Ger.1: Nig.1

05/10/09: Spain v Italy
05/10/09: Paraguay v South Korea

06/10/09: Ghana v South Africa
06/10/09: Egypt v Costa Rica
06/10/09: Hungary v Czech Republic

07/10/09: Brazil v Uruguay
07/10/09: Venezuela v UAE
07/10/09: Germany v Nigeria

09/10/09: Quarter-finals

10/10/09: Quarter-finals

13/10/09: Semi-finals

16/10/09: Final and third-place play off

Italy 2- Egypt 4

Italy 2-Egypt 2

Italy 1-Egypt 2

Five targeted banks: Charges against Cecilia Ibru
09.01.2009
Tuesday, September 1, 2009

CHARGE NO: FHC/L/297C/2009

ACCUSED PERSON

DR. (MRS.) CECILIA IBRU

COUNT 1

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank Interna.tional Plc) and others now at large sometime in March, 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N16,000,000,000.00 (sixteen billion naira) to CLOUDY HEIGHTS LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

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COUNT 2

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N5,000,000,000.00 (five billion naira) to PETOSAN OIL AND GAS COMPANY LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 3

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N6,500,000,000.00 (six billion, five million naira) to PETOSAN PROPERTY AND DEVELOPMENT COMPANY LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 4

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N2,000,000,000.00 (two billion naira) to PETOSAN FARMS LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 5

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdi.ction of this Honourable Court recklessly granted a credit facility in the sum of N15,000,000,000.00 (fifteen billion naira) to BLISS-BLOSS INTEGRATED LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 6

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N8,100,000,000.00 (eight billion, one hundred million naira) to MIDWESTERN OIL AND GAS PLC without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 7

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N15,000,000,000.00 (fifteen billion naira) to CIRCULAR GLOBAL INTERNATIONAL LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1 ) (a) of the same Act.

COUNT 8

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N36,000,000.00 (thirty six million naira) to one IBRU EDESIRI ONATEJI without security contrary to the bank's regulations and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 9

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N8,757,947.26 (eight million, seven hundred and fifty seven thousand, nine hundred and forty seven naira, twenty six kobo) to one IBRU EDESIRI ONATEJI without security contrary to the bank's regulations and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act

COUNT 10

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others (now at large) sometime in March 2008 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N16,000,000,000.00 (sixteen billion naira) to CLOUDY HEiGHTS LIMITED which sum was above your approval limit as laid down by the regulations of Oceanic Bank International Plc and you thereby committed an offence contrary to Section 15 (1) (b) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 11

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N5,000,000,000.00 (five billion naira) to PETOSAN OIL AND GAS COMPANY LIMITED which sum was above your approval limit as laid 'down by the regulations of Oceanic Bank International Plc and you thereby committed an offence contrary to Section 15 (1) (b) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 12

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N6,500,000,000.00 (six billion, five million naira) to PETOSAN PROPERTY AND DEVELOPMENT COMPANY LIMITED which sum was above your approval limit as laid down by the regulations of Oceanic Bank International Plc and you thereby committed an offence contrary to Section 15 (1) (b) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 13

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N2,000,000,000.00 (two billion naira) to PETOSAN FARMS LIMITED which sum was above your approval limit as laid down by the regulations of Oceanic Bank International Plc and you thereby committed an offence contrary to Section 15 (1) (b) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 14

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2009 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N15,000,000,000.00 (fifteen billion naira) to BLISS-BLOSS INTEGRATED LIMITED which sum was above your approval limit as laid down by the regulations of Oceanic Bank International Plc and you thereby committed an offence contrary to Section 15 (1) (b) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 15

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2008 within the jurisdiction of this Honourable Court approve the grant of credit facility in the sum of N8,100,000,000.00 (eight billion, one hundred million naira) to MIDWESTERN OIL AND GAS PLC which sum was above your approval limit as laid down by the regulations of Oceanic Bank International Plc contrary to Section 15 (1) (b) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 16

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdiction of this Honourable Court approved the grant of credit faCility in the sum of N15,000,000,000.00 (fifteen billion naira) to CIRCULAR GLOBAL INTERNATIONAL LIMITED which sum was above your approval limit as laid down by the regulations of Oceanic Bank International Plc and you thereby committed an offence contrary to Section 15 (1) (b) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.

