Atiku accuses Buhari of insensitivity to nation’s problems

[FILE PHOTO] Atiku AbubakarFormer Vice President Atiku Abubakar has accused President Muhammadu Buhari of being insensitive to Nigeria’s problems, insisting that his desire for the nation’s presidency is to better lot of the Nigerian people.
Atiku, who visited Anambra State yesterday to seek support of party delegates, said Nigeria has never been more divided than it is today, while hardship, sufferings and unemployment have become rampant.
His words: “We elected a government that is completely insensitive to our diversity and completely insensitive to our welfare.
We elected a government that crashed Nigeria into a recession from an economy that was growing at a 6 per cent GDP and until now we are trying to recover from the recession.
“Today, we have the highest unemployment rate in our history where over 12 million young men and women do not have jobs.
Today, our health sector is performing very low. Nigeria is at the bottom as far as healthcare is concerned. Almost every African country is ahead of Nigeria.”
He asked the state’s delegates to support him, saying his presidential bid was not about himself, but about the future of Nigerian children.
“We must unite to make sure we don’t vote for the All Progressives Congress (APC) again,” he said.
However, a former Senate President David Mark said he has the capacity and experience to turn around the economic fortunes of Nigeria, if elected president of the country.
Mark, stated this while addressing Enugu delegates during a visit to seek their support at the party’s National convention
He stressed that the level of insecurity and economic down turn in the country required a man with proven record of excellent performance to confront.
Responding, the Enugu state chairman, Augustine Nnamani, said Mark would bring his experience to bear in the leadership of the country if elected and promised that the delegates will do the needful at the convention.

Appeal Court upholds Victor Umeh’s election

Senator Victor UmehThe Court of Appeal, Enugu yesterday upheld the election of Victor Umeh of All Progressives Grand Alliance (APGA) as representative of Anambra Central senatorial district in the National Assembly.
In a unanimous judgment, the appellate court dismissed Nkem Ekweozor’s appeal challenging the ruling of the Anambra Central Senatorial Election Petition Tribunal, which upheld Umeh’s victory in the January 13, 2018 rerun.
Ekweozor, who was the Mega Peoples Progressives Party (MPPP)’s candidate in the rerun, had claimed that Umeh was not duly elected by majority votes cast during the election, adding that the exercise was marred by irregularities.
He also alleged that Umeh was not qualified to contest the election, as he got his nomination when he was still the National Chairman of APGA.
The appellant who joined Umeh, APGA and Independent National Electoral Commission (INEC) as the first, second and third respondents respectively, prayed the court to order INEC to conduct a fresh election and that Umeh should be disqualified from that election.

Obasanjo’s son backs Buhari’s re-election

ObasanjoThe son of former President Olusegun Obansanjo, Olujunwo, has stated his willingness to work for the re-election of President Muhammadu Buhari.
He made the disclosure in a letter addressed to Festus Keyamo, the director of strategic communications of the Buhari Campaign Organisation.
The letter dated, September 25, 2018, reads: “Please, find attached a statement of my declaration and support for the 2019 second-term re-election bid of our highly esteemed President Buhari.
I have taken a personal decision to release this statement and to notify you of my availability to work for the re-election of our dear President Muhammadu Buhari with sincerity and loyalty.

Ikeja Electric rolls out 85,000 prepaid meters, pledges to reduce estimated billing

Ikeja Electricity Distribution CompanyIn order to deliver on the yearnings of customers, Ikeja Electric (IE) Plc, has intensified the roll-out of prepaid meters to further close the metering gap within its network. The firm has also promised to reduce estimated billing with the deployment of prepaid meters.
The company recently commenced the roll-out of 85,000 meters to cover residential customers across its six business units of Ikeja, Abule-Egba, Akowonjo, Oshodi, Ikorodu and Shomolu, in its first batch of renewed metering drive.
According to Head, Corporate Communications, Ikeja Electric, Mr. Felix Ofulue, the company remains resolute in its commitment to meter all its customers and narrow the metering gap as quickly as possible.
“At the moment, prepaid meters are being installed in different communities across the network, while in other localities, pre-installation activities are ongoing and between now and the end of the year we will have concluded the first batch of the deployment.
We therefore urge our customers to be patient as our ultimate objective is to ensure that all our customers are eventually metered,” Ofulue noted.
With this move, the DisCo is adding its quota in narrowing the metering gap.
The recent report by the National Bureau of Statistics (NBS) showed an increase of 1.59 per cent in the number of prepaid meter customers, an indication that the meter gap is gradually closing.

