paulcr7:
Bosses, as I have been following the thread, I have been seeing this word, "jijo" repeatedly. Please what is the meaning of the term?

Jump In Jump Out aka sharp sharp profit

stcool:


I still maintain that WINGS Oando's office should be sealed off until after the EGM. Everything should be put on hold until a new management takes over.

Wale should not be allowed anywhere near that office... All banking transactions on behalf of Oando suspended until further notice.

If this can happen in our lifetime, I can assure you there will be a hope for Nigeria again.
I wish dz could happen, if only to pass a strong message to the CEOs that you cannot mess up with investors trust.
As the saying goes, if wishes were horses, beggars would ride, however wishes were never horses, therefore beggars would never.
Come to think about these group of pen robbers, they always defeat the end of justice.
If the return of gwarzo can return sanity to SEC, So let it be.
he already embarks on a mission of life and death.
Fighting trade or financial war against an organised pen robbers would not be an easy task. I pray he succeeds.

stcool:


Let me laugh small... That year BGL was my broker.
Okumagba that used money raised from mutual fund to buy private jet as a newest entry to Chop Money GanG .

These men have no regard for posterity... You build a great company and use your own hands to bring it down.

BGL was one of the biggest stockbrokers and owned close to 6% of UBA total shares outstanding.

Truer words have never been spoken

Godlylifeoneart:


If this can happen in our lifetime, I can assure you there will be a hope for Nigeria again.
I wish dz could happen, if only to pass a strong message to the CEOs that you cannot mess up with investors trust.
As the saying goes, if wishes were horses, beggars would ride, however wishes were never horses, therefore beggars would never.
Come to think about these group of pen robbers, they always defeat the end of justice.
If the return of gwarzo can return sanity to SEC, So let it be.
he already embarks on a mission of life and death.
Fighting trade or financial war against an organised pen robbers would not be an easy task. I pray he succeeds.

AMEN! For our collective sake

https://www.moneyweb.co.za/news/companies-and-deals/mtns-rise-and-fall-in-nigeria/


COMMENTS FROM SA


With a board of politicians appointed to ‘guide’ the group, can it come back up again?
Sinesipho Maninjwa / 31 May 2019 15:48

MTN’s rise and fall in Nigeria With a board of politicians appointed to ‘guide’ the group, can it come back up again?
When MTN’s share price hit historic lows of R69 on September 17, 2018, no one could have predicted that within a few short months the share price would recover to R99.47 at close of trade on May 29 this year. However, it’s still a far cry from historical highs of R260 last reached in September 2014.
With over 233 million customers across 23 different business units, MTN is Africa’s largest telecommunications firm but, since 2017, has managed to get on the wrong side of the Nigerian government.

MTN Nigeria
Fresh off listing on the Nigerian Stock Exchange on May 16, with a valuation of just over US$5.5 billion, MTN Nigeria’s share grew by 40% with a listing value second only to Dangote Cement. Its glory days post listing soon dissipated as it was announced on May 27 that Nigeria’s Economic and Financial Crimes Commission would be investigating the listing.

To provide some context, the history of MTN in the Nigerian market can be summarised as follows:

· In 2001, the company launched its Nigerian operations and quickly became a large player in the African country’s market.
· In 2015, MTN was fined by the Federal Government of Nigeria through the Nigerian Communications Commission for not meeting the deadline for Mobile Network Operators to disconnect Subscriber Identification Modules with improper registration.

The initial fine was just over US$5 billion but later reduced to US$1 billion with a commitment from the company that it would list on the Nigerian Stock Exchange and increase local ownership.

The fine led to a sharp decline in the share price along with an exodus of executives including group CEO Sifiso Dabengwa, head of Nigeria operations Micheal Ikpoki, and head of Corporate Affairs, Akinwale Goodluck. They were replaced with Phuthuma Nhleko, Ferdi Moolman and Amina Oyegbola as new chairman, managing director and head of Corporate and Regulation respectively.

· In 2018, Nigeria’s attorney-general handed MTN the $2 billion demand for backdated taxes, as a result of a preference share matter. The case has since been postponed to June 26.
· In 2019, MTN resolved a tussle with Nigeria’s central bank where a fine was reduced from $8.1 billion to $53 million — while also setting up bullish financial targets for the company.

