₦airaland Forum

Dunkofia20:
Am in kaduna I hope the office of the Morgan is here or is there any way you can help me for the contact or website

Dunkofia20:
Hello am new here how can I invest in this stock exchange because I called one stock broking firm they said minimum of 5 million

Chibuking81:
https://t.guardian.ng/news/oando-saga-operators-seek-fg-intervention-laud-secs-audit-outcome/

Oando saga: Operators seek FG intervention, laud SEC’s audit outcome
By NAN
05 June 2019 | 12:08 pm
Capital market operators on Wednesday called for urgent intervention of the Federal Government in the conflict between the Securities and Exchange Commission (SEC) and Oando Plc.

They made the call in interviews with the News Agency of Nigeria (NAN) in Lagos

They reacted to the outcome of a forensic audit on Oando released by SEC on May 31, as well as a court injunction restraining SEC from sacking Oando’s Group Chief Executive Officer (GCEO), Mr Adewale Tinubu, and his deputy.


The operators applauded the courage of SEC’s Acting Director-General, Ms Mary Uduk, in releasing the outcome of the forensic audit.

NAN reports that following the outcome of the forensic audit, SEC on June 2 constituted an interim management team to be headed by Mr Mutiu Sunmonu for Oando Plc.

It said in a statement that Sunmonu would oversee the affairs the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint a new board of directors.

The commission said that the new board of directors would subsequently select a management team for Oando Plc.

The commission reiterated its commitment to maintaining the integrity of the market.

However, a Federal High Court in Lagos on June 3, granted an interim injunction restraining SEC from executing the interim management in Oando.

The court injunction followed an application filed by Tinubu and his deputy, Mr Omamofe Boyo.

Tinubu and Boyo applied for the enforcement of their fundamental rights.

The court also restrained SEC from imposing a fine of N91.13 million on Tinubu and barring him and Boyo from being directors of public companies for five years.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that the Federal Government would need to intervene in the matter to safeguard investors’ confidence.

Omordion said that the unfolding events between Oando and SEC could dampen investors confidence and tamper with Nigeria’s integrity.

He said that the international investment community was watching to see the manner the Oando issue would be handled.

“The way SEC and government will handle this issue will go a long way to determine the success of the nation’s drive for financial inclusion and attraction of new retail investors and foreign investors returning to the market,” Omordion state.

He also urged the government to strengthen the commission by ensuring the appointment of its board members soon.

Omordion expressed disappointment that SEC had been operating without a board for about four years and had been with an acting director-general for over a year.

Mr Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria, alleged that shareholders had suffered enough loss in Oando with no dividend and poor market pricing.

Igbrude said that court injunction could lead to long legal battles which could further affect the company’s shares price on the Nigerian Stock Exchange (NSE).

He urged the exchange to place the share price on the technical suspension to protect investors from further loss.

The shareholder activist said that SEC should not allow its authority to be undermined if the outcome of the forensic audit was true.

“I will appeal to whoever that is affected to obey the directives from SEC for the sake of our investments.

“Oando as a company has suffered enough of reputational risk, adding that shareholders, for a long time, have not been paid dividend,” Igbrude said.

Mr Boniface Okezie, National Chairman, Progressive Shareholders Association of Nigeria (PSAN), told NAN: “The grass suffers when two elephants fight.”

Okezie said that SEC and Oando must maintain the peace in the interest of all stakeholders, especially retail investors.

The PSAN boss, who commended the commission for protecting investors, said that SEC should also beam searchlight on other oil companies quoted on the exchange.

Mr Shehu Mikail, National President, Constance Shareholders Association of Nigeria, said that Oando saga needed a holistic approach to restoring confidence.

“Oando saga is a big issue in the Nigerian capital market that needs a holistic approach if really we are going to adhere to the truth of corporate governance,” Mikali said.

He said that the action of SEC was in the right direction and aimed at protecting the interest of Oando shareholders.

