₦airaland Forum

I get your drift, but one thing I do is to domesticate any foreign knowledge I acquire. It is very key in applying what you learn. Naija na entirely a different country. In fact, it is a planet Geographers are yet to discover.

DeRuggedProf:
At times I read some foreign investment books and laugh.
I know the ideas are great, the investment advice, top notch, execution can be easily implemented, yet they completely fail to include a disclaimer "DO NOT TRY THIS AT HOME (Nigeria)."

Yes, and the Sept 8, 2018 post of Coolcash1, "Skye might be fully nationalized soon as recovery and repositioning efforts by the CBN appointed management have failed in turning the bank around...Most of their debtors seem to be stronger and influential than the management."

DeRuggedProf:
Is it that post that inspired you to sell?

Haaa, why you dey fear to mention name? . That tsunami would be brutally brutal.

Mpeace:
Pple are scared of Diamond bank, but the next tsunami will not be from the banking sector. It will be in the insurance sector where a new set of reforms are being implemented. Many insurance firms will not meet their capital requirements.
I remember one of them announcing plans to do rights issue abu na private placement of 40billion new shares. I just dey laf at their shareholders.

How T-Bills Rates Are Determined—DMO
https://www.businesspost.ng/2018/09/21/how-t-bills-rates-are-determined-dmo/

On Sept 7, 2018, a member of this group posted a link, https://zerodha.com/varsity/, on this platform.

My advice to the NSEMPA family is to take time to go through the link, especially new investors here, to have a better understanding of the stock market and the red flags to watch out for. Even gurus can check it out, you might learn something new.

It is really unfortunate that minority shareholders at the stock market are used like pawns in the game of chess. Can the NSE and CBN claim they never knew Skye Bank was sick? Even till last year, CBN claimed all banks operating in the country were sound and healthy, but those who know, know.

I used to be an advocate of long term investment in the stock market, but that is really changing fast. It is well.

You are very correct. In fact, any company defaulting in filing results for two years above should be avoided like a plague.

I just hope Diamond Bank, Union Bank and Fidelity Bank will not end this way. Tier-1 banks are still the best to invest in.

Onuokwu:
Common sense that is not so common should tell those in Unity Bank to be out now while they can. But as usual.....vendors of hope will come up with reasons why they should not. This Bank has some quarters of financial result still undeclared. Just go and look in a mirror and converse with yourself on the wisdom of retaining this bank stock in your portfolio.

Na you understand my motive bro. I don't bank with Skye Bank. Even my holdings in the bank were offloaded this week when I got the signal to selloff.

My trip was only to see the mood. I will even repeat it on Monday, when full banking operations are expected to resume.

currentprice:
He knows now, dipo only looking for story to write

NSE Suspends Trading of Skye Bank Shares
https://www.businesspost.ng/2018/09/22/nse-suspends-trading-of-skye-bank-shares/

The funny thing is that I took a trip round my area in Alimosho, Lagos this morning to Skye Bank branches to get the mood, the places I visited had their ATMs no dispensing cash. I am planning to do another check by 11am today to see if the ATMs have been loaded.

Though customers money is safe, the new management will surely want to restrict panic withdrawals which are natural in this case.

That will most likely happen on Monday or next week when the market resumes.

It's unfortunate for shareholders of Skye Bank, who didn't exit before now like I did this week

wanaj0:
Well, it gain 4% today. Will be good to see what the charts are saying so as to plan the trades for Monday. NSE should not suspend trading on the shares yet ooo

CBN Withdraws Operating License of Skye Bank
https://www.businesspost.ng/2018/09/21/cbn-revokes-operating-license-of-skye-bank/

**As Trade Surplus up by 46% to N17b

By Dipo Olowookere

In the month of April 2018, the Nigerian National Petroleum Corporation (NNPC) consolidated on its operational performance with a trading surplus of N17.16 billion, the corporation’s Monthly Financial and Operations Report for period under review has revealed.

