₦airaland Forum

AutoReportNG:
If your car is leaking oil, this is not something to ignore. Besides leaving stains on the pavement, an oil leak can even pose a fire risk for your car’s engine. If you see signs of leaking, it’s best to get an oil leak fix as soon as possible. Consider the most common reasons for car oil leaks.

Degraded Engine Gasket

[img]https://1.bp..com/-Dy1F-8bg3V4/Wb_REgsKtAI/AAAAAAAALUU/muzS2vXzaPsSJLsJNHejurPhypl1wYhEgCLcBGAs/s640/Degraded%2BEngine%2BGasket.png[/img]

The most common cause of oil leaks occurs when the gasket, which is a seal that joins two metal components in the engine, breaks down. This occurs because oil creates sludge over time, which is harmful to the gasket.

Oil Pan Damage

[img]https://4.bp..com/-ndx7vRTpA-Q/Wb_RaxXTKUI/AAAAAAAALUY/KKkeJ1TUIzk32SFKOVP4rwhZALnZmCgrgCLcBGAs/s640/Oil%2BPan%2BDamage.jpg[/img]

The underside of the oil pan can become damaged due to running over debris in the road, like large rocks. Such occurrences can dent the oil pan, and this can cause the seal to become loose and the oil to leak.

Oil Drain Plug

[img]https://2.bp..com/-TurBQ_iYT_U/Wb_R0XycK0I/AAAAAAAALUc/lZz1Qj1uQzsQ00py88LX_cthqn3Oc6bSQCLcBGAs/s640/filterandplug.jpg[/img]

The oil drain plug is located at the base of the oil pan. When it becomes worn out or is loosened from running over debris in the road, a leak will occur. Fresh oil around the plug is an indication of a leak, as is dripping.

Oil Filler Cap

[img]https://2.bp..com/-tdSi-3V-mDw/Wb_SJWAlgGI/AAAAAAAALUg/rRuXRppD2qchuI3ROh1F4ccZONQgrhmBACLcBGAs/s640/Oil%2BFiller%2BCap.jpg[/img]


If the filler cap, which covers the engine oil compartment, is loose, broken or missing, the oil is likely to spill out while the vehicle is running, and it will continue to drip after the car is stopped.

Oil Filter

[img]https://2.bp..com/-RR8vVNBTlxo/Wb_SbBXexmI/AAAAAAAALUk/AHSZY3BGOiIl1JATUtBgXBcxisICCGfngCLcBGAs/s640/Oil%2BFilter.jpg[/img]

Oil filters wear out or become loose or misaligned over time. The oil filter is used to remove carbon and other impurities created by the combustion process. This filter is subject to oil pressure supplied by the oil pump and will leak if the filter is loose or the seal from the old oil filter is still on the block which can surface well after the oil change has been done. Use a flashlight check the oil filter for a leak and remove or tighten the filter and recheck. Wipe the area clean and recheck the leak after a short time.


Source:
http://www.autoreportng.com/2017/09/oil-leakage-in-cars-these-are-causes.html


Lalasticlala
Mynd44
Ishilove
Marpol
Semid4lyfe
Obinoscopy
Seun

nice one. Please what causes oil leakage into the coolant reservoir?

"The saddest part of it all is that the Igbo man that's killing a Hausa man in the East won't be the Igbo man that will be killed by the Hausa man in the North.
In any case, we are neither North nor East..If Abdullahi doesn't want to see Obi, let him leave. If Ifeanyi doesn't want to set his eyes on Mohammadu.. There is still Young shall grow to take him to the East.
Leave us alone.
We've had our own share of the unrest.
We # JosWantToChill.
The Berom man didn't give any quit notice, the Anaguta man is not complaining, the Mwaghavul man has no issues with any tribe, the Ngas man didn't send anybody away, the Taroh man wants some peace, the Afizare man want to be at peace with all, the Goemai man loves both Uche and Usman, the Ron man gives Irish potato to both Igbo and Hausa man
We Plateau want Peace..!
# WeJustWantToChill"

Goodday kindly advise how much for a Mercedes Benz A 140 auto?

Goodday kindly advise how much for a Mercedes Benz A 140 auto?

Please can you advise the prices of the various stones and bricks you use? Thank you

Please can you advise the prices of the various stones and bricks you use? Thank you

lanrema:
We are pleased to inform you that we are less than 3 months out of the recovery period which started on the 1st of June 2017. The 1st half of the recovery period so far has been tasking, rewarding and the markets has been highly eventful, but so far we are grateful to God for his grace and strength and to you for your patience, suggestions and encouraging support, it’s overwhelming.

