Latest / Green Ticker Tales / Does the Nigerian capital market have a comms problem?

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Does the Nigerian capital market have a comms problem? · Green Ticker Tales

• 0:50
  right uh good evening everyone i hope we're all doing good we're just kind of setting things up let's see if we are live uh at the moment good evening good evening good evening yes as uh please confirm if you can hear me loud and clear um we'll be starting actually once we have everybody else and start so actually by 7 30 or so
• 1:28
  But if you have any questions, feel free to share. So please confirm. Okay, bio says loud and clear. Okay, I guess we're good then. So I just need to share this link, pin it on Twitter, and then we are good to go. I don't know if Charles is here yet, but I guess we'll pin this in a bit. Good evening, Godfrey.
• 1:59
  we said we're going to start off by 7 30 i wasn't expecting that we'll be able to set up this link quite so fast so anyone have any questions uh feel free to share the questions or take them um and then we're good to go so just take a minute to to circulate this link and we would start
• 2:34
  All right, the link is pinned. So do us a favor, please, ladies and gentlemen, do us a favor, share the YouTube live link. Share the YouTube live link. Let's see if we can get everybody else on. I'm sure in a few minutes, I would have Charles, Azza, and the rest of the team join. Fortunately, StreamYard, which is what you're using to stream me to YouTube, isn't the most phone-friendly.
• 3:05
  um option uh so we should be kicking off by 7 30. um so we should be starting off under 11 minutes or so but if you have any questions feel free to drop your questions uh we're more than willing to take them we'll be kicking off the usual twitter space or we'll be kicking off where we'll continue or continue from where we stopped at 7 30. anyone else have any questions uh feel free to share them
• 4:18
  uh by 7 30 or just before 7 30 we should have the entire uh green ticket teams on for some reason i don't know why uh we kept getting thrown out of the we kept getting thrown out of the twitter app um yeah so anyone else have any questions feel free to drop your questions um can we get
• 5:47
  good evening so did i take it that nobody has any questions or we're just interested in what we were discussing previously before we had glitches uh can you use the funds budgeted for the dangote refinery ipo and by the deep man this is a complex question this is a question i need to unpack um so can you use if first is i don't i mean i don't know the price at which you got into
• 6:20
  additive and uacn so uh second is i also don't nobody knows exactly when the refinery ipo would you know kick off so yes we know we we here is going to be q3 the um third quarter of the year but we're already in the third quarter of the year july august september is the third quarter so it could be any time between now and uh september so i can't categorically say right it all depends on
• 6:51
  when the ipo will start it depends on what is your average price compared to or what's the current what was your entry price compared to current price and how down below you are and it also depends on the sum of money involved so if it's money that you can easily you know get um if it's money that you can easily get um in a couple of months or two
• 7:20
  and sure maybe that will work so you know it all depends on at what price you consider those stocks and how quickly you can get the money and when the ipo begin nobody knows exactly that the ipo uh would begin yeah so i hope to an extent that answers your your question uh is it possible for ngx to apply the t plus one for domestic investors and t plus two for foreign investors um yeah it's possible
• 7:50
  that's that's doing the fact some people have actually suggested that the ngx should do that meaning t plus one for domestic investors t plus two for foreign investors so have a transition arrangement so yeah it's possible if njx can do that but it all depends on sex you know ngx is about the the njx is about seeing by sex so if sex is fine then angels can go that um he did i don't know if nako would um
• 8:19
  why did it give so much knuckle is a liquid stock you had the reason why did you have the markets tanking t plus one profit taking um people pulling out people pull that money for the dango team petrol refinery private placement uh chances of it going back to spreaders all the time here honestly nobody knows really but i think that you're going to anybody investing money in the market right now um
• 8:48
  would probably be doing so with a two three year timeline so i see bivins here all right let's go uh charles can you hear me i've added you to the stage so let me know if you can uh speak yeah i can hear you all right you can go ahead i don't even know where we are any longer twitter we're talking about uh we're talking about the communications problem in the capital markets yeah truth of the matter is uh we need to do
• 9:33
  do better in terms of communication and we shouldn't be making this kind of rookie errors any longer. If we want the market to grow, then we should be taking, we should be learning from all our previous mistakes. The whole idea of always, you know,
• 10:03
  Making these errors and waiting for the market to punish us unnecessarily is something that is very avoidable. And again, talking about communications, this is a very strong message to companies listed on the NGX. This is a time to up your communication games, you know, because a lot of things are happening. The thing is...
• 10:34
  The only time we think we have an inkling that something is happening in the NGS is when we look at certain numbers or volumes during trading. So you see in an equity that the volumes are trading unusually high. It's not like there's any result. It's not like there's any development going on. But you just see.
• 11:04
  an unusually high volume. And then for us, who look at the market critically, we now decide to find out what's going on. We noticed that with Ikeja Hotel, before the announcement was made that they have two new executive directors. Having two new executive directors should not really affect the stock like that.
• 11:37
  However, when it starts affecting the stock like that, it's more than just having executive directors. It tells us a different story. If you've been long enough in the market, that should be a signal that something is happening. And then you look at the caliber of appointment. You look at the people who...
• 12:05
  are being appointed as executive directors. You look at their present role. You ask yourself, what time does this person have with everything that is happening with his present establishment where he's chief executive? You begin to ask yourself, what time does this person have to be?
• 12:36
  an executive non-executive director for another company it raises a question and you begin to wonder what's going on so and if you notice too there was some kind of i'm talking specifically about ikeja hotel right now and we know everything that's happening in ikeja hotels first bank otodeko
• 13:09
  So Otudego is the common denominator now in First Bank and Keja Hotel. We know the story around Otudego with First Bank. We see how Otudego is presently a stakeholder at Keja Hotel and right now his vehicle has acquired more shares. All of a sudden...
• 13:46
  One of the executive directors of Fesbac is being appointed as a non-executive director in the Teja Hotels. So something is definitely going on there. The play is going on. These are the things we see before other people see them. And we can't confirm for now. We'll just watch the space. But if those volumes keep going up,
• 14:19
  then your guess is as good as mine as to what is... Oh, I think I'm mixing something up. I'm mixing Ikeja Otele up with Nako. Yeah, I'm mixing Ikeja Otele up with Nako. Sorry about that. So, if you look at Nako, they just made two appointments. Julius Owotega, if you know who Julius is, he's right-hand man to...
• 15:00
  Fermi Otedola, with his position in First Bank, you are wondering what time he will have to be running the business of NACO. So maybe we should start connecting the dots and start asking what's really going on. There's no way he would have taken that appointment without first consulting with his boss. So there's a play going on there. And as the picture unravels,
• 15:47
  As we get more clarity, we would let the house know. But most definitely, there's something going on. So that was just an example of how we don't get proper communications on the NGX, but somehow we're able to sniff out some of these things. So it's now left for the companies that are listed on the NGX.
• 16:25
  to start to communicate properly. If we do them a lot of good, and again, we need FTSE Russell to come back into this market. We really, really need them. Because that will mean an efficient of close to between $200 to $400 million into the capital market. And we know we are the usual suspects. We're going for the GTBs, the Zenit, the Dangotes, the Boa Food.
• 17:04
  the cement, the UACs, and their likes. And then from time to time, they'll be rotating into other mid-tier stocks, but their concentration will be on the NGX top 30 index. We need them to be in the market. So going forward, we want a situation where if it means SEC,
• 17:39
  NGX, everyone coming together, reaching out to our stakeholders, reach out to FTSE, ask them, where is the confusion, where is the clarity? A couple of people are happy with this T plus one implementation, especially the local investors, because they don't have any problem. It may have been an oversight.
• 18:05
  not putting into consideration, it might be a problem getting forex immediately. And then, you know, again, if you need to repatriate forex, getting, changing from Naira to forex and repatriating immediately might be an issue. So based on that, we could, if there's a solution that you have for it,
• 18:32
  You could profile it, and if it's something that we like, by all means, we can implement it. At the end of the day, we want this market to move forward. This is no time to be doubling down. This is no time to be releasing statements that are antagonistic and unnecessarily nationalistic, not patriotic. There's a difference. And then let's see how we can resolve this issue. However...
• 19:02
  Concerning the market, it was a very good, it created and is still going to create opportunities for people to get into some of these good stocks that have been beating down. And for those who are experiencing this for the first time, that's the nature of the market. That's the nature of the market. The market does not go up continuously in a straight line. I know some people will be regretting why they didn't take profit.
• 19:33
  But at the same time, you could take profit and then you find out that next time you want to get into the market, you are probably buying these equities at a higher price. So a lot of good equities dropped into the bargain zone and a lot were beaten unnecessarily. Because I kept asking the question, what has changed in the fundamentals of these companies? Nothing really changed.
• 20:04
  Nothing really changed about the fundamentals, but people were just panicking for nothing because they have been used to the market continuously going up and they thought it will remain like that forever. Good thing the half-year results are going to come in. Like I said, we are going to have a couple of blowouts. Prepare your minds for blowouts in equities like MTN.
• 20:36
  equities like UACN, because we'll continue to see a more effective synergy in terms of what the acquisition of Echivida has brought to them. And I know based on my investigation, a lot of
• 21:07
  Work is being done. All hands are on deck to make that. The UAC wants to be a beacon of a Nigerian company, telling the world that Nigerians can run things effectively. We don't speak too much about them because we spoke about them a long, long time ago. So if anybody bought at that period.
• 21:40
  I'm saying if UAC goes down another 100%, you will still probably be 100% in profit. So nothing has affected UAC materially. The Regency Alliance right issue is still ongoing. Again, another failure of communication because as I said, this...
• 22:16
  time that we are talking, we still haven't seen the year-end result of Regency Alliance. And how they were able to get SEC to approve their right issue without year-end result is baffling. It baffles me. It really baffles me. And these are all the things we talk about. The SEC itself, they don't communicate. They just...
• 22:47
  They just hand down orders. Like you're talking to your slave. You just tell them, this is what I want, this is what I want, this is what I want. And I've come to this conclusion because a lot of times we're always doing like a reversal or a revision of policies that have been made. It shows there's improper communication.
• 23:16
  Whether the communication is lack of non-participation from the companies involved and the SEC just decides to say, okay, this is what we are going to do, or SEC is being overbearing and just imposing whatever they want on these operators without thinking of the far-reaching implications it might have.
• 23:48
  in the market. So sometimes when you punish these operators, you indirectly punish the market and you indirectly punish participants in the market. And that's why we cannot overemphasize the importance of having roundtable, inviting opinions, even from ordinary investors, retail investors, to call them to that table and ask them, what do you think about this? You know?
• 24:19
  I mean, like, you should have a think tank right now. You should know people who know how finance, how the market works in Nigeria. Go around various media and you will find these people. You know that. They're all over the place. They're everywhere. Get these people and ask them what they think about this.
