According to the Nigeria Stock
Exchange’s (NSE) X-compliance report for August 2017, AMCON executed a
block divestment of its stake in Niger Insurance Plc amounting to 724.3
million shares in favour of Etha Ventures Limited at 0.54 kobo per
share. Approval for the deal was granted by the NSE on the 21st of March
2017 with Fundvine Capital and Securities Limited acting as the
stockbroker for the deal.
Who is Etha Ventures Data from the
financial statements of Niger Insurance for the year ended December
2016, showed that Niger Insurance had outstanding shares of
7,739,495,702 shares. This makes the deal a significant one as the new
owner now holds 9.3% of the issued share capital of the insurance firm.
Nairametrics
attempted to find out who the new owner of this significant stake was. A
simple internet search yielded results that were linked to the current
Imo state governor Rochas Okorocha. One search result which extensively
and comprehensively detailed his credentials along with his many
business interests as a form of due diligence on him in anticipation of
the 2011 Gubernatorial elections, listed him as being the founder of
numerous organizations, including Etha Ventures Limited. This
information was culled from his CV hosted on the website www.rochasokorocha.org, which has since become defunct.
Piqued
by this, more search was conducted. This led to the obtainment of a
document that was published on 9th March 2015 by a financial services
consulting company, further showing Owelle Rochas Okorocha as the
contact person for Etha Ventures Limited, –one of its clients
Not
satisfied with these results, we carried out a company search at the
Corporate Affairs Commission (CAC) to find out who the directors and
major shareholders of Etha Ventures Ltd are. At the first attempt, the
Company’s file wasn’t found in the registry. We were told that the
reasons for this could be any of the following: that another lawyer made
a request for the file; the company is in caution (meaning the company
is under litigation); or amendments are being made to the directors or
shareholders; or it is simply lost. A search on the CAC online data base
showed that the company was registered on the 20th of October 2000 with
its registered address in Abuja, FCT.
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