Ogun APC: Consensus versus direct primary

Who gets Ogun State All Progressives Congress (APC) governorship ticket? Correspondent Ernest Nwokolo examines the preparations for the shadow poll by the chapter.
There are discordant tunes and confusion as the Ogun State chapter of the All Progressives Congress (APC) prepares for the governorship primary.
It is not yet certain to some of the critical stakeholders, what form the governorship primary would take, barely few days to it.
The seed of the confusion was allegedly sown by Governor Ibikunle Amosun on September 8 when he  declared that the chapter will adopt consensus. He said governorship candidate, Hon. Abdulkabir Adekunle Akinlade, and his running mate, Mrs Peju Adebajo, have emerged through consensus.
It is discernible why Amosun is allegedly teleguiding the party into toeing the path of consensus or indirect primary from behind the scene. It is about the only safe option that could guarantee the emergence of his anointed candidate, Abdulkabir Adekunle Akinlade, from Ogun West as the flagbearer.
Again, it will enable him fulfil the party’s 2019 zoning to the area and thus install a successor who could be trusted to watch his back and consolidate on his achievements.
Prior to the adoption of consensus, there were over a dozen of aspirants on the platform of the party. They include Speaker Suraj Adekunbi (Ogun West), Governor Ibikunle Amosun’s Chief of staff, Tolu Odebiyi(Ogun West), the  Commissioner for Forestry, Kola Lawal (Ogun West), Commissioner for Culture and Tourism, Bashorun Miyiwa Oladipo  (Ogun East), Chairman, Local Government Service Commission, Rotimi Rahmon (Ogun West),  former Deputy Governor, Senator Gbenga Kaka (Ogun East), Commissioner for Commerce Industry, Otunba Bimbo Ashiru (Ogun East), Jimi Lawal(Ogun East), Hon. Abiodun Isiaq Akinlade(Ogun West), Hon. Adulabir Adekunle Akinlade(Ogun West) and Abayomi Hunye(Ogun West) were all  jostling for the APC governorship ticket.
But, other aspirants, especially former Deputy Governor, Senator Gbenga Kaka, Otunba Bimbo Ashiru, Jimi Lawal, Prince Dapo Abiodun and Abayomi Hunye (Ogun West) opposed consensus option that threw up Akinlade and went to the national headquarters of the party to obtain expression of interest form.
They argued that they were not part of the decision on consensus and that the option unfairly shut them out  from exercising their rights to aspire for same elective offices.
More worrisome is that while the state chapter remained resolute with his consensus approach and indirect primary if that fails, the National body of the party kept sounding that all primaries should be by Direct approach, thus creating uncertainty in the minds of many.
The chapter is rooting for indirect primary. But, it is yet to notify delegates about the designated venue for it.
But, who will win the ticket of the APC among Akinlade, Senator Gbenga Kaka, Jimi Lawal, Bimbo Ashiru, Prince Dapo Abiodun and Abayomi Hunye.
Akinlade, a member of the House of Representatives from  Egbado South and Ipokia Federal Constituency, is believed to be Amosun’s whizkid and Muslim whom the Governor had earlier hinted he would accompany to the 2019 Eid prayer is 49.
He was adopted as the consensus candidate of the APC by the Ogun West Elders  and announced later by the party as its Consensus candidate
Kaka is a former deputy governor and commissioner at different times in the state. He is a true and tested democrat, welfarist and believes in equal participation. He is not for politics of selfishness.
Prince Abiodun and established entrepreneur, real estate player and oil magnate. He is a major aspirant and  remains the rallying point for all the party members that can restore unity into the APC.
Abiodun  has the charisma and capacity to return the party to the members via massive empowerment and involvement in governance.
Bimbo Ashiru, a technocrats joined Amosun’s government since 2011. He is the consensus candidate of the Ijebu – Remo Agenda group and believed to the choice of prominent royal fathers in Ijebuland.
The commissioner until his resignation to pursue  the governorship ambition, had attracted large investors to the state.
Jimi Lawal hails from Ijebu – Ode. The former chairman, Alpha Merchant Bank Limited, is also currently a Special Adviser to Governor Nasir el-Rufai of Kaduna State and deemed himself more qualified and accepted in Ijebu than any other aspirant from the area. He has been pursuing his ambition with boldness, intelligence,  idea and appeal to the two old divisions of the state which justifies the clamour for Ijebu’s quest for Governor in 2019. It is believe that with his connection with the Presidency through the Kaduna State governor, he could spring surprises with the  party’s ticket in the state.

