₦airaland Forum

i heard that ABC trans made lots of profit last year december cos of all the pple that travelled for the xmas and the hike in prices during the festive period. i seriously want to buy oo but i pray my broker can get for me today.

Proshare News and Analysis
AP to raise funds - Placed on Technical Suspension
Posted Wednesday, February 20, 2008
The Nigerian Stock Exchange has today placed the price of African Petroleum Plc on technical suspension following the receipt of an application for offer for subscription of 199,070,721 units at N250 per share and rights issue of 262,929,279 units at N230 per share.



Nestle Nigeria Plc notification of closure and payment dates - Kindly be informed that the closure date for Nestle Nig. Plc is 14th-18th April, 2008 while its payment date is 23rd April 2008.

@ FLAKY

I wonder why u are being so confontational. pumping was simply airing his view and every civilized person knows thats what forums are meant for . Na wa for u sha. u no try at all. Besides, i dont even see anything wrong with what pumping wrote.Pumping, abeg no mind am. U know some people dont know the meaning of forums

@ FLAKY

I wonder why u are being so confontational. pumping was simply airing his view and every civilized person knows thats what forums are meant for . Na wa for u sha. u no try at all. Pumping, abeg no mind am. U know some people dont know the meaning of forums

@ ACL,
Pls can u tell me more about the DCVF private placement. im interested. pls mail me on amaleux at yahoo.com. will appreciate if i get ur reply

The old new i got about globe re last month from www.proshareng.com is thus

Brief history of the company
Globe Reinsurance Plc was one of the five reinsurance firms that played in the pre-consolidation era of the reinsurance sub-sector of the Nigerian economy. The company was incorporated to do business on the 15th May, 1987 as a Private Limited Liability Company. It commenced business on the 1st of January, 1988 with a paid up share capital of N10 million. However, the company was initially licensed to transact all classes of Non-life risk in December, 1989.

Prior to it’s Private Placement which is still hanging in the balance, the company in its placement memorandum had a paid up share capital of a little over N604 million with a shareholders fund of about N1.1 billion, the company is owned 80 percent by five insurance companies; which include AIICO Insurance Plc, Prestige Assurance Plc, Leadway Assurance Company Limited, NICON Insurance and Niger Insurance Plc; while the remaining 20 percent of shares were held by other Nigerian Investors.

Board/Management
The Chairman of the company is Chief Sonny Oyekunle; who had a working career with the UAC of Nigeria Plc and Nigerite Limited; where he served at various times as Company Secretary and Executive Director (ED) before voluntarily retiring in 1988. He is a Fellow of the Chartered Institute of Secretaries and Administration ( London ) with no background in insurance.

Others are Remi Ajomale, the founding and former Managing Director (MD) of the company, he studied Insurance and he is a fellow of the Chartered Insurance Institute of Nigeria (CIIN), we also have Oye Hassan-Odukale; who started his career with Standard Chartered Insurance Brokers and a host of others.

However, Abiola Ekundayo former Deputy Managing Director (DMD) of the company is now the man at the helms of affairs as the MD of Globe Reinsurance Plc. He took over from Fola Daniels; who was the MD of the company until his appointment as the Commissioner in charge of National Insurance Commission (NAICOM).

These investors are still very much active on the board and management of the company.

Current state of Globe Reinsurance Plc
Before this time, there were only five companies registered to do reinsurance business in Nigeria ; these include Continental Reinsurance, Nigeria Reinsurance, African Reinsurance, Universe Reinsurance and Globe Reinsurance Plc.

During the consolidation era, Globe Reinsurance opted to merge with Nigeria Reinsurance in order to meet the minimum capital requirement of N10 billion for players in the reinsurance industry; as directed by the Federal Government (FG) through (NAICOM). Globe Reinsurance in the process of the merger, realized that Nigeria Reinsurance which they had hitherto was to be merged with in order to meet the recapitalization deadline; realized that Nigeria Reinsurance had some problems which they declined to disclose at the onset.

According to Jaiyeola Kate, Assistant General Manager (AGM) Finance of Globe Reinsurance, as at 28th February, 2007, her company actually merged with Nigerian Reinsurance and it was assumed they had made it, “but after this date, we discovered that they do not have what they claimed to have in order to make the consolidation; which was the reason for the placement” she said.

She says the FG through NAICOM has not given Globe Reinsurance the necessary papers “which was exactly what we are working on, the first list is out and the second would soon be out” she said.

Globe reinsurance at this point in time decide to pullout of the merger, thereafter they made a case to NAICOM to be on their own; which culminated into raising fresh funds through Private Placement.

