₦airaland Forum

An overview of the Asian markets this morning. BTW, crude has bottomed out at 63+usd.

Cc. RabbiDoracle & others

Ps: hope hunters were able to load their fill out

US Debt is US$ 20.5 Trillion. This does not include obligations to Fannie Mae and Freddie Mac, Guaranteed obligations, Unfunded obligations like Medicare, Medicaid and Social Security. The year to year additional debt is close to US$ 1.00 Trillion. The new 20% tax cut, to cost the US $1.5 Trillion. So, to fund all this interest rates will have to go up & interest on the Us debt will be the fastest growing part of the federal budget...by far. And as the economic recovery gets into top gear people who were earlier hesitant to spend will gain confidence and start to spend more resulting in inflation…. So….

So the Fed is going to have to raise interest rates.

We all know what happens to the stock market when we have higher interest rates.

Of course my entire hypothesis may be wrong in the short to medium to term, and if market drops alarmingly the Fed may not increase interest rates and simply prime the pump even more to artificially suppress interest rates and hope that inflation will go away, which of course, is only going to postpone the inevitable for a few years.

What do you think...?


This is coming from an investment analyst in the US and I think he is right.


The alarm caused by these few weeks of volatility has already cancelled any interest rate hike. So even if inflation rate goes up on Wednesday, which I doubt will happen, there will be no rate hike this year.


I just pity people panic selling low because of the doomsday prophesies in this forum. Other forums are encouraging their members to buy up all the cheap shares but the reverse is the case on nsempa.

Tom DiChristopher | @tdichristopher
Published 12:14 PM ET Tue, 23 Jan 2018 Updated 5:50 AM ET Wed, 24 Jan 2018 CNBC.com
Saudi Aramco CEO: Company is ready for IPO in second half of 2018



Saudi oil giant Aramco is ready for 2018 IPO, but waiting for OK from government, CEO says

Saudi Aramco is ready for its hotly anticipated public share offering in the second half of 2018, Aramco President and CEO Amin Nasser tells CNBC.
Nasser says the timing of the IPO is in the hands of Aramco's sole shareholder, the Saudi government.
The government has yet to determine where shares of Aramco will be listed.



Saudi Aramco, the world's largest energy company, is fully prepared for a hotly anticipated public share offering in the second half of 2018, says Aramco president and CEO Amin Nasser.

It is just waiting for one thing, says Nasser. The green light from its sole shareholder: the Saudi government.

"In terms of readiness, we are ready. As we always said, the company by the second half of 2018 will be ready," Nasser told CNBC in an interview with Andrew Ross Sorkin from the World Economic Forum in Davos, Switzerland.

The sale of roughly 5 percent of Aramco is expected to value the company at $1 to $2 trillion, making it the largest initial public offering ever. The IPO is the cornerstone of Crown Prince Mohammed bin Salman's plan to create the world's largest sovereign wealth fund and diversify Saudi Arabia's oil-dependent economy.

But rumors about delays to the share sale have long swirled, fueled by the slow drip of information on key aspects of the IPO, including where the shares will be listed.

"It is all depending on the shareholder's decisions where to list because we need to coordinate with the other markets when the decision is made," Nasser said.

"So from our side as a company, we are ready by the second half of this year, and the rest is on the shareholder's hands," he said.

Asked whether that means the Saudi government is not ready for the IPO, Nasser said it's not about being ready.

"It's about evaluating all the information that is being passed to the government in terms of different markets that we have in terms of listed venues, whether it is in the UK, or New York or Hong Kong or other markets," he said.

"They are taking their time, rightfully so, to decide which market to list on, and when the decision is made, the company is ready to march."

Nasser said Aramco still plans to list shares on at least one foreign stock exchange, despite reports that it may only trade on Saudi Arabia's Tadawul exchange.

The IPO is complicated because Aramco underwrites the finances of the kingdom. Investors have wondered how much light the Saudi government will shed on its oil reserves and the future viability of its fossil fuels business.