Oluyole Club, Lagos awards bursaries to 10 student

Members of Oluyole ClubIn its bid to assist indigent but brilliant students in Ibadan, the Oyo State capital, the Oluyole Club, Lagos, a social club comprising Ibadan indigenes residing in Lagos State, has awarded bursaries to 10 students of Ibadan origin for the 2017/2018 academic session. 
The club announced this at the weekend during the golden jubilee anniversary of the club.
The students were drawn from the University of Ibadan, University of Lagos, Olabisi Onabanjo University, The Polytechnic Ibadan and University of Abuja. 
President of the club, Chief Oyedele Adegboyega, said the bursary, which has become an annual feature of the club, was conceived to encourage brilliant students who are of Ibadan origin.
“Oluyole club accords high priority to the provision of scholarships – first to post-graduate students and later bursary awards to undergraduate students who are Ibadan indigenes.
Some of the past beneficiaries who are professors are present at today’s occasion.” 
President and Chairman of Council, Nigeria Institute of Management, Prof. Olukunle Iyanda, in his lecture titled: “Oluyole Club, 50 years after: Looking back to the future”, noted that the club has contributed immensely to the development of the ancient city. 
The club also bestowed meritorious service awards to some outstanding members. 
They include High Chief Omowaye Kuye, Elder Olayemi Yusuff, Chief Kola Daisi, Dr. Lekan Are and Prof. Iyanda.

Competition opens to mark day of the girl child, winners meet Beaufil

[FILE PHOTO] Girl Child. PHOTO: ReutersCompetition opens to mark day of the girl child, meet Beaufils ahead of the United Nations (UN) International Day of the Girl Child marked every October 11, the British Deputy High Commission in Nigeria has launched a competition to create awareness about the unique plight of young girls in the country.
The competition for young people between the ages of 12 and 18 has been tailored separately for boys and girls.
Tagged the #HeforShe competition, young men between the ages of 12 to 18 are encouraged to send in as entries, videos of themselves not longer than 120 seconds explaining the importance of male voices in the call for girls’ education, and what commitments they will be making in their own capacity to the cause.
For girls, the #GirlChampion competition is aimed at showcasing the ambition of bright talented girls across the country by asking them to send in videos talking about their career ambitions and the need in the society they intend to address.
The competition, which closes at midnight on October 4, will see six champions picked from both genders, and hosted to tea by the Deputy High Commissioner, Laure Beaufils, on October 11, among other empowering and exciting opportunities.
Speaking on the competitions, Beaufils said: “It was a deliberate decision to include young men in this campaign, because male allies are vital to the attainment of gender parity in the society, and we need to start including men in the conversation, as early and strongly as we do women.

