@ all
what would be the effects on the proposed share reconstruction for oceanic bank?

My People,
I am seeking advice.
I use MBC securities and up until last year, I've never had any issues, despite having been through 4 account officers ( who leave fro one reason or another) and now the fourth one is becoming a real trial. I bought several POs & IPOs thru them and everyone else is getting feedback on returned monies and allotment. I have asked my current officer if there is any feedback and he gives me the impression it isnt his work, one and two the registrar will get back to the individuals directly, I truly dont know what to believe.  PLEASE, Is there anyone else who uses them and has a reasonable contact?. my email is d328babe@yahoo.com. thank you.

pumping777:

I don't think UBA is a CICO stock. It is very strong fundamentally long term. I think the nominal price may be a disadvantage against CICO until some very serious rumour is in the air.

Good Pumping!!
Thanks for that if you notice I put question marks. UBA is ripe for a rise just like FBN and one can gain some CICO returns however it is fundamentally strong,
Agree with u sha

D328babe:

My People,
I am seeking advice.
I use MBC securities and up until last year, I've never had any issues, despite having been through 4 account officers ( who leave fro one reason or another) and now the fourth one is becoming a real trial. I bought several POs & IPOs through them and everyone else is getting feedback on returned monies and allotment. I have asked my current officer if there is any feedback and he gives me the impression it isnt his work, one and two the registrar will get back to the individuals directly, I truly don't know what to believe. PLEASE, Is there anyone else who uses them and has a reasonable contact?. my email is d328babe@yahoo.com. thank you.

Please take some time out and visit their office if you haven't done so already. If you are out of the country then put loads of pressure. I know brokers are under pressure just like the market is under pressure (so do your public relations well), However this is your money so chase it.
Also chase the brokers. Had to visit UBA/Zenith registrars to fix certificate issues when my brokers couldn't.
Act quickly!!
Good luck

@Pumice,

I see you are enjoying NigerianSecurities.com. You go pay O!!!!!

D328babe:

My People,
I am seeking advice.
I use MBC securities and up until last year, I've never had any issues, despite having been through 4 account officers ( who leave fro one reason or another) and now the fourth one is becoming a real trial. I bought several POs & IPOs through them and everyone else is getting feedback on returned monies and allotment. I have asked my current officer if there is any feedback and he gives me the impression it isnt his work, one and two the registrar will get back to the individuals directly, I truly don't know what to believe.  PLEASE, Is there anyone else who uses them and has a reasonable contact?. my email is d328babe@yahoo.com. thank you.

I use MBC Securities and can say confidently that of all the FOUR brokers I have used, they score the highest.  Right now I am offloading my portfolio with other brokers on to MBC.  I am very sorry you have this problem.  Call to ask to speak with the MD, they have a new one now, and you can be sure your issue will be adequately addressed.  I have used City-code, Profund securities, Mainland trust, none has come any close to MBC in their service delivery - if they actually deliver any!  Call the MD and please try to be friendly, for service delivery in Nigeria is still passing through a phase - they may not be that courteous as you would expect, but try you will get your issue fixed.  With the expansion of the market, brokers generally are all under pressure!  MBC is it, they deliver!

oawele:

@ all
what would be the effects on the proposed share reconstruction for oceanic bank?

1. Overall good
2. Individuals will have less number of shares in the company _obviously
3. This I think is to meet the market psychology  _{cheaper shares}  abi share prices in a certain range will make more returns.
4. However with the bullish trend Oceanic price will still be facing Bornu,

My suggestions

pumping777:

I don't think UBA is a CICO stock. It is very strong fundamentally long term. I think the nominal price may be a disadvantage against CICO until some very serious rumour is in the air.

recent trades on the NSE have shown that the pennystocks are more favored for price appreciatn, and UBA doesnt belong here, its time will come. learning how to trade "TRENDS" has been my major advantage on the NSE. fundamental and technical analysis dont work all the time.

@iconbull, pls explain to me how to trade trends?

oawele:

@ all
what would be the effects on the proposed share reconstruction for oceanic bank?