WHAT IS THE CURRENT STATE OF FUND THAT HAD BEEN DEPLETED SO FAR?
Due to the high rate of withdrawals as at late 2016 and early 2017, which led to the depletion of the Funds under management by more than 40% pushing us into a recovery period ; Market Investment Capital valued at 19%, Insured Capital at 25%, Investment Gross Profit at 9%, and Investment Liabilities at 47% against the Total Fund under Management.
We are pleased to inform you that we have been able to RESTORE the Funds Under Management to a better but yet fragile state of +37% and still growing; MIC at +12%, Insured Capital at 6%, IGP at +9%, and Investment Liabilities at -21% ( projected this to be at a stable 2% or lower before the end of the recovery period) against the Total Fund Under Management.

WHAT IS THE CURRENT STATE FOR WITHDRAWALS?
We recall that excessive withdrawals from investments with short term futures contract in the markets and instability in foreign exchange activities and policies impacted highly on the growth of our Management Fund. Hence, to ensure continuity and gradual stability of the Fund, withdrawal processes still remain the same throughout the recovery period. Kindly click the BUTTON below to view information on payment and withdrawals.

WHAT HAPPENS AT THE END OF THE RECOVERY?
We never want to be pushed into a recovery period at any other time in future, the entire team have been contributing to new policies guiding our investment management and operations from the stance of sustainability which is intended to be in effect from January 1st, 2018. These new policies would detail the areas of investments, withdrawals, our internal asset allocation and every other areas, we would publish our Scheme Information Document.
We once again assure you of the safety of your funds and security of your future, BTD is here to stay.
With a warm heart we say a very big thanks for your support and trust in us, thank you for choosing BTD.
Better future, We Got You for Life.

Investors’ Relation
BTD Multiglobal LTD.

Story for the gods

natureem:
I trusted you because I got your contact from Nairaland, guess I was a fool to do that. Paid in 1500 into your GTBANK ACCOUNT for a MTN 5gb data since Monday 28 August and till now no data, you don't pick your calls, don't reply messages... I've decided not to dial your line any more cos it's looking as if am begging you for free data. So far God's not dead and Karma's still breathing, you'll pay one way.

If you have the proofs open a thread and tag him has a scammer so that he can do this to someone else

fasterwell:
Which one?

reincarnation

skimanski:
Can anyone Please tell me the pros and cons of Practicing this in Nigeria. Trying to sell the Idea to a client, but he/she doesn't seen to see why. experts and non experts please!

For me a big no no apart from the reptiles and rodents problem the house just will look too busy.

It will be a tough sell

DMerciful:
@ Dunka,

if his reason for wanting to discard the mustpower inverter is high idle consumption, mind telling us the idle consumption of the premium brands you recommended?

I use mustpower but i also have a small inverter i use for light loads(lights & electronics) that consumes about 10w idle power. I only use the mustpower during the day or when powering refrigerator n microwave/iron

I can speak fir the one i use. For an Outback it uses 20w idle/ON mode.

NiyiOmoIyunade:
@Dunka - This is the very advice I would have given as well were it not for my cash constraint. I also believe there must be a mid-range option that is excellent value for money and definitely someone in the house must be in the know

With Victron & Magnum 4-5kw range selling for 800k plus - those are not friendly prices at all after I already invested in ~20kw worth of L16 batteries, 6.3kwpanels & MorningStar CC. I am looking for a value/mid-tier option - to use a car analogy, I want a Toyota Prado SUV which is a solid performer vs. A Mercedes or BMW or RangeRover SUV which are all excellent premium/luxury options.

Then go for Prag as it had good user feedback. Search for Richmond previous post on this inverter. Good value for money. May God open more doors for you

NiyiOmoIyunade:
Hello house,

I am looking for inverter brand recommendations based on people's usage experience - something below the price of the premium Magnums & Victrons & Schneiders but a solid performer regardless with professional repairs & maintenance presence in Nigeria.

I currently have two 48v Mustpower type inverters 5kw & 3kw respectively alternating day and night duty via manual switchover but these are crazy power guzzlers with 230w & 130w idle consumption amongst other issues.

I need something that can take a continuous 3kw to 4kw load without shaking and low idle consumption (below 100w) with ability to withstand my solar charge controller's charge/equalization voltage up to 62v.