There are also questions about how Saudi Arabia will balance the national priorities and social welfare spending, funded by oil revenues, with Aramco's duty to shareholders as a public company.

Nasser told CNBC in an interview last year he believes the priorities of the Saudi government and Aramco's future shareholders will be in alignment.

Programming note: More of Andrew Ross Sorkin's interview with Amin Nasser will air Wednesday morning on "Squawk Box."

https://www.cnbc.com/2018/01/23/saudi-aramco-is-ready-to-ipo-but-waiting-for-government-ok-says-ceo.html


Saudi Govt already valued this company at 2trillion USD based on January prices and someone here thinks Saudi Arabia won't endure some months of cuts to ensure this deal is successful.

What do I know sef

Toluway:
Welldon fxuser, and may God bless your efforts and wisdom. Your chat is heroic doubly timely.



Aside: It takes a hell of courage to express your opinion in the midst of a very powerful oligarchy, who will cough and attract 12 likes



42likes

Rabbidoracle, Agbalowomeri, Currentprice, mendes.

Una stone don show

Agbalowomeri:
I like correlations alot
This February candle had better turn green else it's not good
Observe every long-bodied green bar followed by a red bar points to something thereafter.
Ideally, should be followed by at least another short green bar

Oga na so you dey fear? So you didn't have any fundamental research backing up your earlier claims of NSE breaking 65,000.

I'm really learning fast in this NSEMPA.

rationalmind:
I hope that feb candle will not turn out like the one that started in June/July 2016 cos their starting sizes are somehow similar

Wish one can trade these indexes themselves, looks safer and less volatile.

Continue hoping for the worst. It will surely happen to your portfolio soon.

The way this man campaigned in mole buses, promising heaven and earth, and looking so masses-inclined added to the confidence that made me vote Buhari. But now I know better.

Can't wait to vote them out.

fear/fɪə/
noun

an unpleasant emotion caused by the threat of danger, pain, or harm.

verb

be afraid of (someone or something) as likely to be dangerous, painful, or harmful:

THAT HAS NOT HAPPENED YET AND THAT MIGHT NOT HAPPEN.

godlyguy:
I bailed out 50% of my FBN few days ago @#13.70... I bought @#3.05+. I still have the remaining 50% in case they enter #15. This market is both technical and fundamental... You can't predict THE ELEPHANT always...

THE BIG SMART GUY

The bear lies

Agbalowomeri:
I am hoping it's not some of the foreign investors that were pulling out of access with unending supply

It's them . Unfortunately, it will rally without their input as stanbic as mopped up everything they dropped. For beneficial owners

Access bank release result oooooooooooooooooooooooooooooooo

godlyguy:
Is that a wishful statement? This market might not recover from the losses except for very few selected stocks

THE BIG SMART GUY

Just watch and see

The market has bottomed out. We will see a reversal of the market from tomorrow/Monday.

Source: Ichimoku Kumo Three White Soldiers Guts

jinnyz:
@ Fuxer whats the chart saying about Access bank, is it a buy, hold , sell?

A sell.

RabbiDoracle:
The haters dem don give me e-sickness.

Texting you from the clinic.

I don keep my mouth shut permanently. Whether bull or bear, e no concern me.

Brother oracle. you are going no where o. This discuss is healthy for the market and this forum. Don't take any comments here personal please.

The Bulls make money, the bears make money, only the pigs gets slaughtered

veecovee:
but we here are not deaf pls! You people were praying for bull ... Why all these

It's normal. They need to buy low.

But not from me.

One thing I learnt from studying stock options is that for every gain gotten by somebody in the market, somebody somewhere will make a loss.

In order to continue making gain, that person has to continually make loss. I.e, the person will buy high and sell low repeatedly.

I have chosen not to be that person. If I buy high and price drops, I forget about it. It's painful buy I won't give the previous gainer an opportunity to gain twice on my head. NEVER

RabbiDoracle:
Dow will end Red.

