₦airaland Forum

Na scam.

Get the transaction details on your account from CSCS, or from the registrars of the stocks in your account. This will give an idea of where your stocks are, the guys at Fidelity might not be telling you the full story.

You need to understand the reason for the decline, if the decline was due to poor performance I will advice the investor to sell the the stock. If the decline in price is due to market sentiment or profit taking, I will allow the stock to decline in order to take position in the stock.

If the stock is fundamentally good but the stock price is falling, I will accumulate more of the stock.

First Bank and GTB

onuobia: That's an impressive result for them, but worthy of note is they are one of the poorest paid bank, their staffs are crying daily, the bank is so conservative, some power that be are in control of the bank especially Jim ovia's brothers from delta. From the last rating they are the 8th paying bank. The bank is about declaring N100 billion after tax result. Please the bank is not trying as regards to staff welfare, so poor

The workers can equally buy shares in the bank, shareholders and market operators are happy when management reduces cost.

NSNA: Which is better?

A lot of people are buying shares and loosing money when they could invest in a Startup.
With Startup at least you see a business plan and you can weight the risk Yourself.

I will rather invest in shares than in a start up company.

feelamong: Any body that is Panic selling now is doing himeself/herself a great disservice!!

The market is rip for future gains and only time will tell! All the market is waiting for now is the result from the Banking sector and the conglomerates which are all expected to the OK...Once these results meet the analyst expectations and that of the First Qtr also show growth the the next round of Bull season..

If i had money I will be quietly mopping up more of my favorite shares like NASCON and NAHCO

Why NASCON and NAHCO

ab1x: You ought to have asked me if I could buy a land with 100K in Lagos. I would have said no but as it is I'm not in Lagos, I reside in Ogun state. With 100K, u can get a plot of land in some parts in Ogun State but make sure u buy it from the Baale(s) in charge of the communities. I bought one and half plot of land in 2009 for 450K but now I can categorically tell you that they now sell a plot in my area btw 700 to 1m naira. Money today they say is not equal to money tomorrow. Land appreciate alots and it is far better than shares in Nigeria

You talk on what you are knowledgeable about, on stock has beaten real estate consistently on several occasions. Real estate and stock are good investment vehicle for every investor.

Iolo: To put things in proper perspective with the articles context, I know Bill Gates intends to leave $10million for each of his kids. Not so much in the grand scheme of things considering his entire wealth, but still good enough money for them to live a nice life and be their own person.

That does not include the investments and trust funds made on behalf of his Children.

Applicants for English Language should posses a first degree in English, graduate of English/Education are preferred. Post graduate diploma in Education will give non graduates of English/Education an added advantage.

TRIPLEGATE: how much can you pay, can handle physics and maths read mech eng 1st and 2nd degree and taught maths for long time in sec school

Are you conversant with the British curriculum.If yes give me a call.

MUSON Music diploma, will be an added advantage for candidates who want to teach Music.

I have enough candidates for Financial accounting and Business Studies. I need candidates for English Language, Mathematics, Physics, Music and French.

Thank you very much for your interest.

Our school is a highbrow school that runs both Nigerian and British Curricula. We are located on the international airport axis Lagos Nigeria. Due to expansion and increase in population our reputable College that has also won numerous academic medals in Nigeria, Ghana, South Africa, and United Kingdom has vacancy for qualified teachers.

Interested candidates should possess a minimum of first degree from a reputable University with 2 years post qualification experience.

Qualified candidates who can teach Mathematics, English Language, Physics, Music, Financial accounting and Business Studies, should forward their CV to manewumi@yahoo.com or call 08036638728.

Applicants living at Isolo, Ajao Estae, Mafoluku, Oshodi, Festac, Ilupe, Shogunle and areas not too far from Airport Road are preferred.

An International School located off Muritala International Airport Road needs the services of creative, resource and hardworking teachers who are academically and professional qualified to teacher English Language and Music in Junior School levels.

Applicants for English Language should possess a first degree in English and Education with a minimum of 4 years post qualification experience.
Applicants for music must possess a first degree in Music, and should be able to play a minimum of 2 musical instruments. Possession of MUSON diploma in Music or any professional qualification will give an added advantage.

Interested applicants should contact us on manewumi@yahoo.com or 08036638728.

http://www.punchng.com/news/four-firms-search-for-more-oil-in-lagos/



I hope lagos State will make good use of the the money from Oil in the the state.

Is the preferred bidder truly qualified. Jonathan is just trying to please the Northerners.

http://africanspotlight.com/2012/10/nigeria-names-preferred-bidders-for-10-phcn-firms-abdusalamis-company-wins-4/

Abdusalami's company wins the bid for Eko Distribution Company, Ikeja Distribution Company, Ibadan Distribution Company and Yola Distribution Company.

