"The Company is currently in litigation with one of its former suppliers of Automotive Gas Oil (AGO). The
commercial dispute, which arose in 2008 has been through the High Court and Court of Appeal, and is currently
at the Supreme Court. The amount being claimed by the supplier as breach of contract is $43,262,497 (N13.5
billion). Whereas the judgments of the lower courts have been in favor of the supplier, the Directors, on the
advice of the external solicitors, are of the opinion that the judgment of the lower court will be upturned by the
Supreme Court.
There are also a number of other legal suits outstanding against the Company estimated at N4.5 billion. On the
advice of the Solicitors, the Board of Directors is also of the opinion that no material losses are expected to arise
therefrom. However, a provision of N2.3billion has been made in these financial statements to mitigate any
possible future loss.
The Company is also in litigation with Nimex Petrochemical Nigeria Limited, one of its former suppliers of
products. In 2007, Nimex sued the company for US$3,316,702.71 and US$127,060.62 being demurrage and
interest incurred for various supplies of petroleum products. The Federal High Court gave judgment in favour
of Nimex in the sum of US$13,756,728 which included the amount claimed and interest at 21% till judgment was
delivered and also granted a stay of execution with a condition that the judgment sum be paid into the court.
The court also granted a garnishee order against First Bank Plc to pay Conoil’s money with the bank into the
court. Conoil has appealed against the judgment to the Court of Appeal in Abuja. The appeal is pending and the
Directors, on the advice of the external solicitors, are of the opinion that the judgement of the Federal High
Court will be upturned. The current value of the judgment sum is N4.3billion. However, a provision of N675m
has been made in these financial statements to mitigate any possible future loss"

What happen's if full provisioning for the full value of these contingent liabilities has to be made. Don't have a dog in this fight. Reviewed the financials and concluded that I can't buy Conoil. Don't know about you.

stcool:


For a company sitting on over 40 Billion Naira in Cash & Bank balances I dont know why N3.75b should bother me.

fxuser:
FlourMill - nice shake out -

What's the payment and AGM?

stcool:


How does oil price fluctuating affect ConOil's cash flow, study their balance sheet. They are different from O&O

Don't mind the guy. He doesn't know what he is saying...

MrTease:
"The Company is currently in litigation with one of its former suppliers of Automotive Gas Oil (AGO). The
commercial dispute, which arose in 2008 has been through the High Court and Court of Appeal, and is currently
at the Supreme Court. The amount being claimed by the supplier as breach of contract is $43,262,497 (N13.5
billion). Whereas the judgments of the lower courts have been in favor of the supplier, the Directors, on the
advice of the external solicitors, are of the opinion that the judgment of the lower court will be upturned by the
Supreme Court.
There are also a number of other legal suits outstanding against the Company estimated at N4.5 billion. On the
advice of the Solicitors, the Board of Directors is also of the opinion that no material losses are expected to arise
therefrom. However, a provision of N2.3billion has been made in these financial statements to mitigate any
possible future loss.
The Company is also in litigation with Nimex Petrochemical Nigeria Limited, one of its former suppliers of
products. In 2007, Nimex sued the company for US$3,316,702.71 and US$127,060.62 being demurrage and
interest incurred for various supplies of petroleum products. The Federal High Court gave judgment in favour
of Nimex in the sum of US$13,756,728 which included the amount claimed and interest at 21% till judgment was
delivered and also granted a stay of execution with a condition that the judgment sum be paid into the court.
The court also granted a garnishee order against First Bank Plc to pay Conoil’s money with the bank into the
court. Conoil has appealed against the judgment to the Court of Appeal in Abuja. The appeal is pending and the
Directors, on the advice of the external solicitors, are of the opinion that the judgement of the Federal High
Court will be upturned. The current value of the judgment sum is N4.3billion. However, a provision of N675m
has been made in these financial statements to mitigate any possible future loss"

What happen's if full provisioning for the full value of these contingent liabilities has to be made. Don't have a dog in this fight. Reviewed the financials and concluded that I can't buy Conoil. Don't know about you.

OK...I own the stock and would accumulate more.

stcool:


OK...I own the stock and would accumulate more.

Just want to chip my own little point. He is not against you having Conoil in your portfolio, but he has to be commended for taking the pains to glean the financials and bring the red flags that could negatively affect the coy in future to the front burner. The question is what if the judgement is against Conoil? What will you do?

