jideflash:
lol, hungry set of shareholders are responsible for the votes at AGM, ready to be bought by the highest bidder.
See them almost causing stampede because of gift bags, at Caverton's AGM.

Lol. Its well.
Humans generally like awoof. Reason it's easier for the rich and influentials to always go away with many dirty things. May God help us.
Btw, if that's your pic, it's very nice.

Mcy56:

This is what we say about following hot money or bandwagon sometimes. The way they were rush.ing this stock on monday one would think it would close at day's high.
I'm sure some Nsempas followed them russ am, they wouldn't make mouth now but quietly nursing their woundjurement.

Lol.....Anyway, the stock still has potential to go down further. I still never had mind to touch that stock. If nascon can do 14+ and DSR can do 12+ then #4 is not impossible for uacn

aremso:
Lol.....Anyway, the stock still has potential to go down further. I still never had mind to touch that stock. If nascon can do 14+ and DSR can do 12+ then #4 is not impossible for uacn

When Nascon and DS were moving up that time, I just had the feelings they were pumped beyond what it should ordinarily gain.
@Michael11stock I hope you bailed out of Uacn already.

Mcy56:

When Nascon and DS were moving up that time, I just had the feelings they were pumped beyond what it should ordinarily gain.
@Michael11stock I hope you bailed out of Uacn already.

Nasco and Dangote sugar are both Alh good companies, but the moment the both crosses #10, I said bye bye to them because I know that Dangote sugar will still come down to #7 and Nasco to #9 within this year to pick those that need to be lifted up next year, after the fall their price will move up again when people least expected it.
If Olam deal fail, Dangoteflour will come down again to #4.
Much attention was given to Oando yesterday been Monday, but other stock really fall,
1.Ucap to #2.13 and might see #2.05 soon.
2.Afriprudent #3.50 and will likely see #3.20 soon.
3.Fidelity is still forming boss at #1.70 and FCMB #1.60, both will likely visit #1.5 soon.
4. UBA will still come down to #5.65, Access #5.70.
5. Oando #1.9
6. UACN #3
7. NFM #9


Seriously more cash are needed to position well.

jideflash:
lol, hungry set of shareholders are responsible for the votes at AGM, ready to be bought by the highest bidder.

See them almost causing stampede because of gift bags, at Caverton's AGM.

https://www.youtube.com/watch?v=tpu0DekKaow

Mcy56:

When Nascon and DS were moving up that time, I just had the feelings they were pumped beyond what it should ordinarily gain.
@Michael11stock I hope you bailed out of Uacn already.

I think we need to be patient with Uacn.... The price will likely bounce back. Even fbnquest in their recent analysis last week rate it from neutral to outperform.

Since they release their wonderful q1 result there have been a significant rise in the volume of the stock each day.

We need to exercise a little patience...i feel the price wouldn't get below 6.00 and would still bounce back to 7.

Even Caverton with their wonderful result fell below 2.30 last week.

But q2 result would likely bring the change we were expecting to see.

Well, let's see how it goes.

rebekah2011:
Thank you Sir. I hope they will hear and heed to the words of wisdom.

My Pleasure Sir !!

Calebbold:


I think we need to be patient with Uacn.... The price will likely bounce back. Even fbnquest in their recent analysis last week rate it from neutral to outperform.

Since they release their wonderful q1 result there have been a significant rise in the volume of the stock each day.

We need to exercise a little patience...i feel the price wouldn't get below 6.00 and would still bounce back to 7.

Even Caverton with their wonderful result fell below 2.30 last week.

But q2 result would likely bring the change we were expecting to see.

Well, let's see how it goes.

With the current gragra in capital mkt? Anyway, people should follow their mind

aremso:


With the current gragra in capital mkt? Anyway, people should follow their mind

One of the lessons I have learnt in the stock market is that a good stock doesn't fall much.... it would always correct itself when the time is right. Last year was quite bad as well but the patient ppl still made money.

When u have made Ur research and u're sure, just exercise a little patience.

Your stop loss can always guide you inorder not to lose much.

But as u said...everybody should follow their mind.