Is it now official that this is what they will do ?

Geees:

Good Pumping!!
Thanks for that if you notice I put question marks. UBA is ripe for a rise just like FBN and one can gain some CICO returns however it is fundamentally strong,
Agree with u sha

@Gees,you aren't making much sense.In one breath you seem to agree with @Pumping that UBA ain't likely good for CICO and yet with another,you say here that one can gain by UBA CICO . . . .

Geees:

1. Overall good
2. Individuals will have less number of shares in the company _obviously
3. This I think is to meet the market psychology _{cheaper shares} abi share prices in a certain range will make more returns.
4. However with the bullish trend Oceanic price will still be facing Bornu,

My suggestions

The emboldened statement is incorrect.

The effect of a share-reconstruction on the price of Oceanic,would be such that it becomes more expensive and not cheaper.

invisible!:

@iconbull, please explain to me how to trade trends?

@Invisible

If I may.

Trends simply refers to the likely direction the price of a stock would go,based on attempt to predict its behaviour.

It is TECHNICALISTS' stuff.

And,the behaviour predictability is based on technicalist things like looking at previuos years' price movement at so and so time of the Financial year,which should likely repeat itself.For example,an obvious trend would be price surge near time of Quarter results.

And so,they use retrospective charts to look into the achives of a stock's price behaviour based on certain recurring factors found during the Financial year.

Other trends are that some companies almost always give bonus;expectation of usual good dividend announcement at usually the same time as previous year e.t.c

Hope I didn't bungle it.

Again,a good illustratioin in the way Trends are applied in trading was pointed out in predicting the Q4 earnings of GTB on previous pages on this thread.

If you recall,peeps were worried that GTB was looking like it wouldn't be able to meet its Full year PAT expectations based on its slow progress seen at Q3 result.

I think it was @WanajO who allayed fears by pointing out a predictable trend:GTB,from past 3 or 4 financial years(Wanajo has the retro charts),usually makes 50% of their full-year PAT at Q4 alone !

Interestingly though,it looks like this certainly would not be the case for GTB this Financial year.

I heard from a manager that they(GTB) lost several Billions due to the GDR thing,and it could have been more had it been they hadn't quickly sold when the Pound started depreciating to our Naira. . . . .

Sniper or Gunfighter,you've got to mix 'em. . . . nothin' full-proof in Stocks. . . . . .Use Technicals AND Fundamentals.

Behave like John J. Rambo                  .

GO GIANTS!!!!

I know man, what a game!!!

WENDY WENDY WENDY! Sorry O! Time to eat crow. Go Giants!

@Blueband

I had paid some money into my account when this error was discovered and my funds were diverted to cover that position. To take maximum advantage of this scenario don't pay any money into your accounts until you have solved this issue. They only charged me the sell/buy commission.

Krrush:

Again,a good illustratioin in the way Trends are applied in trading was pointed out in predicting the Q4 earnings of GTB on previous pages on this thread.

If you recall,peeps were worried that GTB was looking like it wouldn't be able to meet its Full year PAT expectations based on its slow progress seen at Q3 result.

I think it was @WanajO who allayed fears by pointing out a predictable trend:GTB,from past 3 or 4 financial years(Wanajo has the retro charts),usually makes 50% of their full-year PAT at Q4 alone !

Interestingly though,it looks like this certainly would not be the case for GTB this Financial year.

I heard from a manager that they(GTB) lost several Billions due to the GDR thing,and it could have been more had it been they hadn't quickly sold when the Pound started depreciating to our Naira. . . . .

Sniper or Gunfighter,you've got to mix 'em. . . . nothin' full-proof in Stocks. . . . . .Use Technicals AND Fundamentals.

Behave like John J. Rambo                  .

What then is the advantage of going GDR instead of the regular offer if that would amount to a loss as in the case of GTB? I have been wondering too if Diamond Bank is not equally affected for it is taking them ages to release their 3rd quarter result or am I missing something. One thing I have observed is that when companies have favourable result they are too quick to release when result however is poor investors are kept yawning endlessly.

