Mustsucceed:


I wanted to point out facts on this then I realized you are not even well informed.The judgement debt today stands at over 8 bn yet you quote 2.4 .so why bother wasting my time on you?

9jaRealist:


Nope! That's gross PROFITS (that is, profit before tax)...
In fact, to be exact it was N215.59 billion, while profit after tax (i.e., net profit) was N184.6 million.

Like I said it paid an interim dividend of N8.82 billion to shareholders in August last year, with full year dividends to follow.
As shareholders are equity risk-takers in a company, paying a N8 billion fine would merely mean foregoing one interim dividend (if necessary).

You have to realize that GTB is not just a Nigerian company. It is listed on the London Stock Exchange, which not only means that all of its financial information is public knowledge, but also ensures that it adheres to the HIGHEST corporate governance standards. Accordingly, it is likely that GTB had long ago made provisions (via a general reserve) for this fine (what is known as a contingent liability) on its books. IFRS and Basel III (even Basel II) rules, which multinational (even Nigerian) banks are bound by, would definitely mandate such a provision. When a company like GTB makes N184 billion in NET profits (that is, profits after taxes, charges and PROVISIONS, including any contingency reserves) and pays out less then N10 billion in dividends, the rest of those profits go into (1) capex and (2) General Reserves/Shareholder Funds.

Bemusing when folks argue that an N8 billion fine would cripple a bank with N3.29 TRILLION Total Assets and N576 billion Shareholder Funds.
>

9jaRealist:


2.4 what?! Dude, I have absolutely no idea what you are talking about?
>

Mustsucceed:

I almost applauded you here until.......

If this isn't copy and paste then you probably are an internal working person of Gtb tasked with convincing public that gtb can pay this and its chicken change.I won't go into long detailed argument with you ..

But let's ask a simple question ,what is stopping you from paying ? Why moving from one court to the other?allowing interests to accrue ?...

Mustsucceed:

You think you are smart you edited it .as discredible as Gtb

Cherrybae:
Yebo people and bribe is like bread and butter.

The court is even at the backyard of the shameless innoson.

Watch Tribal bigoted Igbos take over the thread

9jaRealist:


Duh! I CANNOT edit my post that is quoted within someone else's post...
However, I decline to join you in the gutter of childish false charges/personal insults because I was obviously raised better. SMH
>

mushystuff:


I guess you're too blind to see that GTB had lost this case serially up to the Supreme Court. Those superior courts are also at Innoson's backyard abi? Rather than educate yourself on the functioning of the Federal high court that the judge sitting at Awka may not necessarily be Igbo because it's a federal and not state high court, you are here showing ur usual bigoted ignorance for all to see.

Get an education, illiteracy of this brand u have displayed is too expensive!

9jaRealist:




Dude, first you confuse me for someone else and now you input that I am a GTB employee...

Sometimes I tend to forget that in Nigeria, discussions are often about people and impugning motives instead of FACTS and substance. Like I said in the post you quoted, GTB is a PUBLICLY-LISTED and PUBLICLY-TRADED company listed on two stock exchanges, including the Big Board of the London Exchange (where reporting and corporate governance standards are extremely high) and thus its financial information and accounts are PUBLIC information that is easy to get for anyone who prefers discourse based on FACTS rather than beer-parlor rumors.

I'm afraid that I have to disappoint you as I am not an employee, shareholder, solicitor, nor any other kind of advisor, to/of GTB, but merely someone who prefers intelligent discourse based on FACTS (rather than the childish gossips and/or churlish ethnicity-riven drivel that often pervades this forum). Nonetheless, my guess is that most people would balk at paying a fine they believe to be unmerited. Fortunately, there is an enlightened process for resolving such disputes, called the JUDICIAL process - which GTB has exercised its rights to avail itself thereof.
>

Dottore:

Oga no Nigerian company or firm will pay an u budgeted fine of 8.8billion naira and still be smiling. Their gross earnings is 215billion how will be remaining after tax and how much will be remaing after shareholders funds are disbursed and how much will remain for operating costs. Do you know how much resources that have been wasted in the course of this case? In a corporate organization every task or errand costs money.

Do you know that once they pay that money, it will trigger and encourage more litigations from many other dissatisfied customers and shareholders not only in GTB but in many other banks.

9jaRealist:


Nope! That's gross PROFITS (that is, profit before tax)...
In fact, to be exact it was N215.59 billion, while profit after tax (i.e., net profit) was N184.6 million.

Like I said it paid an interim dividend of N8.82 billion to shareholders in August last year, with full year dividends to follow.
As shareholders are equity risk-takers in a company, paying a N8 billion fine would merely mean foregoing one interim dividend (if necessary).

You have to realize that GTB is not just a Nigerian company. It is listed on the London Stock Exchange, which not only means that all of its financial information is public knowledge, but also ensures that it adheres to the HIGHEST corporate governance standards. Accordingly, it is likely that GTB had long ago made provisions (via a general reserve) for this fine (what is known as a contingent liability) on its books. IFRS and Basel III (even Basel II) rules, which multinational (even Nigerian) banks are bound by, would definitely mandate such a provision. When a company like GTB makes N184 billion in NET profits (that is, profits after taxes, charges and PROVISIONS, including any contingency reserves) and pays out less then N10 billion in dividends, the rest of those profits go into (1) capex and (2) General Reserves/Shareholder Funds.

Bemusing when folks argue that an N8 billion fine would cripple a bank with N3.29 TRILLION Total Assets and N576 billion Shareholder Funds.
>

hollah123:
guy u don't understand business law, they are only buying time

kaen1317:
Glory be to God.

hollah123:
guy u don't understand business law, they are only buying time

irepnaija4eva:
Enough of all this hide and seek games by GTB. They should throw in the towel already and come to a gentle man's round table agreement.
This shit is getting embarrassing...

NotNairalandi:
Very soon we go have Innoson Trust bank

Mexyz:
I guess you're a tribal bigoted Yoruba.
A tribal bigot calling others tribal bigots ... Oshi o da

Cherrybae:
Yebo people and bribe is like bread and butter.

The court is even at the backyard of the shameless innoson.

Watch Tribal bigoted Igbos take over the thread

NaijaMutant:


Nigeria is such a place where illiterates or at best half baked graduates consider themselves qualified to lecture professors

9jaRealist:


That's not even a legal remedy available in this case...
The bank is NOT in any danger of losing its license, and obviously can immediately pay off the entire amount.

Meanwhile, how exactly is pursuing legal remedies in a court of law supposedly "muscle and hooliganism"?
>

kaen1317:
No wonder GTB mobile banking is messing up.

hollah123:
guy u don't understand business law, they are only buying time

post=78630428:

An illiterate just typed!

This illiterate moniker says it all!

Go carry the bank for your BIG head go meet innoson nah!

post=78630428:

An illiterate just typed!

This illiterate moniker says it all!

Go carry the bank for your BIG head go meet innoson nah!

maxiuc:
Innoson no pity Dem oooo

irepnaija4eva:
Enough of all this hide and seek games by GTB. They should throw in the towel already and come to a gentle man's round table agreement.
This shit is getting embarrassing...