₦airaland Forum

Yayira:
Is Wapco the next diamond? What’s happening?

Wapco has recovered. Debt reduced and return to profitability. They can now stand on NSE as a true CEMENT company.

Wapco on fullest bid. Many companies doing well. Fidelity 1.85, DF 17 Access 7 etc etc

dipoolowoo:
Femi Otedola Completes Sale of Forte Oil, Exits as Chairman
https://businesspost.ng/2019/06/19/femi-otedola-completes-sale-of-forte-oil-exits-as-chairman/

And he is going fully into the power sector. Hmm. E be like say na for this power sector money go dey oh.

stcool:
Improve fire...with unaudited. Larfarge ready mix is already merging into the parent company. Shows nothing is happening.

I wait price sub N7...we start accumulation for long-term

You mean 7naira or 7 Euro?

Wapco result is out. Improved 2018 as compared to 2017. Return to profit in q1 2019

rebekah2011:
http://www.nse.com.ng/Financial_NewsDocs/26395_LAFARGE_WAPCO_PLC._CORPORATE_ACTIONS_JUNE_2019.pdf

So where the result. They said it was approved for release yesterday.

jamace:
I dey this bus o. I saw it through TA.

Just like TA is trying to say something about DF lol

aremso:
cos of current IGG?

Abeg no vex, writing be IGG? I don check my notebook from beginning to end, e no dey.

Something tells me that Access will do well this year, despite the next level depression.
Infact, Access, fidelity and Wapco are my picks for the year.

Na so things bad reach?
Last comment made since 3.55 pm yesterday.
Chai, this next level just dey start oh. Only one month old.

Yayira:
My brother.. I’m spreading my antenna first.. to know how much exactly Olam want to pay.. Diamond bank was open on how much access will pay.. why is Alhaji hiding his ?
And moreover I won’t buy anything above 16 naira sha

It came below 16 a few days back. Something tells me the deal would be done at 19.7. or thereabout.
With the way market dey drag, 20% gain no be small thing.

Yayira:
So fast ? Signature specimen already ?

lol. Once bitten, twice shy.
I know say them go gree do e-mandate for now. But once de deal done form, na form on top form ppl go dey fill

stcool:
Once the deal price is announced, I don carry my kaya to registrar office for clearing. I don't want to hear story. Let me even check their registrar!

Lol. You go wait for deal price? Me done already submit my signature specimen to cscs.

stcool:
So you buy? See yourself

Dangflour na my tbills. Atleast I get 30% from de sale e do me

Any news on dangflour? I dey inside oh with only one leg. This driver sef. Him no get patience

Mcy56:
We were not given fair hearing, Oando insists

https://guardian.ng/business-services/we-were-not-given-fair-hearing-oando-insists/?utm_medium=Email&utm_source=Zenter-System&utm_campaign=%2318347+%3D%3E+MORNING+NEWS+HEADLINES+&utm_content=91703c13d2a63a3ec463db5ebbebfe405601c186

Oando will most definitely win the case at the court. SEC don't know what they are saying. There is a difference between asking questions during investigations and actually giving a person fair hearing at the point of taking a decision or making a judgment. Since the auditors concluded their forensic audit I doubt if anyone except the DG SEC and the minister of finance saw the said report. Oando should have been allowed to respond to the forensic report.
My only concern for oando is that they should have taken the case to the investment and securities tribunal rather than the regular court.

I no dey see loco these days. Abi him done hammer

Agbalowomeri:
Na wa o
Afriprud registrar used to be the best
Tony don enter

hu no like money. They were all good until Mr. Tbills started going up.

stcool:
https://punchng.com/minimum-wage-labour-rejects-fgs-proposal/amp/

Even fg is finding it hard to implement

So unfortunate. But see the billions being dolled out to legislators without any difficulty.

stcool:
I said Wale will go but will look for a soft landing...
And in Nigeria he will get it

The storm is not over yet for either side. Judicial review does not take too much time. You would be surprised that this particular case would be determined before the end of July.
Slip wey go cut, go still cut. If you know, you know. But if you no know, go ask ihedi

Mtn dey sell this morning oh.

tritritri:
https://investadvocate.com.ng/2019/06/12/cbn-injects-210m-into-forex-market/

Chai. Thank you. CBN cannot just stop injecting. Them too like injection lol. Mcy56 you see?
You no know say injection na emefiele biggest invention

Mcy56:
...but dont we think that the currency floating will usher in mini bull?

classmate, which currency floating? Just wait a bit and you would hear cbn's release of 250$ to bdc owners...

Mcy56:
Wonder what their interest in Oando, Lafarge and DC is.

Lafarge, I also have an interest

lancee:
Sir the headline you posted had been deleted from Bloomberg ..REPORTERS were wrong ..All its been CORRECTED

https://www.bloomberg.com/news/articles/2019-06-12/nigeria-central-bank-quashes-talk-of-exchange-rate-policy-change

You see? The content is different from the headline. The content does not suggest that CBN did anything special.

DOLLARTEX:
https://nairametrics.com/2019/06/11/boom-cbn-just-reported-it-has-floated-the-naira/

Misleading headline. When you read the article properly, you would notice the writer is just confusing himself. He even claims the floating started since May. Can you imagine? Such a thing as free float started in May and we didn't even notice.

dipoolowoo:
Oando Disagrees with SEC’s Decision to Cancel AGM
https://businesspost.ng/2019/06/11/oando-disagrees-with-secs-decision-to-cancel-agm/

The one that would finally finish oando is when sec will say no result until the case is concluded.

