Reps summons 100 banks CEOs, others over breach of shareholders’ rights

The House of Representatives Committee on Capital Market and other Institutions on Wednesday summoned 100 chief executive officers CEOs and boards of commercial banks, oil companies and other private companies operating in Nigeria over allegations of corporate governance breaches and abuse of shareholders rights and interests.

The summons by the House committee was based upon the petitions referred to it for further legislative action.
A sub-committee chaired by Hon Tony Nwulu, is looking into the allegations.

Nwulu, who signed the invitation letters inviting the CEOs dated November 23, 2017, frowned at the previous disregard of the invitation sent to the stakeholders.

Some of the agencies and companies invited are the Securities and Exchange Commission (SEC), Nigeria Aviation Handling Company (NAHCO) Plc, Academy Press, Champion Brewery Plc, Chams Plc, Chellarams Plc, Consolidated Hallmark Insurance Plc, Continental Reinsurance Plc, Cornerstone Insurance Company Plc, Custodian And Allied Plc, E-tranzact International Plc and Eterna Plc.

Others include Eterna Oil and Gas, Evans Medical Plc, Fidson Healthcare Plc, Fortis Micro -Finance Bank Plc, FTN Cocoa Processors Plc, Glaxo Smithkline Consumer Nig Plc, Golden Guinea Brewery Plc, Goldlink Insurance Plc and Great Nigerian Insurance Plc.

Also invited are Mobil Oil & Gas, 7-UP Bottling Company Plc, A.G. Leventis Nigeria Plc, Abbey Mortgage Bank Plc, Africa Prudential Plc, African Alliance Insurance Company Plc, Afrinsure Financial Services, African Paints (Nigeria) Plc, Afripaints Industrial Goods and Afrik Pharmaceuticals Plc.

Furthermore, Afromedia Plc, Aiico Insurance Plc, Aluminium Extrusion Industry Plc, Anino International Plc, Arbico Plc, Aso Savings and Loans Plc, Associated Bus Company Plc, Austin Laz & Company Plc, Axamansard Insurance Plc, B.O.C. Gases Plc, Berger Paints Plc, Beta Glass Plc, C & I Leasing Plc; Cap Plc, Capital Hotel Plc, Caverton Offshore Support Grp Plc, Caverton Services and Cement Company of Northern Nigeria Plc were equally summoned.

“As you may wish to recall, we have of recently written to request for relevant information on public liability companies as it relates to their five year audited reports, corporate governance and shareholding composition.
“Arising from the above and the responses from stakeholders, shareholders and the investing public, we have received complaints and petition against your board, same copied to the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) in the last 18 months, allegedly without any satisfactory action taken to deal with the matters raised by the petition.

“We therefore request you to furnish the committee within two weeks, deadline December 7, 2017 with your written response as part of our investigation into the issues under reference,” the invitation read.

Henry Omunu, Abuja