I bail out since oo dear thank you for watching my back you the best sweet I dey Sterling bank

Mcy56:

When Nascon and DS were moving up that time, I just had the feelings they were pumped beyond what it should ordinarily gain.
@Michael11stock I hope you bailed out of Uacn already.

Calebbold:


One of the lessons I have learnt in the stock market is that a good stock doesn't fall much.... it would always correct itself when the time is right. Last year was quite bad as well but the patient ppl still made money.

When u have made Ur research and u're sure, just exercise a little patience.

Your stop loss can always guide you inorder not to lose much.

But as u said...everybody should follow their mind.

Yes one can be patience and make a kill and one can still bail out and later enter at a very cheap price and still make a bigger kill. The later is my own watch word.

aremso:


Yes one can be patience and make a kill and one can still bail out and later enter at a very cheap price and still make a bigger kill. The later is my own watch word.

That later is the best when accomplished. Becos what I have experience so far its like being on the same spot.

Fidelity comes to mind. If u did not sell when it was above or @ 2.5 . mehhn u have to carry d patient thag for a longer period!!

Calebbold:


I think we need to be patient with Uacn.... The price will likely bounce back. Even fbnquest in their recent analysis last week rate it from neutral to outperform.

Since they release their wonderful q1 result there have been a significant rise in the volume of the stock each day.

We need to exercise a little patience...i feel the price wouldn't get below 6.00 and would still bounce back to 7.

Even Caverton with their wonderful result fell below 2.30 last week.

But q2 result would likely bring the change we were expecting to see.

Well, let's see how it goes.

Still recovering from 2 weeks ago dividend markdown IMO

Krisuba:


That later is the best when accomplished. Becos what I have experience so far its like being on the same spot.

Fidelity comes to mind. If u did not sell when it was above or @ 2.5 . mehhn u have to carry d patient thag for a longer period!!

The following stocks come to mind;
Zenith @#34 ( now @#20 region)
UBA @#13 (now @ #6 region)
FBNH @ #14 ( now @ #7 region)
ACCESS @ #13 ( now @ #6 region)
GTB @ #50 ( now @ #30 region)
Eterna @ #7 ( now @ #3.5 region)
UCAP @ # 3.50 ( now @ #2 region)
AFRIPRUDENT @#5 ( now @ #3.50 region)
Fidelity @ # 3.50 ( now @ #1.65 region)
FCMB @ #3.30 ( now @ 1.6 region)
Note, 70% of the above companies in their Q1 2019 result made higher EPs at their current lower price, than when they were at their higher price in 2018.

All this price was seen not more than 18 months if am correct, and most of them has shaded above 100%, and all has shaded above 50% and will still shade more on before the end of this month.

But good news still remain that all of them mentioned above will likely visit that price on or before next ten months. Those that shaded more will return back more what they lose. The effect of new minimum wage will have great positive outcome to stocks unlike recession period.

I preached about bonanza last year. This is the really time we are talking about, it started since January this year and still ongoing. Friends all stock are at their bonanza best offer and some price might still go down a little, this is a precious time to buy, ask God to deliver you from procrastination, doubting spirit and JIJO mental, all these are enemy of progress.

Mark this my post today, by this time next year 99% of all these stocks I mentioned above will return above 50%, and some will return above 100%, so if you are already in their bus please balance well, don't panic as most of them will still go down, but one thing is certain by God grace, they must all move up on or before releasing of 2019 final year result, I.e from now to 9 months.

If you have money buy more.
From Chibuking.

Nigeria: Oando - Concerns Mount Over Non-Release of Forensic Report

By Goddy Egene

As the executive management of the Securities and Exchange Commission (SEC) meets today to decide the way forward on Oando Plc after a Federal High Court sitting in Lagos suspended the sanctions the capital market regulators imposed on the company for alleged infractions, stakeholders have raised concerns over the failure of the commission to release the forensic report upon which it based its decisions.

Stakeholders, who spoke to THISDAY on condition of anonymity yesterday, said it was strange that the forensic report, which the SEC used to make such far-reaching decisions has remained under wraps, wondering why the regulatory body would not make it public.

"It is difficult to understand why a regulatory body would keep such a report secret even when it went public with serious indictment of an entire board of a publicly quoted company," a source said, pointing out that it was doubtful if SEC had the power to remove members of the board of a company without reference to its shareholders.