The report, the 33rd edition since NNPC commenced the publication of its financial and operations report on a monthly basis as part of efforts to instil a culture of transparency and keep stakeholders and the general public informed of its activities, indicated a N5.43 billion improvement, representing 46.29 percent on the trading surplus recorded in the previous month of March 2018.

Group General Manager, Group Public Affairs Division of the NNPC, Mr Ndu Ughamadu, in a statement yesterday, disclosed that the trading surplus was achieved through a combined higher performance by the upstream, midstream (refineries) and downstream sectors as well as a reduction in corporate headquarters’ operational expenditure.

“This enhanced performance is attributable to robust revenues from sales of crude oil and petroleum products by NPDC and PPMC as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company (PHRC),” Mr Ughamade quoted a part of the report.

The NNPC said it recorded a 48.21 percent reduction in the rate of pipeline vandalism which fell to 166 from 224 vandalized points in the previous month.

According to the report, the Aba-Enugu pipeline segment accounted for 78 vandalized points, representing 84.78 percent of total vandalized points on the nation’s network of products pipelines.

On the gas production and supply front, the report indicated that the average daily production for April, 2018, stood at 8,054.46 billion cubic feet (bcf), out of which an average of 835.27 million metric standard cubic feet (mmscf), equivalent of 3,283 megawatts of electricity, was supplied to the power sector daily during the period under review.

“The result when compared with that of April, 2017, implies an increase of 496mw of power generated relative to same period last year,” the report stated.

It further showed that in the period under review, a total of 1.61 billion litres of Premium Motor Spirit (petrol) was supplied by NNPC in furtherance of the zero fuel queue policy of the federal government.

https://www.businesspost.ng/2018/09/21/nnpc-supplies-1-6bn-litres-of-petrol-in-30-days/

By Dipo Olowookere

Errors are what people make sometimes unconsciously and at times, cannot be avoided. However, what is important is the step taken to remedy mistakes.

In the past, people go to the bank to send money to a beneficiary, but nowadays, there is no longer a need for that as money can be transferred to a beneficiary via the mobile phone.

However, there are times when money is sent to a wrong recipient and in some cases, the receiver fails to make a refund.

Some days ago, the Central Bank of Nigeria (CBN) released a circular on the regulation on instant (inter-bank) electronic funds transfer services in Nigeria.

In the document, the apex highlighted how a sender can go about retrieving funds wrongly sent to a receiver.

Where a customer claims to have made a transfer in error, the following provisions shall apply:

10.4.1 Where the beneficiary is known to the complainant, the Sending Entity shall encourage the complainant to contact the beneficiary for an amicable settlement;

10.4.2 Where the beneficiary is not known to the complainant or a known beneficiary refused to effect a refund to the complainant, the Sending Entity having received a tenable claim from customer shall notify the Receiving Entity who shall place a lien on the amount in the account of the beneficiary and thereafter obtain the consent of the beneficiary to execute refund;

10.4.3 Where the beneficiary does not give consent, the internal auditors of the Sending and Receiving Entities shall mediate between the two customers within 2 weeks of the complaint to resolve the issue, and their decision shall be final. Accordingly, the lien on the amount in the beneficiary’s account shall not last more than 2 weeks;

10.4.4 Where the contested beneficiary has utilized the fund such that lien could not be placed, and he/she refuses to fund the beneficiary account to facilitate refund, the Receiving Entity’s Internal Auditors shall watch-list the customer’s BVN and the Sending Entity may report the incident to law enforcement agencies.

However, the apex bank said where the wrong transfer is due to bank error and erroneously sends value contrary to customer’s instructions due to wrong account number, wrong amount, duplication, etc to a Receiving Entity and requests the reversal in writing within 14 working days of the transaction, the Receiving Entity shall oblige within one (1) business day without recourse to the customer (beneficiary) of the Receiving Entity provided funds are available.

An automatic indemnity shall be inferred against the Sending Entity making the reversal request.