COUNT 17

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th October, 2008 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 18

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th November, 2008 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the November 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 19

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th December, 2008 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 20

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th January, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 21

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 28th February, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 22

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th March, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 23

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th April, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 24

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International PIc) on or about 29th May, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap 83 Laws of the Federation of Nigeria, 2004.

COUNT 25

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others (now at large), sometime in 2007 within the jurisdiction of this Honourable Court without the prior approval of the Central Bank of Nigeria granted credit facilities in the sum of N25,054,481,701.00 (twenty five billion, fifty four million, four hundred and eighty one thousand and seven hundred and one naira) only to STAFF SAVINGS AND INVESTMENT TRUST FUND against the security .of Oceanic Bank International Plc's shares and you thereby committed an offence contrary to section 20 (b) of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004 and punishable under section 20 (7) of the same Act.

Dated this 31st Day of August, 2009.

M.S. Hassan

(Asst. Chief State Counsel)

For: The Honourable Attorney General of the Federation/Minister of Justice

and

The Executive Chairman, Economic and Financial Crimes Commission


T

I couldn't understand the justification of PHCN proposed workers' strike. This is a company that is as good as being dead. Of what importance or benefit is their strike to teaming Nigerian population who live without electricity for most of the time. I dont get it. This strike in my opinion should not hold as it will cause more harm than good to the workers and no Nigeria will support them on this occassion.
Any contribution please.


PHCN workers may resume strike from July 29, says Ajaero
By Tony Edike
Saturday, July 18, 2009

ENUGU - THE General Secretary of the National Union of Electricity Employees (NUEE), Comrade Joe Ajaero, today, gave an indication of imminent general strike in the power sector saying if the 150 percent salary increase demanded by the workers was not paid, they will have no option than to shut down all offices of the company nationwide.


Ajaero, who addressed PHCN workers at the Enugu Distribution Zonal Headquarters on his way to the Mass Rally held by Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) as well as Civil societies in Enugu , said that the two-day strike earlier in the week was suspended because the union was dragged to the Industrial Arbitration Court by the Ministry of Labour.


He said that the Labour Ministry and the Management of PHCN had gone to court yesterday to vacate the order to the pave the way for further discussion with the union on their demand for 150 percent pay rise.


The NUEE General Secretary said the union initially demanded for 250 percent pay rise for workers in the sector, but that the management agreed to pay N150 percent and went ahead to sign an agreement with the workers. The management later reneged on the agreement forcing the workers to declare the short-lived industrial action.


Ajaero, who insisted that the PHCN is capable of paying even more than the contentious 150 percent wage increase, revealed that out of the N7 billion the Internally Generated Revenue being generated by the company on monthly basis, N6 billion was remitted to Independent Power Producers (IPP) even when they are not generating energy for now.


At a rally held by the NLC at the Government House, Enugu, President of the union, Comrade Abdulwaheed Omar, said the labour leaders were in Enugu to deliver a letter to Governor Sullivan Chime as Chief Executive of Enugu State for onward transmission to the president but regretted that the governor refused to welcome them.


Omar said he had earlir led the labour leaders to four other states namely Bornu, Lagos, Kano and Ebonyi to present their letter conveying their opposition to the Federal Government’s decision to deregulate the downstream sector as well as the demand for reintroduction of the Udoji salay award whereby all workers in the country would enjoy the same salary structure.


“We have before today visited four other states namely Bornu, Lagos, Kano and Ebonyi. While two state governors came out and received their own letters, two others were not available at the time of our visit. It is rather unfortunate that even when Governor Sullivan Chime was present, he declined to receive us and we hereby ask the workers and the general electorate in Enugu State to take note of this insult, which goes to show that the governor insensitive to the plights of the masses,” Omar said.


Mr. Chuka Utazi, Senior Special on Labour and Assembly matters who wanted to speak on behalf of the governor at the rally was rejected just as they jeered Paul Nnajiofor who also tried to defend the governor for being absent at the event.