Zenith and others must have learnt from the hard experience of GTB hence they settled for the regular offers. At the end of the day, HOME IS HOME. GDR nonsense!!!!!!!

Peeps on this forum should beware that megaupload is laced by very stubborn virus and spyware. It has bent my avast antivirus arm backward, deleted all my bookmarks and presented an unsolicited megaupload tool bar as at this morning. I have battled this nuisance unsuccessfully for weeks. I will appreciate advice from knowledgeable computer fellas in the house if there is any. Hard disc formatting? Last option.

some info that could be useful

http://www.proshareng.com/myproshare/portal_news.php?id=3552

CBN Deputy Gov, Lemo, In N8.12b Wema Bank Mess

By Sam Akpe and Oluyinka Akintunde, Abuja
Additional details of the mess in Wema Bank surfaced at the weekend, with fingers of blame pointed at Central Bank of Nigeria (CBN) Deputy Governor (Financial Sector Surveillance), Tunde Lemo.
Lemo, Wema Managing Director between 2000 and 2003, allegedly piloted the bank to a N8.125 billion debt, as well as inflated its profit.
The allegations are contained in a petition the suspended Wema Managing Director, Adebisi Omoyeni, wrote to President Umaru Yar’Adua on January 21.
The CBN on January 23 appointed an acting Managing Director for Wema Bank after Omoyeni was asked to proceed on compulsory leave.
Omoyeni alleged in the petition that all the efforts of Lemo were geared towards "killing and taking over the bank through his cronies."
Several documents, including cheques and details of non-performing loans and the beneficiaries, were attached to the petition.
It is alleged that Omoyeni was removed to pave the way for the sale of Wema to another bank through the acquisition of Odu’a Investment’s equity in the bank.
Odu’a’s equity has been slashed from 40 percent to 9.8 percent, in line with the CBN’s directive limiting state government’s interest in banks to 10 percent.
Omonyeni narrated in the petition that "the board and management are disturbed and perturbed that Lemo is consistently and persistently using his position in the CBN to intimidate Wema Bank and undermine its progress.
"Reports of some of his activities were lodged with the Presidency on three occasions between June and September 2006 and on each occasion, needless to say, he has refused to budge. Albeit, his ultimate motive is to cripple the bank in order to be able to sell the bank cheap to his cronies to cover up his past deeds.
"One of such cronies is the First City Monument Bank (FCMB), which is interested in order to be able to convert Wema Bank’s branches and assets to its current CBN’s demand for massive national coverage.
"The bank has no choice now other than to let you into a tip of the ice berg of problems created for the bank by Lemo.
"As at the time he (Lemo) was leading the bank, he plunged (it) into a debt mess of N8.125 billion non-performing credit, but which was concealed by him through some nefarious methods and means, including but not limited to recourse to fictitious recovery from debtor customers."
Omoyeni alleged that Lemo granted a total 72 facilities valued at N19.708 billion during his tenure, including N4.979 billion to Suffolk Engineering, N4.109 billion (Odu’a Telecommunications), N2.004 billion (Frontage Communication), and N1.111 billion (Sirpi Alusteel Construction).
"Two or three months before his exit as Managing Director Lemo approved staggering loan facilities of N4.8 billion to Sirpi Alusteel Construction and Suffolk Engineering and Construction Company, both companies owned by one Henry MacPepple. As at December 31, 2006, the outstanding on these facilities was N6.71 billion.
"A most painful aspect of these transactions is that while the board of the bank directed that no money should be released to the companies until the perfection of some securities and domiciliation of contract proceeds in respect of the contract from Shell Petroleum Development Company to Wema Bank, the funds were released by Lemo without the customer meeting the conditions stipulated by the board."
Omoyeni mentioned Henry MacPepple as the Chairman of Fortune International Bank during the period, and insisted that the debt remained unpaid up till March 2007 when Wema got Suffolk Engineering to start liquidating its debt.
He noted that N600 million had been recovered from the debt, which has grown to over N7 billion.
Omoyeni alleged that Lemo beefed up the bank’s profit in the 2002/2003 financial year, from the real figure of N891 million to N3.1 billion.


