₦airaland Forum

@ Nairalanders

All major issues decided in favour of Yaradua but the judge wants to address the minor issues in addition.
In other words will be a shocker if he now says Yaradua not to continue.

Samstone4

@BHG

I think you mean AP regarding the PO.
O and O is not doing a PO, although expected to do so sometime soon.

Samstone4

@AKT

Only Buhari's dismissed so far but looking like Yaradua will stay.

Still going on.
It's on AIT.
Samstone4

@ Ololufemi

Annoying but not surprising that IGI are still selling their stocks to people.
What's the deal with these people? The pp has been on since 2006.
Hope they introduce their shares to the NSE very soon and let the wagon roll!

As for Starcomm, I have it from very high sources at IBTC and Starcomm that it is not a pp but a public offer.

Samstone4

@ Naijadr

That is a brilliant website for candlesticks  beginners or just lazy or busy people like me!
Thank you.
I have bookmarked it and will advise all Nairalanders to do the same.

@ Wanajo

Thanks for the advice.
I guess the only other comparison for those thinking of Orient or Amakpe refineries will be to compare their prices.
For the beginners out there, I don't mean the nominal prices.

@ Nairalanders

Today being D-Day, do we think the rigging in the presidential election was enough to have swung the outcome from Yaradua to either Atiku or Buhari.
I think we all accept there were irregularities.

Samstone4

@Wanajo, Gurus other Nairalanders

Here's one I made earlier, please feel very free to comment:

"Any information/analyses of the following private placements:

Partnership Investments Ltd

Valueline Ltd and

Food Concepts Ltd."

To this you may add:

Daar Communications PO and what makes Amakpe refinery that superior to Orient?

Samstone4

@Blueband

It seems you did what they call multiple applications.
This is not allowed with most POs and may result in cancellation of your applications.
Don't see why this should result in confiscation of your money.

Samstone4

@Wanajo, Nairalanders

Apart from the fact that Amakpe refinery is located on the coast any other reason why it is more viable than Orient?

Regarding Negris: What exactly are solar turbines and what are the advantages in Nigeria? My guess is there are turbines powered by solar energy and advantageous due to power shortages? What is Negris involved in apart from sale of solar turbines?

Samstone4

@BHG

I am surprised that people still haven't got their refund or is it certificates for First Bank PO.
Some had their allotments directly credited to CSCS. I know my certificate has been ready for some time I am waiting for my oga brokers at FSDH to collect whenever they feel like it.

I got my money within 30 minutes when I went to the registrars on 27th December. Just as well. It was the main reason I travelled to Nigeria at this time.

The SEC is making noises about this issue which is not unique to First Bank. Hope there is visible progress soon.
My advice is to goto First Registrars immediately.

Samstone4

@Nairalanders

Re: Private placements

Any information/analyses of the following private placements:

Partnership Investments Ltd

Valueline Ltd and

Food Concepts Ltd.

Re: Analyses Gurus

For what's worth I also believe that you should not have to be invested in a stock to analyse it and advise buy or sell.
It helps if you state whether you are there or not.

Critics should be aware that when you are invested in the stocks you analyse some will accuse you of pumping and dumping or trying to deflate a stock you wish to take position in.

So either way there will be criticisms.
Heads you lose, Tails you are beaten - as we used to say when we were professional gamblers.

@Nairalanders

Any information on why the government seems to be frustrating Tinapa.
I understand Customs has barred the shops from opening.
It seemed like a very good idea.

Why are we wasting time now and allowing other countries to catch up after all the money invested?
I hope it is not another instance of throwing the baby out with the bath water a la Transcorp.

Guess we will just have to wait and see - like we used to say when we were old.

Samstone4

@Nairalanders

This press release from Transcorp in today's Vanguard Newspaper:

" FG returns Transcorp's 51% Nitel share | Print | E-mail
Written by Omoh Gabriel
Sunday, 24 February 2008
TRANSNATIONAL Corporation of Nigeria Plc (Transcorp), yesterday, said the Federal Government had returned the 51 per cent ownership of NITEL to it following a meeting held with the government on Friday

Transcorp in a statement said: “Our attention has been drawn to reports in some sections of the media, stating that Transnational Corporation of Nigeria Plc’s (Transcorp) shares in NITEL/M-tel have been reduced to 10 per cent. This report is erroneous and totally misleading.

