₦airaland Forum

from nairametrics

https://nairametrics.com/2019/04/16/access-bank-again-wins-court-case-to-take-over-former-ministers-property/?utm_source=Nairametrics+Newsletter&utm_campaign=4231f86469-EMAIL_CAMPAIGN_2019_02_26_05_19_COPY_05&utm_medium=email&utm_term=0_c96c21e814-4231f86469-110396973&mc_cid=4231f86469&mc_eid=45e62d5543


Access Bank Plc on Monday, April 15, 2019, won a court case to take over Etiebet’s Place, a popular landed property in Lagos which belongs to a former Minister of the federation.

The property, which is located along Mobolaji Bank Anthony Way, is owned by a former Minister of Petroleum Resources, Chief Don Etiebet, in the name of his firm, Obodex Nigeria Limited.

In a ruling, Justice A. Liman of a Federal High Court in Lagos, rejected a motion on notice seeking to stop Access Bank Plc from taking over the property.

aremso:
he Securities and Exchange Commission (SEC) has been urged to nullify the merger between Access Bank Plc and Diamond Bank Plc which took effect in March 2019.

SEC was advised by Chief Don Etiebet, a former Minister of Petroleum, to nullify the consolidation, not because the merger threatens fair play in the banking industry, but because of an on-going court case against Access Bank Plc and its Chief Executive Officer, Herbert Wigwe.

According to Daily Trust, Etiebet made the request in a petition written to Securities and Exchange Commission, notifying the stock market regulator of an impending court case against Access Bank Plc, Mr. Wigwe, and other executive directors.

Bua group
According to the petition which is dated March 19, 2019, Etiebet said his decision to seek for a nullification of the merger was in pursuant to the provision of Section 124 (3) of the Investment and Securities Act 2007 which ‘empowers any person to voluntarily file any document, affidavit, statement or other relevant information in respect of the merger’.

Etiebet’s argument: Etiebet accused Access Bank Plc and its executives of hiding the criminal charges against them from SEC and other regulators like the Central Bank of Nigeria (CBN). He further argued that if the regulators had knowledge of the case, the merger would not have been approved.

This can affect the Access Bank and Diamond Bank merger
Etiebet’s petition to SEC against the merger can see the approval of the consolidation withdrawn if SEC discovers Access Bank Plc truly hid the fraud case from regulators.

Etiebet based his argument on the provision of Section 127 of the Investment and Securities Act 2007, which states that;

“THE COMMISSION MAY REVOKE ITS OWN DECISION TO APPROVE OR CONDITIONALLY APPROVE A SMALL, INTERMEDIATE OR LARGE MERGER IF THE DECISION WAS BASED ON INCORRECT INFORMATION FOR WHICH A PARTY TO THE MERGER IS RESPONSIBLE AND THE APPROVAL WAS OBTAINED IN DECEIT.”

Access Bank clarified stand in the Fraud case
In March 2019, Access Bank Plc released a statement clarifying the company’s position, including that of its CEO and Directors. The Bank claimed that it actually reported the case first to the Police Special Fraud Unit before a suit was filed against Access Bank.

In the statement, the management said in 2015, the bank made financial provision for a customer — Metal Steel Products Limited — to import billets and other machinery used for the expansion of the customers’ factory. But following the arrival of the imported goods, the company, (i.e, the customer), went ahead to clear imports without first making some necessary payments.

This prompted Access Bank Plc to report the development to the Police Special Fraud Unit, which obtained a court order for Access Bank to take over Metal Steel Products Limited’s business operations.

Adding that the lawsuit was instituted due to the misunderstanding between the Registrar that took charge of the property and Metal Steel Products Limited.

i hate it when Elder states men that should be the peoples custodian rant with evil intentions.....Access Diamond merger had been in the news for more than 6 months now, why is this man coming out now that the deal is consumated....If you have sensitive info that can benefit the country, why come out now......


Any how Wigwe got a court injuction before going ahead

kolaish:
I have bought before chibuking81 draw the attention of members to chams. I did not advice anyone here to buy because I know it will be dead on arrival, because 90% of analyst here will strongly condemn the idea of buying such stock. If you had followed some of my post, I always advocate for diverse ideas from all members. However, I so much appreciate the views of all our in-house analyst that always draw constructive criticisms whenever any stock comes to limelight.

