DSS1335:


I was among the shareholders of the Skye bank. I invested my over N200k for about 20,000 units @ N11/share in 2010 with the hope of a brighter future, it all turned out to the most horrendous nightmares when the value began to nosedive to N1.50/ share. I counted my lost and liquidated all my other asset from banking secrors

Strategic Capital Investment Limited (SCIL).

chris4gold:
Skye to Polaris, now to...

pepeye bank

Let nothing happen to my #800 naira oo, heen

Please restore the old advert it’s better

seunmsg:


Who are the owners of SCIL? How long would it take SCIL to repay the N1.305 trillion injected into the bank?

In all of these, I pity the small small shareholders of the old Skye Bank. All their investments has been completely wiped out with this 100% transfer of ownership to SCIL. If you’re not among the big shareholders that can appoint directors to the board of the bank, don’t waste your money buying the shares of a bank. When shit like this happens, you’re going to lose every single kobo you invested in the bank.

SCIL would Pay the Previous Investors the Market Values of their Shares thus No Investors has Lost Any Money as You Acclaimed.

The Problem is What was the Share Values of Skye Bank and the Share Values of Polaris ...

The Bondholders would be taken Critical Care of First and Since 100% has been Bought SCIL has Inherited the Bonds which would have been Restructured but the Equities Holders would have Been Paid Of Outrightly Possibly from the N50B.

SCIL is the Sole Owner of Polaris with a Bond of Over 1trillion Naira on their Balance Sheets!

Access and fidelity bank to follow, it's just a matter of time.

Nyamuri:
Haba! dan Gombe ne da gaske? That's why they purposely sent that email to cripple the bank

His name is Alh. Auwalu Lawan, those people are hypocrites and can set conspiracies that can quickly be accepted by fools who are majority of our populace....very pitiful, bro!

maasoap:


Deliberate? Like the new management didn't admit the discriminatory practices they brought in? What a good way for them to start?

The conspiracy is well concealed and most of them may not be able to know the basis behind it.

So what will become of their the vulte app?
Novice here.

Nobody new about the takeover of the bank perior to that published email, so we might excuse ourselves, hope not a lot of damage have been done..

ArewaNorth:
His name is Alh. Auwalu Lawan, those people are hypocrites and can set conspiracies that can quickly be accepted by fools who are majority of our populace....very pitiful, bro!

STARGREEN:
No cause for alarm.

Depositors funds are safe,

Only internal management change.

Sometimes when one is weak, you need a stranger hand to pull you up.

what happens to previous shareholders investment?

THIS cbn governor has really destroy the banking system in Nigeria.....

Chai !

seunmsg:


Who are the owners of SCIL? How long would it take SCIL to repay the N1.305 trillion injected into the bank?

In all of these, I pity the small small shareholders of the old Skye Bank. All their investments has been completely wiped out with this 100% transfer of ownership to SCIL. If you’re not among the big shareholders that can appoint directors to the board of the bank, don’t waste your money buying the shares of a bank. When shit like this happens, you’re going to lose every single kobo you invested in the bank.

I’ve lost a lot of shares because of the instability of companies and the country’s economy. That’s the risk that comes with it.

Ekpekus:

Bank shares na no go area... buy brewery, food related and oil companies shares

My first bank shares are still decent. Sold some off sometime ago.

DSS1335:


I was among the shareholders of the Skye bank. I invested my over N200k for about 20,000 units @ N11/share in 2010 with the hope of a brighter future, it all turned out to the most horrendous nightmares when the value began to nosedive to N1.50/ share. I counted my lost and liquidated all my other asset from banking secrors

Jeez! 1.50/share? Damn…

Nyamuri:
Nobody new about the takeover of the bank perior to that published email, so we might excuse ourselves, hope not a lot of damage have been done..

The takeover rumours has been there for more than 3 weeks that was why last week HoR members directed CBN to suspend the sale of the bank as a result of some petitions sent to them and internally, Polaris Bank Senior Staffs know this for weeks....

seunmsg:


Who are the owners of SCIL? How long would it take SCIL to repay the N1.305 trillion injected into the bank?

In all of these, I pity the small small shareholders of the old Skye Bank. All their investments has been completely wiped out with this 100% transfer of ownership to SCIL. If you’re not among the big shareholders that can appoint directors to the board of the bank, don’t waste your money buying the shares of a bank. When shit like this happens, you’re going to lose every single kobo you invested in the bank.

all existing shares in the bank will be there nothing loss, stop threatening people to terminate their investment, they should meet with the bank current management for clarification, I once tried to terminate my investment with former intercontinental bank when it was acquired by Access upon getting there the management advice me to allow my investment duration to elapsed so I can get my RI that all existing investment and shares will still be valid despite the bank being acquired by a new owner, it’s advisable for them to visit their banks to clarify this

