Worried by the failure of some companies quoted on the Nigerian Stock Exchange (NSE) to hold their yearly general meetings, shareholders have called on the Securities and Exchange Commission (SEC) to protect investors by sanctioning such companies. The shareholders, under the aegis of Progressive Shareholders Association of Nigerian (PSAN), represented by its national President, Mr. Boniface Okezie said yearly general meeting are important, as it gives shareholders an opportunity to review their company's operations and suggest the way forward.

Specifically, Okezie's group blamed the woes of Jos International Breweries Plc, a company in the breweries sector, on what he described as gross mismanagement and incompetence of the leadership of the company, adding that the company has not paid dividend in the last 10 years.
He recalled that the company's public offer done in 2004 was a failure, though it recorded 30 per cent subscription, noting that the company was forced to conduct its yearly general meeting in May 24, 2007 at Jalingo Hotels, in Taraba State.

Okezie said: "All is not well with Jos International Breweries. The products are not available in markets across the company's catchment areas. I traveled to Taraba State to know why the meeting was taken to that place to safe costs.
"The company's yearly report was not circulated to shareholders according to regulation."
The shareholders criticised the recent increase in the share price of the company's shares, attributing the rise in its share price to manipulation, since it is not justifiable, considering the fact that the company had not produced in the last four years. Okezie also criticised government's equity participation in the company, insisting that Plateau State Government should be discouraged from participating in a private sector owned company.

"We understand that a state government is coming to its aid with subvention to pay salaries. For a quoted company that is wrong."