₦airaland Forum

If this is true, "Importation of Garri from Indian" then it shows that Nigerian government is a useless government.
That the can even allow commodities like Garri to be imported into the country.
Soon air will be imported into the country.
Don't be surprised when you see dust from China or India imported into the country.
I think economic crimes in Nigeria should be properly defined and should carry death penalty even for foreigners who try and circumvent our laws and sabotage our economy.

See their lives.
Gullible MumuMugunMufus.

It is obvious this boko aram is looking for religious trouble if not what concerns an Islamic terrorist with Christianity and their businesses.
All Muslims are terrorists. The ultimate aim of the Nigerian Muslims is to denigrate the body of Christ in Nigeria, regulate our activities and most especially ensure that we pay tax.
Christians must say no to this as you pay tax only to ones masters. Moreover, the wealth of the Church comes from Private owned funds which cannot be further taxed.
No Christian has ever asked Muslims to account for the funds given by ISIS nations of Saudi Arabia, Turkey, Qatar UAE etc.
If the Islamist government in Nigeria succeed in taxing Christians, it's more or less confirming Christians have become slaves and second class citizens in this country and we must never allow it.
In actual facts, Christians should totally discriminate against Muslims in Nigeria by ensuring that Muslims don't attend their schools, hospitals or ride in buses and airplanes owned by the church by placing stickers which forbids Muslims.
The Muslims should get theirs from their private funds or from sponsors of ISIS i.e. Saudi Arabia, Turkey, Qatar, UAE etc. if they need these social services as well. Who cares.
Lastly Christian must be ready to sue these terrorists at the world court and be violent against oppression against the Church of Christ in Nigeria by resulting to self defense, formation of a security unit empowered to bear arm etc.
To hell with these terrorists and slaves of that terrorist called Usman Danfodio.

No difference between boko aram and fulani herdsmen "Buhari's kinsmen" This is nothing but mediocrity at it's peak.
Please let us divide this country now as it is not worth it to share the same geographical entity with these blood sucking demons.
Miyetti allah spokes-criminal will explain it once again as vengeance for killings of fulanis during 1999 local government election or killings of cows during 1988 state government election. Sadly Buhari will not order his arrest and prosecution as this criminal is his boy.
Nigerian laws are not for the fulanis.

This one na mumu post. Senseless pictures of a fraudster deceiving gullible illiterates and mumu like himself.
Mumu people.

She ain't fine.
Wait until she starts eating Cucumber.
The Igbo beauty will come out.

All glory to to GOD that the President and Commander in Chief of the Armed Forces in Nigeria, President Muhammadu Buhari has flagged off this operation comprising all the armed forces. In no distant future this ops will be completed.
I will also advice government of Lagos and Ogun State to look for ways of destroying all the shanties in the creeks viz a viz depopulating all the creeks. None of these militants must be allowed to escape the creeks. If need be government should relocate all villagers along the various exit routes and finish off the militants. This ops must be well planned so that none of them escapes.

Finally, no one should be allowed to move close to these creeks and swamps where government infrastructures are built. It is of importance that all the structures along these government infrastructures must be demolished.
The ROPC (Reformed Odudua Peoples Congress) must also assist the armed forces towards arresting any of these militants fleeing the area bombardments and hand them over to the law enforcement agencies for them to face the full wrath of the law.

God bless the Federal Republic of Nigeria.

Thank you.

The hypocrisy of Sanusi has onced again being revealed for you all.
"The demon wearing bow tie has been exposed once again on www.proshareng.com"



Sanusi’s First Bank: The Man’s Hypocrisy And Double Standards

Apr 6th, 2010 By Victor Shodipo




The statement below is an excerpt from an Equity Research Report of StanbicIBTC Plc (StanbicIBTC is a leading investment firm and deeply involved in CBN’s reforms as Adviser) published in ThisDay of Sunday, March 21, 2010, page 31.





“Given First Bank of Nigeria’s exposure to the oil and gas company SeaWolf, the bank faces risks of oil price volatility and instability in the oil and gas sector. The bank’s credit exposure to the company is currently about 29% of its shareholders’ funds. The CBN has instructed the bank to reduce its exposure to 20% by 31 March 2010. The bank intends to sell down its exposure to 15% but we do not believe this is likely because of the current low risk appetite in the (banking) industry”.