However, the company is still open and doing both local and international businesses. The placement memorandum made available shows that the company is doing business with a number of international brokerage firm which include United African Insurance Brokers, Glanvil Enthoven Reinsurance Brokers Afro-Asian Insurance, Nouvelle Siacre, Pierre le Blanc to mention but a few.

Globe Reinsurance Private Placement and Investors money
Globe Reinsurance Plc in order to meet the minimum capital requirement as directed by regulatory authorities offered to investors by way of Private Placement six billion (6,000,000,000) ordinary shares of 50 Kobo each at 85 Kobo per share, between 29th August, 2006 to September, 2006. Joint issuing houses to the offer were Afribank Nigeria Plc and Tiddo Securities Limited.

According to Jaiyeola, the placement did well by way of oversubscription and they are still in the process of allotment of the shares, all hands are on deck, we are trying to do the necessary things; so that we can communicate with people that put their money in the company” she said, However, unconfirmed sources at Afribank Capital Markets Limited, buttressed Jaiyola’s claim that the offer was oversubscribed. Mamman Bukar, Assistant Manager Capital Markets of Afribank Capital market says investor’s money are safe; “but we are yet to do allotment and we waiting for the Security and Exchange Commission’s (SEC’s) approval” he said.

Jaiyeola earlier disclosed this and was confirmed by Dipo Oparinde, a Manager in the technical department of Globe Reinsurance, “information is power it can make or mar you” he said.

She also disclosed that Globe Reinsurance would soon list on the floor of the Nigerian Stock Exchange (NSE), a claim Oparinde also confirmed and “we urge investors to be calm and if they are not convinced, they should contact our issuing house Afribank” he said. Oparinde says Globe Reinsurance is an existing company that is about to revive its license.

According to him, there are no hide and seek game when people put their money in your custody and want to know how it is doing, “it is a normal phenomenon, the onus rest on you to reassure them that there is no problem” he said. Oparinde says the funds raised during the placement was far above N15 billion or thereabout and it is still with the issuing house Afribank; a claim Jaiyeola earlier made. “We never had access to the money; because it wasn’t meant for us” he said. Though unconfirmed sources at Afribank Capital say over N13 billion was raised.

On the issue of refund of money to those who bought into the placement, Jaiyola says Globe Reinsurance is not refunding any money to its investors, however, at Afribank Capital, the claim from Jaiyola was confirmed that there are no refunds to investors.

Then the question is that with this development from the Re Capitalisation Verification team - what becomes of investors money after all these while? Are the funds trapped or what?

Sola Oni Head Corporate Affairs of NSE was not forthcoming on the issue of Globe Reinsurance, according him, the company is not quoted on the exchange and do not have any information to share concerning what have become of investors money in the company.

While Ajibowo Abiola, a Zonal Head, with the Lagos Zonal Inspectorate of NAICOM, says the FG demanded that all players in the insurance and reinsurance sector are to increase their capital base to N2 billion, N3 billion and N10 billion for those in the life, Non-life and reinsurance sectors of the Nigerian economy respectively and with 28th February, 2007 as deadline.

“As at this date, Globe Reinsurance could not merge or raise capital, so automatically they were not listed as a one of the post-consolidation players in the industry” he said.

According to him, Globe Reinsurance, after 28th February, 2007 went into a private placement; and raised some amount; which according to him is in excess of the required capital.

Ajibowo says SEC is to fight for investors’ money, “Globe Reinsurance did not make the list as at now” he said.

While reacting on Globe Reinsurance still doing business, Ajibowo says the company is not doing new businesses, “they would have to run off the business they had before the conclusion of the recapitalization exercise” he said.

They are not dealing with the public; but with insurance companies, so all I am saying is that a right thinking insurance company would definitely not patronize them, “they are not in business, and they are trying to run-off what is in their register and nobody can force them not to do that” Ajibowo said.

According to Akintunde Asalu, shareholder leader, who do not think highly of Globe Insurance Plc. But, he says investors always have an opportunity to take a chance “and whatever chance they took, it is their business, they must learn to accept consequences” he said.

He says that Globe Reinsurance have a duty to exist, “a lot of insurance money goes outside the country and you need a reinsurance business to track these funds” he said.

On the money trapped at the Escrow account of the Central Bank of Nigeria (CBN), Asalu says in the case of Globe Reinsurance, it is those who scaled the hurdle first that would get their money first and for Globe Reinsurance; maybe a special case has to be made. He debunked the claims by NAICOM that they have released some of the money trapped at the CBN escrow account. “It is not true as at 27th November, 2007, not a kobo has been released to anybody” he said.

“Fola Daniels can influence so many things, but cannot influence what does not exist” he added.

While reacting on Globe Reinsurance claims of still doing business when they have not made the list, Asalu says the law stipulating that a percentage of the business be ceded to them has been waived, “it was waived some four to five years ago” he said.