“Foreign investors are watching the drama and local shareholders and stakeholders are also awaiting,” Mikali added.

He told NAN that the outcome of the saga would determine the direction of the capital market.

Jadsy01:
e Sultan of Sokoto, Sultan Muhammadu Sa’ad Abubakar has announced the sighting of the moon to mark the end of Ramadan and herald the Eid el Fitr, on Tuesday.
This means that Nigerian Muslim faithful will join others in the world to celebrate the start of the first day of Shawwaal 1440 on Tuesday.
https://www.ekomiami.com.ng/2019/06/03/breaking-sultan-of-sokoto-announces-the-sighting-of-the-moon-naijaloaded/

Godlylifeoneart:
https://punchng.com/oando-court-restrains-sec-from-removing-tinubu-boyo/


The Federal High Court has restrained the Securities and Exchange Commission from removing Messrs Wale Tinibu and Omamofe Boyo as Oando Plc’s Group Chief Executive Officer and Deputy Group Chief Executive Officer, respectively.

Justice Mojisola Olatoregun sitting in Lagos granted an interim injunction following an application by the embattled GCEO and DGCEO.

The Oando chiefs had applied for enforcement of their fundamental rights.

A copy of the order was obtained by the news agency of Nigeria.

The court also restrained SEC, its servants or agents from taking any step concerning the commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years.

It also restrained the commission from imposing a fine of N91.13 million on Tinubu.

It also ordered that SEC should restrain from all actions on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.

The court also restrained Mr Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion.

It also urged the parties to maintain the status quo ante pending the determination of the motion.

The court adjourned the case until June 14.

Mpeace:
So na de same united securities be mtn registrars. Na wa oh. Double wahala for dead body.

DaV8King:
SEC Unions prevent Gwarzo's resumption

https://investadvocate.com.ng/2019/06/03/sec-shut-down-by-workers-union-ahead-of-gwarzos-planned-resumption/

Mpeace:
The same person that signed the first circular published on NSE corporate disclosure site, also signed this denial/disclaimer. Who are they playing

phemmie06:
Our attention has been drawn to an unsigned document circulating online addressed to
the Securities and Exchange Commission (SEC) and allegedly from the Chairman of
Oando PLC (the ‘Company’ or ‘Oando’).
We would like to use this medium to inform the general public that the Company has not
officially released a statement or letter in response to the SEC.
We urge the general public to be aware.
Ends.

naijaguy123456:
Definitely a PDP agent. Lock him up.

locodemy:
How can when Wale alone pockets 500m as a salary plus the Bleep they are fucking the company on top of shareholders .

Coolcash1:
Abi werey ni bobo Wale yi ni.
Abeg EFCC should go and pick him and his gang on Monday....

OBAGADAFFI:
GTL is extremely lazy .
My GTB money is still with them even after NIBSS confirmation

OBAGADAFFI:
EDC is not bad compared to United.

They just relocated to Ilupeju

stanluiz:
What is buhari business with what is happening in the middle east

How does arab/isreal conflict affect him ?

stanluiz:
What is buhari business with what is happening in the middle east

How does arab/isreal conflict affect him ?

Mcy56:
@jideflash, phemmie06 and princkez, na you be Nsempa rep, oya come and carry your kwesion.
Did you ask the kwesion? What was their explanation?

Jejebabaa:
I am trying to download the H1'18 audited results of UBA but can't find it on NSE website corporate disclosure page. I will appreciate anyone with a direct link please.

Mcy56:
Lol. He said so too - that he came 4th.
He's a winner actually and it was a nice try .
Did you give him a handshake and let him know you're Phemmy?

Mcy56:
I didnt say you are self centred but I know you like them big na....big figures, fat account and all the bigs sha.
You don reach the AGM venue?
If you don reach, snap the audit committee members and upload the pic. I know I'll be able to identify Jideflash once I see his suit colour and STI logo.

Mcy56:
You can only get 200k of STI and if he's the generous type, you'll get 1M units of Afrinsure.