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

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Former Wema Assets MD Arrested

The calm that pervades the banking hall of Wema Bank was rustled last week when Mr. Bayo Ogundipe, former President of Wema Asset Management Limited, a subsidiary of Wema Bank was, according to Proshare NI, arrested.

A source close to Proshare NI confirmed that Ogundipe moved to and detained at the Special Fraud Unit (SFU) at Milverton Road, Ikoyi in Lagos, Nigeria.

The source further confirmed to Proshare NI that Ogundipe was held over an alleged fraud of about N1.0 billion perpetrated during his tenure as the Chief Executive at Wema Asset.

Wema Asset had traded as the Trustee and Corporate Finance Division of Wema Bank, and subsequently as Investment Banking, Corporate Finance and Asset Management division under Adebisi Omoyeni, the erstwhile Group Managing Director (GMD) of the Bank.

However, Proshare NI could not gather more details on this, and as at the time of filling in this report, it could not also confirm the true situation from SFU as regards the arrest of Ogundipe.