He says if Globe Reinsurance had goodwill, they would continue to have the patronage of the insurance companies.

Reacting on why Globe Reinsurance is doing business as a Public Liability Company (Plc), Asalu says a company is allowed to be a PLC without been quoted, there are many companies that are PLC without been quoted. “Once your number of shareholders exceeds 49, you transmit into being a PLC; you don’t have to go to the stock market” he said.

However, unconfirmed sources say that First Bank of Nigeria Plc is going to buy 30 percent of the company’s shares and the would soon pay in a cheque of N4 billion on this. Also the unconfirmed source disclosed that two key members of the top brass of the Finance Ministry and some other investors are trying to get a stronghold of the company through their investment in the company and they also intend to take hold of Nigeria Reinsurance.

With all these trends and investors money trapped with Globe Reinsurance Plc, we believe that the real cost of investors money in the company is the loss of trust and market confidence in the processes that guides conduct by certain regulatory authorities. Most disturbing is the obvious lack or disregard for necessary public safety nets by these groups including Mr. Remi
Brief history of the company
Globe Reinsurance Plc was one of the five reinsurance firms that played in the pre-consolidation era of the reinsurance sub-sector of the Nigerian economy. The company was incorporated to do business on the 15th May, 1987 as a Private Limited Liability Company. It commenced business on the 1st of January, 1988 with a paid up share capital of N10 million. However, the company was initially licensed to transact all classes of Non-life risk in December, 1989.

Prior to it’s Private Placement which is still hanging in the balance, the company in its placement memorandum had a paid up share capital of a little over N604 million with a shareholders fund of about N1.1 billion, the company is owned 80 percent by five insurance companies; which include AIICO Insurance Plc, Prestige Assurance Plc, Leadway Assurance Company Limited, NICON Insurance and Niger Insurance Plc; while the remaining 20 percent of shares were held by other Nigerian Investors.

Board/Management
The Chairman of the company is Chief Sonny Oyekunle; who had a working career with the UAC of Nigeria Plc and Nigerite Limited; where he served at various times as Company Secretary and Executive Director (ED) before voluntarily retiring in 1988. He is a Fellow of the Chartered Institute of Secretaries and Administration ( London ) with no background in insurance.

Others are Remi Ajomale, the founding and former Managing Director (MD) of the company, he studied Insurance and he is a fellow of the Chartered Insurance Institute of Nigeria (CIIN), we also have Oye Hassan-Odukale; who started his career with Standard Chartered Insurance Brokers and a host of others.

However, Abiola Ekundayo former Deputy Managing Director (DMD) of the company is now the man at the helms of affairs as the MD of Globe Reinsurance Plc. He took over from Fola Daniels; who was the MD of the company until his appointment as the Commissioner in charge of National Insurance Commission (NAICOM).

These investors are still very much active on the board and management of the company.

Current state of Globe Reinsurance Plc
Before this time, there were only five companies registered to do reinsurance business in Nigeria ; these include Continental Reinsurance, Nigeria Reinsurance, African Reinsurance, Universe Reinsurance and Globe Reinsurance Plc.

During the consolidation era, Globe Reinsurance opted to merge with Nigeria Reinsurance in order to meet the minimum capital requirement of N10 billion for players in the reinsurance industry; as directed by the Federal Government (FG) through (NAICOM). Globe Reinsurance in the process of the merger, realized that Nigeria Reinsurance which they had hitherto was to be merged with in order to meet the recapitalization deadline; realized that Nigeria Reinsurance had some problems which they declined to disclose at the onset.

According to Jaiyeola Kate, Assistant General Manager (AGM) Finance of Globe Reinsurance, as at 28th February, 2007, her company actually merged with Nigerian Reinsurance and it was assumed they had made it, “but after this date, we discovered that they do not have what they claimed to have in order to make the consolidation; which was the reason for the placement” she said.

She says the FG through NAICOM has not given Globe Reinsurance the necessary papers “which was exactly what we are working on, the first list is out and the second would soon be out” she said.

Globe reinsurance at this point in time decide to pullout of the merger, thereafter they made a case to NAICOM to be on their own; which culminated into raising fresh funds through Private Placement.

However, the company is still open and doing both local and international businesses. The placement memorandum made available shows that the company is doing business with a number of international brokerage firm which include United African Insurance Brokers, Glanvil Enthoven Reinsurance Brokers Afro-Asian Insurance, Nouvelle Siacre, Pierre le Blanc to mention but a few.

