Tulsa-Smith:- emotional...: POSSIBLE FRAUD UNCOVERED?

Wednesday, January 24, 2007

POSSIBLE FRAUD UNCOVERED?

The following post is not meant to annoy or point accusing fingers at anyone in particular. I may be wrong, so prove me wrong if you will. I just need to know the true facts about the current Initial Public Offering of shares in Nigeria's Transcorp Hilton, which used to be NICON NOGA HILTON HOTEL.

It mutated to TRANSCORP HILTON HOTEL when the Federal Government sold its majority shareholding to a group of 'elite' Nigerians who came together under the TRANSCORP umbrella.

What's funny about the entire deal? Let me see:

1. The present government practically sold government property to private citizens, who are actually well known friends or colleagues, to say the least.

2. Whether the shares were fully paid for is an obscure issue that needs clarification to avoid the FRAUD label.

3. The sale of 50 kobo nominal shares for 750 kobo in the IPO is, in my humble opinion, an over-valuation that would ultimately net a clean profit for the 'elite' initial subscribers, who may not have backed their original purchase with cash!

The three points above would best be resolved by January 31, 2007; otherwise, the usual well-practiced trend would ensue automatically:

a] the share price drops below 750 kobo after the offer closes, so the secondary subscriber is stuck with the shares that cannot be resold without incurring a quick loss in value.

b] the 'elite' corporate insiders and their government collaborators smile all the way to the bank and share the proceeds of the officially sanctioned daylight robbery.

c] no dividends or srip issues are forthcoming for the next 5 to 10 years or more!

d] the 'elite' subscribers get paid their emoluments, contract sums, and dividends via indirect means like free facilities, trips, allowances for sitting and traveling, etc.

SO, MY INQUIRING MIND WANTS TO KNOW: IS THERE ANY HINT OF FRAUD HERE?

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Greenville, Rhode Island bakery owned by the Cavanagh family, which uses the plant to produce church communion bread from just water and bread. That business is known to produce about 850 million sacramental wafers annually and to supply 80% of the Holy Communion bread used in American, Australian, Canadian, and British churches. The only middlemen in the supply chain are nuns living in convents! Now they want to expand to West Africa with their Christian sacramental ware for Pentecostal, Catholic, 'New Wave', and Orthodox church offerings. I make reference to the so-called New Wave churches - my term for those churches that broke away from the orthodoxy of the Protestant fold, just as the latter roke off from the Catholic church by virtue of the exploits of Martin Luther centuries ago. Many new-wave and other church goers in the generally undeveloped West African subregion of Africa pay more to religious organizations in monthly tithes and offerings than they do to their government in personal income and value added taxes. Now, that last fact is quite interesting because it is an admission that a bakery in Rhode Island has seen a huge market in the center of Black Africa for small white perfectly laminated and non-crumbly holy wheat bread, reportedly costing "less than a penny" apiece, for the use of both the bible-reading and the bible-believing religious organizations. However, the picture from the Cavanagh's factory floor speaks volumes, in my own opinion, about the need for the company to watch its business ethics and to treat all customers equally irrespective of location, creed, or other discriminatory demographic information or criteria. So, I just hope and pray that the wafers falling off the conveyor belt and by the way side are not destined for West Africa and that the actual wafers delivered will be wheat bread and water, and not just glutamate-free bread and 'pure' water, if you get my point, even if so requested by some shady, greedy, and unethical businessmen over in West Africa. Posted by Okonkwo O. Awa on Sunday, December 28, 2008.

In the summer of 2007, Pope Benedict XVI (BXVI) encouraged The Church to reach out to young people using new technologies, as he himself learned to send out cellphone text messages to the faithful. So in obedience, a tech savvy evangelizing Catholic priest got some help from a Web designer in order to write all the daily books of prayers into a low-cost computer software application downloadable onto the iPhone. Rev. Paolo Padrini's iTunes prayer book was officially approved by The Vatican's Pontifical Council for Social Communications in December 2008. Of course, all proceeds from the electronic prayer book venture will go to charity. Speaking of charitable behavior, The Holy See has seen it fit after 400 years to honor Galileo Galilei in 2009 as the "patron" of the non-mutual exclusivity of the faith versus reason dichotomy. That is very appropriate in this age of new technology, even though The Church still smarts from its error of judgment in calling the famous astronomer a heretic after he publicly embarrassed The Church by reporting that his scientific observations in Astronomy with his unique telescope had led him inexorably to believe that the Earth actually revolved around the sun, in direct opposition to the teaching of The Church at the time that Planet Earth was the center of the universe. In seeking to paint the Church in a new light of worldly knowledge by distancing itself from a past of imbibing pure dogma, The Vatican may have ventured to cross the final frontier and boundary between Science and Christianity by acknowledging recently that there could be life on planets other than the Earth! Posted by O. O. Awa on Wednesday, December 24, 2008.