Lets not castigate members for giving stock picks especially when they go the other way...... I bought when Chibu drew attention to the stock at 20k and sold at 26 and 28k.......I don clean mouth waiting for new rabbits...... UBA that i Loaded same period keeps going down even below Union Bank.......

Its all risk..... If we keep mute how will we identify stocks like costain that went from 99k to about #80 in one year

locodemy:
My hostels was built last year o.Guess when and which regime I got the money and from which market...,......?

;DNext will be new Dump T trucks for sand and cement Delevery.....


I dont mean to offend dat person o


lol

phemmie06:
I got this from Cardinalstone
"Further to your email below, kindly submit the executed e-mandate form either to your registered bank or post to our office to enable us attend to your request.
CardinalStone Registrars
358, Herbert Macaulay Way
Beside St. Dominic’s Catholic Church
Yaba, Lagos.
Thank you for your cooperation.
Best regards,"

I sent this
" Thanks for your prompt response but what is the difference between the scanned one and the hard copy you requested for in this era of technology.
All the necessary details needed has been provided including the Chn which is not a necessity.
I believe you should be able to to bridge the gap of digital divide and not you widening it because I strongly believe you have the resources.
Even registrars that are less exposed have long moved forward.
Thanks"
Now waiting for their response. Though I will also take the form to the bank

The day you understand beaureaucracy is the day you learn to tone down the harshness of your mails.....Dont let anybody single you out in this country o!!!! except you love O.Y.O. ............If the director of this registrar mean you, walahi even if Buhari intervern in your matter, you no go see your money.

yok:
DAILY STOCK MARKET GUIDE FOR 15 APRIL 2019

MSCI Nigeria on 12 April continues with buying Sterling plus some other equities while selling Access bank. This new week, some optimism seems to be in the air, I expect Monday to be bullish.

Caution: This is for information purpose only. Data used are assumed to be correct. However, you may want to verify the data from an appropriate source. Also, Institutions can afford to suffer big losses without going burst compared with an individual, you cannot follow them blindly (you need to at least have some knowledge/your own plan). This document remains the personal property of Target technical analysis (https://twitter.com/AnalysisTarget) and is not to be distributed without our authorization.

What could be the info this msci guys have about sterling........ ever since they left fo, my beloved fo never recover in price

vezycash:
You may be right. However, one thing you may have forgotten is this: With most Nigerian lecturers, those who successfully copy and paste what the lecturer thought them pass. Those who do oversabi and add their extra have issues. And this happens even in private universities.

That's the reality of our situation.





You're right about the little tools - I'm yet to hear of any engineering class in the country doing metal works - you know, basic engineering. HP started as a tool maker.

As for making excuses for the useless theories universities give answer this:

Out of the following three students, who will become able to drive a car at the end of their schooling:

The who has read all about cars, knows the theory behind driving, can name the car parts, understands the role of friction, injection motors, drag, heat...

OR

The one who is seated in the passenger seat and ONLY watches as the instructor drives and knows some theory behind cars.

OR

The one who knows nothing about car theory. Seats on the driver seat, starts the car and drives with the instructor seated by his side?

Its on record that Great Engineers , Mathematicians, Physicist doctors and Technical men were rarely Rich and Powerful... Hp, Micheal Dell, Bill gates,steve Jobs, siemens, Bosch.....These men are Great Business men able to identify and harness engineering Talents around them...Using them as case studies for Engineers forgeting the likes of Brinnel, ackerman, shannon, bernouli shows You never loved Engineering in the first Place ....Many Engineers strive all their lives to solve all aspects pertaining to a problem without ever thinking of financial rewards........ Do you know that the mathematics and engineering for wireless charging in the galay s10 was already invented in the 18th century by Nichola Tesla but had to wait till the 21st century to make reality......He must have been looked at with dispair that you could wirelessly tranfer power in his day, but his ideas are reality.......

vezycash:
By the math Criteria, China is most qualified for engineering. Asians have consistently topped the world on Math proficiency in high school and university levels.

As for design work being a England, France, German thing. The answer is mainly politics or preference. It's the same reason why WE prefer foreign wine, clothes and shoes to locally made ones.

Another reason is simply experience - a.k.a. apprenticeship. They have firms who design all the time. Who will you give a contract to build a 10 storey building you want to live in. Someone who shows you 10 sky scrapers they have already designed or someone who just shows you paper drawings?

That's why we clamoring for practicals. And I don't mean that useless IT. Every one knows it's just a year to sit down at home or become an unpaid messenger.

