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News :: Stocks
OANDO Provides Detailed Response to SEC Findings

MarketSmith/NSE/News/Wednesday, 25th October 2017

 

The Securities and Exchange Commission’s (“SEC” or “The Commission”)’s alleged findings as outlined in their correspondence to the Company’s (“the Company” or “Oando”) Group Chief Executive (GCE) on October 17, 2017 have been presented below alongside the Company’s position regarding each allegation.

1. The Commission’s Alleged Finding: Breach of SEC Code of Corporate Governance

i. The Commission finds from the Corporate Governance return submitted by the Company for the period ended December 31, 2016, that the remunerations of the Group Chief Executive Officer (GCEO) and the Deputy GCEO were approved by the Board, while the GCEO was responsible for fixing the remuneration of other Executive Directors which is in violation of Part B, 14.3 of the SEC Code of Corporate Governance.

ii. The last Board evaluation of Oando Plc was done by KPMG in 2012. This is a violation of Part B, 15.1 of the SEC Code of Corporate Governance.

Oando is invited to note the violations and henceforth ensure compliance with the SEC Code of Corporate Governance.

Company’s Position

The Company wrote to the SEC on July 21, 2017 updating them as follows:

On Executive Remuneration

The remuneration of all Executive Directors of the Company was last reviewed prior to May 2014 and before the SEC Code of Corporate Governance was made mandatory.

Furthermore, our 2016 Corporate Governance Report filing dated January 31, 2017 contained an error which can be seen when compared to our previous filings, including the H2 2015 Report sent to the SEC under cover dated August 31, 2016. Both Oando’s Delegation of Authority Document and the Remuneration Policy, approved by the Board of Directors in October 2011 provide for the remuneration of all Executive Directors to be approved by the Board upon the recommendation of the Governance and Nominations Committee with input from the Group Chief Executive. The Company informed the SEC that the error in our 2016 filing would be rectified in subsequent filings.

The foregoing notwithstanding, all employee remuneration, including those of all executive directors, goes through a process of approval by the Board of Directors during the annual budgeting process. It is important to note also that since May 2014, there has been no new executive director appointed to the Board of Oando PLC and accordingly there has been no requirement for the Board to approve the remuneration of the executive directors of the Company.

On Board Evaluation

The Company’s understanding was that the SEC Code of Corporate Governance was made mandatory on May 12, 2014. Prior to that date, the recommendation for an annual Board Evaluation was not mandatory.

The Company has always been above board and steadfast in its submissions to the SEC with respect to its Annual Corporate Governance Report filings regarding its compliance with the requirements of the Code prior to and post May 2014. The SEC has never until now communicated to the Company the specific areas of non-compliance with the Code from a review of our filed Annual Reports and the actions needed to remedy the non-compliance.

Although a formal annual Board Evaluation was not carried out for the 2015 and 2016 reporting years, the Board did carry out an internal appraisal of its effectiveness as part of the investigation initiated by the Nigeria Stock Exchange in 2015/2016 and prior to that, as part of its successful participation in the pilot of the NSE’s Corporate Governance Rating System (CGRS) in 2014. The Company is now in the process of engaging a vendor for the conduct of a formal Board Evaluation exercise for 2017.

Penalty for Failure to Comply with the SEC Code of Corporate Governance

The Company is of the position that even if it had breached provisions of the SEC Code, SEC is under obligation under s.1.3 (d) of the said Code to notify the company “specifying the areas of non-compliance or non-observance and the specific action or actions needed to remedy the non- compliance or non-observance.”

The Company only received such formal notification from SEC requiring compliance with the SEC Code on these matters on October 18, 2017, five months after the commencement of its investigation. The Company has since put remedial actions in place to cure this breach.

2. The Commission Alleged Finding: Breach of ISA 2007 on Disposal of Oando Exploration & Production Limited (OEPL) by Oando PLC 2013

That the disposal of Oando Exploration Production Limited (OEPL) to Green Park Management Limited was done without the prior approval of the Commission.

Company’s Position

No section of the ISA is referenced but the inference is that the disposal of OEPL to Green Park Management Limited was done without the prior approval of SEC. The practice is that SEC does not give consent unless and until the consent of the Minister concerned with that transaction has been sought and obtained. The transaction was one in which SEC’s approval was a condition subsequent to the Sale.

The transaction closed and the accounting treatment accorded to the transaction at closing was in full compliance with IFRS. However, when it became obvious that certain conditions subsequent could not be satisfied within the period stipulated in the Sale and Purchase Agreement (SPA), namely Ministerial Consent, the transaction was terminated and reversed and reported accordingly in the 2015 Financial Statements. The 2013 and 2014 position had to be restated in the 2015 audited financial statements to show that the transaction, previously recorded as a sale had been reversed in line with IFRS. The treatment of the transaction in 2013 as a sale and its subsequent reversal in the 2015 financial statements were in full compliance with the accounting treatment under IFRS.

3. The Commission Alleged Finding: Breach of ISA 2007: Misstatements in the 2013 and 2014 Audited Financial Statements of Oando PLC arising from the OEPL Transaction

Following the structuring of the OEPL transaction in contravention of the ISA 2007, Oando Plc recorded a profit of about N6 Billion from the sale of OEPL that erased the operating loss of N4.68 Billion leading to a profit of N1.4 Billion for the year 2013. The company subsequently declared dividends from the profit. Having admitted that the action was in breach of the ISA 2007, Oando Plc restarted its 2013 & 2014 Audited Financial Statements which contained material false and misleading information contrary to Section 60(2) of the ISA 2007.

Company’s Position

This alleged breach flows from the allegations regarding the accounting treatment on the disposal of OEPL. There was no misstatement of profits in the 2013 and 2014 Audited Financial Statements as the accounting treatment for the transaction was in full compliance with the IFRS standards both in the 2013 financial statement when the sale occurred and was recorded and in the 2015 financial statement when the reversal occurred.