In the same vein, the aggrieved workers prevented the Secretary to the State Government, Mr. Martin Ilo from addressing the rally as they insisted that only Governor Chime was eligible to welcome them.


Omar expressed regrets over the attitude of some elected public officers who turned their back against those that elected them and called on the workers to reject such officers in the next elections.


Declaring that the workers must pursue their “legitimate demands” until they were met, adding that similar rally would be held in other states across the country.


The labour leaders and hundreds of workers drawn from the state sang some anti-government songs and danced for some minutes before leaving the Government House.

chipet:

Abeg ruins de happen.

@Chipet,
Do you know anywhere in Lagos where to purchase Poly form recharge/scratch card online.?

Let me know please.

It's all over. Liverpool 1- Chelsea 3 is the final results.
Up Chelsea!!!!!!!

Liverpool 1-Chelsea 3

Liverpool 1-Chelsea 2

liv. 1-chelsea 1

hakir:

@angolobabe

yes, u can build in lugbe now and their are good builders here, u may want a turnkey project, were u will be sure of the developer delivering, or u may want to take it in stages and pay as the developer develops.

some lands are already in c of o, but for those in offer status (r of o) , u will need to pay for the c of o before the building. in the premium given to be paid as a full payment for c of o, on paying 50% , u will be given an acknowledgment, with this u can commence ur building. but let me make further inquiry from develoment control tomorrow, pls do remind me via , call or mail

acknowledgment, does not take time, but c of o could take months, as the minister has to sign. though, for those influential, it could take just a weeks or few.

NOTE: FHA lugbe, the roads are under going rehabilitation and very nice structures can be seen in every nook and cranny.

08069585568

onivehu2000@yahoo.com

     

Many thanks. I will call you on phone later.

@ hakir
I bought a plot of land in Kuchiyako area of Kuje area council in Feb 2007. The terms of purchase says, it has to be built within 2 years. But at the time of purchase the place was not developed and I have not collected the C of O from FCT. I only have R of O from Kuje area council. Uptill now I have not done anything on the plot. This is the end of second year permitted on the conveyance of approval.
My questions are:
1. What is your advice going forward?
2. Can I give it to a developer and at what terms if practicable?
3. Do you think the council can revoke the land? If yes what steps can I take to prevent this happening.
4. How do I get the original C of O from FCT?
5. Where can I get the approved plan on the plot. It is a residential area?
6. Can you provide a rough estimate for the cost of escavation and base foundation of the building?
7. What type of building type approved for kuchiyako of Kuje area council.

Sorry for my lengthy questions. I am only curious to know more.

Your response will be appreciated. Thank you.

Jamb releases MPCE results, cancels 6,184
Written by Inalegwu Shaibu
Saturday, 30 August 2008
THE Joint Admissions and Matriculation Board (JAMB) yesterday released the 2008 Monotechnics, Polytechnics and Colleges of Education (MPCE) matriculation examination results that was conducted last week Saturday with about 6, 184 of them canceled.
3,039 of the results canceled were based on examination malpractices while the other 3, 145 was due to improper filling of forms and answer sheets.

Registrar and chief executive of JAMB, Professor Dibu Ojerinde disclosed this to journalists in Abuja said the haste by the examination body to release the result in record time was to correct erroneous impressions that scores of candidates were usually inflated thereby casting doubts at the credibility on the board.

The analysis of the malpractice given by the registrar ranked Imo State top of the states with the highest cases of examination malpractices while 811 candidates were said to be involved in examination malpractices.

Rivers state was the next with high malpractices rate as 611 cases of malpractices was recorded in the state. Others are Osun state with 217 cases, Abia state with 199 and Delta state with 137 cases of malpractice.

Professor Ojerinde speaking on the performances of the candidates said he was impressed as there was a remarkable improvement in this year’s performance compared to last 2007.

An analysis of the performances shows that the candidate with registration number 84394109IJ, by name Ojo Princewell from Ekiti state scored the total of 253 to emerge as the overall best student. He applied to study History or Food Technology at the Federal College of Fisheries and Marine and Federal Polytechnic, Offa.

