Connect with us
Advertisment

news

NSE sanctions NEM Insurance for breaching its Rulebook

Published

on

Advertisment

 

The Nigerian Stock Exchange (NSE) has fined NEM Insurance Plc for contravening Rule 19.3 of its Rulebook. This was after the NSE received a complaint by Bernateva Partners – the solicitor to Eaton Acquisitions Limited, a major shareholder in NEM Insurance Plc – to reverse the decisions reached at the Annual General Meeting (AGM) held at Ibadan, Oyo State in June 2018.

Advertisment

Following the AGM the NSE also received complaints from other including:

  • Premium Green Limited
  • Starvest Limited
  • Three Sea Investment Limited
  • Oluwaseyilola A. Ojo

The shareholders claimed that NEM Insurance had failed to notify them of the AGM in accordance with section 217 (1) of the Companies and Allied Matters Act (CAMA), SEC clause 24 and NSE rule 19.3, which prescribed at least 21 days’ notice to shareholders of an AGM to be held

They also asked the Nigerian bourse to reverse the special resolution proposed and passed at the AGM to raise additional capital through a private placement at a price below the market price of NEM Insurance stock.

Advertisement

The NSE investigated their claims and found out that:

  • The Company did not dispatch the Notice of the 48th AGM and Annual Reports to the shareholders at least 21 days before the date of the meeting.
  • The shareholders who did not receive the Notice of AGM were not given the opportunity to attend and exercise their voting rights in respect of any of the resolutions passed at the 48th AGM, including the proposed special resolution to raise additional capital through special/private placement.

The exchange, after its findings, slammed a fine of N575,505.00 on NEM Insurance; being 50% of its listing fee. The fine, according to NSE must be paid on or before November 7, 2018 and failure to do so contravenes Clause 14(d), Appendix III: Form of General Undertaking (Equities), Rulebook of The Exchange, which stipulates a further fine of N300,000.00 in addition to N25,000.00 per day for the period of the violation.

Consequently, the bourse will communicate its findings to the Steering Board of the Corporate Governance Rating System (CGRS), which may decide to suspend, withdraw or do nothing to the CGRS rating of NEM Insurance.

NEM Insurance stock closed at N2.96 during trading session today at NSE.

 

Advertisment

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

news

Nigerian Prophet, Tomi Arayomi Heals Man Who Has Been Deaf For 47 Years (VIDEO)

Published

on

 

Advertisment

 

Popular Nigerian prophet and founder of Rig Nation, Tomi Arayomi has healed an ex-naval officer who has been deaf for 47 years.

Advertisment

In a video shared on the prophet’s social media page, the ex-naval officer was seen jubilating after he was miraculously healed by God through the hands of Prophet Tomi Arayomi.

The Ex-naval officer confirmed that he had been deaf during his navy days in 1977 and couldn’t hear with one of his ears until God healed him through the ministry of Prophet Tomi Arayomi.

In the video, he was asked to cover the good ear with his finger to further confirm that he could properly hear with the previously bad one and once again, he heard everything that was said clearly.

Advertisement

WATCH VIDEO BELOW

Advertisment
Continue Reading

news

World Malaria Day 2024: Moment of Excitements and Gratitude as Shalina Gives Back to the Society

Published

on

Advertisment

It was a moment of great excitement and gratitude, as a leading multinational pharmaceutical company in Nigeria, Shalina Healthcare marked this year’s World Malaria Day with a variety of events to create awareness about the deadly disease and at the same time use the opportunity to give back to the people. The WMD activities powered by Shal’Artem, (a brand of Antimalaria from Shalina Healthcare) Commenced at Campos Mini Stadium, Lagos Island on April 21st and ended at Ayangburen Market, Sabo, Ikorodu; Lagos on Thursday 25th 2024.

Advertisment

Speaking on the main concept of the activities, Mr Chiuba Nwaosu, the Marketing Manager, Shalina Healthcare said; “the brands effort was to accelerate the fight against Malaria to a new level via infusing Sport, entertainment, Sanitation, Free test & treatment exercise to raise awareness about malaria.