Germans for one have the world's best Apprenticeship program. https://www.npr.org/2018/01/04/575114570/robust-apprenticeship-program-key-to-germanys-manufacturing-might

It's the key to their manufacturing prowess.


Ikorodu road, the one done by Fashola; The road that leads to Ogun state from Iyana Ipaja. The road being Stadium side - all the over head bridges being done there, it's all Chinese guys. It's much more solid than those done by Julius berger in recent memory.

I guess you are are a bit knowledgeble in structures..WE ARE in the digital age...Take any good Course eg STATICS and Dynamics, go online to youtube, coursera and EDx, You will be amazed with the availability of top quality free lectures from the best professors in the world..... It is not far from what is taught in the walls of IFE, Nsukka and UNILAG...........

No body pays Africans for design especially masterpieces.......No body pays Africans to solve problems[Notion out there is Africans generally cant solve their problems].......

You mentioned bridges, Do you know that some of the most beautiful problems solved in engineering are not mega structures, check out your spanner, the bolt and nut, screws, threading........This are the basics,the first principles, they are ugly and boring but they make the gigantic structures thick

udemzyudex:
Lol, I have met a lot of people computer engineers who could not fix simple mother issues and I begin to wonder what the are being taught at the university.


Well, the reason why most organisations will go for Indians and others is because we do a lot of trial and error in Nigeria, take our mechanics for example, in fact they will end up causing more damage to your car.

I learnt computer engineering in Nigeria and I can tell you that most of the jobs were trial and error.

After I finish learning, I had to learn more and guess who I went to? The Indians.
They will teach you the theory and practicals, they will teach you the right way of doing things.

I can tell you that I'm 100% better than before in advance Iaptop chip level repair, I remember asking one of my seniors back then some questions and he was like I was just laughing.
The world is evolving and technology is evolving but Nigeria is still stagnant.

A computer engineer that can build you a digital wristwatch is a great computer engineer.......Lets all stop getting Engineering confused with Technology.......Engineering deal with first principles while Technology deals with the art..............The difference betweena Nokia 3310 and an Iphone X engineering wise is little but Technology wise there is a Quantum lot

Dothraki:
please go back and read my article. The system is fvcked up.
It is impossible for anyone to implement anything. University or polytechnic
You get put so much theories to your head your brain will discard everything since you are not taught how to implent it.

Its like pouring water to a basket, the moment you finish exam, everything is gone in your head..
An average graduate does not remember anything, what is the point of learning if you are going to forget it all at the end of the day?
People that think like you are Nigerian problem.
There is need to reform the educational system in nigeria..
We are not even talking about making innovation..
Lets just be copying what developed nation are doing.. let us be manufacturing substandard phones, tv and all. One day we will get there..just like china did.

There is need for reformation. How can anyone defend the old and outdated stuffs we learn in Nigerian universities.....

You are part of Nigerias problem. Honestly

some one gave you the most solid reason for your question and you just spew abuse.....Engineering is mostly design, It way different from Technology. Please take time to review thesis of various Engineering Courses from Good Universities and you will see it is heavily Maths Based.......There is no market for Design in Africa.....Have you ever wondered why Design works for most new Architectural masterpiece goes to England, France , Germany, Its because they try to solve Problems from first Principle, These works do not even go to China,The chinese do not even see themselves as Engineers now talk of Nigeria

cornwall:
https://punchng.com/jumia-becomes-first-african-start-up-to-list-on-new-york-stock-exchange/

Jumia Snubs Nigeria Stock Exchange

can Nigeria fund retail, one company capitalization in nyse na our allshare index

any commentary on FO, wapco, Uacn ............

[quote author=Kevostica post=77473621][/quote]my dear have patience, they will definitely give you your money, but just make sure that when you buy securities think of the day when you will convert the securities to cash and do all necessary gbogbotigbo

OBAGADAFFI:
Some registrars are very stubborn. Even when you explain to them, they will insist you do what they(Registrars) will insist on their own instruction.

I experienced the issue with Atlas registrars (FLourmills) Eric moore .

If dividend registration and payment were smooth, how willl regitrars make money, lets not because of our tasere dividend loose sight of the big picture..........e.g. First bank declare #2billion naira dividend, they transfer the dividend to First registrar to pay shareholders in their books, when the big boys have collected(nobody jokes with baba dem money) , the remainder say 30% goes to we the minority share holder, #600 million naira on the cheapest money market instrument yeilds #60million naira only on first bank..

