Paper Review - Wednesday, September 8, 2010
NSE approves Dangote Cement listing at N135 per share
The Nigerian Stock Exchange (NSE) yesterday gave approval for the merger of Dangote Cement Plc and Benue Cement Company Plc (BCC), confirming BusinessDay exclusive report on the deal. A release from the NSE’s head of corporate communication, Sola Oni, confirming the approval said: “The Council of The Nigerian Stock Exchange, through its Quotation Committee, today (yesterday) approved three applications worth N2.1trillion for listing. The applications were for merger, bond and placing. Application for the listing of an enlarged company arising from the merger of Benue Cement Company Plc with Dangote Cement Company Plc has been endorsed by the Council. A total of 15,494,019,668 Ordinary Shares of 50k was approved at N135.00 each. The new entity is now known as Dangote Cement Company Plc. Afrinvest (West Africa) Ltd introduced the issue”.
NSE: Okereke-Onyiuke Faults Engagement of Accenture
Former Director-General, Nigerian Stock Exchange (NSE)), Prof. Ndi Okereke-Onyiuke has said that neither due process nor competitive bidding process was carried out in the appointment of leading management consulting firm, Accenture, alleging that the firm had been forced on NSE by business mogul, Alhaji Aliko Dangote. According to her, no other consultancy firm was invited to submit proposals to the Exchange “for a project valued at N212 million.” The disclosure was contained in a letter to the Director General, Securities and Exchange Commission (SEC), titled “Re: Complaints By A Member of the Council of the Nigerian Stock Exchange” and dated July 29, 2010, a copy which was obtained by THISDAY. On the outstanding bills due to Accenture, the former D-G said the Exchange had initially paid the firm the sum of N166 million out of the total project sum adding that another N60 million was paid to the company as at June 15, 2010. “Accenture created payment difficulties for themselves by completely avoiding management in their drive to generate more business for themselves under questionable and uncompetitive manner by dealing directly with Alhaji Aliko Dangote as if he is the Chief Executive Officer of the Exchange,” she said.
NSE suspends trading on 7 companies
The National Council of The Nigerian Stock Exchange on Tuesday approved suspension of seven companies for failure to submit their financial statements while 34 others have been placed on watch list for failure to submit their 2009 full year financial result. The seven quoted companies were said to have defaulted in post-listing requirements, especially in financial reporting of their operations and payment of annual listing fees. In a statement by the Nigerian Stock Exchange (NSE) on Tuesday, the suspended companies include Wiggins Taepe Nigeria Plc, Jos International Breweries Plc, Hallmark Paper Products Plc, Okitipupa Oil Palm Plc, Nigerian Wire & Cable Plc, Union Dicon Salt Plc and Ekocorp Plc.
http://tribune.com.ng/index.php/news/10773-nse-suspends-trading-on-7-companies
NSE sanctions 54 erring companies
The council of the Nigerian Stock Exchange (NSE) on Tuesday, ostensibly in an effort to restore investor confidence, sanctioned 54 quoted companies, placing some on full suspension, technical suspension and others on watch list. The NSE said the affected companies defaulted in post-listing requirements, especially in financial reporting of their operations and payment of annual listing fees. Out of the affected companies, fifteen were placed on full suspension. According to Sola Oni, head, corporate communications, “Consequently, the following companies have been placed on full suspension; there will be no transaction on their shares, for failure to render 2008 audited accounts as at 6th September 2010.”
These companies are Wiggins Teape Nigeria plc; Jos International Breweries plc; Hallmark Paper Products plc; Okitipupa Oil Palm plc; Nigerian Wire & Cable plc; Union Dicon Salt plc; Ekocorp plc; Nigercem plc; Golden Guinea Breweries plc. Others in this category include: Daily Times of Nigeria plc; Albarka Air plc; Foremost Dairies plc; Arbico plc; First Capital Invest Trust plc and Stokvis plc. According to Oni, the council also directed that if by Monday, October 11, the said companies fail to render their arrears of audited and interim accounts, “The Exchange shall commence formal delistment process on them.”