Omisore: my alliance with APC’ll give Oyetola victory

Osun State Social Democratic Party (SDP) candidate  Iyiola Omisore yesterday confirmed that he had teamed up with the All Progresives Congress (APC) to win today’s supplementary election.
Besides, leaders of his party explained why it chose to work with the APC instead of the Peoples Democratic Party (PDP).
The battle to produce the governor-elect is a straight one between APC candidate Mr Gboyega Oyetola and PDP candidate Senator Ademola Adeleke.
Today’s poll will hold in seven units across four local goverments in Ife South, Ife North, Orolu and Osogbo.
There are 3,498 registered would-be voters in the units.
Omisore, who came third in Saturday’s election, became the beautiful bride for the supplementary poll, wooed by the leading parties.  Senate President Bukola Saraki visited Omisore to seek his suppot for Adeleke.
The delegation of the APC was led by Ekiti State Governor-elect Kayode Fayemi,
Omisore was received in Osogbo by a team of governors and leaders of the APC, including  National Chairman Adams Oshiomhole. In the team is Secretary to the Government of the Federation (SGF) Boss Mustapha.
Omisore told reporters in his Ile-Ife country home yesterday that the SDP’s coalition with the APC would guarantee victory for Oyetola.
According to Omisore, the SDP was left with no option other than to pitch its tent with the APC after the PDP failed to respond to the SDP’s terms and conditions for a coalition government.
The SDP candidate said he took the decision on the acceptance of his party’s manifesto, including payment of backlog of arrears to civil  servants and pensioners within the first three months of assumption of office by the APC- led government.
He said: “What is paramount to me is the practise of true democracy, good governance and accountability in Osun State and that I will never renege on my promise of good governance, accountability and human dignity in Osun State.
“Osun State has always been a stellar example of democracy where the people have consistently and freely expressed their franchise to determine who governs them. This should remain so.
“Osun people have shown that it is not business as usual. It is a positive deviation from what was hitherto the norm. I am telling my people that they should go with any political party that believes in what we in the SDP stands for – good governance, social justice and accountability.
“I have already detailed how we plan to restore Osun to the path of good governance through the five thematic pillars in my manifesto I shared  during the electioneering. I will not negotiate for personal gains and abandon my people.
“My alliance is with the people of Osun State, irrespective of the political parties they belong. I want my people to be treated with the dignity they deserve. I desire that they have a government that will be accountable to them.
“I want them to experience the good governance the founding fathers of this state envisaged. I have told the parties that have solicited for my support to approach the electorate and ask for their mandate as I have assured them that I will not coerce them for political or social power. It is because I have kept my promise that made me enjoy their unalloyed support all these years.”
Also yesterday, SDP leaders in a communique after meetings in Iwo, Ijesa, Ikirun and Ile-Ife zones, said judging by many standards, Oyetola is a far better candidate than Adeleke.
The SDP leaders recalled how Sen. Adeleke, with the collaboration of the National Chairman of the PDP, Chief Uche Secondus, “masterminded the conduct of another congress which rubbished the earlier congress already approved by the PDP National Executive Committee (NEC) which favoured Otunba Omisore”.
According to them, Adeleke confirmed at various times that he could not be trusted. ju The incidents, they claimed, include his initial agreement not to join the governorship race when he approached Omisore for his senatorial ambition; an agreement to have at least one legislative assistant ‘selected through each of the aspirants that stood down for him on which he reneged till date and alleged failure to respect the agreement to compensate Dr Akin Ogunbiyi with the deputy governorship slot, even when the election was at sight.” Now that the election would be over, the SDP leaders wondered how such a man could honour any agreement.
The SDP leaders also expressed the fear that the PDP governorship candidate would most likely be prosecuted for ‘‘aiding and abetting’’ before he is sworn in or even be impeached for frivolous reasons by the House of Assembly shortly after his swearing-in.
Besides, the leaders viewed the control of the Federal Government by the APC as an advantage, stressing that the PDP is the “architect of the present predicament’’. They posited that joining forces with the PDP can spell doom for the SDP.
They also stated that numerous leaders within the PDP would not allow the party to function well because “too many cooks spoil the dish (broth)”.
They added: “Because of the fact that we want the best for our people in Osun State, we see Oyetola as a more capable and qualified candidate.”
They also posited that they would enjoy more possible positions and privileges in the APC government than in a PDP government.
“The APC is a more reliable party than the PDP. For instance, the APC promised Isiaka Adeleke the senatorial ticket of Osun West and it was honoured unlike the promise made by the PDP to Dr Ogunbiyi which it reneged on.”
The communique was signed by virtually all the leaders in the zones.
However, a former Minister of Aviation Chief Femi Fani-Kayode, lashed at Omisore for supporting the APC candidate.
In a statement, Fani-Kayode said: “Iyiola Omisore’s decision to support the APC in tomorrow’s rerun is shameful.
“ It is sad that he would seek to deny Ile-Ife the position of Deputy Governor simply for money. He told me he would stand firm two days ago and he told our leader and father Baba Ayo Adebanjo the same thing last night.
“ I do not know what has turned his head but we shall forge ahead and by God’s grace Adeleke will win. There is no excuse or justification for joining or supporting those who treated our people like filth and slaves over the last 8 years  and who rigged last Saturdays election.