Globe Reinsurance Private Placement and Investors money
Globe Reinsurance Plc in order to meet the minimum capital requirement as directed by regulatory authorities offered to investors by way of Private Placement six billion (6,000,000,000) ordinary shares of 50 Kobo each at 85 Kobo per share, between 29th August, 2006 to September, 2006. Joint issuing houses to the offer were Afribank Nigeria Plc and Tiddo Securities Limited.

According to Jaiyeola, the placement did well by way of oversubscription and they are still in the process of allotment of the shares, all hands are on deck, we are trying to do the necessary things; so that we can communicate with people that put their money in the company” she said, However, unconfirmed sources at Afribank Capital Markets Limited, buttressed Jaiyola’s claim that the offer was oversubscribed. Mamman Bukar, Assistant Manager Capital Markets of Afribank Capital market says investor’s money are safe; “but we are yet to do allotment and we waiting for the Security and Exchange Commission’s (SEC’s) approval” he said.

Jaiyeola earlier disclosed this and was confirmed by Dipo Oparinde, a Manager in the technical department of Globe Reinsurance, “information is power it can make or mar you” he said.

She also disclosed that Globe Reinsurance would soon list on the floor of the Nigerian Stock Exchange (NSE), a claim Oparinde also confirmed and “we urge investors to be calm and if they are not convinced, they should contact our issuing house Afribank” he said. Oparinde says Globe Reinsurance is an existing company that is about to revive its license.

According to him, there are no hide and seek game when people put their money in your custody and want to know how it is doing, “it is a normal phenomenon, the onus rest on you to reassure them that there is no problem” he said. Oparinde says the funds raised during the placement was far above N15 billion or thereabout and it is still with the issuing house Afribank; a claim Jaiyeola earlier made. “We never had access to the money; because it wasn’t meant for us” he said. Though unconfirmed sources at Afribank Capital say over N13 billion was raised.

On the issue of refund of money to those who bought into the placement, Jaiyola says Globe Reinsurance is not refunding any money to its investors, however, at Afribank Capital, the claim from Jaiyola was confirmed that there are no refunds to investors.

Then the question is that with this development from the Re Capitalisation Verification team - what becomes of investors money after all these while? Are the funds trapped or what?

Sola Oni Head Corporate Affairs of NSE was not forthcoming on the issue of Globe Reinsurance, according him, the company is not quoted on the exchange and do not have any information to share concerning what have become of investors money in the company.

While Ajibowo Abiola, a Zonal Head, with the Lagos Zonal Inspectorate of NAICOM, says the FG demanded that all players in the insurance and reinsurance sector are to increase their capital base to N2 billion, N3 billion and N10 billion for those in the life, Non-life and reinsurance sectors of the Nigerian economy respectively and with 28th February, 2007 as deadline.

“As at this date, Globe Reinsurance could not merge or raise capital, so automatically they were not listed as a one of the post-consolidation players in the industry” he said.

According to him, Globe Reinsurance, after 28th February, 2007 went into a private placement; and raised some amount; which according to him is in excess of the required capital.

Ajibowo says SEC is to fight for investors’ money, “Globe Reinsurance did not make the list as at now” he said.

While reacting on Globe Reinsurance still doing business, Ajibowo says the company is not doing new businesses, “they would have to run off the business they had before the conclusion of the recapitalization exercise” he said.

They are not dealing with the public; but with insurance companies, so all I am saying is that a right thinking insurance company would definitely not patronize them, “they are not in business, and they are trying to run-off what is in their register and nobody can force them not to do that” Ajibowo said.

According to Akintunde Asalu, shareholder leader, who do not think highly of Globe Insurance Plc. But, he says investors always have an opportunity to take a chance “and whatever chance they took, it is their business, they must learn to accept consequences” he said.

He says that Globe Reinsurance have a duty to exist, “a lot of insurance money goes outside the country and you need a reinsurance business to track these funds” he said.

On the money trapped at the Escrow account of the Central Bank of Nigeria (CBN), Asalu says in the case of Globe Reinsurance, it is those who scaled the hurdle first that would get their money first and for Globe Reinsurance; maybe a special case has to be made. He debunked the claims by NAICOM that they have released some of the money trapped at the CBN escrow account. “It is not true as at 27th November, 2007, not a kobo has been released to anybody” he said.

“Fola Daniels can influence so many things, but cannot influence what does not exist” he added.

While reacting on Globe Reinsurance claims of still doing business when they have not made the list, Asalu says the law stipulating that a percentage of the business be ceded to them has been waived, “it was waived some four to five years ago” he said.

He says if Globe Reinsurance had goodwill, they would continue to have the patronage of the insurance companies.

Reacting on why Globe Reinsurance is doing business as a Public Liability Company (Plc), Asalu says a company is allowed to be a PLC without been quoted, there are many companies that are PLC without been quoted. “Once your number of shareholders exceeds 49, you transmit into being a PLC; you don’t have to go to the stock market” he said.