As a remedy to some of the regulatory issues, the company appointed former Nigeria central bank governor Lamido Sanusi to its board ahead of the listing in Nigeria.

Then, in an even a bolder play, MTN announced an International Advisory Board (IAB), chaired by His Excellency former President of the Republic of South Africa, Thabo Mbeki, and constituted by the following individuals too:

· His Excellency President, John Kufuor, former President of Ghana
· Dr Aisha Abdullahi, former African Union commissioner for Political Affairs
· Dr Mohammed ElBaradei, former director-general of the International Atomic Energy Agency
· Dr Momar Nguer, president of Marketing & Services Total SA (France)
· Phutuma Nhleko, former MTN Group Chairman

According to the company, the primary purpose of the IAB will be to counsel, guide and support the MTN Group from time to time in fulfilling its vision and objective of being one of the premier African telcos with a global footprint and contributing to increased digital inclusion in Africa and the Middle East.

Regardless of the PR spin, one wonders why specifically a telecommunications firm would appoint a group of politicians to a board wherein they’re not subject to the fiduciary duties and scrutiny subjected to executive office bearers such as members of the board.

Furthermore, with the announcement of this latest investigation, one wonders if these political appointments were meant to intervene or assuage the situation. For now, this dust of action is all MTN stakeholders have as consolation.

Sinesipho Maninjwa is a CA(SA) and financial commentator.

Jejebabaa:

Myself inclusive having bought it at 97.50 in 2004 Public offer.

That was when the advert jingle was 'Strike oil'. See the rushing of that public offer back then!

Jejebabaa:


Till date, i am yet to sell. Still in my portfolio as a remembrance of my stupidity.

Would you really call it stupidity? It was sheer ignorance founded on inexperience and newness to the IPO world.

Yayira:



Exactly.. [b[na news wey get K leg like this one dey give people money[/b].. the brave ones will make cool money here

NSE is indeed an anomalous market. I recall some years back when news hit the public that the embattled James Ibori was being probed by EFCC over Delta State's ownership of OANDO shares and within few days afterwards the stock fell from N13+ to about N8, and then in the next batch of days it flew back to N14 when another mitigating news followed.

paulcr7:
Bosses, as I have been following the thread, I have been seeing this word, "jijo" repeatedly. Please what is the meaning of the term?

It is the acronym for Jump in Jump out which is used to mean buying a stock with the purview of holding it for the shortest possible term thus selling as immediately as profit is sighted. In more formal language, it is called bargain hunting.

Dangote Cement Remains Most Capitalised Firm on NSE Despite MTN Nigeria Scare
https://businesspost.ng/2019/06/02/dangote-cement-remains-most-capitalised-firm-on-nse-despite-mtn-nigeria-scare/

Stanbic IBTC Stockbrokers is Best Brokerage Firm in May 2019
https://businesspost.ng/2019/06/02/stanbic-ibtc-stockbrokers-is-best-brokerage-firm-in-may-2019/

Nigeria to Issue N15bn Series II Green Bond
https://businesspost.ng/2019/06/02/nigeria-to-issue-n15bn-series-ii-green-bond/

Stanbic IBTC Bank Commences Sale of N35bn Commercial Paper
https://businesspost.ng/2019/06/01/stanbic-ibtc-bank-commences-sale-of-n35bn-commercial-paper/

Godlylifeoneart:
https://www.thisdaylive.com/index.php/2019/06/02/in-a-fallout-of-secs-action-volpi-moves-to-take-over-oando/amp/

Hmm. E be like say oando go sweet to enter. But at the right price. Make them finish their fight first.

I have seen Oando's reply and I think they have a point and will win in any court that is fair. You cannot make pronouncements on an issue that affects a person's right without first giving the person an opportunity to be heard. Its a basic principle of fair hearing ie called Audi alterum partem. Its a fundamental principle of law. This matter no go end today.