Suggestions/recommendations & sales pitches are welcome - u can PM me privately if need be...

my unsolicited advise is sell the China invertes and go for the premium brands. Thank me later

JUO:
I am humbled. Thanks

please assist me with your WhatsApp number.

please can someone enlighten me on the legality of firs sealing off businesses and companies for non payment of tax?

mzirawo:
DAAR COMMUNICATIONS RECORDS N533M LOSS IN Q2
source : http://www.eyesoflagos.com/2017/08/daar-communications-records-n533m-loss.html

Daar Communications Plc reported a net loss of N533.4 million in its second quarter ended June 30, 2017, against N406 billion loss posted in the year 2016.
Eyes Of Lagos gathered, According to a notice posted on the Nigerian Stock Exchange (NSE) at the weekend, the company’s total revenue for the year under review was N883.7 million in contrast with N1.3 billion recorded same period in 2016.
The notice showed further that the company’s costs of sales for the period was N1.03 billion against N1.29 billion recorded in 2016, finance costs declined to N19.87 million from N27.19 million. Administrative expenses went up to N345.09 million from N304.95 million, while the earnings per share declined to a negative of seven kobo in the period under review.
The results, the company said, represented 32 percent decline in its revenue earnings. The company’s also recorded N142.4 million gross loss for second quarter, 2017 against N51.6 million gross profit recorded in the year before.
Daar Communications recorded N9.9 billion net assets in the year in review in contrast to N11.2 billion in the year before.
The chairman of the company, Chief Raymond Dokpesi attributed the loss to the adverse business environment together with the biting economic recession.
Dokpesi, however assured shareholders that there was bright hope of returning the company to profitability in the coming years following a conscious business restructuring and operations digitalisation and expansion initiative project which is at its final implementation stage.
He said, as part of the initiatives, Daar Communications has successfully resolved all her pending litigation matters in several courts arising from the last general elections in Nigeria in 2015 and in the process saved a lot of funds in litigation fees as some were settled out of court or struck out for want of evidence.
Daar Communication is an integrated media company with a portfolio of TV, radio stations and investment in broadcast equipment and coverage.

plrsde I have 150,000 units of shares for sale. Make any offer as one has been trapped for long

Johnnyessence:
Some lodgers at Movig hotel, Sapele, Delta State,
were recently forced to check out, after it was
sealed off by officials of the Federal Inland
Revenue Service, for allegedly evading tax. The
FIRS officials reportedly said that they had
written series of letters to the hotel management
but they refused to comply or even show up. Source::www.pressnewsng.com.ng/2017/08/lodgers-chased-out-as-firs-seals-hotel.html?m=0

please can someone enlighten me on the legality of FIRS sealing off businesses and companies for non payment of tax?

EgunMogaji:
If I was going to be the occupant of my structures then I would not do any burglary. My Wife, and Mother In Law, are both adamant that they are required items.

So what I did was have my welder create an openable burglary proof in one of the rooms. My welder did a fantastic job in that you cannot tell from a casual glance. This is on the padlock garage.

The main house will have external burglaries which I intend to remove in the future once my Dobermans, which are still one of the important layers of security, are embedded.

Nice one. But will please advise you to keep the burglar proofs in place. The Doberman's can be poisoned and incapacitated by our ingenious hoodlums. In naija na cunny man die cunny man bury am oh . All the best

allCopacetic:
The Havells Stello .

N16,000

(Insert "www." To open link)

j umia.com.ng/havells-stello-ceiling-fan-1400mm-56-with-blades-resistance-type-regulator-5810835.html

nice did not know that Havells had ceiling fans. contact you shortly

allCopacetic:
We Deliver to You Wherever...
Garden Lamps & ceiling Fans...
Porthacourt , Onitsha

which ceiling fan are those? And price?

Please can anyone advise how to make my memory card the default memory on my Gionee M5?

GeorgeD1:
hello bigrovar,
indeed, a gold fish has no hiding place and juo has proven to be the man with the golden touch.

but while we're here heaping praises on one of our own, it may not be out of place to give some advice
(and sound a note warning) to the numerous shylock traders teeming around in the internet space. they pop
in here and browse through our thread and pluck in much needed knowledge which they use to update
their overpriced solar wares.
first of all, the advice: please wake up to reality and reduce your prices! the same price adjustment mechanism
you used to hike your prices when dollar rose steadily from 220 to 550 naira should be used to re-adjust those prices
downwards now that dollar rate has fallen to below 370 naira.
now the warning: if you choose to stick your heads in the sand and feign ignorance of current realities, savvy
peeps like us will keep going the juo route! we know where you source your wares and we know how much you
make off each imported item you sell. we only chose to patronize you in the past because your prices were reasonable
and we couldn't be bothered if you made a little income from your sales, afterall, you're not a charity organisation.
but when your profits and mark-up starts getting in the region of hundreds of thousands of naira for an item that
we know can be gotten for much less, then you will keep losing our business! pure and simple!!

