LaudableXX:



The charges are for foreigners trying to enter Nigeria, with foreign passports and does not apply to Nigerians with Nigerian passports. So what is the problem? A number of other countries charge similar fees for similar purposes, and many Nigerians gladly pay such fees at the entry point of those countries, without any murmuring or complaints. So why is everyone now complaining about NIS doing the same thing, a number of other nations have been doing for the past few years?

I have paid $45 USD for visa on arrival at the entry point of another African country before, and I witnessed many other travellers doing so freely, without any issue. But why is it that when it comes to our own shores, everyone complains without thinking? It is NOT by force to come to Naija, o!

fxuser:


Ok Oga

Monthly
https://invst.ly/7rqgg
Wkly
https://invst.ly/7rqiw
Daily
https://invst.ly/7rql3
4 Hr
https://invst.ly/7rqlw

Using UBA and same MA on all time frames sir


i be FULL JJC Club member too

fxuser:


the question no get answer ,
i never see green or red MA before nah ,
Agba epp out

fxuser:
Index
- weekly chart looks better than d daily ,
- weekly bullish reversal candles up and dan d index, with stocks breaking back above the 40 wk MA (40wk MA = 200dma)
- bulls won d battle but yet to win d WAR
- Unilever topping the value list wt over 1bln ( na turn by turn dis week)
- will like to see price quickly break above this fri closure next week
- UBA , FBN , Access unable to close above N11 pere !
- tier 2 holding the midfield steady
- its easier to ride a trend than catch a bounce #RandomThot

#EnjoyUrWeekend

Side note:
NSE FYE results is sumfin else oh ! and MTN never list yet
#pepperDem

Jejebabaa:


Now, 91.5 Million ---2.56B

Mpeace:
HOW ZENITH ALMOST TOOK ALL OF MY PROFIT FROM TRANSCORP AND OANDO
On 30th May, I remember buying 350,000 units of zenith bank at 26.2 because I thought the bull was around, more so that diamond, fidelity, fcmb and transcorp (among others) went on a sudden full bid. Minutes later, the bulls started losing strength so I immediately sold all the units at 26.10. At that point I was pained because of the loss and the broker's fees which all came up to almost 210,000 loss in just a few minutes.
Looking back now at the price of zenith bank(25.50) today, I have no regrets. I would have lost more than the dividend would have given me. I even think I can get it at 24.

Kolping:
MTN Nigeria IPO Teaser – Listing and Precursory Information

Last year, MTN group announced that its Nigerian business will be listed on the Nigerian Stock Exchange this year, by way of initial public offering (IPO). Significant progress has been recorded vis-a-vis the IPO, which is expected to be concluded next month.

https://www.proshareng.com/news/Public%20&%20Private%20Offers%20%20%20/MTN-Nigeria-IPO-Teaser-%E2%80%93-Listing-and-Precursory-Information/40207

currentprice:

Lol.. I like your style, you just say ok as the thing confuse you and you no want more confusion. you are expecting explaining on how he take know the owner set to sell his holding that bring about current sell off but he gave you long time done deal btw dangote and Tiger brand

debenzd:
A light manufacturing company is looking for a MALE to fill the following position:

Store Keeper (resident in Akowonjo, Igando, Egbeda axis)

RESPONSIBILITIES:
a) To ensure safe keeping of both the quality and quantity of stocks
b) To maintain proper records of stock
c) To initiate purchase requisition for the replacement of stock of all regular store items whenever the stock level of any item approaches the minimum limit fixed.
d) Initiating stoppage of further purchasing when the stock level approaches maximum limit
e) To exercise general control over all activities in store

QUALIFICATION AND REQUIREMENT:
a)OND in any field with minimum of 2 year’s experience in related field
b) Good communication, Numerical and Listening skills
c) Good time management, judgement and decision making skills
d) Not more than 30 years and preferably a resident in of Akowonjo, Igando, Egbeda Axis
e) Good knowledge of Microsoft office

Kindly send cv to omondas1@gmail.com on or before 31st May 2018

Chibuking81:

Did Morgan capital think that passing of budget news by the Senate will bring in bull, forgetting that Mr president have to study it before his assent.

