Mr. Odusote picked up from there. “I also think that at this juncture, the SEC should not be concerned about the reduction of capitalization of banks in Nigeria, because the capitalization of all the current banks far exceed N25 billion, which the Central Bank set as the threshold last year. There is nothing illegal about share buyback especially as I propose to do.”
“Look at it from the gullible investor‘s point of view.” Benibo interrupted. “The CEOs and dealers may, through collective trading and depressed prices; create anxiety in the market and tempt investors to sell the shares to the company by making apparently attractive offers.”
“You know, I‘ve seen instances of where a company buys back their shares, by making bargain purchases that give an unfair edge to the continuing, non-selling shareholders. Guess who benefits in the end?” Odili looked around, “the same management…”
“But that‘s the whole point. I will say this again, there‘s nothing illegal about this.”
Edward tried to wrap things up. The conversation with Mr. Odusote had gone on longer than he intended. “Mr. Odusote, you can be sure that I don‘t want to pay any fines for price manipulation or get tainted by the whiff of an investigation. Further, if the share price ever drifts down after the buy back, there would be complete erosion of our investor confidence…”
Kanayo‘s phone buzzed and he stood up. “Sorry to interrupt but I have to go now. It‘s been an interesting chat with you Mr. Odusote, good luck with your plan.”
Edward walked him to the door and halted. “I have to apologize for the derailed meeting...”
“No problem at all, we‘ll set another date to continue the previous talk. But don‘t forget about the Johnsons‘ reception party. I know you‘re travelling till just a few days before then.”
“Yeah, but I‘ll try and remember.”
**********
It was the Saturday after her first full week of work and Gladys was relaxed in front of the television watching a home video when Aunt Isioma walked into the living room.
“Can you spare some time to go out now?”
Gladys sat up. “Yes, I can. Do you have any errands you want me to run for you?”
“Not really, but I was hoping that we might be able to go shopping together.”
“I can go alone if you want.” In the past few weeks, she‘d often shopped alone for food and other stuff they needed both at the supermarket and the nearby local markets.