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 Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 11:22pm On Sep 11, 2017 |
122. As allegedly claimed by the petitioners in the newspaper report https:///VcJgN8snHe 1 Like
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| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 11:07pm On Sep 11, 2017 |
96. As rumours swelled and more facts emerged Oando would later reveal who had written the petition that instigated SEC investigation 97. Volpi and Mangal, two businessmen that JAT had reached out to during the COP transactions had petitioned SEC. 98. A newspaper article would subsequently allege that they accused the company of 99. falsifying their financial statements and wanted JAT, MOFE and the board to step down. 100. The report also claimed Mangal claimed he owned 13.9% of Oando Plc, and not the 4% recorded in the shareholder register. 101. Oando of course denied all the allegations of wrong doing. 102. JAT in his defence has stated that the disagreement between himself and Volpi over the $80 million 103. lent to him by Volpi to acquire a stake in OODPL, is currently before an arbitration panel. 104. Debtors at least, had a right to fair hearing, one analysts would remark. Creditors only had to be patient. .105. Investors were not aware that apart from extending the $50m loan to OODP to help pay for the 25% of COP, Volpi had also lent JAT $80m.  106. You would think this all meant he perhaps owned Oando Plc. But this is not how things work in the corporate world 107. Oando(JAT) reportedly claimed that the move by Mangal and Volpi was a ploy to takeover Oando Plc and remove him from office. 108. A company he ostensibly founded years ago. 109. He also claims Ansbury Plc, had a representative on Oando’s board who approved 110. the company’s 2015 financial statement, which Volpi alleges were 'cooked'. 113. The AGM taking place was the true test and SEC, they believed held the aces. 114. SEC would later allow Oando proceed with its AGM, stating that the petitions 115. by the aggrieved parties do not warrant the suspension of the company’s AGM. 116. SEC further advised the petitioners to seek a court order restraining Oando from holding its AGM. They didn't stop there 117. The regulator also advised Ansbury Plc, Volpi's vehicle to write to Oando seeking representation on its board. 118. . SEC claims it can still reverse any decision taken in the AGM, if further information that can instigate such is brought forward. 119. This was by analysts accounts a master stroke and a result of all the complex shareholding structure that Oando had created years ago. 120. It was as if they new one day the chicken would come home to roost but made sure when that happened they won’t be home. 121. JAT and Mofe's complex shareholding structures were such that, Volpi’s company, Ansbury had no direct shareholding in Oando Plc. 1 Like |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 11:04pm On Sep 11, 2017 |
83. By September of 2016, Nigeria’s economy took a turn for the worse. The economy was deep in recession and oil prices had nosedived. 86. The government had its sights on everything, they even took security of oil installations from Militants 88. The ports were target and thus for the first time in years, challenged the monopoly of Intels, owned 70% by Volpi. 91. As you would expect, business owners started looking inwards and around to see which asset they could latch on to. 92. It was the time when owners of business long forgotten, rang CEOs for regular updates on the financial status of their investments 93. In July 2017, a local news channel broke news that the SEC had suspended the AGM of Oando which was to take place on September 11, 2017. 94. Oando was livid and the network soon withdrew the news from its websites, perhaps out of fear of litigation. 95. But Oando would admit soon after that they were under investigation but that the AGM was yet to be suspended. 1 Like |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 10:52pm On Sep 11, 2017 |
80. In July of 2016, they would announce a mega $210m deal with HVI ,a joint venture owned 81. by Helios Investment Partners and Vitol, a world leader in oil marketing. 82. The JV would own 49% in a significant part of Oando’s downstream business under a new entity called OVH Energy (“OVH”). |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 10:50pm On Sep 11, 2017 |
74. If the banks call in their facility, it could spell huge trouble. Banks also knew this was not d route they wanted to but waited on JAT 75. They were all in this together and so a restructuring of their debts was announced in June 2016. 76. And so 10 Nigerian banks would come together and restructure N95b in loans owed by Oando. Only JAT & Mofe could pull this off 77. This feat that nearly went unnoticed nearly swallowed a telco this year, if it wasn't for regulators. 78. The deal allowed Oando to freeze payment on principal for three years allowing them to only service interest. 1 Like |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 10:47pm On Sep 11, 2017 |