Fed Govt, states share N741.84b

Federal, states and local governments yesterday shared N741.84 billion. The revenue generated in August rose by N27.04 billion;  N714.84 was shared in July.
The Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, told reporters after the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja that the increase in crude oil exports sales volume from 37.4 million barrels in July to 45.7 million barrels in August caused the rise.
Isa-Dutse said Value Added Tax, import duty, Petroleum Profit Tax increased in the month of August, while Companies Income Tax and oil royalty decreased.
Giving a breakdown of the revenue generated, the Permanent Secretary said N451.29 billion was generated as mineral revenue, while N175.84 billion came as non-mineral revenue.
The minister said the Federal Government received N274.88 billion, states N139.42 billion and local government N107.49 billion.
He said N53.03 billion was shared among the oil producing states, representing 13 per cent of the oil revenue generated in August.
Isa-Dutse said because the revenue for the month surpassed their expectation, an equivalent of N40 billion was transferred into the Excess Crude Account (ECA), adding that the balance in the ECA account was 2.46 billion dollars.
On the claim that the Federal Government had recalled the second tranche of the Paris Club Refund from Delta, Imo, Benue, Rivers and Osun state, he said that the issue was not raised by the committee members.

Police warn against violence

Politicians are arming thugs to make today’s supplementary elections in Osun State violent, the police said yesterday.
The agency warned that it would not allow anything that will undermine the process or cause a breach of the peace.
Urging residents to go about their lawful duties, Deputy Inspector General of Police (DIG) Operations and Security Coordinator for the election Joshak Habila said the police would not let their guards down.
Habila noted that Saturday’s election was free, fair and peaceful, save for few incidents of “breach of peace and threat to life and property”.
He warned that only eligible voters and officials would be allowed near polling units in the areas where supplementary elections will take place.
Habila said: “The election was however declared inconclusive by the Independence National Electoral Commission (INEC) with a re-run election fixed for Thursday September 27. The election will take place in seven polling units scattered in four Local Government Areas (LGAs) of the state. These are Ife North, Ife South, Orolu and Osogbo Local Government Areas.
“We have an intelligence report that there is a grand plan to turn the election gruesomely violent and deadly by arming thugs to unleash mayhem at polling centres. As law enforcement agencies, the police and other security agencies would not permit the breakdown of law and order.
“Those of them preparing for ‘fire for fire’ must be ready to bear the consequences of their actions which are designed to undermine this particular democratic process. It should be noted that the Nigeria Police Force will remain proactive and would not rest on its oars in the task to decode the identities of those democratic enemies.
“Residents are requested to be law abiding and go about their lawful duties without fear and with the full assurance of the protection of law abiding citizens and voters who are out there to exercise their franchise.
“The Police and other law enforcement agencies have been deployed to maintain law and order and protect lives and property of residents.”
Continuing, the DIG appealed to residents to report all suspicious activities to the police, such as solicitation for votes, buying of Permanent Voter Cards (PVCs) and any plan to rig or disrupt the election.
“Troublemakers and other interlopers are warned to keep away from the polling units and indeed from any part of the state. The police and other security agencies will leave no stone unturned to protect lives and property and maintain peace,” he said.