It may fall by 2,000 points.

And it wholeheartedly proved you guys wrong. Pullback will come but not this month or next month.

Nobody is shouting again o. Dji is in positive and recovering very fast. All dooms day hunters don quiet

currentprice:
you can take the position bro or be my assistant so that if i am not around you can show the villagers all the monkey in the cage and convince them to buy all with the promise that when i arrive i will buy back from them with double amount

The Man and the Monkeys: A Wall Street Fable


Once upon a time in a village a man appeared and announced to the villagers that he would buy monkeys for $10 each.

The villagers knew that there were many monkeys in their forest. They left their farms on the plains and went into the forest to catch them. The man bought thousands at $10.

As the supply of monkeys started to diminish the villagers stopped looking. Finding and catching monkeys was soon no longer worth the effort for $10. They started to return to their farms to plant the spring crop.

The man then announced that he would buy monkeys for $20 each. This new higher price renewed the effort of the villagers and they headed back into the forest to find and catch monkeys again to sell.

When the monkey supply diminished even further that summer and the people started to return to their farms, worried they had not made enough money selling monkeys to buy all the food they needed but had not planted any crops yet either, the man raised the price he’d pay for monkeys to $25 each. The hunt was on again.

Soon the supply of monkeys became so small that a villager didn’t see a monkey in a day of hunting let alone catch one. Even at $25 each the effort was not profitable so the villagers finally headed back to their farms that fall. After nine month’s absence from their farms they knew the time had passed to produce enough food for the coming winter, but at least now they had enough money from selling monkeys to buy food to eat.

But the man wasn’t finished. He announced that he would buy monkeys for $50 each! The villagers became very excited. He also explained that he had to go to the city on business and that his assistant was to stay behind to buy monkeys on his behalf.

As soon as the man left the assistant told the villagers, “So you think you have made a lot of money selling monkeys, don’t you? But do you want to really get rich?”

“Yes, yes!” said the villagers.

The man’s assistant went on. “I have a gigantic, enormous cage filled with monkeys. I will sell them to you for only $35 each and when the man returns from the city you can sell them to him for $50 each and make a fat profit. You don’t even have to work to find monkeys at all. Then you can not only buy all the food you need for this winter you call all buy flat panel TVs, too.”

The villagers were thrilled. They collected all of their savings together and bought all the monkeys in the assistant’s cage then awaited the man’s return.

They never saw the man nor his assistant again. All the monkeys that were once in the woods were now in the village. All of the villager’s savings were gone.

Waiting for Oando Forensic Audit

The Indian branch of PriceWaterhouseCoopers (PwC) has been banned for two years, effective 31st March 2018, by the Indian Securities and Exchange Commission, the apex regulator of the Indian capital market.

According to reports, the ban was as a result of the fraud committed by Satyam Computers in 2009 in which the shareholders of the company lost more than $2billion. This is believed to be the biggest fraud at a listed company. It created a major shock in the Indian IT industry, one of the biggest in the global IT industry.

Price Waterhouse, the Indian arm, PW Bangalore were Satyams auditors during the period and Byrraju Ramalinga Raju, the former Chairman and GMD of Satyam Computers Services, admitted to embezzlement of the company’s funds to the tune of about US$2.5billion. He was convicted of fraud in 2015.

Recall that the Nigerian arm of PwC were also the auditors of Oando Plc from 2004 to October 2014, 10 years before Ernst and Young were appointed.

Based on the receipt of petitions from some shareholders of Oando, alleging financial mismanagement and corporate governance issues by the top management of Oando, the Securities and Exchange Commission (SEC) of Nigeria conducted an investigation last year.

The report of the SEC investigation identified gross insider dealings, misstatements in the 2013 and 2014 audited financial statements of the company, related party transactions and other unwholesome practices. This necessitated placing the company’s shares on technical suspension at the Nigerian Stock Exchange (NSE) and constituting an independent team of professionals to carry out a forensic audit of the company’s activities. The financial infractions included suspicious related party transactions with directors and interests of directors of Oando plc.

