Author Topic: STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN  (Read 4585 times)

Offline Prince

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STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« on: August 16, 2010, 11:29:42 AM »
Stock market crisis
NSE market devt gulps N7.05bn
By MADUKA NWEKE
Monday, August 16, 2010


Okereke

More facts emerged over the weekend concerning the reasons for insolvency allegation in the Nigerian Stock Exchange (NSE).
Figures gathered from the NSE operating statement (Management Account) for the year ended December 2009 showed that the Exchange expended N7 billion between 2007 and 2009 in market development and N1.230 billion in public enlightenment. In 2007 alone, at the peak of the Exchange boom, Market development gulped N4.13 billion; N2.24 billion in 2008 and N0.68 billion in 2009.

Commenting on the development, a financial analyst, Segun Oke, said ?Forensic audit will open up these questioning and nebulous terms used in siphoning money away from the Exchange? In three years, air travels swallowed up to N2.52 billion. While N645 million was spent in 2007, N1.5 billion spent in 2008 and N437 million in 2009.

Figures gathered from the Human Resources Department of the Exchange revealed that the Exchange has staff strength of about 300 and about 28 per cent of these figure are entitled to air travels both local and international.
In 2008, salaries and allowances of the staff hit N3.33 billion as against a budgeted N1.58 billion, more than 100 per cent increase. The Exchange claimed that ?the drastic staff cost was due to top level recruitment made during the period. Curiously in 2009, the salary also came down to N1.62 billion, raising question as regards whatever happened to the top level staff hired in less than nine months; either retrenched or disengaged.

?It is good we know the names, total salary package and positions of these top level new employees that ballooned staff salaries in one year? says Ronke Afolayan of Smiths and Associates, an HR Consulting outfit.
In 2009, NSE made a deficit of N2.752 billion. This explains Dangote?s alleged insolvency of the Exchange. Furthermore in 2009, NSE incurred interest expenses and similar charges of N37.9 million. In 2010, it budgeted increase in interest charges of N45 million, implying Continued borrowing or subsisting debts.?

?This is a clear case of insolvency? says Mike Chukwuka, a stockbroker. Obviously, the Exchange is broke and has been borrowing from Madam DG?s willing bank coalition partners? Sources further revealed that a total sum of N1.6 billion was borrowed from CSCS account to support the deficit cash flow of the Exchange The whole mess shows weak corporate governance as Madam DG overtime has acquired control and dominance of the Council. Her over-bearing and manipulative tendencies have choked up the council, according to a source close to the Exchange.

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STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« on: August 16, 2010, 11:29:42 AM »

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Offline Prince

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Re: STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« Reply #1 on: August 16, 2010, 11:30:06 AM »
Crisis everywhere.

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Offline AllenMass

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Re: STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« Reply #2 on: October 27, 2010, 06:27:59 AM »
The impact of further delays at Boeing on operations, finances, and product update strategies will be significant, as further delays to the 787 and 747-8 programs will result in additional charges, increased operating costs, and likely impact product development strategies and timing for the 737/777 replacement/enhancement programs.

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Offline MathewBracken

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Re: STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« Reply #3 on: October 29, 2010, 06:07:00 AM »
Fluctuations often happen in penny stocks.  After you gain vast experience, you may become able to read the trends.  But you may not always like to keep on laboring.  Hence getting full knowledge of the market serves really well.
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Offline DeonLee

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Re: STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« Reply #4 on: January 10, 2011, 10:44:30 AM »
Penny stocks are stocks that cost $5 or less and are traded outside of the main markets, such as NYSE, AMEX and NASDAQ.  Since they are regulated independently and are inexpensive, these stocks can help inexperienced investors to understand the stock market. 
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Offline AltonDelmote

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Re: STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« Reply #5 on: June 29, 2011, 08:30:46 AM »
Investing on penny stocks in day trading can reduce the risk of their trades as they will have a chance to purchase low priced stocks, thus, minimizing the risk of losing a lot of money.

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Re: STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« Reply #6 on: July 27, 2011, 03:00:27 PM »
The different crisis situations arise everywhere even in the stock market world.   Every plan or strategy to combat the trends/crisis will be very useful. 

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Re: STOCK MARKET CRISIS, NSE MARKET DEVT GULPS N7.05BN
« Reply #6 on: July 27, 2011, 03:00:27 PM »

 

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