“Arising from the joint meeting between the Federal Government and Transcorp, on Friday, February 22, 2008, in Abuja, it was agreed that both parties maintain status quo in the ownership structure and management of the companies.

“By this, Transcorp maintains its 51 per cent ownership, while the Federal Government holds 49 per cent. In addition, Transcorp will continue to manage both companies under the leadership of the Board of Directors as presently constituted by Transcorp.

“This ownership structure will remain in place until both the Federal Government and Transcorp secure a new core investor with the requisite focus, technical expertise, managerial experience and financial capacity to take controlling shares in NITEL/M-tel.

“At that time, the Federal Government and Transcorp will divest 24 per cent and 27 per cent respectively of their current shares to the new core investor in line with the initial December 2007 agreement.

“We at Transcorp, in partnership with the Federal Government and our other stakeholders, will do everything possible to ensure that our transformation plan for NITEL/M-teL remains ontrack with the vision of making them viable and profitable world-class telecommunications companies, providing quality service to the Nigerian public,” the statement said.

This takes us back to where we were about 2 months ago.
I guess this settles all the arguments?

@Ioma

Good jokes.
The donkey joke reminds me of some people here in the UK who raffle their houses for £20 or so stakes.

Samstone4

@Wanajo

[b]"Not sure when they will take FID!"[/b]

What does this mean?

Samstone4

@Obama fans

This, just in, is not good news if Obama should win Democrats nomination. Will take votes away in November as he did Al Gore in 2000! Indeed ditto, if Hillary wins:

"WASHINGTON - Ralph Nader said Sunday he will run for president as a third-party candidate, criticizing the top White House contenders as too close to big business and pledging to repeat a bid that will "shift the power from the few to the many."
Samstone4

@Blueband

I have read the article in your link.

I am particularly impressed with what that small boy Atake has to say about the principle of "real likelihood of bias" as espoused by the late great legal luminary, Lord Denning. I will tell his big sister next time I see her.
We all agree that "not only must justice be done but must be seen to have been done".
Add to these the factor of possible attempt at bribery, which the SANs will not mention but we know these things happen but thank God less now than before - Ribadu, ICPC etc, and you'll find that the equation is balanced.

On the point about the rigging not materially affecting the outcome of the election.
If we wait for a perfect election we'll never conclude an election.

I think what matters is that, if the court so rules on Tuesday, the majority of people consider it a reasonable extrapolation.
Those of us who have been around long enough will not consider it reasonable for a court to have decided that the NPN governorship candidate in 1983 Ondo elections won in this Awo heartland. And by such a wide margin! Just an example, I was not involved.


Samstone4

@Blueband

Are you saying the fact that the senate has not approved the appointment does not mean that he cannot be considered to have been appointed?
In short - is he appointed to the supreme court before the senate approves it?
If he cannot seat on the Supreme court before senate approval, is he to be considered unemployed at the moment?

@Wanajo

I see what you're saying about Orient.
I wish I had somebody on the ground that I can rely on for detailed information.
I know you do your best on this forum but somebody personally known to me will carry more weight.

Do you know the conditions of the loan or are you just presuming there are draconian?
The output of the refinery is not overly ambitious and I believe the consumers in the Anambra, Imo etc - that geographical area, will easily consume,the output.

It also has the first mover advantage plus it is outside the troubles of the Niger Delta.

The prospectus did say they will get the crude from the parent company oil blocs - formerly oil mining then reclassified as oil prospecting licences, in which case how do they know for sure they will strike Oil? This is Nigeria!

We cross our fingers - as we used to say the morning after the night before.

Samstone4

@AKT, Shigidi, Nairalanders

Re: Ogebe elevation to Supreme Court and independence of judiciary.

Another aspect to be considered is who of the three contenders for the presidency is most likely to have the money and be likely to bribe the judges? I don't think it is Yaradua. So if the decision were to be in Yaradua's favour, it might actually indicate the independence of Justice Ogebe. Once he is appointed to the supreme court it is extremely difficult for the President to remove him.

It seems to me that although there were widespread irregularities in the Presidential election there were not enough to swing the result from Yaradua to either of the challengers.