Oando Plc’s annual accounts threw up disclosures that revealed that the company engaged in a web of related party transactions, which ran into several billions of naira annually. These transactions raised concerns about issues of conflict of interests which was heightened by the fact that the Group Managing Director (GMD), Adewale Jibrin Tinubu, featured prominently in several of the transactions.

In fact, there are over twenty five (25) related identified party’s transactions and below are six transactions that clearly stand out between a period of 4 years (2012 to 2016), where Oando, within 2012 to 2016, paid approximately N300 billion to Tinubu or companies related to him. These are summarized thus:

i. Acquisition of 100% of the share capital of Churchill Finance C300-0462 Limited from the Managing Director

On 29th November 2012, Oando Plc acquired 100% of the share capital of Churchill Finance Limited (a company incorporated in Bermuda). Churchill’s sole shareholder was the GMD of Oando Plc, Adewale Tinubu, and its main asset was a Bombardier Challenger 300 aircraft. Oando Plc recognized goodwill from acquisition in the sum of N2.34 billion from this transaction, on the date of acquisition (29 November 2012).

The goodwill from the acquisition represented the excess of the “purchase consideration” over the total value of the assets and liabilities of Churchill Finance Limited and 32 days after the acquisition (as at year ended December 31, 2012), Oando Plc recognized an impairment loss of N1.23 billion on the capitalized goodwill on acquisition of Churchill. The act of acquiring an asset (the aircraft) from the GMD of the Company (Adewale Tinubu) and 32 days later recognizing a loss in value of the asset raises serious conflict of interest issues and points to a failure of governance structures and internal control. As it would appear that the asset may not have been worth the value attached to it ab initio.

Further impairment losses of N838 million and N493 million on goodwill from acquisition of Churchill were recognized in Oando’s accounts for the years 2013 and 2014 respectively.Impairment normally occurs when there is a sudden and large decline in the fair value of an asset below its carrying amount and the impairment write-down carried out by the company from 2012 to 2016 amounted to approximately N202.7 billion.

ii. Payments to Triton Aviation Ltd, a company incorporated in Nigeria whose sole shareholder was Adewale Tinubu. Triton was paid the sums of N921.8 million, N409 million, N656 million and N8.3 million respectively for 5 years between the years 2012 to 2016 amounting to a total of N2.83 billion.

iii. Brol Properties Ltd owned by Adewale Tinubu provided facility management services to Oando Plc at a total cost of about N572.1 million within a period of five (5) years.

iv. TSL Logistics Ltd controlled by the same Adewale Tinubu was engaged by Oando Plc to supply products and services and was paid the sum of N67.03 Billion within a period of five (5) years. Noxie Ltd controlled by Adewale Tinubu also supplied various office equipment at a total cost of N10.2 Billion between 2012 and 2016.

v. Lagoon Waters Ltd owned by Adewale Tinubu supplied petroleum products to the company worth N9.6 Billion within a period of five years.

vi. There is also the case of suspicious Insider Trading in the Shares of Oando Plc by the Company’s Directors/Insiders. Ocean and Oil Development Partners (OODP), a major shareholder in Oando Plc, sold a total of 1.210 billion units of Oando Plc ordinary shares worth N21.455 billion at the Nigeria Stock Exchange (NSE) in six (6) deals out of a total turnover of 2.406 billion (valued at N38.756 billion in 43,374 deals) recorded between the beginning of the year and the date of release of the 2014 results of the company in October 2015. This represented 20.29 percent of the total volume sold and 55.35 percent of the total value sold within the period under review. It is instructive to note that all the six (6) deals executed by OODP (owned and controlled by directors of Oando Plc) in 2015 were executed before the result for 2014 (which revealed a loss in excess of N180 Billion) was released to the market. The manner in which the transactions were structured and executed would suggest that either the Directors of Oando Plc deliberately delayed or took advantage of the delay in release of the company’s 2014 results to dispose of some of their shareholdings, by virtue of the fact that, they were insiders and in possession of material price sensitive non-public information.

