AIT ECHOES IN ODILI’s LOOT

Not a few people have long suspected that ex-Governor of Rivers State, Dr. Peter Odili, may have invested heavily in one of Nigeria terrestrial broadcasting outfits, operating as the African Independent Television in the Daar Communication holdings owned by Chief Raymond Dokpesi.

While conducting its investigations, officials of the Economic and Financial Crimes Commission had accosted Dr. Odili with the allegation that he invested the sum of N1.3billion in AIT between January and November 2006. The ex-Governor hotly contested this allegation, he insisted that the Rivers State Government is a stakeholder in Daar Communication and has investment of not less than 35 percent of the company’s equity capital. Odili reportedly explained that the fund was invested in the company in the name of the State.

Though EFCC officials were said to be preparing back then to interview the Chairman of Daar Communications, Chief Dokpesi, Fortune&Class Weekly’s independent crosschecks however reveals that Odili claim of the State government officially holding a stake in Daar Communications does not align with the claims by Chief Dokpesi in the Public Offer Prospectus of the company in February 2008 when it approached the Nigerian stock market to raise funds.

The Prospectus to the offer, a document revered as much as the holy grail during fund raising activities in the capital market, clearly states that Chief Dokpesi owns Daar Investment and Holding Company, which is the holding company of Daar Communications, the operating company of AIT , by a total 100 percent holding.

The nearest a mention is made in the holding structure of Daar is the listing of one Mrs. Toru Ofili as a non executive director of the company but no shares is ascribed to her either directly or indirectly.

Ogun State Land Scare! Government Blackmails Estate Developers, Land Owners

Volume II, Issue 20

Last Monday, 8 June, 2009, the Ogun State Bureau of Lands and Survey, under the insignia of the State Government, had caused the publication of what it described as a “Final Warning” ostensibly directing the attention of individuals and corporate bodies to activities of estate developers and promoters in about 14 locations in the state where real estate development seems to be intense. The Bureau of Lands and Survey described the activities of the estate developers as illegal.

The second of such publication in two weeks, the last of the same half page public notice, did get the attention of the target population it was intended for; a hail of panic seized the community of estate developers and subscribers to the former virgin lands belonging to Ogun State but which have found new attraction in value because of their proximity to Lagos State. As affected estate developers became restless, so were subscribers, they became distressed. (Read More)

BGL still upset with underwriting AIT, Honeywell public offers

It is just as well that the Securities and Exchange Commission has decided to adopt the recommendation of the Oladotun Sulaiman’s Nigeria Capital Market Reform Committee on the reversal of compulsory underwriting of public offerings.

BGL Securities Limited, one of Nigeria’s lead issuing houses and brokerage firms, is said to still be smarting from the downside effect of underwriting two public offerings last year. BGL Securities was part of the underwriters of the public offering of Daar Communications and Honeywell.

Others –

Losses, Debts Force Sale of Zain

Transcorp To Lose Hilton Hotel, Abuja