• 24:50
  invite them, talk about this in a roundtable, and then come out with proper decisions. Feel the pulse of the market. Feel the pulse of investors. Once in a while, you throw a survey. How will you react to this? And let's see the poll. Let's see how it comes out. That way, you'll be able to judge the market.
• 25:21
  And if at the end of the day you take decisions based on polls and people complain, then it becomes their business. It's a case of people complaining about the result of an election when they didn't come out to vote. So sometimes, too, I'm not saying you should take popular decisions all the time, but there are certain decisions you want to take that you know will affect everybody in the market.
• 25:50
  Even just calling the market operators is not enough. You have to call people, the bottom of the ladder, the people who you are making these laws for. Call them too and solicit for their impute. And that way, you have a well-rounded decision. So if anybody comes and is accusing you of taking a high-handed one, you say, no, that wasn't the case. That you...
• 26:20
  there was proper deliberation. We invited everybody to the round table and all that. And that is how you came to these conclusions. But, you know, this whole idea of always, you know, market is moving in a proper direction and all of a sudden you bring out a policy and, you know,
• 26:48
  The market is thinking about it. It's not something that is encouraging. We need more people in this market. It's the easiest way to create wealth in the market right now. And as much as possible, I don't know how much of a percentage of Nigerians are invested in the market. And these are the kind of things I expect SEC to be doing.
• 27:17
  It's not enough to say there's more local participation in the market than foreign participation. We are talking of what is the value of participation? How much local is in the market and how much foreign is in the market? You came out with a statistic that said that 60 million Nigerians are involved in gambling. We still do not have...
• 27:46
  a clear picture of people who are actively investing because everything is like guess what? Sometimes we see 200,000 active investors. Sometimes we see 1 million. These are the things you can get your communication department in SEC to be releasing out, release things like that. And then based on that, people, when they see those statistics, people can see opportunities and they say, okay, SEC.
• 28:16
  let's partner with you let's get more young people involved in stock market so you can like all these places where they go and bet you can go and put an ngs signage there you can put a liaison ngs office there and tell them which do you want to choose do you want to bet your life away or you want to invest in your future you know these are little things like
• 28:47
  How many university students are actively investing in the Nigerian stock market? What is the NGS doing to encourage people to invest in the stock market? I was thinking their spaces would be a continuous thing. They've done like three spaces and that is the end. But even the spaces they were doing were not the kind of spaces I was expecting from them. I'm not expecting the New York Stock Exchange.
• 29:19
  or the NASDAQ to come and tell me what to and how to invest. I want the Nigerian Stock Exchange to tell me that we have the infrastructure, we can provide real-time data, we are upgrading our facilities so that there'll be no glitch. I want the NASD, which is like a dead exchange, where we have some good companies listed there.
• 29:50
  to tell us what plans they have to catch up with the NGX. Give the NGX a run for its money. But at the end of the day, you'll find out that these organizations, they run like a cartel. They control everything within what they do. Because the question is up to now, why is CSCS Nigeria the major...
• 30:21
  The cash cow of the NGX, the NGX is listed on the NGS, but CSCS Nigeria is listed on NASD. What is it doing there? What are you hiding? Why are you keeping those profits to yourself? These are the issues. Every year we keep hearing CSCS Nigeria is coming to NGX. And you just wonder, why the dichotomy? Why the division? Why is the major...
• 30:54
  owner of CSCS, NGS on the NGS, and CSCS is on NASD. When I talk now, they will say, oh, they are planning to list. How am I supposed to know that you are planning to list? Why am I supposed to believe that you are planning to list? What is the evidence? What is the sign that is there that you are planning to list? And what is the rationale for putting NGS, putting CSCS,
• 31:28
  on a platform where they do not even have a trading machine. There's no liquidity. There's no visibility. And I think some of the good companies that are listed there are just listed there just to fulfill all righteousness. So that the will come after them. Because if they not say you have to list, they will not tell them we're already listed. But all things being equal, you would have expected that like an...
• 32:10
  A NASD would have been giving the NGS a run for its money. The listing requirements are less stringent. You don't have to file your result every quarter. File whenever you can file. And then give them incentive to come and list there. There's this thing they call lobby. Business is everywhere in the world lobby. You go to stakeholders, you lobby to get decisions to favor what you are going to do. It's allowed.
• 32:51
  You don't just sit down and fold your hands and then watch regulators take decisions that will wreck your company. You don't do that. You ask for a dialogue. You ask for what is going to make this possible. Because the way you are going about it now, these are the roadblocks. This is how it will affect the companies, which indirectly will translate down to the investors. And we want Nigeria to be an investor-friendly country.
• 33:19
  You go, you lobby, you make it possible. Just like I've been asking the CSCS to go to the National Assembly and get them to change that policy which says it's registrars that should pay investors dividends because it's not working. And just talking and talking won't do anything. Go to the National Assembly, get there.
• 33:54
  get a law now saying because of the failure of the, because of the amount of unclaimed dividend and the failure of the present system we are using, we now want, we have now mandated that CSCS, the central registrar of all registrar, the central clearinghouse of all clearinghouses, is now mandated to pay dividend, which they do every day.
• 34:24
  When you buy shares and sell shares and those things settle, CSCS is already doing it. They don't need anything to do it. Why can't we go for simple wins like that? Why? This is T plus 1, T plus 2, T plus 100. That is not relevant. Nobody even felt the impact of T plus 1. Apart from maybe local investors who want to sell today, today, I'll get their money today, today. I hope it doesn't encourage.
• 35:00
  gambling. You buy at the end of the day, get your 10% and you sell. So we need everybody involved in this. And we just hope that at the end of the day, this is resolved as quickly as possible. As a matter of fact, the Minister of Trade and Investment, the Minister of Finance, the NGS.
• 35:37
  And SEC should be holding a round table. We should not let this opportunity slip. Don't let pride get in the way. Because that's what we do. We have this attitude of rubbing things on people's faces. Oh, we're here. We were doing well when you were not in the market. Who told you they completely left the market? I ask again, when you talk of this foreign and local participation,
• 36:10
  that you have more people contributing 20 million to less people contributing 100 million is not a case. That's not the case for the NGOs to start believing that they can do away without foreign investors. So I hope that we are doing this.
• 36:42
  There's one appointment that has really excited me in the last couple of days. And, you know, I just hope that at the end of the day, we get all round achievers in critical positions. Because if you don't understand the market and they put you in situations to make decisions like this, you are bound to take the wrong decision.
• 37:11
  The market does not care whether you are a professor or you have a PhD. It's not an avenue to come and show your educational prowess because it's more than just having an education. It's about bringing reality to match whatever you want to implement. That it works in Malaysia does not mean it will work in Nigeria. We have to customize certain things to suit our environment.
• 37:46
  So, I don't know. It's just two of us that are on this space right now. I wish we could invite more people. Well, I mean, we can take questions. Like I said, I dropped it. I can see the YouTube comments as they go on. Anyone has questions, feel free to drop them. Senko should be joining us at some point in time. Senko said he was going to...
• 38:16
  join unfortunately a stream yard is not very mobile friendly so it's difficult for a lot of people to join on the go but we're open to taking questions so uh you see any questions we would um we would take them uh feel free to drop any questions that you have there was a question on uh nako why did he deep so much i think uh what are the chances of his going back to his previous um
• 38:46
  All-time high. I see a couple of questions. Yeah, Tal, you were saying there's a question, what appointment got you excited? Okay. So for anybody in the capital market, you see that appointment that was made by FMDQ, Mr. Zil.
• 39:18
  That is an appointment that should get all Nigerians very, very excited. Very, very excited. And he just resumed office and he's going to turn around a lot of things. Unfortunately, FMDQ is a major shareholder of CSCS Nigeria. But unfortunately, there were some kind of conditions.
• 39:55
  that was given to make the acquisition of CSCS shares possible. The FCCPC had to call me, and I think one of the conditions was they probably would not have a board seat on the CSCS, because, again, that is one person who I could have trusted to make some changes, especially...
• 40:28
  When it comes to unpaid dividends, we should stop having issues with our paid dividends. It's not a problem. I repeat, unpaid dividends should not be a problem. And it's not a problem. The only reason why it's looking like a problem right now is because some cabars have made out their food. They benefit from it.
• 41:02
  Again, I'm going to explain this one last time. If you buy shares in the market, it settles with CSES. If you sell shares in the market, it settles with CSES. You make a choice. Do you want CSES Nigeria to credit you to your bank account immediately your sales is made? The answer is yes. As long as you have a bank account in Nigeria,
• 41:36
  be it in Kano, be it in Wari, be it in Makodi, be it in Meduguri, once you sell and you settle for direct cash settlement, it will be deposited immediately your shares are sold. CSCS Nigeria has every person's
• 42:13
  account number, bank account number. They know when companies close their books. They know when you qualify for your shares and they know when you close your books. So based on the fact that they can settle you anywhere you are in Nigeria or where your bank account is.
• 42:41
  delegate that responsibility to them. Companies can keep registrars. The registrars maintain the register for the company and their investor. However, because they have failed and our unclaimed dividend fund is going up every day, why don't we just apply the solution we already have?
• 43:15
  The question is, what will be in it for CSCS Nigeria? By doing that, automatically, once you open a CSCS account, you must subscribe to CSCS online services. Here you can view your shares you have with any broker.
• 43:49
  online with CSCS. So it's probably like 7,000 now. Increase it to 10,000 Naira per for every investor, which will be paid yearly. But what does that guarantee you? It guarantees that you will have your dividend immediately is being paid. It's no longer in the hands of registrars.
• 44:21
  CSE has already have your records. They have everything. Just as they credit your bank account when you sell your shares, that's how they will be crediting your dividend when the dividends are declared electronically and your bonus. Because I don't understand why it's taking... Even when your PO shares are done, when you subscribe to a PO, immediately...
• 44:54
  the registrar submits their advice, CSCS is automatically crediting your account with your shares. These are the things we can win. Small wins like that. Everybody is happy. They know I'm not going to be pushing one registrar for dividend because once they pay it, it's credited to my account. So the question is, why is this so difficult?
• 45:30
  I mean, like, even if they don't understand it, let them invite me and I will break it. I know they understand. But again, invite me, I'll break it down. If you want me to use PG in English, I will use PG in English to break it down for you. And I'm sure everybody who is listening to this understands exactly what I'm talking about. Why is it a problem? Why? Why can't we communicate this to every investor? Why can't CS? If...
• 46:03
  If, again, that's why I say it's a cabal. It's not like they don't know they can do this. I know they know. They don't want to step on certain tools who are benefiting from this. Registrars, it's even good now that, you know, you will fill that NIBSS form and they will tell you this thing will be credited. Some have failed and they've still not been credited. So we take your money, go and put it in government bonds.