He was followed by Utazi Francis with registration number 84151628DC who scored 250 marks. He hails from Enugu state and applied to Institute of Management Technology (IMT) and Federal School of Dental Technology to study Therapy.

The last of the overall best performance was a female candidate called Olanibi Olamide with registration number 84310926FH from Osun state scoring 246. She applied to study Computer Science at the Yaba College of Technology, Lagos.

Another red card to The Braizilian!!
Bra are in serious trouble.

Redcarded! Total humiliation I must confess.

jay bee:

They don't disqualify in football. they only do in athletics
They disallow in football

Thanks for the correction


Brazilian  recarded, sent out. What a shame for samba boys.

Penalty for Arg.
And it is a gaol!!!!!!!!!!!!

Arg 3- Bra 0.

Sorry, the goal was disqualified  I thot. Its Arg 2- Bra 0

Bra 1- Arg 2.

Brazilian are no match to the Argentines at least for the past 1hour.

Arg 2- Brazil 0 at 1516GMT

Arg  1- Brazil 0 at 1510GMT

@all.
This is a good development for investors. 1st Bank has already started the implem,entation.
Read on.


Proshare Articles
E-dividend payment in Nigeria
Posted Thursday, May 8, 2008
E-dividend payment -Specific responsibilities for stakeholders


To aid implementation, various stakeholders are saddled with the following responsibilities.



Securities and Exchange Commission (SEC)



Release rules and guidelines on e-dividend




Roll out enlightenment programmes


Direct Registrars to put Information and Communications Technology (ICT) infrastructure.


Direct Companies to incorporate e-dividend in their Annual General Meeting (AGM) notices.


Organise formal launching of the e-dividend payment system.


Nigerian Stock Exchange (NSE)



Buy into the product


Modify share transfer form to incorporate e-dividend payment information


Give circular, directing companies to incorporate e-dividend information on AGM notices.


Central Securities Clearing System (CSCS)



· Ensure that all transaction updates for the closure of registers get to Registrars at the due date.

· Liaise with Nigerian Interbank Settlement System (NIBSS)



Companies



Meet payment obligations immediately after AGM, failure to do so will attract sanctions.


Include e-dividend forms requesting for shareholders accounts details for e-dividend payment in the notices of companies AGMs


Registrars



Compile list of interested shareholders


Update their ICT systems to ease linkage to NIBSS platform
Educate shareholders on benefits of e-dividend payment system and provide current account information.


Send notices of dividend payments to shareholders via SMS, e-mail etc.


Modify share transfer form to include bank account and other details to facilitate e-dividend payment.


Tax Authorities



Work with Registrars to prepare a standardised e-dividend payment data form for completion by every shareholder


Provide evidence of tax payment on dividend by shareholders post on (website)




Nigerian Interbank Settlement System



Together with Registrars to produce a file format for capturing of shareholders information.


To prepare standardised e-dividend payment data form for shareholders to complete.


To verify and authenticate files received from Registrars for confirmation of data integrity and source.


To submit file same day to all banks in Nigeria for the accounts of named e-dividend beneficiaries to be credited.


To return unapplied funds to Registrars through a reverse channel.


To send compliance report to SEC to confirm the transfer of funds.


To return unapplied funds.


Banks



· Authenticate forms for e-dividend mandate, sign and stamp such forms at minimal or no charges.



· Credit beneficiaries’ accounts within 24 hours of receipt of e-dividend through NIBSS.



Stockbrokers



Modify share transfer form to include bank account and other details for payment of e-dividend.
Press



Create comprehensive and sustained public awareness of the new process.




The implications for stakeholders are as follows:



All shareholders are expected to open bank accounts or update their bank account information and forward same to their Registrars.


Stockbrokers are to update their Initial Public Offer (IPO) form to include shareholders bank account information for the benefit of new investors.


