₦airaland Forum

Dear all,

Been keeping an eye on this thread for while not being sure of my ability to respond professionally to some of the questions herein.

However I cam across a report today that almost totally captures the current market realities and goes as far as to make deductions on the possible outcomes.

250809 MARKET REPORT: The Bull in the China Shop - The new Paradigm in the Nigerian Finacial Market

The report that would change the face of the Nigerian Financial Market published today by Proshare in association with MBC Newscorp

http://www.proshareng.com/admin/upload/reports/The%20Bull%20in%20the%20China%20Shop%20220809.pdf

@ Adamawa

Well said, to buttress your point here's a McKinsey Quarterly interview with Dr.(Mrs.) Cecilia Ibru.

http://www.mckinseyquarterly.com/Cultural_challenges_and_the_woman_CEO_An_interview_with_Nigerias_Cecilia_Ibru_2420

What can I say, there only a few Nigerians I'm proud of so I might as well support this one.

The rich can only get richer

***and Dangote becomes 17th President of the NSE

Lagos, Nigeria, August 6, 2009 1340hrs: The Nigerian Stock Exchange successfully held its 48th Annual General Meeting at a well attended event where all the past presidents and distinguished members of the investment community and dealer members showed the clearest indication of their determination to move the market forward.

Dr. Oba Otudeko, OFR, the outgoing President of the council of the stock exchange conducted a flawless meeting which proshare streamed live from the venue - http://www.proshareng.com/newsletter/avp.php

At the end of the day, the following officers were appointed to lead the council of the Nigerian Stock Exchange:

1. Alhaji Aliko Dangote, CON former 1st Vice President now becomes the President

2. Chief Reginald Abbey-Hart,JP, former 2nd Vice President now becomes the 1st Vice President

3. Dr. Erastus B. O. Akingbola, MON, former Chairman of the Lagos/Ibadan Branch/Zone now becomes the 2nd Vice President

At the AGM, the outgoing president commended the role played by the Director General/CEO of the Nigerian Stock Exchange; Prof. (Mrs) Ndi Okereke-Onyiuke, PhD, OON in stabilising the markets during the difficult times it is in,

contd, https://www.nairaland.com/nigeria/topic-306488.0.html

And Dangote becomes 17th President of the NSE,

https://www.nairaland.com/nigeria/topic-306488.0.html

The Nigerian Stock Exchange Council: The New Leadership Emerges

Dangote becomes 17th President of the NSE

Lagos, Nigeria, August 6, 2009 1340hrs: The Nigerian Stock Exchange successfully held its 48th Annual General Meeting at a well attended event where all the past presidents and distinguished members of the investment community and dealer members showed the clearest indication of their determination to move the market forward.

Dr. Oba Otudeko, OFR, the outgoing President of the council of the stock exchange conducted a flawless meeting which proshare streamed live from the venue - http://www.proshareng.com/newsletter/avp.php

At the end of the day, the following officers were appointed to lead the council of the Nigerian Stock Exchange:

1. Alhaji Aliko Dangote, CON former 1st Vice President now becomes the President

2. Chief Reginald Abbey-Hart,JP, former 2nd Vice President now becomes the 1st Vice President

3. Dr. Erastus B. O. Akingbola, MON, former Chairman of the Lagos/Ibadan Branch/Zone now becomes the 2nd Vice President

At the AGM, the outgoing president commended the role played by the Director General/CEO of the Nigerian Stock Exchange; Prof. (Mrs) Ndi Okereke-Onyiuke, PhD, OON in stabilising the markets during the difficult times it is in,

contd, https://www.nairaland.com/nigeria/topic-306488.0.html

The Nigerian Stock Exchange Council: The New Leadership Emerges

Dangote becomes 17th President of the NSE

Lagos, Nigeria, August 6, 2009 1340hrs: The Nigerian Stock Exchange successfully held its 48th Annual General Meeting at a well attended event where all the past presidents and distinguished members of the investment community and dealer members showed the clearest indication of their determination to move the market forward.

