Volume II, Issue 17

Tax Evasion! Adenuga May Have Problems With Foreign Banks
A feel of public opinion immediately after the publication of the damning news of company income tax evasion by Continental Oil and Gas and Conoil Producing, two upstream oil companies belonging to Otunba Mike Adenuga Jr., was that the $610million (N89billion) tax demand the Federal Inland Revenue [...]

Volume 2, Issue 16

This week on your Fortune&Class Magazine;
FIRS SEALS ADENUGA’S OIL COMPANIES OVER N89 BILLION TAX EVASION
It would sound rather ironical that the totality of the Nigerian state has been compelled to reconsider the structure of its national budget which has a built-in 500 million dollar deficit financing plan, about 30 per cent of the national budget, [...]

2009 Forbes Profile of Billionaires: Femi Otedola joins Dangote on World’d Richest List

Nigeria may have the honour of having two of its citizens listed in the 2009 edition of the annual Forbes list of the world richest. Fortune&Class Weekly can report that Mr. Femi Otedola, Chairman of African Petroleum Plc and Zenon Oil and Gas would join Alhaji Aliko Dangote, the first Nigerian on the list [...] [...]

Whistle Blowers Call SEC’s Attention To Eternal Oil Secret Moves To Acquire Afroil… Shares Manipulation Alleged

An under the table deal to acquire the shares of on suspension Afroil by Eternal Oil at the detriment of other shareholders in the company, has been exposed and reported to the Securities and Exchange Commission.
The SEC had in March 2008 announced the suspension in the trading of the shares of Afroil as a…
For more [...]

Growing Suspicion Ndi Okereke-Onyiuke Is Planning To Transmute From DG To CEO

Not a few capital market watchers hailed the announcement of the demutualization of the Nigerian Stock Exchange. Literarily, demutualization is the equivalent of the stock exchange transforming from a quasi public sector self regulating organisation (SRO) to a publicly quoted company, accountable to its shareholders and governed by the laws and regulations that other publicly [...]

TRANSGLOBE BECOMES MOST SUSPENDED STOCKBROKING FIRM IN THE CAPITAL MARKET

SEC had on behalf of 31 complainants handed over Onwuka to the EFCC at the end of a hearing involving Transglobe because almost all of the 31 complaints against the company originated during his tenure as an officer of the company and occurred with his personal knowledge.

Desperate brokers dump shares

Stockbrokers are reportedly becoming increasingly desperate with the near stalemate of transaction activities on the floor of the Nigerian Stock Exchange. It is said that increasing state of illiquidity in the market is telling on the lifestyles and operations of most stock brokers and their firms. In desperation many of the brokers are selling off [...]

Despite Market Crash! Ndi Okereke-Onyuike Led Selected CEOs to Witness Obama’s Inauguration

On 12 January, 2009, the Director-General of the Nigerian Stock Exchange, Prof. Ndi Okereke-Onyiuke, had addressed a press conference where she expressed her frustration with how influential forces in government encumbered her efforts to get the Federal Government to intervene directly to save the fast dwindling fortunes of the Nigerian stock market.

Though the ‘Professor of [...]

Investors Accuse Stanbic-IBTC, Chapel Hill Of Fraud In Starcom Private Placement

This is, no doubt, a huge fraud and I am of the opinion that the SEC and NSE should stand indicted in the whole affair! Also, the two issuing houses, I believe, have an explanation to make to unsuspecting investors because investors relied on the strength of their analyses to buy the Starcomms offer. This is shameful and I submit that the matter be investigated and all those found to be culpable be treated in line with the IST sanctions. They are no better than Madoff! Moreover, investors should be wary of issues by the concerned issuing houses (Chapel Hill and StanbicIBTC)

ANOTHER FIT OF RANTING AT OFFICIAL INANITIES OF 2008

In an import dependent country where even toothpicks are imported into the economy, is it not logical that all the malignancies that diseased the exporting economies from which we import our goods and services are certainly imported into the country. The naira had since crashed against the benchmark dollar in the foreign exchange market; crude oil price is yet to settle at its economic natural point on the downward drive in the face of present realities and the nation profiles an infrastructure deficit that threatens to kill off any wealth sustaining or creating initiative. Yet the experts in Abuja talk flippantly of a national economic that can withstand the onslaught of the consequences of the global financial meltdown. Noting can be more rubbish.