In July 2007, First Bank provided SeaWolf a US$260m bridge facility for the following:


• To acquire 100% of the equity of Mosvold Jack up Ltd (a publicly traded offshore drilling company quoted on the Norway Oslo Exchange)

• To make scheduled payments for two rigs under construction (MSV 104 and MSV, renamed Oristetimeyin and Onome)

• Make down payments for the purchase of West Titania (now Delta Queen) from Seadrill and;

• Meet operational and administrative expenses.

The global economic crisis, which resulted in a huge dip in oil prices, had a negative effect on the quality of the loan and the bank had to convert some of it to equity and also extend the duration due to low cash flows from the project.
Source: Thisday, Sunday March 21, 2010.




This loan to a single company is currently 29% of FBN shareholders’ funds according to the Stanbic IBTC Plc equity report. As at September 2009, First Bank’s Shareholders funds stood at N309 billion. 29% of this comes to N89 billion. This means First Bank’s current exposure to just a single loan is N89 billion well above the 20% limit set by the CBN!




It is important to note that this loan is not performing as expected hence the bank’s initiative to convert part of the loan to equity and sell a portion.The Daily Independent Newspapers, it will be recalled on January 20, 2010, had done an extensive report on the shady dealings that went into this facility which was given when Mallam Sanusi was the Chief Risk Officer of First Bank and later supervised as its MD/CEO.





Despite the fact that this loan is of doubtful recovery, the CBN under Mallam Sanusi turned a blind eye to this facility. First Bank’s total provision was N29 billion when it should not have been less than N118 billion if the provision for SeaWolf alone is added. This loan also raises more fundamental issues.

• What sort of ‘Risk Expert’ will approve the granting of an N89 billion loan to a single company that as at the time of collecting the loan was less than a year old?

• The Company was incorporated the same year (2007) it applied and got $260 million facility from First Bank of Nigeria Plc.

• Is it not hypocrisy that the same Mallam Sanusi that recommended the approval of this loan now turns round and refers to other bank MDs’ as reckless?

• What could be more reckless than risking 29% of your shareholders’ funds on a single obligor that has no track record in its industry of operation?

• Is it not the same global economic crises that torpedoed this business that also affected the Nigerian stock market for which reason Mallam Sanusi invaded the targeted banks?

The above report clearly further reveals the hypocrisy of the Mallam Sanusi’s largely personal attacks on the removed bank Managing Directors. This is a loan that has gone totally bad or at best has entered the stage of doubtful recovery.

While CBN forced its captured banks to make full and immediate provision for all facilities of doubtful recovery on its books, Mallam Sanusi has secretly given First Bank up to 31 March 2010, to “reduce its exposure to 20% of shareholders funds.”

Clearly, what is good for Sanusi at First Bank is not good for other banks.

MR. AG PRESIDENT, NIGERIANS COUNT ON YOU TO RESTORE ECONOMIC SANITY AND PROGRESS.

SIGNED



VICTOR SHODIPO

RENAISSANCE PROFESSIONALS

victorshodipo@renaissanceprofessionals.com

I heard Oando had their annual meeting for the year 2009 yesterday from Proshareng.
Any one with the declaration at this meeting, kindly post.
We really need freedom of information bill passed so as to know all that needs to be known.


Thanks

Just in case the link happens to be tampered with, i have decided to copy the details of the article.
I think any dummy could have looked for any white dude as investors from the EU region. A region highly indebted and still in recession.
The mentality of a typical northerner is to be a slave to anything white, it's the way their make up is and as foolish as Sanusi is and being the CBN governor, how on earth could you bring mediocres who have really not found a way out of their recession as investors of three Nigerian banks.
God punish you Sanusi and if i had a RPG, i won't hesistate to use it on all your family you bloody bastard.
Even when i've arrived, i'll surely put a slut through your head in old age.
Rest in pieces Sanusi, you're really a northern fool.
Mumu.





http://www.vanguardngr.com/2010/02/08/foreign-bank-buys-into-3-troubled-banks/
"Foreign bank buys into 3 troubled banks
Cover Stories Feb 8, 2010
From right: Mr Sanusi Lamido Sanusi,Governor Central Bank of Nigeria,Mr Plutarchos Sakellaris,Vice President European Investment Bank and Mr Phillipe Pierre,Head Of European Union Delegation during the Visit of the European Investment Bank Vice President to the governor of Central Bank of Nigeria in Abuja. Photo by Gbemiga Olamikan
By Emma Ujah
ABUJA —THE European Investment Bank, EIB, is to buy into some of the nation’s troubled banks, Vice President of the Bank, Mr. Plutarchos Sakellaris has said.

