₦airaland Forum

What memo are we talking about here ?

Easimoni , you dey expose my secrets about ABC TRANSPORT oooh , i think they say business is secret

I personally have decided not to buy the this offer , i may need my money to trade other stocks or for something else in 3 to 4 months and the certificate is not likely to be posted by then , though i could use the e-allotment system, it may still not be credited to my cscs in such time frame, wish you guys that buy all the best .

Is this a good offer ? please give detailed reasons for your views .

I will keep worrying about making money on the NSE , meanwhile keep worrying about the doomsday , when u finaly see it ( which in niger case must be long time ) then let me .

So now you want to tell us that CBN is involved with your wayo ? mind yourself oooh

[center]CBN sacks Spring Bank board[/center]

The Central Bank of Nigeria has sacked the board of the Spring Bank Plc following a festering crisis that tore the directors apart.

Already, about five of the 14 directors of the bank are said to be under investigation by the Economic and Financial Crimes Commission.

The CBN, in a letter by its Governor, Prof. Chukwuma Soludo, said the sack of the directors was “with immediate effect.”

A copy of the letter, dated June 5, 2007, was obtained by our correspondents on Sunday.

The letter reads, “Whereas the CBN is satisfied that Spring Bank Plc is in a grave situation, having become insolvent with grave negative shareholders’ fund contrary to prudential requirements stipulated by the CBN pursuant to the provisions of the Banks and Other Financial Institutions Act 1991, and the CBN Act 1991 as amended;

“Now, therefore, I, Prof. Soludo, Governor of the CBN, in exercise of powers conferred on me by Section 33 of the BOFIA Act 1991, as amended, hereby remove as directors of Spring Bank Plc, the persons whose names are specified in the schedule hereto with effect from the 5th day of June, 2007.”

The affected directors are Rev.Segun Agbetuyi (Chairman); Mr. Cosmos Maduka; Prof. Anya O. Anya; Chief Tony Ezenna, Chief Adebayo Adetunji; Chief Anthony A. Adeniyi; Chief Okechukwu C. Unegbu; and Sir Edwin Mmuoemenam.

Others are Mr. Muhammad Ibrahim Sani; Dr. O.B.A Kola-Daisi; Mr. Ifeatu C. Onejeme; Mr. Olabisi I. Afolabi; and Mr. Tolulope Fadahunsi.

However, the Managing Director of the bank, Mr. Mike Chukwu, escaped the CBN hammer, a move which has angered a faction of the dissolved board.

The Spring Bank was a last-minute alignment of six banks to beat the December 2005 banking consolidation deadline.

The banks are Citizens Bank; African Continental Bank; Guardian Express Bank; Omega Bank; Fountain Trust Bank; and Trans-International Bank.

The institutions came together under two groups - Citizens Bank Group, made up of CB, ACB and GEB; and Bank One Group, made up of the OB, FTB and TIB.

Sources at the Spring Bank said that the crisis reached a stage that the four executive directors were no longer on talking terms.

The sources said although, it had been difficult for the component banks to work together, what made the crisis to boil over was the discovery during post-merger adjustment exercise, that part of the capital claimed by each of the banks was inaccurate.

Citizens Bank Group had claimed a shareholders’ fund in excess of N17bn, while Bank One Group claimed N14bn.

It was based on such claims that they agreed to a 57:43 sharing arrangement in favour of the Citizens Bank Group during the merger.

However, following complaints especially by those from the Bank One Group, alleging inaccuracy in the recapitalisation process of the Guardian Express Bank Plc, a team of officials from the CBN and the Nigeria Deposit Insurance Corporation was sent to Spring Bank.

The team, the sources added, established that fraud was indeed, committed by some directors of the bank.

Sources said that the bid by Bank One Group to take control of the bank, by producing the managing director, had been stiffly rebuffed by the current managing director.

The CBN Governor had on February 5, 2007 met with the board of the Spring Bank, with a view to resolving the conflicts but there was no let- off by the contending interests.

The matter also received the attention of former President Olusegun Obasanjo administration through the intervention of the former Attorney-General of the Federation, Chief Bayo Ojo, SAN.

Acting on a petition on the matter, Ojo, in a letter to the Chairman of the bank, dated May 24, 2007, asked the directors to step down.

The letter reads in part, “This action is crucial for creating the required atmosphere in the bank that would make for preservation of factual information necessary for our effective prosecution of the said directors which will soon commence in earnest after detailed police investigation.”