@Wanajo

I get your point about Orient PP especially the fact that the previous effort by Intercontinental failed. Also of concern is the fact that Anyaoku(Chairman), Ekweme(Vice-Chairman) etc do not have shares in the company.
However, it is noteworthy that the Chinese financiers have approved the loan for about 85% of the total cost. That was a major consideration of mine in investing.

Samstone4

@SDeck

O and O did not pay their deposits for the refineries when they made their bid.

Samstone4

@Londoncool

Still a good idea to phone UAC Registrars.
Even if they read your email they will most likely ignore it!

Samstone4

@Nairalanders

Japaul additional rights roughly:

0 - 20,000 25%
20,001 - 50,000 23%
-----  don't know
-----  don't know
500,000 - 5million 9%
Over 5 million 7%

Hope of use to some people.

Samstone4

@Londoncool

I also have some issues with UAC Properties re: underpayment of dividends.
The registrars are:

UAC Registrars
Niger House,
Odunlami Street,
Lagos.

phone: +23412662628

Goodluck.

Samstone4

@Nairalanders

Below an item just culled from the Nigerian Guardian newspaper.
Hope this settles all the hullaballoo about Transcorp - as we used to say in standard six:

"My stance on NITEL sale, electricity tariff, by Yar' Adua
The Presidency on Thursday denied reports of any planned increase in electricity tariff, saying no authorisation of such had been given by President Umaru Musa Yar' Adua. The President, the source noted, also did not approve the "revocation" of NITEL/MITEL ownership from Transcorp as there was mutual agreement on modalities for such disengagement. He said the President was worried over rife perceptions that the Federal government was not respecting agreements reached over privatisation processes that tend to paint him as being averse to the suffering of Nigerians. The President, angry about the announcement of the electricity tariff increase and how the approval he gave over disengagement of Transcorp from NITEL/MITEL was "distorted", held meetings with the Minister of Information and Communications, Mr. John Odey and Minister of State for Energy (Power), Hajia Fatima Ibrahim on Thursday morning. Yar'Adua, at the meeting, expressed displeasure at the way the two ministers handled the issues. Mr. Odey had last weekend announced the revocation of the sale of the telecommunications firms to Transcorp. Also, Hajia Ibrahim on Wednesday at the Nigerian Oil and Gas (NOG) conference in Abuja announced the planned increase in electricity tariff, noting that it had become necessary if the country must attain its vision of being one of the world's top 20 economies by 2020. The source added that the President directed the Minister to retract the statement. The President also asked Mr. Odey to hold a meeting and a joint press conference with Transcorp chairman and Director General of the Nigerian Stock Exchange (NSE), Dr Ndi Okereke-Onyiuke to tidy up the truth about the approval he gave on NITEL/MTEL sale."

Samstone4

@Man Jiro

Thanks for your information.

I will assume that your order on Transcorp was one of a minority of the total 350 million or so traded unless your order involved tens of millions?

Samstone4

@Yodi, Frankiriri

My Canadian sister. How high is the snow today?

My annoyance is with those at the helm of Transcorp who sold their shares bought at 1N for 1N share whilst encouraging others to enter at 7.50N.

I am especially vexed because I have encouraged friends and foes to buy at the public offer. I have a few million shares in the company but can bear to lose it all. I thank God I have done well with other stocks mainly by being there when it was not fashionable.

I am tired of people who accumulated their money by acting as fronts for politicians and civil servants being at the commanding heights of our nation's economy and being worshiped by all and sundry!

Samstone4 for Chairman of Transcorp!

Samstone4

@Frankiriri

I take your word for it that SEC has jurisdiction over such private placement.

The public interest will be better served by SEC investigating the PUBLIC COMPANY First Bank which postponed the closure date  of a PUBLIC OFFER by 2 weeks on its way to some 400 billion Naira oversubscription than a PRIVATE company that tried to shut it down prematurely in anticipation of oversubscription.

@Nairalanders

I think it is correct that SEC should have liaised with NSE before announcing that it was probing the activities of a quoted company.

Samstone4

@Nairalanders

Have had further confirmation from my brokers today that all 350 million Transcorp shares traded today were in cross deals. Not only that but all by one house although they did not say which house.