• 46:34
  Wait for six months, take the profit, and then before they credit you. When they want to give you a problem, they'll tell you your bank has confirmation signature is different from the signature you have on your stuff. Anything to delay it so that they don't pay you immediately. All that will be solved with CSCS Nigeria. And you can imagine if every account is getting that money every year from...
• 47:09
  all investors in Nigeria. Do you know how much it adds to the bottom line of CSCS Nigeria? But you look at CSCS Nigeria, you look at NGS, you look at registrars, you look at brokers, you look at... They're all together in one association. You must not challenge status quo. We have been saying this thing over and over and over again. So who is that major market operator?
• 47:59
  who has come to say, okay, you know what? I think this is brilliant. I think we should do this. No, they won't. Because they all know the game they are playing. So FMDQ is going to do a lot of big things for Nigeria. Because you have one very, very capable person. And he's not just intelligent. The guy knows...
• 48:42
  How to deal with people. Because that's the most intelligent part when you run an office. Your ability to fill everybody out, know what's going on and all that stuff. He's probably going to talk to everybody who works in that establishment. I trust him. He's that efficient. When you are talking of people who want to move this country forward, we've got one very good one there. But we need more than him.
• 49:24
  We need more of the zeals. Anyway, he hasn't even started. So let me not... I've said it now. We will wait to see the transformation he will bring. FMDQ, they were going to go ahead and start their own exchange. I hope they continue. So it's either FMDQ is going to buy NGX out or NGX will buy FMDQ. The jury will be out on what will happen.
• 50:02
  But that's one fantastic appointment. Keep an eye on FMDQ. As per Narco Folly, like I said, people defaulted to selling equities that would sell easily in the market. You cannot sell Red Star now. How much will you sell in Red Star? How much will you sell in Universal Insurance? How much will you sell in...
• 50:31
  in Australia. These are not liquid. You are looking to sell the Zenith because you have a ready buyer. You are looking to sell the GTB. And that's why their price is dipped more than those other ones. It's not because anything was fundamentally wrong with NACO. And I just gave you asking whether NACO would get back to its position. I just...
• 51:00
  gave an exposé about their new appointment. I just gave an exposé of their new appointment. If you don't know Julius, go and Google who Julius Awotiga is of First Bank. So if First Bank is putting an eye on NACO, there's nothing that is stopping me from believing that Oteidola is probably putting an eye on NACO.
• 51:41
  And talking about blue economy and all that, NACO is one of those that is said to benefit. Have you guys noticed that Dangote is now talking about blue economy? You can't have NACO and be panicking. You can't have NACO and be panicking. Because if you look at, if you read their annual report, you should not be panicking. There are a lot of investments they are making. Anybody is panicking about what is happening in our area right now. I don't know what to tell you. Because apparently,
• 52:26
  you are too fixated on the price right now. Yes, you may have bought at 2,000. It doesn't mean anything. If they achieve a quarter of their investment, you'd be asking why you didn't buy more at 2,000, like maybe a couple of years down the road. And that's what investment is, basically. Investing in the stock market is not kalokalo. It's not gambling.
• 53:02
  And I hear that cliche, don't invest what you cannot afford to lose. It's becoming a cliche to me. Because when we invest, we are not just investing based on luck. We are not banking on luck, like a lottery. Ah, may God choose my number. That's not what we do. No. We are looking at the company. We are looking at the people. We are looking at numbers. We are crunching them. And we are entering the company based on the numbers that...
• 53:38
  We have seen. If those numbers are accurate, then you are not putting money because you are scared you are not going to win. No. You have done your homework. The only time there's a problem is when those numbers are cooked. If they are not cooked, if you know your numbers, if you know the people, if you know the company, you put your money there. It's like don't...
• 54:15
  Don't take a flight if you're not ready to die in the air. Or don't drive a car if you're not ready to die by accident. It doesn't, it doesn't, it doesn't, it doesn't. Investment has gone beyond all these things. I know it's just trying to sound a note of caution to people. But it's the same. It's like saying don't take a car because...
• 54:44
  if you don't want to die by a car accident, or don't fly if you don't want to die by a plane crash. These are calculated things that we do. It's not gambling. It's not praying to God to choose my number. It's not football. And once in a while, companies have a bad year. Once in a while, we have a black swan event, which creates a buying opportunity. And this is where...
• 55:34
  Any time a situation like this happens, I expect more from stakeholders. I remember when Taiwo was tanking the market. I know some people would still want to argue it wasn't Taiwo that was tanking the market in November with all these reckless statements. When the then Minister of Finance came out and reassured...
• 56:10
  uh investors that they were looking just saying i will look we will look into it the market went back up the next day this is no time to be doubly down and rubbing it in people's face saying it's not only akara and kuli kuli you also add pepper and okra and all that like that was totally uncalled for that's that's very insensitive but that's what we that's what we do
• 56:46
  That's where communication is very important. This communication we are talking about is very, very important. If you have said something and it divides opinion, and you know a lot of people look up to you, and it offends a section of those people, there's nothing wrong in coming out to say, that was not my intention, my intention was not to...
• 57:18
  I apologize if I offended any sensibility. It wasn't my intention. And if anybody was offended by what I said, I'm extremely sorry. What I meant was this, this, this. It's not going to kill you. But Nigerians, arrogance, pride, who double down, who are you to tell me what to say? Is it not a grant? Is it a loan? Is it your money?
• 57:54
  What do you do to be given out a billion? What do you do? Where's the source of income? Where are you getting that money? From the fake agencies they create and remit to you? These are the issues. And then we have a president introducing his wife as Iye Alakara. Like, why is communication such a big problem? We have Akpabu every time, always mishearing.
• 58:38
  miscommunicating. We are talking of issues of national interest. You would turn the National Assembly into a comedy playground. And people wonder why they watch H.P. Carter and Pella when the number three man is the chief comedian of the Federation. Because they don't know when it is to be serious.
• 59:07
  I don't know what their PRO people do for them. I don't know what their communication people do for them. But sometimes you just, what you say, you have to think about it properly. Especially, it's like me. A couple of people, they really do things that would, you know, trigger you. But at the same time, I realize there are a lot of people who look up to me, who look up to us. So what do we do? Sometimes...
• 59:43
  No response is better than opening your mouth and talking garbage. Let people think you're an idiot. Instead of opening your mouth to confirm that you are a real idiot. So we do definitely have the communication problems. And like I said, this is a time for everyone involved. Let's not miss this opportunity. Because the stock market right now is the hope of the...
• 1:00:31
  ordinary man. Unfortunately, I don't know how many, again, I don't know how many people are involved in the stock market. I don't have the true statistics because it's always something different. SEC would have been the best avenue for us to get those figures, but they are more interested in promoting T plus one. Even with the T plus one, the bank can create a problem for you.
• 1:01:13
  No network. So T plus one wasn't really, T plus two wasn't really an issue. If the drivers of our market, even though we delude ourselves in saying we have more local participation, if we had more local participation and the participation of the foreign investors didn't mean anything, I don't know why we are having this discussion right now. I don't know why we should be discussing.
• 1:01:47
  The letter from FTSE Russell, if they didn't mean anything in the market, because some people are making it look like, after all, we are more in the market. Move the markets. The chief industrialist of Africa did IPO in dollars, not in Naira. I was going through the books of some of his companies. Somebody wants to be the chief industrialist of Nigeria.
• 1:02:25
  Go and check how much he's donating to educational institutions. Go and check. How many industries have grown, have been produced from Dangote? Like, do we have another, do we have a spin-off? Do we have, like, an individual? Do we have, like, a company? Do we have, like, people who say, you know what, this was from my mentor, Dangote. I learned from him.
• 1:03:04
  Based on what I learned from him, that's what has given birth to this. We have advocated for calls. All companies should be doing calls so that at least they can communicate what they want to do. Do four calls in a year. First quarter, second quarter, third quarter, and final year. Year-end call. So that we know where the company is going. Don't let us be putting things together.
• 1:03:59
  Again, I repeat, if Nigeria companies cannot tell their own stories, influencers will tell the stories for them. Because if you have nothing to hide, if you are doing very well, if you are a business that is restructuring, I think it's just important that your shareholders, your investors know what is going on.
• 1:04:44
  Keeping everybody in the dark and making people make wide guesses. I give the mic to Senko. Senko, just give me five minutes. Let me run through some of the questions here and then you can take over. So I don't want to lose track of the questions. And it will also help for those who will be listening to the audio version. The audio version will go up as soon as we are done and it will be up on Spotify.
• 1:05:20
  um and other platforms so there's a question on um on the champion breweries and japan gold i don't follow japan goats i don't know what's happening with that company uh for champion breweries i mean maybe senko will give me ta side of things but for me fundamental basis champion breeze is currently is probably the most uh expensive uh
• 1:05:51
  brewer at the moment let me see if i can pull out yeah on champions on champions brewery okay uh you know we we did everything possible to they were on the verge of coming to to the space with us uh but again last minute they decided to pull out that was uh prior to consummation of the bullet
• 1:06:21
  acquisition. And there have been some new appointments. Like, anytime a company is making new appointments, I'm always very, very particular. Because I go and read about who they are appointing and stuff like that. And if you know the track history of the man behind
• 1:06:52
  champions brewery right now uh you will know that that's somebody who knows our market very very well um yes everything is looking like expensive right now but again we are yet to see the synergy uh between uh for its acquisition of bullet and this picture will become clearer quarter by quarter for those
• 1:07:23
  Companies that just made acquisition are probably looking up to like maybe a year to see full synergy. But again, put into consideration, now we are coming to that period. We have food, FMCGs. We start to dominate the space. Election is coming, okay? They'll pay a lot of food and alcohol.
• 1:07:55
  There will be other shared, distributed, and all that stuff. So sometimes put that at the back of your mind when you are making those investments. So even though the numbers might not look attractive as they are right now, be rest assured that once you start seeing the synergy of the bullet transactions,
• 1:08:24
  those numbers will begin to make sense. And it's not going to be rapid. It's going to be step by step by step because there are certain things, and this is where these companies, I always tell them, come out and tell your stories. Come out and tell your story. If you know Eric Idiahi, you will know he's somebody who never misses. Eric Idiahi does not miss with his investments.
• 1:08:56
  So the price has gone below the public offer and right offer price. And he knows that. He's made some new appointments. Things are happening in the background. So again, you are buying into a company that was a local player transforming into a West African or African player right now.
• 1:09:28
  You have not seen what that synergy is going to bring yet. I will ask you, be patient. Be very, very patient. This is no time to be rushed. For all we care now, maybe sales, maybe their production for up to December is completely bought out by now because of the period we are entering, the election period.