Mr. Sakellaris who spoke after a meeting with the Governor of Central Bank of Nigeria, CBN, Mr. Sanusi Lamido Sanusi, in Abuja, Monday, said the specific commitments which would be announced in two days were expected to strengthen the banks’ liquidity through investments that could significantly increase their capital base and enable them play more supportive roles in the real sectors of the economy.

He said: “On Thursday we will unveil our package for three banks, it will be the type of package that you can imagine and this will be very supportive of their liquidity and enhance their real contribution to the economy. It will also enhance the strength of their capital base.

“I will not go further into any of the details but you will see on that occasion that this would be a concrete package of the EIB’s willingness to reinforce our involvement in the Nigerian financial system and this would be a support of confidence of the good work that the governor has begun in ensuring a strong financial sector.”

The EIB vice president who described Nigeria’s financial sector as “one of the best in Africa and the world”, especially following the banking reforms,” noted that the bank’s involvement “will be a concrete proof of EIB’s venture into the Nigerian financial sector and proof of our confidence.”

He said the reforms were “working to alleviate investors’ concerns over bad debt in banks”, adding that “it has also been crucial in helping restore confidence of both Nigerian and international investors.”

Mr. Sakellaris revealed that EIB provided about $1.5 billion of funding for 29 projects in Sub-Sahara Africa last year, with Nigeria receiving over $600 million which was invested in various sectors of the economy.

In his remarks, the CBN governor said the US EXIMBank has also restored the $1 billion credit line to Nigerian banks, which he said was a further demonstration of the confidence in the nation’s banking industry.

Sanusi restated his determination to make Nigerian banks play the roles of transmission channels to finance electricity, agriculture and infrastructure sectors, among others.

The CBN has been holding dialogues with boards and managements of the affected banks lately with a view to getting them to agree with its plans to allow other investors, from within and outside the country take up equities in the banks."

The case of Nigerian investors sound like a topic I would want to adopt for this article.
They saw it coming and had to devise through the acceptance of some people in position of authority, they had to rob you and I of our investments.
Some analysts once said that Nigeria was immune from the global economic crisis and I quite believe this as the way and manner the system was been run had shown that the nation was held up in crisis before the advent of the global meltdown, so to speak this wasn’t news to Nigerians.
Then came those who saw that the benefit of those that invested in the last three years would be great and manipulated the entire system so as to deprive us of our gains.
They gave bad loans, gave false reports which was accepted by the agencies set up by government to regulate the industry, CBN, NDIC, SEC, NSE et al and the independent auditors also accredited cooked books hence the true status of institutions was hidden to the true investors.
The noise circulating in all quarters and the way and manner the situation was handled also did damage to these investments and they fell sharply in prices which is good news to these cabals.
Now the order of the day after eroding people’s investment is for companies to come out boldly during their AGMs to seek the permission of their duped shareholders to raise funds. What manner of insult and what happened to our previous investment we earned at a costly price? I need to also say that our money which was stolen from us in the form of bad debts, mismanagement, lobbies, extravagant life styles etc would once again find it way into the country as foreign investors’ funds and buy at a cheap price what you and I “the true investors” labored to buy.
I remembered that 1st banks’ offer was in the region of #30, African petroleum in the region of #250, Zenith bank in the region of #30, Intercontinental bank in the region of #13 etc.
Indeed as a true investor I have concluded that for those of us that invested in the last 3 years, these elements have deprived us of our gain and I would have instituted a legal action against them, the system/ government if indeed we were running a legitimate system of government.

Our loss has been your gain, but for those of you that stole from us, you are but mere thieves.