Godlylifeoneart:


Worth mentioning on the list


Bisi Onasanya et al
Tunde Ayeni et al
Dozie et al
Wale Tinubu and his chief partner in crime.. Mr. Boyo
Waohhh
Minority investors don suffer in My beoved Country.
Obodo Naija
The list is endless.
Who knows if their family and friends will by chance read through dz platform.
No wonder the US Nigeria listed ETF told investors, the best way to loose money is to invest it in Nigeria.
Who has not lost money in his or her portfolio in the last 12 months?

Yes people will keep loosing in NSE cos we are too emotional when it comes to stock investment, I was having over 100k units of oando then bought around 10 naira then my inner mind told me to pull out then another emotional mind said if it jumped to #100 then I will resign thank God I listined to my mind to sell, I sold @ 11 entered access @ 8 my mind told me again to sell access I sold @11.20 since then I never looked the way of oando again. Same happens to UACN. All these stocks have not got back to the Prices I sold them. As long as we are too emotional about a particular stock, and we don't have a definite strategy, we will be loosing money big time. Another stock that may likely enter 10-15 or below is forte. People are well carried away with all the talks but time will surely tell though my mind has tod me to pull out and that I have done since @ 42

Oando's major beneficiaries will always have reasons not to want to relinquish the honey pot. I also agree that SEC should have at least given them the benefit of defending themselves.

Mpeace:
Hmm. E be like say oando go sweet to enter. But at the right price. Make them finish their fight first.

I have seen Oando's reply and I think they have a point and will win in any court that is fair. You cannot make pronouncements on an issue that affects a person's right without first giving the person an opportunity to be heard. Its a basic principle of fair hearing ie called Audi alterum partem. Its a fundamental principle of law. This matter no go end today.

maishai:



Guiness going the way of wapco...................I can see the pattern.................it will get to #10 in the next 2 years

I remember when the analysts where recommending Guiness and Sterling

I knew it was time to sell

aremso:


Yes people will keep loosing in NSE cos we are too emotional when it comes to stock investment, I was having over 100k units of oando then bought around 10 naira then my inner mind told me to pull out then another emotional mind said if it jumped to #100 then I will resign thank God I listined to my mind to sell, I sold @ 11 entered access @ 8 my mind told me agaiin to sell access I sold @11.20 since then I never looked the way of oando again. Same happens to UACN. All these stocks have not got back to the Prices I sold them. As long as we are too emotional about a particular stock, and we don't have a definite strategy, we will be loosing money big time. Another stock that may likely enter 10-15 or below is forte. People are well carried away with all the talks but time will surely tell though my mind has tod me to pull out and that I have done since @ 42

I wish I could like this 100 times.
That inner voice always points out an opportunity to get out of a stock which is showing signs of failure as per one's objective of getting in in the first instance, but the fear of losing a little percentage of one's capital (Capital Preservation) is usually why people disobey that voice and they end up accumulating far bigger loses or even losing their investments when news of stories that touch eventually break about the company. I have always maintained that stock investment on NSE should be approached like Nigerian politics which is highly characterized by jumpology hence there are neither friends nor enemies on permanent basis but permanent interest which is to make money, thus as soon as one sees that the party (i.e a stock) one belongs to no longer supports one's overriding and ultimate ambition of making money, one should defect to the next available stock which holds out a better opportunity for one to realize his ambition especially before primaries.

Oando Audit: Atedo Peterside Faults SEC
https://businesspost.ng/2019/06/02/oando-audit-atedo-peterside-faults-sec/

modgba:
Oando Audit: Atedo Peterside Faults SEC
https://businesspost.ng/2019/06/02/oando-audit-atedo-peterside-faults-sec/

I don't blame him... Is he not from the family of Stanbic IBTC

But his point is valid

stcool:


I don't blame him... Is he not from the family of Stanbic IBTC

modgba:
But his point is valid

His point is valid in what way?

Is it that he is not aware of the atrocity perpetrated by Wale & Co. holding shareholders to random and maneuvering his way out everytime.

Oando is not Tinubu's birthright let him step aside and defend himself, in the same spirit of fairness and equity.

Mpeace:
Hmm. E be like say oando go sweet to enter. But at the right price. Make them finish their fight first.