4. The Commission Alleged Finding: Breach of ISA on Misleading Information contained in Oando PLC’s 2014 Rights Issue Circular

That the 2014 Rights Issue Circular of Oando Plc contained information relating to the profit reported by Oando Plc in 2013 arising from the sale of OEPL. Consequently, the said Rights Issue circular contained material misleading information. This action amounts to a violation as contained in Section 85(1), 86(1) and 87(1) of the ISA 2007.

Company’s Position

Again, the SEC did not confirm what portion of the ISA was breached but we assume that this purported breach stems from its having alleged a breach of the ISA in the disposal of OEPL, referenced above. The Company acted appropriately in the way it reported the OEPL transaction, therefore there is no breach of the ISA in respect of providing misleading information in Oando PLC’s 2014 Rights Issue Circular.

5. The Commission Alleged Finding: Breach of SEC Rules and Regulations on Payment of Dividends

That Oando Plc in 2014, remitted dividends to the Registrar in piecemeal in violation of Rule 44 (1) of the SEC Rules and Regulations.

SEC Rules and Regulations, Rule 44(1)

“Dividends declared shall be paid en-bloc by the issuance of a check or transfer of funds to the registrar not later than seven (7) working days after the annual general meeting where the dividend was declared”

Company’s Position

This is the first time that the SEC is making such an allegation to the Company and Oando was not given an opportunity to respond to this allegation. Nevertheless, even if this breach occurred, which Oando is currently investigating, the penalties for breach are as contained below:

The penalties for breach of the provisions relating to payment of dividends are prescribed in Rule 44 (4) (a) and (b) of the SEC Rules and do not require a forensic audit.

It is important to note that no shareholder or whistleblower, has petitioned SEC or complained about not having received dividends due to them from the Company.

6. The Commission Alleged Finding: Going Concern of Oando PLC

The Commission notes the Report of the Independent Auditors of Oando Plc, Ernest & Young, which is contained on Pages 63-68 of the 2016 Annual Reports & Accounts of Oando Plc, more particularly in Paragraph 1 of Page 64 where the independent auditors reported going concern status of the Company.

Company’s Position

The SEC have noted the going concern opinion raised by the Auditors of the Company. However it is unclear how this issue of going concern is a SEC finding or how it amounts to a breach. The Auditors were clear in their opinion that they were raising the going concern issue as an emphasis of matter and that their opinion was not modified.

7. The Commission Alleged Finding: Suspected Insider Dealing

The Commission observed that certain persons classified as insiders within the provisions of Section 315 of the Investment and Securities Act (ISA), 2007 and who were in possession of confidential price sensitive information not generally available to the public, had between January-October 2015 traded on Oando Plc shares prior to the release of the company’s 2014 Financial Statement, where the company reported a loss of N183 Billion.

On the allegation of insider dealing made by Oando Plc against Alhaji Dahiru Mangal, although investigation was initiated by the Commission, the attention of the Commission was drawn to a letter dated September 21, 2017 from Oando Plc, informing it that a suit had been filed in court in that regard, and that the matter was now sub-judice.

Company’s Position

The Company has clear and robust insider trading policies which it has communicated to all known Insiders of the Company. The Company also operates a well-defined and articulated Closed Period/Blackout process relating to trading in the securities of the Company by Insiders, in line with Corporate Governance best practice.

The question as to whether Insider Dealing occurred in the shares of the Company is a matter for the SEC to raise with any affected Insider; it is also important to note that the Company cannot be guilty of Insider Dealing since it only issues securities and is not involved in the trading of its own securities. Furthermore, as a public company with fully dematerialized shares, listed on both the Nigerian Stock Exchange and the Johannesburg Stock Exchange all trading in the securities of the Company takes place on the floor of both exchanges through the respective Depository, Clearing and Settlement Agencies.

Any investigation into whether or not there has been a breach of Insider trading rules is a question of fact which would be better addressed through an inspection of trading records of the Exchange rather than through a forensic audit of the Company.

The Company forwarded to the SEC, copies of the Company’s Insider Trading and Closed Period policies during the process of its investigation.

Penalties for Insider Dealing include the voiding of the affected transactions at the instance of the Commission. There are further penalties contained in the ISA which are stated below:

ISA –Section 115- Criminal liability for Dealing in securities by insiders (Section 111)

Any person who contravenes any of the provisions of this part of this Act commits an offence and is liable on conviction —

i. in the case of a person not being a body corporate, to-

a. a fine of not less than N500,000 or an amount equivalent to double the amount of profit derived by him or loss averted by the use of the information obtained in contravention of any of the provisions of this part; or

b. to imprisonment for a term not exceeding seven years; or

ii. in the case of a person being a body corporate, to a fine not less than N1,000,000 or an amount equivalent to twice the amount of profit derived by it or loss averted by the use of the information obtained in contravention of any of the provisions of this part.

ISA – Section 116 (1): A person who is liable under this part of this Act shall pay compensation at the order of the Commission or the Tribunal, as the case may be, to any aggrieved person who, in a transaction for the purchase or sale of securities entered into with the first-mentioned person or with a person acting for or on his behalf, suffers a loss by reason of the difference between the price at which the securities would have likely been dealt in such a transaction at the time when the first-mentioned transaction took place if the contravention had not occurred.

Again, the affected Insiders are best placed to fully respond to this issue and not the Company.

8. The Commission Alleged Finding: Related Party Transactions

The Commission identified certain Related Party Transactions and observed that they were not conducted on arm’s length basis.

Company’s Position

The Commission claimed that they have identified certain related party transactions that were not conducted at arm’s length. All related party transactions are disclosed by the Company in accordance with the SEC Code of Corporate Governance, the NSE Listing Rules as applicable, IAS 24 under the IFRS accounting standards, and the Company itself has an extensive Related Party Policy which was made available to the SEC and is available on the Company’s website. The related party procedure of the Company ensures the following:

1. Related parties to a transaction with the Company declare their interest in the transaction and are not involved in the decision-making process;

2. The Company is not subject to any duress or pressure from the related party to agree to the transaction;

3. There is no collusion between the Company and the related party;

4. The transaction is entered into on commercial terms at fair market value.

This is sufficient to make the disclosed related party transactions transparent, of value to the Company and in the best interests of the Company whether provided by a related party of not.