The case of Nigerian investors sound like a topic I would want to adopt for this article.
They saw it coming and had to devise through the acceptance of some people in position of authority, they had to rob you and I of our investments.
Some analysts once said that Nigeria was immune from the global economic crisis and I quite believe this as the way and manner the system was been run had shown that the nation was held up in crisis before the advent of the global meltdown, so to speak this wasn’t news to Nigerians.
Then came those who saw that the benefit of those that invested in the last three years would be great and manipulated the entire system so as to deprive us of our gains.
They gave bad loans, gave false reports which was accepted by the agencies set up by government to regulate the industry, CBN, NDIC, SEC, NSE et al and the independent auditors also accredited cooked books hence the true status of institutions was hidden to the true investors.
The noise circulating in all quarters and the way and manner the situation was handled also did damage to these investments and they fell sharply in prices which is good news to these cabals.
Now the order of the day after eroding people’s investment is for companies to come out boldly during their AGMs to seek the permission of their duped shareholders to raise funds. What manner of insult and what happened to our previous investment we earned at a costly price? I need to also say that our money which was stolen from us in the form of bad debts, mismanagement, lobbies, extravagant life styles etc would once again find it way into the country as foreign investors’ funds and buy at a cheap price what you and I “the true investors” labored to buy.
I remembered that 1st banks’ offer was in the region of #30, African petroleum in the region of #250, Zenith bank in the region of #30, Intercontinental bank in the region of #13 etc.
Indeed as a true investor I have concluded that for those of us that invested in the last 3 years, these elements have deprived us of our gain and I would have instituted a legal action against them, the system/ government if indeed we were running a legitimate system of government.

Our loss has been your gain, but for those of you that stole from us, you are but mere thieves.

Group plots takeover of five top banks
BANKING CRISIS: FOR THE RECORDS, Headlines Aug 26, 2009 By Omoh Gabriel & Emeka Mamah
[b]LAGOS — LAGOS— Vanguard , your best-read newspaper, 23 March 2009, did a world exclusive on alleged plot by a group of individuals to take over five banks in the country.

Two weeks ago, the new Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi sacked the chief executives and boards of five banks, therefore confirming our scoop of March 23.

The story:ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal. The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors

Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.

However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.


The Exclusive report on the present banking crisis shown here as published by VANGUARD March 23, 2009.
Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.

Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.

Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.

Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited.

This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president’s slow move may scuttle their dreams and cause the renewal of Soludo’s re-appointment for a second term.

The group’s second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group’s target is one of the high-flying new generation banks where they have sent out several messages.[/b]

The crisis in the banking sector which surfaced in the Vanguard newspaper of March 23rd 2009 is winding up like earlier predicted. One cannot but imagine how callous certain ignorant people can be while seeking vengeance neglecting the due process and dignity of the office they carry. The institution in which they are supposed to represent is drag to the gutters, professional ethics is neglected, all cautions is thrown to the winds and a script earlier predicted is thus acted to and fro without having the shame to even think.
It's quite appalling as they try to become Lord of all forgetting that they are but mere mortals and that justice must be down unequivocally and must not be partial. A debtor is a debtor is as simple as calling a spade a spade. That a business mogul from the part of the country who got his wealth "working with all ill government ever produced in the country" through monopoly, pays up #3.1Billion does not take out the facts that the loan he earlier had with a particular bank was not performing. The northerners and some of their stooge from the southern part of the country jointly acted in a manner to expose to the 5 southern banks to excessive rise plotting a takeover. This must never be allowed to be and I’m thus using this medium to encourage all those incarcerated for the sole called Sanusi’s fraud to brace up and be ready to wage war against this injustice in a law court.
I'm taking directly to CEO to sue all the numerous debtors, the CBN, the FG, NDIC, NSE, SEC, attorney general of the federation, the presidency, Sanusi as an individual, Arewa and anything remaining for accomplice to financial crimes.
Also, I am expecting all the Senators and Honorable form the house from the southern part of the country to come together to initiate a sanction against CBN and the withdrawal of the #420 billion which didn't follow due process. Sanusi cannot be a judge in this case and must be fired for appropriating a job only fit for legislative arm of government" without following due process.
I only hope all our politicians in the house will not sell their birth rights for a plate of porridge, it is time to stand together and give honour to those actually who have struggled to honour this country even in the face of antagonists. It is time to honour your beloved brothers and sister and stand on the side of true justice avoiding evil gathering and concoction.

I marvel at peoples comments when i see arguements in favour of Imam Sanusi's actions. An action only those with brains will term unprofessional, unwise, ill advised, premeditated, unqualified etc.
Sanusi, a man that rode on the wings of the usual northern dominance of the sole called republic, a mere bsc holder in accountancy, an islamic scholar who claims to be a risk guru but in actual facts has never ran his own business hides under a certain evil orchestration to bring up the norms designed by the evil government as if all together they have been saints.
Far from it, i think its a known scripts played before the civil war in which any name from the southern part of the country that eats and drinks with the ill tribes of the north is rubbished at the end of the day.

