RoughCut:

And what also happened to Man disunited a few seasons ago when they were leading in the table and seemingly had the title in the bag but they crumbled at a very critical time and the rest is history!

Liverpool lost at Anfield last week to a team that's how many divisions below them? so Anfield ain't a  problem at all! Tottenham anytime them be boyz  compared 2 men as far as Arsenal is concerned and you know it!

We shall see. all it takes is a draw with chelsea or tottenham, a loss at old trafford and u guys will begin to shake in ur boots, even that one wey go add "r" to im name, forget sayim be nigerian! yeye boy. i mean that omo togo.    .

anyway, may no too far  

aktopgun:

@debenz, ha! u sef don enter black book be that. which boys we take play una, u want make i begin count man u boys wey no play that day?

Ha ha! this one na bad belle o

aktopgun:

We shall see. all it takes is a draw with chelsea or tottenham, a loss at old trafford and u guys will begin to shake in your boots, even that one wey go add "r" to im name, forget sayim be nigerian! yeye boy. i mean that omo togo. .

anyway, may no too far

Dont worry he's not planning to come and play for man disunited anyway. If your candles no gree light tomorrow na im be say i don sabi wetin happen be dat

aktopgun:

@debenz, ha! u sef don enter black book be that. which boys we take play una, u want make i begin count man u boys wey no play that day?

come o, these lyon boys are mad o! them no wan get respect, them nearly score sha. anyway, na initial gra-gra.

@Aktopgun, make una hunger 4 d crown. E no go work! Arsenal go collect am. This team is tight.

pumping777:

Chei!!!

Abeg take black cloth cover the TV make Lyon players no see our post.

Come hand over one long burning candle each to each ManU player wey them go dey take see road score for Lyon side

Why una dey fear now?

Ehem Aktopgun wetin candle talk for PZ and NBC?

debenzd:

@Aktopgun, make una hunger 4 d crown. E no go work! Arsenal go collect am. This team is tight.

note to self: enter debenz in major blacklist, possibly for life!!

DREAM ON GIRL DREAM ON. its our title and we are keeping it. chei, rooney just missed one on one with keeper sha!

This forum is very entertaining tonight, American politics and now English premiership/champions league. Next we will be discussing FIDEL CASTRO. Ride on guys am enjoying myself.

windywendy:

huh This one no go work o! Na serious law suit go follow any attempt to use am

we go patent am in ur favour!

Chei my candle de shine greeeeeeeeeeeeeeeeen for arsenal tonight
e be like manure is turning yellow abi na red?
AKTopcandle please help

@ Aktopgun

Well Ive been out of the market for a while now and thinking about making some purchases after selling ma firstbank and lasaco.

What do the candles say about Afribank and Diamond bank entry tomorrow.

I was reading the ABCtrans chart and saw that the RSI is gradually trending above the 70 line, would it still be safe to buy at this point?

Would anyone still recommend Japaul as a good entry now, I know PO buyers are going to be getting certificate soon, so does that mean It would be wise to wait it out.

I think an imminent breakout is in the offset with both Afribank and Diamond with all the rumours and FYE coming up.

Well, was jus waiting for your honest opinion.

Abeg I no say I don dey speak english since, make you help me with this shares eh

hi pumping,
how did you get your returned money from access?Was it posted to you or you walked into the branch you bought it from, and picked up the cheque?

I mentioned ABC earlier on.E b like the bus don near Sagamu.You can still catch it sha.

@Pumping777
i be GUNNER O, that one no mean say you no go answer me
i beg you get anything as in info on first aluminium, the stock shed weight for 5 days now


remember say we use our attackers do defenders last saturday, we keep experimenting, today everybody don take normal position

blueband:

hi pumping,
how did you get your returned money from access?Was it posted to you or you walked into the branch you bought it from, and picked up the cheque?

I mentioned ABC earlier on.E b like the bus don near Sagamu.You can still catch it sha.

My broker collected it and paid it into my account. I bought through my broker.