Love113:
Please dear everyone, please forgive me for posting this again but I have no choice because the mods ban my old username. Please sirs and ma's, my nameShiandu, am a 26 years old single mom of 1. My son is just 2 years old. I used to be a hairdresser before my present predicament. In August of 2021 I fell very sick and was rush to the hospital by my neighbour. Doctor said that I will have to be admitted because by the time that they have prescribed several drugs for me, my hands and both of my legs has developed rashes and started to swell up. The swelling got worst and more severe as time went by, eventually leading to multiple skin ulcers. Preliminary results shows that I was diagnosed with blood infection. Am currently living with severe skin ulcers in my left arm, the palm of my hand, and both of my legs and feet. I've been suffering with this condition since then.
Am crying out because I need serious medical attention, I cannot afford to go to the hospital and am dying here due to lack of money. I regularly require blood transfusion and resuscitation with antibiotics at St David's Specialist hospital. I also urgently require Prolonged Sore Management with Vacuum Assisted Closure Device and skin graft to help regain my normal life again but unfortunately I can't treat myself because I don't have enough on me. Doctor said the procedure will require 1.3million Naira to give me my life back and so far I've been able to raise only 300 thousand with the help of my friends and some kind hearted well wishers who have taken pity for me in the past few months. Pleas sirs and ma's, am an orphan both my parents are late. I have been trying every possible best to raise the remainder to no avail. I don't have any property to sell again and I cannot work in this my condition pls I beg of you, I can't even look after my 2 years old son, that's why am pleading with any well meaning person pls, no matter how small pls, it will still go a long way to help me and save my life and that of my little boy pls. May God bless you all in Jesus name Amen

Shiandus
Account number:

318747

8996

First Bank


https://www.youtube.com/watch?v=kDmAdn1Xz3Y

Thank you and God bless you.
.

You should create a special thread for this and not coming under comments section to beg

CBN is truly becoming a business bank, buying and selling banks.

DonroxyII:
SCIL would Pay the Previous Investors the Market Values of their Shares thus No Investors has Lost Any Money as You Acclaimed.

The Problem is What was the Share Values of Skye Bank and the Share Values of Polaris ...

The Bondholders would be taken Critical Care of First and Since 100% has been Bought SCIL has Inherited the Bonds which would have been Restructured but the Equities Holders would have Been Paid Of Outrightly Possibly from the N50B.

SCIL is the Sole Owner of Polaris with a Bond of Over 1trillion Naira on their Balance Sheets!

My take on this is that it is very likely the acquiree has negative position, i.e. net liabilities; and by extension has negative retained earnings. The bonds instruments you are talking about are liabilities with coupon rates on them isn't it ? So the total cost of acquisition will like be the N50bn cash payment and the liabilities to be paid over time ?

3shadi:

You should create a special thread for this and not coming under comments section to beg

That guy is a fraudster. Nobody takes him serious

https://www.youtube.com/watch?v=ifyIC3NR8cU

Sedentary:


My take on this is that it is very likely the acquiree has negative position, i.e. net liabilities; and by extension has negative retained earnings. The bonds instruments you are talking about are liabilities with coupon rates on them isn't it ? So the total cost of acquisition will like be the N50bn cash payment and the liabilities to be paid over time ?

Cost of Acquisition is not N50B ..
N50B is Part Payment Possibly Cash Payment!

While the N1.3trn is the Future Value of the Bond from CBN which shall be Factored in as Part of Cost of Acquisition!

Although, I haven't seen the Financial Statements of Polaris to give Much Wider Clues on What's Happening!

Cost of Acquisition is as Much as N1.3t(Future Value) Interventions Fund from CBN/AMCON to Rescue Skye which Polaris Inherited!

But who Pays such Much Outrightly ... Now that Polaris has been Acquired By SCIL, Its now a Bond(Liabilities) to Be Repaid on a Gradual Process By the SCIL as Operations Goes On!

CBN is just trying to Ensure Polaris doesn't Collapse(Liquidated) and Everyone Suffers ....

The Fake news Going on now is that CBN sold Polaris for N50B after injecting N1.3t into the Bank ....

Na so Everyone go dey curse demselves thinking they are cursing Emefiele and Buhari!

gaby:
Emefiele don use corner betting buy bank.

If this clueless thief and the crackhead Attorney general no go jail after this administration, then Nigeria's case will be deemed truly irredeemable.

Yours is good, at least you still have hope. I have long washed my hands off Nigeria ever getting better. I can bet you those guys will be rewarded with political appointments in the federal or state level. If they don't even become state governors that is.

IMASTEX:

Yours is good, at least you still have hope. I have long washed my hands off Nigeria ever getting better. I can bet you those guys will be rewarded with political appointments in the federal or state level. If they don't even become state governors that is.

So heartbreaking to admit and take in.