He said it would be helpful if SEC could cite the section of the Companies and Allied Matters Act (CAMA) that gives it the power to make the decision it had made on Oando Plc.



Another source spoke about the fairness of the process, asking to know if the affected company executives and board members were given copies of the report before they were shunted aside.

According to him, SEC's order for an Annual General Meeting on July 1, without making the report public is like asking the shareholders to grope in the dark. "With what are they suppose to make their decisions at the meeting," he asked.

A top official of SEC had, however, confided in THISDAY yesterday that the regulator would meet today to review the situation and take a position on how to handle the latest developments.

"The management of SEC will meet on Wednesday (today) to decide to way forward," the source said.

Justice Mojisola Olatoregun of the Federal High Court in Lagos on Monday had ordered SEC to halt the sanctions, which included the removal of Oando Plc Group Managing Director, Mr. Wale Tinubu, his deputy, Mr. Omamofe Boyo, and the constitution of an Interim Management Team, headed by Mr. Mutiu Sunmonu, to take over the running of the company.

The order also affected SEC's decision barring Tinubu and Boyo from being directors of public companies for a period of five years and the imposition of N91,125,000 on Tinubu.

Justice Olatoregun, ruling in an ex-parte motion filed by Tinubu and Boyo, through their lawyer, Mr. Tayo Oyetibo (SAN), ordered all the parties to the suit to maintain the status quo.

The judge had adjourned the case till June 14 for further hearing.

Last Friday, SEC had in the aftermath of the sacking of Tinubu and Boyo, constituted the interim management headed by Sunmonu to oversee the affairs of Oando Plc and conduct an Extra Ordinary General Meeting on or before July 1, 2019.

The regulatory commission not only barred Tinubu and Boyo from holding director positions of public companies for a minimum of five years, it also ordered other directors of the company to resign their positions immediately.



However, Tinubu and Boyo, who rejected the sanctions sought a redress in the court where Justice Olatoregun granted all their prayers.

The judge ordered that the order be served on the commission alone with the motion on notice, as well as other processes.

The judge directed the applicants to file an undertaking indemnifying the commission in case it later turns out that the orders ought not to have been made.

The respondents in the suit are SEC and Sunmonu as the first and second respondents respectively.

Also on the same day the judge gave the ruling, a detachment of policemen laid siege to the Lagos head office of the oil and gas company to enforce SEC's removal of Tinubu and Boyo, that was announced last weekend.

Read the original article on This Day.

https://allafrica.com/stories/201906050067.html

Even the Judge asked for an undertaking indemnity.

She is not even sure she has the power to grant the order

Abeg oo. Any news on Dangote flour?

Even if it is a negative news let me hear please.

I put some money on this one already.

austinkenneth:
Abeg oo. Any news on Dangote flour?

Even if it is a negative news let me hear please.

I put some money on this one already.

Ask stcool
As for me am not interested in their game. It is try your luck kind of game. On the neutral ground they suppose to be selling at #1 or below it, going by their recent EPs. Maybe their name might keep them to #3 the way UACN name is still holding them at #6 far below #2 were they suppose to be due to their poor performance.

Dangote flour has in their Q1 negative earning of (57.95 kobo) per a share against 31.65 kobo q1 2018. And their 2018 FY recorded a huge loss against 2017 FY.

Hello All, pls I need some advise on how to safely and profitably invest N1m in the stock market today...

I mean what stocks or other safe and profitable securities I can buy?

Thanks

Chibuking81:

The following stocks come to mind;
Zenith @#34 ( now @#20 region)
UBA @#13 (now @ #6 region)
FBNH @ #14 ( now @ #7 region)
ACCESS @ #13 ( now @ #6 region)
GTB @ #50 ( now @ #30 region)
Eterna @ #7 ( now @ #3.5 region)
UCAP @ # 3.50 ( now @ #2 region)
AFRIPRUDENT @#5 ( now @ #3.50 region)
Fidelity @ # 3.50 ( now @ #1.65 region)
FCMB @ #3.30 ( now @ 1.6 region)
Note, 70% of the above companies in their Q1 2019 result made higher EPs at their current lower price, than when they were at their higher price in 2018.