Dr. Oba Otudeko, OFR, the outgoing President of the council of the stock exchange conducted a flawless meeting which proshare streamed live from the venue - http://www.proshareng.com/newsletter/avp.php

At the end of the day, the following officers were appointed to lead the council of the Nigerian Stock Exchange:

1. Alhaji Aliko Dangote, CON former 1st Vice President now becomes the President

2. Chief Reginald Abbey-Hart,JP, former 2nd Vice President now becomes the 1st Vice President

3. Dr. Erastus B. O. Akingbola, MON, former Chairman of the Lagos/Ibadan Branch/Zone now becomes the 2nd Vice President

At the AGM, the outgoing president commended the role played by the Director General/CEO of the Nigerian Stock Exchange; Prof. (Mrs) Ndi Okereke-Onyiuke, PhD, OON in stabilising the markets during the difficult times it is in,

contd, https://www.nairaland.com/nigeria/topic-306488.0.html

How the news broke:

Live from the AGM and Council Elections Nigerian Stock Exchange.
First of its kind minute by minute update on the NSE AGM
(A Proshare - MBC network Collaboration)

Reporters:
Olufemi Awoyemi, Proshare
Bolson Omafaye, MBC

Report by FA @ 11:16am
We are now at the exchange preparing to start the live feed as pre AGM formalities get underway. The first development is a controversy over whether the press should come in.


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Report by BO @ 11:18am
NSE AGM starts formally at 11:16am. All council members in attendance.


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Report by FA @ 11:18am
The meeting starts. A quorom has been formed and the meeting commences


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Report by FA @ 11:19am
The outgoing president apologises to the press and informs all that a full recording of proceedings will be made available. Ground rules are being spelt out.


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Report by FA @ 11:21am
Introduction of members of the council begins with Ndi and Aliko and others,


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Report by FA @ 11:26am
It is a full house and we observe Goodie Ibru is present on the high table just as Abdul Razak, former president is there. The name of Aliko Mohammed, former president is also announced. The heavy weights are in town.


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Report by FA @ 11:27am
Tension rises in the hall as the air of expectation rises. The secretary of council rises to read the notice of meeting


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Report by BO @ 11:29am
Three ex-presidents in attendance viz- Goodie Ibru, Alh Abdul Razaq and Alh Aliko Mohammed


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Report by FA @ 11:31am
The Auditors are now invited to present the annual audited accounts on pages 21 -35 of the annual reports, The mic is acting up.


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Report by FA @ 11:32am
Agenda - To recieve accounts and the election of council members.


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Report by FA @ 11:33am
Why are audit report such a bore? it is ended


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Report by BO @ 11:35am
NSE outgoing president now delivering his welcome address including recent developments. Reading a prepared text.


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Report by FA @ 11:38am
The outgoing president is about to present his address which he warns will address recent developments in the exchange. Hmmm.


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Report by BO @ 11:39am
Oba Otudeko reviewing the national economy. Says inflation at 13.85%.


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Report by BO @ 11:48am
Otudeko says market transaction at july ending recorded 56.31 billion shares, worth 373.93 billion naira down from july 2008, met shares value of 1.92 trillion naira.


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Report by FA @ 11:56am
The president is optimistic that recent developments indicate that lost ground is recoverable. He is pleased that foreign investors are returning based on the low pricing of our stocks and prospect for gains.
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Report by FA @ 11:57am
The outgoing president is still talking and doing a good job of it. Is anyone in the knowledge of what is happening on the trading floor? The president just mentioned the battered investors confidence in reference to the financial loss suffered.
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Report by BO @ 12:00 noon
The exchange reported 10.921 tn naira in the over-the-counter bond trading as at july ending 2009 while equities posts just 373.9 bn value.
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Report by FA @ 12:01pm
Five council members will be retiring at the end of this meeting.
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Report by FA @ 12:03pm
President Otudeko comfirms that the bearish nature of the market due to global downturn has not been helped by the issues affecting the banks.
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Report by FA @ 12:05pm
The road to recovery will be challenging says the president.


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Report by FA @ 12:07pm

The conclusion - This is my last AGM, said the president. Nothing new in that. Speech was measured but largely routine, I guess that is because these events are more of a ritual.
Has anyone commented about trading?


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Report by FA @ 12:13pm

The president says that the exchange has invested in the software to detect price manipulation in the market. He wants to discuss the transition now.


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Report by FA @ 12:13pm

He quotes Warren Buffet about not taking financials seriously and all that. Quite apt or rather ironic. An emotional departure with a choke in his voice, he expresses gratitude to all.


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Report by FA @ 12:20pm

Noteworthy is that there was a round of applause only when he called for one. He is leaning towards an appeal to promote the positives about the exchange. He finishes the speech to an applause.


