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Japaul has some ‘harsh’ words for the ‘negative press’ that crashed its share price



A Businessday article published last week cast doubts over the announced investments of Milost Global in Japaul Oil and Resort Savings and Loans. The Media Company quipped at the implausible nature of the deal as it could not reconcile the amount of money being lined up for investment in these companies with the actual equity issued or authorized.

The result was a massive sell-off of Japaul shares leading to over 50% drop last week and making it the worst performer. As expected, the folks at Japaul did not find this funny and have issued an official statement in reaction to the “negative press”. Japaul responded via their CEO, Paul Jegede.


See below;

Japaul Oil Chairman, Jegede Paul, stated, “We informed the Regulatory Authorities that we have signed Milost Equity Subscription Agreement (MESA 1) and Milost has not asked for any upfront fees from us until disbursement takes place, even the facilitation fees to Palewater who are advisers to the transaction is technically agreed to be paid when we start to drawdown on the facility despite agreement signed.

An escrow account agreement is being worked upon to trigger the drawdown on the facility. We don’t really know where the dailies got their variables that do not add up mathematically about Milost math. They should have watched and see what happens about the issue of performance. This Newspaper Article against Milost has been wrongly perceived by the investing public and this is terribly affecting our share price on the Stock Market.

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This is simply sad. Milost currently holds no shares in Japaul as yet as we are awaiting regulatory approval, I just wonder how would it then be said that it is involved in a pumping and dump scheme in Japaul shares and the financing is provided in single tranches of between $1 to $5 million until our share price recovers. How will it reach high prices when we are receiving unfair reporting by one Nigerian media outlet that purports lies and in real fact is that we have opened our doors for the media to call us and verify facts before going to print.

The media needs us and we also need it and we can’t be seen fighting each other, after all we are all Nigerians. It’s sad because since the BusinessDay publication, our share price has plummeted over 100% and the news was misconstrued opinions that remain false and unfounded.”

Not to be left out, the folks at Femab Properties, another company hoping to benefit from the Milost funding also had something to say about the “negative press”

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Femab Properties CEO, Abiodun Aguda, stated, “This is the first time we have the opportunity to access funds that can truly support our business both from collateral perspective, financing structure and tenor. The MILOST funding structure truly allows growth and development which Nigerian businesses and Africa needs.

The Press is therefore advised to seek for knowledge to properly understand the financing model of MILOST, speak with the beneficiaries directly and avoid misleading the teeming public through uninformed reporting.”

And yes, you guessed right, the Chairman of Resort Savings and Loans also chimed it at the rebuke of the Businessday article


Senator Sunday Fajinmi, Chairman of Resort Savings and Loans, stated, “It is sad to realise that a few grumbling, half educated individuals are against the recovery of Nigerian economy through resuscitation of dying businesses.  The publication is just a promotion of corruption in some aspects of yellow journalism in our country that has propagated the popular PHD syndrome.  Milost Global Inc. of USA has been verified to be a very credible investor in developing economies like Nigeria.  Their track record which speaks for itself, attest only to their credibility. Their understanding of peculiarity of developing economies in Private Equity financing is amazing when compared to others who are the paymasters of the journalist, the author of the fake news.  These enemies of progress should look for better work to do as the Nigeria economy needs more friendly and understanding finance engineering organisations like Milost Global Inc.  Be warned! as Nigeria belongs to all of us!” 

Even Primewater view had something to say too

Primewaterview CEO, Harold Nzekwe, stated, “Primewaterview is stronger today because of the timely investment from Milost. Once you understand the structure of their financing you will realize that it is a win-win for all the parties. The Nigerian economy needs foreign direct investment from serious investors such as Milost in order for the economy to grow.”

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And what about Milost? Milost’s Managing Partner attempted to reassure the market;

Kim Freeman, Managing Partner & CEO of Milost, stated, “Nigeria has the largest economy in Africa that is growing rapidly and Milost wants to be instrumental in sustaining this growth. Our MESA fund is an innovative facility that allows a company to not only reach its true market value but also to achieve its vision of a larger more vertically diversified company through acquisitions and organic growth.”

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And In Case You Missed It, the founder of Milost also issued a long press release explaining their Messianic Strategy for Nigeria.



Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.



