₦airaland Forum

@ All. Read this.


ETERNA OIL AND GAS TO INVEST IN REFINERIES


Eterna Oil and Gas, an indigenous oil firm, said it was considering downstream investment expansion to refining and products storage.

The company said part of the plan would also include investment in alternative sources of energy.

Speaking with our correspondent on the plans in Lagos on Thursday, the Managing Director/Chief Executive, Eterna Oil, Alhaji Ibrahim Boyi, said, “We are appraising some investment opportunities in the refining sector.”

He, however, said the company was not planning to establish a green field refinery, but would undertake some “strategic investments in some existing local refineries.”

The investment in refining is being considered in the hope that the Federal Government would eventually privatise some of the refineries currently managed by the Nigerian National Petroleum Corporation.

Boyi had earlier told guests during the award of ISO 9001:2000 Quality Management System to Eterna Oil, that the company was going to “pursue strategic growth opportunities and initiatives.”

As part of the expansion plans, he said the company was also thinking of the development of flexible storage facilities for specialty products.”

Some of the products include base oils, bitumen, aviation fuel and liquefied petroleum gas (cooking gas).

In the area of alternatives, the Eterna Oil boss said, “We will be exploring opportunities for sustainable investments in cleaner energy products such as gas ethanol, solar, wind and bio-diesel.”

He added that these were meant to complement global efforts to reduce greenhouse emissions, which contributes to the depletion of the ozone layer, global warming and damage to the environment.

Speaking on the ISO certification, Boyi said the journey started with the re-branding and restructuring of the company, which began in January 2005, under a new management.

THE BEST OF PUNCH TODAY

@ All. Read this.

NSE, SEC to halt share certificates for public issues
By Gbenga Agbana

BEGINNING from January 1, 2009, subscribers to public offers in the country's capital market would have their subscriptions credited online as the regulatory authorities have concluded arrangements to phase out the issuance of share certificates for public issues.

The Director General of Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke, disclosed yesterday at a press briefing in Lagos, that the exchange, in collaboration with the Securities and Exchange Commission (SEC), had fixed December 31, 2008 as the deadline for the total phase-out of share certificates for public issues.

The measure, she explained, was aimed at eliminating complaints associated with dispatch of share certificates to investors.

The e-certificate system is to be handled by the Central Securities Clearing System (CSCS) immediately after allotment of shares has been concluded.

According to the NSE DG, investors who already have CSCS accounts would be credited as soon as the public issue is concluded while fresh accounts would be opened for new users of the platform.

The NSE had during the introduction of the CSCS in 1997 pushed for a "certificateless" market while adopting dematerialisation of share certificates for share transactions in the secondary market.

But some key shareholders have kicked against the process because of their preference for share certificates as evidence of share ownership.

The Managing Director of CSCS, Onyewuchi Asinobi, who was also at the briefing disclosed that a total of 1.7 million share certificates were dematerialised in 2007 as against 1.1 million in 2006.

"From 1997 to 2007, CSCS has dematerialised 7.1 million share certificates, which represent 246.66 billion units of shares," he said.

In 2007, 152 shareholders requested for share certificates as against 160 shareholders in the previous year.

Buttressing investors' preference for the CSCS platform, he said: "Since 1997 to December 31, 2007, only 8,358 shareholders have requested for share certificates.

"Also, the number of shareholders in the CSCS system has increased by 81.81 per cent from 1.1 million in 2006 to two million in 2007."

The propelling factor for the current growth in CSCS activities include new equity listings, foreign investors' participation, growing and active local investor population as a result of awareness campaigns by the NSE, other regulators, operators and listed companies.

According to supporters of the e-certificate system, unlike the current system whereby share certificates are not delivered to investors for several months, the new system would enable them to take advantage of capital gains that usually follow the listing of a company after a public offering.

In another development, the NSE noted that it would soon create the NSE 30 stock index based on market liquidity and capitalisation.

According to Okerereke-Onyiuke, the launch of the index should form the basis for the creation of index futures and exchange-traded funds in the country.


From Guardian Newspaper.

pumping777:
We talked about Fidelity last week. Profit taking will be ripe by next week.

Folks already alerted us to Afribank today. It will happen. This dip will stop and the stock will rise. They will most likely support it with some rumour and then back it with some interim result.

Also we already know that there may be 2 interim results almost back to back. Wema, Access. Whatever, the price will rise beyond the TS price iin the short run and then it's time smile to the bank.

Did someone say PZ, ? Yes, another candidate. Agreed the price is falling because of the mediocre results, but some people are not even aware of results and just buy. But this one needs to fall some more sha.

