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COMMERCE AND INDUSTRY

Reps Committee Summon Banks, Oil Companies Over Breach of Shareholders’ Rights

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ADEBIYI ADEDAPO, Abuja

The House of Representatives sub-Committee on Capital Market has summoned over100 chief executive officers and boards of deposit banks, oil companies and other private companies operating in Nigeria over allegations breaches’ and ‘abuse of shareholders rights and interests’.
Chairman of the Committee, Hon Tony Nwulu who issued the summons in a letter dated 23rd November, 2017, frowned at the previous disregard of the invitation sent to the stakeholders.
Some of the companies invited are: Securities and Exchange Commission (SEC); Nigeria Aviation Handling Company (NAHCO) Plc; Academy Press; Champion Brew. Plc; Chams Plc; Chellarams Plc; Consolidated Hallmark Insurance Plc; Continental Reinsurance Plc; Cornerstone Insurance Company Plc; Custodian And Allied Plc; E-tranzact International Plc; Eterna Plc. Eterna Oil And Gas; Evans Medical Plc; Fidson Healthcare Plc; Fortis Microfinance Bank Plc; FTN Cocoa Processors Plc; Glaxo Smithkline Consumer Nig. Plc; Golden Guinea Brew. Plc; Goldlink Insurance Plc and Great Nigerian Insurance Plc.
“As you may wish to recall, we have of recent written to request for relevant information on public liability companies as it relates to their five year Audited reports, corporate Governance and shareholding composition.
“Arising from the above and the responses from stakeholders, shareholders and the investing public, we have received complaints and petition against your board, same copied to the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) in the last 18 months, allegedly without any satisfactory action taken to deal with the matters raised by the petition.
“We therefore request you furnish the committee within two weeks (Deadline: Friday December, 7, 2017) , with your written response as part of our investigation into the issues under reference,” the invitation read.
Some of the companies invited are: Mobil Oil & Gas; 7-UP Bottling Company Plc; A.G. Leventis Nigeria Plc; Abbey Mortgage Bank Plc; Academy Press Plc; Africa Prudential Plc; African Alliance Insurance Company Plc; Afrinsure Financial Services; African Paints (Nigeria) Plc; Afripaints Industrial Goods; Afrik Pharmaceuticals Plc; Afromedia Plc; Aiico Insurance Plc; Aluminium Extrusion Ind. Plc; Anino International Plc; Arbico Plc; Aso Savings And Loans Plc; Associated Bus Company Plc; Austin Laz & Company Plc; Axamansard Insurance Plc; B.O.C. Gases Plc; Berger Paints Plc; Beta Glass Plc; C & I Leasing Plc; Cap Plc; Capital Hotel Plc; Caverton Offshore Support Grp Plc; Caverton Services and Cement Company of Northern Nigeria Plc.


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