They were given up to May 28, 2007 to comply.

Some of the directors of the bank are alleging bias on the part of the CBN for not removing Chukwu along with other directors.

Calls made to the telephone of the CBN Governor did not go through.

The spokesman for the bank, Mr. Festus Odoko, who confirmed that a meeting was held between the CBN and the board of the bank, however, could not give the details of the development.

Odoko said he was not around when the meeting took place last week.

He, however, promised to respond to our correspondents’ enquiries on Monday (today) after due consultations with the relevant authorities at the CBN.

A top official of the bank, who pleaded anonymity, said that what the CBN did could not be said to be an outright sack of the bank’s board.

He said that the bank was performing all its obligations , including its operations at the clearing house up till Friday.

According to him, most of the former directors relieved of their positions by the CBN last week, were aware of the CBN’s intervention. He wondered why they decided to cry foul when the final decision became operational.

sources ; http://www.proshareng.com/myproshare/portal_articles.php?id=1124

fiso:
hi,please is there anyone who knows a little about stockmarket in other countries like ghana,kenya and websites of some foreign stockbrocking firms in these country?i ll appreciate if anyone can assist.

be careful with investting in kenya stocks , the day you would want to go there , you might be treated like a piece of shit at them airport .

frankiriri:
Their minimum is N1m.

Frank , i dont know if you have checked the latest info on zenithsecuritiesng about their minimum cos is has been increased to 5 million now , below is a quote from their site ;

Criteria:

To open a stockbroking account with Zenith Securities, the minimum opening balance currently stands at N5,000,000.00. This could be made up of cheque deposits, shares in certificates or transfer of shares from other stockbrokering firm(s).

i dont know how this will affect those do not have big sum to enter the stock business

Lagos Denies Directive On Generator Levy
Posted Thursday, June 7, 2007



Lagos State Government has refuted claims that it authorised Air Pollution on Environmental Management Services provider to collect levies on its behalf from owners and user of generating sets in the state.



A statement from the office of the Director, Public Affairs Department in the Ministry of the Environment dissociated the ministry from such claims, stating that it was shocked to read in some newspapers that the ministry authorised collection of levies of between N25,000 – N50,000 from generator users in the state.



It said although, the ministry signed a memorandum of understanding (MOU) with a firm on the need to collaborate and control emission of poisonous gases released by generators, discussions and modalities for the implementation were still on.



It added that the programme needs research, consultations and dialogue with relevant stakeholders.



The Director stated that discussion had just commenced on the modalities of implementation before we saw in the newspapers that the state authorized collection of levies. He further stated that the release of the said Information negates the fundamental objective of democracy which this administration is noted for. -

source ; http://www.proshareng.com/myproshare/portal_news.php?id=2465

wanaj0:
Oceanic dividend already paid.

Certficates always take a long time. Even with the e-bonus by First Bank, CSCS accounts were not credited until about 6 months down the line!

i thought that firstbank po , i mean the latest one is the first time that the e-allotment of cert would be done .

denex:
My friend, what is the matter with you? If you go to a company owned by Nigerians in India and they refuse to employ you, is that not a Nigerian problem?
The Indians working here are they not mostly working in companies started by Indians?
Artee Group, Cakes n Bakes, High Point, Millenium Interiors are they not employing Nigerians here? You should realize that it is impossible for these Indian companies in Nigeria not employ Nigerians at all. Their top execs have to be Indians because I cannot have a hardworking brother looking for work, then I will give you the job because I'm in your country. Go and start your own business in their country and employ your own people. It is your human right: freedom of association.

The matter is not with me , but with your rather very limited information about the topic at hand , i would suggest that you ask around to understand why a company like Guiness is not allowed to operate in india , then might be able to know what you don't know yet about the Indians, i say again your problem is that you have limited knowledge about the Indians you try to defend , when you become living witness of their " Indian jobs for Indians'' attitude then you would be in better position to understand that this is a very serious issue .

denex:
@Big B1 and the supporters of his philosophy.

You people have come again in your long and arduous search for handouts. So now it's not government, it is now Indians. God please deliver Nigerian youths. May they be able to make something for themselve. O lord, even as they continue to misdirect their energies at blaming hardworking foreigners, may you not miraculously provide them with jobs of their own, but give them the energy to create jobs for themselves and employ other fellow Nigerians. Amen.

Ehen back to the issue, there is no Indian taking any job away from a Nigerian. If an Indian builds a company from scratch and decides to employ his fellow Indian, that is his own wahala.
It's just the same as Obalende Suya in Jand will definitely employ more Nigerians.