You have spoken and you have spoken well.  

My concern now is Transcorp. It may sound funny but I believe there's something going on underground. Today alone,102m shares were traded with just 203 deals. Who are those buying?.

Peace.

pumping777:
The PHB jet na Hybrid model. No need for frequent refueling

It must be a supersonic jet.

4wheel:
Abeg una gurus again,

I have N550k to buy stuff and am considering a choice between Dunlop and First Bank. Which one would be advisable to gun for? I heard the rumour of big surprise from First Bank and surprise jolt from Dunlop, and I get confused.

What are your views and reasons? I beg na o.
Thanks plenti.

Wanaj0 has been shouting since two weeks ago about first bank plc. So, make up your mind and buy the best.

tufe:
whats up with Afribank??

they seem to be loosing

Afribank will surely loose some steams.The stock is not suppose to be around #30 plus.

Peace.

FatherOF2:
My dear brother me na trader,when stock don cheap i attack am,fashy tori.
Na today slow result start.

U bi real funny guy. Happy hunting.

Peace.

@ All, Read this.

NSE faults 5% VAT on capital market transactions

By Obinna Chima


The Director General of the Nigerian Stock Exchange, Prof. Ndi Okereke Onyiuke, has faulted the Federal Inland Revenue Service over the imposition of the five per cent Value Added Tax in the capital market transactions.
Okereke-Onyiuke said on Tuesday, while addressing the media on the performance of the Nigerian Stock Exchange in the previous year, that the imposition of the tax was a major challenge for the market. She added that if care was not taken, it might impede its growth.

She argued, “The market is the long-term end of the financial system. There is no other source of long-term funding. The banks cannot provide all these funds, so if we destroy the market, Nigeria can never develop.

“Do you think any of the banks would have been able to raise N25bn if not for the market? Look at what is happening in the insurance sector. Can it be done without the market?”

She said if the capital market was over-burdened the economy could crumble.

The NSE boss also stated that quoted companies were already burdened with 40 per cent company tax, and stockbrokers, 30 per cent corporate tax, among other taxes.

She explained that NSE and the Securities and Exchange Commission had reduced their charges in the previous year because of its effects on operators.

She, however, heaped the blame of the delay in getting share certificates on registrars, saying that they had been overwhelmed by the market turnover.

She explained, “The current delay in issuing certificates is not the fault of the NSE or SEC, neither is it that of the CBN.

“The problem is with the registrars. Take First Registrars for example, it has about 60 companies under its registry, and out of the 25 banks, it has about 11. So, if two of those banks are in the market at the same time, it means more work for the registry.”

She however urged registrars to expand their operations to be able to work effectively.


From: NIGERIAWORLD.

BlackMamba:
I seriously doubt the mental stability of that Gbenga guy. Something don't seem right about him and his rantings.

Gbenga(Obas) Obasonjo is a stable character and a discipline person no matter what people say about him. I went to School with him and we lived in the same block(hall) for a very long time.

Having some issues with his father does not mean that he's not stable. We all know what OBJ. can do and for Gbenga(Obas) to have stoop so low to say something like this, there must be some elements of truth in it.

Peace.

NBA:
@tonyjon

(026- 201 002 1676) is the account number for the naira account - i.e. if you are paying in locally in Naija. The one I attached is a US Dollar domiciliary account to receive incoming wires from here.

Make sure you confirm Canada will use same.

Thanks. I have confirmed it.

Peace.

@NBA,

As per Vetiva, the account number you sent to me is (026-152-0003139 ) is different from the one they sent to me
(026-201-0021676). Am a bit skeptical about this, I don't want to pay into the wrong account. Please confirm this.

Peace.

@ Fatherof2,

What is your take on AG LEVENTIS and ACCESS BANK?.

Peace.

Ololufemi,

Where is Ololufemi?. How u com AWOL like this. Your favourite BANK PHB don start the rally wey u dey wait for.

bigjay01:
I didnt. maybe he is still in a meeting (after 72 hours and counting)

I believe the MD(JALO) forwarded all the letters to the Vice President/COO. He cannot do anything alone,he needs the approval of those at the helm of affairs at UBA PLC. I think that was why he sent all the mails to the V.P.

Peace.

@4Wheel,

Do not sell your WEMA; hold on. You will definitely make more money after TS/ reconstruction exercise.

Peace.

@bigjay01 and naijadr,

Did you guys receive any mail from UBA PLC Vice president/COO?. I got a letter from him today as regards the mode of operations of UBA Stockbrokers Ltd.