Mixed reactions trail appointment of Belgore, Obi, others to AMCON board
Financial market stakeholders have expressed mixed reactions over the nominations for the chairman, managing director and executive directors of the Asset Management Corporation (AMCON) by the Ministry of Finance and the Central Bank of Nigeria (CBN). While some applaud the nominees as credible people, others are of the view that some of them are too old in the system and should give the younger generation a chance to prove themselves. The Federal Government had last week proposed nominations for the board of AMCON and sent the list to the National Assembly for approval. Aliyu Belgore was nominated chairman with Mustapha Chike Obi as managing director. The board also has Howett Adegboyega, Muhammed Abbass Jega and Mofoluke Dosumu as executive directors and Eniya Ambakaderemor as non-executive director. Okechukwu Unegbu, former president of the Chartered Institute of Bankers of Nigeria (CIBN), said although Belgore has vast experience in the industry to do the job, his appointment appears more like the usual re-cycling of old hands by government.
Govt invites three firms for power transmission
THE Bureau of Public Enterprises (BPE) has invited three foreign firms to re-submit technical and financial bids for the management contract for the Transmission Company of Nigeria (TCN), one of the successor companies of the Power Holding Company of Nigeria (PHCN). The invitation, according to a statement yesterday by Mr. Chukwuma Nwoko, the spokesman of BPE, is with the approval of the National Council on Privatisation (NCP). He listed the foreign firms as: the Power Grid of India; ESB International of Ireland and Manitoba Hydro of Canada. The three are to re-submit technical and financial proposals in line with current system and industry information for the management contract for Transmission Company of Nigeria (TCN). The technical proposals will be evaluated based on their transmission-loss-reduction, network improvement and capacity transfer strategy. The intent is to have a transmission company that will be capable of containing the anticipated changes in the Nigerian Electricity Supply Industry and Market.
INEC releases election timetable
The Independent National Electoral Commission (INEC) yesterday released the timetable for the 2011 general elections with the presidential and governorship polls fixed for January 22 and 29 respectively. The first election to be held next year, according to Solomon Shoyebi, federal commissioner in charge of information and publicity committee who announced the release of the timetable, will be the National Assembly fixed for January 15, 2011 while the governorship and state assembly elections will hold simultaneously on January 29, 2011. The timetable shows that conduct of party primaries for all the political parties will hold between September 11 and 30, 2010; issuance of notice of elections- October 13, 2010; campaign by political parties commences- October 17, 2010. Collection of forms for particulars of candidates of parties, according to the Timetable, is fixed for between October 19 and 22, 2010; registration of voters, October 1 to November 14, 2010; display of register of voters for claims and objections, November 20 to 25, 2010. The last day for the submission of forms for candidates contesting for National Assembly positions is fixed for November 15, 2010; for presidential candidates, November 22, 2010; for governorship and state assembly candidates, November 29, 2010.
2011: NBA seeks removal of flaws in Electoral Act
The Nigerian Bar Association on Tuesday called for the removal of all the flaws in the Electoral Act, 2010.
One of the flaws, according to the association’s president, Mr. Joseph Daudu is contained in section 133(1) of the Act. The section states, “No election and return at an election under this Act shall be questioned in any manner other than by a petition complaining of an undue election or undue return (in this Act referred to as an ‘election petition’) presented to the competent tribunal or court in accordance with the provision of the constitution or of this Act, and in which a person elected or returned is joined as a party.” Dauda, a Senior Advocate of Nigeria, said during the inauguration of the Electoral Justice Committee in Abuja, that the provision would not have posed a problem but for section 132(2) of the new electoral law. This section, he said, defines a tribunal or court to mean that in the case of presidential or governorship election, the Court of Appeal and in the case of any other elections under the Act, the election tribunal established under the constitution or electoral Act.
http://www.punchng.com/Articl.aspx?theartic=Art20100908331615
Halliburton scam: FG stalls trial of Obasanjo’s aide, others
The Federal Government on Tuesday stalled the trial of a former personal assistant to ex-President Olusegun Obasanjo, Adeyanju Bodunde, and five others for alleged complicity in the $180 million Halliburton bribery scandal at the Federal High Court in Abuja. It failed to produce in court Adeyanju Bodunde and five others, prompting Donatus Okorowo, the presiding Judge ordering that the case be returned to the Chief Judge of the Federal High Court for reassignment. Other suspects expected to appear before the Federal High Court were George Mark, Jeffrey Tesler (said to be at large), Hans George Christ, Heinrich Josef Stockhausen; Julius Berger Nigeria Plc and Bilfinger Berger GMBH. The absence of the suspects stalled the trial as government publicly admitted failure in making proper arrangements for the kick-off of the case despite filing criminal charges against them. As expected, following this development, none of the suspects or witnesses in the matter was sighted in court. Not only that they were not in court, they were not represented by lawyers when called by the court registrar to answer the criminal charges leveled against them by the Federal Government. Omotunde Fatunde, a lawyer from the office of the attorney general of the federation (AGF) and minister of justice, informed the court that the government had some logistic problems and could not serve summons notices on the accused persons.