  1. Anodebenze

    March 21, 2018 at 1:38 pm

    This is the few times,i agrees with the editorial team of nairametric,it was original, holistic,existential,essence,and introducing critical will enable a layman investor think harder and invests with his soul

  2. Dapo

    March 21, 2018 at 1:57 pm

    Investors should learn to read economic news. I am of the opinion that the information from business day was sponsored to break the trend in the price rally. My proof: when I read the news, the writer said the CBN could not be reached as calls to the phone was not responded to. I knew from here that he the writer could not be true and that information was sponsored. And I have this question for him: why was he hasty to the press? What you have seen is part of investment in paper assets. Well done.

  3. george

    March 22, 2018 at 5:16 pm

    All these story looks very fishy,nairametric article was done very hasty and rushed,last week,they reported that this milost planned to invest in Nigeria about 1 billion dollar,in unity bank and jaipaul,this story of investing in Nigeria,orginate from Bloomberg,now some media outfit picked this story,without confirming this story from milost,now jaipaul and unity are denying this story,THAT TALKS ARE STILL GOING SUBJECT TO APPROVAL FROM REGULATING AUTHORITIES.
    So it smells of conspiracy,when a good story is released about a listed company,it jumped shares prices briefly,when the dust settles,the truth will come out,now it looks that the 2 shares prices,was pumped up.and it could leads to a criminal investigation,and jaipaul and unity bank can files a complaint,if they are innocent,.nairametric,to protects themselves, did a rethinking as they were supporting this milost invsestment,only one attack in businessday upsets jaipaul shares prices and unity bank shares price,as this story of investing was empty,
    It looks this businessday reporter want to uses this opportunity to invests injaipaul and unity,and he did his analysis,and found.things do not add up,and I think jaipaul and unity bank are innocent victim,in the quest ,of getting money quickly, on face value without investigating business report.
    Now the staff of nairametric will make nairametric/America great again,well done

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Business News

Gold prices soars following resurging COVID-19 caseloads

Gold futures gained 0.46% to trade at $1983 at about 6.41 am GMT.



Gold Up as U.S. hits Record Number of COVID-19 Cases, Gold stands firm above $1,800 over increasing virus fears and weaker dollar , Gold stands firm above $1,800 over increasing virus fears and weaker dollar

Gold started the first trading week on a bullish note at London’s trading session. This is coming on the heels of growing concerns about the ravaging Coronavirus pandemic, triggering gold traders to increase their bullish bet.

Gold futures gained 0.46% to trade at $1983 at about 6.41 am GMT


Spot bullion surged 11% in July, the biggest monthly gain since 2012, as investors weighed a weaker dollar and record low U.S. real yields.

Why the sudden rush for gold?                                                     

The current global health crisis has prompted unprecedented amounts of stimulus being unleashed by the central banks in most emerged markets. There have also been other dovish monetary policies, including lower rates. All of these have combined to boost gold bulls in solidifying their bullish position on the short term.

In addition, Stephen Innes, the Chief Global Market Strategist at AxiCorp in a note to Nairametrics buttressed the macros supporting the yellow metal’s bullish run he said

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“Investors will continue to have a favorable view of gold partly on ongoing Covid-19 concerns.

“While gold demand shows few signs of retracing, the yellow metal could face fierce short-term resistance at $2000 given the growing view we could be at the end of the runway for the US yields to fall further. And the US Treasury is running out of the exorbitant privilege of the stronger dollar and safe haven flow.”

Gold has moved through its all-time highs as the story continues to be the Federal Reserve’s money-printing coupled with the potential USD1 trillion fiscal stimulus packages for pandemic relief. Real rates continue to trend lower, and the dollar continues to weaken. Therefore, the environment should remain supportive of gold.

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Data war: MTN takes over, gains 1.7 million subscribers, as Glo outshines Airtel in June

MTN gained 1.74 million data subscribers in June against the 882,458 it recorded in May 2020.



Data War: MTN edges our Airtel for first time in 5 months as 493,556 subscribers dump Glo, 9mobile , MTN is winning the data war, as 1.88 million subscribers dump Glo, 9mobile, Data War: MTN gains 8.18 million subscribers in 2019, as Airtel edges Glo, 9mobile

Although competition in the Nigerian telecommunication space has always been stiff, latest data seen by Nairametrics indicated that the competition is getting stiffer.

Telecommunications operators, especially in the data section, are giving each other a hot chase. Gone are the days when the biggest telecommunication firm automatically retains the top position. Recently, companies that were once described as fringe players are catching up really fast in terms of attracting new subscribers every month.