The football match,  titled “Join the Cast”  with Shal’Artem as official antimalarial, and Rear Admiral Anakwe as the Special Guest of Honor, also had active participation of some top Nigerian celebrities and entertainers like Frank Idoho, Ali Baba, I Go Save, Akpororo amongst others.”

This was followed by a wide scale Free Clean up exercise across 3 Markets in Ikorodu Lagos (Sabo, Alison & Ladega) to emphasis the importance of a clean environment to prevent the breeding of Mosquitoes.

Advertisement

The exercise ended with free malaria testing & prompt treatment of positive cases with Shal’Artem. Over 300 ecstatic market men, Women, Children & Artisans received free gifts at the end of the screening exercise.

The brand gesture is a commitment to ensuring that every Nigerian has a right to quality, affordable & accessible healthcare.

Appreciating the company, the Iyaloja of Ayangburen Market, Sabo, Ikorodu, Alhaja Mutiat Abeni Ojulari said, “Shalina has done greatly with this gesture. The free drugs and medical tests are very necessary in this time. We are very grateful to them for thinking about us. I pray that God will bless the company and everyone involved.”

 

Advertisment
Continue Reading

news

The Many Lies Of EFCC Against Kogi Ex-Governor, Yahaya Bello Exposed

Published

on

 

Advertisment

 

The Economic and Financial Crime Commission (EFCC) under the leadership of Olanipekun Olukoyede has taken a different dimension that can be best described as the ‘lowest low’ since the commission came into existence.

Advertisment

 

Under the leadership of Olanipekun Olukoyode, EFCC, a commission that should serve the interest of every Nigerian has been turned to a weapon of destruction probably under the influence of some individuals who want to get back at their opponents.

 

Advertisement

The emergence of EFCC was to basically go after economic and financial crimes within the provision of the law but nowadays, what we see the commission do is totally against the law.

 

In the case of the former governor of Kogi state, EFCC has turned itself to a ‘court of law’ by making unfounded allegations against His Excellency, Yahaya Bello who has served the people of Kogi state wholeheartedly in the last eight years.

 

The commission alleged that the former governor mismanaged about N80 Billion meant for the state in 2016 but according to figures obtained from BudgIT, the state only got N31.98bn allocation all through the year so how on earth did the EFCC arrive at N80 Billion?

 

It’s either the EFCC is intentionally lying against Yahaya Bello or staffers of the commission saddled with the responsibility of getting facts and figures is doing a shabby job and in addition, there was never a year throughout his tenure that Yahaya Bello didn’t commission projects equivalent to the allocation received.

 

As if that wasn’t enough, the EFCC boss alleged that Yahaya Bello paid the school fees of his children from the coffers of the Kogi state government in advance because he was leaving office. This is not just ridiculous but embarrassing because Yahaya Bello that we know is one who was well to do before he become governor of Kogi state.

 

Yahaha Bello has been paying the school fees of his children, they have always attended the school in question so what would it cost him to continue paying even after government? The commission should be aware that the former Kogi state governor is not one of those politicians who don’t have a life beyond politics therefore making an assertion that he paid some money because he was leaving government is null and void.

 

As a lawyer that Olukoyode is, he should know too well that such statement is defamatory and as long as it hasn’t been confirmed by the court, making such a defamatory statement isn’t acceptable and he is culpable in all of these.

 

At the moment, the EFCC boss has been charged to court for contempt and he will most likely be jailed if he is found guilty; this could have been avoided if he chose to work within the provision of the law but for reasons best known to him, he decided to take it personal and now, he may need to pay with his freedom.

 

However, the EFCC as a commission has a history of making unfounded allegations against personalities only to backtrack after discovering the truth. A similar situation happened during the commission’s scuffle for Otunba Gbenga Daniel when he was accused of N60 billion misappropriations but in the end, they changed it to N200 million.

 

This is also a reason the commission always loses court cases because there isn’t always enough proof to substantiate claims against victims.

 

We can only hope the EFCC turns a new leaf because if the commission continues on this trajectory, the federal government will be making more enemies than friends.

Advertisment
Continue Reading

Cover Of The Week

Trending