I hope this will lead to an increased electricity generation and distribution in the country.

It is a move in the right direction. His cement factory in Ogun State has opened up the town to development and economic progress.

I read the article corporate misgovernance and management recklessness in corporate Nigeria written by Emmanuel Ewumi on www.stockmarketnigeria.com,



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 2 billion 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.

Thanks a lot to all the people that showed interest in our organisation. The interview will take place tomorrow from 10.00am.

[quote author=The_keeper]I have Bsc in microbiology. .i can teach biology,agric & maths for free. .can i aply?[/quote]Are you based in Lagos. How many years experience do you have. You can come for the interview, but i don't employ anybody for free, it is not our policy.

A French teacher is also needed in the school.

contact me on manewumi@yahoo.com
or call 08036638728

IT is a high brow school and the minimum qualification is a Bachelor's degree.

We are an International School, that runs both Nigerian and British Curricula. We have won both academic and non-academic laurels in Nigeria, Ghana, South Africa, Canada and United Kingdom.
We are located around International Airport Road Lagos.

Due to growth and expansion vacancies exist for professional and competent teachers who can teach the following subjects,
* English Language
* Literature in English
* Biology
* Agricultural science.

Applicants should have a Bachelors of Arts (Education) or Bachelors of Science (Education) in English, Biology or Agricultural Science. Applicants staying at Mafoluku, Oshodi, Ajao Estate, Shogunle, Isolo and Ilasamaja will be preferred.

Interested applicants should send their CV to manewumi@yahoo.com, or call 08036638728.

manie: Nationally it is a big deal, people with this net-worth are about 1% of our population. In a place like Banana Island a net-worth of N600 million will place you in the lower class in that estate, infact such a person will be a tenant in the estate.

To our corrupt politicians N600 million is the allowance to fuel their generators or cars, our president will need more than that for his meals.
But to most hardworking Nigerian workers, businessmen, Entrepreneurs, executives it is a big deal. Anybody who accumulates such wealth legally should be commended. I also know people who made such money without stealing or embezzling public funds.

AjanleKoko: Bros, trust me on this one.
600 million is nothing major in Nigeria, as far as the upper class is concerned.



LOL@Lower upper class

But this whole UK-Nigeria comparison got me thinking, and truth be told, Nigerian bigger boys are probably enjoying more than UK big boys.
The wealth distribution is very uneven in Nigeria, to the point of ridiculous. Consider that one fresh graduate can be earning 600k naira a year (telco call center), and another earning N10m a year (Shell). That's more than fifteen times difference. I doubt many countries have such ridiculous disparities.

Nationally it is a big deal, people with this net-worth are about 1% of our population. In a place like Banana Island a net-worth of N600 million will place you in the lower class in that estate, infact such a person will be a tenant in the estate.

AjanleKoko: So what percentage of people in the UK have net worth of N600 million?
50%?

What I am saying is that such a person belongs to the upper class. Although for upper class, strata still dey.
We have millionaires, deca- millionaires, multi millionaira, billionaires and multi billionaires all in pound or dollars.

I think a net-worth of N600 million or 4 million dollar is just a millionaire. Such a person belongs to lower upper class.

Poverty sef get class

Anybody with a net-worth of N600 million in Nigeria is not a member of the upper middle class, but a member of the upper class.

AjanleKoko: In that case, the UK big boys no reach Naija big boys, i am sorry to say.

What is the percentage of the so-called Nigeria big boys that have a net-worth of a minimum of N600 million, I am sure they are not up to 2% of the population that is about 3 million people.
About 500,000 will be politicians and their cronies, may be 2 million of them are successful businessmen and investors, and may 500,000 of them are top executives in the private sector.
I am very sure that this estimate of mine is highly inflated, the number of people with a minimum net-worth of N600 million are far less than 2% of the population.

AjanleKoko: Are you sure about that? I mean the income bracket for upper middle class in the UK?
Just like most people earning N15-20m in Nigeria can't afford to buy a house in Ikoyi or Lekki, I'd expect that someone earning £100k plus would not be able to afford digs in Knightsbridge, Kensington, or Victoria. The tax regime lasan would probably put paid to that.

My own assessment of an upper middle class fellow is someone that can afford to pay N300m for a house in Ikoyi, or £2.5m in Earl's Court. That kind of person would definitely have a retinue of servants. You know those people that move from office to club to villa to yatcht. Those are my own upper-middle class people oh. If you no dey that level, you still dey rat race, auntie

I don't think anybody that can afford N300 million to buy a house should be referred to a middle class. I am sure such a person will also have investments in shares, businesses, cars etc. At the end of the day the net worth of the person will definitely be up to a minimum of N600 million or 4 million dollars.
Even in America people with a net-worth of 4 million dollars belong to upper class, although we have levels in the upper class.