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Report by FA @ 12:20pm

We now move to the order of the day. The report is formally laid before the members for adoption after questions have been taken.


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Report by BO @ 12:28pm

Otudeko says actors come and go but institutions, processes and integrity tower above all of us. He urges all to extend support to new exchange president, keep it sacred, peaceful, protect it and be faithful to its mission, enhance its confidence.


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Report by FA @ 12:29pm

Pa Samuel Daniels is addressing the house and specifically addressed the non reference to the issue of de-mutualisation for which the DG had informed the public, has been suspended. We await the response.


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Report by FA @ 12:29pm

The doyen of the stock exchange is giving thanks to the president and quotations committee members. He affirms that de-mutualisation is on-going. It will happen.


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Report by BO @ 12:31pm

Otudeko says we have finally settled to resolve all issues in the best and enduring interest of a stable market.


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Report by FA @ 12:35pm

The DG responds that the step aside on the dematerialisation and demutualisation was deliberate to allow further discussions with SEC, the matter is thus settled. There is a whole lot of market education and enlightenment to be done. The president is adding a few words. Can we get back to the financials?
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Report by BO @ 12:38pm

The stock exchange says liquidity crisis reduces primary market issues at a total naira value of 145.5 bn at july ending against 1.57 tn same period 2008.
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Report by FA @ 12:42pm

The md of ICON stockbrockers makes an intelligent observation about the prudence required to make the operations more efficient. The DG provides a cognent explanation and defends the figures.
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Report by FA @ 12:45pm

The motion is moved and seconded by a dealing member, Foresight Securities and with a voice vote. It is unanimously carried
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Report by BO @ 12:57pm

Concluding the AGM, Oba Otudeko praised the resilience of stock exchange.
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Report by FA @ 12:58pm

Now the big one. The election of a new council president is going to happen vide a council meeting that would take place after the AGM. We will welcome the break and come back once we get a feedback upon the conclusion of the exercise. The meeting comes to an end.
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Report by FA @ 12:59pm

The reelection of council members is also done and approved.
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Report by FA @ 12:59pm

We now move to the issue of election of members. Retiring members are congratulated while five members who were co opted now stand for election. The election of these men are put to motion through a single resolution and it is unanimously passed and are now bona fide members.
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Report by FA @ 1:45pm

Breaking News: Dangote is the NSE PRESIDENT. A formal announcement to follow by the DG and new President within the hour. A new dawn begins

More on:

Dangote is the NSE President
http://www.proshareng.com/news/singleNews.php?id=7312

NSE Council: The New Leadership Emerges
http://www.proshareng.com/news/singleNews.php?id=7314

NSE Council: The New Leadership Emerges

Lagos, Nigeria, August 6, 2009 1340hrs: The Nigerian Stock Exchange successfully held its 48th Annual General Meeting at a well attended event where all the past presidents and distinguished members of the investment community and dealer members showed the clearest indication of their determination to move the market forward.

Dr. Oba Otudeko, OFR, the outgoing President of the council of the stock exchange conducted a flawless meeting which proshare streamed live from the venue - http://www.proshareng.com/newsletter/avp.php

At the end of the day, the following officers were appointed to lead the council of the Nigerian Stock Exchange:

1. Alhaji Aliko Dangote, CON former 1st Vice President now becomes the President

2. Chief Reginald Abbey-Hart,JP, former 2nd Vice President now becomes the 1st Vice President

3. Dr. Erastus B. O. Akingbola, MON, former Chairman of the Lagos/Ibadan Branch/Zone now becomes the 2nd Vice President

At the AGM, the outgoing president commended the role played by the Director General/CEO of the Nigerian Stock Exchange; Prof. (Mrs) Ndi Okereke-Onyiuke, PhD, OON in stabilising the markets during the difficult times it is in.

The new president in his first remarks equally thanked the amazon of the exchange, for her tireless work and the exchanges desire to embrace reforms.

Finally, The subject of de-mutualisation and de-materialisation was equally laid to rest as the exchange confirmed that these two initiatives is still on-going and would be presented to the market once on-going discussions with the Securities & Exchange Commission is concluded.

Today represents a significant day in the annals of the exchange. We however retain a watching brief.

@ yenks

What facts?

Haven't u heard, there's a global economic crises/financial meltdown/credit crunch/recession/downturn.

Of course there's smoke, its cos d whole worlds on fire.


