As the race for the 2015 general elections approaches, fingers are now being pointed at some perceived multi billion dollars business interest of President Goodluck Jonathan and some of his close aides who are known to be members of his kitchen cabinet.
While this oil
company is registered as a public liability company, and has a dual listing in
the Nigerian Stock Exchange and the London Stock Exchange, stockbrokers in the
local bourse have indicated less interest in the shares, sources disclosed that
this deliberate act of avoiding trading in the company’s stock is because the
dealing members claim to know less or a little next to nothing about the major
shareholders of Seplat.
While the oil
firm made a move recently to defend this seeming mystery by staging its first
Annual General Meeting (AGM) on June 30, 2014 the stockbrokers and local
investors still remain distant from the stock.
However, indications
are now emerging that the lion shares of the oil firm, according to some
industry players, are the siphoned interests of President Goodluck and some
members of his cabinet.
While the two
ministers were present at the listing ceremony at the Nigerian Stock Exchange
on April 14, 2014, their interests in the company are currently being
represented by some of the company’s non-executive Directors such as the Chairman,
Dr. Bryant Orjiakor, Mr. Macaulay Agbada Ofurhie and some Executive Directors
like the CEO; Mr Austin Avuru, Mr Charles Okeahalam, Mrs Ifueko.M.Omogini
Okauru and Basil Omiyi.
Our impeccable
sources revealed that Seplat shares are currently being patronised by only a
few retail and institutional investors between N630 and N670 per share.
In London, the
stock now trades higher than 210 pence, the listing price, and these few
investors are either sure of the ownership structure of the company or
technically understands the prices fundamentals of shares, one source said “The
stock market remains a major means of capital flight in any developing economy
like Nigeria, while there will be guises of foreign investors moving their
profits from the market through the T3 transfers mode of payments from the
market, the ownership disclosures are less talked about.”
“Presently,
Seplat is one of the shares in the stock market that stands as a major pillar
to weaken the balance of the bourse anytime the looming crash occurs, the
general public must be forewarned about investing in that stock to prevent a
repeat of their losses, which occurred between 2007-2008,” a concerned player
told us.
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