₦airaland Forum

Chai. This Otudeko na big thief.

emmanuelewumi:
His shares in Fbn is worth N5 billion , his debt is about N80 billion

Otudeko out is the big change. Hope he will be forced to forgo his First Bank shares to pay for any outstanding non performing loans he has.
May not be bad for those of us in this bus. In fact returns may be better in the next one year.

ukay2:
CBN GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD

1.0 Good afternoon ladies and gentlemen.

2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions.

3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going concern status of the bank. It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.

11.0 Following further review of the situation and in order to preserve stability of the bank, so as to protect minority shareholders and depositors, the Management of the CBN in line with its powers under BOFIA 2020 has approved and hereby directs:

i. Immediate removal of the all directors of FBN Ltd and FBN Holdings Plc

ii. The appointment of the following persons as directors in FBN Ltd and FBN Holdings Plc

Holdco

1.Chairman – Remi Babalola

2.Dr. Fatade Abiodun Oluwole

3.Kofo Dosekun

4.Remi Lasaki

5.Dr Alimi Abdulrasaq

6.Ahmed Modibbo

7.Khalifa Imam

8.Sir Peter Aliogo

9.UK Eke – Managing Director

Bank

1. Chairman – Tunde Hassan-Odukale

2. Tokunbo Martins

3. Uche Nwokedi

4. Adekunle Sonola

5. Isioma Ogodazi

6. Ebenezer Olufowose

7. Ishaya Elijah B. Dodo

8. Sola Adeduntan – Managing Director

9. Gbenga Shobo – Deputy Managing Director

10. Remi Oni – Executive Director

11. Abdullahi Ibrahim – Executive Director

12.0 The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.


@mycf

I entered at N1.30 this January. I hope I will be able to Jump out with a profit. jijo Though I am still trapped right from the IPO days.

locodemy:
I have even sold 3m units already at 93kobo this morning. Those ones I bought at 77/78/79/80kobo after the first purchase that cost me 1.42.

I will only keep those first tranch for long term while I have activated Jijo for the subsequents

locodemy:
https://doclib.ngxgroup.com/Financial_NewsDocs/33109_TRANSNATIONAL_CORPORATION_OF_NIGERIA_PLC%20_QUARTER_1_%20_.pdf



I bought this Transcorp stock at 1.42 above market price hopping to ride on the euphoria but it didn't respond.

With this Q1 result, I will begin to average down in order to move out of losses.should be trading around 90kobo+ in the coming days.

Happy weekend to you all.

Looking closely at what shareholders are getting. It is very low. The Non Controlling Shares folk are taking the profit and retail NSE investors at the moment are still making a loss in comprehensive income. Hope in coming quarters this will reverse.

OBAGADAFFI:
GTB has been messing up lately.

Even their banking service is no longer reliable.

But GTB still grew deposits faster than other big banks last year except for UBA that grew the most (perhaps due to foreign ops). What else can one use to measure reliability or likeability of service than rate of deposit growth ?

https://doclib.ngxgroup.com/Financial_NewsDocs/33077_GUARANTY_TRUST_BANK_PLC%20_QUARTER_1_%20_FINANCIAL_STATEM.pdf

GTB profits have dropped by 10%. Traced to a huge drop in interest income. Will be interesting to see the review of the analysts from the broking houses. Stock prices may dip in the coming days and weeks especially if Zenith follows with a similar pattern of results.

UBA results will be seen more as audio profits . Till UBA shakes body and pay correct dividends in line with reported profits like GTB and Zenith that pay nearly half of profits in dividends.

By Tuesday 20th Elephant will fall down 45 kobo for Dividend and Access should be ahead once again. FBNH can only catch Access if it shakes body and pay more dividends. With last year results they have a tie in Book Value Per Share of N21 with Access ahead in Earning Per Share based on bank operations and far ahead using consolidate numbers for computing earnings per share. Where are Q1 reports (estimates) of performance. The market should speed them up based on this. Or increased interest rates may mute a price rises.

yMcy56:
E Ku Market o.

Access marked down and sighted in the league of the Elephant, though Access is trying to give gap but Elephant too is not taking things lightly........... never say never in this market.....

ACCESS...... 7.60
FBNH......7.60

samguru:
Unilever has been reporting loss for couple of years back and the board is coming up with resolutions that will make the company to bleed further.

Imagine the board is proposing #62 million for director as directors fees and as well as #12million vehicle allowance for the chairman.

This proxy AGM is an opportunity for some rogues in board of the listed companies to strangulate our companies.

Securities and Exchange Commission,minority shareholders can not breath again!