Just FYI:

MCKINSEY QUARTERLY (another favourite of mine when i'm not on Proshare)

Leading a developing-market bank: An interview with the CEO of Nigeria’s Oceanic Bank
Cecilia Ibru discusses the current challenges of managing a bank in Africa, where the global economic crisis meets an ongoing local crisis of poverty and unrest.
AUGUST 2009
Source: Financial Services Practice

Crisis is nothing new for Cecilia Ibru: as the managing director and CEO of Nigeria’s Oceanic Bank International, she has dealt with the challenges arising from the present global recession in the context of Nigeria’s efforts at tackling issues—poverty, civil unrest, and corruption—that have kept roughly 70 percent of the country’s population below the poverty line. “Banking is about people,” she says, but when the people you serve are among the world’s poorest, that philosophy must meet the challenge of investing in men and women whose promise and value have long gone unrealized.

Yet that is precisely Ibru’s strategy. Since the founding of Oceanic, in 1990, the bank has supported economic development through public–private partnerships that invest in local businesses—and, as a result, has grown from a modest family-owned bank into one of Nigeria’s largest publicly quoted institutions. Ibru’s March 2009 appointment to the board of the United Nations Global Compact, a corporate-citizenship initiative chaired by the UN’s secretary-general, Ban Ki-moon, solidified her reputation as a champion of corporate responsibility in a region long beset by corruption.

PROSHARE BREAKING NEWS: AP Plc pays off $35M DEBT to ACCESS BANK

Lagos, Nigeria, August 4, 2009, 1512hrs: The dispute between Access Bank and African Petroleum (AP)Plc, over AP’s delay in paying its outstanding $35 million (about N5.6 billion) loan facility to the bank has ended amicably.This afternoon, African Petroleum Plc issued an Afribank draft number 381342 dated 4/08/09 for the sum of N2, 945, 305,039.69 in favour of Access Bank Plc.

Going by the agreement mutually entered into by the parties, the $35,153,822.15 debt amounts to N4,499,689,235.20 at an agreed rate of N128/$. The value of the draft represents net settlement after taking into consideration AP’s credit balance of N1, 554, 384, 195.51 on its account with the bank.

The work-out plan drawn up, delayed by a day has now been met in full and AP Plc has discharged its obligations under the agreement.

You will recall that this approach was discussed in our article titled Crisis management and resolution: Wind-ups or Work-outs? (http://www.proshareng.com/articles/index.php) published on Friday, July 31, 2009.

This development is welcome and the import of the resolution commended for all parties in similar disputes that will occur as we wade through this difficult times.

www.proshareng.com

PROSHARE BREAKING NEWS: AP Plc pays off $35M DEBT to ACCESS BANK

Lagos, Nigeria, August 4, 2009, 1512hrs: The dispute between Access Bank and African Petroleum (AP)Plc, over AP’s delay in paying its outstanding $35 million (about N5.6 billion) loan facility to the bank has ended amicably.This afternoon, African Petroleum Plc issued an Afribank draft number 381342 dated 4/08/09 for the sum of N2, 945, 305,039.69 in favour of Access Bank Plc.

Going by the agreement mutually entered into by the parties, the $35,153,822.15 debt amounts to N4,499,689,235.20 at an agreed rate of N128/$. The value of the draft represents net settlement after taking into consideration AP’s credit balance of N1, 554, 384, 195.51 on its account with the bank.

The work-out plan drawn up, delayed by a day has now been met in full and AP Plc has discharged its obligations under the agreement.

You will recall that this approach was discussed in our article titled Crisis management and resolution: Wind-ups or Work-outs? (http://www.proshareng.com/articles/index.php) published on Friday, July 31, 2009.

This development is welcome and the import of the resolution commended for all parties in similar disputes that will occur as we wade through this difficult times.

www.proshareng.com

PROSHARE BREAKING NEWS: AP Plc pays off $35M DEBT to ACCESS BANK

Lagos, Nigeria, August 4, 2009, 1512hrs: The dispute between Access Bank and African Petroleum (AP)Plc, over AP’s delay in paying its outstanding $35 million (about N5.6 billion) loan facility to the bank has ended amicably.This afternoon, African Petroleum Plc issued an Afribank draft number 381342 dated 4/08/09 for the sum of N2, 945, 305,039.69 in favour of Access Bank Plc.