Man nabbed for threatening to blow up Atiku’s plane, rape daughters 

The Force PRO, Moshood (left) and the suspect, AkpanThe Nigeria Police Force on Wednesday paraded a 43-year-old man suspected to have made scary threats asking former Vice President, Alhaji Atiku Abubakar to either withdraw from the 2019 presidential race or have his plane blown up mid-air.
According to police spokesman, Jimoh Moshood, Deputy Commissioner of Police, the suspect named Augustus Akpan, allegedly used a stolen phone to explicitly threaten the wife and daughters of the former Vice President with rape.
Akpan, who hails from Edemaya village, Ikot Abasi LGA, Akwa Ibom State, was arrested while fleeing to Lagos after he was said to have extorted huge sums of naira and foreign currencies from unnamed high profile citizens, with false claims of being a U.S. Central Intelligence Agency (CIA) and Federal Bureau of Investigations (FBI) operative.
The police spokesman further said the suspect, who speaks fluent English, Ibibio, Russian and Portuguese languages, is to remain in police custody until investigations are concluded and he is arraigned in court.
“On the receipt of complaint of threat and intimidation from the former vice president, Akpan was trailed and eventually arrested by the IGP Intelligence Response Team.
The suspect was arrested at toll-gate along Lagos-Ibadan expressway, Lagos, while on the run to escape arrest.
During interrogation, he confessed to the crime and admitted that he resorted to the threat and intimidation when all efforts to extort money from the former vice president were unsuccessful.
“The suspect also admitted in his confessional statement that he is a professional fraudster and not working for any political party, that his mention that ‘Let Buhari run against your PDP members’ in his threat message to Atiku was merely to divert attention.
The phone and the SIM card he used for the threat and intimidation were recovered from him and were discovered to have been robbed by him from a lady (name withheld) who identified him as the person that robbed her few months back,” Jimoh Moshood stated.
Excerpts of the threat text message sent to Atiku: “Turaki Atiku, we are watching you and your family, we ask you right now to withdraw from the race for Presidency, we will kill, rape your wife and daughters.
That your ambitious and black daughter Maryam who worked at CBN and left because we were going to mess her up, we will molest, rape, deform her and kill her.
Your daughter Fatimah the former Commissioner of Health in Adamawa State, we have a lot of information about her and also pictures of her naked body.
We will mess your overly prostitute wife Jennifer up. We have a lot about her.
Let Buhari run against your PDP members. We know that you are bigger than all those candidates in PDP.
That is why we need you to step down. We will blow your plane off from the sky and we will poison you and your family.
Atiku Abubakar, take our words for granted and watch what will happen to your family before you.
You are going to see what we will do to you and your family. We know where your children travel to.
We have watched your daughter who is a strong supporter of her father (your daughter Maryam) at number 5, Buzi close and number 5, Lake Maracaibo close”.
Meanwhile, in Lagos, an alleged notorious cultist, Olamide Oloruntobi, aged 31, was on Tuesday night killed during a gun battle with policemen at Ishashi area of Ojo.
Oloruntobi, described as enfant terrible by the police, was said to have been the leader of Aiye cult group in the area.
It was gathered that the deceased was gunned down at about 8:50p.m. at Durosooto Street, Celenizer, New Mebamu, Ishashi.
Hoodlums, allegedly led by the deceased, were said to be terrorising residents of the street when information got to the Divisional Police Officer (DPO), SP Ishashi Amuda Abolaji.
Abolaji, it was learnt, led policemen to the area and were engaged in a gun battle with the criminals.
According to Lagos police spokesman, CSP Chike Oti, the criminals opened fire on the cops who retaliated and at the end of the exchange, Oloruntobi was found dead.
Oti said: “His locally-made pistol with one live ammunition had been recovered while the body had been deposited at Badagry General Hospital mortuary for autopsy. Commissioner of Police, Imohimi Edgal, has charged the DPO to arrest fleeing members of the gang.
He has equally directed the head of the Intelligence Unit of the command to assist the DPO in that regard.
“The CP said the death of a cultist is not a thing of joy.
He, therefore, calls on parents and community leaders to prevail on their children or wards that are members of these unlawful groups to renounce cultism and surrender their weapons to the police.
He added that he would personally receive them and together with other stakeholders.

Tech: MoviePass’ parent company has boosted its share count by an unbelievable 80,000% since...