Going Concern Threat

The annual reports of Oando Plc (listed in Nigeria and South Africa) were compared with the annual reports of its major subsidiary, OER, listed in Canada. The Board and Management of OER within the financial years of 2012 and 2015 had consistently disclosed in the audited annual reports, the existence of material threats to OER’s going concern status due to negative working capital and high indebtedness.

This was not the case with Oando Plc, as its management avoided reporting any threat to the company’s going concern status although it also consistently faced the challenge of negative working capital. Even after posting a historic loss for the financial year end December 31st, 2014, the directors of Oando Plc did not express concern about the impact of the loss on its future operations.

It was only in 2015 and 2016 that the company acknowledged the fact that it’s going concern status was threatened.

In the report of the Independent Auditors of Oando Plc in its 2016 Annual Reports and Accounts, Ernst & Young stated as follows: “The Group reported a comprehensive income of ₦112.4 billion for the year ended 31 December 2016 (2015: loss ₦37 billion) and as that date, its current liability exceeded current assets by ₦263.8 billion (2015: N260 billion).”

As stated in the note to the Accounts, these conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the company (and Group’s) ability to continue as a going concern. Our opinion is not modified in respect of this matter”.

Going Concern is the assumption that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives and so on. The auditors of Oando are therefore of the opinion that the company’s continued survival for at least one year is threatened.

And in a situation where the auditors of a company have expressed their concern on the going status of a company, it means there is a threat of liquidation of such an entity such that its goodwill value is gone, worth of any tangible assets is tied to liquidation, and debts are due and must be paid in full immediately.

Conclusion

Despite the above listed allegations of financial mismanagement and corporate governance lapses by Oando Plc and the fact that stakeholders are anxiously awaiting the outcome of the forensic audit of the embattled oil firm, it is worrisome that the forensic auditors are yet to commence their work. Insider sources have confirmed that the cost of conducting the audit, put at N160.0 million, had since been approved by the Board of the Capital Market Development Fund (CMDF. In addition, the Federal High Court has ruled that Oando should approach the Investment and Securities Tribunal because the court has no jurisdiction to hear the matter. Although Oando has appealed the decision at the Court of Appeal, the matter is yet to be heard thus there is no order restraining the conduct of the forensic audit.

Concerned stakeholders in the Nigerian capital market are of the view that the management of Oando Nigeria Plc led Adewale Tinubu must step aside to allow for the unhindered forensic audit into the weighty allegations against the company. If the company truly does not have a hidden agenda and has complied responsibly within the provisions of the laws of the land, it should allow its books to be looked into. They stated that Oando Plc is a publicly listed company with almost Three Hundred Thousand (300,000) shareholders who have the right to know the current financial status of their company.

The forensic audit is the most objective and viable option to protect minority shareholders in the company. The forensic audit will also highlight the quality of performance of PwC Nigeria in the auditing of the accounts of Oando Plc. Has Oando Plc become the Nigerian Satyam Computers Services and Adewale Jibrin Tinubu the Nigerian Byrraju Ramalinga Raju?

Indeed, will the acting DG of the Nigerian Securities and Exchange Commission (SEC), Dr. Abdul Kemi Zubairon, ensure that this audit is conducted? Just how soon can this it be conducted?

BASHIR IBRAHIM HASSAN

This content is for Standard & Premium Digital Subscribers only.

https://www.businessdayonline.com/waiting-oando-forensic-audit/

fxuser:
Price Action
- higher openings up and dan
- another do nothing week, wait till friday close

#SittingTight

Thanks for the advice on FBNH. Was almost loosing patience but I'm reassured now.

Manonamission:
Continue

The guy carry NB for head like gala. Market must sell

Masters in the house. I greet you all.

