Na wa oh

I hope they will not sack workers because that is what Nigerian banks are known for. They derive pleasure in downsizing their work force all in the name saving costs and maximizing profits.


May God help us.

/
There you have it.

The hand writing on the wall is becoming clearer.

The clues are there.

Time to move funds out of sick banks or get burned.

\

Even as I don't want to admit our economy is heading for a crash, economic situations each day make me see reasons.

Mprepz:
Thanks to the almighty düllard

Who does not exist...there is no such thing as an almighty dullrd.

Team skye bank always flying higher

Quakertellicus1:



So what should our policy makers do then? I am serious.

I await your answers.

When the government puts round peg in round hole you will see a positive effect on our economy. All we see here are people being politically settled with sensitive positions. For instance, what is a barrister doing in power ministry or even works or housing? He will still need to learn, during his learning process the ministry suffers.

nnachukz:
When the government puts round peg in round hole you will see a positive effect on our economy. All we see here are people being politically settled with sensitive positive positions. For instance, what is a barrister doing in power ministry or even works or housing? He will still need to learn, during his learning process the ministry suffers.

Well...that is what advisers are there for.

And anyway...the barrister was a governor before he became works and housing minister. Barristers are not trained to run states.

Plus....you really did not answer my question...what policy should the banks and the government follow.?

His policies are affecting businesses and bank patronage.

The solution is for him to change his harsh economic policies.

Quakertellicus1:


So Buhari is responsible for banks not being able to think beyond government business...

And by the way...what do you think should be done next.? What is your solution.?

I guess this should push the banks into looking at the bottom of the retail pyramid (i.e. Un(der)banked population) which currently control liquidityhttps://www./financial-inclusion-nigeria-challenges-banks-mobile-money-adesanya?trk=pulse_spock-articles

Adesiji77:
Bad loans, naira volatility and other economic headwinds have made Ecobank International Incorporated, Union Bank Plc, First City Monument Bank Limited, Wema Bank Plc and Fidelity Bank Plc to post a combined 80 per cent decline in their annual profits.

The annual financial statements of the banks posted on the website of the Nigerian Stock Exchange have revealed.



The 2015 financial results of the five banks released in March this year showed that the profit before tax tumbled by 69 per cent to N77.65bn from N131.19bn in 2014.

Similarly, the combined profit after tax of the five banks fell from N107.279bn in 2014 to N59.73bn in 2015, indicating a decline of 79.59 per cent.

The N53.54bn fall in profit was attributed by many of the banks’ chief executive officers to high impairment charges on bad loans, foreign exchange volatility and other challenges facing the economy following the significant drop in the nation’s oil revenue due to the sharp fall in oil prices.

The economic crisis facing the country has affected the banking industry significantly. Out of the 15 banks quoted on the Nigerian Stock Exchange, 10 have released their 2015 annual financial statements as of the March 31, 2016 regulatory deadline set by the Central Bank of Nigeria for the submission of the statements.

Of the 10 banks that released their results, five posted sharp decline in profits, a major departure from the consistent rise in profits posted by almost all the banks in the country after the 2010 banking crisis.

The reports on the NSE website showed that Ecobank posted a PBT of N40bn in the 2015 financial year; Union Bank, N18.1bn; FCMB, N2.5bn; Fidelity Bank, N14bn; and Wema Bank, N3.046bn.

However, the five other banks that released their 2015 annual reports in March this year outperformed the market, posting increases in both their profit before tax and profit after tax.

This is despite the huge provisions for bad loans that most of them made in the 2015 financial year.

These are Guaranty Trust Bank Plc, United Bank for Africa Plc, Access Bank Plc, Sterling Bank Plc, and Zenith Bank Plc.

http://www.punchng.com/economic-crisis-five-banks-profit-drop-by-n54bn/

amtaken:
His policies are affecting businesses and bank patronage.

The solution is for him to change his harsh economic policies.

To what kind of policies?

Let's not deceive ourselves....austerity is in the cards...even if PDP won last year. Unless you have a secret plan to get the Saudis to raise oil prices.....

We cannot loosen forex controls...because it would make the already bad devaluation of the naira worse.

So...what policies do you have in mind?

Quakertellicus1:




So what should our policy makers do then? I am serious.

I await your answers.

Modified: The state of the mind of a good number of the people who criticize this administration on this thread shows they have no alternative solutions to offer...except derision.

With that kind of thinking, I am glad we did not keep the PDP in power...because these people have no ideas. They just know how to act like jesters.

As for me....I have my alternative. The government must make sure Nigeria gets off oil....because as this shows us...reliance on oil, or any other resource is not good for our economic health....at all. Banks must diversify too.