The Oracle has spoken . A word is enough for the wise

DUNKA:
Wednesday, October 3, 2012
CORPORATE MISGOVERNANCE AND MANAGEMENT RECKLESSNESS IN CORPORATE NIGERIA
Good corporate governance is an important factor for investors’ confidence to return to the stock market. Lack of good corporate and its enforcement on the part of our Companies managers and the regulators e.g. Nigerian Stock Exchange and the Securities and Exchange Commission is one of the factors that led to the collapse of our Capital Market in 2008.
According to Wikipedia, Corporate governance is the system by which companies are directed and controlled. It involves regulatory and market mechanism, and the roles and relationship between a company’s management, its board, its shareholders and other stakeholders, and the goals for which the corporation is governed.
Much of the contemporary interest in corporate governance is concerned with mitigation of interest between stakeholders. Ways of preventing these conflicts of interest include the processes, customs, policies, laws and Institutions which have impact on the way a company is controlled. An important theme of corporate governance is the nature and extent of accountability of people in business.
Happenings in some of our quoted companies will be a good case study for graduate students of Business policy and strategy researching on “ Emergent issues in Corporate misgovernance and management recklessness in Corporate Nigeria”. Please permit me to you the word ‘misgovernance”
Many organisations in the country have issues with corporate governance, be it Banks, Insurance companies, Oil and Gas firms, Manufacturers, Regulators and recently Religious organisations.
If I really want to do justice to this topic, it will involve writing a book. Since this is an expository essay, I will only focus on corporate misgovernance and management recklessness, a case study of a Petroleum Marketing company quoted on the Nigerian Stock Exchange.
This company was fully privatised in 2001, but the problem with the privatisation of this company is that the core investor did not have an enviable track record in Petroleum marketing, which should be a pre-requisite for any organisation that wants to manage a company of such magnitude. The capital base of the core investor which is a group of lawyers and politicians was less than 20% of the company they acquired. How they became the core investor? Is a question for another day. Late Chief Asalu the foremost stock market investor and activist advised investors to sell their shares in the company because he doubted the competence and sincerity of the new management and core investor of this company.
The core investor in our company did not stop here, when the foreign investor in an Italian Oil Marketing company wanted to divest their investment in their own company, the new core investors in our company became the new majority shareholder in the Italian company. Although people like the late Chief Asalu, and other shareholders challenged this acquisition in the court but they lost.
A merger between the two Petroleum Marketing companies was completed in 2003. Projections regarding the performance of the enlarged entity were made, but the management and the core investor have never been able to achieve their profit forecasts.
The company had a successful public offer in 2005, and an over-subscribed right offer in 2010, they are equally planning another right issue in the last quarter of 2012.. The problem is that shareholders have not seen any meaningful return on their investment due to management recklessness, unorthodox practices and greed.
How can the management or core investor of a company, use the funds from the company they are managing to set up a subsidiary which is owned by both the company and the core investor or management. Is this not a glaring case of conflict of interest. This anomaly went on for about five years, before it was corrected in 2007. This abnormality in corporate governance was not observed by the authorities of the Nigerian Stock Exchange or the Securities and Exchange Commission, but by authorities of Johannesburg Stock Exchange because the company is quoted in Johannesburg and a subsidiary was just quoted in Toronto Stock Exchange. While this anomaly lasted the company won Nigerian Stock Exchange Awards for performance and corporate governance, what an irony? Correction of this anomaly led to dilution of our share holding, because over60 million new shares were allocated to the core investors in our company.
During the right offer in 2010, the management of the company made the following turnover forecasts for 2010, 2011 and 2012 respectively, 600 billion Naira, 780 billion Naira and 980 billion Naira. Profit after Tax forecasts for 2010, 2011 and 2012 were 18 billion Naira, 41 billion Naira and 58 billion Naira respectively. Shareholders invested based on the deceptive projections made by management, whereas the performances of the company is far below the forecasts. They planned to make a profit after tax of 41 billion Naira in 2011, but that was the year investors never received any dividend.
The core investors signed on behalf of our company and their own company a Technical and Management service agreement. The terms of the agreement include payment of Technical and Management Service fees of 4% and 3% respectively of our company’s net profit before tax, where net profit before tax is under 2 billion Naira, and Technical and Management service fees of 5% and 4% respectively of our company’s net profit before tax, where net profit is over 2billion Naira. The company received these fees for many years before they decided to waive it in 2010 and terminate it 2011. If this was done they would have received 1.7 billion Naira in 2010 and 1.3 billion Naira in 2011.
