emmanuelewumi:



Non shareholders also attend the meetings, they bring jobless people in their communities to attend the AGM.


Most of us who don't attend AGM, some people attend such meetings on our behalf through proxy. It is a syndicate between some of the shareholders associations, Registrars and the company secretaries.


Imagine having a total portfolio size of about 500k, but getting 4 times of the amount as your own share of the AGM expenses from the company.

For praise singing it starts from 5k to 100k depending on the praise singer and the level of rot in the company.


If you a member of the audit committee that one is about 20k to over 200k per sitting and they are expected to sit 4 times a year.


They don't need fundamental, technical or sentimental analysis for this, they only need corruption analysis.

I am laughing so hard now.. and also learning.

Now I know TA, FA, SA and today CA -Corruption Analysis.
NSEMPA na the reall place to learn

essentialone:


99% of people who attend AGMs are there for only 3 things.

1. The free food and free gifts
2. The meeting sitting allowance that is normally given to the do called Chairman or Chairlady of different shareholders associations. to be distributed to their supporters and praise singers.
3. To vote in their own paddy paddy as Members of the audit committee of the company. the duty of the audit committee is to allow the management of the company, the board of directors, and the external auditors to prepare doctored financial reports. In return they get well paid. During some of these AGMs, those contesting for the audit committee jobs, go to their villages, often Yorubas, make I call name now, and import several hungry old men and women who they have bought 1 unit each of the company for , so that they can come in and be allowed to vote, of course for them.

They have a complete list of all the AGMs to be held in Lagos state for the year, and would vehemently fight any company that dares not to do it's AGM in Lagos state.

All those who attend AGMs are mostly old and poor persons who have at least 1 unit of shares in all the companies in NGX & NASD. They are neither investors nor traders in the stock market. Just exploiting the policy of companies to provide refreshments and attendance allowances during Meetings. And AGMs being a Company Meeting, do the maths by yourself.

Yorubas don't be offended ooo. Na wetyn I see I talk.

Dear @essentialone,
Your post above is nothing but highly offensive! It is unfortunate that you address some people who attend AGMs as old and poor. How did you arrive at such a conclusion?

-Is it because of the way they dress?
-Is it their inability to speak Queen's English?
I don't want to bring up your stereotypes about Yorubas, whom you disparage, but your assumptions about people whom you don't have full knowledge about are evident throughout your post. I wonder if you've seen my mother at such AGMs, you would probably label her as a poor Yoruba woman attending the AGM because of this and that

While I understand your frustration about how AGMs are conducted and share your desire for more productive and serious meetings, I cannot sit back and read your dismissive remarks about people who may not have had the opportunity to pass through the four corners of a classroom, yet understand the value of investment, without pointing out the issue.

emmanuelewumi:




Akokite for life. I stayeɗ at Fagunwa Hall, Makama Hall, Jaja Hall, El Kanemi Halll

Wow. Brotherly for life!!!!!!!!!!!!!!!!!!!!!

essentialone:
On paper, everything seems well at Unity Bank, but a worrying note from independent auditors, KPMG, on the financial health of Unity Bank should bother investors. A note from independent auditors, KPMG, has raised questions over the financial health of Nigeria’s Unity Bank. These questions became pertinent after the lender’s total liabilities exceeded its total assets by ₦274.9 billion for the full-year ended December 31, 2022. Per its financial statements, the bank recorded total assets of ₦510 billion in full-year 2022, compared to ₦538 billion in 2021. On the part of its total liabilities, the bank recorded ₦785 billion in 2022, as against ₦815 billion recorded in 2021. Analysts from KPMG wrote a note regarding this situation in its books, highlighted it as a “growing concern.”

I thought that the credibility of the financial statements lies with the auditing firms. And any wayo if found will bring serious penalties to the auditors.

Also, I don't understand the argument you are making when you said "on paper, everything seems well" and went on to quote the same financial statements with assets as 510 billion and liabilities as 785 billion. Isn't that a negative 275 billion in equity?

Auditors have no penalties to pay if there are issues with a company's financial books. Their disclaimers are stated categorically in their letters before you read the annual report.

Case in point- all the US banks that went under in the last few months were audited

It is a buyers beware - one of the shortfalls about fundamental analysis - the ability of crooks to cook the books in conjunction with a lot of parties.

ositadima1:


I thought that the credibility of the financial statements lies with the auditing firms. And any wayo if found will bring serious penalties to the auditors.

