CORPORATE NEWS: SEC Nigeria, GlaxoSmithKline; Nigerian stock exchange.

SEC NIGERIA HOLDS HEARING ON WT SECURITIES LTD.

The Nigerian Securities and Exchange Commiasion (SEC) will on Tuesday, June 6, hold public hearing over complaints by two investors against WT Securities Ltd at its head office starting from 11 am.
According to official notice by SEC published on its website, the two complainants are Chief Opral Benson and Ngozi Oyewere Nwachuku.
SEC says Chief Benson complained about mismanagement of her stocks valued at approximately N185.2m while Nwachuku said her 500,000 units of Nigerian Breweries PLC shares were sold without her permission.
The notice adds that preliminary investigation by SEC showed that both complaints had merit hence the decision to invite directors of the company and some top officials to present their own side of the story.
Directors of WT Securities ltd invited to the hearing include Aisha I Lawal; Taofik Lawal and Barrister Ajinamo Uma Hanni.
If the allegations are proven, then WT Securities Ltd will be held liable for breach of Rules 43 and 182 guiding the capital market.
Recently, when SEC found another registered capital market operator, BGL Securities Ltd guilty of breach of some rules, a ban plus N100,000 fine was imposed on the individuals and the companies.

GLAXOSMITHKLINE TO SELL OFF RIBENA & LUCOZADE.

GlaxoSmithKline Consumer Nigeria plc has fixed an extraordinary general meeting for July 4, 2016 at Shell hall, Muson centre, Onikan to consider and approve the sale of Ribena and Lucozade.
The proposed deal is with Suntory Beverages & Food Nigeria ltd and involves the sale of GSK business of manufacturing, bottling, marketing and distributing the two products.
Apart from the special resolution to authorise the directors and management to go ahead with the sale, shareholders are also to pass a resolution approving the payment of special dividend of 60k per share from the N716m expected from the sale. This will be subject to the receipt of the sale price.
For this special dividend, the register  of shareholders will be closed five days prior to the deal and current expectations are that this will be between 24th and 30th August, both days inclusive.
The notice signed by Company secretary, Uche Uwechia esq ask shareholders who are so inclined to submit any memorandum on the proposed deal at least one week before the meeting with copies to relevant authorities.
In addition. GSK has also rescheduled its 45th annual general meeting to the same date to consider 2015 reports and approve normal dividend payment from it.

NIGERIAN STOCK EXCHANGE GETS FINANCIAL LITERACY AWARD.

The Nigerian stock exchange has been given an award for its efforts at promoting financial literacy within the country.
The award was instituted this year and given by DIN Resource Centre
Receiving the award, NSE's Head, corporate services division, Mr Bola Adeeko said that financial literacy remains the core of the NSE's corporate social responsibility strategy.
He said that a major plank of the CSR effort was the annual essay competition now in its 16th year.
According to him, the competition " has inspired over 20,000 young people in over 7000 secondary schools across Nigeria"
In addition, in 2015 alone, the exchange organised 180 free literacy workshops across the nation reaching over 17,000 people on basics of the capital market.
The workshops were organised and localised by the 13 branch offices and targetted low end investors like traders and artisans.
Meanwhile the 55th annual general meeting of the NSE is to hold on June 23 by 11 am at the 20th floor of the NSE building.