Again, we had reiterated to the SEC in several correspondence that related party transactions are not in themselves illegal or wrong. The only obligation imposed on the Company is to disclose all related party transactions entered into during the course of the year and this was properly disclosed. In fact the SEC have based their findings on the disclosures made by the Company in its Annual Financial Statements.

The SEC have not specified what aspects of the transactions were not at arms-length or the basis of their findings.

There is also no penalty under the SEC Code or Rules where a Company enters into related party transactions that are deemed not to be at arm’s length except where those transactions are not disclosed in accordance with the disclosure provisions or are entered into in breach of the NSE Listing Rules which require shareholder approval to be obtained for all related party transactions that are in excess of 5% of the net asset value of the Company. None of the related party transactions disclosed by the Company or entered into meet such criteria.

9. The Commission Alleged Finding: Declaration of Dividend

The Committee noted that Oando Plc declared dividends in 2013 and 2014 from unrealized profits.

Company’s Position

The claim is that Oando PLC declared dividends in 2013 and 2014 from unrealized profits. The Company has repeatedly denied this claim and provided evidence to the SEC in its defense.

The interim dividend declared in September 2014 and paid by Oando PLC in November 2014 was paid from the H1 2014 profits of Oando PLC. At that point in time, the Company had sufficient distributable reserves and it is acceptable under the law to pay out dividends if reserves exist at the point of declaration. The restatement of the OEPL sale was done in 2015 and would not have affected the 2014 declaration of the interim dividend, which was declared from H1 current period profit in 2014. Thus, the declaration of the interim dividend on the basis of reserves available at the point of declaration, complied fully with the provisions of section 379 (2) of the Companies and Allied Matters Act. At all material times that dividends were declared, same were paid out of the available distributable reserves in the relevant period.

Again, even if there has been an infraction, the penalty is as laid down in Rule 44 (4) (a) and (b) of the SEC Rules as stated above.

10. The Commission Alleged Finding: Shareholding Structure/Register of Members of Oando PLC

The Commission observed discrepancies in the shareholding structure of Oando Plc. While Alhaji Mangal’s status as a shareholder in Oando Plc is not in contention or dispute, the exact units of shares held by him requires reconciliation.

Company’s Position

The SEC claims that the exact unit of shares held by Alhaji Mangal in Oando PLC requires reconciliation. However, Alhaji Mangal has not contested the contents of the Register of Members maintained by our Registrars, First Registrars & Investors Services Limited, or even made a request to the Registrars to reconcile the Register. We are therefore unclear as to what discrepancies SEC are referring to here. If Alhaji Mangal claims he holds more shares in the Company than is stated in the Register of Members, then it is for him, directly, or through his brokers to seek a reconciliation of the Register, providing evidence of the number of shares that he acquired in the Company and when he acquired those shares. We do not see how this “discrepancy” should therefore require a forensic audit to ascertain its veracity when the burden is on Alhaji Mangal to show that he acquired those shares.