52. The company had recorded a monumental loss of N184 billion in 2014, the largest ever by a quoted company in Nigeria. 55. They say when it rains it pours. The company had taken what accountants call an impairment on all its legacy holdings. 56. Total write offs of its upstream assets were about N73 billion. To make matters worse, the auditors would also report a major breach. 57. According to them, Oando had “paid dividend from unaudited reserves as at June 2014.  58. However, as at year-end there was insufficient reserves to absorb the dividend paid.” EOQ 59. In simple terms, it paid dividends to in July '14, in advance of profits, which it thought would remain in its accounts by year end. 60. After all, it was July 2014 and Oil prices still looked good so someone 'excited' may have projected a bumper profit by year end. 61. It’s like eating your cake before you had it. But by December, there was actually no cake to be eaten. 62. The profits it had accumulated in its reserves all these years were wiped out in one fell swoop. COP was not what it seemed 63. Auditors would again question the going concern status of Oando. 64. They worried that it may not remain a business, disclosure auditors make when a company current liabilities exceed current assets. 65. But this was an Oando led by JAT and Mofe. 67. In December 2015, they announced that they had bought out the minority shareholders in OER, 68. the company listed in Toronto Stock Exchange and which owned COP. It would be a move of a grand master 69. They held on, even as share price would slide to under N4 by the turn of the new year with more losses in its wake. 70. 2016 held some promise and JAT would later tell shareholders in the AGM of 2016 that 71. “we faced each challenge with renewed vigor and recorded significant milestones….” 73. The strategy in effect was to sell some of their assets and restructure their debts. The latter was more precarious. It had to be done |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 10:35pm On Sep 11, 2017 |
Following @Nairametrics final Twitt about Oando saga. Greater Fool Theory, cost investors alot in Oando deals What is the 'Greater Fool Theory' The greater fool theory is the theory that states it is possible to make money by buying securities, whether overvalued or not, and later selling them at a profit because there will always be someone (a bigger or greater fool) who is willing to pay the higher price 4 Likes |
| Politics › Re: Saraki Recall Poster Spotted In Ilorin (Photo) by OBAGADAFFI: 5:09pm On Sep 11, 2017 |
ITANJE Ta ni tan wanje. |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:12pm On Sep 11, 2017 |
dipoolowoo: |
| Phones › Re: Google Looks At Devices Market, May Buy Troubled HTC by OBAGADAFFI: 10:23am On Sep 11, 2017 |
The same Google bought Motorola and sold it to Lenovo. Software companies aren't good in Managing hardware companies. I.e Microsoft and Nokia. |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 11:20pm On Sep 09, 2017 |
PharmAlfred:This is what happens when lawyers run business. All They're doing, is drafting agreements to raise funds from investors, because have zero fund to start the business. 1 Like |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 11:01pm On Sep 09, 2017*. Modified: 11:17pm On Sep 09, 2017 |
72. In fact, it technically had no cash. The N13b cash in the bank was zilch if you netted off the N48.5b it owed banks in overdrafts. 74. So, JAT and Mofe rolled out their grand plan. They would pull up a list of highly influential people whom they could call up for cash. 78. Volpi had just the right vehicle to do this deal. His company Ansbury Investment Ltd, registered in Panama, another tax haven, it was 79. Thus, in 2012 Ansbury would acquire 60% of OODP. OODP also owned 43% of Oando Plc and the majority shareholders of Oando Group. 80. Volpi, via Ansbury, therefore indirectly, or so he thought, owned about 26% of the Oando Group. 94. Investors perhaps turned a blind eye to the crushing debts the company was carrying. 95. By our estimates, Oando had borrowed up to N200b to finance this transaction. 96. Their loan book had also ballooned from about N113b in 2012 to about N470b by the end of 2014. Anyone following Nairametrics thread about Oando on Twitter.? 2 Likes |
| Christianity Etc › Re: Man Accuses Rev Father Edeh Of Locking Him Up After Asking For His Wages. Photos by OBAGADAFFI: 5:35pm On Sep 08, 2017 |
doctokwus:That is not prison, it might be the Church security office. 15 Likes |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:18pm On Sep 08, 2017 |
NIGERIAN ENAMELWARE PLC UNAUDITED FINANCIAL STATEMENT FOR THE FIRST QUARTER ENDED 31 JULY, 2017 JULY 2017 JULY 2016 N'000 N'000 REVENUE: 419,798 443,999 PROFIT BEFORE TAX: 8,582 8,905 TAXATION (estimate) (2,575) (2,992) PROFIT FOR THE YEAR: 6,007 5,913 EARNINGS PER SHARE (K) 9 50 |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:10pm On Sep 08, 2017 |
