Pretending to be a healthy company, Nampak Nigeria plc presents bogus accounts to the council of the Nigerian Stock Exchange

Clement Oriloye

The game is up for Nampak Nigeria plc. On Monday 4 February 2008, the Nigerian Stock Exchange, NSE, suspended the metal container manufacturers from trading its shares on the bourse.

Nampak’s crime, as disclosed by Mr. Binos Yaroe, NSE’s General Manager in charge of Quotations/Listing at the NSE, was overstating its accounts for the financial year ended 30 September 2007.

In the supposedly audited accounts, the company recorded a turnover of N2.85 billion as against the N2.7 billion recorded in 2006. With profit before tax dropping from N194.77 million in 2006 to N94.2 million in 2007, profit after tax dropped from N129.5 million in to N38.65 million. Following the decline in profit, the directors recommended a dividend of 3 kobo ordinary shares as against the 10 kobo per 50 kobo ordinary shares which it paid in 2006.

For full details, demand the 10th, March 2008 issue of TheNEWS from your vendor now.

Foreign Operations: UK/EUROPE AGENT
Jay Magazines & Newspaper Distribution
Unit 21 Brockley Cross
Business Centre,
96 Endwell Road, London SE42PD
Contact: Julie Ugbowanko
Tel:020-7635-8888,07976-628-251
Fax: 0207-635-5568
E-Mail: Jaymags@aol.com
Website: www.jaymags.com

QUALITY NETWORK SERVICES
Unit 9, Meridian Centre, 258 Kingsland Road, London E8 4DG
Contact: Abiola Fatai
Tel: 0208 525 1689, 0207 254 0371,  0956413 293
E-mail: fataiabiola2000@yahoo.com