Given the recovery into positive accumulated profit of DF and the huge expectations we all have of dividend or bonus, do you think the price will suffer if no dividend or bonus is declared?

Cc: emmanuelewumi
RabbiDoracle
currentprice

Yayira:
To you everybody lacks "basic knowledge" of one thing or the other.. welldone

Thought I was the only one that noticed. The guy writes like a pained woman whenever you criticize a stock he is still holding, yet monkey hunts those that has no value and will sell to newbies without WISDOM

Chibuking81:
Both FCMB and first bank has good futures.
FCMB recently acquired LEGACY pension fund, that is in charge of most civil servants pension.
https://www.vanguardngr.com/2017/11/fcmb-group-completes-88-2-acquisition-legacy-pension-managers/
And the really has good forward looking statement not like Oando , CSL stockbroker is also one of the subsidiary of FCMB. Am seen them, in the nearest future standing tall in their group ( FCMB, fidelity and Diamond bank)
FBNH is growing fast, when compared with their recent EPS

Anyway, my focus now is on Access bank, because they will be the one to declare dividend this year, among the banking stocks.

Don't mind that guy. He is your adequate definition of 'follow-follow'. Just gain his trust, and sell him any stock. He will help you spread the message even if he doesn't understand it.

V

fxuser:
lolx
d forex challenge dat hit all d FCMG's is longer no more .. FA's in d hse will help us with FYE later on
dis one wey CBN de maximize current situation on debt swaps / balance sheet restructuring / Window dressing books.. (same noni)
dis our country na turn by turn .. banks had their turn , fcmg's turn is loading . they will see significant finance cost changes going fwd
all dem non banks are wud hav sent love letters to banks to renegotiate their loan rates else they re-issue new debt at lower levels to refinance debt and be be lo
interesting yr ahead

wetin i sabi

You are correct boss. It's happening already

OANDO: 5 key posers arising from Emir Sanusi’s ‘peace deal’ with Tinubu, Mangal


On Monday, Oando Plc announced that one of its key shareholders, Dahiru Mangal, has withdrawn his petition to the Securities and Exchange Commission (SEC), following a ‘peace deal’ with the oil firm’s chief executive officer, Wale Tinubu.
Mr. Mangal, a shareholder of the company, had in 2017 petitioned the SEC accusing management of the oil firm of gross misconduct.
The petition, together with another from Ansbury Plc, prompted the regulatory agency to suspend the shares of the company on the Nigerian bourse and, consequently, the Johannesburg Stock Exchange.
SEC also ordered a forensic audit into the operations of the indigenous oil firm.
But in a notice posted to the Nigerian bourse on Monday, the oil firm said a ‘peace deal’ had been arrived at between Mr. Mangal and Mr. Tinubu following the intervention of the Emir of Kano, Muhammadu Sanusi.
The notice said the company has been officially notified by Mr. Mangal that he is a substantial shareholder in the Company.
“In accordance with the Companies and Allied Matters Act, Cap. C20 LFN 2004 (‘CAMA’) an individual or entity with direct / beneficial share ownership over 10% constitutes a substantial shareholder in the Company,” the notice said.
“In addition to confirming his status as a substantial shareholder, all the issues raised by Alhaji Mangal in his petition to the Securities and Exchange Commission (‘SEC’) have been successfully addressed and clarified by the Company.”
On his part, Mr. Mangal was quoted to have withdrawn his petition to the SEC, saying he had agreed to the peace accord.

The development signaled what appears an end to the lingering crisis rocking the oil firm. But more importantly, it has also put in doubt the possibility of a proposed forensic audit of the company by SEC.
PREMIUM TIMES highlights five key issues that perhaps remain unresolved from the crisis.