Well done Sir.

MrTease:
"The Company is currently in litigation with one of its former suppliers of Automotive Gas Oil (AGO). The
commercial dispute, which arose in 2008 has been through the High Court and Court of Appeal, and is currently
at the Supreme Court. The amount being claimed by the supplier as breach of contract is $43,262,497 (N13.5
billion). Whereas the judgments of the lower courts have been in favor of the supplier, the Directors, on the
advice of the external solicitors, are of the opinion that the judgment of the lower court will be upturned by the
Supreme Court.
There are also a number of other legal suits outstanding against the Company estimated at N4.5 billion. On the
advice of the Solicitors, the Board of Directors is also of the opinion that no material losses are expected to arise
therefrom. However, a provision of N2.3billion has been made in these financial statements to mitigate any
possible future loss.
The Company is also in litigation with Nimex Petrochemical Nigeria Limited, one of its former suppliers of
products. In 2007, Nimex sued the company for US$3,316,702.71 and US$127,060.62 being demurrage and
interest incurred for various supplies of petroleum products. The Federal High Court gave judgment in favour
of Nimex in the sum of US$13,756,728 which included the amount claimed and interest at 21% till judgment was
delivered and also granted a stay of execution with a condition that the judgment sum be paid into the court.
The court also granted a garnishee order against First Bank Plc to pay Conoil’s money with the bank into the
court. Conoil has appealed against the judgment to the Court of Appeal in Abuja. The appeal is pending and the
Directors, on the advice of the external solicitors, are of the opinion that the judgement of the Federal High
Court will be upturned. The current value of the judgment sum is N4.3billion. However, a provision of N675m
has been made in these financial statements to mitigate any possible future loss"

What happen's if full provisioning for the full value of these contingent liabilities has to be made. Don't have a dog in this fight. Reviewed the financials and concluded that I can't buy Conoil. Don't know about you.

rebekah2011:


Just want to chip my own little point. He is not against you having Conoil in your portfolio, but he has to be commended for taking the pains to glean the financials and bring the red flags that could negatively affect the coy in future to the front burner. The question is what if the judgement is against Conoil? What will you do?

I already read through the financials before...knew about the litigation. Its always in all Financial statements, every company has litigation, some in favour and some against just that may be ConOil's is big. But I am comfortable with their business and cash flow.

Living a life of 90% asset and 10% liability!

stocks with new 52 week lows
john holt #0.55k
UPL #3.23k

no new 52 week highs

ihedioramma:
What's the payment and AGM?

no idea

fxuser:

no idea

modified: just funny to me because he's the advocate of Flourmill and should be answering the question instead

stcool:


How does oil price fluctuating affect ConOil's cash flow, study their balance sheet. They are different from O&O

I sold my conoil above N40, and at a lost of N80,000, I did this the moment I noticed a bad body movement of the stock...what else is the cause, if not the current oil price fluctuation?

veecovee:
I sold my conoil above N40, and at a lost of N80,000, I did this the moment I noticed a bad body movement of the stock...what else is the cause, if not the current oil price fluctuation?

The cause is not oil price fluctuations, but may be as a result of the litigation's discussed above, could be a shake out. Also don't forget some people may have bought this stock over along time. Even @ the current price they are still in profit.

When you insist never to miss any rally in ALL stocks, you inevitably never miss many traps too....

Sowing season, no seeds....

Banking Stocks Sustain NSE Upward Swing by 0.48%
http://www.businesspost.ng/2017/07/10/banking-stocks-sustain-nse-upward-swing-0-48/

Coolcash1:


You are looking for someone to dump them on- sorry bros not me...tufiakpa! If person dey cry he must still see road...

Chief did you see unity bank?
If you bought this morning @ 0.6. You should be on 5% now

DeRuggedProf:
When you insist never to miss any rally in ALL stocks, you inevitably never miss many traps too....

Sowing season, no seeds....

loll OMG ! !