In line with the new policy, all companies must meet their obligations and dividend payments. The NIBSS are expected to effect e-dividend credit into shareholders accounts within 24 hours of dividend declaration by companies.
-SEC

Japaul Oil gives 100% allotment to investors with 50,000 uni
Posted Friday, April 25, 2008
-embarks on special placement.
PETER OBIORA

Proshare NI
April 24, 2008 at 16:19 GMT
Japaul Oil & Maritime Services Plc has given a 100 percent allotment to investors who bought between the minimum of 1,000 to 50,000 units. Gboyega Babalola, Managing Director (MD) of Sterling Registrars Limited, Registrars to the offer confirmed this to Proshare NI in Lagos Nigeria.
“The Japaul allotment compared to other allotments was fair, equitable and the best allotment so far, shareholders who bought from the minimum unit of 1,000 to 50,000 units were accommodated and given 100 percent allotment” he said.
Babalola also confirmed to Proshare NI that in this category alone, there were over 197,000 shareholders. “If you analyse other allotments by other companies, believe me sincerely; there was no allotment like that of Japaul Oil” he noted.
“The Japaul Hybrid offer was over 500 percent oversubscribed; with 400,000 investors taking part in the offer” Babalola said.
He affirmed that the company conducted a special placement to accommodate some investors that were not initially allotted.
Though as at the time of filling in this report, Proshare NI could not confirm, the basis of allotment for the special placement meant to accommodate more investors; who originally did not get what they wanted.
He also confirmed to Proshare NI that a total of N730 million has been returned to investors who could not be accommodated in the Rights Issue. “Some investors have received their return money for the Public Offer (PO), however, due to the special placement they did to absorb more funds I cannot readily tell you the amount returned so far” he said.
Prior to this time, Japaul Oil sort to raise about N5.0 billion through a hybrid offer to finance the company’s expansion programme in the key areas of its business, by offering 1,007,488,188 ordinary shares of 50 kobo each at N3.95 per share to members of the investing public, and 291,549,045 ordinary shares of 50 kobo each at N3.50 per share.

@all
What are views on this.

FatherOF2:

Didn't see this post ontime. But obviously you've seen last fridays reaction to Oceanic. All the energy cannot be spent on price appreciation mid year,there'll be nothing left for YE. If you're not a CICO person, i'll suggest you hold on,tight entry price there.

Meanwhile who has this UBA result when them say be lightning. I've not seen anything. Obviously UBA can't release a result when its price is " TEMPORARILY HIGH".

Many thanks for your reply.
UBA has since been nosediving since Friday April 11. The so called lightning can be termed " market rumor" with no evidence to support the argument. My opinion.

FatherOF2:

Just keep your UBA. Enjoy the blessings and weather the storm.Its Q3 you should look out for.

@FatherOF2
What's your opinion on Oceanic. I bought some kg at N27.95. Is it wise to offload now or hold?

Many thanks.

FINANCIAL RESULTS
Oceanic Bank Plc Unaudited Half Year Results For The Period Ended 31st March 2008

2008 2007 % Change

Gross Earning 66.472b 29.472b 125.54

PBT 25.063b 9.973 151.00

Taxation (4.762b) (1.695b)

PAT 20.301 8.278b 145.20



What do gurus in the house think of this result?

@omoba.
Make you no forget me in your kingdom ooooo!
My email is princesegeuk@gmail.com.

SavvyLanre:

@Prinsege - think i agree with you about UBA as well, heard the same complains,  but people are also taking advantage of the credit facility, so they cannot win all the time.
However, if you are looking for comparison anyday - i would put Zenith over CC anyday.

@savvyLanre,
I am conducting a research on the best broker in Nigeria with the following facilities as parameters:
1. Online presence(Real time)
2. Online orders (ie buying and selling real time)
3. Technical analysis ( daily update)
4. Online payment option from bank account to stock account realtime(and Vise versa)
5. Monthly Online CSCS account update( CC curently provides this data from CSCS)
6. Commission for buy/sell orders
7. Interest charged perday/permonth if you go overdrawn on your trading account.
8. Number of days taken for execution of orders.
9. Days taken to transfer money to your bank account.
10. Credit facility given and at what rate.
11. Overdrawn limit if any.


Is it possible we compare notes on the above details on all the brokers in Nigeria with a few to making an objective comments and an informed conclusion backed up with facts and not sentiments.

This is a reasearch project which is worth conductingfor the pupose of education and clarity.

@atkogun
Could you explain what is actually happenig to UBA and Oceanic free fall of late.

I cant figure out why?

Thanks.