AP Share Price Manipulation: NSE, SEC, House of Reps side Dangote

“He should be in prison,” Otedola said.

Not a few investors in the shares of Africa Petroleum Plc and other mainstream investors were scandalised with the sanctions considered appropriate by the Council of the Nigerian Stock Exchange in chastising the individuals and organisations that were involved in Nigeria’s most publicly denounced case of share price manipulations.

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World’s Richest List: Why Mike Adenuga, Jimoh Ibrahim didn’t make it

In a direct confirmation of Fortune&Class Weekly news report of last week, the Forbes magazine, the United States of America’s compiler of the annual list of the world’s richest, Mr. Femi Otedola, Chief Executive Officer of Zenon Oil and Gas and largest shareholder of African Petroleum joined Alhaji Aliko Dangote on the world’s richest […]

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The Glo Advert You Never Saw

SEC to force Finbank to list 2008TO LIST OVERDUE 2008 PUBLIC OFFER

In the consideration of mainstream investment community the public offer conducted by Finbank, (known at the time of the offer as First Inland Bank) has become one of the most storied public offers in the annals of the nation’s capital market activities. So many things seemed to have gone wrong with the offer climaxing, last […]

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BGL PRIVATE PLACEMENT FAILED PROMISE…INVESTORS REGRET

The investment environment was way different back in November 2007 when BGL one of Nigeria’s leading investment banking firms, conducted its private placement exercise. The Nigerian stock market was in ascendancy with the Nigerian Stock Exchange All Share Index growing by 96.2 c from 26,161.15 in June 2006 to 51,330.46 in June 2007. Market […]

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SEC TO FORCE FINBANK TO LIST OVERDUE 2008 PUBLIC OFFER

In the consideration of mainstream investment community the public offer conducted by Finbank, (known at the time of the offer as First Inland Bank) has become one of the most storied public offers in the annals of the nation’s capital market activities. So many things seemed to have gone wrong with the offer climaxing, last week, in the management of the Securities and Exchange Commission asking companies and entities that were part of the January 2008 public offer to meet with it at the Board Room of the SEC Tower in Abuja.

Though Fortune&Class Weekly could not access the conclusions of the meeting last Friday, the major item on the agenda was to discuss the reason for the delay in the listing of the shares on the floor of the Nigerian Stock Exchange, the shares of FirstInland Bank Plc after the SEC had granted approval of allotment in June 2008.

Those invited to the meeting were: FirstInland Bank Plc, FirstInland Capital Ltd, Furtuerview Financial Services Ltd, Greenwich Trust Ltd, BGL Securities Ltd and Integrated Trust & Investment Ltd. Others were Sterling Capital Markets Ltd, Oceanic Bank Int`l Plc, Skye Bank Plc and FirstInland Securities & Assets Management Ltd. Deap Trust Investment Ltd and FinBank Registrars Ltd were also invited.

Most stock commentators insisted that the FirstInland Bank offer witnessed so much slow down at every point of its scheduled activation that people could no longer adduce reasons for what is happening to the offer.

The dispatch of the share certificates of the offer did not commence until November, 10 clear months after the offer was concluded and four months after allotment was cleared and approved by the Securities and Exchange Commission. Many investors that bought into the public offer still protest strongly that they are yet to collect their certificates.

Since January 2009, one year after the conclusion of the offer and with the non-listing of the shares sold during the offer, speculations had rented the air about the fears of the bank getting its shares listed at a time when general stock prices are falling.

“It would seem that with the intervention of the Securities and Exchange Commission, the limiting factor to the listing of the shares sold during the public offer may be significant, a source said

OTEDOLA, DANGOTE’S RELATIONSHIP GETTING MESSIER: AP N40BILLION PUBLIC OFFER MONEY TRAPPED IN BANKS

When a very top official of the National Accounting Standard Board told a gathering that a total N40billion being part of the money raised during the public offer of African Petroleum is trapped in some Nigerian banks, then there must be a cause for concern.
The offer which had closed since September last year has […]

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CENTRAL BANK NEW NAIRA DEFENCE STRATEGY TO FAIL… FOREX ROUND TRIPPING DEEPENS

Governor of Central Bank of Nigeria, Prof Chukwuma Soludo, may be fighting a lost battle in the foreign exchange segment of the money market. Since November 2008 when the value of the Naira, the national currency commenced a tail spin in a downward spiral that has become unrelenting, the CBN Governor had continued to […]

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CENTRAL BANK NEW NAIRA DEFENCE STRATEGY TO FAIL… FOREX ROUND TRIPPING DEEPENS

Governor of Central Bank of Nigeria, Prof Chukwuma Soludo, may be fighting a lost battle in the foreign exchange segment of the money market. Since November 2008 when the value of the Naira, the national currency commenced a tail spin in a downward spiral that has become unrelenting, the CBN Governor had continued to role out measures aimed at managing the exchange rate of the Naira with other currencies within what is described as reasonable band.

GTBank implicated in fraudulent shares sale …CSCS foiled transaction

The following should aptly summarise the sophistry that characterized what should rate as Nigeria’s most ingenious white collar crime if it had been uncovered earlier than when it was quickly hushed up and papered over. Here is a brief narrative:
Transglobe Finance and Investment Company Limited was the stock broking firm to the Shell Petroleum […

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Brand, Nation and Truth: The Parable of the Apple

Good people, Great nation is the most generic description for a nation that anyone can imagine! It fails the crucial test of differentiation! It is the equivalent of what we refer to as communal properties. Every nation has a right to make that claim.

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