@Nairalanders

Don't see myself buying any of the AP offer or rights.
The astronomical rise in its price in the last 2 months really stretches it!!
What is the development in the Petroleum marketing sector to warrant the sudden high rating?

I have booked a place on the Acorn train as my entry into that sector at a much cheaper price and with much greater scope for growth.

I know Acorn was rubbished here but my contact with the company has led me to give them the benefit of doubt on some of their forecast.

Acorn pp was closed down prematurely due to oversubscription and I had to use very long legs just to get my application in. Did hedge my bet a little due to the sentiment at Nairaland by buying less than I was inclined to originally.

Will await the AP prospectus and see their forecast - how realistic will it be?

Samstone4

stanchuks:

@Pumping777
i be GUNNER O, that one no mean say you no go answer me
i beg you get anything as in info on first aluminium, the stock shed weight for 5 days now


remember say we use our attackers do defenders last saturday, we keep experimenting, today everybody don take normal position

Your team will soon be a "goner" by the time we deal with una again.  

Make I answer you sha. First Aluminium I no too sabi.
I know say them bin dey make loss in the last few years but they made net profit in the last 2 quarters and could be in the black by the time the full time result is out.  Even at that based on the quarterly net profit being sustained, the forward PE ratio will be over 50 which is expensive. Of course it will be a different story if they now start growing profit.

I believe the recent run was based on sentiments and folks are just taking profit. If you have the heart for risk, time yourself using the candles and enter.

Na back-man play defence for Arsenal? You no see say na 11 reserve goalkeepers we take play  

pumping777:

Your team will soon be a "goner" by the time we deal with una again.

Make I answer you sha. First Aluminium I no too sabi.
I know say them bin dey make loss in the last few years but they made net profit in the last 2 quarters and could be in the black by the time the full time result is out. Even at that based on the quarterly net profit being sustained, the forward PE ratio will be over 50 which is expensive. Of course it will be a different story if they now start growing profit.

I believe the recent run was based on sentiments and folks are just taking profit. If you have the heart for risk, time yourself using the candles and enter.

Na back-man play defence for Arsenal? You no see say na 11 reserve goalkeepers we take play

Thanks ooooo
e be like say una don use one of una reserve goalkeeper equalise

samstone4:

@Nairalanders

Don't see myself buying any of the AP offer or rights.
The astronomical rise in its price in the last 2 months really stretches it!!
What is the development in the Petroleum marketing sector to warrant the sudden high rating?

I have booked a place on the Acorn train as my entry into that sector at a much cheaper price and with much greater scope for growth.

I know Acorn was rubbished here but my contact with the company has led me to give them the benefit of doubt on some of their forecast.

Acorn pp was closed down prematurely due to oversubscription and I had to use very long legs just to get my application in. Did hedge my bet a little due to the sentiment at Nairaland by buying less than I was inclined to originally.

Will await the AP prospectus and see their forecast - how realistic will it be?

Samstone4

Good you got the Acorn. I received the prospectus but having three certificates waiting to be verified in the last two months discouraged me not to go near any PO. Also, the jinx of money being tied down has taught me much lessons.
I think Acorn is a good buy for whoever got it to buy, but then, it is a long term venture.

What do you guys think about Eterna oil, is it a good buy now that market guru, Fola Adeola, is at the helm of affairs? I here he might pull a stunt like the AP steep rise, but does he have the fundamentals to support such rise?
AktopCan, em, AkTopgun what do the candles say about Eterna? Pls look at the white candles with seven robed elders in tow
thanks.

NOTHING CAN STOP OBAMA U BETTER OPEN UR EYEZ WELL WELL VENTILATEE UR EAR WELL WELL B/4 U AGIGATE OBAMANIA TONIC.

BIGBOYLARY:

NOTHING CAN STOP OBAMA You BETTER OPEN UR EYEZ WELL WELL VENTILATEE UR EAR WELL WELL B/4 You AGIGATE OBAMANIA TONIC.

@BigBoyLarry

Even though I am an Obamanian, I will advise you to focus your crystal ball on NSE and not US politics, we need more money to support Obama.

