Star Information – AP's Case Against Aliko Dangote and Nova Finance & Securities



 

ADVERT IN THE NATION of Monday, March 23, 2009, pages 4 & 5

 

 

 

AFRICAN PETROLEUM PLC (RC 4119)

AP House, 54/56 Broad Street

PO Box 512, Lagos, Nigeria

PMB 12690, Lagos, Nigeria

Tel: 2600050-7

Telex: 288690 AYEPEE NG

Fax: 2634341

aplagos@applcng.com

www.applcng.com

 

 

THE UNETHICAL MANIPULATION OF AP SHARES LEADING TO A DECLINING IN VALUE BY NOVA FINANCE AND SECURITIES AND ALHAJI ALIKO DANGOTE

 

 

It has become pertinent to alert Nigerians, Regulators of the securities of Public Companies in Nigeria, Stakeholders in the Nigerian Capital Market and the general public on certain unwholesome and unethical activities being perpetrated on the stocks of African Petroleum Plc (“AP Plc.”) on the floor of the Nigerian Stock Exchange.

 

To our great disappointment as a company, our investigations have revealed that Messrs Nova Finance and Securities Ltd. Acting under the instruction of and with the active support and connivance of Alhaji Aliko Dangote, President and Chief Executive Officer of Dangote Group, has been primarily responsible for the steep decline in the value of the shares of AP Plc. on the floor of the Nigerian Stock Exchange.

 

For the avoidance of doubt, the shares are not traded but are merely crossed daily by two principals working in concert with the sole aim of bringing down the stock.  This they have achieved from N293 to N54 in the last 8 weeks.

 

Whilst the reasons behind Alhaji Aliko Dangote’s preset actions above with the support and connivance of Mr. Eugene Anenih, Managing Director of Nova Finance & Securities Ltd. Initially remained a mystery to us, our recent investigation suggests that these unfortunate trend of events may not be unconnected with certain personal feuds between Alhaji Aliko Dangote and Mr. Femi Otedola, the Chairman/Chief Executive Officer of African Petroleum Plc.

 

The Management of African Petroleum Plc is indeed worried at the sheer waste that has been visited on the wealth and investment of its Shareholders on account of the settlement of personal scores of “just two men.”  We admonish Alhaji Aliko Dangote and Nova Finance & Securities Ltd. to desist from this heinous financial wrong.  The lives, interests and personal fortunes of so many people are at stake in this regard.  Indeed the collateral damage may be more catastrophic than imagined.

 

We more particularly call on the Regulators of the Nigerian Stock Exchange (“NSE”), the Securities and Exchange Commission (“SEC”) to come to the aid of the over 160,000 Shareholders of AP Plc. and stop the duo of Alhaji Aiko Dangote and Nova Finance & Securities Ltd. from this uncivil and unethical act.  Whatever grievances Alhaji Aliko Dangote may have against Mr. Femi Otedola may be better resolved with him by other lawful means but certainly not on the fortuntes of thousands of Nigerian families.  We call on Alhaji Dangote to regard his position as the Vice President of the Nigerian Stock Exchange and his avowed aspiration to the office of the President of the Nigerian Stock Exchange as one which imposes on him a duty and responsibility to inspire the hope of  the investing public in the capital market and not destroy what is left of investors confidence in the stock market as is presently being done.  With this brazen manipulation being perpetrated at a time when efforts are in concert, globally, to arrest dwindling stock prices, Alhaji Aliko Dangote should give more priority to his obligations as a member of the global effort and not an impeder to the satisfaction of the common good.

 

By this notice, we call on the Securities and Exchange Commission, the Nigerian Stock Exchange, the House Committee on Capital Market and the Economic and Financial Crimes Commission to carry out a full investigation of the aforesaid activities and ensure that the hands of evil are reined in .

 

Please find hereunder the extracts of the CSCS transactions that validate our concerns.

 

CSCS Transaction Listings

 

 

CSCS

 Name

  Address

 Volume 

 Transaction

 Date

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

SELL

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

BUY

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

SELL

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

SELL

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

BUY

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

BUY

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

SELL

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

SELL

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

SELL

???

C1031391DT

DANGOTE ALIKO

MARBLE HOUSE

50,000

BUY

???

 

 

 

 

 

 

 

 

 

 

 

 

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

???

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

SELL

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

BUY

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

BUY

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

BUY

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

SELL

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

BUY

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

BUY

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

BUY

???

NOVA2

NOVA FINANCE & SECURITIES DEPOSIT A/C

SPEEDWAY

HOUSE

50,000

SELL

???

 

 

SIGNED

MANAGEMENT AFRICAN PETROLEUM PLC

 

 

 

 

NM NOTE:

 

???  The Dates in the original advert are unclear due the fact that they were yellow-highlighted.  Please refer to the original publication.

 

 

 

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