However, unconfirmed sources say that First Bank of Nigeria Plc is going to buy 30 percent of the company’s shares and the would soon pay in a cheque of N4 billion on this. Also the unconfirmed source disclosed that two key members of the top brass of the Finance Ministry and some other investors are trying to get a stronghold of the company through their investment in the company and they also intend to take hold of Nigeria Reinsurance.

Brief history of the company
Globe Reinsurance Plc was one of the five reinsurance firms that played in the pre-consolidation era of the reinsurance sub-sector of the Nigerian economy. The company was incorporated to do business on the 15th May, 1987 as a Private Limited Liability Company. It commenced business on the 1st of January, 1988 with a paid up share capital of N10 million. However, the company was initially licensed to transact all classes of Non-life risk in December, 1989.

Prior to it’s Private Placement which is still hanging in the balance, the company in its placement memorandum had a paid up share capital of a little over N604 million with a shareholders fund of about N1.1 billion, the company is owned 80 percent by five insurance companies; which include AIICO Insurance Plc, Prestige Assurance Plc, Leadway Assurance Company Limited, NICON Insurance and Niger Insurance Plc; while the remaining 20 percent of shares were held by other Nigerian Investors.

Board/Management
The Chairman of the company is Chief Sonny Oyekunle; who had a working career with the UAC of Nigeria Plc and Nigerite Limited; where he served at various times as Company Secretary and Executive Director (ED) before voluntarily retiring in 1988. He is a Fellow of the Chartered Institute of Secretaries and Administration ( London ) with no background in insurance.

Others are Remi Ajomale, the founding and former Managing Director (MD) of the company, he studied Insurance and he is a fellow of the Chartered Insurance Institute of Nigeria (CIIN), we also have Oye Hassan-Odukale; who started his career with Standard Chartered Insurance Brokers and a host of others.

However, Abiola Ekundayo former Deputy Managing Director (DMD) of the company is now the man at the helms of affairs as the MD of Globe Reinsurance Plc. He took over from Fola Daniels; who was the MD of the company until his appointment as the Commissioner in charge of National Insurance Commission (NAICOM).

These investors are still very much active on the board and management of the company.

Current state of Globe Reinsurance Plc
Before this time, there were only five companies registered to do reinsurance business in Nigeria ; these include Continental Reinsurance, Nigeria Reinsurance, African Reinsurance, Universe Reinsurance and Globe Reinsurance Plc.

During the consolidation era, Globe Reinsurance opted to merge with Nigeria Reinsurance in order to meet the minimum capital requirement of N10 billion for players in the reinsurance industry; as directed by the Federal Government (FG) through (NAICOM). Globe Reinsurance in the process of the merger, realized that Nigeria Reinsurance which they had hitherto was to be merged with in order to meet the recapitalization deadline; realized that Nigeria Reinsurance had some problems which they declined to disclose at the onset.

According to Jaiyeola Kate, Assistant General Manager (AGM) Finance of Globe Reinsurance, as at 28th February, 2007, her company actually merged with Nigerian Reinsurance and it was assumed they had made it, “but after this date, we discovered that they do not have what they claimed to have in order to make the consolidation; which was the reason for the placement” she said.

She says the FG through NAICOM has not given Globe Reinsurance the necessary papers “which was exactly what we are working on, the first list is out and the second would soon be out” she said.

Globe reinsurance at this point in time decide to pullout of the merger, thereafter they made a case to NAICOM to be on their own; which culminated into raising fresh funds through Private Placement.

However, the company is still open and doing both local and international businesses. The placement memorandum made available shows that the company is doing business with a number of international brokerage firm which include United African Insurance Brokers, Glanvil Enthoven Reinsurance Brokers Afro-Asian Insurance, Nouvelle Siacre, Pierre le Blanc to mention but a few.

Globe Reinsurance Private Placement and Investors money
Globe Reinsurance Plc in order to meet the minimum capital requirement as directed by regulatory authorities offered to investors by way of Private Placement six billion (6,000,000,000) ordinary shares of 50 Kobo each at 85 Kobo per share, between 29th August, 2006 to September, 2006. Joint issuing houses to the offer were Afribank Nigeria Plc and Tiddo Securities Limited.

According to Jaiyeola, the placement did well by way of oversubscription and they are still in the process of allotment of the shares, all hands are on deck, we are trying to do the necessary things; so that we can communicate with people that put their money in the company” she said, However, unconfirmed sources at Afribank Capital Markets Limited, buttressed Jaiyola’s claim that the offer was oversubscribed. Mamman Bukar, Assistant Manager Capital Markets of Afribank Capital market says investor’s money are safe; “but we are yet to do allotment and we waiting for the Security and Exchange Commission’s (SEC’s) approval” he said.

