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 Service had made on the companies would not stir Adenuga’s considerable wealth and business standing. However, it would seem that perception may be different from reality, two weeks after the May 7, 2009 shutdown of operations at the two companies, the gates of the companies still remained no admittance zones with the seal and locks of the Federal Inland Revenue Service (FIRS). Officials of the Revenue Service that Fortune&Class spoke with insisted that though Adenuga has been trying to rally the influence of his powerful friends in and out of government, the FIRS will not back out of the demand order until the full sum of the tax due is paid. …

Fortune And Class Demands Excess Bank Charges Refund From Intercontinental Bank

In a test of procedure and standard of rules governing the banking industry, Fortune and Class Limited, publishers of Fortune&Class Magazine and Fortune&Class Weekly, has taken issues with Intercontinental Bank over excess bank charges incurred on its overdraft account with the bank. And as a first, the management of the company has directed the firm of Forensic Consulting to forward a demand letter for the refund of N243,639.02 being excess bank charges discovered by forensic accountants while reconciling the account. …

Unity Bank Yet To Declare Corporate Result In Two Years

Unity Bank of Plc has defied the standing rules of the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) on post listing requirements which assert that listed companies must release their quarterly and annual operations and performance result to the investing public through the Stock Exchange and the SEC as and when…

Delisted firms: shareholders rally support to recoup funds

The Independent Shareholders Association of Nigeria (ISAN) is reported be rallying support to help investors of recently de-listed companies on the Daily Official List of the Nigerian Stock Exchange (NSE) recoup their investments in the companies.
According to a report by Proshare NI, Adeleke Adebayo, General Secretary of the Association has confirmed that ISAN had visited…

Agusto & Co Assigns “Bb+” rating to Swap Technologies & Telecoms Plc

Augusto&Co, Nigeria’s respected rating company has assigned a rating of “Bb+” to Swap Technologies & Telecoms Plc. According to a release by the rating company, the rating of Swap Technologies & Telecoms Plc reflects the company’s strengthened capital position, adequate working capital and satisfactory profitability. The rating is hampered by weak operating cash flows resulting…

Telkom Reports That Nigerian Operation Is Difficult …losses In The Country Halve Profit

Losses at Telkom’s Nigerian unit and costs including charges related to stake sales cut the telecoms company’s profit by as much as 50 percent for the financial year to March. Headline earnings a share from continuing operations were as much as 50 percent lower than the previous year. Headline earnings a share, including discontinued operations…

Foreign Fund Managers Show New Interest In Nigerian Stock Market

Fund managers in the United States of America and Europe have been reported by Reuters to be showing more than passing interest in stock markets in Africa with the Nigerian stock market providing the greatest attraction.

The report claimed that having fled Africa in droves during last year’s global financial turmoil, portfolio investors are slowly…

Wonder Bank Fund Laundered On The Stock Exchange Through Capital Oil

There is a strong agitation by financial sector watchers over the possibility of illegal money laundering on the platform of the Nigerian Stock Exchange. A report by Proshare Nigeria indicates that Capital Oil Plc (Capoil), a security listed in the second tier segment of the Nigerian Stock Exchange (NSE) has listed shares purchased with funds…

How We Planned To Save Minority Shareholders In Delisted Companies-Independent Shareholders Association Scribe

In this interview with PETER OBIORA of Proshare NI, Adeleke Adebayo, the General Secretary Independent Shareholders Association of Nigeria (ISAN) at the venue of the 84th Annual General Meeting (AGM) of Unilever Nigeria Plc (Unilever) discusses issues relating to the recently delisted companies on the Floor of the Nigerian Stock Exchange (NSE), what shareholders are doing to help save minority investors, and why companies delist from the Exchange.

Other issues discussed include the delisting of Cappa D’Alberto Plc from the NSE, shareholders efforts to help investors of recently delisted companies, Unilever and 68 Kobo dividend to investors of the company, Cadbury Nigeria Plc (Cadbury) and Okitipupa Oil Plc raising fresh funds. Excerpts: …

CBN Slams Stock Brokers Over Interest Rate…Vetiva Capital Management Ltd Loses Millions To Clients

Are stockbroking firms legally empowered to charge interest on margin account or to undertake any form of lending activity with objective to profit from through accrual of interest rate? This is the question the Central Bank of Nigeria may have resolved with its declaration that stockbroking firms or asset management companies cannot possibly qualify to…