• 1:10:04
  the Christmas period, the 13 December period. These are the times those breweries, those food and all that, they make money. So be patient. And you know, if you have not made your orders, if political parties have not booked their orders now, you won't get, you're not going to get anything. They will tell you their production is bought up to December of 2026. So sometimes too,
• 1:10:36
  You have to be street smart to survive in the market. Don't get carried away by the price you are seeing, you know, which is what a lot of people do. Look at the company. Look at the people behind the company. Look at what is going on with the company. They just finished the acquisition of a bullet transaction.
• 1:11:05
  We are only guessing how much we think they paid. We should not be guessing. A proper company will come, make those disclosures to its investors, tell them this is the timeline, so-so time, so-so time. By this time, you'll be seeing full synergy. And that time, your company has gone like 10 times what it used to be. Because if you are looking at it from the way it is right now, just because you are not seeing the bottom line, all you are seeing is the expenses.
• 1:11:36
  or the expenses they've spent in making the acquisition. The acquisition has not worked yet. So those numbers might not give you the true picture. So it might look the most expensive, as it is right now, but you have to trust the process sometimes. I shouldn't be doing this for them. I don't really know why I'm doing this for them. It's just because I understand what measures...
• 1:12:06
  what measures and acquisitions are. And I know every company is not going to be like UAC. If there's one company that have the most competent, the highest caliber quality staff in the whole of Nigeria, you see UAC, you see Seplat, you see Aradel, top, top, top. Cream de la cream.
• 1:12:42
  Those are the top most people. These are like, you know, you're looking for people who know what you're doing. Those are the places you go to find them. And those are the kind of people you can give your money and you say, you know what? I'll give you time to do whatever you want to do with it. Does it not, does it not, does it not baffle you that despite all that Chivita acquisition, when Fola...
• 1:13:15
  the CEO of UAC went to the NGX and somebody was asking, are they going to raise money? Just like Shagwa Akbaje will tell you. He told, Folas told them, no, I'm not raising any money. We don't have the need to raise any money. If ever that time comes, we'll let investors know. How many shares do, how many shares was the OS of UAC?
• 1:13:46
  Less than 3 billion. Less than 3 billion. Did the acquisition. They've structured stuff. If you're not into real financing, you won't understand some of those days they did. Did some in dollars, did some in naira. You know, taking into cognizance what can happen in case of fluctuation and stuff like that. Crystallize some shares. So even of the 2.9 billion shares, not all of them is available for sale.
• 1:14:24
  No dilution after the acquisition. You people will see madness when the time comes. Are we going to start talking about UACN again? No, we are not. Because we've already talked about it. Those are not the stocks we talk about. We are always looking for stocks that would actually create value for people. So if I say go and buy UACN now, well, depending on how deep your pocket is.
• 1:14:56
  Ask yourself, how many UACN can you buy effectively? How many? So these are the issues. As for Japal Gold, Japal Gold raised money. So it was a year and a half ago. They are going into a terrain that I'm looking at what they have. I don't know how much they can do. I would not, I would not, rather than put my money in a mining company.
• 1:15:42
  I will put my money in a company that finances mining as the risk is less. So a company who is financing Japan gold now, you say, okay, we've seen gold in Ogun State. We want to go and explore. Then they ask you to bring studies, geological studies. Why do you think there's gold there and all that and all that? You bring your studies and all that. And then based on that, the bank will call...
• 1:16:22
  their own advisors, call professionals and ask, what is the chance of these things happening? And based on the chance, that will determine the rate they will give you financially to go and prosecute that project. These are very, very expensive projects. As a matter of fact, most companies involved in mining always have foreign affiliates. So they have a major investor, a major...
• 1:16:59
  investor who represents the interests of a foreign mining company who will take charge because there are a lot of mining companies in Ghana and that's what they do. They will take charge of these mining operations for the locals because the locals are still relatively new to the mining world. These people
• 1:17:28
  That's what they do for a living. And in the process too, because they're already establishing whatever parts of the world they are based, their headquarters is based, they bring some finance into it. So that if they miss, well, because most of the money is coming from the affiliated foreign company, they take...
• 1:18:02
  take it up in their chain, and go and look for the next place to explore. But I'm looking at Jaipur. I'm looking at the people who make up Jaipur. Anytime you hear that name, Paul Jagade, anytime you hear the name Wale Tinibu, my friend, if you are in Nigeria investment market, we only have one advice for you. Run. Some of these companies are still existing today because of nepotism. If you change...
• 1:18:52
  The management of some of these companies right now, they will turn around. Because I just don't understand how a company, an oil exploration company, that was able to take over the operations of Eni, Ajib, before they even thought about buying Eni. CEPLA has been on mobile. Oando's deal was approved even before CEPLA's deal.
• 1:19:39
  Clear case of nepotism. It's not to be making audacious statements. Show walking. Zero. So, again, you look at Jaipur. You look at Paul. He's still on that board. I don't know. I don't know if any good can come out from it. Mining is a very expensive venture. It's very, very expensive. They can go and do one mining now. All the money they put there.
• 1:20:21
  Nothing comes out of zero. To tell you the good is not of commercial quality. We can't do anything with it because we are taking the risk directly. But for a mining financing company, they give you the loan. They give you the money. If you hit, you will give them equity as part of your hit. If you don't hit, you will still pay the money. And now everybody is talking about mining. All of a sudden, we are hearing we have mining companies in Nigeria.
• 1:21:03
  I said this before, all this fighting you are thinking is just bandits, terrorists, driving a whole village away. There's more to it than meets the eye. When the World Bank is saying that we have spent money we did not budget for and people are defending another, they see everything, they know what's going on. You can come and lie to us and defend the government with all you want to do and describe us as not.
• 1:21:41
  In the know, we don't know what's going on. But there are people who know these things. There are people who cut out minerals from this country every evening, escorted by armed forces. So as for Japan, I don't know, my friend. Just because, again, the business is very, very expensive, you can put all the money there and lose everything. I don't know.
• 1:22:24
  I will wait for Jaipur to discover something first before I invest in it. Let me put it that way. Don't get carried away by Jaipur gold and all that. When you transition from maritime business to gold mining and all that, what did you do to sensitize your investors about the restructuring, the transitioning? What did you do? You see where communication comes in again?
• 1:23:05
  When tantalizers, when they were transitioning from a quick service restaurant to blue economy, to fisheries, to entertainment, they went to the NGS and they informed the public. Did they not? For those who want to laugh, for those who do not see beyond now. And I've told people, my business is not to be right. If we know this, I could still be wrong. But at least I'm working.
• 1:23:41
  on information. We are working on information. We sent people to go and do investigation on the trawlers that came from the United States. We've seen a situation where a company has taken a stake in the entertainment business. So from a quick service restaurant like Domino's, you have transitioned into an entertainment company, buying studios, getting some of the best cinematographers.
• 1:24:15
  I'm a film producer in Nigeria. Starting up a game show, getting trollers, but you are there fixated on the prize now because you expect it to just flip around. We go out of our way. Do this due diligence. Then you come and say, I don't have Tantalizer in my portfolio. I don't have Linkasher in my portfolio. I don't have...
• 1:24:58
  Regalins in my portfolio. Fola Adiola is a major shareholder in Linkashore. Idiot. You think you know better than him? You think you know better than Fola Adiola? At the end of the day, we just do this. And no matter what you do, we are never going to stop. And I know it's difficult for people to comprehend how people do this selflessly. We are wired differently. We are different.
• 1:25:56
  At the end of the day, how much money do you even need in this life? So not every motivation is driven by money. Because when people lie, when people lie about what they want to achieve, you can see it easily. I want to industrialize Africa. Fine. Your donations to school, 1.5 billion, 1.5 million naira. That's how you want to industrialize Africa. I want to democratize wealth. See how easy it was for...
• 1:26:34
  a foreigner to come and interview you. If we had a Nigerian version of that person now, they would kick him out. I've never seen rich people who want to democratize wealth. They don't. If you want to democratize wealth, explain to the world why you listed, during the divestment of UBA, you listed African UB capital on the NGS.
• 1:27:14
  And you took AfriLand to NASD. Tell them why you did that. I know why. And don't let me say it. People are happy. You released a stinker of a result. People kept asking, explain, explain. The people were just dancing around the bush. I saw one interview yesterday that featured Arnold and Hugo Dre of Drinks and Mics and Nanometrics.
• 1:28:01
  Arnold Tu is a regular crew of the Naramestric team on Arise. Shout out to Folake. She has the best business show in the whole of Africa. I'm saying it with my full chest. If you have not seen it, go and look for it. We were discussing this T plus one. Folake is the number one anchor of what a business show should be.
• 1:28:38
  It's so smooth. Like, you know, this person knows what she's talking about. Not regimented interviews. You watch some shows. There's nothing to take away from it. And they broke it down very, very well. They broke down T plus one, the implication for the market.
• 1:29:04
  What's the solution and all that. And they just brought everything together. You listen to people like that, you get better, you get wiser, you get ideas. And then you go and read further to see if there's anything that you can add to what you have just watched. So with investments, there are a lot of things involved. It's not just what you see on the paper. No.
• 1:29:39
  I asked this question before. There's nothing that stops you from calling a company you want to invest in. Can I speak with investors' relations, please? Okay, I'm looking at investing in your company. I'm seeing this, I'm seeing this. Is there any way you can explain this? We have all the social media platforms that are available, and no company has deemed it necessary. I've taken it as a matter of urgency. You know what? Every month, I must have an audience with my eye.
• 1:30:16
  investors. See, I'm trying to explain measure and acquisition and how much time it takes for it to see the benefit for Champions Brewery. Who could have done this on their own? I trust the people who run the company. And once they hit that critical point where the efficiency has reached the peak point, it just continues to grow from there. Go and check.
• 1:31:01
  The history of Monster, Monster Energy Drink. Go and check the ticker symbol. Go and check how much percentage Monster has done from its inception to date. Mad returns. So sometimes you need to be patient about this stuff. Anybody who's buying Champions Breweries now, let us see. I always say this, let us see. Let's compare notes in five to ten years.
• 1:31:39
  God keeping us alive. So it's not something you'll be regretting buying. For those who are, if you are not an ethical investor, if you want to expose yourself to the breweries, it's not something you'll regret buying. So relax. Onome, is there any more questions on the questions and answer questions side?
• 1:32:09
  There are a few more questions, but I think since it's almost nine, we'll just let Senko run for the next... Sorry, I just forgot. Anyways, this was going to run longer than this, but I know Nigerians, we all love football. Like me, I've told people my dream is to be going to watch his life. Not watching from my TV screen, but we respect that. Sorry, I almost forgot. Senko.