I have seen Oando's reply and I think they have a point and will win in any court that is fair. You cannot make pronouncements on an issue that affects a person's right without first giving the person an opportunity to be heard. Its a basic principle of fair hearing ie called Audi alterum partem. Its a fundamental principle of law. This matter no go end today.

Did SEC DG got fair hearing before proceeding on his suspension?
Did Intercontinental bank and Oceanic bank CEO got fair hearing before visiting EFCC, Nigeria will only grant you fair hearing inside EFCC cell.
Did Skybank get opportunity like Diamond bank before disappearing in the field of NSE.
Nigeria give grace to those that they choose and deny those they wishes, things are politicize.

Oando have poor management I agreed and really deserved the punishment, years without dividend to their investors, borrowing upon borrowing without direction or near future hope of dividend payment, but why did government waited till this moment to strike? Election has come and gone. I remembered how the Emir of Kano, Emir Muhammadu Sanusi II intervene, when the issue of Alhaji Dahiru Mangal and Oando was going on https://t.guardian.ng/news/sanusi-settles-oando-dispute-as-firm-considers-appointment-of-mangal-representative-on-board/

Which one of the solution was that the Oando board of directors will consider the appointment of representation for Alhaji Mangal to the Board. The representation will take the form of directorship from qualified individuals nominated by Alhaji Mangal. Which I believed that the representative has resumed work since last year. And will be ripe to take over from Tunubu if need be.

Fair hearing is usually not available in Nigeria, if you are in good book of government in power you smile, but if you are not, sorry is your name, election has come and gone, building up of 2023 has started, Nigeria politician never waste time.

http://africanorbit.com/news/543/how-access-bank-fraudulently-took-over-intercontinental-bank-the-bukola-saraki-lamido-sanusi-script.html

Hope Access bank is still in good book with Federal government since the embattled Emir of Kano and outgoing senate president had romance with the bank in the past and both are now in PDP, and seen to be enemy of government at the center. Nigeria has many issues, but one thing is sure, and that's "What Goes Around Comes Around".

Chibuking81:

Did SEC DG got fair hearing before proceeding on his suspension?
Did Intercontinental bank and Oceanic bank CEO got fair hearing before visiting EFCC, Nigeria will only grant you fair hearing inside EFCC cell.
Did Skybank get opportunity like Diamond bank before disappearing in the field of NSE.
Nigeria give grace to those that they choose and deny those they wishes, things are politicize.

Oando have poor management I agreed, but why did government waited till this moment to strike? Election has come and gone. I remembered how the Emir of Kano, Emir Muhammadu Sanusi II intervene, when the issue of Alhaji Dahiru Mangal and Oando was going on https://t.guardian.ng/news/sanusi-settles-oando-dispute-as-firm-considers-appointment-of-mangal-representative-on-board/

Which one of the solution was that the Oando board of directors will consider the appointment of representation for Alhaji Mangal to the Board. The representation will take the form of directorship from qualified individuals nominated by Alhaji Mangal. Which I believed that the representative has resumed work since last year. And will be ripe to take over from Tunubu if need be.

Fair hearing is usually not available in Nigeria, if you are in good book of government in power you smile, but if you are not, sorry is your name, election has come and gone, building up of 2023 has started, Nigeria politician never waste time.

http://africanorbit.com/news/543/how-access-bank-fraudulently-took-over-intercontinental-bank-the-bukola-saraki-lamido-sanusi-script.html

Hope Access bank is still in good book with Federal government since the embattled Emir of Kano and outgoing senate president had romance with the bank in the past and both are now in PDP, and seen to be enemy of government at the center. Nigeria has many issues, but one thing is sure, and that's "What Goes Around Comes Around".

Don't mind them... Since it's Wale he wants to come and ask for fair hearing. Both Wale, the board and the Auditors to Oando should all be thrown into jail.

stcool:


Don't mind them... Since it's Wale he wants to come and ask for fair hearing. Both Wale, the board and the Auditors to Oando should all be thrown into jail.