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FBN Insurance Brokers Appoint Folake Ani-Mumuney as Board Chair, and two NEDs
...Read more   01-02-2018
Africa Prudential Launches Mobile Personal Registrar via *4018#
...Read more   01-02-2018
Oando Appoints Muntari Muhammad Zubairu as Executive Director
...Read more   01-02-2018
Fidelity Bank Schedules Board Meeting for March 6 to Approve 2017FY Accounts
...Read more   01-02-2018
Business Headlines Today January 30
...Read more   30-01-2018
PZ Cussons Appoints Pedro Barreto as Chief Finance Officer
...Read more   29-01-2018
NSE Kicks-off New Par Value and Pricing Methodology
...Read more   29-01-2018
Nigerian Breweries Lists Additional 67,801,163 Shares from Scrip Dividend
...Read more   26-01-2018
ETRANZACT Appoints Wole Abegunde, Cecilia Akintomide as Chairman & Director
...Read more   25-01-2018
STANBIC Appoints Adekunle Adedeji as Group Chief Financial Officer
...Read more   25-01-2018
SEC Extends Free E-Dividend Registration Deadline to February 28, 2018
...Read more   24-01-2018
WAPIC Emerges Official Insurance Service Provider & Sponsor of NFF
...Read more   23-01-2018
Studio Press Announces the Demise of a Director, John Olukayode Akande
...Read more   23-01-2018
OANDO Appoints Bukar Goni Aji as Non-Executive Director
...Read more   23-01-2018
CGRS Scorecard: GTB, WAPCO, NESTLE, AFRIPRUD and Others Makes the list
...Read more   22-01-2018
OANDO Makes Peace Deal with Alhaji Dahiru Mangal, a Key Stakeholder
...Read more   22-01-2018
FCMB Appoints Oladipupo Jadesimi, Olapeju Sofowora as NEDs
...Read more   19-01-2018
Goldlink Insurance Postpones Annual General Meeting
...Read more   19-01-2018
Business Headlines Today - January 22
...Read more   22-01-2018
The Stocks Rally is Far from over ... BUT!
...Read more   20-01-2018
Former US CFTC Chair Speaks on the Pros and Cons of Derivatives Trading
...Read more   19-01-2018
NSE Reviews 2017 Market Performance and Gives Outlook for 2018
...Read more   17-01-2018
Union Bank Lists Additional 12.1billion Shares from Rights Issues
...Read more   17-01-2018
7UP Shares Goes on Full Suspension as Voluntary Delisting Beckons
...Read more   17-01-2018
MEDVIEWAIR Appoints Edmund Abayomi, Odigboh Uzoh as Non-Executive Directors
...Read more   17-01-2018
Beta Glass Announces Resignation of George Papachristou as Director
...Read more   12-01-2018
Pharma Deko Schedules Board Meeting to Consider Dividend Payment
...Read more   12-01-2018
CONTINSURE Schedules Board Meeting to Consider Dividend Payment
...Read more   12-01-2018
Sterling Bank Appoints Abubakar Suleiman as New CEO; Predecessor Steps down March 31st, 2018
...Read more   11-01-2018
VITAFOAM Secures N2billion BOI Loan at 12% Interest
...Read more   31-12-1969
7UP Controlling Shareholder Steps Up Bid for Minority Shares to N125 per Share
...Read more   11-01-2018
CGRS Steering Board to Certify Directors and Companies on January 19
...Read more   11-01-2018
Law Union & Rock Appoints Kunle Aluko as Non-Executive Director
...Read more   09-01-2018
Morison Industries to Announce Result of Rights Issue
...Read more   09-01-2018
Honeywell Flour Announces Resignation of Soji Akintayo from its Board
...Read more   09-01-2018
ETRANZACT Announces Resignation of Felix Ohiwerei from its Board
...Read more   09-01-2018
VITAFOAM Declares 15kobo Dividend for Full Year Ended 30 Sept, 2017
...Read more   08-01-2018
GUARANTY Board to consider Audited Accounts & Dividend on January 24, 2018
...Read more   08-01-2018
Flour Mills of Nigeria to Undertake N39.8bn Rights Issue at N27 per share
...Read more   08-01-2018
Equity Assurance Plc to Restate 2016 Financial Statement by Order of FRCN
...Read more   05-01-2018
Unity Bank Announces the Retirement of Aisha Abraham
...Read more   05-01-2018
ACCESS Appoints Adeolu Bajomo as ED, Information Technology & Operations
...Read more   05-01-2018
2018 Outlook: Will Nigerian Stocks sustain the rally in 2018?
...Read more   04-01-2018
AXA Mansard Appoints Ngozi Ola-Israel as Chief Financial Officer
...Read more   29-12-2017
Union Bank Records 120% Subscription on Rights Issue
...Read more   28-12-2017
AXA Mansard Appoints Yomi Onifade as Executive Director
...Read more   28-12-2017
NSE Announces the Inauguration of the CGRS Steering Board
...Read more   21-12-2017
DMO Lists $300m Diaspora Bonds and $3bn Eurobonds on NSE
...Read more   21-12-2017
NSE Invites Comments on the Draft Rules for Derivative Market
...Read more   22-12-2017
ZENITHBANK Appoints Two New EDs and One Independent NED
...Read more   22-12-2017
Union Bank Announces Changes to its Board of Directors
...Read more   22-12-2017
CADBURY Announces the Resignation of Charles Nelson as a Director
...Read more   22-12-2017
2017 Year End NSE Index Review; Likely Incoming & Exiting Companies
...Read more   15-12-2017
Custodian and Allied Plc Changes Ticker to CUSTODIAN
...Read more   15-12-2017
Stanbic IBTC Asset Management Lists 7 New Funds
...Read more   15-12-2017
Trans-nationwide Express Announces the Resignation of two NEDs
...Read more   15-12-2017
Oando Releases Official Statement on Commencement of SEC Forensic Audit
...Read more   15-12-2017
LASACO Announces the Resignation of kike Kasim as Director
...Read more   14-12-2017
Honeywell Flour Mills Appoints Sikiru Rufai as Non Executive Director
...Read more   14-12-2017
International Breweries Lists 5.3bn Shares from Merger with Intafact & Pabod
...Read more   14-12-2017
Dangote Cement, Stanbic IBTC Emerge Winners of 2017 NSE CEO Awards
...Read more   14-12-2017
Dangote Cement Appoints Viswanathan Shankar as Non Executive Director
...Read more   13-12-2017
WAPCO Appoints Adewunmi Alode as Company Secretary
...Read more   13-12-2017
UBN Lists Additional 51million Shares from LTTIP