BIGBOYLARY:

NOTHING CAN STOP OBAMA You BETTER OPEN UR EYEZ WELL WELL VENTILATEE UR EAR WELL WELL B/4 You AGIGATE OBAMANIA TONIC.

You see well as usual!!!

But come o. Where u dey all this time when we no see road for NSE? I beg talk d stock wey go make 50% by next week. Kia Kia bring out the crystal ball(s).If you need light, aktopgun go dash you candles one time 

@Thread Detractors

You guys.You na no dey shame ?

Premiership.  Obama.

But sha . . . . O b a m a  hammer oo! Straight wins;a perfect 10.

                   

Go,O b a m a !!!

deleted

@Aktopgun make we call a truce for now. game don finish. Una lucky sha. Na God save una sha.

http://thenewsng.com/article/12

Print version
Fund Of Controversy

It was established to assuage the pain of investors who lose money through activities of fraudulent stockbrokers. But the management of Investors Protection Fund by the Nigerian Stock Exchange has been enmeshed in controversies

By Oluokun Ayorinde

In his New Year message to workers of the Securities and Exchange Commission, SEC, its Director-General, Malam Musa Al-Faki, noted that though tremendous growth has been recorded in the Nigerian bourse in recent years, activities of some players in the capital market have continued to constitute a fly in the ointment for it. A group of the players he particularly singled out as engaging in unethical practices are brokers.

Al-Faki revealed that SEC recorded a total of 956 complaints ranging from fraudulent and unauthorised sale of clients’ shares, non-purchase of shares, non-remittance of sale proceeds and illegal conversions to falsification of clients’ accounts. He, therefore, promised that one of the major targets of SEC this year will be to rid the market of such unscrupulous players. But he stopped short of mentioning the total amount lost to such dishonest brokers by investors.

The possibility of investors losing money through dishonest stockbrokers seemed to have been anticipated by drafters of the Investments and Securities Act 1999. Thus, part X11 of the Act establishes the Investors Protection Fund, IPF. As stated in the Act, the Fund is expected to be the property of the Securities Exchange or Capital Trade Point and is to be administered by a governing board specifically set up for this purpose. On sources of funds for the IPF, Section 149 of the Act reads:

“The Investors Protection Fund shall consist of – (a) all moneys paid to the Securities Exchange or Capital Trade Point by member companies in accordance with the provisions of this decree; (b) the interest and profits from time to time accruing from the investment of the Investors Protection Fund; (c). all moneys paid to the Investors Protection Fund by a Securities Exchange or Capital Trade Point; (d) all moneys recovered by or on behalf of the Securities Exchange or Capital Trade Point in the exercise of any right action conferred by this part of this decree (e ) all moneys paid by an insurer pursuant to a contract of insurance or indemnity entered into by the Board and ( f) all other moneys lawfully paid in into the Investors Protection Fund. The funds are expected to be kept in a separate bank account pending their investment or application for the purpose it is meant for.”

On who can access from the Fund, Section 159(1) of the Act states that: “Subject to this part of this decree, an Investors Protection Fund shall be held and applied for the purpose of compensating persons who suffer pecuniary loss from any defalcation committed by a member of company or any of its directors or employees in relation to any money or other property which was entrusted to or received by a member company or any of its directors or employees whether before or after the commencement of this decree in the course of or in connection with the business of the company.” Furthermore, Section 160 (3) of the Act was explicit that “the amount which any claimant should be entitled to claim as compensation from an Investors Protection Fund shall be the amount of the actual pecuniary loss suffered by him (including reasonable cost of disbursement incidental to the making and proving of his claim) less the amount or value of all moneys or other benefits received or receivable by him from any source other than the Fund in reduction of the loss.”

The existence of the funds and the protection it offered investors from the dubious activities of the stockbrokers may, however, be one of the best kept secrets of the Nigerian capital market. Furthermore, the Nigerian Stock Exchange has not at any time published details of the funds in the account. Akintunde Asalu, the late president of the Nigerian Shareholders Solidarity Association, NSSA, had, many times, before his death queried the rationale for the existence of the Fund. He argued that he was not aware of any investor that has benefited from it.

