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, [...]

OFFSHORE FINANCING: HOW TO SECURE FUNDING FOR YOUR BUSINESS PROJECTS

FinancialBridge provides various offshore financing options for business projects, it determines, after proposal review, the appropriate funding body that is best suited for the proposed project.

With the USA Ex-Im Bank Programme, Financialbridge will package and procure 85% of the U.S. cost content of the Project as Loan from one of its associated U.S. Lenders [...]

Geofluid Private Placement: The Scandal In The Making

Recall that Fortune&Class Weekly had raised the alarm over the magnitude of indebtedness of the company and had highlighted the apparent fact that the private placement was, in fact, packaged and issued by Oceanic Bank to recover debt owed it by Geofluid.

Globe-Re Returns Money For Unalloted Private Placement Shares

After series of denials on the possibility of returning money to investors who took part in the company’s 2006 Private Placement (PP), there are strong indications that Globe-Reinsurance has commenced returning money for un-allotted shares in its private placement.

However, market trend watchers said that the commencement of returned money to investors may trigger some [...]

Stock brokers turn to feasibility studies writers to survive

For stockbrokers in Lagos, the commercial capital of Nigeria, creativity is the watch word as the dependence on commission earning from transaction consummated on behalf of clients can’t pay the bills. Obviously, clients-investors are not in a hurry to approach the stock market in this perilous time. As most stockbroking firms downsize to remain afloat, [...]

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)