The question I want to ask is this, in whose interest was the agreement signed. This is a management that earned 880 million Naira in 2010 and 930 million Naira in 2011, even though shareholders went home empty handed at the of 2011 financial year. This is a management whose affiliate companies received over 1 billion naira in 2010 and 1.3 billion Naira in 2011 for professional services, consulting and provision of personnel, this is a management and core investor that received a total dividend of 923 million Naira in 2008, 580 million Naira in 2009 and 737 million naira in 2010.
When a fellow shareholder saw the happenings in this company, he asked me the following probing questions. What is the role of SEC? How can SEC truly protect minority shareholders? Is SEC capable of enforcing corporate governance? How can SEC prevent conflict of interest between managers’ personal companies and the companies they are managing? Did SEC verify, investigate and approve agreements and transactions that mortgage the interest of minority shareholders? I am yet to provide answers to my friend’s questions.
Although the core investor cum management have decided to terminate this obnoxious technical and management service agreement, but the termination of the agreement will be at a great cost to the shareholders. Because of the not too fair manner, the core investors want to be paid. Rather than paying off the negotiated termination fees in cash, management decided to settle the liability through convertible notes instruments and cash. Paying off in cash is in the best interest of shareholders, it is even better to borrow the cash and pay an interest of 30% or use the proceeds of the forthcoming right issue to pay the termination fee.
When will the notes be converted to shares, at what rate will they be converted to shares. We all know that the net asset per share of the company’s stock is over 40 naira, converting the notes to share at anything below 40 naira is detrimental to shareholders interest. By doing so we would have succeeded in mortgaging our future and stakes in the company. What the core investor is trying to do is for them to own majority shares in the company through the back door. If management believes strongly in our company, and they are concerned about shareholders interest, they should get the termination fees in cash and use the cash to buy more shares of the company on the floors of the stock exchange.
This company is planning an EGM which is slated for October 12th 2012, shareholders should express their minds about the negative happenings in the company because what we are experiencing in this company is not in the best interest of shareholders.
The company is now a conglomerate, as a result of this, investors and analysts do not know how to value the company and coupled with the corporate management problem which is making our company to sell at a ridiculously low price.
For us to derive better value from our investments in the company, it will be better if management can unbundle, spin-off and list the various subsidiaries of the company. Each subsidiary should be made to operate as an individual corporate entity, this will aid accountability, stop the milking of our company and improve corporate governance in each subsidiary. With this investors will be able to value each company on an individual basis, instead of the very complex structure that is in operation in our company.
Making a reckless and greedy management to sit up is not an easy task, but with focus and sincerity of purpose on the part of shareholders it is very possible. With the caliber of shareholders which we have in our company, we should be able to make management to amend their ways. As at December 2011, Pension funds owned 440 million shares, Public companies owned 61 million shares, Mutual funds owned 101 million shares, Nominees and Trust companies owned 375 million shares. Our Institutional investors should be able to organize themselves, so that they can demand and expect good corporate governance from the management and board of our company. They have the expertise and financial resources to fight this cause.
The Securities and Exchange Commission, Nigeria Stock Exchange and Pension Commission, should be please come to the aid of shareholders by making sure that Corporate governance becomes the other of the day in Corporate Nigeria. Pension Fund Administrators have invested in some of the companies that have issues with Corporate governance. PENCOM should make sure that Pension Fund Administrators have a representative on the boards of companies where they have invested workers fund in. We do not want a situation whereby workers and pensioners retirement funds will be in jeopardy.
We need a culture of good corporate governance in all the business organisations in Nigeria. Therefore individual and institutional investors should make sure that the activities of our managers and directors are guided by the principles of corporate governance, which are listed below.
• Rights of shareholders and equitable treatment of shareholders.
• Having the interests of the stakeholders e.g. employees, investors, suppliers, creditors, local communities, customers and policy makers.
• Roles and responsibilities of the board.
• Integrity and ethical behaviour by management.
• Disclosure and transparency.
When our managers and leaders are guided by these principles, things will truly change for the better in Corporate Nigeria, Stock Exchange and the nation as a whole.