Pheeeww

Bigchristo:
all existing shares in the bank will be there nothing loss, stop threatening people to terminate their investment, they should meet with the bank current management for clarification, I once tried to terminate my investment with former intercontinental bank when it was acquired by Access upon getting there the management advice me to allow my investment duration to elapsed so I can get my RI that all existing investment and shares will still be valid despite the bank being acquired by a new owner, it’s advisable for them to visit their banks to clarify this

You’re talking rubbish. The new owner (SCIL) acquired Polaris bank 100%. There is absolutely nothing left for the shareholders of the old Skye bank; they lost all their investment completely. They won’t get a dime from the new owners.

By the SCIL bought Polaris bank from AMCON and not shareholders of skye bank. They have no legal obligation whatsoever to the shareholders of skye bank.

DonroxyII:
Cost of Acquisition is not N50B ..
N50B is Part Payment Possibly Cash Payment!

While the N1.3trn is the Future Value of the Bond from CBN which shall be Factored in as Part of Cost of Acquisition!

Although, I haven't seen the Financial Statements of Polaris to give Much Wider Clues on What's Happening!

Cost of Acquisition is as Much as N1.3t(Future Value) Interventions Fund from CBN/AMCON to Rescue Skye which Polaris Inherited!

But who Pays such Much Outrightly ... Now that Polaris has been Acquired By SCIL, Its now a Bond(Liabilities) to Be Repaid on a Gradual Process By the SCIL as Operations Goes On!

CBN is just trying to Ensure Polaris doesn't Collapse(Liquidated) and Everyone Suffers ....

The Fake news Going on now is that CBN sold Polaris for N50B after injecting N1.3t into the Bank ....

Na so Everyone go dey curse demselves thinking they are cursing Emefiele and Buhari!

N50billion is the full cost of acquiring 100% shares of Polaris bank. Yes, there is N1.3trillion bond to be repaid but how long will it take to pay this bond? Have the new owners of Keystone, Mainstreet and Enterprise bank paid bank the trillions CBN/AMCON used in bailing them out? Do they really pay this money back in reality?

In addition to inheriting the liabilities of the bank, they also inherited the assets and liquidity of the bank. Since we don’t have access to the financial statement of the bank, we can’t determine if this is a good deal or just a gift to some friends or front of the CBN governor as the assets and liquidity may even cover the entire liability.

Still wondering how CBN approved Skye to take over Afribank if no special interest dey there

DonroxyII:
SCIL would Pay the Previous Investors the Market Values of their Shares thus No Investors has Lost Any Money as You Acclaimed.

The Problem is What was the Share Values of Skye Bank and the Share Values of Polaris ...

The Bondholders would be taken Critical Care of First and Since 100% has been Bought SCIL has Inherited the Bonds which would have been Restructured but the Equities Holders would have Been Paid Of Outrightly Possibly from the N50B.

SCIL is the Sole Owner of Polaris with a Bond of Over 1trillion Naira on their Balance Sheets!

SCIL will not pay a kobo to the shareholders of Skye bank because they have no business with them. As at the time of acquisition, the bank belongs to CBN/AMCON and not the shareholders. SCIL bought the bank from CBN/AMCON and not Skye bank shareholders.

If Skye bank shareholders have any claim at all, it will be against CBN/AMCON who acquired their bank and not against SCIL. The fact that CBN is claiming they rescued the bank with N1.3trillion should tell you that there is absolutely nothing left for the ordinary shareholders of Skye bank. Their investment has turned negative.

inoki247:
lol Yeye bank na so so debit dem dey debit the 2k wey I leave for the account since January...

Mak dm sha no sell my 2k join...

Even Access Bank steal customer deposit through questionable debit of customer deposit?

seunmsg:


N50billion is the full cost of acquiring 100% shares of Polaris bank. Yes, there is N1.3trillion bond to be repaid but how long will it take to pay this bond? Have the new owners of Keystone, Mainstreet and Enterprise bank paid bank the trillions CBN/AMCON used in bailing them out? Do they really pay this money back in reality?

In addition to inheriting the liabilities of the bank, they also inherited the assets and liquidity of the bank. Since we don’t have access to the financial statement of the bank, we can’t determine if this is a good deal or just a gift to some friends or front of the CBN governor as the assets and liquidity may even cover the entire liability.

Strong points there. This is what I am suspecting..and its my postulation:

1. Skye was in deep shit as capital had been eroded due mainly to very poor risk management practices particularly credit risk
2. With capital erosion, Shareholders funds was already in negative, there is no way they would have enough assets (fixed or current) that will cover liabilities as we would have net liabilities position
3. So the N50bn purchase may just be even fair to begin with...
4. there is no way realistically then that they will be able to pay back the liabilities, it will most likely be written off/forgiven. Otherwise, it will be an albatorss on the bank and may even later jumpstart looking new investors or something


Either way, its no easy ride as people may be looking at it.

Hmmm