The portions of the Igbos after the fall of the 1st republic, i need not mention more except the fact that our bankers are made scape goats in the presence of gross infidelity on the part of the government mostly northerners.
One thing is sure, if all this banks happened to be taken over at the end of the day, it will all go the way of transcorp as a movement for boycott will soon be moved against this banks by the entire southern nigeria. We all know those that mismanaged Nigeria are in actual facts northerners who are bent on rearing where they have not sown.
All present share holders of these five banks must wage a war against CBN action at trying to take over these banks. CBN must not be allowed to take over these banks as it will only be at the expense of the current shareholders and sincerely speaking will be buying what we paid dearly to buy before the recession. Even at a total loss i will not sell to CBN.
A thief comes to kill, steal and to destroy.

The True Risk Professionals, A Lesson For Imam Sanusi as Nigeria cannot witness another economic downturn.

[b]Roubini sees "big risk" of double-dip recession: report
Sun Aug 23, 2009 5:32pm EDT  Email | Print | Share| Reprints | Single Page[-] Text [+]
 
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NEW YORK (Reuters) - Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the world's recent financial troubles, sees a "big risk" of a double-dip recession, according to an opinion piece posted on the Financial Times' website on Sunday.

Roubini, a professor at New York University's Stern School of Business, said it appears the global economy will bottom out in the second half of this year, and that U.S. and western European economies will likely experience "anemic" and "below trend" growth for at least a couple of years.

Yet he warned that policymakers face a "damned if they do and damned if they don't" conundrum in trying to unwind their massive fiscal and monetary stimuli to keep the global economy from toppling into a depression.

He said that if policymakers try to fight rising budget deficits by raising taxes and cutting spending, they could undermine any recovery.

On the other hand, he said if they maintain large deficits, worries about excessive inflation will grow, causing bond yields and borrowing rates to rise and perhaps choking off economic growth.

Roubini said another reason to worry is that energy, food and oil prices are rising faster than fundamentals warrant, and could be driven higher by speculation or if excessive liquidity creates artificially high demand.

He said the global economy "could not withstand another contractionary shock" if speculation drives oil rapidly toward $100 per barrel. U.S. crude oil futures traded Friday at about $73.83.

Roubini said the anemic growth he expects would follow a couple of quarters of rapid growth, as inventories and production levels recover from near-depression levels.

(Reporting by Jonathan Stempel; Editing by Diane Craft)[/b]

Please note that article is affiliated to REUTERS. All extracts are entirely from REUTERS.

I am indeed ashamed the way and manner Imam Sanusi who is supposed to be a risk professional is handling the issue of debtors of these Nigerian banks.
I am of the opinion that fellow shareholders like me of Oceanic bank and Intercontinental bank among others will definitely feel embarrassed by what this issue has degenerated into. It's simply unprofessional. I remembered that First banks last public offer sold for between #30 to #40 and the current share price has fallen to somewhat in the region of #15. Likewise all these other banks are being sacrificed on the altar of fanaticism, un-professionalism.
The CBN could have taken her time to complete the entire banks audit before a more reasonable approach towards tackling the issue like a proper risk manager could have been taken. The 2 months duration in which the NSE would be exposed to the down fall is mere unprofessional for a supposed risk guru, also who says the debtors paying back are not incurring debts from the other banks CBN has given clean bill. Hence, instead of tackling the issue of corruption once and for all it's been repackages and recycled.
Moreover, the devaluation in the Naira has already giving the debtors who took out billions of dollars out of the country at #120 per dollar to bring it back into the country at #150 per dollar and still rising.
The CBN and EFCC will keep a blind eye on this and will soon go blind, also majority of the debtors are friends of the government, contractors of government, those that eat and drink in government houses and are given national awards like OON, GCON, GCFR among others.
In essence CBN and the EFCC is only trying to hammer on what we know that our government are in actual fact debtors to the following banks you and I as shareholders own and are in the real sense of it having a filled day dancing "PALONGO DANCE"
The debtors on the other hand have started shutting up the CBN's mouth who will soon be ridiculed after cases initiated in the law courts declare the hammer banks Victorious, i will be glad to see the looks on this Imam when his ass is sued heavily for gross damages. Also, if these banks could enter into a reasonable agreement with these numerous debtors and get back what is being owed the banks at an interest, CBN and its actions at defaming business organization shall have been defeated and dealt a heavy blow after which i believe Imam Sanusi will be ushered out of this religious position.
The time for initiating legal suits it now, Let the battle begin.

