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

Volume II, Issue 20

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

Politicisation of Nigeria’s Capital Market …Why AP Shareholders will not get justice over Share Manipulation

There are growing worries by capital market stakeholders and, especially, …continues here.

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.

Continues here.

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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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

SEC: MUSCLE FLEXING BETWEEN DG, AL-FAKI AND BOARD CHAIRMAN, SENATOR UDOMA


Some of the suggestions and recommendations contained in the report of the Technical Committee on the Review of Capital Market Structures set up
by the Securities and Exchange Commission are believed to be generating
some form of anxiety at the Abuja headquarters of the SEC.

The Committee which was set up, fourth quarter 2008, …

continue reading here.

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…

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