Helios & Matheson, which owns MoviePass, has been up to its old trick of issuing stock. But it’s now run out of room to run.
Helios & Matheson, which owns MoviePass, has more than doubled its share count in the last month.
The massive increase in shares helps to explain why its stock price has plunged — and why it’s seeking to reverse split its stock for a second time in three months.
The company’s share count has increased an amazing 80,368% just since its reverse split in July.
Thanks to that and its plunging share price, it’s basically run out of room to issue new shares.
The parent company of MoviePass revealed Wednesday that it continues to rely on one of the oldest tricks it’s used to stay in business — issuing new shares of stock.
Unfortunately for Helios & Matheson, that trick has now put it in a tight bind, one that’s forcing it to seek shareholder approval for a second reverse split of its stock just less than two months after going through with a 250-1 reverse swap. Thanks to all the shares it’s issued lately — and the ones it’s agreed to set aside for creditors who hold convertible notes it issued — the company has effectively run out of room to issue or sell new stock.
“We do not have enough authorized, unissued and unreserved shares to fulfill the current reserve requirements under the notes or to meet the company’s needs for future equity financing or acquisitions,” Helios & Matheson said in a document filed with the Securities and Exchange Commission on Wednesday.
Just in the last month, the company, which took a controlling stake in MoviePass last year, has more than doubled its share count. Its total outstanding shares stood at 1.36 billion on September 14, according to the regulatory document. That was up from 636.9 million on August 14.
The company didn’t explain how it managed to increase its share count by 719 million shares over that time period. But it had prior approval from shareholders to raise hundreds of millions of dollars by selling shares on the open market — something it’s done repeatedly over the last year.
Helios & Matheson has massively diluted shareholders
The share increase just over the last month mean that Helios & Matheson’s total share count has increased an unbelievable 80,368% just since its first reverse split in July. Adjusting for that split, the company’s number of outstanding shares has increased by more than 3,800,000% in the last year.
All that dilution has weighed heavily on the company’s shares. In May, Helios & Matheson’s stock fell below $1 a share, the minimum threshold to be listed on the Nasdaq market. After the Nasdaq sent the company a delisting warning, Helios & Matheson officials urged shareholders to approve its first reverse split in an effort to boost its stock price.
That worked, but only temporarily. Less than a week later the company’s stock was trading below $1 again, before plunging even more. In recent weeks, Helios & Matheson’s stock has hovered around 2 cents a share. That means it’s still in danger of being delisted by the Nasdaq, which requires a company’s stock to trade above a $1 a share for at least 10 consecutive trading days to avoid such a sanction.
The company’s stock price has fallen largely in tandem with its issuance of new shares. A month ago, when it had fewer than half as many shares outstanding, its stock was priced at 5 cents a share. Immediately after its reverse split — and before it issued hundreds of millions of new shares — it was trading at more than $20 a share.
The company has to set aside more shares than it’s authorized to issue
In addition to sinking Helios & Matheson’s stock, the issuance of all those new shares has had another consequence. The company has basically run out of room to issue new shares.
Besides approving the reverse stock split in July, shareholders upped the number of shares that Helios & Matheson could issue to 5 billion shares. Although only 1.36 billion are now outstanding, it has to set aside some 5.3 billion shares for its creditors.
The company issued convertible notes in November, January, and June to fund its operations. Should its creditors decide to do so, they can exchange those notes for shares.
But the November and January notes have a provision in them in which the price at which they can be converted gets reduced to the lowest price at which the company has sold shares on the public market. At the same time, the number of shares that Helios & Matheson would have to issue at that price to the creditors goes up proportionately.
Both of those sets of notes can now be converted at a price of 2 cents a share, the company said in its filing, indicating that the company has sold stock on the open market recently at just that price. The result of the lowering of the conversion price is that Helios & Matheson now has to set aside more shares for those notes than it can issue in total.
Now the company is seeking approval to reverse split its stock again by as much as a 500-to-1 ratio. Such a move could potentially address both problems, by raising its share price above $1 a share and by giving it again extra headroom to cover conversion or issue new stock. The number of shares Helios & Matheson would have to issue to cover the convertible notes would be reduced by the same ratio by which it reduced its total share count.
Of course, if the company’s stock fell again after a second reverse split — due to the issuance of yet more shares or for some other reason — it could soon find itself in the same bind, under threat of delisting and running out of room to issue new shares for its creditors.