"For instance, there was an insurance company that declared N3 per share dividend. It then went back to its issued capital to discover that it could not sustain the dividend. It then reduced the payout from N3 to N2, from N2 to N1 and from N1 to half kobo within the same period. So, it is time to look at the issue of reconstruction of shares very seriously. So, what we are saying is reset the clock, reset the exchange. The exchange has exploded the number of shares because nobody thought about the consequences of consolidation. If I have my way, I would have told everybody to reconstruct by a factor of 10; so a person who has 30 shares before will now have 3, the person with 29 will have 2.9 and the person with 18 shares will then have 1.8 shares."

Any one who understands mathematics would know that this is senseless calculations.
In an event of share redomination, the EPS should also increase by 50% as the share volume would reduced by 50%. Also, share prices of 50k per unit of share must also increase by 50% to add up to N0.75k and not N1 as earlier proposed by Ndi Okereke-Onyiuke.
The important thing is that when shares of N0.5k per unit is adjusted to N1.00k per unit, share volume, prices and EPS must also reflect 100% increase so as not to rob shareholders of their investment.
The equation for N0.50k per share to N1.00k per share is 100% increase
Share volume decrease of 50%.
Share price increase of 100%.
EPS increase of 100%
Any thing besides this is fraud.






http://www.ngrguardiannews.com/business/article01//indexn3_html?pdate=160809&ptitle=Stock%20Exchange%20To%20Reduce%20Shares%20Held%20By%20Individuals%20By%2050%20Per%20cent%20&cpdate=160809


Stock Exchange To Reduce Shares Held By Individuals By 50 Per cent
By Godfrey Okpugie

QUOTED companies, which issued large volume of equities to raise huge funds from the capital market to enable them do business in an economy bedeviled by inflation and devalued currency, are now faced with the consequence of paying huge dividends to their shareholders. To address this problem, the Nigerian Stock Exchange (NSE) is considering shrinking the number of shares held by individual shareholders by 50 per cent.

The Guardian gathered that the reduction is going to be carried out through share re-nominalisation; that is, the current nominal value of 50 kobo per unit of share would be jerked up to N1. In effect, a person who had 400 shares of 50 kobo each would now have 200 units at N1 each.

Prior to 2004, the capital market rarely witnessed a company issuing equities in volume of billions. But the introduction of banks consolidation exercise in 2005 by the Central Bank of Nigeria (CBN), compelled banks to invade the market with billions of new shares to raise the N24 billion capital base the apex bank directed each of them to have. Thereafter, the insurance companies also rushed to the market with billions of new shares to raise funds to shore up their capital base. And because of the large sum of money needed to effectively do business in the country as a result of inflation, devalued currency and acquisition of alternative power, many companies, which have come to market of late increased the number of new shares issued to enable them garner adequate funds.

Following this development, the number of equities in the capital market went up astronomically.

Worried by the inability of many listed companies to service the volume of their shares through dividend pay out, concerned capital market operators have mounted pressure on the Nigerian Stock Exchange (NSE) to shrink the number of shares by as much as 10 to one.

Towards this end, the Director General of NSE, Prof. Ndi Okereke-Onyiuke, has mandated the Managing Director of National Sports Lottery (NSL), Dr. Odunlami Kola-Daisi, who is one of the people spearheading the re-nominalisation to begin public enlightenment on the issue.

Kola-Daisi had consistently expressed concern about the inability of financial services industry to service their deluge of shares after consolidation. He declared at a recent capital market forum that the financial services industry was responsible for the 70 per cent of the market, pointing out that in 2005, the volume of shares in the banking sector was 29 billion; but that today, the number had gone to more than 400 billion shares. Insurance sector, which had 9.7 billion, now has over 110 billion shares.

He said: "I don't believe that the financial sector is strong enough to service about 500 billion shares in the market. For instance, there was an insurance company that declared N3 per share dividend. It then went back to its issued capital to discover that it could not sustain the dividend. It then reduced the payout from N3 to N2, from N2 to N1 and from N1 to half kobo within the same period. So, it is time to look at the issue of reconstruction of shares very seriously. So, what we are saying is reset the clock, reset the exchange. The exchange has exploded the number of shares because nobody thought about the consequences of consolidation. If I have my way, I would have told everybody to reconstruct by a factor of 10; so a person who has 30 shares before will now have 3, the person with 29 will have 2.9 and the person with 18 shares will then have 1.8 shares."

