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SEC Hammers Cadbury, Directors 10.04.2008
The Securities and Exchange Commission (SEC) yesterday banned former Managing Director of Cadbury Nigeria Plc, Mr. Bunmi Oni and former Finance Director of the company, Mr. Ayo Akadiri, from operating in the nation's capital market or hold directorship of any quoted company in Nigeria. SEC also fined Cadbury for filing financial statements that contained untrue/misleading statements; failing which trading on its shares will be suspended.Read more...
FG Reads Riot Act to Insurance Firms Over Claims Payment 08.04.2008
Top insurance executives were taken aback on Monday as the Federal Government issued a strong warning to insurance firms over default in the payment of claims to investors.Read more...
Golden Securities Shares to Get Listed 07.04.2008
PLANS by the board of directors of Golden Securities Plc to list the company's shares on the Nigerian Stock Exchange official list are on course, the company's Managing Director, Mr. Joseph Adebiyi has said.Read more...
Ebong, Union Bank MD, Gets Tenure Extension 06.04.2008
After several months of intrigues and high power play, the Central Bank of Nigeria (CBN) has finally approved the extension of tenure of the Managing Director of Union Bank of Nigeria Plc, Mr. Barth Ebong. The 62 year-old chief executive of the bank was due for retirement on March 31, but, based on what the bank's board described as his good performance and the need to take the bank through its post-consolidation challenges, they rooted for another two years for him.Read more...
Lagos to Raise N75bn Bond for Development 05.04.2008
The Lagos State Government has finalised arrangements with both foreign and local investors towards raising a N75 billion bond for the infrastructural development of the state. The state Commissioner for Finance, Mr. Rotimi Oyekan, who disclosed this in Ikeja yesterday said the amount would be the first tranche expected to be released this year.Read more...
Why insurance stocks are the toast of the capital market 05.04.2008
In recent months, insurance stocks have driven stock activities and led equities traded daily on the floor of the Nigerian Stock Exchange. This development has come as a surprise to many traders, watchers and investors. Given that the business and public sphere have often been described as places where insurance awareness is still very low, this development has generated interest. While the jury is still out on the factors responsible for the renewed interest in the insurance sector, operators agree that the recapitalisation of the sector, which was concluded in February 2007, must have played a huge role. Read more...
The Securities and Exchange Commission Halts Trading in Capital Oil, Afroil Shares 12.03.2008
Trading in the shares of Capital Oil and Afroil has been suspended on the Nigerian Stock Exchange (NSE) to protect investors. The Securities and Exchange Commission (SEC), which ordered the suspension, has also informed all stock brokers not to deal in those shares. Read more...
CIS Clears Cashcraft MD of Alleged Misconduct 25.01.2008
THE Managing Director of Cashcraft Asset Management Ltd., Mr. Adeolu Ireyomi, was on Tuesday discharged and acquitted by the Chartered Institute of Stockbrokers (CIS) over alleged sales of 9,257 shares of the company's client. Ireyomi, who was charged alongside Clement Ikechukwu Ukogu, another senior partner in the company, was absolved by the CIS for want of evidence that linked the duo to the act. Read more...
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