I suggested on another platform about two years ago that perhaps Ndidi should resign in the interest of the company but I am now sometimes in two minds because of the ruthless and prejudiced ways some handle matters that concern Transcorp.

When I bought into the Transcorp ideal it was open to everybody. Some thought it unwise but did not expect people to want to bring it down because they are not there.

OK. Some in control of the company have taken advantage of their positions but if you knew what goes on with numerous other public offers you will see that they are not at all unusual.

The special aspect of Transcorp is that it was sold as a national project. A 100% Nigerian company with the wherewithal to take on the multinationals.

Those who were cynical about the project should not attempt to effect their negative prophecies.

The idea of such a company with the majority of shares owned by the average Nigerian stockholder is a worthwhile goal.

Ndidi will not forever be the head of Transcorp. She offerred the position to Christopher Kolade who turned it down on finding out some directors opposed the move.

So please let us stick to the most current information about the company and stop recycling old news as the latest.

Samstone4

@Roughcut

Northern Rock was a publicly quoted company until the government decided to nationalise it a few days ago.
A friend of mine owned shares in the company.

As I said before, I am not holding brief for anybody just trying to tell everybody the true position.

I am willing to continue this discussion if it will serve any purpose or close the case - as the Chief Justice used to say.

Samstone4

@AKT, Roughcut & Jandbaby

I am not holding brief for Transcorp or Ndidi.

You may be aware of "Vote for Samstone4 as Chairman of Transcorp".

I too have been seriously affected by the shenanigans at and against Transcorp but the truth is the truth.

Northern Rock Bank was recently placed on suspension in the UK due to a run on the shares occasioned by the subprime market exposure it has in the USA.

The truth is the truth - as we used to say at the Supreme court.

Samstone4

@AKT

Stocks can be placed on suspension whenever there is uncertainty with a company. This is done all over the world e.g. when merger announcements are imminent.

As far as the crossdeals in Transcorp shares, this is what my brokers told me when 132 million shares were traded in a single day and I have no cause to disbelieve them.

Samstone4

@AKT & Jandbaby

The purpose of the technical suspension of Transcorp share was to prevent the panic selling based on incomplete information on Nitel.

The initial impression was that the government had by fiat revoked the sale of Nitel. Even the transcorp Vice-President was caught unawares by this pronouncement over a weekend. But, as announced by Reuters, Transcorp was to retain 10% on Nitel. This was confirmed at a press conference by the Presidency yesterday.

Most of us had heard months ago that Transcorp was likely to keep about 25% and the government 25%. I think I mentioned this here in Nairaland.

My brokers take is that all the trading in Transcorp shares a couple of days ago were in crossdeals - which may be at any agreed price, as far as I know.

When the psychological damage done by the manner of the weekend pronouncement has settled it will be time to remove the suspension and allow calm, considered trading. Sure AKT will agree with me here psychiatrically speaking - as we used to say when in combat with SAS medics.

Samstone4

@FO2, Highlander & AKT

Why do you think UAC Properties will get to 30 -35 Naira by June?

I have substantial longterm holding there and have been frustrated recently by its sluggishness and was thinking of offloading some.

It is a very good stock but, for some inexplicable reason, the major shareholder, UAC, refuses to back a rights issue or PO that will give it the funds to avoid the need to keep on borrowing to fund the many capital intensive projects.

@frankiriri

I do not think SEC has such control over private companies.
A private company can take money in a private placement from whomsoever it chooses.
Some have said here on Nairaland that only 8 people participated in Goldlink Insurance private placement. I tried desperately to get Goldlink but no dice.

However, I did not mean to imply that they knew for a fact that it was definitely oversubscribed. It could just be that the rate of inflow indicated that it would be oversubscribed. Thus it was stopped 3 days early.

Samstone4

@SDeck

I think in retrospect the AP shares rose for both reasons - fear of losing control and, now we know, also to pump before PO.

When I say Fola will like to do at Eterna what Otedola has done at AP I do not mean to pump Eterna to 300 Naira. I think Eterna has been about 15 Naira, so if they pump it to 50 or 60 Naira it will be equivalent to what has happened with AP. So Presto - as we used to say when on patrol on the US/Mexico border, it is done!

Samstone4