Mcy56:
Lol. You see fine pinshure bah.

No be small thing.

Mcy56:
*Peeps from za oza room*

Ehhnnn, what do you expect before when you dey disturb us Yayi, na me our husband go support na. Don't be jelux, go and wait for your week and if you no see sleep sleep, make you dey watch film.

*Back to biz*

This my class mate, I just peep your dp to see the face of de person wey dey shake table this early Sunday morning. Wetin I see for there ehh...

OakPearl:
They amassed this much Oando before now?
Who does their stock picks?
They must be buying and selling every stock kaya in the market I guess.

Pple are in the market for capital appreciation. No be everybody dey do fundamentals. Recall that they were heartbroken diamond and even bought more just before the announcement of the merger.
Oando will always ride the bulls whenever it shows up.

phemmie06:
Shareholders yesterday knocked the Securities and Exchange Commission (SEC) for punishing Oando Plc.

They queried the regulator’s powers to impose such sanctions, claiming that its actions would harm the firm, damage shareholders’ investment and weaken market confidence.

On Friday, SEC announced the conclusion of the investigation of Oando and barred its Group Chief Executive Officer (GCEO), Mr Wale Tinubu and the Deputy GCEO, Mr. Omamofe Boyo, from being directors of public companies for five years.

It also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected board members to the company, among other actions.

But Oando said that the “alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company.”

It obtained a Federal High Court injunction on Monady to restrain SEC from taking any step concerning its imposition of N91,125, 000.00 fine on Tinubu, and barring him and Boyo from being directors of public companies for a period of five years.

One of the company’s shareholders, Kabiru Tambari, said yesterday that SEC’s actions “defied logic” and could kill the company.

Speaking on behalf of the Sokoto shareholders of the firm, Tambari said: “We are not happy at all with has happened. Wale Tinubu and his management team have suffered, they have put their resources; energy, time; to keep this company moving forward and now the SEC wants to take it away from not just them but us the shareholders as well.

“When the company was making losses the SEC didn’t bring up all these infractions and sanctions, but now the company is doing well, and has returned to profit and they’ve come with such drastic actions. This will foil the company’s attempt to pay us dividend at the end of the year. It is clear that the SEC wants to kill the company.

“How else do you explain an action such as this that defies logic? We, the shareholders, who the SEC are meant to be protecting are not satisfied with the way this has been handled.

“They should think of the effect their actions will have on the market, if this continues, the company will not be able to pay salaries, the shares will be devalued badly leaving us in a precarious position. We implore the Court to look into the matter carefully and adjudicate accordingly.”

Another shareholder, *Mr. Patrick Ajudua*, alleged that  SEC may have overreached itself.

Ajudua, who is the National Chairman, New Dimension Shareholder Association, said: “The SEC’s findings on Oando speak volumes. As shareholders of the company, we are more interested in the protection of minority shareholders, the development and protection of the capital market.

“The consequences of these far reaching directives from the regulator will have an adverse effect on the share price of the company both locally and internationally, market integrity, rule of law and expected returns on investment.”

Ajudua claimed that the SEC, as presently constituted, has no power to issue such far reaching directives without the consent of a Board.

He added: “Disappointedly, the regulator has been operating without a board for more than four years and as such is like a car without a pilot, a human being with a body but no head. Even the USA SEC has not operated without a board since 1939.

“The law setting up SEC is very clear on power, authority and function of an acting DG. Therefore it is my submission without prejudice to the rights of Directors of Oando to seek judicial intervention that the SEC as a body had gone beyond the remit of their powers.

“I strongly support the steps taken by Oando in seeking legal redress and justice. SEC as the apex regulator of capital market must be seen to operate within the rule of law, you can’t beat a child and ask him not to cry.”

Founder of Stanbic IBTC Bank Plc, *Atedo Peterside*, also weighed in on the issue.

Peterside, a renowned financial expert shared his concerns on his Twitter handle last Saturday.

He tweeted: “On Oando, what I don’t understand is why the SEC would not give the findings of the Forensic Audit to Oando and give them an opportunity to defend themselves? The findings of the Forensic Audit should be made public alongside Oando’s responses so we can all judge for ourselves.”

Another analyst, *Johnson Chukwu*, who spoke on Channels Television, also faulted the SEC’s sanctions.

Chukwu, Chief Executive Officer (CEO) of Cowrie Asset Management said: “For the past four years the SEC has not had a Board and the absence of an oversight body is a major constraint to a regulator like SEC.

“What they have done is tie their hands to the back; they are trying to correct and implement corporate governance in a company when they themselves do not have a corporate governance position or structure of their own, coupled with other internal issues that they have.”

Another Twitter user, *Yinka Ogunnubi*, questioned the regulator’s powers to impose the sort of sanctions it did, saying: “I think it’s time we started asking ourselves some very important questions; does the SEC have the powers to remove Directors of a listed Company? Does the SEC which doesn’t have a Board have the locus standi to take actions against a listed company based on corporate governance issues?”
https://thenationonlineng.net/stakeholders-slam-sec-over-oando/


Who are these people representing their pocket or....?

You see why I asked somebody who "shareholder" is. Someone will just write something and say "shareholders say".

This is the second statement I am seeing credited to shareholders. Both contradictory statements. I will soon issue my own statement