Going by the agreement mutually entered into by the parties, the $35,153,822.15 debt amounts to N4,499,689,235.20 at an agreed rate of N128/$. The value of the draft represents net settlement after taking into consideration AP’s credit balance of N1, 554, 384, 195.51 on its account with the bank.

The work-out plan drawn up, delayed by a day has now been met in full and AP Plc has discharged its obligations under the agreement.

You will recall that this approach was discussed in our article titled Crisis management and resolution: Wind-ups or Work-outs? (http://www.proshareng.com/articles/index.php) published on Friday, July 31, 2009.

This development is welcome and the import of the resolution commended for all parties in similar disputes that will occur as we wade through this difficult times.

www.proshareng.com

Is this conversation still on?,

@ OsamaObama

You are still an employee of the bank!?

I am fighting hard to refrain from commenting on the above,

Anyway to give you the final benefit of the doubt, since you have been so kind as to feed us all with this information about Oceanic Banks problems without proffering solutions,

, and as your motives have been questioned by several posters (some of whom by the way are also suspicious as they seem to have only recently joined Nairaland),

, could you state clearly what your objectives for this post are and how you believe your comments would be of benefit to:

1. Nairalanders & Nigerians in general
2. Oceanic Bank
3. Oceanic Bank employees
4. Oceanic Bank Shareholders

It is true that you may have done the honorable thing by "alerting" the general public of these issues but it is my belief though that unless an organisation is involved in an illegal act, employees are bound by non-disclosure agreements.

However I should commend you for "choosing" not to reveal the documents in your possession (on second thoughts I just realised that you may have done this only to protect yourself).

Patiently awaiting your response.

p.s. just in case you're wondering, I dont work, or even have an account or shares, with Oceanic.

"With great power comes great responsibility"

First of all I read carefully evey line of MR OsamaObamas (and the name says a lot about the way he/she thinks) and may have considered the possiblity of truth in the post if he had simply allowed us to come to our own conclusions based on his "facts".

Granted the bank may be facing challenges but, as others have pointed out, so is every other organisation in the world.

I have gone through my regular newsweep and cant seem to find any such story (even on my favourite www.proshareng.com). I cannot fathom why someone would come up with such a story and not provide his/her source.

You must agree that the post is very negatively skewed and seems to tend towards misinformation but then I may be wrong so I leave others to come to their own conclusions.

Anyway Mr OsamaObama please take out some time to read my letter to you,


MY REPLY TO Mr OSAMA OBAMA

Dear Mr OsamaObama,

After reading your post on Nairaland I have decided that my response should be at a level anyone should be able to understand without being derogatory.

However if you have any problems interpreting dont worry I've also factored that into this note.

I would now like to ask if, while you proceeded on the tedious task of thinking through the aftermath of your infamous post, you considered:

[b]That Oceanic bank has enough intelligent people to come up with a solution to the challenges caused by the global economic crises.

That they may have chosen this path from a list of even worse scenarios (withold salaries, filing for bankruptcy and closing down the bank).

That it is not unusual for organisations, that have had to lay off staff in bad times, to re-employ the same people when they things get better.

That if things were bad before this post you may just have made it worse with your comments and suggestions.

That if depositors start to withdraw their monies, more employees (who may even have been doing very well or may even be related to you or me) may be asked to leave.

That the entire banking system of an economy are connected and if one bank goes down others would follow.

That if others follow even more people would be laid off (more of our friends and relatives).

That if these banks start to lay off, another "concerned citizen" like you Mr OsamaObama, may restart the entire process of posting his/her "facts"

That if all the banks go down the economy is ruined.

That history records that the most common action of governments in a state of economic crisis is to go to (unemployed people are easily mobilized to fight eg Hitler and Germany)

That Nigeria is more or less already at war (check out news on Niger Delta and religious uppheavals)

That the victims of war are predominantly women and children

That war would take us back at least 49 years

That, [/b] I'm sure you get the picture by now

An all this because of a comment on Nairaland.

When would we ever learn to stop throwing stones? You just may break your own head.

Has anyone noticed the number of postings from Mr OsamaObama (if you have less that 10 postings on Nairaland and engage us on a controversial topic, we would assume that you are, )

If you were a former employee then giving us your name and employment details should not scare you as you have nothing to lose.

If you are still an employee then (and i feel aboslutely no remorse in saying) you should have been the very first to go.

Warm regards.

Knzguru

@Poster
Kindly provide the source of this story

I will make a few calls and check out this info on both mainstream and independent news sources.