"The actual profit made by the bank was N891 million but what he (Lemo) declared as profit on paper was N3.1 billion. To cover up this farce, Lemo directed the purchase of cheques from other banks, using the funds of Wema Bank and some of its subsidiaries, like Wema Securities and Finance (WEMASEC), and presenting them as if the debt-owing customers were repaying their debts to the bank through the instruments of other banks.


"Through this means or method, each of the customer’s account would be credited before the regulatory authorities came for their inspection and reversed into debits immediately after inspection."
Copies of 12 cheques amounting to N755 million and three instruments of transfer of funds to WEMASEC were attached to the petition.
The cheques include those of African Express, dated April 24, 2003 (N80 million); Gateway Bank, dated April 23, 2003 (N75 million); Gateway Bank, dated April 25, 2003 (N200 million); Gulf Bank, dated April 30, 2003 (N20 million); Gulf Bank, dated April 30, 2003 (N5 million); and Gulf Bank, dated April 30, 2003 (N20 million).
Gulf, dated May 2, 2003 (N25 million); Gulf, dated May 2, 2003 (N25 million); Gulf, dated May 5, 2003 (N45 million); Gulf, dated May 5, 2003 (N70 million); and Gulf, dated May 5, 2003 (N100 million).
Omoyeni disclosed that there are plans by the CBN and the Nigeria Deposit Insurance Corporation (NDIC) to dissolve the board and management of Wema to allow the Odu’a’s shares to be sold to FCMB.
"Lemo is working in tandem with the FCMB to acquire Odu’a Investment shares in Wema bank despite of the fact that the boards of both the bank and Odu’a Investment have resolved that the shares be sold in equal proportion to all the five member states that have interest in Odu’a.
"We wish to draw (your) attention to a letter dated January 4, 2007 written by FCMB to Odu’a Investment making a proposal for the acquisition of the latter’s shares in Wema Bank. The letter was received by Odu’a on January 5, 2007 .
"On the same January 5, 2007, Odu’a Investment also received from the NDIC a letter forwarding the report of the NDIC routine examination of Wema Bank to it ,
"The NDIC report for which the present management team is being vilified covers substantially the terms of Lemo and others, and reflects only three months of the tenure of the present management team."
Sources said Yar’Adua has sent the petition to Lemo for comment, and directed the NDIC to investigate the alleg

Pennywise:

Peeps on this forum should beware that megaupload is laced by very stubborn virus and spyware. It has bent my avast antivirus arm backward, deleted all my bookmarks and presented an unsolicited megaupload tool bar as at this morning. I have battled this nuisance unsuccessfully for weeks. I will appreciate advice from knowledgeable computer fellas in the house if there is any. Hard disc formatting? Last option.

bros i will advice to get norton antvirus for your computer cos avast is not known to be a strong antivirus,
after you might have got nortonantivirus go to there site (synmatic.com) check for spyware remover download and run it on your computer, am sure your computer will not remain thesame,

tommy t:

bros i will advice to get norton antvirus for your computer because avast is not known to be a strong antivirus,
after you might have got nortonantivirus go to there site (synmatic.com) check for spyware remover download and run it on your computer, am sure your computer will not remain thesame,

I found Avant more successful than Norton and MCafee in detecting and removing some deadly trojans I downloaded with Metastock. Why not reinstall your avant and run the virus scan again? Uninstall the Avant and delete all residual directories before doing this.

------------
I don't think UBA is a CICO stock. It is very strong fundamentally long term. I think the nominal price may be a disadvantage against CICO until some very serious rumour is in the air.
------------

iconbull:

recent trades on the NSE have shown that the pennystocks are more favored for price appreciatn, and UBA doesnt belong here, its time will come. learning how to trade "TRENDS" has been my major advantage on the NSE. fundamental and technical analysis don't work all the time.