As investigations by this magazine revealed, getting reimbursed from the Fund can as well be likened to the biblical camel trying to pass through the eye of a needle. One victim that had attempted to draw from the Fund was Boat Nigeria Limited, one of the companies defrauded in the famous case against Jenkins Investment Limited. According to details of the case available to this publication, Boat Nigeria Limited had, in January 2006, bought four million shares of First City Monument Bank, FCMB. The company subsequently deposited the shares in the Central Securities Clearing System, CSCS, through its stockbrokers, Jenkins Investment Limited and was issued a slip indicating its stock position in October 2006.

However, the company was to discover during a routine check on CSCS on 24 January 2007 that Jenkins had disposed of the shares without its mandate. Furthermore, the stock position slip earlier given it by Jenkins was also discovered to have been forged. CSCS officials also issued the company a transaction holding which further confirmed that its shares have been disposed off. Staff of Boat Nigeria Limited who visited the Lagos office of Jenkins found the office under lock. Authorities of Boat Nigeria Limited gathered at the Nigerian Stock Exchange that Jenkins had indeed been suspended as a result of its fraudulent activities. The NSE then advised the company to seek redress at the Economic and Financial Crimes Commission, EFCC. However, when several visits to EFCC did not produce the desired result, Boat returned to NSE. Specifically, the company’s lawyers wrote authorities of the NSE and SEC demanding compensation under the IPF. But in its reply, the NSE claimed it was still investigating the fraudulent activities of Jenkins Investment. Boat Nigeria Limited then took its case to the Investment and Securities Tribunal.

In an Originating Application filed by its lawyer, U.M. Yamah & Co. on 11 May 2007 against the NSE and SEC as the first and second respondents, Boat asked the tribunal to make a declaration that it was entitled to be compensated under the Investors Protection Fund and issue an order directing the respondents to compensate it for its entire lost investments being 4,000,000 units of FCMB plc shares at the prevailing rate at the time of judgment and 10 per cent interest rate until total liquidation.

While arguing the case, Boat Nigeria, through its counsel, submitted that “a close perusal of sections 151, 156, 160, 161,162 and 163 of the Investment and Securities Act 1999 showed that an investor could make a claim from the Investors Protection Fund once it is established that defalcation had occurred and the applicant made a demand against the NSE within a period of six months.” Defalcation is defined in page 174 of the ISA as “… the act of defaulting, act of embezzling, failure to meet an obligation, misappropriation of trust funds or money held in any fiduciary capacity and failure to properly account for such funds.” It, therefore, argued that defalcation had occurred and it was entitled to be compensated from the IPF. It also argued it was entitled to be compensated to the tune of N71.2 billion which was the financial value of the four million FCMB shares as at the time of the institution of the case, in accordance with the provisions of sections 165 of ISA.

But in its defence, the NSE asked the IST to dismiss the suit with substantial cost as the Jenkins matter was then still under investigation. On its part, SEC argued it should be excused from the suit as it is not a custodian of the IPF. The tribunal, however, ruled that SEC, as the apex regulatory authority of the capital market and the responsibilities entrusted upon it for the management and disbursement of funds from the IPF, is a necessary party to the suit. In its judgment delivered on 26 September 2007, the nine-man tribunal led by Dr. Nnenna Orji, held that the fact that the NSE-owned CSCS itself confirmed that Boat Nigeria Limited’s shares were sold without authorisation by Jenkins Investment was enough fact to establish that “defalcation” as defined by the ISA had, indeed, occurred and the applicant was entitled to be compensated from the IPF. In the tribunal words: “It is germane to point out that the Investments and Securities Act has provided a safeguard to unnecessary and unauthorised dealings in investors stocks. This is amply evident in the reassuring provisions of the Act concerning the Investors Protection Fund. The claim of the applicant, therefore, succeeds for the reasons adduced above. From the provisions of the Act as stated in the foregoing, it is undoubtedly evident that it is in the place of the tribunal to determine, and of course, using the law as a guide, the extent of compensation due to the claimant on IPF.” Consequently, the tribunal ordered the NSE to pay Boat Nigeria Limited from the IPF the sum of N21.6 million, being the market value of the four million shares as at 24 January 2007 when the fraud was discovered. In addition, the NSE was ordered to pay the applicant five per cent interest from the date the fraud was uncovered till the satisfaction of the claim.