$35m AP debt: CBN gives Access Bank clean bill

The Central Bank of Nigeria (CBN) has given Access Bank Plc a clean bill of health in the foreign exchange transactions between the latter and African Petroleum Plc (AP).

AP had petitioned the apex bank on May 15, seeking its intervention on the stalemate. Last Monday AP’s management had insinuated that it was fraudulently robbed by Access Bank, which it accused of not quoting its $35.153 million debt at the rate of N116,

http://www.proshareng.com/news/singleNews.php?id=7263

I stand to be corrected.

However, I've been following developments of Dangote and Otedola's dispute and knew that it would attract more trouble and inadvertently further affect the AP share price.

I believe Nigerian investors are been treated unfairly.

AP Rebuttal in Punch 220709


ACCESS BANK/ AP SAGA:
THE FACT OF THE MATTER – The AP Plc Response

Our attention has been drawn to the various publication of Suit No: FHC/L/CP/644/2009 filed by Access Bank plc against African Petroleum plc in the Punch, Thisday and Vanguard of 20th and 21st of July 2009.



This is to assure all our creditors and esteemed investors that African Petroleum plc is a strong, vibrant company with experienced Management and Board and definitely not insolvent. The action of Access Bank Plc is about a disputed debt arising from a facility granted by Access Bank to AP for the purpose of opening Letters of Credit (LC) for the importation of refined petroleum products. Upon maturity of the LC, Access Bank debited AP Plc at the converted rate of N127 to one US Dollar this was at 2nd December 2008. (Letter attached as Exhibit 1 - http://www.proshareng.com/newsletter/avp.php)



AP immediately protested the rate of the exchange applied by Access Bank pointing out to them that Central Bank of Nigeria (CBN) spot rate on 30th of November 2008 which was the maturity date of the LC and was N116.62 to on US Dollar and even the black market rate was between N119 and N122 to one US Dollar at that time. However, we stated our willingness to pay but at the appropriate rate via our letter dated Dec 2, 2008 (Letter attached as Exhibit 2 - http://www.proshareng.com/newsletter/avp.php).



Several correspondences have been exchanged in a bid to amicably resolve this matter but were unsuccessful. AP Plc then further petitioned the Central Bank of Nigeria (CBN) by the letter dated May 15, 2009 (attached as Exhibit 3 - http://www.proshareng.com/newsletter/avp.php) to adjudicate on this matter. CBN’s decision was being awaited when Access Bank filed the suit. Our lawyers have since filed appropriate papers in court as this is definitely not a case for winding up,


[b]I rest my case[/b]

AP Rebuttal in Punch 220709

ACCESS BANK/ AP SAGA:
THE FACT OF THE MATTER – The AP Plc Response



Our attention has been drawn to the various publication of Suit No: FHC/L/CP/644/2009 filed by Access Bank plc against African Petroleum plc in the Punch, Thisday and Vanguard of 20th and 21st of July 2009.



This is to assure all our creditors and esteemed investors that African Petroleum plc is a strong, vibrant company with experienced Management and Board and definitely not insolvent. The action of Access Bank Plc is about a disputed debt arising from a facility granted by Access Bank to AP for the purpose of opening Letters of Credit (LC) for the importation of refined petroleum products. Upon maturity of the LC, Access Bank debited AP Plc at the converted rate of N127 to one US Dollar this was at 2nd December 2008. (Letter attached as Exhibit 1 - http://www.proshareng.com/newsletter/avp.php)



AP immediately protested the rate of the exchange applied by Access Bank pointing out to them that Central Bank of Nigeria (CBN) spot rate on 30th of November 2008 which was the maturity date of the LC and was N116.62 to on US Dollar and even the black market rate was between N119 and N122 to one US Dollar at that time. However, we stated our willingness to pay but at the appropriate rate via our letter dated Dec 2, 2008 (Letter attached as Exhibit 2 - http://www.proshareng.com/newsletter/avp.php).



Several correspondences have been exchanged in a bid to amicably resolve this matter but were unsuccessful. AP Plc then further petitioned the Central Bank of Nigeria (CBN) by the letter dated May 15, 2009 (attached as Exhibit 3 - http://www.proshareng.com/newsletter/avp.php) to adjudicate on this matter. CBN’s decision was being awaited when Access Bank filed the suit. Our lawyers have since filed appropriate papers in court as this is definitely not a case for winding up,


Geez, they must really think we're fools.