• 1:32:43
  Can everybody hear me? Yes, we can. I won't take too much time. I'll just maybe try and see if I can wrap up my submission before maybe before 9.15. Charles has said everything. First of all, we don't do these kind of things to just come and drink tea and we go home.
• 1:33:11
  um i wanted to touch on i'll touch on this um for instance or for those guys that always try to quote people um not even actually do their own work or even think that they can actually uh be this kind of person or be this kind of uh be independent that's the right word and for this community the critical circle community
• 1:33:39
  we why we do this every day is not just to be financially free to teach people to be financially free also to teach people to think independently and you hear just always complete about you know critical reasoning of so many nigerians um you know when you have a conversation with two persons or two more persons um uh you it's you get um worried you know and um
• 1:34:08
  these days you you ask yourself if actually people really actually went to school and every other thing but again i'm not training that's anybody um the goal here is why do we know all these things if i ask on a man and i ask charles uh charles did you definitely if there's if there's a serious um interview okay you want to prepare for it this day we don't read anything why because we understand why how this market works
• 1:34:38
  and i've asked charles now if he read charles did you read anything before coming to this live um youtube live the answer is no if i actually made the same thing why because again we keep doing these things every day effortlessly and if you are
• 1:35:00
  that kind of person that you know you want to quote somebody's i've never seen you your own analysis never seen anything but you want to prove people wrong we're not in this place to come and prove anybody wrong we are just here to just you know um pass our message and also impact on people's life and if you are such person that you always quote people not actually do your own due diligence
• 1:35:29
  and you don't even believe that's what we call low self-esteem and we want to take that off i want people to cook um to you know uh come up talk to us let's have a quality conversation and it's okay for you to disagree you don't have to agree with whatever um each of the even charles sometimes when we even have our personal call uh with onome and every other person i mean i'm sure i just sometimes doesn't agree ornamental doesn't agree we look but
• 1:35:58
  respectfully and everybody pass on that message which takes me to the ngx like i said whatever data that the angels always share you know regarding um diaspora amazing regarding the domestic um guys you know um in the market the answer is you have seen the answer november is an example then again
• 1:36:28
  we're seeing uh this um this um um was running um june 20 20 26. yes in in two months the market has lost about um over 11 trillion naira do you know what 11 trillion era is just losing it like out i saw somebody on the whatsapp forum said oh it was people lost no it's not people lost actual money left on the market
• 1:36:58
  actual money left the market and that money again you could see how there was pressure over the past two few i mean few days some pressure on the dollar right so definitely that money was being converted into dollar naira that's on the parallel market we're seeing um depreciating in value and i always tell people that this um doc um ngs data that they tell us oh it's largely dominated by the
• 1:37:30
  market i mean by the domestic guys there is false because that i thought data is flawed because ngs cannot tell me that there are many of the aspirants just as chance was mentioned rightly measured that they use the fintech apps to convert their money into uh into naira from pounds into naira from so will i call them local the answer is no i can't call them local they are part of the foreign guys
• 1:37:59
  because it is what money coming into the economy so how do you track that and you track that then you now look at the smaller part of the foreign institution even when you say oh they are small of course i agree with you but you cannot take out the quantum of just imagine somebody bringing in 10 million dollars to just buy a stock you like with your exchange rate and everything these things are cheaper for these guys
• 1:38:29
  they do not have to spend too much money before they um before they make some good money off our market just shows you how our market is very cheap and i start hearing people talk about um you know um ignorant people talking about oh people are looking at the market like as if it is a ponzi scheme no because you you were made to believe that the market is supposed to be depressed and god um maybe because of our warriors maybe
• 1:39:00
  turn your brain to make sure that our market cannot survive and you should wake up from your slumber because in 2014 to 2008 we've not got into those levels even 2018 we've not got into 2018 levels i can show you on the chat it's just because you are ignorant and i'm sorry because you just believe that the market is oh the market is um is um you have not seen that kind of run
• 1:39:30
  oh the market's not supposed to no the naira if you look at the naira in in dollar term that these things are still cheap they're still cheap at the end of the day today on the telegram session i told them i will look at the document that uh the cis wrote did them the article and i was like what were you saying they were just rambling i was disappointed because this is a credible
• 1:40:06
  um institution for professionals that take their exams and don't have that and listen again yeah but they didn't uh they didn't do anything or they didn't say anything to solve the actual problem instead they were just um advocating um that oh this is a very good uh move
• 1:40:33
  um they if you look at pakistan no the question is not about pakistan how is it going to help how is it favorable to the foreign guys and if this verdict comes i don't want to scare people but if this verdict comes back i'm going to blame the cscs sec and the ngx i will have an emergency space because we are still under the unclassified market and you're not telling these guys again um they don't include us in this frontier index because again
• 1:41:04
  and we expect that we should be seeing some kind of movement we don't have i'm not saying come to the tv and tell us oh well no no no no we need to see some positivity and you see the ngs chairman is docile he's not saying anything he's not saying anything i don't want that kind of ngs charmada i mean the ngs um md or whatever the head of the end he knows himself i don't want to call anybody's name on this life at the end of the day we are begging you to say something
• 1:41:40
  anyways like i've said all of we've said there are two things two things like i said two things or two to three things affecting the markets especially the liquidity and liquidity is very important t plus one sometimes i see that in us um i think we're setting ourselves up you said today yeah somebody's already rejoined that money imagine um an institution that doesn't need them something and suppose they run and they'll say oh let me capitalize on this
• 1:42:12
  make some about uh uh maybe 500 million or 300 million now and instantly they saw themselves they booked their profits instantly you know for their proof i say i'm just thinking about many things because i'm in the industry and how this thing is not might not just might not just be sweet he started you are selling the following day the money is uh after one of the money is landing into your distance you don't have to buy again they've met their targets
• 1:42:43
  Let me not say some things on this thing. I don't trust us. I don't trust this T plus one, especially for fund managers and all these things. I don't trust that T plus one. And I don't know. Anyways, again, let me not say, I don't want to hold the mic for too long. I just, I don't want to show, I don't want to, I would have just shared my screen.
• 1:43:24
  um and we'll discuss about that bob um circle i think you can actually share your screen now i mean even if it's the next 15 20 minutes saying that let me look for how to i can't remember what we did yesterday i think you added the screen okay yeah and i think this face can go on longer than can go longer than people
• 1:43:58
  No, I think it's Brazil and Norway that is playing right now. So I think the match we really want to see is England and Mexico. I think that's around three hours from now. So yeah, I think we can continue. Okay, so we've run for one hour and 44 minutes. So I guess we can run for another one hour.
• 1:44:24
  Yeah, something like that. I think, anyway, again, they are listening. They can be listening and watching their match. I don't see anything like that affects their life. Anybody wants to, they can at least come back to listen. Yeah, that's fine, baby. Okay, Circus, I see you've shared your screen. I will add it to the stage now so it's visible. Yeah, it's visible now. Okay, let's go back and let's start with the ASI.
• 1:44:53
  and i keep on telling people these things and um like i've said i've already said the markets we expected this correction go and listen to all our species because again you see some people they are coming to the space to come and you know say one or two things that i don't understand so we said this around april may that we expected pullback
• 1:45:21
  And if you remember, if you look at the ASR, if you go to my X timeline to check my list, I already said that the ASR was already consolidating around the 250,000 and the weakness was showing distribution. And all of a sudden, we got a breakdown. And I said, and I recall in my analysis, before this thing played out to 239 and by almost at 223,000, I said, there are two levels I'm watching. This,
• 1:45:51
  239 000 um i expect a bounce from there oh we tried um the as i tried to recover then again we got a very a dead cat bounce and we came back to almost 223 000. now what do i expect for the inside to do for now all i expect is um i don't expect too much volatility on our though i don't expect um those crazy sales that i mean we saw
• 1:46:22
  you again for those that want to read the detailed analysis and i said it um could have been managed properly if um had a good market maker i don't think um there was um could have been managed properly i would have seen that kind of um you know would have seen a good absorption from um the mm but we didn't see that um again you can't hold um insiders um that have been locked up for over six months
• 1:46:50
  um not to sell but again this shows again largely shows how inefficient our market is in terms of liquidity and so when i see people just talking about liquidity and ask ask questions do you know what liquidity is do you know what um how uh markets you know have been run and every other thing so again like i said again yesterday's space i said the moment where we are going to have a dead car bounce is when we break this zone
• 1:47:18
  we gave we make this zone and i know that it's over uh we are coming back to the two hundred and two thousand to two hundred and four thousand um region and uh at the end of the year so this is what we um i'm looking at for the market but for now all i want to do is for market to consolidate
• 1:47:46
  for a while the asi consolidates um now that um results will be coming out for companies um asr consolidates i'm not expecting too much uh movement maybe tomorrow we might just be seeing some good bounces are across um some key companies um that have held um very well um before but i'm not looking at some asi running riots to 239 000 like that even if we're even going to run riots to 29 000 i expect a rejection
• 1:48:16
  uh because now this place is now a resistance zone and it will take a lot for us to break that zone and continue um so the upward trajectory but also again we should put in the back of our mind that um 50 i mean um in august we'll know the the real issue um if we're going to be added to the index or we're going to be removed from the index also
• 1:48:49
  um also um the other one is um the ipo again which again for another man which is not going to be good and at the end of the day uh i expect another movement no matter what we say here i still know that some people here even that as they are on this life they're already looking for what to say to go and partake in the dango taste ipo i wish you guys luck uh i know some people don't listen so
• 1:49:19
  the end of the day yeah so as the case may be um the asi for now i don't expect some cool off anything again the only caveat here is ethel coming to come and do another thing and me i'm not looking at ether as um a main um a male catalyst uh if ethel comes um does another 10 you know that is a buyback so discount it from the asr because that's not what uh
• 1:49:50
  i'm not going to be so because i know some people will say no no no no no discount it so except we start seeing um fresh funds coming into the market for now we've not seen that for now uh we are still on saturdays in the market and for now we don't have to watch and you know continue to observe what uh the market is saying okay um for now oh what am i also watching well index
• 1:50:20
  i'm not going to talk about um any well am i watching um let's look at um the i'll be looking at the banking index first of all i'll look at banking index up so i was explaining something for now the banking index must not lose this zone they lose this zone we come back to the 1875.7 point um what do i expect now again there's also uncertainty
• 1:50:48
  around the banking stocks and we have started seeing some people saying that they want to pay dividends these gimmicks i think we should even have a space where we have to call the cbn um all regulatory parties i mean all all regulatory um uh organization that isn't fair for companies to be you know playing using um some kind of words to play with um
• 1:51:16
  infecting with investors or shareholders like playing on their intelligence and is it nice um for them to do such thing um so we need to hear from the regulators because when you say oh want to pay a dividend means that's 95 there's a possibility that oh you might be paying dividend and at the end of the day when you now release that result uh and the regulator