This registrar will go to any length to make sure they hold on tenaciously to that money, you will fill forms both at banks and their office, woe betide you that your signature is irregular, you go hear wen..........

This reminds me of the paper work access wants diamond shareholders to pass through before they get their #1...Na onlh dozie money sure pass, the rest go hear wen......I am suprised no body has made mention of receiving the #1 alert........


Thats d environment we find our selves in

http://www.nse.com.ng/Financial_NewsDocs/25746_FIRST_ALUMINIUM_NIGERIA_PLC_CORPORATE_ACTIONS_APRIL_2019.pdf

this is one company that has close ties to diamond bank wanting to delist

stcool:
After everything you head at conference call, you still want to buy at that price. Fear God my brother!

Market will still purnish fidelity for wetting their appetite with 0.22k and failing them........though I over exergirated but mr market being who it is I might be very lucky with so much bad news flying around

Larfarge wapco........we are waiting o!!!!!!!!!!!!!

I just finished listening to fidelity conference call and okonkwo(ceo), highlighted that definitely 2019 they will start to implement their new 30% dividend payout, they only changed their mind last minute for reasons best known to them( they want better books)..........

Fidelity is definitely back in my radar anticipating next earning season....waiting @ #1.10 junction

stcool:
NSE is nothing but a pot of beans...

Is it not the same Sterling bank that almost fell below N1.00, and someone kept mopping it up at N1.00 last year that is now trading @N2.65 above Fidelity and FCMB.

Ok o, God dey and na dem go tire!

maybe we should start monitoring stocks in mopping up mode......over 100% is not bad for a year tenure.....

Godlylifeoneart:
http://petrobarometer.thecable.ng/2019/04/02/shells-payments-to-nigeria-increased-to-6-4bn-in-2018-highest-in-the-world/

62% of 2019 budget revenue..............Chai Nigerian Government is lazy......This rent seeking mentality can only stop when oil drys up

locodemy:
Pls who are these new monikers with long epistles I am seeing in our forum these days?I'm really afraid only that I can't leave this place without a genuine reason.pls who are they?Is oga long epistle transformed?

Oga pls press skip on their matter o......They can come for your jugular...

I will take a gamble on UACN and Wapco this year, their share prices are highly depressed, they will definitely benefit from evaluation as their products will relatively become cheaper in the west african market(at least wapco).... I want to believe they will rise this year and when they do they will rise on steroids.....



CAVEAT: all na gut analysis

Gut Feelings

The breeze of devaluation will blow everybody, Banks, brokers, NSE, market markers etc, ,,,, All will prepare for it.... I see equity prices on a downward thrend till JULY.......I will move in another batch of money after presidential inaugurations then buy very volatile stocks anticipating this FPIs are in for capital gains..... Stocks on my radar are

Oando (45% profit entry price below 4.50)
wema (80% profit entry price below 0.53k.......I wont guk again)
Zenith (23% profit entry price below 20.00.......#3 na brokerage charge)
chams (30% profit entry price below 0.21.........sold chams quietly at 0.28)

technical info will be highly appreciated.....

Thanks in advance

http://www.nse.com.ng/Financial_NewsDocs/25668_LAFARGE_WAPCO_PLC._CORPORATE_ACTIONS_APRIL_2019.pdf

Key Director shamsudeen usman is gone........... still keeping my fingers crossed on this stock

Chai, where are the egg heads of this threads..... Please come out of hiding........Seun should please reach out to them as they have helped people into millions..................This days na Abuse everyone dey throw themselves,,,,,Gradually, people are forgeting about making money....

rebekah2011:
We cannot float our currency to please them. I would rather suggest that we even limit importation from them. No big cars like Rolls Royce, Limo, in fact, any car above 15m should not be imported into this country again. Then we can focus on building local capacity in many areas.

You talk like our politicians on NTA news ,,,, ever since Muritala was assasinated, no Politician moves around in the masses car, when you get to the national assembly house you frequently meet german marketers of mercedes and maybach peddling to our politicians the latest bullet proof product... So you want Saraki to drive GAC or hyundai to work daily,you want DJ cuppy to use tecno phones.... I remember during Goodlucks daughters wedding Gold plated Iphones were given as souverneirs to those that attended.....