I came across this on Proshare,
Who they hell do these guys think they are messing with MY MONEY!
Lets hope eveyone invloved is exposed for what they are.


The Truth About Nothing - Access Bank Plc Vs. Ap Plc
Editorial - Access Bank Plc vs. AP Plc (Suit No. FHC/L/CS/644/09)

"Our successes and our failures in life can be traced to how well or how badly we deal with the inevitable conflicts that society presents us."

The publication of the application for winding up proceedings against AP Plc by Access Bank Plc based on a motion ex-parte issued on July 13, 2009 represents a ‘conflict’ the Nigerian financial market would have to watch keenly as a test of its resolve to truly move into a regime of sound corporate governance, improved disclosures and a culture of best practice risk management by all quoted firms; and not just our banks.

The development offers much more.

It brings to fore the following concerns:
The recurring status of AP Plc as the poster boy of major issues in the market –

o The Retired Justice Ekop Commission of Enquiry (2002-2003) investigated the privatization of AP Plc and its many fallouts.

o During its sittings, it subpoenaed Alhaji Abba Gana, then MD/CEO of AP Plc who obtained a court injunction that enabled him not to appear before the commission to answer allegations on the handling, mechanism and management of the firm prior to privatization.

o The enquiry invited fourteen (14) banks who appeared before the commission as well as NNPC and the BPE.
oThe issues at stake focused on the alleged N23bn hidden debt not disclosed during the privatization of the company,


http://www.proshareng.com/news/singleNews.php?id=7191

I came across this on Proshare,
Who they hell do these guys think they are messing with MY MONEY!

I ALWAYS KNEW THERE WAS MORE TO THE DANGOTE - OTEDOLA WAR, Lets hope eveyone invloved is exposed for what they are.


The Truth About Nothing - Access Bank Plc Vs. Ap Plc
Editorial - Access Bank Plc vs. AP Plc (Suit No. FHC/L/CS/644/09)

"Our successes and our failures in life can be traced to how well or how badly we deal with the inevitable conflicts that society presents us."

The publication of the application for winding up proceedings against AP Plc by Access Bank Plc based on a motion ex-parte issued on July 13, 2009 represents a ‘conflict’ the Nigerian financial market would have to watch keenly as a test of its resolve to truly move into a regime of sound corporate governance, improved disclosures and a culture of best practice risk management by all quoted firms; and not just our banks.

The development offers much more.

It brings to fore the following concerns:
The recurring status of AP Plc as the poster boy of major issues in the market –

o The Retired Justice Ekop Commission of Enquiry (2002-2003) investigated the privatization of AP Plc and its many fallouts.

o During its sittings, it subpoenaed Alhaji Abba Gana, then MD/CEO of AP Plc who obtained a court injunction that enabled him not to appear before the commission to answer allegations on the handling, mechanism and management of the firm prior to privatization.

o The enquiry invited fourteen (14) banks who appeared before the commission as well as NNPC and the BPE.
oThe issues at stake focused on the alleged N23bn hidden debt not disclosed during the privatization of the company,


http://www.proshareng.com/news/singleNews.php?id=7191

No I dont believe they are.

I know FO is the chairman though and I wonder what is really going on.

Its really annoying cause the these guys are messing with other peoples investments (myself included)

I ALWAYS KNEW THERE WAS MORE TO THE DANGOTE - OTEDOLA WAR

Editorial - Access Bank Plc vs. AP Plc (Suit No. FHC/L/CS/644/09)

"Our successes and our failures in life can be traced to how well or how badly we deal with the inevitable conflicts that society presents us."

The publication of the application for winding up proceedings against AP Plc by Access Bank Plc based on a motion ex-parte issued on July 13, 2009 represents a ‘conflict’ the Nigerian financial market would have to watch keenly as a test of its resolve to truly move into a regime of sound corporate governance, improved disclosures and a culture of best practice risk management by all quoted firms; and not just our banks.

The development offers much more.

