Mpeace:
You and I know how difficult it is for shareholders to ensure good corporate governance and that in most, if not all cases if infractions, CEOs are often involved and benefit in chief.
See fbnh and diamond bank for instance, Oti used our money to run for Abia governorship. Onasanya former CEO of fbn gave out the huge npls for which the bank is suffering today, yet he lives large and free.
Oando shareholders will tell you that the only powers they have is power of protest.
The CEO remains more powerful than shareholders

wanaj0:


You harsh oo. CEO is an employee so why should his crime affects his ownership?

I think the shareholders should take more interest in the affairs of those companies. This is where the pension funds come in.

Mpeace:
So Oando will not be delisted.
On a more serious note, I think SEC should consider the option of sanctioning CEOs whose companies are found wanting. For instance, Daar coms and japaul CEOs and chairmen should have been stripped of ownership of their respective firms which have over the years been run like private businesses rather than public quoted companies. This would serve more to encourage accountability and good corporate governance.

Honestly speaking I believe SEC can do something more meaningful than punishing the shareholders through fines levied on erring companies.
Can't there be a bill to sack the board of the erring companies since the quoted companies belong to the public. The wicked board will prefer to fine since they know it does not affect their personal financial status negatively.

Mpeace:
You and I know how difficult it is for shareholders to ensure good corporate governance and that in most, if not all cases if infractions, CEOs are often involved and benefit in chief.
See fbnh and diamond bank for instance, Oti used our money to run for Abia governorship. Onasanya former CEO of fbn gave out the huge npls for which the bank is suffering today, yet he lives large and free.
Oando shareholders will tell you that the only powers they have is power of protest.
The CEO remains more powerful than shareholders

The CEO is answerable to the Board of directors. The directors are answerable to the shareholders. Shareholders should do their job and stop going to AGM to collect freebies! Shareholders have reps in the audit committee. They should make their presence felt!

phemmie06:



Honestly speaking I believe SEC can do something more meaningful than punishing the shareholders through fines levied on erring companies.
Can't there be a bill to sack the board of the erring companies since the quoted companies belong to the public. The wicked board will prefer to fine since they know it does not affect their personal financial status negatively.

BUT shareholders appoint the board Why can't shareholders SACK the board?

wanaj0:


BUT shareholders appoint the board Why can't shareholders SACK the board?

Boss you're right.
Taking the last AGM of Oando as a case study and even the event that happened after then, do you think shareholders can sack them. But if there's an act that says if your company result is delayed for more than a particular period of time or the result released is manipulated you're fired, we will see all these companies doing the needful. It will also build the confidence of the investors at large because there will be transparency.

wanaj0:


The CEO is answerable to the Board of directors. The directors are answerable to the shareholders. Shareholders should do their job and stop going to AGM to collect freebies! Shareholders have reps in the audit committee. They should make their presence felt!

That is how it should be, but unfortunately, its not so. the BOD members, including CEOs and chairmen will always rig the process to ensure that they have their way.

phemmie06:

Boss you're right.
Taking the last AGM of Oando as a case study and even the event that happened after then, do you think shareholders can sack them. But if there's an act that says if your company result is delayed for more than a particular period of time or the result released is manipulated you're fired, we will see all these companies doing the needful. It will also build the confidence of the investors at large because there will be transparency.

O totally agree with you.To ensure that shareholders didn't have a say at AGMs, these companies employ diverse mechanisms like taking AGMs to ''Akwa Ibom''and holding AGMs in small halls that can only accommodate their friendly shareholders. The rest are left to fight and protest outside the venue. Oando and transcorp have done this before.

wanaj0:


The CEO is answerable to the Board of directors. The directors are answerable to the shareholders. Shareholders should do their job and stop going to AGM to collect freebies! Shareholders have reps in the audit committee. They should make their presence felt!

Sir they have been bought and you and I know that the CEOs and chairman have greater influence over the shareholders

Mpeace:
That is how it should be, but unfortunately, its not so. the BOD members, including CEOs and chairmen will always rig the process to ensure that they have their way.

