By InvestAdvocate

Lagos (INVESTADVOCATE) – Maan Lababidi, the Chairman of Starcomms Plc was detained Tuesday by officials of the Economic & Financial Crime Commission (EFCC) in its Lagos office and was released earlier today, www.investadvocateng.com can authoritatively Report.

The detention is coming on the heels of petitions by top Nigerian Investors in respect of the Company’s year 2008 Private Placement (PP) handled by Stanbic IBTC Chapel Hill Denham as Issuing Houses.

www.investadvocateng.com can reveal that there are a number of elite Nigerians who invested in the Placement.

We also gathered that Stanbic IBTC and Chapel Hill have began to make moves to stop further interest in the matter; by refunding key players in the Nigerian Capital Market (NCM) involved in the matter and were not allotted shares.

UPDATE:

Lababidi was released from the EFCC Custody before 12.00 Noon Wednesday.

www.investadvocateng.com can report that so many other Nigerians invested various sums of money and were not on the list of 43 persons approved by Nigeria’s Securities & Exchange Commission (SEC) for the Private Placement transaction.

The SEC cleared a basis of allotment that showed that ONLY 43 Investors participated in the Private Placement.

We also can report that Hundreds of Nigerian Investors paid monies into the offer Proceeds accounts “statutory requirement is that ONLY 50 should have been offered or allowed to pay into these accounts see SEC Rule 90(i)], yet only 43 Investors got allotted” the petition affirmed.

www.investadvocateng.com We will keep you posted as events unfold.

Related Stories:

1. Starcomm’s Private Placement: Grand-Mother of all Frauds in the Nigerian Capital Market-Revealing!!!

2. Starcomms Plc: The SEC Approved list of 43 Allottees

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