marvin906:
thought obj was a major shareholder in oando didn't know tinubu family hands have been there no wonder the company nor get head

One of the many lies being peddled around. OBJ has no stake in it. You can talk of Transcorp but not OANDO. Baba wasn't even around when Unipetrol was sold.

Atiku owns INTELS

solmusdesigns:


Nigerian Stocks and sharp practices, Wale Tinubu got burnt this time, i guess his uncle wants him else where. He himself is worth some tens of million dolars, The Tinubus have major stake in multibillion Dollars INTELS, so the guy is pretty much covered for life

emkz:
So this shitload of underhand deals and abuses happened because some of these companies are not subjected to thorough internal corporate governance. When there is a ceremonial board of directors, why won't there be abuses like those stated by the SEC? Kudos to SEC for not being compromised. I have hope that Nigeria go better.

Exactly. In Nigeria we think Corporate governance = good suits, ties and plush headquarters.


Where a company has an overbearing CEO and an unbalanced board (i.e without, at least an equal number of Independent directors as other directors) forget it. its just a matter of time before power is abused and effective Corp. governance is thrown out.

What I don't get (I don't know the full story yet) is why these guys don't just run a private company where they can do the what they like. They go public and yet want to have an unfair advantage over other shareholders even though they have a fair advantage already.

So Afonja liquidated Diamond bank?

Baba419:
Why didn't the article mention the name of the CEO?

I thought it was one of the Theifnubus?

The same SEC that just reinstated the BOSS?

This must be the case that gave him that case


But what do I know, it's NEXT LEVEL

SEC didn't reinstate Gwarzo, it is a court judgment from Industrial Court. The judgment can be appraled by ICPC at Court if Appeals.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others”.

The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected Board members to the company.

As required under Section 304 of the Investments and Securities Act, (ISA) 2007, the Commission said it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities.

Scandalous!

And this is the same person some people are wishing he becomes our President one day. God forbid that Tinubu becomes our president

Hotfreezers:
Investing in Nigeria's stock market is like giving a thief your money and hoping he doesn't steal it.

Gbam!!!

They think its all about wearing expensive suits, shoes and speaking Queen's English.
Majority of those guys are scammers.
They add no iota of value to there companies or to the economy.
No wonder they always hang around those in the corridors of power.

That's why I weep for this Nation.

Phock2sweet:
afonjas can liquidate companies

Afonjas like Uzoma Dozie

In case you aren't aware, the CEO is Wale Tinubu and now he will be reported to Tunde Fowler's FIRS. Fowler bring one of Tinubu's stooges.

ebby9z:
In case you aren't aware, the CEO is Wale Tinubu and now he will be reported to Tunde Fowler's FIRS. Fowler bring one of Tinubu's stooges.

That's only any tax infractions...
If there are financial crimes (eg, fraud) involved, it goes to the EFCC.

Tpharell:
Court orders reinstatement of Gwarzo and within days SEC concludes investigation on Oando all in the same week.

Gwarzo is a big thief who paid himself a N104m "severance" package for a position that he remain in. Frankly, it epitomizes how truly-warped Nigeria is that some people would associate Mr. Gwarzo with integrity. Stealing "less" does not a saint make.

Hotfreezers:
Investing in Nigeria's stock market is like giving a thief your money and hoping he doesn't steal it.

The system worked and that's a GOOD thing...
There's fraud in every capital market (Enron, etc.), investor confidence however depends on TRUST that the system will sort it out.
>

ppogba:

If you follow the case very well, you should know that if the Hausa man had not fought dirty, the cowboys wanted to push him out. In fact, he was already out. Recall, the suspension of Oando shares by SEC and the intervention by SLS.

Mangal persisted because he's an even bigger "cowboy" than these guys, having gotten rich off oil wells reportedly given to him by Abacha...

Hmmm.

Kemi Adeosun, Gwarzo, SEC, Mangal, Abacha, Wale Tinubu, Unipetrol, AGIP, OANDO, Gaslink, ENYO, SevenEnergy, ConocoPhillips, Bola Tinubu, Buhari, APC, 2019, 2023.

hmmm...

Get trained by professionals and work in the oil and gas industry and get paid in dollars

Investing in Nigeria's stock market is like giving a thief your money and hoping he doesn't steal it.

That is why there is no growth in Nigeria Stock Market, can you imagine some insurance stock still selling at 0.50 kobo after about 5 or even 10 years after listing on the stock market