DAVID PATCHES SEC CRUSADE EXPANDS TO FORIEGN COUNTRY. NO WORD ON DAVID STARTING A NEW WEB SITE INVESTIGATETHENIGERIANSEC.COM :
------------------------------------------------------------
Shareholders Threaten to Expose SEC
By Eugene Agha, 07.08.2006
The Chairman of the Nigerian Shareholders Solidarity Movement, Asiwaju Akintunde Asalu, has threatened to expose alleged fraudulent staff of the Security and Exchange Commission (NSEC). Towards this end he promised to lead members of his group to root out all those who have been alleged to have been involved in one crime or the other.
Also, the Nigerian Ropes Plc has declared a turnover of N417m for the year ended, representing an increase of 18.4 percent over the figures for the year 2004. It stated that its gross profit was N151m
Asalu made this threat at the Anual General Meeting (AGM) of Nigerian Ropes Plc held recently at the Mainland Hotel, Ebute Metta, Lagos.
Addressing shareholders at the meeting, Chief Asalu stated that the criminal activities of some staff of the Nigerian Security and Exchange Commission have come to the notice of shareholders across the country.
He warned that those fraudulent staff should have it behind their mind that it was not going to be business as ussual, since if the crime is allow to go unchecked, will sniffle life out of shareholders.
"I say without mincing words that, henceforth, hard times await criminally minded staff of NSEC because we a prepared to root them out before they kill the business" he added.
Commenting on Federal Government Policies as regards investment, Asalu said, “these policies, rather than encourage investors, it is discouraging them.”
Though, he praised the consolidation of banks, but added that it was sad to note that rather than 13 per cent on loans from banks, it has suddenly been increased to 14 per cent after consolidation.
To him, the word consolidation in the banking industry, means financial institutions having more money to invest in the system.
In his statement, the Chairman, Nigerian Ropes Plc, Prince Bode Olajumoke, stated that the company could not pay dividends for the year ended because of some unforeseen contingencies.
According to him, in view of the need to retain earnings so as to advantage of bright prospects identified, the directors are not recommending payment of dividends.
He however, said, the company had a turnover of N417m, an increase of 18.4 percent over the figures for 2004.
He stated further that the company recorded a gross profit of N151m and profit after tax was N14m.
"I will plead with you people to bear with us as better days awaits all of us in future," he added |