Isaac Success: Super Eagles forward scores 2nd goal of the season for Watford

Isaac Success was again among the goals in the cup competition but could not save Watford from defeat to Tottenham. Super Eagles forward Isaac Success scored his second goal of the season for Waford in their 4-2 loss on penalties to Tottenham Hotspur in a Carabao Cup fixture played on Wednesday, September 26.Success scored his first goal of the season in the previous round fixture against Reading which ended in a 2-0 win for Watford at the Madjeski Stadium.Isaac Success statsThe 22-year-old forward returned t the starting line up named by Premier League Manager of the Month Javi Gracia.Success who has found game time in the Premier League very difficult to come by took his opportunity to impress the manager in the cup competition.After a goalless first half Success gave Watford the lead at the Wembley Stadium in the 46th minute converting a ball through to him from Kiko.Dele Alli restored parity when he converted a penalty after Christian Kabasele was sent off and while Erik Lamela. thought he had won it, Etienne Capoue scored in the 89th minute to send the game into a shootout.Success scored his penalty kick as the first taker for Watford but they missed two while Tottenham converted all to advance to the next round.Watford StatsSince his return to England, Success has been hailed by Gracia following his impressive performances for the Hornets and the Nigerian forward will hope to get game time when Watford travel to face Arsenal in a Premier League fixture scheduled for Saturday, September 29.

Plagiarism: ASUU disowns Unilorin lecturer

THE Leadership of Ibadan Zone of the Academic Staff Union of Universities (ASUU) has disowned Dr. Usman Adebimpe Raheem of the University of Ilorin, who is facing allegations of plagiarism and intellectual fraud.
The ASUU leadership maintained that its chairperson for the University of Ilorin is Dr. Kayode Afolayan, who was “illegally sacked by the university of Ilorin administration”.
The Ibadan Zone of ASUU covers the University of Ilorin, University of Ibadan, Osun State University and Ladoke Akintola University, Ogbomoso.
The Nation, on Tuesday, reported that Raheem is facing intellectual fraud and plagiarism case.
In a statement, entitled: “Re: Unilorin ASUU chair faces plagiarism crisis: A disclaimer”, issued in Ibadan, ASUU Zonal Chairman Dr. Ade Adejumo and University of Ibadan Chapter Chairman Dr. Deji Omole stated that “for the avoidance of doubt, Dr. Raheem is not known to ASUU and he is not the chairman of ASUU Unilorin Branch”.
According to the zonal leadership, Raheem “is an impostor and leader of a renegade group backed by the management of UNILORIN that calls itself ASUU”.
Adejumo and Omole stated that the chairperson of UNILORIN branch is Dr. Kayode Niyi Afolayan, whose “illegal termination of appointment and that of the branch secretary, Dr. Solomon Oyelekan, by former VC Prof. Abdulganiyu Ambali, is being contested in court”.
“As a union of intellectuals, ASUU does not condone unethical practices and acts of fraud among its members. The union hopes that all the authorities directly concerned and mentioned in the story, especially the University of Ilorin and University of Ibadan, where Dr. Raheem obtained his PhD, that has alleged plagiarised materials, will act immediately on this matter to restore sanity to ethical practices and standards in the academia being eroded by this alleged shameful conduct of Dr. U.A Raheem,” the statement stressed.

Atiku’s aides cause stir in Anambra

Security detail attached to presidential hopeful Atiku Abubakar yesterday stopped some delegates of the Peoples Democratic Party (PDP) from meeting him in Anambra State.
Journalists and party members were prevented from having access to Atiku. Some alleged they were beaten up by the aides.
Atiku was hosted at the Geogold hotels in Awka by the party executive, led by Chairman Ndibuisi Nwobu.
The presidential hopeful, who addressed delegates, urged them not to vote those who will divide the country the more.
He said: “I saw the pre-civil war days, the civil war days and the post-civil war days, but we have never seen Nigeria as divided as we have now. I beg of you, it is not about me, but about the future of our children, we must unite to make sure we don’t vote wrongly.
“Do you know I have been championing restructuring for years now? It is one thing we must give to every part of this country, to govern and develop themselves. We must not continue to have a country where every state rushes to Abuja to pick up money. We will begin by restructuring, and that will help states to achieve whatever they want to achieve without hindrance.
“I promise that as your president, we will build an international airport in the east, not the type they are talking about, but one that is truly international, that would operate flights to other parts of the world.
“I urge you to support me so we can develop our regions and reclaim our country again.”
Nwobu, promised Atiku that Anambra will support whoever becomes the party’s presidential candidate.