Emmanuel Ewumi wrote in from Lagos Nigeria

Prophetic

emmanuelewumi:
We shall get the true picture before next week . The petition that led to SEC investigation was written by 2 big time foreign investors.

The Mafia can do anything to cover their tracks. I wrote an article about Oando in 2012 to SEC, NSE , all the media houses in Nigeria including Sahara reporters and Proshare but non of them published it except stockmarketnigeria and nairaland. Because the media houses don't want to lose juicy adverts from Oando.
You can google" corporate mis-governance and management recklessness" by Emmanuel EWUMI.
By November 2012 I sold all my Oando's share of almost 250k units for between N21 and N24.

Wednesday, October 3, 2012
CORPORATE MISGOVERNANCE AND MANAGEMENT RECKLESSNESS IN CORPORATE NIGERIA
Good corporate governance is an important factor for investors’ confidence to return to the stock market. Lack of good corporate and its enforcement on the part of our Companies managers and the regulators e.g. Nigerian Stock Exchange and the Securities and Exchange Commission is one of the factors that led to the collapse of our Capital Market in 2008.
According to Wikipedia, Corporate governance is the system by which companies are directed and controlled. It involves regulatory and market mechanism, and the roles and relationship between a company’s management, its board, its shareholders and other stakeholders, and the goals for which the corporation is governed.
Much of the contemporary interest in corporate governance is concerned with mitigation of interest between stakeholders. Ways of preventing these conflicts of interest include the processes, customs, policies, laws and Institutions which have impact on the way a company is controlled. An important theme of corporate governance is the nature and extent of accountability of people in business.
Happenings in some of our quoted companies will be a good case study for graduate students of Business policy and strategy researching on “ Emergent issues in Corporate misgovernance and management recklessness in Corporate Nigeria”. Please permit me to you the word ‘misgovernance”
Many organisations in the country have issues with corporate governance, be it Banks, Insurance companies, Oil and Gas firms, Manufacturers, Regulators and recently Religious organisations.
If I really want to do justice to this topic, it will involve writing a book. Since this is an expository essay, I will only focus on corporate misgovernance and management recklessness, a case study of a Petroleum Marketing company quoted on the Nigerian Stock Exchange.
This company was fully privatised in 2001, but the problem with the privatisation of this company is that the core investor did not have an enviable track record in Petroleum marketing, which should be a pre-requisite for any organisation that wants to manage a company of such magnitude. The capital base of the core investor which is a group of lawyers and politicians was less than 20% of the company they acquired. How they became the core investor? Is a question for another day. Late Chief Asalu the foremost stock market investor and activist advised investors to sell their shares in the company because he doubted the competence and sincerity of the new management and core investor of this company.
The core investor in our company did not stop here, when the foreign investor in an Italian Oil Marketing company wanted to divest their investment in their own company, the new core investors in our company became the new majority shareholder in the Italian company. Although people like the late Chief Asalu, and other shareholders challenged this acquisition in the court but they lost.
A merger between the two Petroleum Marketing companies was completed in 2003. Projections regarding the performance of the enlarged entity were made, but the management and the core investor have never been able to achieve their profit forecasts.
The company had a successful public offer in 2005, and an over-subscribed right offer in 2010, they are equally planning another right issue in the last quarter of 2012.. The problem is that shareholders have not seen any meaningful return on their investment due to management recklessness, unorthodox practices and greed.
How can the management or core investor of a company, use the funds from the company they are managing to set up a subsidiary which is owned by both the company and the core investor or management. Is this not a glaring case of conflict of interest. This anomaly went on for about five years, before it was corrected in 2007. This abnormality in corporate governance was not observed by the authorities of the Nigerian Stock Exchange or the Securities and Exchange Commission, but by authorities of Johannesburg Stock Exchange because the company is quoted in Johannesburg and a subsidiary was just quoted in Toronto Stock Exchange. While this anomaly lasted the company won Nigerian Stock Exchange Awards for performance and corporate governance, what an irony? Correction of this anomaly led to dilution of our share holding, because over60 million new shares were allocated to the core investors in our company.
During the right offer in 2010, the management of the company made the following turnover forecasts for 2010, 2011 and 2012 respectively, 600 billion Naira, 780 billion Naira and 980 billion Naira. Profit after Tax forecasts for 2010, 2011 and 2012 were 18 billion Naira, 41 billion Naira and 58 billion Naira respectively. Shareholders invested based on the deceptive projections made by management, whereas the performances of the company is far below the forecasts. They planned to make a profit after tax of 41 billion Naira in 2011, but that was the year investors never received any dividend.