Also, I don't understand the argument you are making when you said "on paper, everything seems well" and went on to quote the same financial statements with assets as 510 billion and liabilities as 785 billion. Isn't that a negative 275 billion in equity?

thesilentone:
Auditors have no penalties to pay if there are issues with a company's financial books. Their disclaimers are stated categorically in their letters before you read the annual report.

Case in point- all the US banks that went under in the last few months were audited

It is a buyers beware - one of the shortfalls about fundamental analysis - the ability of crooks to cook the books in conjunction with a lot of parties.

With the current negative shareholders fund of N275 billion an increase of N25 billion compared to the previous years,


Unity Bank has failed the very basic of fundamental analysis, you can't create sustainable wealth on nothing or negative equity without injecting new capital into the business.


Auditors are fond of hiding the Koko in small prints.


Always good to read and digest the key audit matters

That is why I don't even value some of the quarterly financials. They are more likely to be manipulated. Caverton is an example. If you go by their first, second, third, and fourth quarter results for last year, you would be misled into believing that they made an overall profit with a positive EPS. However, the audited results showed something very different.

ositadima1:
That is why I don't even value some of the quarterly financials. They are more likely to be manipulated. Caverton is an example. If you go by their first, second, third, and fourth quarter results for last year, you would be misled into believing that they made an overall profit with a positive EPS. However, the audited results showed something very different.

I usually use the previous year's audited financial report, quarterly report or forward looking estimates can be misleading

There is a likelihood that CBN will increase banks equity to a minimum of N100 billion, yet we have some banks with negative equity of N275 billion.


Such banks will need almost N400 billion to stay in business

Unity Bank has been successfully Pumped and now Dumped on Anywhere Belle Face (A.B.F.) Analysts.

Chams at 68kobo.
Full bid

Na wa o.
You still dey on top this Unity Bank??
Make Una analyse another stock na......cos we have many in NSE.
I believed by now you have communicated your concerns......no matter how you discuss about it, those who will buy will buy.....and not when JAIZ has reversed up self.

In another news, ETERNA opened on full bid @19.10!!

Transcorp Hotel vexing seriously......sighted @21.29!!

So today, bids have surfaced for UNITY BANK.....we see how it goes....
Seems we forgot that there could be merger or acquisition or buy-over as well.......nothing is impossible in this market.
On full bid @1.08!

yMcy56:
Na wa o.
You still dey on top this Unity Bank??
Make Una analyse another stock na......cos we have many in NSE.
I believed by now you have communicated your concerns......no matter how you discuss about it, those who will buy will buy.....and not when JAIZ has reversed up self.

Abe make we analyse UACN ,UNILEVER.............

sterlingD:

Abe make we analyse UACN ,UNILEVER.............

Highlight their financials make we see

sterlingD:
Abe make we analyse UACN ,UNILEVER.............

Check thru Oga Emma's posts on UNILEVER, think he did enough justice to it...

We wait for analysis on UACN.

Going forward we should not be surprised to see Nahco and United Capital at N20.

yMcy56:

Check thru Oga Emma's posts on UNILEVER, think he did enough justice to it...

We wait for analysis on UACN.

I use previous audited financial report, things might have changed for the better or worse

aremso:
Loco, BBM mercy have come again oo after remembering I have FTN I told my former broker to send the CSCS statement to me I saw I still have Japaul oil 50k units I bought during their IPO, all these Kobo stocks have lost interest in them but I know you guys are expert in them. Make I hold or sell? Pls which one is coronation insurance I saw that too and staco insurance!

Oga Aremso, you can hold your JAPAUL and FTNCOCOA.
Sell Coronation, which is Wapic Insurance and Staco.....but Staco has been moribond for several years, so if you want to sell, no one is willing to buy self.

**Final decision to hold or sell is yours to take sir**

emmanuelewumi:
I use previous audited financial report, things might have changed for the better or worse

Ok Sir.
I think things changed for the better, but you may also look at it at your spare time for updated analysis sir.