Amaechi forks out N11bn for P/H monorail project
Work has begun on the Port Harcourt Monorail project introduced by the Governor Chibuike Rotimi Amaechi-led administration in Rivers State. N11 billion has already been released as part of the state government’s equity for the construction of the monorail which is been built under a public private partnership arrangement. The Rivers’ monorail would be the first of its kind in West Africa. Speaking to newsmen in Abuja, on Tuesday, Governor Amaechi’s media adviser and publicist Mr David Iyofor, stated that the monorail being developed for mass transportation within the Port Harcourt metropolis would not only decongest the roads in the city, but would also provide a competitive mass transport solution to the city and create job opportunities.
http://tribune.com.ng/index.php/news/10762-amaechi-forks-out-n11bn-for-ph-monorail-project
Quarrying takes toll on Abuja
IF the Federal Capital Territory is perpetually under construction, as some say, there are certain professionals that have oiled the construction machinery. Those professionals are quarry operators and their workers. Such far-sighted business folks, they saw early the business opportunities that lay in the rocks which the FCT is blessed with. They have since been making millions by blasting the rocks and providing Abuja construction workers with materials. Those tall, beautiful structures have a great deal of input from the quarry operators. Abuja is glittering, thanks to them. But they constitute quite a nuisance in the FCT. From time to time, residents will hear the thunderous sounds of quarry workers blasting rocks. The ground vibrates as the dynamites detonate. FCT residents have been enduring it all, even as their eardrums are at risk. Rock particles also fly past frequently.
http://thenationonlineng.net/web3/newsextra/12440.html
Fuel Adulteration: DPR Clamps Down on Illegal Depots
Following intelligent reports that some fuel marketers were using their facilities within residential areas at Apapa as depots to adulterate diesel with kerosene, the Department of Petroleum Resources (DPR), yesterday swooped on two suspected illegal depots and handed their officials to the police for further investigation. National Union of Petroleum and Natural Gas Workers (NUPENG) had earlier this month directed Petroleum Tanker Drivers (PTD) in Lagos and its environs to suspend lifting of products to protest alleged release by police of 20 trucks and their drivers arrested while allegedly mixing diesel and kerosine at AGS Barma Yard. NUPENG, which had since called off the strike action, had initially vowed not to lift any product until police re-arrest and prosecute the suspects whom the union described as economic saboteurs and enemies of the society. The union’s accusation was however denied by the police. But as part of its statutory functions, a team of DPR officials led by the Head of Depots & Jetties, Mr. Patrick Emordi; Acting Controller of Lagos Zonal Office, Mrs. Abigail Akinkugbe, as well as Manager in charge of Corporate Services, Mrs. Lilian Ufondu, swooped on some marketers alleged to be using their facilities to operate the illegal business of mixing diesel with kerosene.
http://thisdayonline.com/
Our action is legal - New Ogun Assembly Speaker
•Says Egbetokun was not impeached, but suspended
The new Speaker of the Ogun State House of Assembly, Right Honourable Emmanuel Soyemi Coker, on Tuesday, justified the action taken by nine members of the House in suspending the erstwhile speaker, Mr Tunji Egbetokun, and 14 other members over allegation of gross misconduct. Coker disclosed during his visit to the state party secretariat of the Peoples Democratic Party (PDP) that their action was constitutional and legal, saying it was in conformity with section 15 (1) of the House Rules. The speaker was received by the state secretary of PDP, Chief Pegba Otemolu, and other party stalwarts, expressing readiness to work with all other arms of the government in moving the state forward. The speaker, accompanied by other principal officers of the House, said the process was not impeachment but suspension, which was done in the interest of Ogun people.
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