Okereke-Onyiuke assured that the NSE would soon adjust the nominal value of shares from 50 kobo to N1, saying, "it doesn't make any difference, adding that before the re-nominalisation, the Exchange would first do a lot of public enlightenment.

She said the NSE would not do it alone; it will carry the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) along.

Commenting on the issue, Mr. Sonny Nwosu, President of Nigerian Shareholders Association, said it is a welcomed development as the exercise would not affect the value of the shares only, but reduce the number of shares held by individual investors by 50 per cent.


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The events leading to the impediment of the said banks can only be adjudged appalling.
The actual cause boils down to one monstrous word, corruption.
But if i may use this medium to educate my beloved readers, the actual masterminds of the botched idea are indeed those we all know and perceive as high net worth individuals, those that dine with our oppressors self acclaim leaders parading themselves as shameless rulers, oppressors, sadists among others.
Not to take much of your time, i would only require one favour from all you my friends to spread this word of advice to as many friends and foe you have hoping that one day and soonest justice shall be down.
The following are what is truly required,
(i) That the government of the federal republic should ensure that all the mentioned banks get a fast judicial process towards recovering of all the bad debt (funds stolen by government and those that dine with government hiding under the guise of fulfilling the millennium development goal, seven point agenda of the government and vision 20 20 20.
(ii) That all debtors should be remanded in prison custody, their properties confiscated until all stolen monies of shareholders of these banks are refund to the last kobo. In a situation where such crooks resist or tries to frustrate legal justice then their entire family and beneficiary of such loots should be made to face the full wrath of the law which includes death sentence and or life imprisonment.
(iii) That the planned Nigerian Stock Exchange plans to reduce by 50% the shares owed by investors on the floor should be rejected vehemently. This plan is solely to rob shareholders of their investment after the doom of the concocted Nigerian recession through banks bad debt. Also, it has been discovered that if this plan goes through, the financial institutions among other institution would still present new public offers. The act if carried out then would rubbish the initial cause and only amounts to a sect in the country reaping where it has not sown or better still trying to eat her cake and have it after mismanaging her banking institutions before the consolidation. The only reason why the banks before the consolidation failed to meet up has replicated itself in the form of bad debt by a sect in the country who acquire wealth at the expense of her people’s development.
(iv) That the CBN governor Sanusi should ensure that all monies stolen by his sects are returned within 4 months order wise resign and seek appointment with boka aram as he is not qualified to be the CBN governor as most of his sect member carried out the fraud against our banks so as to make the northerners bring bank stolen funds from these southern banks to purchase them over. It's like stealing from Abu to entertain Abu.
(v) That shareholders (Stakeholders) that feel oppressed should seek redress in the law court and prove their case beyond doubts why infidels shouldn't be made to take over their investments suing the FG, CBN, Bank CEO's and Board of Management, NSE, SEC, Nigerian police among others for the over #8 trillion lost during this botched recession. Nigeria never had recession, it's only the greed her enemy alongside their corrupt ways that caused us this mischief.

SPREAD THIS TO ALL SO THAT JUSTICE WOULD PREVAIL QUICKLY.

For us that are resolute not to give up this struggle, a way one day will surely be found, it only takes time.
The foolishness and wickedness of our sole called greedy leaders cannot be comprehended, why will someone fashion a way of keeping others subjected to oppression, poverty, ignorance and establish a kingdom he/she believes will last forever. They allocate billions to themselves in the form of outrageous allowances; imagine half of our budget goes towards the payment of political office holders salaries.

Take for instance the injustice in the elections just concluded in Ekiti state, the rigged election of osun state among others which only hammers on one thing; that the election that declared Umaru Musa Yaradua president is void and null as it was this same election which was overturned in a number of states all over the country at the gubernatorial level.

Take also the cases against Nuru Ribadu; a man who stood for justice but unfortunately had a boss like Olusegun Obasanjo who single handedly frustrated the investigations of EFCC under Ribadu to protect his cronies, thus, the double justice.

Take for instance the haliburton scandal, the panel set up by the FG is already a farce, a script of Nollywood stars is already being acted by Okiro, SSS, DMI among others. Note fully well that "the gin looking addict" Okiro would soon go on retirement leave thus files will definitely miss out and the next IGP would find it hard to fill the lines of the missing files. This are normal scripts being replayed as the new EFCC boss also found some files and lines missing from Ribadu's investigations and had to start all over again writing a crooked script.