The NSE filed an appeal for stay of execution of the judgment on 29 October 2007. In an appeal filed by the law firm of Uwensuyi – Edosomwan & Co, the NSE asked for a stay of execution on the grounds that if it were to pay the total amount ordered by the tribunal to Boat Nigeria Limited as a compensation, there would not be enough left in the purse of the IPF to pay the other claimants. The NSE also said through its motion on notice that various claims arising from the defalcation by Jenkins Investment alone were about N400 million and arguing it had a duty to apportion available funds among claimants in an equitable manner to meet the competing claims of investors in cases where defalcation has been established.

Counsel to the NSE backed up the claim with a statement of account of the IPF domiciled with Stock Exchange House branch of First Bank of Nigeria plc. According to the statement, the amount standing to the four accounts of the Fund in the bank as at 30 June 2007 are: A/C 2444020002226 containing N25,998,761.01; 2444020002233, N37,769,332.61; 2444020002066, N151, 249,684 and 2444020002189, N228,478,518.69. The NSE filed an appeal which is yet to be heard.

Boat Nigeria Limited is not the only investor that has tried to access money from the IPF. In another case, Chief Livinus Ezemegbe, whose investments valued at N3.7 million was lost through Apex Securities Limited, also instituted an action at the IST against the NSE and SEC demanding compensation out of IPF. However, the NSE and SEC contended at the IST that the IPF was not operational and the applicant cannot benefit from the fund since the guidelines from drawing from it were not yet in place.

But in its judgment delivered on 13 December 2006, the IST rejected this argument. It argued it was the responsibility of the NSE and SEC to put in place guidelines for benefiting from the funds. Consequently, it ordered that the applicant be compensated from the IPF and that the NSE, in collaboration with SEC, should draw up and make public within 90 days necessary guidelines for the implementation of the IPF in line with the provisions of the ISA.

This magazine gathered that consequently, the SEC came up with what it tagged Investors Protection Rules 2007 in which it pegged the maximum amount payable to investors who suffered any form of defalcation to N200,000. As stated in the rules, “the rate of compensation and the maximum compensation payable to an investor who has suffered a loss shall be N200,000, or where the loss is less than N200,000, the investor shall be paid the full amount of the loss.” It was also indicated, though, that the amount be reviewed from time to time.

Based on the new rule, the NSE issued a cheque of only N200,000 to Ezemegbe. But the investor refused to accept the vastly reduced compensation. Ezimegbe’s lawyer also pointed out that the cheque for the N200,000 was raised on Union Bank, whereas the NSE never indicated in the appeal it filed against the judgment of Jenkins Investment that there was an account of IPF domiciled with Union Bank. Ezemegbe is back at the Appeal Tribunal where he is contesting the reduced payment.

Can the NSE on its own make laws that go against the ISA Act? No, argued Eze George Olisaemeka, a stockbroker: “The Investment and Securities Act of 1999 is the relevant law that applies to the capital market. The regulatory bodies are empowered to make rules. But such rules can only be pursuant to the enabling Act which is the ISA and not contrary to it. Therefore, the stipulation of maximum compensation of N200,000 is against express provision of section 163 of the ACT. It’s null and void because the rules of the regulatory bodies cannot override the enabling Act.” Olisaemeka, who contended that the account of IPF had never been published, also argued that if the funds in the pool had been invested, it would have yielded much more than the N400 million the NSE claimed is now in the account of IPF. Ultimately, the court will have to decide the legality or otherwise of the NSE rules.