FTN Cocoa Processors Plc, one of Nigeria’s oldest cocoa processors may convert some of the debts owed Mirae Asset Securities formerly Daewoo Securities (Europe) to ordinary shares as it has been unable to generate revenue or make profit due to chronic liquidity crisis. FTN Cocoa is among the four surviving cocoa processors in Nigeria after 16 closed offices in 2018. According to the President of the Cocoa Association of Niger, Sayina Riman, the surviving cocoa companies are Oluji Cocoa Company Ltd, Ile-Oluji; Coop Cocoa Company Akure; Ede Cocoa Plant Products, Osun State and FTN Cocoa. Despite Nigeria’s position as the number 8 largest cocoa exporter, all the companies are struggling. FTN Cocoa crisis began when one of the company’s foreign partners, Transmor Commodity USA, experienced financial problems and went into liquidation. Faced with liquidity crisis, FTN did not generate revenue in the first quarter of the year. There was no sales made from the export of cocoa butter and cocoa cake during the period was zero. The company did not generate revenue from export activities as well as local sales of cocoa cake, cocoa butter, cocoa powder and cocoa liquor, the books showed.

^^^
@essentialone
That's old news.....
They already converted it from the look of things.
I stand to be corrected though.

yMcy56:
^^^
@essentialone
That's old news.....
They already converted it from the look of things.
I stand to be corrected though.

Wow, that is good Mummy Messi. Because FTN Cocoa and Pharma Deko na 2 companies wey I dey fear ooo. But thanks for the re-assurance. Let me buy them now.

GTCO: Back up @33!!
The strength and volume is still there.....

ACCESS moving, now @15.45!
UBA, JAIZ, moving.......
UBA @12!!
NAHCO: 17.25!!
GT, ZEE: 33.10!!

*Caveat: Pls do not take as any form of buy advice*

essentialone:
Wow, that is good Mummy Messi. Because FTN Cocoa and Pharma Deko na 2 companies wey I dey fear ooo. But thanks for the re-assurance. Let me buy them now.

Don't buy because of my post ooo.
Pls Carry out your due diligence....
Check the date for that post and do your background checks as well. What if I'm wrong?

Igi pawpaw o ni wo pawa o.

yMcy56:

Don't buy because of my post ooo.
Pls Carry out your due diligence....
Check the date for that post and do your background checks as well. What if I'm wrong?

Igi pawpaw o ni wo pawa o.

Anywhere you go, I go dey there ooo.

Omo make una see how love carry me enter FTN Cocoa ooo. Na chocolate them dey produce ni?

essentialone:
Anywhere you go, I go dey there ooo.
Omo make una see how love carry me enter FTN Cocoa ooo. Na chocolate them dey produce ni?

OYO
I only corrected on the news you posted.
You may do well to research for updated news on same pls.

yMcy56:

Ok Sir.
I think things changed for the better, but you may also look at it at your spare time for updated analysis sir.

Plse do you any anything about this stock ma?Champs,Courtville and Ellalakes

MeezPat, would love to know books she could read in order to improve on her investment and stock valuation skills.


Kindly assist her with some of the books that made you better investors and traders

debeey87:


What happened the last time they did.

Price went up.

Dammlonge:
Plse do you any anything about this stock ma?Champs,Courtville and Ellalakes

I replied your pm but no response.

Pls go for dividend paying stocks....if you're not a trader.

* Yes. Courtville and Champion Brewery are up for delisting/acquisition and their exit prices have been fixed.......both are just still buying their time on NSE.

* Courtville is presently following the euphoria in the market to move up in price.......what could become of those buying high, I do not know.
* Don't know much about Ellah Lakes, but I know it's very very illiquid and can trap funds if care is not taking.

If you're considering buying a stock, liquidity is one of the things to also consider....
Though some of those illiquid ones can keep moving up in this type of period with just few quantities.....but alighting from the bus can be tasking, especially if you're looking at huge volumes.

emmanuelewumi:
MeezPat, would love to know books she could read in order to improve on her investment and stock valuation skills.


Kindly assist her with some of the books that made you better investors and traders

She can head to Amazon . com and type "books on investment and stock valuations" or any other query of her choice in the search bar. Books with high reviews, such as those with thousands of reviews and high star counts, are usually good. The other problem is to find the books in pdf or hardcopy.

F.u.g.a.z is vexing for inside market oo.
GT/ZEE : leading.....

GTB @34!!

What could be holding Fidelity, Dangsugar down?