The SSS and DMI whose main job functions lies to Greece the corrupt wheel of the FG will never hold their seniors to ransom for the mere reason that they are part of this same corrupt institution, the blind cannot lead the blind.

Take also for instance that Ngozi Okonjowela advice the FG not to go for IMF/World Bank loans as our reserves if prudently spent can carry us for the next 2 years. This had fallen on deaf ears and the FG is making plans to take up loans hiding under our budget deficit which can literally be financed from our excess reserves. Oil as i write this report is selling at $58 per barrel. With our budget bench mark at $45, it means we are already making $13 excess which will soon eat up the losses of the first quarter.

What do you expect when we have thieves in charge whose goal is only to share the National resources to themselves and families alone. They have fortified themselves with all apparatus of our security; the Military, Navy, Airforce, Nigerian police etc. This must stop as the safest way of getting justice lies in a revolution.
I'm therefore encouraging our dear brothers and sisters who still hold on to good conscience, who stand for justice, freedom, equality, good government to join our struggle. A national conference must be held where people would decide who should rule them and how much he/she should earn. I say no to dedicating billion and billions as security votes, he who has no skeleton in his/her cupboard has nothing to fear. The LORD must only be our protector and i believe if politicians are paid with respect to civil service formulae, lots of our jobless political friends would seek total farm life in Ota.
These sworn enemies of Nigeria must be defeated and put in prison where they belong. The time is now.

Czarskit, your comment and IQ baffles me.
What's the diff btw someone got aids and someone on aids.
You no go school buzz off from making stupid contributions.

Gees up.

I'm cool.
I need a lady on aids: "wheelchair" from a rich family
Give your details to this reply.

Cheers.

One cannot but wonder when Nigerians would get it right.
Some still pray to God to answer their prayers on the rot in the Nigerian society, i have a word for such He (God) has already answered by saying take your destiny in your own hands.
I would wake up to a day where a big law firm would initiate a legal case against the entire body called government in Nigeria over the following injustices but not limited to these; deprivation, stealing, maladministration, corruption. Or what would we call the salaries of political office holders from the president to the least of them if not stealing, corruption. A man earns in one year what a civil servant would not earn in 40 years. This is strictly madness. My resolution is that all political office holders in Nigeria should be paid with respect to civil servants salary structures only. This would first of all provide adequate resources for proper development and curb the frivolous waste on political office holders’ salary which i believe Nigeria cannot afford.
I expect the filthy politicians to fight back against this law suit so we must be bent on driving it through to the Supreme Court if necessary. The waste on securing enough resources for security votes will also be totally stopped and diverted to productive use as the candy of political positions would have been taking away, thus, people fit alone with the sole aim of serving would be the ones left in politics. Also the menace of political thugs and assassinations would have been totally removed.
Recently in the media we learnt of the injustice on the part of regulators in Nigeria who will choose to look towards another direction when some wealthy corrupt people carry out their acts. How will the corrupt imposed government produced since the first military coup in Nigeria cunningly impose some group of people to be the sole distributor of want we consume by acknowledging such group licenses to import, export? Even a fool will be rich by manipulating the population of Nigeria in terms of her demand and supply of goods.
This i believe must be stopped so as to give everyone a right sense of belonging in this great country of the common man (men) as the political office holders would say “the common man on the street". When only it is by stealing, looting the resources of other Nigerians that have made themselves rich and uncommon. Either this is down peacefully or violently, one day it's sure it would be done and the greedy of the society would have to give back what she (the greedy) has stolen.
I believe the judiciary in Nigeria is capable of putting the records striaght "a spade is a spade" as no judicial manipulation of an orderly society/ nation would be able to serve the purpose, moreover fake solution must be resisted.

I hereby call on honest lawyers/senior advocate of Nigeria (SAN) to initiate the move in a lower law court for a start and keep the victory in sight. We do not even know how much politicians collect (salary and allowances including frivolous additions on security, Esta-codes etc). When we ask relevant bodies on such information, we do not receive any response. I sure hope one of these days we would not mortgage the future of the unborn by going to the World Bank or IMF to take loans to pay political office holders salaries.
How much is the president, vice president, senate president and his group, speaker and his group, governors, deputy governors, ministers, commissioners, house of representatives at state level, local government chairmen, counselors etc take home every month.
Note this includes basic salary and allowances; we need to know and see the disparity between civil servants and political office holders.
This I say is not a healthy situation.
Thanks and God bless.