Nigeria Banking Index
Weekly Chart Update

- We still remain bullish
- Trend lines are bullish, Wkly RSI & MACD > 3-yr highs
- After 8 week rally , its been on a 4 week BREAK
- We expect 2015 highs to be tested
- remain patient , avoid been shaken out , stay long jejely

Charts:
https://invst.ly/4bpac

Intendy:


sorry bro for answering late

closure 13th September 2017

agm date 22nd September 2017

payment date 22nd September 2017

thank you very much for the info

fxuser:
Nigeria Banking Index
Weekly Chart Update

- We still remain bullish
- Trend lines are bullish, Wkly RSI & MACD > 3-yr highs
- After 8 week rally , its been on a 4 week BREAK
- We expect 2015 highs to be tested
- remain patient , avoid been shaken out , stay long jejely

Charts:
https://invst.ly/4bpac

On point!!!
I am wedded to PATIENCE till CHARTS DO US PART....

FO is still playing tricks among the oil stocks...
It doesn't know that until Farouk Lawan leaves politics, I am not moved...

DeRuggedProf:
FO is still playing tricks among the oil stocks...
It doesn't know that until Farouk Lawan leaves politics, I am not moved...

loll
its back at d tested support for another bounce !
we have a nice +ve div on d 4 hrly chart ohh
short play game commences

Zenith
- needs to close the gap with snr. gt

For peeps that need oil news to trade:

http://www.marketwatch.com/story/oil-prices-rebound-as-some-see-last-weeks-selloff-as-overdone-2017-07-10

"“The belief is that rising Libyan and Nigerian output are undermining both the efforts at rebalancing the market and the unity of the OPEC/non-OPEC coalition,” Michael Lynch, president of president of Strategic Energy & Economic Research, told MarketWatch."

leo1234:


Chief did you see unity bank?
If you bought this morning @ 0.6. You should be on 5% now

It's a flash bull... however, I have carried my money enter M&B at 2.74 and FBNh at 6.15...with this, i am doing a little above 7% on the former and a -3% on the latter due to fees...all the best with your Unity bank...

fxuser:
Zenith
- needs to close the gap with snr. gt

Fxuser, why you dey fall my hand like this... Zenith catch up with GTB never! They are two parallel lines that can never meet...GTB na baba for all of them

MARKET EXPECTATION OF BETTER EARNINGS MAY REDEEM SOME STOCK FROM THE DULL MARKET

The recent fall in prices has dealt a big blow to our recent gains. I tried to sit down to see the damage done to my portfolio, to my surprise, it was not much. This realisation made me to return back to my senses and be prepared to face the market again.

One of the lessons I have learn is the need to avoid illiquid stocks or at best use them for Jijo, I exited May and Baker with the First loss since the recent bull trend. The loss was approximately 21%, a hefty NGN32K. Just put this behind me.

The earning season expectation prevented me from selling Honeywell Flour at a low price as the stock inched up today. Equally my new pick Transcorp is likely being kept alive on the positive side by the positive earnings expectation. Again, this shows the importance of some fundamentals in a particular stock, can keep them up in times of turbulence. Again the make up of what is fundamentally important is a big debate, for me it is expectation of a positive result better than the previous quarter of last year/last year in general.

Despite the earning expectation, if a stock fails to move up this week and next week, 24 To 28 of July is likely to be a dull week, due to the Monetary Policy Committee meeting.

Caution: Investing is a risky venture. This is just my opinion and I cannot be liable for any loss suffered as a result of following this recommendation All data used are assumed to be correct, but you may need to verify some of the figures independently.

EMTS, Etisalat Group Hold Talks on Brand Name Usage in Nigeria
http://www.businesspost.ng/2017/07/10/emts-etisalat-group-hold-talks-on-brand-name-usage-in-nigeria/

OPEC May Ask Nigeria to Limit Oil Output
http://www.businesspost.ng/2017/07/10/opec-may-ask-nigeria-limit-oil-output/

abokifx.com/news/nigeria-s-fx-window-sees-3-8-bln-traded-since-april-24-traders-rfeuters

yok:
MARKET EXPECTATION OF BETTER EARNINGS MAY REDEEM SOME STOCK FROM THE DULL MARKET

One of the lessons I have learn is the need to avoid illiquid stocks or at best use them for Jijo, I exited May and Baker with the First loss since the recent bull trend. The loss was approximately 21%, a hefty NGN32K. Just put this behind me.

...nice piece of experience @yok. May I advice you to NEVER use illiquid stocks for JIJO. You will most often burn your fingers, they are only good for medium- to long-term investing. Best of luck.