Oando share in the NSEM might be place on technical suspension by SEC on Monday, or anytime this new week. If not on Monday it will be an opportunity for any ordinary shareholders or jijo group who wishes to jump out, to do so with some injury, before the technical suspension, except if SEC appoint caretaker for them before their election to select the new CEO and the deputy.

stcool:


Don't mind them... Since it's Wale he wants to come and ask for fair hearing. Both Wale, the board and the Auditors to Oando should all be thrown into jail.

Lol. Its the requirement of law. Just give him a hearing even if you know he is guilty. Remember the CJN who was recently removed, NJC gave him an opportunity to defend himself, even though evidence against him was overwhelming.

Mpeace:
Lol. Its the requirement of law. Just give him a hearing even if you know he is guilty. Remember the CJN who was recently removed, NJC gave him an opportunity to defend himself, even though evidence against him was overwhelming.

http://saharareporters.com/2019/06/02/nigerias-securities-and-exchange-commission-details-how-wale-tinubu-alake-egbaland-and

SEC noted that its findings were communicated to Tinubu through a letter dated July 10, 2017.

In the letter, the commission also noted that it engaged Deloitte and Touche to conduct a forensic audit of the activities of Oando Plc, through which findings were made.

SEC disclosed the infractions in a six-page letter dated May 31, 2019, which was addressed to the Chairman, Oando Plc, obtained by Sahara Reporters. The letter was signed by Mary Uduk, the acting Director-General of SEC.

According to the letter, the findings from the investigations revealed nine major infractions such as alleged corporate governance lapses, failure of internal controls and incidental issues arising from the sale of a subsidiary.

Others are suspected market abuse and insider dealings, related party transactions, payment of interim dividends despite liquidity constraints, false disclosure, non-disclosure of beneficial ownership and tax-related issues.

The letter partly read, “There were several corporate governance lapses stemming from poor Board oversight.

Serious fraud activities going on

“In 2013, Oando Plc reported the sale of its subsidiary, Oando Exploration and Production Limited (OEPL), to Green Park Management Limited without obtaining the approval of the commission, (in violation of the provisions of the Investment and Securities Act (ISA) 2007) and the consent of the Minister of Petroleum (As required under the Petroleum Act,1969).

“In 2012, 2013 and 2014 and 2015, certain insiders of Oando PLC sold shares of the company during “close period” despite having knowledge of active closed periods by the company and contrary to the Rules of the NSE. The insiders include Ocean an Oil Investment Limited (OOIL – represented by Jubril Adewale Tinubu and Godwin Omamofe Boyo), Ocean and Oil Development partners (OODP – represented by Jubril Adewale Tinubu, Godwin Omamofe Boyo, Francesco Cuzzocera), and ECP African Fund II PC (a Company in which Nana Appiah-Korang wards Director).

The letter also detailed how the OODP, the major shareholder in Oando PLC represented by Jubril Adewale Tinubu, Godwin Omamofe Boyo and Francesco Cuzzocera authorized the sale of 1,210,000,000 units of OODP shares in Oando Plc valued at N21,455,909,256.

The trades purportedly took place between January and October 2015, preceding the release of the 2014 audited financial statements on October 23, 2015, in which Oando Plc declared an unprecedented loss of N183 billion.

SEC further noted that during this period, these representatives of OODP were insiders of Oando Plc and had access to material non-public information regarding the poor financial status of the company commencing December 2014, in violation of the provisions of the ISA 2007

Mpeace:
Lol. Its the requirement of law. Just give him a hearing even if you know he is guilty. Remember the CJN who was recently removed, NJC gave him an opportunity to defend himself, even though evidence against him was overwhelming.

I am not against a fair hearing, but Wale should vacate the office and prove the allegations wrong.
He cannot hold unto the sit of a CEO with those allegations.

LET HIM LEAVE OANDO FIRST!

Mpeace:
Lol. Its the requirement of law. Just give him a hearing even if you know he is guilty. Remember the CJN who was recently removed, NJC gave him an opportunity to defend himself, even though evidence against him was overwhelming.