They should better fix/ solve the problem.

currentprice:


bro calm down. there is nothing wrong with cileasing. it is still one of the stock that will likely gives best return this year.

3 week ago CAVERTON trade with FULL offer daily without buyer. check the stock again today

currentprice:
this Global X MSCI strategy is lagged indicator. the strategy is they look into the daily market closed, if the mkt close bearish they will update their portfolio by painting some of the stock in the potfolio red claiming giant of the mkt.

if the market closed bulish next day they will paint stock in their portfolio green to prove point

i will quote this post when mkt retrn bullish

jpride:
What are your products? Pls can I see photos??

debenzd:
Must you buy the same units at a lower price to average down?

Agbalowomeri:
Oga you sef dey through stone

Coolcash1:
http://www.nse.com.ng/Financial_NewsDocs/21387_MUTUAL_BENEFITS_ASSURANCE_PLC._CORPORATE_ACTIONS_MARCH_2018.pdf

Maykesha:
Sir, the excel spreadsheet clearly shows "MSCI movement for 1st March 2012".

Also, this does not add up as FCMB did not sell up to this volume this week.

Could you please drop the link for verification? Thanks.

pluto09:



Not exactly.
We have two major problems in the country.
What we generate as revenue is too low and we misappropriate the little that we generate.
It is not only about politicians /executive, we are all involved.

currentprice:
http://www.nse.com.ng/Financial_NewsDocs/20817_ACCESS_BANK_PLC._CORPORATE_ACTIONS_FEBRUARY_2018.pdf

below for those who can't open link

Nichee:
Skye bank audit shows negative capital position of N730bn

courtesy BusinessDay

…Mainstreet Bank acquisition partly financed with depositors funds

…Former GMD, Treasurer, CFO fingered

…CBN working out forbearance package to fill hole

(my comment - Nigeria has rewarded too many people for being inept, greedy, and outright criminal. these bankers have no right to criticize the civil servants and politicians. they aren't any better)

A forensic audit commissioned by the new board of Skye bank and carried out by KPMG and PWC has shown that the tier-two lender had a negative capital position of N730 billion by the end of June 2017.

The central bank stepped in to replace the chief executive officer, chairman and 10 other directors of Skye Bank Plc on July 4 2016 after the nation’s eighth-biggest lender consistently breached cash and liquidity ratios.

The new board then engaged KPMG and PWC to carry out a forensic audit in order to ascertain the state of affairs and financial position of the struggling bank which last filed a financial statement in 2015. Despite sending a notice to the Nigerian Stock Exchange in June 2017 that it would realease its 2016 financials within the quarter, the results have not been released yet.

A document seen by BusinessDay showed that the bank had a negative capital position of N690 billion as of December 2016, which then worsened some 5.8 percent to N730 billion as of June 2017.

“Contrary to the 2015 financial statements, which indicated a loss of N42 billion and erosion of capital to the same value, the draft report for full-year 2016 audit revealed a negative capital position of N690 billion as at December 2016,” according to the document signed by the bank’s Chairman, Muhammad Ahmad, Group managing director/CEO, Adetokunbo Abiru and company secretary, Babatunde Osibodu.

“The major reasons for this position are impairment of loans to the tune of N529 billion and transactions in suspense to the tune of N280 billion, relating to balance sheet and profit and loss manipulations from 2006 to 2016, and direct and apparently fraudulent cash withdrawals by certain individuals,” the document stated.

Skye bank traded at N1.28 per share as of 2pm on Friday, down 17.42 percent from a 52-week high of N1.55 set on January 23, according to Financial Times data.

On receiving the report from the forensic audit, the bank’s board set up a special Investigation Committee to look into circumstances surrounding the N280 billion in “suspense”.

This was in order to identify possibility of recoveries and to recommend appropriate sanctions against culpable individuals.

The amount was linked to some N29.5 billion spent in acquiring Mainstream bank in addition to a purchase price of N126 billion, manipulation of the bank’s accounts, and some N7 billion disbursed to individuals and corporates without due process.

The bank’s current Chief Financial Officer (CFO), Pius Olaoye said the unreconciled debits in the balance sheet dated back to 2006 and profitability, liquidity and capital ratios were managed on a month by month basis throughout the year, with contributions from various departments.