• 1:51:44
  the apex regulator does not allow you to pay that dividend that is then you have deceived the market you've lied to your investors because again integrity should be number one and two banks have lied or they've they've lied or two lies to their investors and they have used the cbn name to lie they said the cbn did not allow them to pay dividend cbn come out and tell us if these guys used your name to lie if they use your name to live
• 1:52:16
  please punish them give them serious penalties that they can pay so that it will be to serve as a what it tells that anybody that come to the space to use us to lie or to just try to score points for from investors this is the punishment that you that you get so again in the banking space there are two things and i've if you uh if you missed our
• 1:52:45
  framework i mean sorry our space where i spoke about the um hood cool regulatory framework um this is one of the um major thing in the old core regulatory framework so please go back to that space and listen to that space so um the cbn needs to come out and tell us what do you expect for these guys that actually um have a hood cool or they run the old construction i mean
• 1:53:16
  they're on a um structure tell us what um they should expect and all those things like that um we are seeing that in the bags um also again also again we need to also again we need to also um how can i put it again also also again we need to also watch the space the banking space is very important as for zenith gtq there have been some good records for zenith and gtq
• 1:53:53
  and these are the only two banks credible and with my bank uh these are only three banks that i can uh you know buy um for short term gains and again anything we say here is not a financial advice any other bank i'm not going to talk about them because they have a lot of controversies around those banks and um a lot of people um do not agree with me yeah i don't care if you agree with me or not uh regarding the remaining two banks but the major banks
• 1:54:22
  zenith ladies and gentlemen zenith is trading at the cheaper valuation gt because at the point of time then it was trading at a very cheaper um um evaluation now gt go to trading at 121 um once when closer to 120 psychological zone and i'm also looking at the 103 um levels uh for as you can see on my chart um for for the for for gt
• 1:54:52
  um this was when they hit a new all-time high in 2025 august 2075 this was the um way there was a liquidity grab here so it's looking like um they might lose this um zone the 120 psychological level and this region would have it would just be good when the market starts cleaning up um market cleaned up this um liquidity so we just see something like this
• 1:55:22
  something like this something like this like something like this then something like this pick up and maybe a v-shape a v-shape recovers this then something like that but that's just what i want to see uh gt code do um critical trade um again trading at 120 cheap um if anything around the sub 120 region um this
• 1:55:51
  gap needs to be cleaned up and it will be nice to see gtco there there's no if i see gtco at these levels i don't care even if it drops below 100 now but gtco are trading at this region will be a very nice um place so um so you know enjoy um moving away from the bank um i just i'm not going to talk about yes ins i've flogged it to um too much um
• 1:56:22
  i flogged it so much so for any science go and listen to us um like that now let's see um the only thing that i'm just gonna i'm not gonna talk about oil and gas i talk about um look at wapku i mean industrial so they look and um dangote cement something um good happening for um dangote of cement
• 1:56:52
  again if you look at my analysis please go and read some of i wrote about the blue chip stocks um just based on technicals i saw some people asking about why did i talk about fundamentals on a mess covering the fundamental aspect so follow on a man on his ex and do follow him on the especially for the youtube um youtube is where you get premium content on those companies so if my boss is already doing the fundamentals why should i be flogging that
• 1:57:21
  so well i covered the macro aspects too and there was no point for me to be covering any macro for rdi i only just wanted to stick to the technicals and talk about what the technicals is actually saying hey uh i well i don't see what could again what could come into these levels to trade these levels um i know i was gonna look for all the dry powder and powder in this world um but but like i said rocko is already trading our first level
• 1:57:51
  um for paco to fall for that uh which uh again i um i don't see happening but against the markets anything kind of amazing is possible you know market falling you know back to this like market dropping 25 or 26 percent uh um to this there doesn't like mean that something terrible is happening so but uh
• 1:58:21
  for wapco but i expect some like a recovery back to this back to this zone and anything is it will be a glorious opportunity for me to buy to beat this um for me to just beat i am at these levels uh but for now marco is trading out uh a cheaper validation and every other thing so for waku then go to dangote cement sorry guys can everybody hear me how the clear
• 1:58:56
  so for dangote cement so so the board on friday approved um that dangote cement i mean they can start they've approved the listing um the process of listing on um the london stock exchange which is good and the cement is 25 down again same pattern with um with um harado um
• 1:59:21
  that i've got a cement now for me it's already cheap like we've closed this gap that was created in april 2026 and we're back to this zone what do i expect i want to say that we hold this level uh failure to hold this level means that we'll come back to the 2024 all-time all-time i mean yearly eye which again gives another good um incredible position and don't forget to get that um it's already um jp morgan was already appointed for the transaction for the listing
• 1:59:51
  uh what do you think what do you expect dango will be selling um at a good um definitely they are working with the big the big 10 banks so they want to sell um price dango at a very good um um premium when they are listing on the london stock exchange they are not going to they are not begging so they want to sell the world they want to sell that maybe again maybe a 2x valuation um it does depend on what um
• 2:00:16
  that's if again pending the lac why i said i expect lsc to approve the listing and maybe we might just be seeing dango this immense trade on the london stock exchange from september a lot is going on with dango from the refinery to the cms immense from cements to sugar everything does all one man and he's going in hard um i've not seen dango they play this way um before uh we hit don't forget our target was one thousand and dango tasty blessed us again too
• 2:00:46
  uh 1189 i mean we hit 1189 whole time i i'm back with it now down down by 25 percent this zone has been cleaned up i mean the gap has been filled that was on friday and that was the cement again at 763 and this region still cheap you asked me and i got this immense trading at this goal i want to expect that maybe consolidation around these levels
• 2:01:16
  wave and if it's certain when we start seeing um price start moving reversing back and breaking this ram resistance i mean this psychological resistance level there will should be seen uh that we should be certain that um the listing might might be approved that's only one way to check this thing so moving from that we flog the mcl
• 2:01:44
  if you miss the mcn arbitrage then i'm sorry for you but again if you look at this volume nodes last three weeks 32 million traders 33 million i mean roughly 33 million last two weeks 38 million last week 27 million as an average of um if i do that that's an average of 30 million units traded which again let me say it again which was dominated by the bias even despite mcn
• 2:02:14
  opening a gap down that was last week we opened a gap down a nine percent gap down um i mean ten percent gap down i came back you could see the mtn has respected all key levels even if mtn is even coming back to this 3650 which i doubt but anything again can happen in the market we'll come back to 650 psychological support level i mean psychological um level i still expect that these buyers will still dominate um mtn
• 2:02:43
  And I said again, in one of my ASI analysis, I said, the only person, the only MTN can be the, might be the major catalyst that will drive the market. And I still stand by my words by saying that. And all of a sudden, again, something that is just coming in my head, that you just see that the, we just hear an announcement that, oh, they've met with the FITC and FITC is happy and positive.
• 2:03:11
  about all these things and you start seeing my carry pricing and everything start going up again but in all we don't we are not waiting for that as long as the fundamentals of these companies are strong as long as the macros are said that there's no problem for now even though we are moving into the election uh period uh i don't see why should you panic why are you panicking why are you panicking why because
• 2:03:46
  you can you can sell as long as everything is fine again i don't know what to say why are you panicking the other thing that is beyond our control like the cgt was beyond our control you can't expect our market you can't tell how the market will react to what kind of news is it that it's favorable to you or you take your money elsewhere you're looking at uh again you're looking at safety nets
• 2:04:27
  and looking at uh your margin of safety where should i can can i take my capital elsewhere so these are questions that are investors so and there's no hard feeling and if you're not start praying to god there's no god in the markets when you start praying to god does exist this is just it's just simple thing is we are playing with a machine and a human being so like i said again i'm not going to flock this thing again
• 2:04:59
  no i'm and i'm not going to talk about any mid-cap stuff before they think that again i'm not we're not we don't we're not influencers we only speak to what the market is saying and i spoke about the initiates remember so i'll just add this and then i'll drop my and i'll um stop i will just hand over to listen and i explained as that there was a um
• 2:05:28
  if you look at my initiate analysis i said anama that was formed 49 million 31 310 000 units were traded you don't see that uh and look at the way the mana at which um the initiates respected this zone and this stock is down from 42.3 down it was done before on friday by 50 like roughly 50 percent uh because of that reversal
• 2:05:57
  uh the stock is down by 39 and you can go to my timeline to check about to check if um to check the detail of that analysis so again if this does not tell you that something is viewing for the initiate then that could be wrong maybe again you can go again i'm telling you i refer you back again to the analysis go watch
• 2:06:33
  what i said i mean go listen to what i said so um what what what am i missing again what am i missing hopefully i expect the ngx to to be smart about this one bad policy okay that's what i want to say now let me wrap up my submission by saying something macros could be good companies who um could report the uh companies could report strong like
• 2:07:08
  strong numbers they could have strong earnings good valuation everything is fine but the all forces are conscious just one bad policy and i always tell people that nigeria is a volatile economy and this is an example of a volatile economy november one stupid um news everything went because of cgt uh confusion everybody was investors were confused we saw that um
• 2:07:37
  crazy sale of just one in one day five point something percent five point two percent down by the air side in one day then we saw another one again june june again and this is even worse than what happened in 2025 november so one bad policy takes everything back to zero i mean not zero takes everything bad and there are some persons that i don't know if they do it purposely
• 2:08:16
  that they just want to just test the fate of the market if if our market was largely driven by domestic participants we should not be having this kind of fall and i was just laughing at people that say i don't want to go back to everything that charles said i stand by it and he's correct i don't need to come and tell you the data i'm defaulting um they say i stopped doing that because you know when you do something for free for people you know you
• 2:08:47
  um you start seeing some people telling you quoting where they watch one this thing that's why i said be independent that is why we're trying to pass our message or try to tell people well try to make sure and teach people to be independent you can come up and argue um and bring your own case and everybody is happy your opinions are respected this is the only platform that all opinions are respected even when you say we are stupid i've seen so many people insult me in my
• 2:09:16
  on the conversation did i i don't care so the independence that's the message my message is to everybody here because at one point in time um yes we love the markets we might not be here forever so be independent that's why and i've been preaching this for the past six years
• 2:09:41
  i want everyone to know when you can analyze these things yourself when you can put these numbers yourself on our telegram we've done so even on the man has done videos he did a beginner series you can do this yourself so that you can have or you can make informed decision rather than depending on somebody's analysis again and for those that use maybe ai to analyze financials
• 2:10:13
  especially if you don't have strong hands in these things. And Onome has done that video. He has done videos of it. Please stop. Stop. I saw somebody using AI and the AI told him to go and buy a Gerigu. I'll talk about this AI investment that people are using. It will put many people in trouble. Anyways, ladies and gentlemen, thank you again for having me.