...Read more   11-12-2017
Nigerian Breweries Makes Board and Top Management Changes
...Read more   11-12-2017
LIVESTOCK Appoints Solomon Aigbavboa as New Managing Director
...Read more   11-12-2017
CAP Plc Appoints Oluwakemi Ogunnubi as Managing Director, Abdul Bello as NED
...Read more   11-12-2017
UAC of Nigeria Appoints Omolara Elemide, Adenium Folasade as ED and CFO
...Read more   11-12-2017
Resort Savings & Loans Appoints Kolawole Adesina as ED/Chief Operating Officer
...Read more   11-12-2017
PORTPAINT Appoints Adedamola Olusunmade as New Managing Director
...Read more   11-12-2017
FLOURMILL Seeks Approval for Rights Issue of 1.48bn shares
...Read more   08-12-2017
JBERGER Appoints Martin Brack as Financial Director
...Read more   07-12-2017
NEIMETH Appoints Roseline Oputa as Executive Director
...Read more   06-12-2017
SEC Reiterates Stance to Conduct Forensic Exercise on Oando Plc
...Read more   06-12-2017
ACCESS Appoints Hadiza Ambursa as Executive Director
...Read more   05-12-2017
TRANSCOHOT Announces the Resignation of Baba Mohammed as Board Member
...Read more   05-12-2017
UNITYBNK Appoints Hafiz Mohammed Bashir as Non-Executive Director
...Read more   05-12-2017
SIM Capital Alliance Value Fund to declare Distribution, AGM Holds 19th December
...Read more   04-12-2017
MEDVIEWAIR to Commence Scheduled Flights to Dubai on 7th December
...Read more   04-12-2017
EQUITYASUR Appoints EDC Registrars Ltd as New Registrar
...Read more   04-12-2017
UnityKapital Assurance Appoints Olanrewaju Rotimi as Chief Financial Officer
...Read more   04-12-2017
UPDCREIT Proposes 44kobo Interim Dividend for Period Ended 30 Sept. 2017
...Read more   04-12-2017
SIMCAPVAL Proposes N10 Dividend per Unit for Full Year Ended 30 June 2017
...Read more   04-12-2017
OANDO Relocates Head Office to Ozumba Mbadiwe
...Read more   04-12-2017
SEC: Abdul Zubair Takes Over as Acting Director General
...Read more   04-12-2017
7UP Majority Shareholder to Acquire 26.78% Stake Owned by Other Shareholders
...Read more   30-11-2017
NSE CEO, Ezekwesili echo Importance of Financial Literacy as Gbenjo Olasubomi Emerges Winner of 2017 Essay Competition
...Read more   30-11-2017
Sterling Bank Announces the Retirement of Lanre Asesanya as Executive Director
...Read more   29-11-2017
Universal Insurance to Hold AGM on 13th December, 2017
...Read more   29-11-2017
Global Spectrum Energy Services Lists on the NSE
...Read more   28-11-2017
WHAT YOU NEED TO KNOW ABOUT THE DAILY OFFICIAL LIST OF THE NSE
...Read more   27-11-2017
UNIONDICON Restructures as Col. (Rtd) Henry Mgbemena Reverts to the Role of MD
...Read more   27-11-2017
WAPCO Lists Additional 85million shares Issued to Shareholders of Ashaka Cement
...Read more   24-11-2017
NB: Board to Meet December 8th to Consider Changes in its Composition
...Read more   24-11-2017
WAPCO Opens Rights Issue today; to close 15th December, 2017
...Read more   24-11-2017
CILEASING Appoints Alexander O. Mbakogu as Executive Director
...Read more   24-11-2017
MORISON Opens Rights Issue today; to close 5th January 2018
...Read more   24-11-2017
Business Headlines Today - November 24
...Read more   24-11-2017
AFRINSURE Schedules 49th AGM for December 13th, 2017
...Read more   23-11-2017
FCMB Concludes Acquisition of 88.2% Stake in Legacy Pensions
...Read more   22-11-2017
MRS: Dahiru Barau Mangal and his Alternate Resigns as Directors
...Read more   22-11-2017
TRANSEXPR Lists 270million Additional Shares from Rights Issue
...Read more   17-11-2017
UNILEVER Lists 1.9bn Additional Shares from Rights Issue
...Read more   17-11-2017
SCOA Reschedules its 49th Annual General Meeting to 14th December
...Read more   16-11-2017
BETAGLAS Appoints Seun Oni as Independent Non-Executive Director
...Read more   15-11-2017
UAC of Nigeria Plc Opens Rights Issue at N16; to close 22nd December
...Read more   15-11-2017
NSE Upgrades Website for Better Online ExperienceR03;
...Read more   14-11-2017
MORISON Opens Rights Issue at 60k per share; to close 19th December
...Read more   15-11-2017
DIAMONDBNK Appoints Christopher Ubosi as Non-Executive Director
...Read more   08-11-2017
COURTVILLE: Rotimi Olaoye Retires as Deputy Managing Director
...Read more   07-11-2017
NSE Announces Changes in its Executive Management
...Read more   07-11-2017
TRANSCORP Appoints Chinweugo Nwafor as Head, Internal Audit
...Read more   06-11-2017
DIAMONBNK to Divest its 97.07% Stake in Diamond Bank S.A
...Read more   03-11-2017
ACCESS Announces Resignation of Ojinika Olaghere as Executive Director
...Read more   03-11-2017
NNFN Appoints KPMG, Ahmed Zakari & Co as Joint External Auditors
...Read more   03-11-2017
NAHCO Appoints Idris Yakubu as Managing Director / CEO
...Read more   03-11-2017
SEC: Invite to 2nd Budget Seminar; Holds 10th November
...Read more   03-11-2017
EVANSMED: Chief Lawrence Anga Resigns from its Board Director
...Read more   02-11-2017
MANSARD Proposed 150-bed Hospital Project to Cost N28billion
...Read more   02-11-2017
WAPCO to Raise N131.65billion via Rights Issue
...Read more   02-11-2017
MBENEFIT Opens N2billion Rights Issues at 1 for 2
...Read more   02-11-2017
AFRIPRUD Appoints Emmanuel Nnorom as a Non-Executive Director
...Read more   01-11-2017
AFRIPRUD Appoints Joseph Onyinye Jibunoh as Company Secretary
...Read more   01-11-2017
GUINEAINS Appoints Samuel Onukwe, Oluwole Fayemi as Directors
...Read more   31-10-2017
CAPHOTEL Appoints Helen Da-Souza as Director
...Read more   31-10-2017
ETRANZACT Announces Resignation of Adeyinka Asekun as Director
...Read more   30-10-2017
ETI Announces Successful Raising of USD 400 million Convertible Debt
...Read more   26-10-2017
MSCI Nigeria Indexes to Remain in the MSCI Frontier Markets Indexes
...Read more   27-10-2017
GUINNESS to List Additional 684,494,631 shares for Rights Issue