Then also some multinationals prefer foreigners because of their high standard of work ethics. When the whole world pursuing and achieving perfection, Nigerians are still claiming that nobody is perfect.

By the time we start using nuclear energy in Nigeria, you put a Nigerian there and tell him to increase water levels in the reactor chamber by exactly 2 litres, at exactly 2 hours interval, and we're all dead!

There are some Nigerian perfectionists though, and nobody is taking any job away from them.

denex have you ever left the shores of this country b4 and more importantly have you ever been to india ? or have u ever asked someone that live Indian how Nigeria are treated in terms of being employed ? have you ever asked yourself why Nigerian professionals are working in countries like Malaysia , Singapore and other Asian countries but never in india?
i understand you post according to what you know, i was like u until i came and saw things with my eyes .

send someone there if you can .

I suggest you go to their office physically with your payment slip .

I dont like the fact that they did not pay any dividends in the last two years .

Proshareng:
Check out the investment opportunities in the market here http://www.proshareng.com/myproshare/portal_articles.php?id=1108

Hello , are you from the proshareng website or is this just an id name you like ?

nazzyon:
Bought some Oceanic share today. Hope fully it will yield to my expectation.

you are lucky .

hbrednic:
@egoldman
bet you, i am on top of the bull as well.how stupid, if i could let this opportunities go by.i will take the title of the dumbest nigerian ever.
while making the owo u still have to know when to bail out, otherwise one day you will find out that you only holding on ordinary paper thats valuless.
some shares are driving by mare rumour and the atmosphere in the stock market right now.
one thing is sure,the northward surge will not be forever.keep riding without asking questions and later lets see who will have the last laugh.

i think the nse made programmed in a way that it is not possible for a stock to gain or lose more that 5% on a day trading , so with this check in place i dont see why i would not know when to bail out

easimoni:
A few weeks ago, Cornerstone listed additional shares and now have 5.06B shares outstanding. They have not released full year results most likely due to the fact that FY results have to be audited. I suspect it'll be out by month end. Did not hear any story about a technical suspension so I don't know why the stock is stagnant. Regardless, expect the PE to be very high at a price of N4. I'd rate it an immediate SELL and not a buy.

easimoni , could you plz give more in dept details why think cornerstone is an immediate sell .

hbrednic:
for how long is this upsurge in bank shares going to last?
some of the shares are already over-valued surpassing by far there fair value,
we must be prudent while investing,so that we don't get hurt to the bones when the house came crashing down.
please anybody with an idea when to bail out of banking stocks?

i would worry about riding the bull now and making the owo while u keep worrying about when it would stop

mishoo:
@Biglarryboy, thanks for those info above.!I think ABC wont move up fast soon.I've been foolowing them because i had a huaunch to buy it at their IPO but i ignored my haunch. It moved to N4.50 before dropping and rising to N4.00 again. but i don't think it will be good for shor term investment ooo. Dont see it reaching the N8.00 mark in the next 3 months.
just my opinion !!

could you please give more details why you think it wont go up sooner , also anyone could contribute to this , i heard something like this about c & i leasing and still went ahead to buy it , now am smilling , not saying same must happen ABC , but i would be glad to know why you think they wont do well in say 1 to 3 months .

thanks

I also observed that cornerstone share price has not made any change since Friday , well lets from next few days , if they are placed under tech suspension , the news would be out soon .

meanwhile i have been researching into ABC TRANSPORT and what i have found so far is not looking too bad for the short term investor, do you guys have something to say about this stock ?

How come that most of the response here are from the ladies ? i suspect hidden agenda

@the topic , am wearing old navy short and nuttin on top , heat too much here , room tempressure 38 and i got no A/C