08 September 2017 Unilever Plc Rights Issue ? Notice to Receiving Agents Stanbic IBTC Stockbrokers Limited hereby notifies all Dealing Member firms that acceptance period for the Unilever Plc Rights Issue closes today, 08 September 2017. Consequently, all Stockbrokers in their capacity as Receiving Agents are required to forward their returns to GTL Registrars Ltd not later than Friday, 15 September 2017. The foregoing is for your attention and necessary action please. Godstime Iwenekhai Acting Head, Listings Regulation Department |
| Politics › Re: Buhari And Okorocha Watching Nigerian-Cameroon Match: Spot The Difference by OBAGADAFFI: 10:04am On Sep 08, 2017 |
Vutseck:His pension is more than some people annual salary. |
| Politics › Re: Stella Oduah Denies Owning A House Of $1.2 Million In London by OBAGADAFFI: 7:41pm On Sep 07, 2017 |
Intresting |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 12:44pm On Sep 07, 2017 |
The Nigerian Stock Exchange (NSE) presents an Investors? Clinic with the theme 'The Role of Dematerialization, Direct Cash Settlement and E-dividend in the development of the Nigerian Capital Market'. The event which is scheduled to hold on Tuesday, September 12, 2017 is in line with NSE's commitment to improving overall Financial Literacy and Inclusion in Nigeria. This edition of the NSE Investors? Clinic is designed to educate participants on the concept of Dematerialization, Direct Cash Settlement and E-dividend, as well as provide insights on how to leverage these opportunities when transacting in the Nigerian capital market. Dealing members are therefore enjoined to take advantage and participate in this program. Details are as follows: Date: September 12, 2017 Time: 10am-1.30pm Venue: Stock Exchange House (20th Floor) 2/4, Customs Street, Marina Lagos Registration Link: http://www.nse.com.ng/Investor-Clinic/Pages/default.aspx Note: Registration is free. |
| Politics › Re: Hate Speeches Caused Nigerian Civil War – Jubril Aminu by OBAGADAFFI: 10:12pm On Sep 06, 2017 |
Duh, Hate speech also caused the 2011 election massacre. 2 Likes |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 10:25pm On Sep 05, 2017 |
stcool:If Wale survive these boardroom crises, he should go for Thanksgiving. It clearly shows he is a minority Shareholder in Oando and the majority Shareholders are not ready to let go. |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 4:42pm On Sep 05, 2017 |
Tritri:Oga, talk true. Na your money. |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:04pm On Sep 05, 2017 |
GUINNESS NIGERIA PLC AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 30 JUNE, 2017 JUNE 2017 JUNE 2016 N'000 N'000 REVENUE: 125,919,817 101,973,030 COST OF SALES: (77,604,513) (60,162,617) PROFIT BEFORE TAX: 2,662,081 (2,347,241) TAXATION (738,361) 331,355 PROFIT FOR THE YEAR: 1,923,720 (2,015,886) EARNINGS PER SHARE (K) 128 (134) PROPOSED DIVIDEND (K) 64 50 CLOSURE OF REGISTER - 25 SEPTEMBER TO 29 SEPTEMBER 2017 (BOTH DATES INCLUSIVE) AGM DATE - 25 OCTOBER 2017 PAYMENT DATE- 26 OCTOBER 2017 |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:02pm On Sep 05, 2017 |
robobo:True, This is why CBN issues directive in the tenure of bank CEOs. It's time Financial Reporting Council of Nigeria and SEC insist on corporate governance. |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 1:44pm On Sep 05, 2017 |
robobo:For lawyers to insert such clause in the agreement, it means Wale owned less that 10% of the funds used in running Oando. |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 1:16pm On Sep 05, 2017 |
Tritri:You should have implemented stop-loss, to limit your losses. |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 1:04pm On Sep 05, 2017 |
Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria This is what happens when Ponzi child jam Ponzi father. What was Wale thinking when he signed this agreements? |
| Investment › Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 10:51am On Sep 05, 2017 |
DeRuggedProf:Ordinary citizens have always been in recession. |
| Politics › Re: Enough Of This Political Correctness, I Am A Biafran - Chimamanda by OBAGADAFFI: 1:47am On Sep 03, 2017 |
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| Jobs/Vacancies › Re: Why You Should Be An Employee by OBAGADAFFI: 7:38am On Sep 01, 2017 |
Lots of employees are earning better than the so called entrepreneurs. Most investors in Mutual funds, Stocks and Pensions are employees. 1 Like |
| Politics › Re: Monitoring Of Social Media By The Army Is A Normal Practice All Over The World by OBAGADAFFI: 6:38am On Aug 31, 2017 |
But the Military said the Tweet handle is fake. Who is lying here? |
| Business › Re: Japanese Company Miniso Begins Operations In Nigeria by OBAGADAFFI: 9:25am On Aug 30, 2017 |
And how is this FDI.  3 Likes 1 Share |
| Culture › Re: Did Olori Wuraola Confirm The Crash Of Her Marriage With This? by OBAGADAFFI: 6:57am On Aug 30, 2017 |
The Ooni should behave like a King. This is probably his third Marriage. It seems Sijuade is better. 43 Likes 5 Shares |
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