This magazine gathered that the biggest claim yet from the fund may be the N726 million being claimed in the Ogunlesi A. Johnbosco Vs. NSE & SEC suit yet to be heard by the IST. The investor is claiming the sum of N726 million with interest at 19 per cent per annum to be paid from the IPF as compensation for the unauthorised sale of his shares also by Jenkins Investment Ltd. Would he also be paid only N200,000?

windywendy:

Ah na so I dey look my spreadsheet early this morning dey look for stock wey I fit use do quick CICO. That's how my eyes come jam ABC o. Needless to say, I cycled in big time today. So dollyp1cute, na me and you dey for that flight now o. But I'm not in this one for the long haul though.

@ WindyWendy,
Pls how u take identify CICO opportunity from a spreadsheet, Is it not the same spreadsheet wey people don distribute on this forum, He be like say, your own method pass aladura candle, I beg, show us the way,

Gave my good broker order to load more ABC tomorrow.My problem is whether I will find it to buy.Because of the deep silent pockets on this thread.

TRANSCORP: Resign Now, House Tells Ndi Onyiuke- Okereke
The House of R e p r e s e n t a t i v e s Monday directed the Director-General of Nigeria Stock Exchange (NSE), Dr. Ndi Onyiuke-Okereke to resign as Chairman of Transnational Corporation (TRANSCORP).

The Chairman of the Committee, Ahamed Wadada told newsmen Monday in Abuja that the directive was to allow for a transparent investigation into the activities of TRANSCORP by the committee.

``The DG NSE must relinquish her position as TRANSCORP chairman to pave way for a transparent and successful investigation of the corporation'', Wadada stressed.

He said TRANSCORP was under the searchlight of the committee for its contradictory claims on the parentage of share subscription during its last Initial Public Offer (IPO). Another area to be investigated by the committee, he said, was the status of TRANSCORP shareholders funds, which he said, ``nobody knows their where about''.

He explained that Onyiuke-Okereke, was not asked to resign based on incompetency or fraud, but on moral ground, as she was the custodian of the nation's Capital Market where TRANSCORP was listed.

Wadada commended the revocation of the sales of NITEL to TRANSCORP by the Federal Government, saying it had confirmed the stand of the Committee and the House that the deal lacked transparency. He expressed the readiness of the Committee to sanitize the nation's Capital Market through legislation and oversight.

Greg Okey Nwadike, Abuja.

@aktopgun, @pumping777. Thanks alot for your advice. I understand you. But i just enter that Neimeth bus somedays ago i dey wonder if i should just wait in the bus till the end of the week and then get out before i realise that it is one chance, My broker says it has the possibility to get to 17naira. But i want to exit at about 14naira or 15naira.




Thanks alot

blueband:

Gave my good broker order to load more ABC tomorrow.My problem is whether I will find it to buy.Because of the deep silent pockets on this thread.

See them o  they want to chase this ABC off the groound finally ehn.

The more the merrier sha, I hope my broker is sharp enough to get some for me otherwise BLUEBAND you must to pay omo onile commission .

please, all the guru's in the house, i have a question for yall:

what do yall think of Dunlop @ N5.00 and UNIC @ N5.75, Is it a good entry price if i am looking at 3 months exit. thanks in advance

@ty_ademolu. You can still enter the ABC bus oh. it still has somewhere to go. But dont buy more than me or else if i catch you i go kill you.



I bought 1thousand units so you buy 200 units. lol anyways, but you can just try it. I know i dont know too much about the candles and lantterns.

clickdeoye:

@ty_ademolu. You can still enter the ABC bus oh. it still has somewhere to go. But don't buy more than me or else if i catch you i go kill you.



I bought 1thousand units so you buy 200 units. lol anyways, but you can just try it. I know i don't know too much about the candles and lantterns.

You wan bring "atupa (lantern)" into the equation? I dey your side

hey pumping, i can see see u are online now, please whats ya take on dunlop and unic at their current price; Are they good buys for someone with 3 months exit