My people.... Just this one mistake from SEC go make wale win case for court oo.. not giving him the opportunity to explain all the potholes wey dem see inside audit na big F up..
hmm something tell me they know exactly what they are doing.. Let it not be like they did nothing after shareholders raised alarm in 2017..
abi sec no get advisor ?
Las las settlement go go round, wale go still remain ceo

Chibuking81:

Did SEC DG got fair hearing before proceeding on his suspension?
Did Intercontinental bank and Oceanic bank CEO got fair hearing before visiting EFCC, Nigeria will only grant you fair hearing inside EFCC cell.
Did Skybank get opportunity like Diamond bank before disappearing in the field of NSE.
Nigeria give grace to those that they choose and deny those they wishes, things are politicize.

Oando have poor management I agreed and really deserved the punishment, years without dividend to their investors, borrowing upon borrowing without direction or near future hope of dividend payment, but why did government waited till this moment to strike? Election has come and gone. I remembered how the Emir of Kano, Emir Muhammadu Sanusi II intervene, when the issue of Alhaji Dahiru Mangal and Oando was going on https://t.guardian.ng/news/sanusi-settles-oando-dispute-as-firm-considers-appointment-of-mangal-representative-on-board/

Which one of the solution was that the Oando board of directors will consider the appointment of representation for Alhaji Mangal to the Board. The representation will take the form of directorship from qualified individuals nominated by Alhaji Mangal. Which I believed that the representative has resumed work since last year. And will be ripe to take over from Tunubu if need be.

Fair hearing is usually not available in Nigeria, if you are in good book of government in power you smile, but if you are not, sorry is your name, election has come and gone, building up of 2023 has started, Nigeria politician never waste time.

http://africanorbit.com/news/543/how-access-bank-fraudulently-took-over-intercontinental-bank-the-bukola-saraki-lamido-sanusi-script.html

Hope Access bank is still in good book with Federal government since the embattled Emir of Kano and outgoing senate president had romance with the bank in the past and both are now in PDP, and seen to be enemy of government at the center. Nigeria has many issues, but one thing is sure, and that's "What Goes Around Comes Around".

For info lets all note that the abrupt removal of the SEC DG is responsible for a lot of things we suffer today.

First among them is the current bear market. The removal was the last straw for a lot of foreign investors who just couldn't take it anymore and started their gradual exit. That action is very symbolic, it means the Regulated is more than the Regulator.

It means the companies can continue to fvck shareholders several times over like they have done in the past.

Even the registrars are Lords unto themselves not to talk about companies. Take for instance the ongoing battle people are having with United Securities as regards recovering their N1 following the Access merger.

Someone in SEC even mentioned unofficially that one of the reasons for the removal of the DG was his big move to reduce unclaimed dividends. Vested interests were against it and had marked him down for dealing with and thus were happy when the Oando case removed him.

His reinstatement is one of the best things Buhari has done this year.

Chibuking81:

http://saharareporters.com/2019/06/02/nigerias-securities-and-exchange-commission-details-how-wale-tinubu-alake-egbaland-and

SEC noted that its findings were communicated to Tinubu through a letter dated July 10, 2017.

In the letter, the commission also noted that it engaged Deloitte and Touche to conduct a forensic audit of the activities of Oando Plc, through which findings were made.

SEC disclosed the infractions in a six-page letter dated May 31, 2019, which was addressed to the Chairman, Oando Plc, obtained by Sahara Reporters. The letter was signed by Mary Uduk, the acting Director-General of SEC.

According to the letter, the findings from the investigations revealed nine major infractions such as alleged corporate governance lapses, failure of internal controls and incidental issues arising from the sale of a subsidiary.

Others are suspected market abuse and insider dealings, related party transactions, payment of interim dividends despite liquidity constraints, false disclosure, non-disclosure of beneficial ownership and tax-related issues.

The letter partly read, “There were several corporate governance lapses stemming from poor Board oversight.

Serious fraud activities going on

“In 2013, Oando Plc reported the sale of its subsidiary, Oando Exploration and Production Limited (OEPL), to Green Park Management Limited without obtaining the approval of the commission, (in violation of the provisions of the Investment and Securities Act (ISA) 2007) and the consent of the Minister of Petroleum (As required under the Petroleum Act,1969).