The core investors signed on behalf of our company and their own company a Technical and Management service agreement. The terms of the agreement include payment of Technical and Management Service fees of 4% and 3% respectively of our company’s net profit before tax, where net profit before tax is under 2 billion Naira, and Technical and Management service fees of 5% and 4% respectively of our company’s net profit before tax, where net profit is over 2billion Naira. The company received these fees for many years before they decided to waive it in 2010 and terminate it 2011. If this was done they would have received 1.7 billion Naira in 2010 and 1.3 billion Naira in 2011.
The question I want to ask is this, in whose interest was the agreement signed. This is a management that earned 880 million Naira in 2010 and 930 million Naira in 2011, even though shareholders went home empty handed at the of 2011 financial year. This is a management whose affiliate companies received over 1 billion naira in 2010 and 1.3 billion Naira in 2011 for professional services, consulting and provision of personnel, this is a management and core investor that received a total dividend of 923 million Naira in 2008, 580 million Naira in 2009 and 737 million naira in 2010.
When a fellow shareholder saw the happenings in this company, he asked me the following probing questions. What is the role of SEC? How can SEC truly protect minority shareholders? Is SEC capable of enforcing corporate governance? How can SEC prevent conflict of interest between managers’ personal companies and the companies they are managing? Did SEC verify, investigate and approve agreements and transactions that mortgage the interest of minority shareholders? I am yet to provide answers to my friend’s questions.
Although the core investor cum management have decided to terminate this obnoxious technical and management service agreement, but the termination of the agreement will be at a great cost to the shareholders. Because of the not too fair manner, the core investors want to be paid. Rather than paying off the negotiated termination fees in cash, management decided to settle the liability through convertible notes instruments and cash. Paying off in cash is in the best interest of shareholders, it is even better to borrow the cash and pay an interest of 30% or use the proceeds of the forthcoming right issue to pay the termination fee.
When will the notes be converted to shares, at what rate will they be converted to shares. We all know that the net asset per share of the company’s stock is over 40 naira, converting the notes to share at anything below 40 naira is detrimental to shareholders interest. By doing so we would have succeeded in mortgaging our future and stakes in the company. What the core investor is trying to do is for them to own majority shares in the company through the back door. If management believes strongly in our company, and they are concerned about shareholders interest, they should get the termination fees in cash and use the cash to buy more shares of the company on the floors of the stock exchange.
This company is planning an EGM which is slated for October 12th 2012, shareholders should express their minds about the negative happenings in the company because what we are experiencing in this company is not in the best interest of shareholders.
The company is now a conglomerate, as a result of this, investors and analysts do not know how to value the company and coupled with the corporate management problem which is making our company to sell at a ridiculously low price.
For us to derive better value from our investments in the company, it will be better if management can unbundle, spin-off and list the various subsidiaries of the company. Each subsidiary should be made to operate as an individual corporate entity, this will aid accountability, stop the milking of our company and improve corporate governance in each subsidiary. With this investors will be able to value each company on an individual basis, instead of the very complex structure that is in operation in our company.
Making a reckless and greedy management to sit up is not an easy task, but with focus and sincerity of purpose on the part of shareholders it is very possible. With the caliber of shareholders which we have in our company, we should be able to make management to amend their ways. As at December 2011, Pension funds owned 440 million shares, Public companies owned 61 million shares, Mutual funds owned 101 million shares, Nominees and Trust companies owned 375 million shares. Our Institutional investors should be able to organize themselves, so that they can demand and expect good corporate governance from the management and board of our company. They have the expertise and financial resources to fight this cause.
The Securities and Exchange Commission, Nigeria Stock Exchange and Pension Commission, should be please come to the aid of shareholders by making sure that Corporate governance becomes the other of the day in Corporate Nigeria. Pension Fund Administrators have invested in some of the companies that have issues with Corporate governance. PENCOM should make sure that Pension Fund Administrators have a representative on the boards of companies where they have invested workers fund in. We do not want a situation whereby workers and pensioners retirement funds will be in jeopardy.
We need a culture of good corporate governance in all the business organisations in Nigeria. Therefore individual and institutional investors should make sure that the activities of our managers and directors are guided by the principles of corporate governance, which are listed below.
• Rights of shareholders and equitable treatment of shareholders.
• Having the interests of the stakeholders e.g. employees, investors, suppliers, creditors, local communities, customers and policy makers.
• Roles and responsibilities of the board.
• Integrity and ethical behaviour by management.
• Disclosure and transparency.
When our managers and leaders are guided by these principles, things will truly change for the better in Corporate Nigeria, Stock Exchange and the nation as a whole.

