₦airaland Forum

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?

GeorgeD1:
now for the review (and i'll try to make it as short as possible):

out of the box, the midnite solar classic 150 feels solid and well built. it's very much unlike
the numerous cheapo charge controllers flooding the market these days.
installation was a breeze partly falling back on past experience and partly referring to the manual
that came with the cc.
programming the controller was a piece of cake using the built-in wizard that comes with the mngp
(classic display panel).
performance wise the midnite classic didn't disappoint. from day one it didn't waste time before
displaying the stuff it was made of. through the clouds and sunshine, it kept pulling in every bit of
juice it could get.
as for durability and reliability, it remains to be seen how long the controller will keep on putting
up this type of stellar performance without issues. time will tell.

next i will be comparing the midnite solar classic and the tristar. this is where things begin to get
more interesting.

Nice one . The midnite cc will do very well since it was the former outback employees that set up the company. Booked marked and waiting anxiously

bumstuff:
Withdrawal system is not taking any request for a while now. Kindly let us know what's going on concerning this. I've not been able to make withdrawal

Bros you don enter one chance. Your money is gone

emmanuelewumi:
Mutual fund is a no no for me. Mutual funds are not for the smart and informed investors. The fund managers running the mutual funds will earn their pay whether the fund makes money or not.

I remember in 2010 when FBN Securities compelled all their retail investors with portfolios of N5 million and below to convert their portfolios to FBN Heritage Fund or the customers should transfer their accounts to others stockbrokers. I personally assisted over 40 of their clients to transfer their accounts to my stockbrokers

Please does that include the various Money Market Funds?

Goodmorning please send your brochure and a price list to gofwenrt@yahoo.com.

JUO:
if you are not bothered about picture quality get android tv they are energy efficient. If you are get LG or Samsung 4k less than 600k for 50-65" or get a toks for around 200-350k. Oled is the most efficient but price is over 1m for the bigger size or get a toks for 400-600k. If your budget is less than 300k look for any Chinese 4k. Please note if you getting toks be sure is not more than 2 years old, that is 2015 upward

Thanks

acunon:
Hi

The JU6400 is

Power Comsuption Max

198W


The JU6000 is

Power Consumption Max

195W

please what is the difference between the 2 models above?

sgtponzihater1:
What's its year of production?

2014

Good day house,

I currently have a 60 inch LG Plasma TV which is a wattage guzzling monster.

In the market for a more energy efficient model of any brand sized 50 inches and above.

Any advise /pointer would be really appreciated.

Regards

[quote author=nadico post=59597897][/quote]please what is the wattage draw for thus TV set?

sgtponzihater1:
Bro it's sad, people quest for money make them become easy prey to scam artists. The guy is hiding under the umbrella of hedge funds. Are there any hedge funds in Nigeria?, why is he not registered under SEC because that's the body that regulate investments, and anyone involved investments in financial vehicle, must make sure such investment is approved by the SEC. Registering a business under CAC is not enough, it's possible to register "Ponzi Hater INC" even today, it doesn't stop anything. BTD investment is another scam artist who is walking the shoes of Sergey Mavrodi, as long as people don't realise that investment requires hard word, diligence and sound knowledge, they become easy prey to con men. Weldone Oga Dunka.

And the tragedy is the victims are even afraid or unwilling to speak out probably still believing that the so called guru will make good his fake promises. It is a pity that their money is long gone

Can anybody kindly confirm if they have been paid?

IamaNigerianGuy:
Nigerians are easily deceived.

This guy is nothing but a scam artist and his "business" will come crashing down soon along with the funds from gullible investors.

He doesn't run a hedge fund, he runs a pyramid scheme. Binary options, MMM and digital currencies in one portfolio ? I laugh in Swahili.

Any sensible investor will do only one thing when he sees this guy: Run!

Bros this small boy don already use people brain nad his Ponzi scam is already in "freeze mode" https://www.nairaland.com/3605191/heard-btd-investment

Iniobon:
my investment just mature, can I withdraw now or wait until December?

hmm try to withdraw and pray to God Almighty for strength to move on when you do not receive alert. People from few months back have still not been paid. All the best

sgtponzihater1:
Now watching.........

Following bumper to bumper

murphyrichy:
They have not, but it's has been confirmed. They send SMS as usual promising to pay between August 14 to Oct 25.

Today is 15th of August 2017. Have they started paying? or has the "investment" folded up

sgtponzihater1:
He's now under my purview. Already making inquiries. One luv bro.

oh boy this small boy Don already hammer with magas head oh. See thread here https://www.nairaland.com/3605191/heard-btd-investment/1#58751800

sgtponzihater1:
I read that part too oh my brother

the destroyer of MMM and GHW and GHWX I hail you

Above is definitely fishy and I am watching in 5D

Did I read up there that the funds are frozen until December?

Hmmmm

Good day Please can anyone advise on how to treat and permanently stop the green spirogyra/moss that normally comes up on the walls of a building and fence?

Any pointers for treatment for clearance and re occurrence would be highly appreciated.

abunafiu:
It's a blessing in disguise.
Early this morning, I woke up to see that my overhead water tank stand fell destroying my 2 tanks. It rained heavily yesterday night. The rain was accompanied by heavy wind. Though the concrete stand was not properly constructed and am paying heavily for this. Anyway.. .thats gone
Now I consider this an opportunity to do it better especially when I didn't plan solar water heater in the initial overhead tank stand
I still intend to use concrete with enhanced reinforCement to avert future occurrence.
Now I don't want to rely on what I know basically, I need design ideas from Members.

I am not happy at all as cost of building materials are still not pocket friendly.

Pls keep them coming, sketches and pictures.

See Before and after pictures

Abu do sorry for the loss. If I may suggest go for a steel constructed stand when properly constructed with the right materials they do stand the test of time and the weather. Looking at the picture the collapsed stand does not look so tall so I am really surprised on how completely it came down. Hope the builder dud not cut corners. God will replenish you.

dutch4u:
Don't mind them, alert also woke me up this morning. Let them continue with their propaganda as we continue to get paid

Oga how market?

Kyle/kelechi is on vacation with your money oh

Please a question will children not of age to accept Jesus Christ be raptured?

sgtponzihater1:
True bro. When I started, u were among my critic, it means so much wen someone who erred can see d truth. Many GHWW have remained bitter loosers, insulting Ponzi hater instead of Kyle.

Point of correction. Kyle is actually "Kelechi"

abunafiu:
still doing good.
It's been 3 years now..

Wow. I can't believe I could be away from this thread for over 2 months. I checked this placed since May this year.

nice one. Hope you are fully back now