Oga stop sounding like a broken record. Yesterday when Guinness was retrenching zombies like you blame the mgt of the coy today banks profit ate falling and you still can't see deduce that the head is rooten that buhari is on a lost course



WHEN WILL BUHARI TAKE THE BLAME

Fedayeen:
Oga stop sounding like a broken record. Yesterday when Guinness was retrenching zombies like you blame the mgt of the coy today banks profit ate falling and you still can't see deduce that the head is rooten that buhari is on a lost course



WHEN WILL BUHARI TAKE THE BLAME

What we are witnessing now is what happens when oil prices fall. It would have happened if GEJ won...and you would have been calling Guinness saboteurs...while I would have been blasting GEJ.

But underneath this whole crisis,is a truth the two of us must both face.

Our resource dependency since independence is no longer sustainable. Time we worked for our money.

Quakertellicus1:




So what should our policy makers do then? I am serious.

I await your answers.

Modified: The state of the mind of a good number of the people who criticize this administration on this thread shows they have no alternative solutions to offer...except derision.

With that kind of thinking, I am glad we did not keep the PDP in power...because these people have no ideas. They just know how to act like jesters.

As for me....I have my alternative. The government must make sure Nigeria gets off oil....because as this shows us...reliance on oil, or any other resource is not good for our economic health....at all. Banks must diversify too.

And how do you intend they get off relying on Crude To be able to sustain this country ?

(PS: don't mention Agriculture, I'm tired of hearing that)

FullDepth1:


And how do you intend they get off relying on Crude To be able to sustain this country ?

(PS: don't mention Agriculture, I'm tired of hearing that)

1.Thank you very much for your agric comment! I too don tire! (Although for agric....we need more large commercial style farms too...if we want increased revenue from there. But...agric's day is done. Everybody does it...and price drops are even worse than the one for oil).

2.For now...if I was in charge...I would increase spending on power, and also fix the transmission system too. (That is a priority).

3.On education, I will raise university fees, and reduce government funding for universities by making then autonomous. The saved cash can go on technical education. Nigeria needs technicians, not clerks.

4.I will also spend more on rail.

5.Austerity....raised taxes, reduced spending elsewhere.Also...tough on corruption.

6.Ten years from now...we would be more reliant on industries.

7.These industries too must be competitive to survive in the global market...which means ploughing back some of their profits into education.

I use ecobank. I hope nothing will happen to the billions in my account

Quakertellicus1:


To what kind of policies?

Let's not deceive ourselves....austerity is in the cards...even if PDP won last year. Unless you have a secret plan to get the Saudis to raise oil prices.....

We cannot loosen forex controls...because it would make the already bad devaluation of the naira worse.

So...what policies do you have in mind?

That is it. You know the answer but you and your President won't admit it. Yet you look for another solution, just to argue. Liberalise the currency markets, period. How can it be worse than this. When you release FX controls those hoarding and speculating will loosen up. Those who are afraid of bringing it in fearing they will not be able to take it out again will be encouraged. The government just wants to control the factors of production for which it has no means. like a father who does not bring in the proverbial daily bread yet does not want his wife to work and expects three square meals....irresponsible government. How much FX does the government generate to make it control the market. This is the result, enjoy. I will not sell my FX, period, let it remain in the banks, neither will I bring in the little I have abroad.

Reference:


That is it. You know the answer but you and your President won't admit it. Yet you look for another solution, just to argue. Liberalise the currency markets, period. How can it be worse than this. When you release FX controls those hoarding and speculating will loosen up. Those who are afraid of bringing it in fearing they will not be able to take it out again will be encouraged. The government just wants to control the factors of production for which it has no means. like a father who does not bring in the proverbial daily bread yet does not want his wife to work and expects three square means....irresponsible government. How much FX does the government generate to make it control the market. This is the result, enjoy. I will not sell my FX, period, let it remain in the banks, neither will I bring in the little I have abroad.

Loosening the forex only makes the bad situation worse

1.It means we have less dollars to buffer the naira...leading to raised prices for imported goods and raw materials...fueling inflation.

2.It also means we have to take more and more loans to balance the books...leading to increased debts.

The thing is....most Nigerians do not want austerity. Neither does the government. Nigerians want to love as if oil is still above 100 dollars.

If you wish to consult me to provide solutions to the issues affecting the country you do it officially.


I cannot give my well researched ideas here and someone else will go tender it as his/hers.


Buhari's economic policies as regards to forex, abrupt ban on importation of most goods without prior notice or alternative plans, indecision as regards to subsidy payment or lack of it, banking policies etc are affecting our country negatively.

Quakertellicus1:


To what kind of policies?

Let's not deceive ourselves....austerity is in the cards...even if PDP won last year. Unless you have a secret plan to get the Saudis to raise oil prices.....

We cannot loosen forex controls...because it would make the already bad devaluation of the naira worse.

So...what policies do you have in mind?