“In 2012, 2013 and 2014 and 2015, certain insiders of Oando PLC sold shares of the company during “close period” despite having knowledge of active closed periods by the company and contrary to the Rules of the NSE. The insiders include Ocean an Oil Investment Limited (OOIL – represented by Jubril Adewale Tinubu and Godwin Omamofe Boyo), Ocean and Oil Development partners (OODP – represented by Jubril Adewale Tinubu, Godwin Omamofe Boyo, Francesco Cuzzocera), and ECP African Fund II PC (a Company in which Nana Appiah-Korang wards Director).

The letter also detailed how the OODP, the major shareholder in Oando PLC represented by Jubril Adewale Tinubu, Godwin Omamofe Boyo and Francesco Cuzzocera authorized the sale of 1,210,000,000 units of OODP shares in Oando Plc valued at N21,455,909,256.

The trades purportedly took place between January and October 2015, preceding the release of the 2014 audited financial statements on October 23, 2015, in which Oando Plc declared an unprecedented loss of N183 billion.

SEC further noted that during this period, these representatives of OODP were insiders of Oando Plc and had access to material non-public information regarding the poor financial status of the company commencing December 2014, in violation of the provisions of the ISA 2007

Sending him a letter with all what they found and not in one sentence wrote that he should come forward and explain himself before sacking and baring him ?? Ok

Chibuking81:

Did SEC DG got fair hearing before proceeding on his suspension?
Did Intercontinental bank and Oceanic bank CEO got fair hearing before visiting EFCC, Nigeria will only grant you fair hearing inside EFCC cell.
Did Skybank get opportunity like Diamond bank before disappearing in the field of NSE.
Nigeria give grace to those that they choose and deny those they wishes, things are politicize.

Oando have poor management I agreed and really deserved the punishment, years without dividend to their investors, borrowing upon borrowing without direction or near future hope of dividend payment, but why did government waited till this moment to strike? Election has come and gone. I remembered how the Emir of Kano, Emir Muhammadu Sanusi II intervene, when the issue of Alhaji Dahiru Mangal and Oando was going on https://t.guardian.ng/news/sanusi-settles-oando-dispute-as-firm-considers-appointment-of-mangal-representative-on-board/

Which one of the solution was that the Oando board of directors will consider the appointment of representation for Alhaji Mangal to the Board. The representation will take the form of directorship from qualified individuals nominated by Alhaji Mangal. Which I believed that the representative has resumed work since last year. And will be ripe to take over from Tunubu if need be.

Fair hearing is usually not available in Nigeria, if you are in good book of government in power you smile, but if you are not, sorry is your name, election has come and gone, building up of 2023 has started, Nigeria politician never waste time.

http://africanorbit.com/news/543/how-access-bank-fraudulently-took-over-intercontinental-bank-the-bukola-saraki-lamido-sanusi-script.html

Hope Access bank is still in good book with Federal government since the embattled Emir of Kano and outgoing senate president had romance with the bank in the past and both are now in PDP, and seen to be enemy of government at the center. Nigeria has many issues, but one thing is sure, and that's "What Goes Around Comes Around".

The bolded couldn't have been better said. When the CBN under SLS was pumelling Bank PHB, Afribank and Spring Bank; the innocent shareholders who were even in the right, publicly demanded fair hearing and specifically called on the sitting president GEJ to intervene. Who answered them? Na today story start? Fair hearing is very alien to the Nigerian system. What we have is fear hearing.... meaning that those in charge of affairs only fear and abide by orders from above.

Yayira:



Sending him a letter with all what they found and not in one sentence wrote that he should come forward and explain himself before sacking and baring him ??

I believed that instead of responding for the first letter, they instead look for the way to remove SEC DG which they succeeded, then they didn't care to defend again, since they are on top of the manipulation with ex- minister on their side. Maybe this time around the SEC don't want to be victim again, that's why the go straight in hitting the nail on its head. To avoid further delay and manipulation.

DaV8King:


You forget the Canadian listing.

These guys deserve to have a movie made about them.

i wonder what came out of that Canadian listing. at a time we were hearing oando this and oando that .And yet no profit in sight except stories and promises and right issues