10.2.2 Where funds are not available, the Receiving Entity shall immediately notify its customer that the account was wrongly credited and provide proof of such notification to the Sending Entity.

10.2.3 The Receiving Entity shall notify the customer the consequences of not funding the account within 24 hours, which includes watch-listing in the banking industry, Credit Bureau and reporting to law enforcement agencies. The Receiving Entity shall watch-list the customer if he fails to provide fund within seven (7) days. The Receiving Entity shall refund the transaction as soon as funds are either partially or fully available.

10.2.4 The Receiving Entity shall not use the wrong credit to settle the customer’s outstanding indebtedness to it and shall not consider such credit as the property of the customer.

https://www.businesspost.ng/2018/09/21/what-to-do-if-you-transfer-money-to-someone-in-error/

Resort Savings and Loans Secures $10m from Milost for Recapitalisation
**As Board Wants Suspension Lifted to Enable Release of Funds
https://www.businesspost.ng/2018/09/21/resort-savings-and-loans-secures-10m-from-milost-for-recapitalisation/

Mine did the magic yesterday oooo. I brought the bulls back to the market.

swilo:
Happy Birthday.

Wishing you LLNP. I will check out the index at the COB to know if your birthday affected the market..

Happy birthday. I wish you more success in life. May you live longer than Nigeria's corruption.

moneywoman74:
Good morning House.

Today is my birthday. I need all prayers and best wishes!

Thanks all for the birthday wishes. I really appreciate them. God bless you all more.

Yea, he is correct. The CBN changed the minimum investment value last year for PMA to N50 million from N10,000. It was one of the major reasons for the creation of the FGN Savings Bond to allow low income earners participate in the fixed income market.

Barrytone:
Please reconfirm. Am not around to go verify.

CBN Mops up N338b as One-Year OMO Bills Clear at 13.50%
https://www.businesspost.ng/2018/09/21/cbn-mops-up-n338b-as-one-year-t-bills-clear-at-13-50/

Zenith Bank's Earnings Will Remain Broadly Stable, Upgrade Remote—S&P
https://www.businesspost.ng/2018/09/20/zenith-banks-earnings-will-remain-broadly-stable-upgrade-remote-sp/

S&P Sees “Very High Levels of Corruption” in Nigeria, Affirms Ratings
https://www.businesspost.ng/2018/09/20/sp-sees-very-high-levels-of-corruption-in-nigeria-affirms-ratings/

Hello house, it is my birthday today.

CBN Reviews Sanctions on MTN, 4 Banks to Reach "Equitable Resolution"
https://www.businesspost.ng/2018/09/20/cbn-reviews-sanctions-on-mtn-4-banks-to-reach-equitable-resolution/

FEC Confirms Ahmed as Finance Minister, Drops Former Portfolio
https://www.businesspost.ng/2018/09/20/fec-confirms-ahmed-as-finance-minister-drops-former-portfolio/

One-Year T-Bills Record by 250% Subscriptions as Rate Drop 0.02%
https://www.businesspost.ng/2018/09/20/one-year-t-bills-record-by-250-subscriptions-as-rate-drop-0-02/

CBN Offers N182b Treasury Bills to Investors via PMA
https://www.businesspost.ng/2018/09/19/cbn-offers-n182b-treasury-bills-to-investors-via-pma/

Crude Oil Price Hits $78.80 Per Barrel as US, China Tensions Thicken
https://www.businesspost.ng/2018/09/19/crude-oil-price-hits-78-80-per-barrel-as-us-china-tensions-thickencrude-oil-price-hits-78-80-barrel-as-us-china-tensions-thicken/

NSE Index Gains 0.56% as Bargain Hunters Pounce on Weak Shares
https://www.businesspost.ng/2018/09/19/nse-index-gains-0-56-as-bargain-hunters-pounce-on-weak-shares/

T-Bills Market Bearish as Yields Decline to 13.65%
https://www.businesspost.ng/2018/09/19/t-bills-market-bearish-as-yields-decline-to-13-65/

By Dipo Olowookere

Federal government has transferred about 21 percent of its stake in the Nigerian Security, Printing and Minting Company (NSPMC) to the Central Bank of Nigeria (CBN).