In all the response to this thread , i am yet to see anyone say something about how foreigners are being employed in India . I wish that some of you would come over here for a month and see what is called 110% policy of " Indian jobs for Indians "
Have anyone of you ever wondered why all of our Nigerian professionals outside the country and especially in asia ,hardly anyone of them works in India . or is there anyone on this forum that can tell me his relation or friend or anyone he knows for that matter that works in India ? am sure the answer is no .
have you ever asked why this is the case , have you ever asked why we have Nigerian doctors and other professionals in other asian countries like Malaysia, SaudiArabia, japan , and so many others but none in india ? does this mean that our professionals were good for those countries but not good for Indians ? try to check the answer to this questions and you will begin to understand the real Indian mentality .
i know some Nigerians that came here to work and how sorry they felt for themselves b4 they left . They never tell u to your face that you would not be employed here , but they will make they ask you for some impossible requirements to frustrate you until you will get it clear in your brain that you are not needed .
Go and ask why guiness company is not in india, and you would see more clearly ; they gave guiness some conditions one of which was that a certain percentage of Indians must be in the company workforce no matter what .
so for some of you who say this is cos Nigerians are not hard working , you don't know what you are saying , Indian did not start having their professionals over night , this policy has been there even when they did not have much qualified professionals .
why must our own be different ? why must Nigerians acquire the best degrees in the world b4 they are able to secure jobs in their country . i have personally seen Indians here who know no shit about their job and yet they are still being kept there .
i know our educational system is in very bad shape, but go and check some statistics from some reputable sources like the bbc and it would amaze you that Nigeria still have some of the most educated people in africa .is it not from the same educational system that nigeria produce those kids that won several educational contests across africa ?
indians live in and own some of the best houses in nigeria , have u a brother here in india who owns a house bought with his money and on his name ? or do u think we dont have genuine nigerian business here that can afford it ? the reason why they wont let you have your own house here is this , say u built the house with 10,000 dollars , and after few years you sell it for 15,000 dollars , you would then make profit of 5,000 dollars , now when u want to leave the country , cos you have all the document to show that u built that house and later sold it , they wont have to seize the money from you at the airport cos they would have not prove to say its illegal money .
but with their wicked mind , they have already calculated that by coming to their country with 10,000 and leaving with 15000, you have made profit on them , so they feel they are the one that lost out , this is what they dont want, despite the fact that you pay property tax on that money , they prefer that you come there with that money and spend it here either by buying made in india goods or spending it as a tourist, then go back when your money finish , this way they feel they have gained from you and not the other way round .
one more example, its normal in most country that when coming into the country you should declare the money with you , but when u declare money here and while leaving you didnt spend it and present the declaration papers for them to let you go back with your money , then you would see wickedness and greedy at play .
they would ask you why you didnt spend the money in their country (does that concern them ?) , then they would start checking same declaration paper they gave you when u were coming in as if it has suddenly turned to fake and with any slight mistake which must be on their part as the only thing you would add there is your signature , they would delay you to make sure you didn't leave that day ,all on the pretext that they are doing investigation to make sure that the document is genuine .The main problem is that they are not happy you didn't spend the money b4 you go .

in summary , we must use the same policy they have used for us and other foreigners in their country, if they make their policy to protect jobs for their locals , why must we not do same , if they have had such policy even when they did not have good qualified professionals , why must we not do same too .

mushki:
Here is a reason for some people to go to that part of the world
http://www.msnbc.msn.com/id/18661116/

Kenya tourism rides crest of booming demand
upated: 3:50 p.m. ET May 14, 2007
NAKURU, Kenya - Lunchtime at an upmarket Kenyan safari lodge in what should be the slow off-season, and the dining room is packed with tourists from all over the world.

Chattering excitedly in many languages as they watch antelope, buffalo and a giraffe grazing just a short distance away across a stone terrace, they are driving an unprecedented boom in a key sector of east Africa's biggest economy.

mmh, i wonder if there are any naija languages being spoken there?
we should not have a myopic view of the world, that just because we love naija, no other africans are worthy. im sure if white people lived in tz or kenya u would not be making the same comments. so is this black on black prejudice?

And your point is ? did u really see the topic of this thread ?

dblock:
I don't like where this Topic is leaning towards

Its leaning towards where it came from 

frankiriri:
@k2

I believe that FBN is a must buyboth in the short term [/color][color=#990000]and the long term ,

Mr Frank , why do you think that FBN is a must buy for the short term ? did you take into consideration the time it takes for investors to receive the certificates ?

Allcorrect:
Was wondering if someone could throw more light on C and I leasing. Got the PO last year at 1.15 and now its like 4.00.

Maybe some insider info could do on holding, buy or selling options.

Thx house

If you have need for the money for some immediate needs, then you may sell , if not then leave it for now as there good chancve that the stock will hit above 5 naira b4 the end of this month .

Policy makes no sense , debosky i dont know in what planet u live in the first place , wait untill the inpection starts, then u would here of officials turning the other way if they are given bribes of say 3 to 5,000 naira , then you would see if this would have effect at all , this policy is pure madness .

Pure madness

I see