Jaiyeola earlier disclosed this and was confirmed by Dipo Oparinde, a Manager in the technical department of Globe Reinsurance, “information is power it can make or mar you” he said.

She also disclosed that Globe Reinsurance would soon list on the floor of the Nigerian Stock Exchange (NSE), a claim Oparinde also confirmed and “we urge investors to be calm and if they are not convinced, they should contact our issuing house Afribank” he said. Oparinde says Globe Reinsurance is an existing company that is about to revive its license.

According to him, there are no hide and seek game when people put their money in your custody and want to know how it is doing, “it is a normal phenomenon, the onus rest on you to reassure them that there is no problem” he said. Oparinde says the funds raised during the placement was far above N15 billion or thereabout and it is still with the issuing house Afribank; a claim Jaiyeola earlier made. “We never had access to the money; because it wasn’t meant for us” he said. Though unconfirmed sources at Afribank Capital say over N13 billion was raised.

On the issue of refund of money to those who bought into the placement, Jaiyola says Globe Reinsurance is not refunding any money to its investors, however, at Afribank Capital, the claim from Jaiyola was confirmed that there are no refunds to investors.

Then the question is that with this development from the Re Capitalisation Verification team - what becomes of investors money after all these while? Are the funds trapped or what?

Sola Oni Head Corporate Affairs of NSE was not forthcoming on the issue of Globe Reinsurance, according him, the company is not quoted on the exchange and do not have any information to share concerning what have become of investors money in the company.

While Ajibowo Abiola, a Zonal Head, with the Lagos Zonal Inspectorate of NAICOM, says the FG demanded that all players in the insurance and reinsurance sector are to increase their capital base to N2 billion, N3 billion and N10 billion for those in the life, Non-life and reinsurance sectors of the Nigerian economy respectively and with 28th February, 2007 as deadline.

“As at this date, Globe Reinsurance could not merge or raise capital, so automatically they were not listed as a one of the post-consolidation players in the industry” he said.

According to him, Globe Reinsurance, after 28th February, 2007 went into a private placement; and raised some amount; which according to him is in excess of the required capital.

Ajibowo says SEC is to fight for investors’ money, “Globe Reinsurance did not make the list as at now” he said.

While reacting on Globe Reinsurance still doing business, Ajibowo says the company is not doing new businesses, “they would have to run off the business they had before the conclusion of the recapitalization exercise” he said.

They are not dealing with the public; but with insurance companies, so all I am saying is that a right thinking insurance company would definitely not patronize them, “they are not in business, and they are trying to run-off what is in their register and nobody can force them not to do that” Ajibowo said.

According to Akintunde Asalu, shareholder leader, who do not think highly of Globe Insurance Plc. But, he says investors always have an opportunity to take a chance “and whatever chance they took, it is their business, they must learn to accept consequences” he said.

He says that Globe Reinsurance have a duty to exist, “a lot of insurance money goes outside the country and you need a reinsurance business to track these funds” he said.

On the money trapped at the Escrow account of the Central Bank of Nigeria (CBN), Asalu says in the case of Globe Reinsurance, it is those who scaled the hurdle first that would get their money first and for Globe Reinsurance; maybe a special case has to be made. He debunked the claims by NAICOM that they have released some of the money trapped at the CBN escrow account. “It is not true as at 27th November, 2007, not a kobo has been released to anybody” he said.

“Fola Daniels can influence so many things, but cannot influence what does not exist” he added.

While reacting on Globe Reinsurance claims of still doing business when they have not made the list, Asalu says the law stipulating that a percentage of the business be ceded to them has been waived, “it was waived some four to five years ago” he said.

He says if Globe Reinsurance had goodwill, they would continue to have the patronage of the insurance companies.

Reacting on why Globe Reinsurance is doing business as a Public Liability Company (Plc), Asalu says a company is allowed to be a PLC without been quoted, there are many companies that are PLC without been quoted. “Once your number of shareholders exceeds 49, you transmit into being a PLC; you don’t have to go to the stock market” he said.

However, unconfirmed sources say that First Bank of Nigeria Plc is going to buy 30 percent of the company’s shares and the would soon pay in a cheque of N4 billion on this. Also the unconfirmed source disclosed that two key members of the top brass of the Finance Ministry and some other investors are trying to get a stronghold of the company through their investment in the company and they also intend to take hold of Nigeria Reinsurance.

With all these trends and investors money trapped with Globe Reinsurance Plc, we believe that the real cost of investors money in the company is the loss of trust and market confidence in the processes that guides conduct by certain regulatory authorities. Most disturbing is the obvious lack or disregard for necessary public safety nets by these groups including Mr. Remi Babalola, who in the performance of his duties, should have recognized that he ought to address the question of what next for the investors in these firms? The story continues to unfold…… .

