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Oando Audit: Atedo Peterside Faults SEC



Oando Audit: Atedo Peterside Faults SEC

By Dipo Olowookere

Foremost Nigerian businessman, Mr Atedo Peterside, has shared his views on the action taken by the Securities and Exchange Commission (SEC) on one of the companies listed on the Nigerian Stock Exchange (NSE), Oando Plc, last Friday.

The capital market regulator had ordered the resignation of some board members of Oando Plc and asked the firm to convene an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors.

It further directed the company, affected individuals and directors to pay monetary penalties, also asking for refund of improperly disbursed remuneration by the affected board members to the company and barring the company’s Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) from being directors of public companies for a period of five years.

This followed outcome of the much-awaited forensic audit done on the leading energy firm last year after two shareholders, via petitions, accused top members of the management of market infractions.

Last week, SEC said after the forensic audit, it found out that some members of the board altered the company’s financial statements so as to deceive investing public and its shareholders.

According to the commission, it discovered “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.”

Oando, while reacting to the sanctions on its board members, accused the apex regulator of being biased, emphasising that it was not given a chance to see results of the forensic audit or given an opportunity to defend itself concerning the alleged infractions noticed in its books.

Staying on the side of Oando, Mr Peterside, whose company, Stanbic IBTC Holdings, is also listed on the stock exchange, faulted the decision of SEC not to allow the oil firm see the results despite being the one responsible for payment of the exercise.

“On Oando, what I don’t understand is why the SEC would not give the findings of the Forensic Audit to Oando and give them an opportunity to defend themselves?” he said.

Mr Peterside charged SEC to make the findings public so as to be fair to all.

“The findings of the Forensic Audit should be made public alongside Oando’s responses so we can all judge for ourselves?” the economist posted on his official Twitter page on Saturday afternoon.

Mr Peterside is the Chairman of Cadbury Nigeria Plc and also sits on the Board of Directors of Flour Mills of Nigeria Plc, Nigerian Breweries Plc and Unilever Nigeria Plc.

Oando Audit: Atedo Peterside Faults SEC

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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Oil Prices Slide on Worsening Economic Outlook



oil prices fall

By Adedapo Adesanya

Oil prices settled lower on Thursday as traders weighed a worsening economic outlook against potential output cuts next week.

Brent crude futures declined by 83 cents to trade at $88.49 per barrel as the US crude futures went down by 92 cents to finish at $81.23 per barrel.

Leading members of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) have begun discussing an oil output cut at their next meeting on October 5.

The Brent and WTI are on track to rise by about 3 per cent for the week, their first weekly rise since August, after hitting nine-month lows earlier in the week.

For all of September, Brent is set to drop by 8 per cent, down for a fourth month.

During the third quarter, Brent plunged 23 per cent, its first quarterly loss since the fourth quarter of 2021.

WTI is set to fall by 9 per cent in September, its fourth monthly decline, and it dropped by 23 per cent during the quarter, the first quarterly slump since the period ending in March 2020 when COVID-19 slammed demand.

This week, Russia is likely to propose that OPEC+ reduce oil output by about 1 million barrels per day.

Analysts pointed out that at the moment, the oil market is teetering between the US Fed-induced demand destruction and tight oil supplies.

Amid so much uncertainty, analysts also believe that unless the market gets more clarity from OPEC+ on the likely size of any adjustment and what it means for previously missed quotas, the market will be swayed bullish.

The prices also came under pressure as the threat of Hurricane Ian receded, with US oil production expected to return in the coming days after about 158,000 barrels per day was shut in the Gulf of Mexico as of Wednesday.

In China, the world’s biggest crude oil importer, travel during the forthcoming week-long national holiday is set to hit its lowest level in years as the country’s zero-COVID rules keep people at home while economic woes curb spending.

The US Dollar index dropped again on Thursday, easing off 20-year highs, indicating some more risk appetite from investors.

Further support for oil prices could come from the United States, which is announcing new sanctions against companies that facilitated Iranian oil sales.

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NGX All-Share Index Outperforms Inflation Over Three Years



All-Share Index

The 3-year trailing performance of the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited surpasses the average inflation during the same period.

The annual inflation measured by the Consumer Price Index (CPI) released in September by the National Bureau of Statistics (NBS) was 20.52 per cent in August 2022.

Meanwhile, the NGX ASI, a market capitalisation weighted index of all companies listed on the NGX’s platform, had a year-to-date performance of 15.68 per cent during the same period. This could be misleading about the market performance until you view it through a longer-term lens.

British Economist, Benjamin Graham, made a quote popularly used by Warren Buffett, the Fund Manager of Berkshire Hathaway Inc and widely regarded as the best living investor: “Markets are a voting machine in the short term, and a weighing machine in the long run.” On a 3-year trailing basis, the NGX ASI has outperformed the CPI average in the same period, ensuring that investors with a longer-term hold on their investments remain in the positive region.

Analysis of data of closing prices gathered from the NGX’s website showed that the index has a 3-year moving average of 22.97 per cent, compared to an inflation average of 15.72 per cent.

The year 2022 has been a slow year for global stocks due to volatility resulting from the hiking of interest rates by central banks in the United States and Europe amidst inflationary pressures.

The NGX ASI’s 15.62% YTD return is a significant positive performance compared to the US S&P 500, which has plunged by 22.46% or the FTSE 100, which has declined by 7.68%, according to Google Finance. The local bourse has exhibited resilience and insulated investors from negative return on investment over three years.

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Laolu Martins Was Minority Shareholder of Bukka Hut—Management



Bukka Hut Laolu Martins

By Modupe Gbadeyanka

The management of an online restaurant in Nigeria, Bukka Hut, has clarified that one of its late directors, Mr Laolu Martins, was a minority shareholder in the company.

On Wednesday, it was reported that the deceased breathed his last in Lagos. He was said to have co-founded the firm with Mr Rasheed Jaiyeola, who is the Chief Executive Officer.

The deceased was reportedly invited to join the firm by Mr Jaiyeola, who jointly owns majority shares of the company with his wife and sister.

Mr Jaiyeola and Mr Martins were co-owners of the Nigerian International Securities Limited (NISL) before the former resigned from his position as director to focus on Bukka Hut in 2016.

According to the statement from the organisation, Mr Jaiyeola established Bukka Hut but only invited the deceased and two others to invest in the eatery when it was established.

“To clarify, Rasheed Jaiyeola is the founder/CEO of Bukka Hut, a proudly Nigerian brand he built from inception in August 2011 from one outlet to 24 outlets comprising of restaurants, lounges and suya and grill spots, and a learning facility, BH Academy, as at today. He jointly owns the majority shares of the company with his wife and sister.

“Bukka Hut is not a one-man business as there are two other shareholders/directors, but they are not involved in the daily management of the business.

“Rasheed and the late Olaolu Martins were co-owners of Nigerian International Securities Lid (NISL), and naturally, Laolu was one of the three people he invited to invest in Bukka Hut when he founded it in 2011; Rasheed resigned from NISL as a director in 2016 to focus solely on building Bukka Hut while Olaolu remained the MD/CEO of NISL and its related businesses,” the statement explained.

Mr Martins was reported to have died from suicide, but fresh information revealed that he slumped at Lenox Mall after a cardiac arrest and was taken to a hospital in Lekki, where he passed on.

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