“The head of risk would identify the obligors to be managed to mask their loans which were going bad,” according to Olaoye. “The bank would then arrange to fund the customer’s account by routing the funds through third parties, so that it would appear as if the accounts were performing, when in reality they were not,” Olaoye said.

On the N126 billion acquisition of Mainstreet bank, Olaoye said it was financed by free funds of N80 billion, but the balance of N46 billion had to be funded, with some N15billion of depositors funds forming a part.

According to Olaoye, the former GMD, Treasurer, CFO, and head of strategy were in on the project to disguise the true picture of the bank’s accounts.

Former CFO, Kunle Adedigba said the bank has operated two books of accounts since inception, when in order to disguise the capital shortfall of some N6 billion, deposits were supressed and netted off against assets.

“Everyone in top management (at least the executives) knew this was going on,” Adedigba said.

Kolade Ojo-Osagie, the bank’s treasurer since 2010 said the GMD periodically instructed him to move some funds to Abuja, as he explained the N28 billion cash withdrawn showing in head office suspense pertaining to the Mainstreet bank acquisition.

“Many of the payments were to people who were helping with the Mainstreet bank acquisition.”

Former GMD, Timothy Oguntayo, who held the post from April 2014 to July 2016 denied any wrongdoings.

Oguntayo said he was unaware of balance sheet management but admitted to paying lobbying fees to “several influential individuals,” which had “become necessary because some issues arose after payment of the purchase price in October 2014.”

“Firstly, the CEO refused to hand over and secondly, there were several petitions objecting the bank taking over. The bank had to engage some friendly senators and other influential people to help lobby and ensure regulatory approval,” Oguntayo said in an interview with the auditors.

The bank’s GMD between 2006 and 2010, Akinsola Akinfemiwa said he had “no real information” about what went into the suspense accounts. Most of the time, he had not been involved in the nitty-gritty of the accounts.

Both GMDs denied knowledge of the bank’s dual reporting system which had come to light after the audit.

Kehinde Durosinmi Etti, GMD between 2010 and 2014 said he was dumbfounded when after assuming office was briefed by the CFO of the unreconciled items held in suspense accounts.

In what seemed to indict Akinfemiwa, Etti said he “immediately drew a line under the previous practice of doctoring figures and stated reporting figures as they were.”

He said he didn’t raise an alarm with regulators because he wanted to get to the bottom of this first, and by the time he was leaving, the board had set up a committee to look into the matter, but he wasn’t privy to the report of the board which came after he had left.

As the investigation into the bank progresses, invitations for interviews have been extended to various persons and entities that benefitted from the various sums disbursed from the suspense account and whose accounts funds were disbursed for purpose of avoiding their loan from being classified as non-performing loans since 2006.

Nigerian lenders struggled to make money and extend credit with unpaid loans on the increase in an economy that slipped into its first full-year recession in 25 years in 2016, hurt by the plunge in oil prices and a lack of foreign investors.

Improved oil prices and production have however helped lift the economy from recession in the second quarter of 2017, with banks benefitting.

Skye Bank has failed to report annual earnings for 2015 and 2016 after it combined its operations in June 2015 with Mainstreet Bank Ltd., which was rescued by regulators during Nigeria’s banking crisis of 2009.

“The bank is gone,” one financial analyst told BusinessDay on condition of anonymity.

“A negative capital position of N730 billion, and the fact that it probably worsened since then, coupled with the N25 billion capital regulatory minimum for banks means an investor would need a short crawl from a trillion naira to snap up the bank, and I cant see that happening.”

Sources at the bank said a forbearance package was been worked out, but didn’t have detailed information. It is understood AMCON is involved and it is expected to cover 25 years.

“The CBN could opt to create a bridge bank to safeguard depositors’ funds,” a banking source said.

Analysts say it’s a big indictment for the CBN that it sanctioned the acquisition of Mainstreet bank by Skye bank despite the latter being in dire capital straits.

On August 06, 2011, the Nigeria Deposit Insurance Corporation (“NDIC”) and the Asset Management Corporation of Nigeria ("AMCON" after intensive negotiations through the night, announced that they have signed an agreement for AMCON to acquire Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited; being bridge banks created to acquire Afribank Plc, Bank PHB Plc and Spring Bank Plc respectivel