About the Authors
Editorial & Investigations Team of the Proshare Investors Relations Service, where Anselm Obi is a consultant. The team wish to acknowledge the insightful contributions received from numerous Proshare readers around the

About the Authors
Editorial & Investigations Team of the Proshare Investors Relations Service, where Anselm Obi is a consultant. The team wish to acknowledge the insightful contributions received from numerous Proshare readers around the Babalola, who in the performance of his duties, should have recognized that he ought to address the question of what next for the investors in these firms? The story continues to unfold…… .

About the Authors
Editorial & Investigations Team of the Proshare Investors Relations Service, where Anselm Obi is a consultant. The team wish to acknowledge the insightful contributions received from numerous Proshare readers around the

i also bought globe re but so far, there is no news oooo

abey woodboi, people have given up on all those hyip crap

hahaha , but wanaj0, dem say we fit apply for additional rights and remember them no do PO so we could only apply 4 additional rights. i don learn the hard way, the only way  

People, Can u imagine? i applied for N100,000 rights for the CCNN rights issue last year and today, i realised i was given only N7,000 right so my N93,000 was returned after tying down my money for 5 month. This is the height. I am through with PP, IPO/POs and RIGHTS ISSUE. its is actually crazy

Pls people, its no other person than CHIEGE ALISIGWE

check this website www.1000carsales.com

Please anyone with news about Globe Re private placement. Is there hope for us that bought the pp or should we just forget about our money. please help a sis in need

Pls anyone with news about Globe Re private placement. Is there hope for us that bought the pp and should we just forget about our money. pls help a sis in need

tanx aktopgun. i appreciate the prompt reply . happy new year

pls do u know if the bull run will continue through out this week?

well, as for me and my fiance, we started dating in 2002 and feb next year will make it 6 years. Our trad is next week sha. Would have gotten married a long time ago but due to finacial probs. so u see that so many factors can actually lead to long courtship

my country people, please anyone with any news about globe reinsurance private placement. please help a sis in need. i pray i havent burnt my fingers on that one

my country people, pls anyone with any news about globe reinsurance private placement. pls help a sis in need. i pray i havent burnt my fingers on that one

i concur, this show is really very very very stupid. dont even bother watching it again except im VERY bored

@ WANAJO,
PLS WHAT'S THE PROBLEM THAT GLOBE RE IS EXPERIENCING. I BOUGHT LOADS OF IT DURING THE PRIVATE PLACEMENT AND I'M BEGINNING TO GET WORRIED. I HOPE I HVNT BURNT MY FINGERS AND TOES. please i need this info badly. pls reply

@ WANAJO,
PLS WHAT'S THE PROBLEM THAT GLOBE RE IS EXPERIENCING. I BOUGHT LOADS OF IT DURING THE PRIVATE PLACEMENT AND I'M BEGINNING TO GET WORRIED. I HOPE I HVNT BURNT MY FINGERS AND TOES. pls u can reply me via amaleux@yahoo.com. i'll really appreciate

LATEST ON INSURANCE COYS

Insurers to get capitalisation funds this week 19/9/2007


By Chuks Okonta Finance Repoter

BARRING the unexpected, the names of insurance companies which cleared the recapitalisation hurdle will be released this week.

The N201 billion raised during the exercise may also be released to their owners in the next 48 hours.

But not all the 71 companies now operating with provisional certificates are likely to remain in business.

Two of them – A & S Life Assurance Limited and Fortune Assurance Plc – are said to have been disqualified by a technical committee which reviewed the exercise.

The curtain were lowered on the exercise on February 28.

The committee, headed by the chairman of Niger Insurance Plc, Alhaji Bala Zakariya’u, recommended the liquidation of the two companies, one of which allegedly consummated a merger deal without consulting its shareholders.

The other was said to have defaulted in the remittance of its recapitalization funds which it claimed was denominated in foreign currency.

Apart from the two, 67 others, excluding the reinsurance firms, were asked to collapse into 45 composite underwriters.

Insurance Commissioner, Mr Fola Daniel said at an insurance professionals forum in Abeokuta, the Ogun State capital last week that the list of the successful insurers would be released this week.

He said within 48 hours of the publication of the list, the National Insurance Commission (NAICOM) which he heads, will seek the Finance Minister’s approval for the release of the N201 billion lodged in an escrow account with the Central Bank of Nigeria (CBN).

The Zakariya’u panel was said to have recommended that insurance companies should revert to composite, operations (life and general business together).

It said it could not review the documents of the National Insurance Corporation (NICON) and Global Reinsurance due to the court order taken by their owner, Mr. Jimoh Ibrahim.

