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   Market Date: 23-07-2014   
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Frauds & Scandals

  1. Royal Bank of Scotland sued for misleading investors in 2008 crisis


    Fred Goodwin, RBS's chief when it announced the second largest loss in UK corporate history, could be summoned to give evidence. Photograph: MCP/Rex Features
  2. Reforming the Nigerian Capital Market A Legal Perspective


    The global financial crisis that began in 2008 caused a severe crisis and exposed several irregularities in the Nigerian Capital Market. Thereafter, Nigerian Central Bank audited Nigerian banks in 2009.
  3. HSBC investigation: Drug dealers, gun runners and Britain's biggest bank


    Britain's biggest bank is at the centre of a major HM Revenue and Customs investigation after it opened offshore accounts in Jersey for serious criminals living in this country, The Telegraph can disclose.
  4. Will Private Equity Firms Investing in Africa Be Affected by Violations of the New UK Bribery Act by Portfolio Companies?


    Will Private Equity Firms Investing in Africa Be Affected by Violations of the New UK Bribery Act by Portfolio Companies?
  5. Jury convicts first corporate Foreign Corrupt Practices Act defendant


    Jury convicts first corporate Foreign Corrupt Practices Act defendant
  6. Bad Debts, Dilemma of AMCON, Banks


    Bad Debts, Dilemma of AMCON, Banks
  7. Bribery Act 2010: the compliance countdown starts now


    Bribery Act 2010: the compliance countdown starts now
  8. The implications of Goldman's defence


    The implications of Goldman's defence
  9. Banks shave customers accounts through hidden charges


    Weighed down with stinking toxic assets and gnawing monetary policies, which abruptly shut down sundry income streams of commercial banks, most banks have now devised strategies to meet revenue projections.
  10. Sterling Bank Plc: Share Reconstruction - What Merit?


    Open letter to the Director General of the Nigerian Stock Exchange: I need your assistance in understanding the reasoning behind this corporate action and its business values.
  11. Investors: Let Everyone Beware


    ..the brokers action was so unserious, contemptible and cynical that it\'s hard to imagine how they even thought of it....Where there is money, there are swindlers. It is unfortunate, but words often associated with money are CHEAT, STEAL, and LIE.
  12. Editorial: Wema Bank Plc, CBN and Matters Arising


    Enough of the gamesmanship! There is a time and place for political and corporate compromises but the events of the last four days has left no one in doubt of the need for regulators to take a decisive action to clean up the mess that is now emboldened.
  13. Alliance Capital, still operational?


    There are doubts if Alliance Capital Management Company Limited, Member of the Nigerian Stock Exchange (NSE) is still operational.
  14. Cashseed Ventures demands N20 million from SEC


    Cashseed Ventures had demanded the sum of N20 million from the Securities & Exchange Commission (SEC); following the aftermath of clampdown on Wonder Banks. This was contained in a petition made available to Proshare NI today in Lagos Nigeria.
  15. Afroil Plc - oficial reaction to the suspension order


    Public statement on the suspension of trading in Afroil Plc Shares on the Nigerian Stock Exchange. Find enclosed as well, latest audited financial results and the last five years acoounts.
  16. The IST decision on Cadbury Plc


    Here is the full transcript of the matter brought under the INVESTMENTS AND SECURITIES ACT NO 29 2007 in the matter of material mis-statements in the published accounts of cadbury Nigeria Plc (2002 - 2005).
  17. Manipulation - Intro to Scandal 101


    Manipulation is s any action performed on a system of a given initial state with hopefully some prior knowledge of the possible outcome (the next state transition of the system that the action will entail), throws a completely new light on the subject.
  18. Insider Trading Explained


    Insider trading may be perfectly legal, but the term is frequently used to refer to a practice, illegal in many jurisdictions, in which an insider or a related party trades based on material non-public information obtained during the performance of the in
  19. Wema Bank A Problem Foretold!


    When on July 7, 2006, the technical analyst wrote an article titled “Preventing the type of fraud noted at Wema BankÃÃÃ
  20. Investors Rights: Litigations involving SEC


    Here are seventeen matters attended to by the Securities & Exchange Commission with most of them still pending. It shows that the commission takes the issue of investors rights seriously
  21. Jenkins Ltd commences settlement of debt owed Investors


    Following complaints received from 30 investors against Jenkins Investments Limited (JIL), the Nigerian Stock Exchange notified the Commission that the cumulative indebtedness of JIL to investors as at January 30, 2007 was N457, 007,494.80.
  22. What if Northern Rock goes bust?


    Customers have been forming queues at Northern Rock branches and the news that the bank is to be helped out by the Bank of England will have come as a shock to most of them. But what if the unthinkable happened - and the Northern Rock really did go bust?
  23. Transcorp chairmanship: The Kolade Denial & Matters Arising


    .........I have been a top player in the Nigeria capital market and have helped to run a top company, so at this stage of my life, I do not want to be part of anything that will mislead the capital market, said Kolade.
  24. CBN, NDIC take over Springbank board: Ndanusa is new MD


    Following the irreconciliable differences among the board members of the Spring Bank Plc, CBN and the Nigeria Deposit Insurance Corporation (NDIC) have taken over the board with the constitution of neutral members to manage the affairs of the bank.
  25. CBN sacks Spring Bank board


    The Central Bank of Nigeria has sacked the board of the Spring Bank Plc following a festering crisis that tore the directors apart, with about five of the 14 directors of the bank said to be under investigation by the Economic and Financial Crimes Commiss
  26. Money for nothing


    Confessions of a teenage credit card fraudster. Here is an edited extract from Elliot Castros book - Other Peoples Money: The Rise And Fall Of Britains Most Audacious Credit Card Fraudster.
  27. Investors/Operators await SECs findings on Cadbury


    As the controversy surrounding the alleged overstatement of results of Cadbury lingers on, the capital market community is eagerly awaiting the outcome of on-going investigations on the issue by the apex regulator, the Securities and Exchange Commission.
  28. Re: Shares of Cadbury


    There is not doubt that the shares of Cadbury Nigeria will be resurrected, but the management of the company has some heavy lifting ahead of them for the investing community to have confidence in the stock again. It is doable because the stock has nowhere
  29. How They Steal Your ATM Card (with pics)


    ATM fraud is the latest craze (I have written about ATM scams previously) in petty theft. Despite the security cameras, thieves seem to be targeting ATMs in record numbers. Here we show you in pictures how its done.
  30. Why Bunmi Oni, Auditor Must Be Prosecuted


    Although the company has not accused its sacked executive of personal gains, it did attribute the deliberate breaches in its accounting system and controls to efforts to achieve ambitious growth targets. But what about Akintola Williams Deloitte?
  31. The Desire to Falsify Financial Statements


    The desire to falsify financial statements by some quoted companies in Nigeria is not entirely new. Recently however, it is becoming acceptable to pass the information out. Is this a tip of the iceberg and a sign of more serious problems with our plcs?


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