I think you are only repeating my statement which I have pasted above your quote. Penny stocks will have adavantage short term which is why I say UBA is not really a CICO stock because the price will not just rise 20% or drop 20% without any strong reason. This is because it is fundamentally sound and will weather the storm of a bear market. However, it's price may not rise relatively as much of that of a penny stock in a bulls market. I suspect that for those that manage to hold on to UBA until March next year, their grins will widen into a laughter. ;

Penny stocks that rise based on their low nominal price will not do well long term. During the bear market their prices will drop like a pack of cards.

Penny stocks with good fundamentals is a different story of course. Their prices will rise faster and they will be able to retain most of the capital gains even in a bears market.

Hello Oga pumping,
It's been a long time-o. I've been reading your posts, I see you've been busy ut find time to pop in a drop some lines. welldone-o.

@All,
Zenith Bank is off TS, and it's started its journey to Maiduguri immediately, has already gained 2.30 on the floor today. WATCH THIS SPACE

upward:

Hello Oga pumping,
It's been a long time-o. I've been reading your posts, I see you've been busy ut find time to pop in a drop some lines. welldone-o.

Thanks bro. I dey try make I still put hand. I hope you are keeping very well and your stocks are moving "upward" never to come down.

@maneasy

Re: Wema, Lemo, CBN and all that
There is no doubt that sleaze will come (aplenty) because we Nigerians patented it. What should be of interest is how this Government and its regulatory authorities respond to these allegations. Sadly we can't expect much going by what we have seen of this Yaradua Government.

@tommy t

bros. You can be sure I will discuss this option with my computer resource person when he comes.

@all
I have sizable units of diamond and ibtc with a few units of First Alum which i bought last month, i am so impressed with the returns on the First Alum and i am considering selling the IBTC and Diamond to invest more in penny stocks, and which penny stocks are not too late to buy now, i intend to buy tomorrow, i know there are huge risks in buying penny stocks but i intend to buy one that has taken off already and log out later on with some profit, dunlop/neimeth are among my options, or what do u guys think?

pumping777:

I found Avant more successful than Norton and MCafee in detecting and removing some deadly trojans I downloaded with Metastock. Why not reinstall your avant and run the virus scan again? Uninstall the Avant and delete all residual directories before doing this.

I think Avast is very good,  do as pumping recommended: just make sure you set it to automatic update. The avast antivirus I have in my USB was able to detect a virus in my company laptop: Norton was there but it could not spot it.

I also use Lavasoft Ad-aware for malwares and adware removals. The free version is good: it scans and removes malwares and adwares once they are in your system. The pro version has a reatime protection: you have to buy this.

Zonealarm makes your system not detectable by hackers.

I think the three combination is superb.

pumping777:

Thanks bro. I dey try make I still put hand. I hope you are keeping very well and your stocks are moving "upward"  never to come down. 

Yes, to add my own, Pumping777, thanks very much for your generous contributions to this thread.  Everyone has benefitted from your insightful comments and down to earth analysis of stocks and capital market investment.  You are acknowledged as the 2007 MOST GENEROUS GURU.  If you continue in this pace you might end up winning the 2008 slot.

Wanajo passes as the MOST FATHERLY COUNSELLOR GURU of this thread.  As for Queen Mrs. WindyWendy, she is easily the MOST AUTHORITATIVE INFORMATION SOURCE, yes the lady who is soooooooooooooooooo generous with useful CORPORATE NEWS BEHIND THE NEWS.  You are all recognized.

Aktopgun is equally recognized as the BEST STOCK SURGEON there is on this thread, he has his own way of dissecting each stock he chooses to comment on.  ROUGHCUT may not be as rouch as the name sounds, even though constantly on the air, he finds time to disembark and tell us something newer than what we may already have known.  For that, ROUGHCUT will pass as the MOST MOBILE STOCK ANALYST OF ALL TIME.

Other awards to be given by my co-presenters.  Thank you.