• 2:10:54
  um over to your name all right um so uh let's see i see i see a couple of questions i think i'll take the questions uh starting for the most recent so chiamaka dango this event closed at sub 900 close that it's 91. um so i don't know how how much lower below 900 you're looking at dango this event is at 891 um on friday
• 2:11:27
  So it goes flat at 891, I believe, on Friday. So it's already sold 900 share. WAPCO and delisting or not delisting. The thing about Chinese, they don't really talk much. But really, it would be a struggle for WAPCO to delist because delisting means they want to buy out.
• 2:11:56
  minority and yeah if you're going to do so with where wapu is trading wapu is trading at what around 290 or so you're going to buy people until looking at maybe 300 from the 500 i don't think you want to spend that money um so akin taiwo what uh i think senko myself was saying is the private placement that on good day refinery did was priced in usd the private placement
• 2:12:24
  was priced in usd and so people actually had to pay for that private placement um in usd now for the public offer is investor interest from outside the country so i don't know how the mechanics will be but if you have foreign investors interested in that public offer they would they they would i mean are they going to convert the usd to naira maybe
• 2:12:52
  if not we have to find some arrangement for them in any case um the initial plan i don't know if it's still holding is that refinery was supposed to have a dual listing across multiple exchanges so whether that is still the case or that will be the case um i don't uh know cbn forcing banks to localize data by 2027
• 2:13:18
  uh can local infrastructure handle it and with nitrous which nitrogen stocks will be the biggest i mean first is to just appreciate how that policy is going to be implemented because you know 2027 is just six seven months away for a lot of this data is kind of already localized you know so um there are already players that are involved in this space as well so you might not give
• 2:13:49
  that much of a bounce in any case uh the best party to ask this would be mt and nigeria and hl i'm not too sure when hl's next set of results will be released but i'm sure by the towards the end of the month mtl will drop h1 numbers and they'll do a call so people can always ask questions about that htel is same thing they'll give you advance notice about when they will do a call
• 2:14:20
  um we're going back to t plus two cost panic in the market no it's going to cause panic in the market it's not really a big deal um it will cause panic in the market so no that's that's unlikely to cause panic in any case what some people are positive is there should be a two train uh solution so you can send domestic investors t plus one for investors t plus two even though i'd argue that um
• 2:14:48
  that's it i couldn't but there are so many ways they can walk around at this um thoughts on appointment of shaking location the former ceo of women back as the chairman of uh charm sport uh will the connections be beneficial to charms i don't i don't see i mean first he's he's left um he's uh he's normal ceo of women bank um he's not a majority shareholder in women bank so
• 2:15:19
  really i don't see whatever relationship whatever relationship we have will probably be tech related relationship so i i mean it's early days yet let's see how it goes um another year or two we can see how it goes so that is for the questions i've seen so far i'm so i've answered all all the questions um from aig insights
• 2:15:50
  Are there any other questions? I've seen other questions, so did we call it a day in the absence of any other questions? I think I pretty much answered every question that came in. Yeah, I don't know. I think it's just maybe, I don't know, but we'll find a way to get more audience participation, you know, even if it's meaning.
• 2:16:23
  if we have to bring them to speak. We hope we have better luck next time with Twitter, because Twitter was acting up today. I see all the fears with HBM. Just be rest assured that nothing of such is happening in the immediate future.
• 2:16:53
  And it's not something that is going to pass easily. So I see a lot of people expressing fears about HBM delisting. That's not happening anytime soon. And like, I don't know if it's on Omer or somebody who said one of the board members or one of the executives was buying shares for a company that is delisting. The chief executive would not be buying shares.
• 2:17:23
  on the floor. The appointment of that gentleman with my bank, he has other companies he's running. And if you ask me, I think, given the tracks records of the companies, he's also part of, you know, I don't see anything special. I'm still trying to find out more about him. But I just think the charm story is one story we really need to hear.
• 2:17:53
  I'm happy the former founder is gone because he had a reputation in the market, which a lot of people didn't like. And yeah, I think he's out of the way now. We need to see some young, dynamic people run that company. I think it's one company that really, really needs to tell a story. To think Trump's have...
• 2:18:20
  Like seven, Charms has like seven subsidiaries and we don't even know much about them. It's just crazy. If they tell their story properly, then we'll have a better violation of the company as it is. But right now, they need to come out and tell their story.
• 2:18:46
  Their PRO, their communication department, they need to do better. We've noticed something. There's been a lot of movement on the equity. And that's the only way what we see on usual volume in an equity. We know something is happening there. But whatever the story is, we don't know. We know they were supposed to launch their new card center, which was postponed.
• 2:19:16
  They should be playing a very integral part in the Nigerian elections by way of the technology they will provide. But again, we don't know, you know, like for a proactive company, these are the kind of information they should be letting their shareholders know to let them know that the money that was raised from the right issue is being put into proper utilization. But we always...
• 2:19:44
  It looks like we're always forcing these companies to come and present themselves. And the NGS does not need to revert to T plus two. Leave it the way it is and look at people who have done it before and see what they did. They are setting stocks.
• 2:20:18
  foreign investors will never touch. You can leave those stocks at T plus one. After all, it's the same market that will have different rules for price movement. So these rules and regulations can live side by side. Give the foreign investors enough time to adjust to maybe the T plus one. Give them like a one year.
• 2:20:45
  to a two-year window to adjust to that. And after that, they would have gotten used to it. And by the time T plus one takes off effectively, then there shouldn't be any issue. And going forward, let's just form the habit of doing proper consultation. Like I said, I hope we learn. But I don't know whether we are a people who learn from history.
• 2:21:16
  CGT was just around the corner and we didn't score anything with CGT. To think the NGX allowed, couldn't put any kind of resistance to the 25% tax being imposed on the NGX is such a shame. It's such a big shame. Again and again.
• 2:21:39
  Based on all that is happening, if you want to really make Nigeria a very attractive destination center for investors, you can always revisit it. You can always rewrite this stuff. It's just that we spend way more than we get. We have to curb our spending habits.
• 2:22:05
  That should send a clear message to government to cut off all unnecessary spending, cut off all unnecessary agency. But I know I'm just talking to myself here because I know that will never happen, not with the kind of government that we have right now. But I still think we have to make Nigeria as attractive as possible. You know, if people want to go and invest in South Africa.
• 2:22:32
  and they see how friendly our tax system is, they will professionally come here to invest. So we could always keep working on some of these policies to make them better. And let's hope that we have a better market at the end of the day. I don't see any more questions.
• 2:22:59
  Unfortunately, a couple of people are still waiting for their tip allocation. I am going to give April Registrar this one more week to clarify everything. If we are still getting complaints by the end of this week about non-allocation of shares that people...
• 2:23:29
  applied for, then I would start asking the management of APR Capital to come to the space to explain to people why anybody would want to partake in anything being done by APR Registrar and APR Stop Broking, whatever. Once they're an underwriter in any deal, why anybody would want to partake in it if they cannot fulfil their end of the bargain because it's becoming ridiculous.
• 2:23:57
  I think it's hard time. We need to start punishing some of these organizations for their misdeeds. Dangote Cement at 9.30, well, I mean, like, I don't see anything wrong with it. It's cheap. All the cement companies are cheap. Wapco is probably the cheapest. Dangote Cement has a lot going for him.
• 2:24:23
  going for it. The fact that they are going to list in London very soon is a big plus. For NACO, I don't know what more incentive you need to buy more NACO when some interested parties are locking around. You understand? I was making a statement about
• 2:24:50
  the one of the executive directors of first bam taking a position in naco as a non-executive director so keep an eye on that that's something that could run the dangote sugar refinery right offer is ended now let's see how long it takes them to credit the money and let's see if it was a successful offer even though we haven't had
• 2:25:20
  the results of the 9-8 Pharmaceutical Insurance and Sovereign Insurance raise yet. Those ones closed before Dangote. Link I saw came out last week to tell us about their allocations. But anyhow, I think whatever may have happened in the last week or in the last two weeks and maybe this week, I see it as an opportunity to load up on.
• 2:25:49
  on solid fundamental stocks. And yeah, I think at the end of the day, everybody will be fine. You just have to have a mindset, a long-term mindset for the market. Because if you're expecting to just begin to rip right away, that's not how the stock market works. I always ask people, let's compare notes in five to 10 years. You understand why I say that?
• 2:26:18
  the more you stay in the market. Because sometimes when I'm discussing with Onome, we're asking ourselves, we wish we had kept some of the stocks we bought long ago. I'm not sure we'll be holding spaces or discussing with you right now. Probably be sitting on the board of some of these companies. But, you know, we are young and immediately we get something, we flip. Immediately we get something, we flip. On the inside, we just wished we held.
• 2:26:46
  buy some good companies and hold and then see the power of compounding do its job for you. Anyways, it's been nice talking to everyone here and we hope that next week we'll have to do this on Twitter rather than YouTube. Those who haven't gotten tip, do they have their CS account to double check it?
• 2:27:17
  He says, what does he say? Hi, Charles. Those who haven't gotten their tip, do they have CSCS account to double check it? I don't know. Normally, if you have an online CSCS account, chances are they may have credited it to your CSCS account, but it's not reflecting yet in your broker's account. So you have to call your broker, tell them to update their account so that the latest accretion to your CSCS account.
• 2:27:47
  can be viewed or can be shown. Because once the allocation is done, it hits your CSCS account right away. But with the broker's account, it takes quite some time. You have to call them to do that. I don't know, Mr. Is this at Insight or whatever? Do you have an online CSCS account? And, you know, like,
• 2:28:21
  Have you written to APR Registrar? What have they said about your shares with TIP? How did you buy it? Did you buy from your broker or you bought directly? Was any of your money returned? If your money was not returned, chances are you have gotten your allocation. And I think what I've been hearing is...
• 2:28:52
  For those people that have issues, they've placed their shares in a special account, RIN account, pending when you do your KYC to clarify and all that stuff. But again, okay, no problem. We'll continue the YouTube. The YouTube live will continue to do it if that's what you want. Maybe one day of the week we do YouTube and the other day we do Twitter.
• 2:29:21
  But I don't know, Mr. Altinsight, do you have an online CSCS account? If you don't have an online CSCS account, then you won't be able to check whether it's been credited. But if you do have, and it has not been credited, I want to know what communications you would have made with your broker, with APR Registrar, how you bought, whether you bought directly or through the broker.
• 2:29:48
  And then if you bought through your broker, then your broker should be the one on their neck, making sure that your shares are being credited. So again, I've said it. This is the last week I'm giving to APR Registrar to fix their stuff. If by the end of this week, I still have stories of people who haven't received their...