...Read more   26-10-2017
Union Bank Updates Market on 12,133,646,995 Rights Issue
...Read more   27-10-2017
Sports Headlines Today - October 27
...Read more   27-10-2017
MEDVIEWAIR Commences Flight to Abidjan, Conakry & Dakar
...Read more   26-10-2017
CONTINSURE Appoints Steve Murphy as Non-Executive Director
...Read more   26-10-2017
UNITYBNK Appoints Aminu Babangida as Board Chairman
...Read more   26-10-2017
FCMB Notifies the Market of Inability to File Q3’Result as at When Due
...Read more   26-10-2017
OANDO Provides Detailed Response to SEC Findings
...Read more   25-10-2017
OANDO Reacts to SEC Suspension; Obtains Court Injunction to Restrain Parties
...Read more   25-10-2017
JAPAULOIL Appoints Akinloye Oladapo as Acting Group Managing Director
...Read more   24-10-2017
Board Shake Up : CONOIL Unveils Acting MD, Director of Finance & Fin-Controller
...Read more   24-10-2017
UNILEVER Appoints Chika Nwobi as Non Executive Director
...Read more   24-10-2017
FCMB to acquire Legacy Pension Managers Limited
...Read more   23-10-2017
OANDO Now on Technical Suspension; No Price Change for Executed Trades
...Read more   23-10-2017
EVANSMED Goes into Receivership as Lenders Serve Takeover Notice
...Read more   20-10-2017
UAC of Nigeria to List Rights Issue of 960,432,193 Ordinary Shares
...Read more   20-10-2017
OANDO: Update on Suspension of Trading in the Shares
...Read more   20-10-2017
INTBREW Receives Shareholders Approval to Proceed with Proposed Merger
...Read more   19-10-2017
DANGCEM CEO to Step Down, as Engr J.O Makoju Becomes Acting MD/CEO
...Read more   19-10-2017
OANDO Responds to Suspension from NSE
...Read more   19-10-2017
NSE Donates School to Help Internally Displaced Persons in Borno State
...Read more   18-10-2017
SEC Circular to the General Public on Oando Plc
...Read more   18-10-2017
NSE Suspends Oando Plc on SEC Directive
...Read more   18-10-2017
CCNN Postpones AGM to 9th November
...Read more   17-10-2017
CUTIX Proposes 18kobo Dividend per Share for Full Year Ended 30 April 2017
...Read more   13-10-2017
NSE lifts Suspension on African Alliance Insurance Plc
...Read more   13-10-2017
NSE Lifts Suspension on Thomas Wyatt Nigeria Plc
...Read more   13-10-2017
FIDELITYBK Note Holders Tenders USD255.5m for Cash Offer
...Read more   12-10-2017
MEDVIEWAIR Extends Operations to Dubai & Francophone Countries
...Read more   12-10-2017
ETI Appoints Monish Dutt as Director as others Retires
...Read more   12-10-2017
NEIMETH Announces the Resignation of Godfrey Ohuabunwa as Director
...Read more   11-10-2017
Equity Assurance Plc Appoints Taizir Ajala as Independent Director
...Read more   11-10-2017
FLOURMILL to Raise N110billion Additional Funds in Equity & Debt
...Read more   10-10-2017
SEC Schedules 3rd Capital Market Committee Meeting for November 9th
...Read more   09-10-2017
NSE Suspends Four Listed Companies for Failure to File Accounts
...Read more   06-10-2017
STDINSURE Lists Additional 917,857,136 ordinary shares
...Read more   06-10-2017
UBA Cancels 2million Employee Shares
...Read more   06-10-2017
DANGCEM Dumps Acquisition of PPC of South Africa
...Read more   06-10-2017
GUINNESS Schedules Board Meeting for October 25th
...Read more   06-10-2017
WEMABANK to Hold EGM to Undo its Negative Retained Earnings
...Read more   06-10-2017
United Capital Appoints Odiri Oginni as Acting Chief Finance Officer
...Read more   06-10-2017
RESORTSAL Appoints Senator Sunday O. Fajinmi as Board Chairman
...Read more   05-10-2017
RESORTSAL Appoints Olayemi Rabiu as Managing Director
...Read more   05-10-2017
FBNH Appoints Company Secretary, Investor Relations Head & ED for FBN Insurance
...Read more   05-10-2017
NSE MDW2017: Stakeholders Stresses the Importance of Market Data
...Read more   04-10-2017
GUARANTY Appoints Victoria Osondu Adefala as Independent Non-Executive Director
...Read more   04-10-2017
GUARANTY Announces Final Result of USD400m Cash Tender Offer
...Read more   04-10-2017
SEPLAT Gives Notice of Close Period
...Read more   04-10-2017
NSE CEO Receives Professional Excellence Award
...Read more   04-10-2017
JAIZBANK Appoints AbdulFattah Amoo as Executive Director, Operations and CFO
...Read more   29-09-2017
DANGSUGAR Appoints Etim Bassey as Acting Chief Finance Officer
...Read more   29-09-2017
WAPCO Appoints KPMG as External Auditors
...Read more   28-09-2017
NESTLE Appoints Jagdish Kumar Singla as Director, Finance and Control
...Read more   03-10-2017
ETI Appoints Advisers for its Proposed $400M Convertible Bond
...Read more   29-09-2017
FIDELITYBK Gives Notice of its Intention to Launch US500m Unsecured Debt
...Read more   28-09-2017
Consolidated Hallmark Insurance to Open N500m Rights Issue on 16th October
...Read more   28-09-2017
WAPCO to Merge Unicem & Atlas as New Subsidiaries to the Group
...Read more   27-09-2017
CWG Signs Contract with Enugu State Government for Online Gaming & Lottery Operations
...Read more   27-09-2017
SEC Releases Decision in Respect of Officials of Partnership Investment Plc
...Read more   26-09-2017
NSE Elects New Council Members, Votes Ogunbanjo as President
...Read more   26-09-2017
NSE Holds 56th Annual General Meeting
...Read more   25-09-2017
ENAMELWA Increases Outstanding Shares by 12,672,000units via Bonus Issue
...Read more   25-09-2017
AVON Delists Voluntarily from the Nigerian Stock Exchange
...Read more   25-09-2017
GUARANTY Announces Early Repurchase of US400million Debt
...Read more   25-09-2017
NEWREST Disposes its Interest in ASL Rwanda Limited
...Read more   25-09-2017
BETAGLAS Appoints Ernst & Young as New Auditor to Replace PWC
...Read more   21-09-2017
UBN Opens Rights Issue Today at N4.10; to close 30th October
...Read more   20-09-2017
FO Receives SEC Approval for Proposed Offering via Book Building