The truth is that the elites know fully well that a floating currency will shift the power base away from them and they dont want this they would rather stick with the status quo and remain at the top than to see things better and hold no powerful positions in the new scheme of things

courage89:
They made similar arguments 3-4 years ago, Nigeria needs to devalue its currency to attract FDI. We need to devalue to make export cheaper. Loads of bull...What happened to the FDI after we devalue our currency? What kind of FDI did we attract, portfolio or brick and mortar investments? What happened to the FDI after these investors made their returns? Has our cheaper currency helped us to export more industrial goods?

Let's not kid ourselves, devaluation of naira at this point is not in the best interest of our economy. It will create high inflation, high interest rate, loss of manufacturing abilities, loss of jobs and other problems.

To the proponents of currency devaluation, what's the objective this time? To attract short term portfolio, long term portfolio, brick & mortar investments? Devalued naira will only attract short term portfolio investment, which is detrimental to our economy. We're all living witness to the economic effect, cycle and runaround based on what happened to our stock market in the past 4 years.

Our objective should be how to attract long term portfolio, brick and mortar investments. The best way to do this right now is to address factors that lowers cost of doing business in Nigeria. Power, transportation, ease of doing business policies, security, currency stability and others. Our conversation should revolve around these subjects and not currency devaluation. By fixing these problems, we fix our economic problems and others at the same time.

While the US and IMF keeps putting pressure on asian countries to revalue their currency higher, they keep telling we africans to devalue our currency, I believe what we need in the country is a Paradigm change, anytime a G7 foreign diplomat visits Malaysia, china , Singapore, the first discussion on the table is for this countries to Revalue their currency, a trade war occurred about a year ago due to one of this countries devaluing their currency that sparked of a chain reaction.......What we fear is actually a big blessing to guys down there.......Why dont we just copy their model

yMcy56:
Agba I saw 29162.24 NSE indice I fear.
Dont just pass, abeg tell us if we're getting close to reversal or the wave we are now, since all our chart ogas dey on sabbatical.

E tire me o!!!!!

Please who knows how FX-user can be contacted... I am done with fundamentals, I want to know entry trigger points......

chai see me in limbo

rebekah2011:
I do not think that we should take some of these I TOLD YOU STATEMENTS beyond what it should be and mean. We are here to help one another take informed decisions in the NSE. That a particular stock is bad today does not mean that it can not be good tomorrow vice versa. That there are some flies that follow the dead body to the grave does not mean that some that are wise do a retreat before the body gets to the GRAVE. Please read this if you just got into Chams https://chamsplc.com/chams-private-placement-oversubscribed/ It will be nice to know what you are getting into. The last trades (in units) of the company for the last 7 months are as follows: Oct 2018 - 0.1m, Nov 2018- 0.002m, Dec 2018 0.0288m, Jan 2019 - 0.0001m, Feb 2019 - 20.0005m, March 2019 -40.897639m, April 2019 - 56.013534m. Note that we have just had 5 days trading in April 2019.

Then ask yourself what is the value of the trades so far N23m plus. So if you really want to play here, how much are you willing to stick your neck out for.

what this company needs is government patronage like Caverton, the rest will be history, there is no service they want to give that one hustler in computer village is not already providing to the masses.....If they supported Buharis election then common Road safety or Immigration contract is enough to fire them to the net level

Chibuking81:
@ Yom2, thanks for the information you posted when you first sighted Chams PLC. ( please when next you see such information do send such it to my email, I will send message to your message box, please do reply)

Those in the Chams plc bus enjoy, time to get and keep information to oneself, I found out that any good information posted here were always death on arrival. Instead of receiving stone, and insult/ blame, it will be good to say bye for now. Even mcy throw stone
In NSE, never say never . After today I will go on ghost mode. People mistakes information here for something else, some think that they are revenging, but revenging for what?

Dont take criticism personally, Always try to leave a caveat with your stock recommendations so that nobody blames you for his losses......Abeg no go stealth mode.... I already miss Fxuser, bbm, Pa elewummi......Agba small small is entering stealth mode

Gut feeling is telling me that access merger with diamond bank got to do with moves by oil multinationals wanting to exit the country, they want to be in a better position to finance this asset acquisition......

TLAX:
You can count the number of quoted companies in Nigeria that practice proper governance on the fingers on one hand only. Any quoted company controlled by a family or a dominant individual poses a high risk to financial returns no matter how well they may appear to be doing. The information asymmetry is just too much for a sane investor to deal with.

I beg to disagree , this is Africa(Nigeria in Particular), we dont practice true Free market economy.....The first thing I look out for in companies I try to invest in are Key men or family influence and whether they are in favor with the Government in power ,