• 2:30:18
  their tip allocation, then I'm going to be forced to start calling them out, you know, because it's getting ridiculous. It's getting ridiculous. Yeah, we'll be doing YouTube Live if you guys like YouTube Live. We'll continue to do YouTube Live because apparently it looks like it's something you want to do. Serko, is Onome here? I think Onome...
• 2:30:54
  I think on the matter of maybe network. Let me see. I think he sent a message on the group. Let me see. Okay. Mr. Pascal. Pascal Anya. If you have tip, hold your tip. Hold your tip dearly. Let your tip be your sepulchre. That's all I will say to you.
• 2:31:20
  As for Zichis, the way Zichis came into the NGS leaves a very bitter taste in the mouth of a lot of people. So it's not a company we follow. Right from the first day it entered the NGS till date, it's just been controversy upon controversy upon controversy. And we'd rather not deal with a company like that. If you're just coming to the NGS and you cannot come clean, then it becomes difficult.
• 2:31:49
  difficult for people to trust you. So they need to do a lot of PR. They need to come and talk to people, make people understand their journey and all that stuff. People are fascinated by the fact that it's an agric company. And so they look at Okomo and they look at the example. Okomo and they look at Presco and they think, oh, any agric company that is coming is going to be like Okomo and Presco.
• 2:32:19
  Well, not when you make an appearance like that. Just pull the wool over people's eyes. List by introduction. Your shirts are not available. You keep pushing the price over and over and over and over. And then you get suspended. You do one for one. Give 20 couple. And then the madness continues because people are believing in this hype and hope that...
• 2:32:44
  you might become the next Presco or Ocomo. I'm not saying it's a bad stock or a good stock, but they need to come clean. They need to talk to people more. People need to understand what they are doing. People need to know what happened, why they were suspended. Nobody has given us a clear-cut story of how they were suspended, but we know there were a lot of market manipulations going on with the stock and all that stuff. Yes, until they get that, because you don't come into...
• 2:33:13
  you don't come it's like coming to a new neighborhood and then you are doing things that people do not understand you know so people we tend to like avoid you like until they figure you out and maybe sometimes you have to go through the process of introducing yourself properly to to your to your neighborhood and tell them
• 2:33:35
  what you're all about before that trust can return. Like I said, we don't have enough information on the company. The company has not done much by itself to try and endear itself to the investing community. So we really don't know. We don't know. We don't know. We don't follow. We don't follow Zichis. Lagos State has issue with waste management. Lama is not doing enough. Okay, so.
• 2:34:05
  Well, TIP can be engaged, but you know what? The problem is, having spoken with the management of TIP a couple of times and all that, TIP is not that kind of a company that wants to do something half and half. So there are certain guarantees that must be provided when they are taking these jobs. It's not like a new government comes now and then everything changes about.
• 2:34:34
  about the contract and without telling you the contract was awarded from the other administration and all that stuff. So they do all this kind of due diligence before they engage into any kind of contract. And that is what has delayed them entering the public space. They are more in the industrial space right now, helping to clean up petrochemical.
• 2:34:58
  industries and related allied industries. They are venturing into the public space. They are trying to work with a couple of state governments. But the only time those days will work or those contracts will work is when there's a guarantee. You understand? It's not like...
• 2:35:22
  someone lives now and then the next governor is telling you, no, I didn't give the contract and I have my own company that I want to use for this contract. So that's where the challenges are with the initiates and public space. So when governance increase, when people prioritize certain things, when they stop politicizing certain things, then you will see...
• 2:35:48
  more of the initiative. And that's why we are very excited about their investment in Uganda. And if Dangote, he's done some jobs with Dangote, and hopefully if something comes out of that deal, the fact that you are in Uganda and then a refinery is being sited in Kenya, if they get that contract, then you are good for another...
• 2:36:18
  God knows how long. As long as Dangote Refinery is in existence, your business is as good as going on and stuff like that. I always tell people, you might look at Apple, the stock, and you think, yeah, they are doing very well. But there are companies that supply Apple components they use in making their phones and their computers. Those companies actually do much better than...
• 2:36:47
  apple itself so sometimes this servicing company to these major companies they do way much better than the companies they provide their services to so keep that at the back of your mind we have got some very capable people running the affairs of the initiate it's still a new companies
• 2:37:05
  It's still a new company, learning the ropes and all that, but they are learning very well and they have capable people giving them feedback, advising them on what to do and all that. The public offer wasn't something they had complete control of because they had people who were supposed to do this for them. And right from when the offer was going on to allotment, to allocation and all that stuff, a lot of things have gone wrong.
• 2:37:34
  At the end of the day, we'll need to find out where things went wrong. And like I said, we are giving the management of APR registrar up to the end of this week to resolve every issue. I think if by the end of this week, we are still having issues of people not being credited with their shares, we'll have no choice but to...
• 2:38:01
  invite them to come to our space. And again, inviting them to come to our space is not to castigate them, it's not to blame them and all that. We just need them to present their own side of the case as to why it's so difficult to just, you know, credit people their shares. Why it might look like
• 2:38:29
  A strange occurrence. I don't think it is, you know, because again, you ask yourself, why is it difficult? Why does it take six months, one year for bonus shares of companies to be credited? The same issue. Vitaform did not credit their bonus shares. NGS itself did not credit their bonus shares. NACO did not credit their bonus shares. So what is the problem? Who is creating all this problem? We need to know. We need to know.
• 2:39:00
  Unfortunately, a couple of these market operators are scared. They are probably scared that if they go and tell the world what is happening, their regulators might hold it against them. So sometimes it's very confusing for us, but we try and manage the situation. I'm not in the business of blaming people because for some of these companies, if you know some of the individual people that work for these companies, they are very nice people.
• 2:39:29
  They are very respectful people. They are people who do their job diligently. But if you're not the only one doing the job, you have to deal with other people. You have to depend on other people to be able to achieve what you want to do. Then it becomes a problem. And that's why me, I don't blame. The only time I start blaming organizations is you invite them to come and present their side of the case and they run away. Then it shows me you're hiding something. It shows me you are the problem.
• 2:39:59
  Like when Afrinvest did their rubbish and instead of coming to do their whatever, they never did, the next thing was for them to be holding a private placement after that mess up. So who messed up? Was it the NGS machine that glitched? Was it your system that glitched? And, you know, like if you want to make simple assumption, if it was...
• 2:40:25
  If it was the NGS machine that glitched, then that means it would have affected everybody. How come you're the only person affected? Who sent out that first message to tell people that they have to stay their shares under that? How irresponsible as an organization can you be? Why can't you communicate properly? So these are the issues that is bedeviling the exchange. Before you know now, you just go and you just see a stock running and running and running. You don't know why it's running. Then after like,
• 2:40:55
  four or five days to bring the news that caused it to run. So those people who got wind of the news initially are those who would have bought and then they were just waiting. Then by the time other people are not queuing on the news, they are dumping on the other people. So the exchange is full of inside-outs trading. The exchange is full of sharp practices. We haven't dealt with this. We are dealing with things that are working.
• 2:41:21
  So this is our problem with what is going on with the NGX. And they are very non-responsive. They don't respond to anything. They've done some spaces that didn't make any sense to us. They've not come to tell us how they'll be able to onboard people, to be able to invest in like a day, open your account today, invest tomorrow.
• 2:41:46
  As long as you have your documents, meet them electronically, and then they will verify it right there and then, and then you are free to trade. You have a CSCS number right away. They ask you which broker you want to use. You can actually be helping brokers to open an account. You understand? Use your platform, open the account for this thing. For any account you open for any broker, you get your commission. You know, just make life easy. Make it easy for everybody to invest. But that's not the case.
• 2:42:17
  You know, a lot of things are going on. You don't even have calls. NGX does not have calls. They don't have calendar. Those are the things you can fix. We don't have enough companies on the NGX. We don't. I'm sure those of you who live in Lagos, there are some better companies in Lagos that are not listed on the S3. The question is why? Because there's no motivation. There's no incentive to list. So just tell these companies, okay, you list, we give you five, eight hours break. Do you know what it will do for that company?
• 2:42:48
  You have to sell. You have to market yourself aggressively to these companies. You have to make them see the advantage of them coming to the NGX. Apart from maybe the Tony Elumelu Index, the Dangote Index, the Samad Index. I mean, when I mean their index, I mean their companies. Those are the people who are making the NGX. Because immediately they see they want to raise any money. People already give them their money even before the...
• 2:43:17
  They announce the offer. So you can get companies to tell them you get to a level where if you need to raise money to do anything, you can raise it cheaply from your shareholders rather than going to pay commission to the bank and whatever kind of papers you want to raise. But you have to market it. You have to make it look attractive. If not, people will keep their money to themselves. They don't need your money.
• 2:43:45
  They don't really need your money. They don't want too many people sharing from their profit. So that's just how it is. Having a CSCS account is different from having a CSCS online account. Everybody in Nigeria has a CSCS account. The CSCS online account is the one you log into and you're able to see the shares you have with your brokers. So if your broker is...
• 2:44:16
  acting funny and doing stuff with your shares your cscs is the most accurate the cscs shows everything that is happening to your account you know so i encourage and i encourage everybody if you don't have a cscs online account it's difficult to help you sometimes because if you have it sometimes when your brokers
• 2:44:42
  account is not updated. Your CSCS account is automatically updated once those shares are accredited to it. So I advise everyone to have a CSCS online account, you know, because it's like keeping your money in central bank, you know. So that's just how we describe it. Anyways, I don't know. I don't see any more questions. Yeah.
• 2:45:12
  If you see Dangote at 9.30, buy. Because once the London listing is announced, you won't see it at that price again. So just some of this, even though I will buy a Wapco before I buy Dangote cement or Boa cement, you know.
• 2:45:39
  But again, all of them are all cheap and they are all good buys at the moment. Anyways, I don't know. I don't see any more questions on the mic. Maybe we should call it a day. I guess we can call it a day. Thank you everyone for joining. You can go back and replay for those who prefer audio platforms. This will be up sometime tomorrow morning. We'll get the audio version out.
• 2:46:11
  tomorrow morning. Thank you all for joining. Have yourselves a profitable weekend.
• 2:46:41
  had to reason critically, you know, so that, you know, if they start their journey early, I was watching one young man who wants to retire at 40. He's 33. He already has all the degrees from bachelor's to MBA and all that stuff. He's doing his PhD and he's already invested in certain things. And he's come to the conclusion that he wants to make 2 billion naira at 40 years old.
• 2:47:10
  And with that money, he knows the money can continue to work for him and generate so much for him. So that's what we want people to do. So share, subscribe to the platform, not just listen. If your sacrifice, for the sacrifice we do is opening a YouTube account and subscribing and making a comment.
• 2:47:39
  Sharing it in every platform that you are opportune to, that is what will make us happy. Because the richer all of us are, the better it is for everyone. So thank you once again and God bless you all.