...Read more   19-09-2017
NSE Conducts Investor Clinic on Dematerialisation, Direct Cash Settlement and E-Dividend
...Read more   19-09-2017
VETIVA S&P Declares N2.50 per Unit for Half Year Ended 30 June 2017
...Read more   15-09-2017
ENAMELWA Proposes 1 for 5 Bonus for Full Year Ended 30 April 2017
...Read more   15-09-2017
UNIONDICON Resumes Trading in Shares as NSE Lifts Suspension
...Read more   15-09-2017
FORTISMFB Resumes Trading on the Exchange following Lifting of Suspension
...Read more   15-09-2017
MULTITREX to Reopen Factory as Negotiation with AMCON Improves
...Read more   15-09-2017
STANBIC Shareholders to Convert 60k Interim Dividend to shares at N39.45
...Read more   14-09-2017
DANGCEM Initiates Move for the Acquisition of PPC Limited of South Africa
...Read more   14-09-2017
International Breweries Changes Financial Year End from March to December
...Read more   13-09-2017
OANDO Releases Outcome of 40th AGM as CEO Assures Shareholders of Aggressive Debt Reduction
...Read more   12-09-2017
GUINNESS Appoints Mark Sandys as Non-Executive Director
...Read more   11-09-2017
PZ Proposes 50kobo Dividend per Share for Full Year Ended 31 May 2017
...Read more   08-09-2017
GUINNESS Proposes 64kobo Dividend per Share for Full Year Ended 30 June 2017
...Read more   07-09-2017
OANDO Gets SEC Approval to Hold AGM as Scheduled Despite Investigation
...Read more   07-09-2017
LAWUNION Appoints Olasupo Sogelola as Executive Director, Operations & Technical
...Read more   06-09-2017
BETAGLAS Appoints Dr. Zulikat Wuraola Abiola as Non-Executive Director
...Read more   06-09-2017
ETI Signs 5-year Senior Unsecured Loan Facility of USD250m
...Read more   05-09-2017
NSE Suspends Trading on the Shares of Avon Crowncaps & Containers Plc
...Read more   31-08-2017
PRESTIGE Applies for Share Reconstruction; to Wipe-Out N776.5m Retained Losses
...Read more   30-08-2017
NSE Launches a state-of-the art Data Centre
...Read more   30-08-2017
STANBIC Offers Shareholders Option of Cash or Scrip Dividend till 2020
...Read more   30-08-2017
International Breweries Secures SEC Approval for Scheme of Merger
...Read more   30-08-2017
STANBIC Proposes 60kobo Interim Dividend for Half Year Ended June 2017
...Read more   29-08-2017
UNITYKAP Appoints Polycarp O. Didam as Managing Director/CEO
...Read more   29-08-2017
MRS Switches to First Registrars and Investor Services
...Read more   28-08-2017
UBN Proposes Rights Issue of 12,133,646,995 Ordinary Shares
...Read more   28-08-2017
OANDO Names Petitioners in Ongoing SEC Investigation
...Read more   28-08-2017
AVONCROWN Submits Scheme of Arrangement to Delist from NSE
...Read more   28-08-2017
MORISON Proposes Rights Issue of 836,983,125 Ordinary Shares at 60k
...Read more   28-08-2017
Consolidated Hallmark Insurance Proposes N500m Rights Issue
...Read more   28-08-2017
TRANSEXPR Encourages Shareholders to take Rights as Offer Closes August 30
...Read more   25-08-2017
PAINTCOM Submits Scheme of Arrangement to Delist
...Read more   25-08-2017
UBA Proposes 20Kobo per Share Interim Dividend
...Read more   24-08-2017
ACCESS Declares 25Kobo per Share Interim Dividend
...Read more   23-08-2017
CAVERTON Wins 5-year Helicopter Service Contract from Chevron
...Read more   18-08-2017
UBN, TRANSCOHOT among Quoted Companies with Free Float Deficiencies
...Read more   18-08-2017
ZENITHBANK Announces the Retirement of Olusola Oladipo as Board Member
...Read more   17-08-2017
GUARANTY Declares 30kobo Interim Dividend; to Pay September 5th
...Read more   15-08-2017
ZENITHBANK Declares 25kobo Interim Dividend; to Pay August 25th
...Read more   10-08-2017
HONYFLOUR Unifies Brands under a New Masterlogo
...Read more   10-08-2017
AIICO Opens Capital Raising Talks with an Investor
...Read more   10-08-2017
GUINNESS Appoints Leo Breen as Non-Executive Director as Two Others Resigns
...Read more   10-08-2017
FO Clarifies Rumour on Strategic Partnership with Local Refineries
...Read more   10-08-2017
ETI Appoints Eric Odhiambo as Chief Risk Officer
...Read more   09-08-2017
MOBIL Changes Name to 11 Plc (“Double One Plc”)
...Read more   08-08-2017
FO Offers 20billion Shares for Subscription via Book Building
...Read more   07-08-2017
WAPCO Board Approves Scheme of Merger with Unicem and Atlas
...Read more   04-08-2017
SCOA Announces the Resignation of Chief Odunayo Olagundoye as Director
...Read more   31-12-1969
DIAMONDBNK Announces the Retirement of Ian Greenstreet
...Read more   03-08-2017
VITAFOAM Fortifies Board with three Independent & Non-Executive Directors
...Read more   02-08-2017
ETI Co-Opts Brian Kennedy and David O’Sullivan as New Directors
...Read more   02-08-2017
REGALINS Appoints Baba Gana Kingibe as Board Chairman
...Read more   01-08-2017
TRANSCORP Appoints Mutiu A. Bakare as Chief Financial Officer
...Read more   01-08-2017
TOTAL Clarifies Allegation of Indebtedness to NNPC
...Read more   01-08-2017
UACN Appoints Abdul Bello as CEO Designate; to Replace Outgoing CEO
...Read more   26-07-2017
NCR Appoints Louise Georgiou as a Non-Executive Director
...Read more   26-07-2017
LIVESTOCK Appoints Bolanle Oyekan as Company Secretary
...Read more   31-12-1969
List of Stocks Raising Fresh Capital Via Right Issue
...Read more   24-07-2017
Press Release: UBA Cancels Staff Share Investment Trust Scheme
...Read more   19-07-2017
FLOURMILL Increases Stake in Rom Oil to 95%
...Read more   17-07-2017
OANDO Responds to News on SEC Investigation & Financial Malpractice
...Read more   14-07-2017
NSE Lifts Suspension on Sovereign Trust Insurance
...Read more   11-07-2017
Notification of Suspension of trading in the shares of seventeen (17) Listed Companies Dealing members
...Read more   05-07-2017
ACCESS Board to Meet on July 26; to Consider Interim Dividend
