we have Emefiele to thank for this opportunity !

dear Newbies,
Fear not, this is wat u have been reading & asking about.
A man opens his mouth, spooks the market
Creating panic just to please his oga when there are facts that have been ignored
Crazy times we live in

Fidelity breaks below N1
Next Diamond , FCMB possibly?

#watchZone

Uba!

Very boring market.

PRESS RELEASE

Lagos, Nigeria – 25 AUGUST 2016



CENTRAL BANK OF NIGERIA (CBN) FOREIGN EXCHANGE TRANSACTIONS RESTRICTION ON FIRSTBANK

As you are aware, there have been a number of media reports referencing the temporary suspension of FirstBank from the Nigerian foreign exchange market on account of failure to comply with the Treasury Single Account (TSA) policy. FirstBank wishes to confirm, that it has been and remain in compliance with all tenets of the TSA policy. The Bank also wishes to state categorically that there has been full disclosure to the CBN and other regulatory authorities at all times.

FirstBank has been a long standing banker to the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries and has over time held balances on their behalf, as well as extended credit facilities to their various entities and other agencies of Government. All these balances have been duly disclosed to the regulatory authorities at all times and more so with the advent of the TSA, which requires commercial banks to remit funds collected, to accounts of the relevant parastatal held in the CBN.

FirstBank holds various domiciliary accounts of the NNPC and its subsidiaries, which have been operated in line with regulatory rules. At various times the NNPC has instructed the Bank to transfer its funds to its accounts held with other banks and the CBN, which FirstBank has always complied with, irrespective of the sums involved. The pool of domiciliary balances the Bank holds have been used to finance short term trade finance obligations, with longer term lending typically funded via institutional borrowings and longer term debt financing.

Given the prevailing foreign exchange regime over the last 16 months, and prior to the flexible exchange rate regime, the Bank engaged its significant funds providers to ensure stability of foreign currency funding for existing trade finance business. This was a proactive measure, to avert the inability of corporate customers to source foreign exchange from the market, to cover their trade obligations. As correspondent banks retreated from Nigeria on account of the dwindling macroeconomic environment, it became necessary for banks like FirstBank, to settle the maturing trade obligations of customers.

The Bank has been in constant engagement with the NNPC and its large funds providers to maintain balances in the Bank, to continue providing funding for customers’ trade obligations. In this manner, domestic foreign currency balances remained available to finance trade obligations, where most foreign banks were unwilling to do so.

This tripartite engagement has been ongoing in a transparent and properly documented manner, between the Bank, the CBN and the NNPC, in anticipation of a smooth logical conclusion. This fact is in discordance, with allegation of concealment or unwillingness to remit funds, as has been construed by media reports.

It is also pertinent to note, that the Bank is a significant financier to Government and its various ministries, departments and agencies. The Bank is in advanced negotiations with the CBN and the NNPC to settle these obligations immediately, by setting-off the obligations of the Bank and Government. We are positive of an amicable speedy resolution of the matter, and do not envisage disruptions to usual foreign exchange business.

FirstBank’s business fundamentals remain strong. With the advent of the flexible exchange rate policy, the Bank has begun to see tentative signs of normalcy returning to the foreign exchange market, which should improve liquidity levels and hence corporate customers’ ability to purchase foreign currency and liquidate their trade obligations to banks in Nigeria, including FirstBank.

- ENDS -



For further information please contact:

Tolulope Oluwole (Ag. Head, Investor Relations)

+234 1 905 1146

^^^^^^

Abeg who sabi summary for here?

Did they say they have paid the NNPC money to CBN?

feelamong:
^^^^^^

Abeg who sabi summary for here?

Did they say they have paid the NNPC money to CBN?

Just the usual excuses. Bottom line is that they took government money, lost or used it, and they can't pay back.

Godisfaithful:

...

stocks with new 52 weeks low
fidelity bank #0.97k
Skye bank #0.59k
no new 52 weeks high

Intendy:
stocks with new 52 weeks low
fidelity bank #0.97k
Skye bank #0.59k
no new 52 weeks high

oga intendy abeg which car park do we place skye bank?ojota or oshodi park?

When person get better money for hand,stocks come fall ontop of cash,na to search for the best value stock with 52 weeks low price..........Abeg oga intendy and oga fxuser,make una furnish us with the best of those value stocks that is trading or close to their 52 weeks low.i will appreciate.

PETERiCHY:


Don't be in a haste to sell bcuz dollar will still cross N500. Thank me later.