It is high time fed.govt probe those Banks,scrutinise the bank MDs bank accounts,they shld list those they gave the Loans,with all there crazy bank charges frm customers,with holding govt.taxes,hidden govt. remitances,Round Tripping,stealing dead pple dividends on shares,coniving with corrupt officials to launder money they still complain of economic distress.Haba

Quakertellicus1:

Signing deals and getting people to invest.....in your country.

Isn't it 'your' country too?

My bank no dey dere......

I am so amaze how quick Nigerians are heaping the blame on our president. The past government should be blamed for the failure to invest wisely the revenue gained from the sales of oil price into development of key sectors of the economy. The economy shake-up we are witnessing now is due to the drop in the global oil price in which in turn reduce our oil revenue and which we should expect that it will affect the economy since Nigeria is solely dependent on oil. This is really a trying time for the economy because there is no enough more to go round.

The solution to this problem is diversification, so that we wont have to suffer each time there is a significant drop in price of crude oil in the global market.

amtaken:
If you wish to consult me to provide solutions to the issues affecting the country you do it officially.


I cannot give my well researched ideas here and someone else will go tender it as his/hers.


Buhari's economic policies as regards to forex, abrupt ban on importation of most goods without prior notice or alternative plans, indecision as regards to subsidy payment or lack of it, banking policies etc are affecting our country negatively.

Hope you know that there are paid government agents who are experts at social engineering on NL, be conscious of this. Your ideas will he taken and sold to the government

so banks earn profits in billions of naira and yet they can even maintain and decent workforce and end up paying peanuts as salary. God is watching.

Another problem we have in this country is the method of operation of these banks in Nigeria. Banks are meant to be sources of finance to investments in the Nigerian industry. We give them our money to keep for us, instead of them to collaborate more with the government, give loans to those who are willing to invest in agriculture and other manufacturing industries, they are busy chasing oil and dollar. They prefer to finance importers, invest in foreign exchange and oil companies.
If they can give loans for industrialization, with government back up and insurance, they will help develop this country and continue to stay in business.

Thank god say uba no dey among I for sharply go withdraw my change

Quakertellicus1:


1.Thank you very much for your agric comment! I too don tire! (Although for agric....we need more large commercial style farms too...if we want increased revenue from there. But...agric's day is done. Everybody does it...and price drops are even worse than the one for oil).

2.For now...if I was in charge...I would increase spending on power, and also fix the transmission system too. (That is a priority).

3.On education, I will raise university fees, and reduce government funding for universities by making then autonomous. The saved cash can go on technical education. Nigeria needs technicians, not clerks.

4.I will also spend more on rail.

5.Austerity....raised taxes, reduced spending elsewhere.Also...tough on corruption.

6.Ten years from now...we would be more reliant on industries.

7.These industries too must be competitive to survive in the global market...which means ploughing back some of their profits into education.

Wait, are you just typing because I asked you not to talk about Agriculture ??

1) What is your minimum wage, that you intend to raise Taxes and Public School Fees ??

2) So apparently, the Parents of those who are under your stipulated Minimum wage, who have more than 2 kids in your Newly Priced Public schools, will be paying to Fund the School development, And also Fund the fees of Technical School Creation??

3) The govt has already raised taxes (PHCN) without providing the Light itself. So you plan to do the same ?
Eg: Placing Toll Gates on Bad roads, just to Tax the road users Is this your new plan to raise funds ?

Wait, pls tell me you are joking, or being Sarcastic!

FullDepth1:



Wait, are you just typing because I asked you not to talk about Agriculture

1) What is your minimum wage, that you intend to raise Taxes and Public School Fees

We raise university fees....and fund deserving students who cannot pay via grants and scholarships.

We also have to redirect fudning to pry, secondary and technical colleges. We lack techinical poeple....and there are jobs waiting there.

) So apparently, the Parents of those who are under your stipulated Minimum wage, who have more than 2 kids in your Newly Priced Public schools, will be paying to Fund the School development, And also Fund the fees of Technical School Creation

See my above point.

3) The govt has already raised taxes (PHCN) without providing the Light itself. So you plan to do the same ?
Eg: Placing Toll Gates on Bad roads, just to Tax the road users Is this your new plan to raise funds

Wait, pls tell me you are joking, or being Sarcastic!

First....PHCN does not exist. It is now DISCOS AND GENCOS. Govt only does transmission now.

Once privatization happened...price increases were inevitable.

To conclude....

What else do you expect,?

We can run an austerity govt now.......

Or we can take a big fat IMF loan, and pretend we are rich.

We have no money. That is why corruption must be fought. They are stealing from a poor treasury.

Quakertellicus1:


What else do you expect,?

We can run an austerity govt now.......

Or we can take a big fat IMF loan, and pretend we are rich.

We have no money

You think to run a country is as easy as you type?

You Wake up one morning and increase all Public School fees. Increase all form of Taxation, withdraw funds and support from all Schools.. ??


I'm just here, looking at your face, and Laughing.

You are funny.