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I am presently working on some companies in Nigeria. Does anyone know where i can obtain the financial statements of the companies listed in the Nigerian Stock Exchange? PLEASE HELP..... Thank you in advance.

2007-03-16 07:34:48 · 5 answers · asked by lukedalu 1 in Business & Finance Investing

5 answers

Hmmm. Did you get scammed by some Nigerian company?

Link below to the Nigerian Stock Exchange. You'll have to do a search for the company you're looking for. If it's not on there, it's probably a scam company.

I noticed that their financial statements on the legitimate companies are not what we're used to looking at here on the NYSE or NASDAQ though.

2007-03-16 07:57:28 · answer #1 · answered by Faye H 6 · 1 0

Bob,

Your ignorance is showing. I'm sure you walk around assuming EVERY Nigerian is trying to scam you.

Asker/OP,
For what it's worth, a company's financial statements differ depending on whether the bank is reporting to SEC [and they have one in Nigeria which follows international standards], the Central Bank, the Federal Board of Inland Revenue, or for a public/private stock offering. You disclose only what the law requires and in the manner the law demands. I'm sure you know that the GAAP standards and the accounting regulatory standards in the U.S. and UK differ.

All Nigerian banks, for instance, have websites and I'm sure you should be able to find some of their more recent financial information listed there. Below are the websites of some of the most trusted banks in the country. All have international offices [either in West Africa, the UK, or New York].

If you want to know which companies are trustworthy to invest in, you can go to www.thisdayonline.com. There's a scrolling ticker above the newspaper's site with current shareprices of listed companies. As a rule of thumb, anything below N5.00 should be avoided.

The fools that give Nigeria a bad name with their scams are doing enough damage. If commentators cannot add anything tangible to the stream of knowledge, at least do not dissemminate falsehoods.

If you need more info, feel free to post some more.

2007-03-16 10:22:29 · answer #2 · answered by plancks.constant 3 · 0 1

Be careful some of foreign stock exchanges are not very easy to work with. You could contact the company , they should send you annual reports. The problem is the rules that foreign markets follow may not have the safeguards that we expect. You might contact a bank in Nigeria as they might have brokers or at least give you some contacts to use.

2007-03-16 08:38:52 · answer #3 · answered by redd headd 7 · 1 0

What would you do with these statements? I hope not believe them. You are begging to be defrauded. Nigeria doesn't have the same standards as the US SEC or the UK SFA. And there is no extradition treaty with Nigeria, so if you get ripped off, you can't sue and you can't prosecute.

2007-03-16 08:56:09 · answer #4 · answered by Ted 7 · 1 0

Number one place for worldwide scams: NIGERIA

2007-03-16 16:35:39 · answer #5 · answered by Common Sense 7 · 0 0

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