It brings to fore the following concerns:
The recurring status of AP Plc as the poster boy of major issues in the market –

o The Retired Justice Ekop Commission of Enquiry (2002-2003) investigated the privatization of AP Plc and its many fallouts.

o During its sittings, it subpoenaed Alhaji Abba Gana, then MD/CEO of AP Plc who obtained a court injunction that enabled him not to appear before the commission to answer allegations on the handling, mechanism and management of the firm prior to privatization.

o The enquiry invited fourteen (14) banks who appeared before the commission as well as NNPC and the BPE.
oThe issues at stake focused on the alleged N23bn hidden debt not disclosed during the privatization of the company,

http://www.proshareng.com/news/singleNews.php?id=7191

I ALWAYS KNEW THERE WAS MORE TO THE DANGOTE - OTEDOLA WAR

Editorial - Access Bank Plc vs. AP Plc (Suit No. FHC/L/CS/644/09)

"Our successes and our failures in life can be traced to how well or how badly we deal with the inevitable conflicts that society presents us."

The publication of the application for winding up proceedings against AP Plc by Access Bank Plc based on a motion ex-parte issued on July 13, 2009 represents a ‘conflict’ the Nigerian financial market would have to watch keenly as a test of its resolve to truly move into a regime of sound corporate governance, improved disclosures and a culture of best practice risk management by all quoted firms; and not just our banks.

The development offers much more.

It brings to fore the following concerns:
The recurring status of AP Plc as the poster boy of major issues in the market –

o The Retired Justice Ekop Commission of Enquiry (2002-2003) investigated the privatization of AP Plc and its many fallouts.

o During its sittings, it subpoenaed Alhaji Abba Gana, then MD/CEO of AP Plc who obtained a court injunction that enabled him not to appear before the commission to answer allegations on the handling, mechanism and management of the firm prior to privatization.

o The enquiry invited fourteen (14) banks who appeared before the commission as well as NNPC and the BPE.
oThe issues at stake focused on the alleged N23bn hidden debt not disclosed during the privatization of the company,


http://www.proshareng.com/news/singleNews.php?id=7191

The management of African Petroleum Plc on Monday faulted the alleged plans by Access Bank to wind up the company over a $35m debt under the provisions of the Companies and Allied Matters Act.

The company’s Managing Director, Mr. Tunde Falasinnu, who spoke in Lagos said while it was true that the company was owing the bank, some aspects of the agreement, especially the exchange rate that governed the repayment had become contentious.

Access Bank, in court documents published in several newspapers on Monday, had claimed that AP was insolvent; hence it could not pay the $35m debt. The bank has therefore asked that the company be wound up,

contd on www.proshareng.com

The management of African Petroleum Plc on Monday faulted the alleged plans by Access Bank to wind up the company over a $35m debt under the provisions of the Companies and Allied Matters Act.

The company’s Managing Director, Mr. Tunde Falasinnu, who spoke in Lagos said while it was true that the company was owing the bank, some aspects of the agreement, especially the exchange rate that governed the repayment had become contentious.

Access Bank, in court documents published in several newspapers on Monday, had claimed that AP was insolvent; hence it could not pay the $35m debt. The bank has therefore asked that the company be wound up,

contd on www.proshareng.com

Not as an employee but definately as the business owner ie
you can afford one if you owned KPMG not if you work in KMPG

From all of us.

Thank you.


Toke Balogun
Bakers' World Limited
Head Office:
54, Allen Avenue
Ikeja, Lagos
Tel: 234 [0] 1 07029377017
Mobile: 234 [0] 1 8034953785,08026259988
Email:toke.balogun@bakersworldcakes.com

As hard as I have tried, I cant come up with any excuse/response to the above.


All I can say is that on behalf of the entire staff of Bakers World (that includes my mother and siblings) I ask that you and your husband accept our sincerest apologies.


It was only after seeing your comment this morning that I realised your cakes must have been part of a Valentine batch we recalled due to nasty fake ingredients we got from the market when we ran out of supplies during the period.


We thank you for letting us know about this and giving us a chance to make it up to you. A lot of people would just spread the gist without trying to get an explanation.


We take your comment in good faith and are really very sorry about the mishap and if ever you do consider getting a cake (even if its just for someone you don't like) it'll be on the house.

Do feel free to contact me: knzguru@yahoo.com.

Thank again.

Regards.

p.s. if there is anyone out there who has had any similar occurrence (fingers crossed) with a Baker's World cake please give us a chance to make it up to you. Kindly send me an email too.

Well you could call me an advocate but i'm just a really big fan of Blue Ocean cos its works!

I will soon be posting details of Blue Ocean inspired projects that would be pitched to the government.

I will need Nairalanders' support either by polling or simply by posting their comments.