This is chicken change compared to the emoluments of First Bank directors that run into billions of naira every year. That bank has the highest paid directors in the whole of the banking industry.

UBN - Union Bank was supposed to pay their tiny dividend yesterday 13th. But I didn't get it. What is wrong with this poor performing stock ?

Sterling Bank Better than ETI with a dividend of 0 Kobo every year. BIGGER SHAME

Lion123:
Sterling Bank. 5 kobo dividend. BIG SHAME!!!

http://www.nse.com.ng/Financial_NewsDocs/32797_STERLING_BANK_PLC%20CORPORATE_ACTION_ANNOUNCEMENT%20STERL.pdf

Stick to GTBank and Zenith. Make una dey hear word.

samguru:
I don read reports tire ooo.

I didn't sleep until 3.40am reading audited reports

Those NSE people had night shift yesterday for posting results. Or was it delayed server loading ?

naturalflow:
But they are reporting a negative EPS.

Non controlling interests swallowed the whole profit, leaving a negative balance for shareholders. This caused also the shareholder funds to drop. Was this non controlling interest reflected in Q3 results ? Will next year be better or worse for shareholders ?

FBNH dropping 45kobo dividend only in result just released after 7 pm today

Kagame:
They might pay 80-90k. Definitely not a surprise, their former mates are now paying N3 dividend per year.

They released last year report by 6th of April. By nest week we they should at least release the report to the NSE if they are not sliding backwards. They really have a long catch up to make when compared with their mates now paying dividends twice a year and the top ones (GTB and Zenith) paying a total of N3 dividend. Fingers crossed.

ukay2:
Audio earnings sign

Really bad sign. Mid year will give more indications. Anyhow UBA has dented it's image. That good result does not translate to shareholder reward.

Justcul:
We await FBNH and Access

Fingers crossed for the elephant.

zimams:
Wetin be their reason sef? I didnt bother to seek info. The guys grew EPS by 27%. Its a shame that they slashed dividend..

Anyway it's a new cycle. Na 2021 FYE we dey look fwd to now.

That the future looks uncertain. So they want to keep some extra cash in case of any emergency.

ojeysky:
Still no match to zenith, looks like zenith has the best return so far

Zenith and GTB have been consistent in paying an increasing dividend without a single drop in the last 12 years (i.e. since 2009). Every other bank have gone up and down in the same period. The question on my mind now is can GTB and Zenith maintain this stellar performance.

BabsO2:
A good company should have a goal to grow dividends and keep it steady. Not drop it for flimsy reason like UBA did for 2020 FY dividend.

This makes Zenith and GTB look better managed. And will make them get a better price premium over time.

A good company should have a goal to grow dividends and keep it steady. Not drop it for flimsy reason like UBA did for 2020 FY dividend.

japhethGold:
Hello everyone, Congratulations to myself on securing a place at Smith School of Business, Queen's University to study Masters of Finance(MFIN). I got my admission decision from the schools admission committee yesterday.

My next priority now is to get study permit from CIC. I plan to submit online application next week and I am wondering if I would secure the permit before June 10th 2019 because my resumption is 21st June 2019. I pray that Almighty God who I Trust in will answer me by fire in JESUS NAME.

Please advise on the possibility of getting permit within this time frame and counsel me on the best approach to follow.

Many thanks for your support.

Having online bank reference saves application processing time we were told by CIC in their Jan 2019 EduCanada Fair at Federal Palace Lagos. Having a signed paper reference can add 6 weeks plus to your study permit application processing. The issue is not all banks have it. GTB has it and I think (not sure) UBA has it. But First Bank doesn't. So your sponsors bank having it helps. That is the little I know.

Asapant:
Good Morning everyone. I want to ask an important question. I recently ended my service year NYSC the week before last week. (13 days ago).

However, Our nysc certificate shows service yr stated April /19/ 2018 and ended April /18/ 2019. Meanwhile I plan to submit my application before April 19th. Among the list of documents I want to submit is my nysc certificate.

Hope I won't have any issue concerning the date on my nysc cert. Also what do I imput in current employment as I just finished my service 13 days ago and currently not employed ?

Kindly respond to me all. Thank you.

I think you are expected to have annual vacation. Since you will not be resuming back as a corper you are given your certificate in advance of the date the service ends officially and most likely paid in advance also for the remaining weeks. It is up to you to do what ever with your free period pending official end of NYSC.

Your current situation is unemployed if you have no job. Or more technically on "NYSC annual leave" just like a school break. Only you issue is after the period you are technically unemployed if you do not have a job by then.

bridget149:
India is more populated than u but theirs Is 4-6 weeks, saw someone that got trv in 17 days.....