...Read more   04-07-2017
WAPCO Appoints Edith Onwuchekwa as Acting Company Secretary
...Read more   04-07-2017
STANBIC Appoints Professor Fabian Ajogwu as Independent Director
...Read more   04-07-2017
ASHAKACEM Delists from the Nigerian Stock Exchange
...Read more   04-07-2017
SEPLAT Extends $150m Revolving Credit Facility till 2018
...Read more   03-07-2017
SEC Commends DMO on the Proposed N100bn, 7 Year FGN Sukuk Debt Issuance
...Read more   20-07-2017
Extension of Deadline on Issuance of Dividend Warrants and Free e-Dividend Registration Exercise
...Read more   29-06-2017
UNILEVER Proposes Rights Issue to List 1.9Billion Shares
...Read more   29-06-2017
CHELLARAM Partners DMK Group on Diary Products
...Read more   30-06-2017
JBERGER Partners Petralon Energy; to Diversify into Oil & Gas Sector
...Read more   19-06-2017
NSE and Bloomberg Set to Host 3rd CEO Roundtable
...Read more   07-06-2017
INTBREW Proposes Merger with Intafact Beverages & Pabod Breweries
...Read more   06-06-2017
NSE Launches X-Academy to Bridge Knowledge Gap
...Read more   05-06-2017
NSE Delists of Four Listed Companies
...Read more   05-05-2017
NSE Automates Rights Trading and Settlement
...Read more   05-05-2017
SEC Releases Database of Unregistered Accounts for E-Dividend
...Read more   19-04-2017
NSE Propose Changes to Rules on REITs and Closed End Funds
...Read more   12-04-2017
MANSARD Announces Proposed Investment in Hospital Project with IFC
...Read more   12-04-2017
UBA Announces Closure of Register, Dividend Consideration for 2016
...Read more   11-01-2017
Core investor acquires Wema’s 75% stake in GNI
...Read more   26-08-2016
N5b capital market development fund coming
...Read more   26-08-2016
Stock market sinks further on FX suspension – New Telegraph Nigerian Newspaper
...Read more   26-08-2016
We are satisfied with Skye Bank’s performance, says CBN
...Read more   23-08-2016
How AG Leventis Plans to Reverse N494 Million H1 Loss
...Read more   03-08-2014
UAC Proper
...Read more   26-01-2013
UBA Capita
...Read more   26-01-2013
Multiverse
...Read more   26-01-2013
Business Headlines Today - March 26
...Read more   26-03-2018
Business Headlines Today - March 14
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Business Headlines Today - February 26
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Business Headlines Today - February 8
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Business Headlines Today - February 7
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Business Headlines Today - February 6
...Read more   31-12-1969
Business Headlines Today - February 5
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Business Headlines Today - December 28
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Business headlines Today - November 30
...Read more   30-11-2017
Business Headlines Today - November 29
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Business Headlines Today - November 28
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Business Headlines Today - November 7
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Business Headlines Today -November 1
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Business Headlines Today - October 31
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Business Headlines Today- October 27
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Business Headlines Today -October 11
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Business Headlines Today –October 9
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Business Headlines Today- Aug-10-2017
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Business Headlines Today
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CBN orders banks to freeze company accounts masking as individuals
...Read more   26-08-2016
Hearing on weight loss scams
...Read more   18-06-2014
PenCom Ide
...Read more   26-01-2013
IFRS Enfor
...Read more   26-01-2013
BDCs and the rocky road to sanitisation
...Read more   23-01-2013
Skye Bank employees, group donate books to schools
...Read more   10-11-2012
Skye Bank employees, group donate books to schools
...Read more   10-11-2012
Finance
CUTIX Declares 20kobo Dividend, 1 for 1 Bonus for Year Ended 30 April 2018
...Read more   03-08-2018
CBN makes Further Clarification on FG Revenue Collection
...Read more   20-10-2017
CBN Introduces eCCI to Enhance Efficient Foreign Capital Inflows
...Read more   14-09-2017
CBN Reviews Daily Transaction Limits for Mobile Money Wallet Holders
...Read more   14-09-2017
SEC Warn Nigerians on Investments in Bitcoin, OneCoin and Others
...Read more   12-01-2017
Soludo backs Buhari’s emergency bill, proposes N19trn ‘anti-recession’ spending
...Read more   30-08-2016
CBN reserves fall to $19bn as non-oil exports drop by 43%
...Read more   30-08-2016
WorldRemit now at your service as CBN licenses 11 money transfer operators
...Read more   30-08-2016
Banks’ CEOs Intervene on Ban of Nine Banks from Forex Trading | THISDAYLIVE
...Read more   26-08-2016
UBA Assets Hit N3.3trn, Proposes N0.20 Dividend
...Read more   26-08-2016
Banks’ bad loans rise to N649.63b – The Nation Nigeria
...Read more   10-08-2016
FirstBank, others clarify positions on forex sanction by CBN – Daily Post Nigeria
...Read more   08-08-2016
BREAKING: CBN Lifts Forex Ban On UBA As 8 Other Banks Remain Suspended
...Read more   16-08-2016
CBN bans 9 banks from FX market for aiding NNPC’s TSA breach
...Read more   23-08-2016
CBN mandates banks to allocate 60% forex sale to manufacturers
...Read more   23-08-2016
NAICOM Get
...Read more   26-01-2013
Stockbroker docked over alleged N41m theft
...Read more   17-10-2012
Stockbroker docked over alleged N41m theft
...Read more   17-10-2012
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