Afroil

[hispy99]

The Punch: Review share suspension, Afroil urges regulators

[thedoski]

financial nigeria also had this on friday
this matter is gradually taking shape
either a legal action is instituted and against sec/nse
or sec proves their allegation or lifts the sups.
i think this afro man has something up
i only hope it is profitable to everyone involved

[Goddey]

Any news on this baby?

[tonidol]

SUSPENSION OF REWARD INVESTMENTS AND SERVICES LIMITED FROM ALL CAPITAL MARKET ACTIVITIES

SEC/M/PN/82/08

The Commission has suspended Reward Investments and Services Limited from all capital market activities with effect from May 6, 2008, for violating the Commission’s Rules and Regulations.

The suspension is as a result of its involvement in the sale of 20,000,000 units of Afroil Plc’s warehoused shares in contravention of Rule 70(5) of SEC Rules and Regulations and the Order of the Federal High Court, Lagos.

Prior to the suspension, the Commission had invited the company to explain its role in the transaction but it failed to honour the invitation.

The suspension shall remain in force until the company is cleared by the Commission.



Signed
Management

[austine42007]

any news again on afroil/ plozn somebody share the news

[Goddey]

Any news on afroil? Have you heard anything lately?

[emmanuel ewumi]

Originally Posted by Goddey

Any news on afroil? Have you heard anything lately?

Do you have investment in Afroil.Did you have any information on this stock before you invested.This is a compamy that could not pay her landlord and registrar and the price a was increasing on a daily basis.The experience of the past months will definitely make investors to be more careful before making investment decisions.
But l tell you investors and traders will still make the same mistakes again.

[gentle]

Does anybody know what is the status of afroil at the stock market. Is the company still under suspension?

[edwardaigbokhan]

Originally Posted by gentle

Does anybody know what is the status of afroil at the stock market. Is the company still under suspension?

the company is under full suspension. I hope you don't have any money in this company because there is more hope for globe reinsurance than this company.

[hispy99]

Shareholders urge SEC, Afroil's board to resolve firm's crises
By Gbenga Agbana

WORRIED by several crises rocking the operations of Afroil Plc, a petroleum sub-sector company, which led to the suspension of the company's stock from trading on the Nigerian Stock Exchange, shareholders of the company have called for a permanent solution to the crises.

Specifically, the shareholders, under the aegis of Independent Shareholders Association of Nigeria (ISAN), have called on the Securities and Exchange Commission (SEC) to amicably resolve all.

The crisis rocking the company climaxed on Thursday at the scheduled extra-ordinary general meeting, which was supposed to hold at Tahir Hotel in Kano, but could not due to the absence of the Securities and Exchange Commission (SEC).

Though the representatives of SEC were around before 11 am when the meeting was schedule to hold initially, some major shareholders and the representative of the Corporate Affairs Commission were not around for the meeting.

The meeting, probably unknown to the commission, had been rescheduled for 4 p.m. due to same reason beyond the board's control, but the shareholders were adequately informed.

Eventually, when the meeting was reconvened at 4 p.m., the National Co-ordinator of the Independent Shareholders Association of Nigeria (ISAN), Chief Sunnuy Nwosu stressed the need for the company to sort out issues relating to disagreements between the company and SEC before the next meeting, which would hold this week Thursday in accordance with the provision of the companies and Allied Matters Act (CAMA).

Nwosu said: "We have studied very clearly all the problems in the first session of this meeting. We cannot continue to survive if this company is in crisis.

"I have consulted the CAMA under section 219 that has to do with meetings. It is my candid opinion that the board should meat with SEC and clear the grey areas. SEC is important to us, and we are importance to them. I believe SEC must have good intentions for doing what they have done. We are glad that the regulations are here for the meeting. We have every reason that the SEC wants the meeting to hold."

Also speaking at the meeting, the representative of the Corporate Affairs Commission (CAC), Mr. Peter Nyan said: "I came to this meeting on the invitation of the company. CAC is not here to kill any company. The fact is that the meeting, if not held today can be held at another time in line with CAMA."

In his own speech, the company's Chairman, Mr. Olakunle Sanni noted that SEC was aware of the meeting, adding that the letter that the company sent to SEC and the Nigerian Stock Exchange that the meeting's time had been shift from 11 am to 4pm same date same venue.

At the end of the day, it was agreed unanimously that the meeting should be adjourned to give way for SEC to meet with all stakeholders to resolve the perceived crisis in the company and the meeting should be rescheduled for next week Thursday, because the representatives of SEC were no longer present at 4pm when the meeting suppose to hold.

[hispy99]

Originally Posted by wanaj0

Why will any petroleum marketing company do well in an environment where the margins are fixed because of lack of deregulation? What is Afroil, Eterna Oil etc going to do differently? Check out Total, Mobil, Texaco and even OandO and see how the margins are dropping.

Zenon is making money because they have the main contract to import diesel into the country. Is Eterna or Afroil trying to compete with them?

In a bullish run, almost all stocks will do well. Check out Nigerian Wire and Cable which has not produced a single wire in years. This is a company with no management in place. However see how the stock has risen this year. Hence don't interprete a rise in share price to mean good performance. When corrections happen, those are the stocks that finds it difficult ot stand.

Originally Posted by SWEETADE

What do you mean by the last statement when corrections happened, those are the stocks that finds it difficult to stand. I am investing in Nigeria stock ignorantly or according to information from friends.Please help to elaborate on your statement, as some of us are just investing according to paper speculation.

Originally Posted by wanaj0

So simple, in a bullsih market (like the one we have now) almost all stocks will appreciate in price. However, once this is over, water will find its level. Then you will have to explain why you bought the shares of a company that has not produced for ages and does not have any turnaround plan!