It was learnt that the apex bank is expected to manage, restructure and restore the company to profitability within a period of five years.

At the signing ceremony, Nigeria’s Vice President, Mr Yemi Osinbajo, who is the chairman national council on privatization, explained that the sale will allow private sector participation in the company.

Speaking further at the Presidential Villa in Abuja on Tuesday, Mr Osinbajo noted that the ceremony underscores the importance government attaches to its privatization, adding that the sale will bring the cutting-edge technology and innovation required for the firm.

He urged the CBN to ensure that Nigeria derives maximum benefit from the union.

CBN Governor, Mr Godwin Emefiele, also speaking at the event, described the minting firm as an asset with the capacity to produce currency for not just Nigeria but also for the West African region, also to produce sensitive security documents for government and for private companies.

“The capacity of the mint has increased and expanded and it now produces all the currency that is needed in the country. The mint capacity has been expanded to where it has idle capacity that can produce of other ECOWAS countries.

“We intend to embark on aggressive marketing to see to it that not only produces for itself but also produces for other important stakeholders that may require its services in the area of currency printing.

“In the area of security document, we are working assiduously given the fact that the mint was in the past produced passports and produced visas and other very sensitive security documents.

“Our next phase is to see to it that the NSPMC eventually begins the printing of the digital Nigerian passport,” Mr Emefiele said.

Chief Executive Officer (CEO) of NSPMC, Mr Joseph Ugbo, appealed to the Independent National Electoral Commission (INEC) to save resources by handing over the printing of all ballot papers and electoral materials for the 2019 elections to the company, saying NSPM has the capacity to handle it.

It was learnt that the transaction is expected to contribute a net sum of over N17 billion to the coffers of government.

https://www.businesspost.ng/2018/09/18/fg-sells-21-stake-in-minting-firm-to-cbn/

BREAKING: FG Sells 21% Stake in Minting Firm to CBN
https://www.businesspost.ng/2018/09/18/fg-sells-21-stake-in-minting-firm-to-cbn/

LASACO to Raise Funds by Creating Fresh 40bn Shares
https://www.businesspost.ng/2018/09/18/lasaco-to-raise-funds-by-creating-fresh-40bn-shares/

Zainab Ahmed Lists Priorities as Finance Minister
https://www.businesspost.ng/2018/09/17/zainab-ahmed-lists-priorities-as-finance-minister/

T-Bills Yields Fall Further on Absence of OMO Auction
https://www.businesspost.ng/2018/09/18/t-bills-yields-fall-further-on-absence-of-omo-auction/

Someone even predicted GTBank at N20 last week. People dey vex no be small.

Zenith Bank at N9 will surely be a steal.

Yayira:
Don’t mind Mendes.. I tell you, only that man can start Third World War..
But oga heytea zenith at 9 naira ? My heart

Lafarge Africa, Product of Painful Restructuring
https://www.businesspost.ng/2018/09/17/lafarge-africa-product-of-painful-restructuring/

GCR Rates Union Bank of Nigeria’s Proposed N13.5b Bonds
https://www.businesspost.ng/2018/09/17/gcr-rates-union-bank-of-nigerias-proposed-n13-5b-bonds/

HSBC, Looters Ruined Nigeria’s Economy—Presidency
https://www.businesspost.ng/2018/09/16/hsbc-part-of-those-who-ruined-nigerias-economy-presidency/

You can buy those stocks in anticipation for FY dividends, especially now they are at cheaper prices.

I doubt there are any sound stock yet to pay interim dividend.

Fidson, which plans to pay 20 kobo dividend on Sept 26, is for FY 2017.

Mpeace:
Those can't pay dividend from now till year end.

You can consider stocks of Tier-1 banks, Dangote Cement and others.

veecovee:
Sirs, which and which stocks have the possibility of paying dividend from now to end of this year