The MD forwarded my letter to him and he replied. He said they have already started working on their Internet portal(on-line services) and it will start functioning very soon.

Peace.

NBA:
Hello tonyjon,

Diamond Bank, see attached for details.

Thanks for the info,


Peace.

Hello NBA,

what is vetiva's account number and the name of their bank?.

Peace.

pumping777:
I think it is better you and your brother make some choices based on your own initial analsis and send to the house for further analysis.

Then based on your risk appetite and the analysis of boyz and girls in the house, you can decide.

Good luck.

Thanks .

Pumping 777/wendy,

My junior brother just got a margin facility of #5m and he wants to invest all in two stocks that will give him good returns within three months. Which stocks do you think he should choose. He wants me to select for him so I need some assistance here.

Peace.

Pumping 777,

E bi like say Flour Mill go reach #100 before their year end in march o

Pumping 777 and wendy,

What is your take on WAPCO now that the banned on imported cements has been lifted by the Govt.

Peace.

NBA:
Daily Stock position

NBA, Why is it that AG Leventis is not there?.

@bigjay01,

I was told today by someone from UBA Stockbrokers that we can deal with them directly and equally pay straight into their account instead of using rep to get in touch with them. He also said they will set up their on-line services very soon. He sent UBA Stockbrokers account number to me, so no more rep for stock trading.

Peace.

Naijadr:
@tonyjon and bigjay
finally I got an update, my rep plied my email telling me they purchase UBA for me last week at N51.98 (sigh) and sold some of my NGC I requested at N27 (double sigh), sent that mandate when it was N29.
as God would have it, my Diamond that I requested on wed hasnt sold, as as diamond is climbing, I just send a mandate saying they should just cancel the sell mandate.
I can't wait for my new acct for real, persin go dey lose money for nothing, crazy!!

@Naijadr,

I received my package this morning from Vetiva, I will  finalize everything on thursday and start with them full next week.

@bigjay01,

I got your mail and replied through your e-mail box. I sent a mail to their MD, yet to hear from him.

Peace.

invisible!:
Ve visited most sites but no prices, abi them no trade today?
Maybe the market lost so much that everone went home angry refusing to post prices?

Brokers on the floor of NSE held a meeting this morning and trading started very late. So, price list will be out later in the day.

Peace.

@Naijadr,

Did you send it through your rep or straight to the brokers?.

@ All,

INSURANCE STOCKS- No go area for now until the coast is clear and if you want to go there, apply the HIT and RUN method or CICO.

Peace.

Naijadr,

How u dey?. Any news from UBA Stockbrokers ?. I sent a mail to their MD (Haruna Jalo-Waziri) this morning, I believe things will change for the better very soon because I was informed that a lot of their customers are complaining about their services. Yet to hear from Vetiva.

Peace.

Naijadr:
Hey aktopgun, I hope Tobechukwu is alright, but I'll lift Him up in prayer and praise.

@bigjay, wow@ relationship officer, they are usually really good, I think the bad service of the brokers put them in a bad spot, which is why i signed up for CSCS online acct at least for the small one there. I'm going with Vetiva I believe or BGL. Hey pumping abeg does BGL charge you 10% off profits you make annually?

@tonyjon, thanks much for that info, really easy and very straight forward, I can send that one. Why don't they check their emails (thats not good sha, why bother putting email on website) and please also who do you email that to?

Send the documents to this e-mail address: sales@vetiva.com. ATTN: TOKUNBO

Peace.

bigjay01:
I sent a polite email to the MD / CEO MR. HARUNA JALO-WAZIRI and copied Bode Adesegha Head, Trading Unit. I can forward you the email if you send me your addy). Mr Haruna replied promptly but said he was going into a meeting but is willing to look into it. I guess if all nairalander (especially NRN / UBAS users)  bombard both of them with emails, they might take notice.

Bigjay01,

Please, send his(MD) contact address to me and also forward the e-mail to my box , jontony20 at yahoo dot com

Peace.

bigjay01:
If i knew this in enough time, I wouldn't have signed up to UBAS, the 5m wouldnt have been been a problem, I made assumptions and moved all my money with them. Will any of the ones you mentioned accept stocks / cash as part of the minimum deposit?

I have sent one of their staff 2 emails on the same subject, he finds it 2 much to even reply. I would have been happy with a one word reply.

If I know now what I know then ,

Stay away from UBAS.

@ bigjay01,


TRY VETIVA; they will accommodate you.