For instance, in May 2020, Glo took other operators by surprise, dwarfing them to lead the chart as the telco with the highest number of subscribers in a month when it gained 8.302 million data subscribers. The indigenous telco grew from 28.934 million in December 2019 to 37.236 million by the end of May 2020, while MTN gained 4.75 million data subscribers. Airtel, which used to be the second-highest in subscriber growth after MTN, recorded 2.795 million. Unfortunately, 9mobile lost 812,827 subscribers within the same period.

MTN regains top position

According to data released by the Nigerian Communication Commission for the period ending June 2020, Nigeria’s largest mobile telecommunication company, MTN, gained 1.74 million data subscribers against the 882,458 it recorded in May 2020.

Also, at the end of June 2020, the total number of data subscribers on MTN data network rose to 60.60 million from the 58.86 million it recorded in May. This means the telco added 1.74 million data subscribers.

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Glo attracted more subscribers, outshining Airtel (subscribers base) for the first time in years

Despite a challenging year for Globacom in terms of its data subscriber base, the telco took industry watchers by surprise, as its subscriber base chased, met and overtook Airtel’s In June 2020.

For the first time in years, the once second largest telco (subscribers base) lost its position to the indigenous company as the latter increased its base from 34.24 million in May to 37.97 by the end of June 2020. The Indian-owned telco only managed to increase its base from 37.32 million to 37.57 million within the same period.

On the other hand, 9mobile ended the month without attracting any data subscriber. According to the NCC data, 9mobile continues its steady decline, as a total of 16,000 subscribers dumped the network for others when it fell from 7.26 million subscribers to 7.10 million within the same period.

 [READ MORE: MTN wins data war, as 1.88 million subscribers dump Glo, 9mobile)

In terms of market share, Glo is now trailing behind MTN, as the latter expanded its overall market share in June.

At the end of June 2020, MTN’s total data market share rose further to 60.60 million subscribers. On the other hand, Glo had 37.97 million, followed by Airtel’s 37.57 million and 9mobile’s 7.10 million.


Internet remains slow in Nigeria despite the advent of 4G network

The advent of 4G/LTE in the global telecom industry was accompanied by the expectation of fast internet speed. The 4G is the fourth generation of wireless mobile telecommunications technology, succeeding 3G. Potential and current applications include amended mobile web access, IP telephony, gaming services, high-definition mobile TV, video conferencing, and 3D television.

While GSM companies continue to jostle for market share, it has often come at the expense of poor service and lack of accountability. Quite frankly, as an average internet user in Nigeria, one is usually left at the mercy of poor mobile internet services which frustrate one to seek limited alternatives.

Nigeria’s internet download speed remains among the slowest in the world, and while the telcos continue to rake in heavy gains from data sales, consumers continue to groan for lack of fast and affordable internet services.

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COVID-19 Update in Nigeria

On the 2nd of August 2020, 304 new confirmed cases and 5 deaths were recorded in Nigeria.



The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 43,841 confirmed cases.

On the 2nd of August 2020, 304 new confirmed cases and 5 deaths were recorded in Nigeria, having carried out a total daily test of 2,175 samples across the country.


To date, 43,841 cases have been confirmed, 20,308 cases have been discharged and 888 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 286,091 tests have been carried out as of August 2nd, 2020 compared to 286,091  tests a day earlier.

COVID-19 Case Updates- 2nd August 2020,

  • Total Number of Cases – 43,841
  • Total Number Discharged – 20,308
  • Total Deaths – 888
  • Total Tests Carried out – 286,091

According to the NCDC, the 304 new cases were reported from 15 states- Lagos (81), FCT (39), Abia (31), Kaduna (24), Rivers (23), Plateau (16), Cross River (13), Ebonyi (12), Ondo (12) Ekiti (11), Edo (11), Benue (10), Nasarawa (10), Ogun (6), Gombe (5).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,267, followed by Abuja (3,972), Oyo (2,768), Edo (2,311), Rivers (1,829), Kano (1,597), Delta (1,510), Kaduna (1,481), Ogun (1,403), Plateau (1,227), Ondo (1,204), Enugu (821), Ebonyi (808), Kwara (753), Katsina (745), Borno (613), Gombe (612), Abia (582), Bauchi (560), and Osun (553).

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Imo State has recorded 469 cases, Benue (356), Nasarawa and Bayelsa (339), Jigawa (322), Niger (223), Akwa Ibom (221), Adamawa (164), Sokoto (154), Ekiti (152), Anambra (135),  Kebbi (90), Zamfara (77), Yobe (67), Cross River (58), Taraba (54),  while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.



READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
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May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
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March 29, 2020111221031070
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March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
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March 12, 20202000020
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March 9, 20202100020
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