All this price was seen not more than 18 months if am correct, and most of them has shaded above 100%, and all has shaded above 50% and will still shade more on before the end of this month.

But good news still remain that all of them mentioned above will likely visit that price on or before next ten months. Those that shaded more will return back more what they lose. The effect of new minimum wage will have great positive outcome to stocks unlike recession period.

I preached about bonanza last year. This is the really time we are talking about, it started since January this year and still ongoing. Friends all stock are at their bonanza best offer and some price might still go down a little, this is a precious time to buy, ask God to deliver you from procrastination, doubting spirit and JIJO mental, all these are enemy of progress.

Mark this my post today, by this time next year 99% of all these stocks I mentioned above will return above 50%, and some will return above 100%, so if you are already in their bus please balance well, don't panic as most of them will still go down, but one thing is certain by God grace, they must all move up on or before releasing of 2019 final year result, I.e from now to 9 months.

If you have money buy more.
From Chibuking.

Chucklive:
Hello All, pls I need some advise on how to safely and profitably invest N1m in the stock market today...

I mean what stocks or other safe and profitable securities I can buy?

Thanks

Choose anyone mentioned in my quoted post and thank me later by this time next year.

CashDiMkpa:


You are absolutely correct. Reading through the comments today and December 2018 (on Diamond Bank) etc. it all sounds similar and familiar but lots of people still made money from those stocks.

I can bet many people here baying for Wale Tinubu's blood have quietly taken positions on the stock.

Mcy54 dis na wetin l wan hear from you and Prof.

Chibuking81:


For your mind you will bail out at #4 then other companies below its categories will be heading to #6, you will be expecting Transcorp to hit #10, only to wake up hearing that power section has been carved out, you will get yourself back to 50 kobo, if the eventually open door for you.

That was the first time a company was carved out of transcorp.. You don’t know if tony regretted that move and may not try it again..
Anyway..This is something shareholders should seriously warn him of..

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.

EVEN IF YOU COULD LATER BE AS RICH AS DANGOTE, M...

https://www.nairaland.com/3560501/holineness-righteousness-revival-messages-bible/22#79042863

"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."

As for me, SEC should not place Oando on any technical suspension, let their real value show. It was placed on technical suspension before, and the moment it was lifted, manipulation started again. If their price fall to 50 kobo those concern will be eager to do something. If its place on technical suspension the CEO and his board members will not go again, they will look for all possible means to settle, and each settlement makes Oando survival difficult.

Let the CEO and his board members stay aside, let another person handle the affair from scratch. No technical suspension should be giving to Oando, let nature give them technical suspension, the way japual, Dunlop, chams before resurrecting again, and other 20 kobo stocks got their natural technical suspension.

Any investors that don't want natural technical suspension can look for opportunity to bail out, and wait to enter again if they get new good management that will manage the company well.

Chucklive:
Hello All, pls I need some advise on how to safely and profitably invest N1m in the stock market today...

I mean what stocks or other safe and profitable securities I can buy?

Thanks

Let me be frank with you.

Stock market is not safe it is high risk.

But if you want to invest.

1. Buy high dividend yield Stocks.

2. Watch market trend

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.

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....?

Economic Momentum in Nigeria, Others to Remains Weak—World Bank
https://businesspost.ng/2019/06/05/economic-momentum-in-nigeria-others-to-remains-weak-world-bank/

SEC Holds Crucial Meeting on Oando
https://businesspost.ng/2019/06/05/sec-holds-crucial-meeting-on-oando/

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

https://www.thisdaylive.com/index.php/2019/06/05/as-sec-wields-the-big-stick/

Commenting on the Oando saga, an investment analyst and shareholder activist, Nona Awoh said SEC’s was based on the outcome of a forensic audit by Deloitte & Touche, a firm of international external auditors, “except the company (Oando Plc) can prove otherwise.”
“Much more important, investors themselves need to learn to protect themselves, which means they must begin to ask the right questions and taking up management of public companies. I am not sure we are doing enough (as shareholders), because if we were doing enough, maybe we would have seen some of the things the SEC is talking about… Maybe we saw it, but did not take cognizance of the full impact of what they are talking about.”

Absolutely !! ...it couldn't have been better said.