Emmanuel Ewumi wrote in from Lagos Nigeria

JUO:
yes bro

excellent. Noted and bookmarked

Please does any one know where the vacation spot is at?

RIP. Poverty is a disease

GeorgeD1:
all,
so finally here comes the head-to-head comparison between midnite solar classic 150 cc
and the tristar mppt-60.

1) build
the tristar comes solid as a rock made of an upper cast aluminum and a lower steel body. so also the
midnite. it looks rugged enough and its appearance exudes quality. a mere glance gives one the
impression of high quality.
-both charge controllers take this round equally.

2) installation
both charge controllers are easy to install with both shipping with a battery temperature probe as standard.
clearly marked positive and negative battery and solar pv terminals reduces possibility of error.
- this round is also a draw.

3) setup
setting up the tristar is a little tricky as you'd have to fiddle with the notorious 'dip switches'. from system
voltage settings to battery type selection and equalization, you will do well to read your manual over and over
to make sure you don't flick the wrong switch else you might just kiss your precious controller goodbye.
the midnite classic on the other hand is a beauty to set up. the built-in wizard helps guide you through the set up
process and you could be done in minutes without even opening one page of manual to read. it is that easy.
-the midnite solar wins this round without contest

4) programming, fine-tuning, etc
coming closely on the heels of setup is programming and fine tuning the charge controller.
the midnite solar has quite an impressive list of user adjustable settings that you could carry out directly from the
mngp (display unit). you could also use the wizbang jr add-on to achieve this. and this helps to make the unit very
flexible and user friendly.
the tristar on the other hand is not that easy to program. i've mentioned the dip switches already. to adjust the few
settings available you will need to install the optional 'msview' software.
-again the midnite classic wins this round.

5) connectivity, internet, etc
both charge controllers connect to the internet when properly configured but it seems the midnite classic has a more
seamless architecture. configuring the modbus for the tristar has always been a pain in the ass for me.
- midnite classic wins this round

6) performance, solar harvest, ability to optimize yield even in cloudy weather
i rotated both charge controllers from north facing panels to south facing panels over the course of two weeks and
monitored their performance with the different arrays. i discovered the tristar always being first to wake up from night
mode or 'rest' early in the morning and being the last to go to sleep in the evenings. also conversion wise (dc to dc)
the tristar seems to shine. however what the midnite classic lacks in terms of its inability to wake up on time, it tries to
make up for it by its superb solar algorithm - although it finds itself always trying to play catch-up for the rest of
the day.
for most days, production from both charge controllers were almost equally matched with only a little variation.
- this round is a draw with the advantage tilting more towards the tristar.

7) durability, reliability, etc
like i said in my earlier post, it's still early days yet with the midnite classic cc so i may not be in a good position to tell
how durable or reliable it may turn out to be. however, i can vouch for the tristar as a solid and reliable unit able to
withstand almost anything thrown at it. unless you deliberately set out to damage it, this cc is guaranteed to serve you
for many years to come.
- this round is inconclusive

8 ) scalability, ease of expansion, etc
perhaps the biggest selling point and over-aching advantage the midnite has over the tristar is its ability to produce
between 80 to 96 amps of charging current with a maximum solar array size of up to 4,300w at 48v. that means as a
user there is more room for expansion. you can start with a few panels and continue building up your system on an
incremental basis by adding panels after panels without worrying about changing/upgrading the charge controller.
the tristar on the other hand maxes out at 60 amps which translates to 2,300w at 48v. anything above this and the
current limit alarm set in.
- midnite classic is the winner for this round

9) conclusion
as can be seen, each charge controller has its own strong points and not so strong points. also, they seem to match evenly
in quite a few areas. at the end of the day, its much like comparing ronaldo and messi - both are kings in their own rights -
or comparing apple and android. while one is a closed system and difficult to manipulate, the other is flexible and easily
configurable - but they both excel in what they do.

Wonderful review. You cant go wrong with any of the top brands trisar,midnite, magnum outback etc

JUO:
thanks

please Are you the JUO commercial on Konga?