That has been my sole message since mid-2015.

Forex reserve has sunk from $32b where the confused APC govt met it to around $25b now while Buhari is busy with his oil exploiration in the northeast.

So nobody should blame Emelife rather enjoy the CHANGE you voted for.

*ThE OcToPuS*

If you are lucky to get US Dollar below N410 quickly grab your copy and thank me later.

It's already trading N420 here in Dubai and getting to N500 is not far-fetching.

This the ONLY flourishing business under this APC regime because the era of fuel subsidy is gone,

We are now in FOREX SUBSIDY era so don't be left out

*ThE OcToPuS*

http://www.vanguardngr.com/2016/08/i-can-sit-in-my-garden-make-billions-through-forex-without-sweat-emir-of-kano/

He described as unwholesome a situation where somebody pull through a connection and rake in billions of naira without commiserate effort.

He said: “With my background in the banking sector, and now a royal father, I can sit in my garden and make billions through forex market without sweat.

“This is how most of those you called billionaires made their money.”

Had randomly read some comments within this forum and i can't help but to say it has been useful and relevant for any stock investor.

stockbuego:
Had randomly read some comments within this forum and i can't help but to say it has been useful and relevant for any stock investor.

If you are an investor, this is the place to be amongst getting abreast with relevant news, you can be a silent reader but just get updated.

U guys ^^^^ are smart...
Instead of wasting time reading how one celeb ate rice or drank what...on other threads

1. Between August 26 and August 30, 2016.

2. September 26, 2016.

3. October 20, 2016.


They days they predicted it will happen.

Lets see how it goes. I jus dey fence dey observe

Youngzedd:
1. Between August 26 and August 30, 2016.

2. September 26, 2016.

3. October 20, 2016.


They days they predicted it will happen.

Lets see how it goes. I jus dey fence dey observe

pls let someone interprete this handwriting on the wall by youngzedd,i cant comprehend.........what is he saying?

lancee:

I dey oga mi , we still dey wait for uba to release result

ok o .

The market is getting interesting by the day... Just made a massive purchase after that of SKYEBANK by loading heavily on DANGOTEFLOUR today @ a give away price... More to come, I'm just strategizing for the beautiful days ahead... WHAT NEXT AFTER THE STORM!!!

THE BIG SMART GUY

#NSETopLosers 25/08/16:
DANGCEM: -8.5
FO: -1.6
NB: -1.1
DANGSUGAR: -0.3
ZENITHBANK: -0.29


#NSETop Gainers 25/08/16:
SEPLAT: 4.89
7UP: 3.83
CAP: 1.36
FLOURMILL: 0.4
GLAXOSMITH: 0.1


#NSETopTrades 25/08/16
DIAMONDBNK:57,338,140.18
FBNH:132,295,517.09
UBA: 90,623,624.52
GUARANTY: 292,212,661.53
ZENITHBANK: 136,877,947.90

godlyguy:
The market is getting interesting by the day... Just made a massive purchase after that of SKYEBANK by loading heavily on DANGOTEFLOUR today @ a give away price... More to come, I'm just strategizing for the beautiful days ahead... WHAT NEXT AFTER THE STORM!!!

THE BIG SMART GUY

If anything should push me to buy those stocks you bought today,your entry price will be my exit price..........mark my words because i am patiently waiting and monitoring..........by the way,where did you see the buy signal when people are seriously jumping out from windows instead of doors.......i will advice you wait till this raging storm is over so you can smile with us in the bank.

locodemy:



oga intendy abeg which car park do we place skye bank?ojota or oshodi park?

the stock still dey outskirt of Lagos around Berger park.

Intendy:
http://nse.com.ng/Financial_NewsDocs/14807_UBA_PLC_-_CORPORATE_ACTION_CORPORATE_ACTIONS_AUGUST_2016.pdf

SUMMARY

UNITED BANK FOR AFRICA PLC
CORPORATE ACTION
Closure of Register – Period ended 30 June 2016
Proposed Dividend 20 kobo per share
Proposed Bonus Nil
Closure Date 12 September 2016 to 16 September 2016, (both dates
inclusive)
Payment Date 19 September 2016

Intendy:
http://nse.com.ng/Financial_NewsDocs/14807_UBA_PLC_-_CORPORATE_ACTION_CORPORATE_ACTIONS_AUGUST_2016.pdf

The 20kobo dividend is a welcome development. At least UBA did not fall my hand.