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Cadbury, Transcorp, FinBank others go against Regulators



Proshare NI

February 17, 2009 at 08:15 GMT


Cadbury Nigeria Plc (Cadbury), Transnational Corporation of Nigeria Plc (Transcorp), First Inland Bank Plc (FinBank) and other companies listed in the different sectors of the Nigerian Stock Exchange (NSE) has gone against the Regulatory Authorities by not releasing their results on the Floors of the Exchange for sometime now.


Proshare Analyst Services Unit made this confirmation in its report in Lagos Nigeria. The Report affirms that Cadbury, Transcorp, FinBank and a good number of quoted firms are yet to declare their results since the last one year, while others declared quarterly results for year 2008, but withheld 2007 audited results; which call for the question of transparency.


This is coming on the heels of a directive by Securities and Exchange Commission (SEC); Apex Capital Market Regulatory Institution in Nigeria contained in its official website requesting that Transcorp should hold an Extraordinary General Meeting (EGM) to inform its shareholders about the challenges it is facing and efforts made so far.


The list of quoted firms  Proshare’s Analyst Services Report confirmed have not released their results for the past one year or had declared quarterly results for year 2008 and withheld that of year 2007 Audited include, Unity Bank Plc, embattled Wema Bank Plc, and Champions Breweries Plc; which only released their Audited result for year 2007 respectively.


Others are Ashaka Cement Plc, National Sports Lottery Plc and NCR (Nigeria) Plc whose last results were their year 2007 Audited.


Also among the pack are conglomerates like Chellarams Plc, John Holt Plc and SCOA Nigeria Plc whose results were year 2007 respectively for Chellarams and John Holt and SCOA  last result  was Second quarter  (Q2) of year 2007.


While Cappa & D’ Alberto Plc – declared its Q2 result for year 2008 but has not declared audited 2007 and Q1 of year 2008. These also include Northern Nigeria Flour Mills Plc (NNFM) which also declared Q2 of year 2008, while awaiting its year 2007 Audited results.


Union Dicon Salt Plc (DICON) declared Q3 of year 2008 and yet to declare full results for year 2007. Ekocorp Plc declared its last result in the Q3 of year 2007.


Companies like Pharma Deko Plc has consistently for the past three years; 2006, 2007 and 2008 declared no results.


While firms like Alumaco Plc, BOC Gases Plc that operate in the Industrial/Domestic Product sector of the NSE and Poly Products Nigeria Plc last declared their full year results in year 2007.


With the directive of SEC to Transcorp to hold an EGM to inform its shareholders about its challenges and efforts made so far calls for the issue of corporate governance on those at the Board of the company.


Earlier on Monday February 16 2008, Proshare NI highlighted in its story “NSE Council addresses Capital Market Concerns” and published on its website that the conglomerate has not yet released its year 2007 Annual Report/Accounts or that of year 2008; which is against Capital Market regulations that companies must declare promptly their results for onward release by the Stock Exchange.


Prior to this time, Professor (Mrs.) Ndi Okereke-Onyiuke, Director General/Group Chief Executive Officer (DG/GCEO) of the Stock Exchange has advised companies to always release their results in order to enlightening the Regulators, investors and other Capital Market Stakeholders on their activities as quoted firms on the NSE.


In the same vein,  she also advised shareholders to make sure that they force companies to hold Annual General Meetings (AGM’s).

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