Then 'shareholders' should stay away from such companies. Not by force to invest in their company!

wanaj0:


BUT shareholders appoint the board Why can't shareholders SACK the board?

Sir if SEC can place a ban on Bunmi Oni then SEC can act before the company is ruined by some of this wicked board

Agba, come and talk for this matter oh. I know say you no happy because of wetin them do cee c yesterday. But life goes on. Come and defend your fellow CEOs.

wanaj0:


Then 'shareholders' should stay away from such companies. Not by force to invest in their company!

Sir there are some investors that are not aware of such. Just of recent someone was asking about "one day cars will run on water bank". Which means not all investors know these companies. If not for a forum like this I won't know little about some of these companies. 2012 I wanted to invest in Japaul if not for either sir Oracle or grandpa of exchange Pa Emmanuelewumi I will have done that. SEC has a lot to do in building investors confidence

http://www.nse.com.ng/Financial_NewsDocs/21869_STANBIC_IBTC__HOLDINGS_PLC_CORPORATE_ACTIONS_APRIL_2018.pdf
Scrip dividend form

Mpeace:
Agba is typing...

What are you people talking

A company that has about 5000 shareholders, how many shareholders goes to the meeting for freebies. Less than 7% they should just improve they're performance.

wanaj0:


The CEO is answerable to the Board of directors. The directors are answerable to the shareholders. Shareholders should do their job and stop going to AGM to collect freebies! Shareholders have reps in the audit committee. They should make their presence felt!

FBN
- buyers had the last say on fri
- we shud break above N13

Oando
- its not over yet

Agbalowomeri:


What are you people talking

SEC wants to reduce cases of delisting as punishment to companies that break the rules. And we say its a good development but SEC should also consider punishing CEOs and chairmen of these companies as an alternative that would ensure better results in terms of corporate governance.

fxuser:
Oando
- its not over yet

You mean sellers or the bull.
I learnt the forensic audit is out but still at Adeosun's table.

Zenith
- wil dis N27 offer finish this week ?

Who else is at the UBA AGM @Eko Hotels. I am right there. Let's meet up.

Fidelity
- build up to month end

Mpeace:
http://japaulgroup.com/en/japaul-shipping-offshore-services-ltd/
Click to see vessels. Those guys have assets but it seems the proceeds from business ends up in private pockets.

then that's the more reason u should have given a neutral foreign investor a chance because that will act as a small check and balance, but many of u here are kicking against it

Those of you refusing to sell at reduced prices are the ones delaying this bull o.

Make una bring market make fresh money enter market.

Teeonly:
http://www.nse.com.ng/Financial_NewsDocs/21873_TRANSNATIONAL_CORPORATION_OF_NIGERIA_PLC_FINANCIAL_STATEMENTS_APRIL_2018.pdf

A good one from Transcorp

Manonamission:


A good one from Transcorp

EPS of 5.55 kobo is a good one Ok oooo.

With a PE of 20 price will be 1.11

yom2:
then that's the more reason u should have given a neutral foreign investor a chance because that will act as a small check and balance, but many of u here are kicking against it

And MILOST is the neutral foreign investor

Shareholders are just going off tangent. It is all commendation for the chairman of UBA. Shareholders cannot even ask important questions.
I see why companies in Nigeria misbehave.

Manonamission:


A good one from Transcorp

The market is already reacting

wanaj0:


EPS of 5.55 kobo is a good one Ok oooo.

With a PE of 20 price will be 1.11

Our perspective differs.

This is the best of Transcorp since listing if I'm not mistaken. It shows an appreciable growth over previous quarters since listing. The negative being the NCI that is ever present to cast a shadow on an result released by Transcorp.
The power business keeps improving while the hotel arm seems to be showing some sign of resurgence too.

This won't appeal to dividend hunters definitely. But I expect the market to reward this result in due time.