Aha. Perhaps the CIC operates more freely in India unlike Nija or could there be a preference for Indians as they may be perceived to be more productive to their economy.

Stevenssen:
It's population. Nigeria has more population which leads to more applications. Ghana population is just 28 million

Also include number of people who can afford it as well as the pressure to study outside country. Nigeria has more of both.

BabsO2:
Attended EduCanada fair last January. In the Applying for study permit session, the boss there said when he picks a study permit application and he sees the bank statements are paper and not electronic he drops and pick the next one. I think this is contributing to delay for applicants who use paper bank statements and bringing the overall study permit application wait time to 20 weeks avg. The issue now is many banks don't offer electronic statements for Embassies.

For those who are not sponsored by parents or close relatives, he also said if this sponsor not related to you raises an electronic bank statement for your study permit application it strengthens the applicants case, despite he or she not being your mama or papa or blood relative. Especially if back up by affidavit.

He also said he refuses applicants who he sees is using and agent. That using an agent shows signs of weakness, that the application is not that complicated and makes him wander what kind of student of family is this.

He said many things in answer to questions.

He said it takes about six weeks to validate paper statements.

Attended EduCanada fair last January. In the Applying for study permit session, the boss there said when he picks a study permit application and he sees the bank statements are paper and not electronic he drops and pick the next one. I think this is contributing to delay for applicants who use paper bank statements and bringing the overall study permit application wait time to 20 weeks avg. The issue now is many banks don't offer electronic statements for Embassies.

For those who are not sponsored by parents or close relatives, he also said if this sponsor not related to you raises an electronic bank statement for your study permit application it strengthens the applicants case, despite he or she not being your mama or papa or blood relative. Especially if back up by affidavit.

He also said he refuses applicants who he sees is using and agent. That using an agent shows signs of weakness, that the application is not that complicated and makes him wander what kind of student of family is this.

He said many things in answer to questions.

liliesofdvalley:
Pls where can I buy turmeric powder

You can get tumeric in SPAR. Go to spices section

I hope I will be able to recover (or get credited) a PHCN bill I paid with quickteller. I paid 2 PHCN bills using quickteller. One was successful for about 3k but the one for N36k was debited and till today after two months has not reflected in new PHCN bills.

Also I paid Aero ticket on quickteller and was nearly stranded at the air-port.

It appears some payments go smoothly and some hang. And funny it is the higher value payments N30k plus that hangs.

Has anyone got experience on how to recover (or get credited) PHCN or other bills that get debited from bank accounts but not get reflected as paid ?

I was looking for MTN data plan with a view of buying this weekend after my STARCOMMS iZAP expired 250 hrs. Only to see the N13.5K 300 hrs bundle offer is no more available on their site. I also stumbled on this threat while looking for the MTN page. I used a friends MTN last week in Lagos and it looked satisfactory though I had a problem logging the device off. It always refused to log off. I thought perhaps its his modem and my PC that had a bug. So I pull the modem off or shut my pc to log off. It appeared satisfactory and close to starcomms in performance hence my interest in switching for N13.5 k for 300 hrs against starcomms N15k for 250 hrs. Now reading through this thread I will stick with my starcomms and not experiments with buying an MTN modem. I have MTN phone and notice it is expensive so I use it sparingly as I have a glo office mobile. I see a lot of good review for Etisalat. But my Experience with Etisalat has been poor. I have an etisalat modem. Etisalat never offered speed as fast as my starcomms iZap both in Lagos or Port Harcourt. Etisalat didn't even work in Ibadan while Starcomms iZap worked steadily. The only issue I have with Starcomms of late is network signal. It seems to be falling down like NEPA (PHCN) in the last 1 month in Port Harcourt. I will try my Etisalat again for 1 month and see perhaps if they have improved and stop the idea of buy MTN modem immediately (afterall the 13.5k for 300 hrs is no more showing on offer at their website.

Babs_O:
Can you help with APN for Starcomms. I need it for setting up a router.

If any one is looking for this leave APN blank when setting up router. All that is needed is the dial number and the mobile number of your iZAP when setting up the router.

Dial: #777
Name or logon: starcomms 11 digit iZAP number @starcomms.com
Password: starcomms 11 digit iZAP number

Starcomms iZAP is good. Etisalat not so good. MTN I haven't tried. I have been using iZAP for over a year and its been good. Tried Etisalat this year and it was poor. Just wasted my money. Very slow.

Did you get it I need the APN for Starcomms