1. The petition by Ansbury Incorporated
Apart from Mr. Mangal, the other petition received by SEC originated from Ansbury Incorporated, owned by Gabriele Volpi, an Italian born Nigerian businessman.
In his claim, Mr. Volpi said he owned 61.9 per cent equity in the company, making both him and Mr. Mangal owners of nearly 70 per cent of Oando shares, sufficient to make them majority shareholders.
Mr. Volpi, said to have links with Intels West Africa Limited, the oil and gas logistics company, said he invested about $700 million in 2012 as a joint owner of Ocean and Oil Development Partners, OODP, the largest shareholder in Oando.
Besides, he said he contributed equity investment through OODP as the holding company in the British Virgin Islands, to facilitate Oando’s acquisition of ConocoPhillips Nigeria assets in 2014.
The Italian, who said he accounted for $900 million out of the total $1.5 billion for the deal, accused Mr. Tinubu, and his deputy, Mr. Boyo, of financial mismanagement.
On October 18, 2017 when SEC released a statement on a proposed plan to conduct a forensic audit on the operations of Oando Plc, the regulator announced that it received TWO petitions and made startling discoveries after it carried out comprehensive review of the petitions.
Now that the company says Mr. Mangal’s petition has been withdrawn, what happens to SEC’s findings with regard to Mr. Volpi’s Andsbury Incorporated’s petition?

2. Oando’s allegation against Mangal
In its response to the petition by Mr. Mangal and Ansbury Incorporated, Oando Plc accused SEC of ignoring wrongful conducts by Mr. Mangal.
In a press release dated December 15, 2017, the oil firm specifically accused Mr. Mangal of acquiring his shareholding interest by contravening market rules.
“The SEC ignored the wrong doing and illegal conduct of Alhaji Dahiru Mangal in not disclosing his full shareholding interest in the Company, a proportion of which was acquired as a result of market manipulation and Insider Trading activities,” the company said in the statement signed by Alero Balogun, its public relations officer.
With the new ‘peace deal’ signed by both parties, has Mr. Mangal become immune to investigations over alleged manipulation of market rules, as earlier stated by Oando?

3. Investors and Minority shareholders’ concern
In September, shareholders of the oil firm protested against the management of the oil firm in Uyo, Akwa Ibom state during the company’s Annual General Meeting.
The aggrieved shareholders accused Mr. Tinubu of gross misconduct and raised concerns over the going concern of the oil firm.
They specifically demanded the resignation of the company’s CEO.
In October, the Nigerian bourse suspended the company and prompted the JSE to suspend its shares too.
In its notice to the Nigerian bourse Monday, the oil firm promised that subject to the provisions of the SEC Code, Companies and Allied Matters Act (‘CAMA’) and Oando’s Board Appointment Process, Oando’s Board of Directors will consider the appointment of a representative of Mr. Mangal to the Board.
Mr. Mangal was also quoted to have said that: “I am confident in the Company’s leadership team and trust that with the right support it will continue to grow from strength to strength, returning real value to all its shareholders including my good self.’’
But it remains to be seen how the ‘peace pact’ would address the concern of aggrieved minority shareholders, especially if the audit is stalled.

4. House of Representatives’ intervention
In September, the House of Representatives Committee on Capital Market and other Institutions asked the Securities and Exchange Commission, and Oando Plc to resolve all issues regarding the alleged N799 billion stakeholders’ liabilities with the oil firm.
At the House committee meeting where officials of the two organisations, along with some aggrieved shareholders of the oil company met, the committee members led by its deputy chairman, Tony Nwulu, lamented incessant losses of Oando plc shareholding value, which they said currently stood at N159 billion.
At the meeting, President, Rennaisance Stakeholders Association of Nigeria Incorporated, Olufemi Timothy, who led the angry shareholders to the National Assembly, accused the regulators, including SEC and Financial Reporting Council of Nigeria, FRCN, of being complacent in the discharge of their constitutional mandates, and called for an independent probe of the accounts of the company.
He alleged that the company has not been paying dividends to shareholders since 2013 financial year, adding that the “external auditor’s report indicated ‘strong doubtful going concern’ over the Group’s annual financial statement.”
In handing down the resolution, Mr. Nwulu assured that the committee would not relent in ensuring a peaceful resolution of all disagreements involving the complicity of SEC in the alleged shareholders’ losses.
But on Tuesday, after the ‘peace deal’ was announced, some of the shareholders cried out over what they described as attempts to bury the entire issue.
“The House of Representatives has issued a clear directive to SEC to investigate these infractions,” the shareholders, speaking under the aegis of Oando Shareholders’ Solidarity Group, OSSG, said in a statement on Tuesday.
“The Minister of Finance, Mrs. Kemi Adeosun, in exonerating herself from attempts to stall the forensic audit, has also stated that the Oando management has a case to answer with regards to infractions of the ISA 2007.
“We hereby call on Emir Muhammadu Sanusi not to interfere in the legitimate process of instilling sanity in Oando and in the capital market. When he meted out severe disciplinary measures against some bank CEOs in the banking industry during his tenure as Central Bank of Nigeria governor in 2009, no one interfered with his job,” the shareholders said.

