have violated its rules and regulations relating to the dispatch of shares' certificates and return of surplus monies would have its listed securities suspended indefinitely from trading on the floor of the NSE.

Many of these registrars use flimsy excuses to hold onto shares' certificates especially those on public offer. According to SEC sources, some of the in-house registrars deliberately hold back certificates to allow their principals sell their shares before releasing to the general public their certificates.

Some, it was gathered, allow companies raising funds to allot shares to their preferred persons thus distorting the market trend.

In some of the recently concluded offers, while small investors who ordinarily should be favoured by allotment of shares, had their monies returned while the preferred large volume holders of N250 million had full allotment.

Some of the said companies passed notes around to all such high networth individuals that their applications for shares will receive 100 per cent allotment.

This, it was learnt, irked regulators to come out with strong penalties against future offenders. SEC was not forthcoming as to what will happen to those found culpable in recent times.

According to SEC, “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.”

They say the best predictor to future behaviour is past behaviour.
This is the reason why I am skeptical of buying Sterling before it does another WEMA

http://www.thenigeriabusiness.com/banking113.html

The 2005 merger of five banks- NAL Bank Plc, Magnum Trust Bank Plc, NBM Bank Limited, Indo-Nigerian Bank Limited and Trust Bank of Africa into Sterling Bank Plc, resulted to a loss of almost N4 billion, the bank said in its 2006 annual report.

The Chairman of the bank, Alhaji Sulaiman Baffa in the report made available to the News Agency of Nigeria (NAN) in Lagos on Wednesday said that the decision to confront the merging banks risk asset portfolio was to enable the product of the merger, Sterling Bank Plc to start afresh. He explained that the consolidation exercise and harmonisation of depreciation policies of the banks involved cost the bank huge sums which he said exerted significant negative impact on the bank's performance in 2006.

According to him, the bank cannot recommend dividend payment for the nine month period ended 30th December, 2006 due to the fact that the earnings from the previous year's operation was used to clean up the books of the bank. The bank's profit after tax of N4, 820,558 in 2005 was gulped by the merger induced book-cleaning exercise, Baffa stated. He, however, explained that the clean up would ultimately result in healthy returns to shareholders in the coming years.

The Group Managing Director of Sterling Bank Plc, Mr Babatunde Dabiri told shareholders present at the bank's annual general meeting in Lagos also on Wednesday that all the five banks involved in the merger were guilty of false disclosure.

Dabiri said the amounts disclosed by the five banks known then as Legacy Banks at the merger table were not what they eventually brought.







.

Another site to check stock prices

http://africa.reuters.com/instrument/quote_result.ehtml

This one way dey release Ibori today from Prison I doubt if anybody go see that AIICO buy tomorrow.

easimoni:
LOL! I shouldn't be laughing but it's soooo funny.

If u don't have UBA, buy some. Otherwise, get u some Longman or RT Briscoe.

I dey fear too. Can I call a truce so we can focus on the issues at hand?

Bros,no be joking matter o!Thanks for the recommendations.