Thursday, January 06, 2005
Fobi's No Fool
Engineer E.O. Fobi of oilfield services giant Fobi Engineering may be better served by investing his signature bonus money in First Atlantic Bank stock. An ERHC competitor in the JDZ rounds, he is a member of the bank's Board of Directors. The bank is merging with three others in May. The 60 million shares it won from Emeka Offor will rise at the rate of US$600,000 for every $0.01 after the awards and beyond (that's US$918 million if ERHC hits $2). Fobi's low bid is unlikely to win.