5. The Gwarzo-Adeosun tango
The Director General of the SEC when the petitions were submitted, Munir Gwarzo, was in December suspended by the Minister of Finance, Kemi Adeosun on alleged gross misconduct.
Suspended alongside Mr. Gwarzo were two officials of the regulatory commission, Abdulsalam Habu, Head of Media Division, and Anastasia Braimoh, Head of Legal Department.
The finance ministry in the statement signed by Patricia Deworitshe, Deputy Director, Press, announced that the officials were suspended based on corruption allegations against them.
Mr. Gwarzo had alleged that Mrs. Adeosun had asked him to step down the investigation, and instead level a fine on the company while the minister in her response, accused Mr. Gwarzo of attempting to blackmail her.
But PREMIUM TIMES has since learnt that the former SEC director general was fired by the finance ministry to thwart the audit.
Earlier, Oando had alleged on several occasions that all actions taken by the Company were predicated on its belief of bias and plack of due process and fairness in the way the SEC, under the leadership and direction of Mr. Gwarzo, carried out the investigation.
The company promptly welcomed the new SEC Director General, Abdul Zubair, when he was appointed.
The new SEC management has yet to go ahead with the audit and for weeks, officials have failed to explain to PREMIUM TIMES why the audit is still on hold.
On Monday, a source at the regulatory body told PREMIUM TIMES that the commission is being restrained to go ahead with the audit due to a court injunction obtained by the oil firm.
But another top source at the regulatory agency hinted that there are strong indications that the forensic audit may never be conducted “due to the caliber of people involved.”

https://www.premiumtimesng.com/business/business-interviews/256623-oando-5-key-posers-arising-emir-sanusis-peace-deal-tinubu-mangal.html

Toluway:
FXUSER, Please which of these stocks can I buy now ?
Dang flour,
Fidelity ,
Access,
First Bank,
and whichever?
Abeg.

Gods-case-no-appeal

Your confusion has no part 2. You are an easy prey for monkey hunters and I see you loosing big money soon if you don't re_strategise your investment methods.

No be insult o

Fxuser

Please what's the chart saying about FBNH. Thinking of buying more on Monday.

Awaiting your reply. My good sir

tiar:
Exuberance like this is what burned people in 2008 and 2009. Most stocks do not have a basis for their current prices. It is a buying frenzy. Once the market starts to retreat (latest end of this month) panic will set in because most people have no logical basis for why to remain in a particular stock based on warnings.

FBN will not make up to N1 (one naira) earnings per share. Don't let your exuberance get you burned. Once the result is out, everyone realizws the stock is now
Expensive and starts to sell and people get stuck. Best wishes

Time will tell. Except you are saying Stanbic , Zenith and Gtb will be punished because their EPS is at the same range.

FBNH
Previous Closing Price 13.76
Today's Opening Price 14.44
Today's Closing Price 14.75
Gain 7.19%
Today's Volume 141,043,829
Today's Value 2,116,407,866.39


CLASSIC

Fbnh will close on bid today.