Words of wisdom. This exchange was in July 2007. SweetTade, where ever you are, I hope you did not get entangled in this mess.

[hispy99]

FROM PUNCH.


After 10 years without a dividend payout to its shareholders, the management of Afroil Plc has concluded plans to declare dividends at the end of its 2009 financial year.

A statement from the company on Friday stated that the payment of dividend had become imperative following the resolution of its internal crisis and the company’s drive for profitability.

The statement added that the company had assured investors of increased return on investment as soon as the technical suspension placed on its shares by the Nigerian Stock Exchange was lifted.

The Managing Director, Afroil Plc, Mr Olakunle Sanni, while speaking at its extra-ordinary general meeting in Kano, stated that the company was no longer indebted to any commercial creditor and as such, its long-term solvency as at June 2008, had been re-established with a total shareholders’ fund of N300m and a turnover of N200m.

He noted that with the inauguration of a new board of directors, the company was well repositioned for effective competition with N4.5bn capital expenditure programme within the next three years; construction of 30 new service petrol stations, investment in lubricants blending and aviation depots.

While commending officials of the Securities and Exchange Commission and the Corporate Affairs Commission for their presence during the EGM, Sanni pointed out that the relationship between the company and the regulatory authorities would lead to a favourable impact on its shareholders.

Meanwhile the company’s shareholders at the meeting approved the resolution to consolidate its share capital of N65m divided into 235 million shares of 20 kobo each, to 130 million shares of 50 kobo each, with all shares ranking equally in rights, as contained its articles of association.

[dannynoko]

Originally Posted by hispy99

FROM PUNCH.


After 10 years without a dividend payout to its shareholders, the management of Afroil Plc has concluded plans to declare dividends at the end of its 2009 financial year.

A statement from the company on Friday stated that the payment of dividend had become imperative following the resolution of its internal crisis and the company’s drive for profitability.

The statement added that the company had assured investors of increased return on investment as soon as the technical suspension placed on its shares by the Nigerian Stock Exchange was lifted.

The Managing Director, Afroil Plc, Mr Olakunle Sanni, while speaking at its extra-ordinary general meeting in Kano, stated that the company was no longer indebted to any commercial creditor and as such, its long-term solvency as at June 2008, had been re-established with a total shareholders’ fund of N300m and a turnover of N200m.

He noted that with the inauguration of a new board of directors, the company was well repositioned for effective competition with N4.5bn capital expenditure programme within the next three years; construction of 30 new service petrol stations, investment in lubricants blending and aviation depots.

While commending officials of the Securities and Exchange Commission and the Corporate Affairs Commission for their presence during the EGM, Sanni pointed out that the relationship between the company and the regulatory authorities would lead to a favourable impact on its shareholders.

Meanwhile the company’s shareholders at the meeting approved the resolution to consolidate its share capital of N65m divided into 235 million shares of 20 kobo each, to 130 million shares of 50 kobo each, with all shares ranking equally in rights, as contained its articles of association.

Hispy- if I may ask, did see any thing on Capoil that was in same shoe with Afroil before now?

[hispy99]

Originally Posted by dannynoko

Hispy- if I may ask, did see any thing on Capoil that was in same shoe with Afroil before now?

Sorry, did not see any news story on Capoil

[austine42007]

Proshare News and Analysis

Afroil still under investigation SEC?

Posted Wednesday, October 1, 2008

- No issues says Afroil



PETER OBIORA

Proshare NI

September 30, 2008 at 13: 09 GMT





The Securities & Exchange Commission (SEC) is still investigating Afroil Plc on allegations of Price Manipulation. This was confirmed by a source at the Commission close to Proshare NI.



SEC had last February affirmed that it was investigating price manipulation in six companies. The companies included: Big Treat Plc, Capital Oil Plc, Afroil Plc, African Petroleum Plc, IPWA Plc and First Aluminium.



If the Apex Regulatory body in Nigerian’s Capital Market has cleared Africa Petroleum Plc (AP), are we to assume that all others including Afroil are cleared?



Indeed if AP was cleared by SEC and was allowed to approach the Capital Market to raise fresh funds; without the Regulatory body making it open; this could be attributed to one of the causes of market disenchantment.



A fortnight ago Afroil held its Annual General Meeting (AGM) and officials of SEC were present at the event.



Olakunle Sanni, Chairman and Chief Executive Officer (CEO) of Afroil have indicted SEC for its purported role in the price manipulation saga.



“SEC has been conducting investigation for about eight months for a company as small as Afroil, while they have concluded investigations on AP with bigger volumes and activities; that should give Nigerians a thought for concern” he said.



Sanni confirmed to Proshare NI that Afroil has not yet received any letter from SEC on the true situation of the matter and what Afroil has done wrong.



“I can confirm to you that on the issue of price manipulation as alleged by SEC, Afroil has not received a letter in the past eight months from the Commission as to that regard” Sanni said.



He also affirmed that SEC does not have any evidence against Afroil, therefore should swallow its pride and come out with the true position of the matter.



Sanni further affirmed that the Commission did not come out with allegations; but preliminary judgement on Afroil, “is the so called investigation on Afroil an open ended investigation, they did not come out with an allegation against Afroil, but a preliminary judgement” he said.



He also affirmed that somebody somewhere have fooled the nation; which calls for an investigation. “Looking at our options, the nation has been fooled and this has caused some problem in the Capital Market” Sanni said.



Sanni also affirmed to Proshare NI that SEC deliberately targeted Afroil as an Oil Marketing Company, “they only used the other companies as decoy to carryout their personal interest in the company” he said.

i do think this is an act in which the regulators are plan to purnish this company for nothing

i think they are hide their filling on this issue

[hispy99]

Originally Posted by austine42007