The panel, however, recommended that an interim management be set up to take over the operations of NICON and Global-Re.

But, Ibrahim, Group Managing Director of NICON Group ruled out the possibility of anyone taking over the management of NICON Insurance since there is a subsisting court injunction restraining the government, the Ministry of Finance or NAICOM from setting up any interim management for the company.

Ibrahim, told journalists in Abuja last week that NICON Insurance is adequately protected by law.

He drew the attention of the Minister of State for Finance, Mr. Aderemi Babalola to a subsisting interim injunction granted by the Federal High Court sitting in Abuja restrained the Attorney General of the Federation, Finance Minister, the Bureau of Public Enterprise (BPE) and the Inspector General of Police or their agents or privies from taking over or interfering with the day to day running of NICON Insurance pending the determination of a motion on notice before it.

He said: "Let me state clearly that nobody can set up an interim management committee for NICON Insurance the reason being that we have another injunction restraining the government, Ministry of Finance or National Insurance Commission (NAICOM) from setting up any interim management in this company.

"Let me also say that nobody can take over NICON Insurance having been duly purchased by us without refunding our money to us and we have a court injunction stating that nobody can take over the running of the affairs in this place."

Ibrahim also said the interim order also restrains NAICOM from interfering with the running of the company under any guise.

Besides, he said the Finance Minister has filed an appearance on the substantive case before the court where it confirmed that NAICOM is its agent, and that the order restraining government from interfering with NICON’s business, is different from the one restraining the technical committee from taking actions against NICON Insurance.

"This order is different from the injunction secured against the technical committee. This is the first injunction that we obtained since June 1, 2007 which prevents the Federal Government, Bureau of Public Enterprise, Federal Ministry of Finance or NAICOM from interfering or taking over or disturbing the management of NICON Insurance pending the determination of the motion on notice.

"Importantly, the Ministry of Finance has put up an appearance on this matter, swearing to an affidavit where it stated that NAICOM is its parastatal and agent and by so doing, NAICOM is barred by this injunction. So all those things you are hearing about an interim management committee as far as NICON Insurance is concerned is an empty threat. It is not possible because we have a court order restraining them", Ibrahim said.

Chief Akin Olujinmi (SAN), solicitor to NICON Insurance Plc also drew the attention of the Minister of State for Finance to the subsisting court order restraining the Federal Government or any of its agencies or privies from disturbing, interfering or taking over the management of the company under any guise.

In his letter to Babalola dated September 11, 2007 titled, "Suit No FCH/ABJ/CS/373/2007 NICON Insurance Plc Vs Hon. Attorney General of the Federation and Others", Olujinmi said the order restraining the government from interfering in the day to day running of the company is yet to be vacated and advised the Minister to ensure that the interim injunction is complied with by all the parties.

"Considering that you may not have been briefed or fully briefed about the mater, we decided to bring the matter to your notice. In particular, we hereby inform you that the Federal High Court, Abuja presided over by Hon. Justice Chikere on 1st June 2007 made an order of interim injunction restraining the Hon. Minister of Finance, his agents, servants and privies and other defendants from taking over or, in any way, interfering with the management or running of the business and affairs of NICON Insurance Plc.

"The case is still pending before the Federal High Court and the order remains extant. It is imperative that you ensure due compliance with this order", Olujinmi stated.

@ SHIGIDI

Afri bank registrars is at No 2 gbagada road, the building is beside guardian express opposite Anthony Busstop

i strongly feel the judges are partial. from the beginning, its been happening. look at the case of jessica ( salsa dance). the judges praised her and critisized the likes of halle, debbie and sharon, yet jessica was up for eviction. The show is CRAPY. I dont bother watching it anymore

@ Atilla
Pls if im filling the form for a public offer and im requested to enter the cscs number that my shares would be credited into, which do i enter: the number with only numerals or the alpha numeric one

@ enolase,
Pls do u tink this would affect globe-re cos i bought the private placement. yeepa, im in trouble ooo

@ marjson,
I got the international brewries form yesterday from Afribank.

@ jib
For international brewries, its PO is out. I got the form Yday from Afribank so u can check the banks for the form

Hello All

PLS IF IM FILLING A FORM FOR PUBLIC OFFER AND IM REQUESTED TO WRITE MY CSCS ALC NUMBER, which number do i write. Is it the alpha numberic number or the one with just numerals. urgent reply needed. tanx

hello all
PLS IF IM FILLING A FORM FOR PUBLIC OFFER AND IM REQUESTED TO WRITE MY CSCS ALC NUMBER, which number do i write. Is it the alpha numberic number or the one with just numerals. urgent reply needed. tanx