₦airaland Forum

mikolo80:
so because of 2 k dividend 1 milliom ppl will pay 15 k to come to Abuja. you NY friend have a beautiful mind

I am sorry, I though you are one of us who attends AGM. By having a long term focus and investing regularly your 2k dividends can tur to 200k or more in a matter of years.

mikolo80:
those that survived don't need or want loans again

Tell me something, Dangote has survived 30 years and surely he does not need funding again according to you.

mikolo80:
I am very sure you don't even know the requirements. ignorance na bad thing o

Please educate me, I want to drink from your fountain of knowledge. I know you are an Investment Banker who have suceeded in packaging the listing of SMEs on the Nigerian Stock Exchange.

mikolo80:
and who are these 'mysterious' institutional investors. e pass fellow banks, insurance companies, even the oil moguls join. guy all na scam.as far as I am concine those 20something % need to mobilise themselves and invest in the agric and the manufacturing and services and forget about investing in banks.and they control the other 80%

Who told you that they do not have investments in agriculture, manufacturing, Phamaceutical, foods and beverages, real estates, money markets etc.

mikolo80:
9 out of 10 businesses fail in five years
(or so they say and that's what the banks run with)

400 million divided by 5 milliom is 80.and I would advise

personally I'd advise these small biz's to hit the stock market up for funding cos banks are creeps all over the world

You can finance your business through equity or debt, if you are familiar with the requirements for the listing of your shares in the stock exchange you will realise that it is easier to get a loan from the bank than to meet the rigorous listing requirements of the Nigeria Stock. Exchange.

Nigerian Stock Exchange is not for SMEs, maybe Private Equity companies that invest in them provided they can easily exit as at when due.

Note that businesses with assets of N20million to about N1billion are classified under Small and Medium Scale enterprises, while those below N20 million can be classified under micro businesses.

mikolo80:
9 out of 10 businesses fail in five years
(or so they say and that's what the banks run with)

400 million divided by 5 milliom is 80.and I would advise

personally I'd advise these small biz's to hit the stock market up for funding cos banks are creeps all over the world

If 9 out of 10 businesses die within 5 years, why cant they fund businesses who have succeeded in the weathering the storm for more than 5 years. Don't be surprised that some of the companies that were given the mega million loans are actually less than 5 year.

Why give a company without pedigree multi-million dollar loans, but they are not willing to give businesses that have been running for 5 years or more loans of N20 million and below.

mikolo80:
and who are these 'mysterious' institutional investors. e pass fellow banks, insurance companies, even the oil moguls join. guy all na scam.as far as I am concine those 20something % need to mobilise themselves and invest in the agric and the manufacturing and services and forget about investing in banks.and they control the other 80%

Shareholders' records are open for you to know the Institutional investors, or come to the next AGM in Abuja. Why is Onasanya retiring, if not for the loss of confidence in his ability to run the bank.

dre11:
By Esther Onyegbula
When a couple, Mr. and Mrs. Ekpenyong, left their abode in Ibafo, Ogun State, to visit their mother -in-law in Lagos, little did they know that it would lead to the tragic end of the bread winner of the family.

Police sources said the couple left their home on July 25, 2015, and went straight to Shomolu area of Lagos where their mother-in law resides. While middle-aged Kubirat Ekpenyong, stayed with the mother in-law, her husband, Meshack, 41, stayed with a friend at Ago-Owu street in Bariga.


Wife narrates ordeal
Narrating the circumstances that led to the gruesome murder of her husband, the mother of one said, “At about 8pm on July 25, 2015, I received a call from a man who identified himself as Lekan Olusho, that my husband has been killed and that I should go and pick his corpse.
That was simply how I received the news of the death of my husband. I don’t know anybody called Lekan Olusho. I don’t even know the particular house in Ago-Owu area where he was staying with his friend. My husband works with a private security company in Ogun state. It was Lekan and his gang of cultists that murdered him. All I want is justice. Those involved in the murder of my husband should not go free,”

Throat slit open
Crime Alert gathered that the throat of the victim was slit open by cultists who invaded Ago-Owu street in Bariga area where he was staying with a friend. His wife was later called to pick up his corpse which was abandoned on the street. It was learned that in the course of investigation, detectives attached to the State Criminal and Investigations Department, SCID, Panti, Yaba, Lagos, arrested nine suspected cultists in connection with the victim’s death.
Among the suspects were ; Taye Ajayi, 20; Biodun Olaide, 25; Aliu Adisa, 26; Sunday Nwukuliye, 27; Micheal Odubamise, 22; Abu Mohammed, 14; Adetayo Adeboye, 24; Basiru Rewane, 20; and Ayomide Surulere. The police also recovered a cutlass and two charms from the suspects.

Suspects deny involvement
However, one of the suspects who vehemently denied the allegation, Taye Ajayi, told Crime Alert that it was one Lekan Olusho, who is currently at large that slit the victim’s throat with a machete. “ It was Lekan that called the victim’s wife to pick up his corpse which was abandoned along the street in Ago-Owu,”he stated.
Another suspect, Biodun Olayide, 25, told Crime Alert that although he smokes Indian hemp because of cold and the kind of job he does as a commercial motorcycle operator, he was not involved in the fighting that caused the victim’s death. “ In fact, I don’t know anything about the victim’s death.

I live at Oworonshoki area and the incident occurred in Bariga. I was arrested on Saturday which was an environmental day while I was taking a passenger from Oshodi Park to Olajide bus stop. I was going to work when I saw some policemen. When they asked me to stop, I didn’t because I ddidn’t want them to arrest me.
They chased me and eventually caught up with me. I have been a commercial motorcyclist for over two years now. My two front teeth were removed during a motorcycle accident.”

http://www.vanguardngr.com/2015/08/cultists-slit-husbands-throat-call-wife-to-carry-corpse/


picture of One of the suspects,
(Biodun Olayide)

I think some guys in that hood, were not happy that someone outside the hood came to marry a babe from their hood. This is just my own speculation.

mikolo80:
Hahahahahaha, you which shareholders. you make me laugh.

1.2 milliom shareholders
1.2 million of una do not control up to 30% of voting power

The institutional investors, foreign investors, pension fund administrators and retail investors surely have more than 60% shares and the class of invstors are not happy with how insiders are ruining the company.

Why do you think Onasanya is leaving in December? His retirement in December is to create a soft landing for him. UBA of all banks even did better than FBN.

mikolo80:
make dem come de monitor 80 projects of how much profit from dreamer entrepreneurs when they have tried and tested loanees (at least they thought they were)

oil and gas na sure banker

I am not telling them to give loans of N8 million to young enterpreneurs, but to established and promising small businesses. A small business that has a business relationship with a bank for a minimum of 2 years and has sufficient collateral to back up the loan application ought to have such loans granted.

artisticallyart:
What happens to relocating?

Some people cannot stand the stress and quality of life in Lagos.

manie:
I needed a loan of about N1million to be repaid in 100 days, I have a good security but my loan was not approved as at when due only for them to call me today when I have succeeded in getting fund elsewhere.

I guess my account officer read my comments about FBN on Nairaland and www.stockmarketnigeria.com,.

Welder:
Onasanya is not going in 2016, he is going soon. Infact a new GMD will take over before the end of this year.

The next AGM is in 2016, so he will not be on the board when the next shareholders' meeting takes place.

adetoks19:
Gd day GoldenDr,Avicky,etc..,I need you all to advice me on this issue.Gt a job @ an English Curriculum school last term & its coupled with alot of stress though am not complaining but the issue is... i gt a mail frm my supervisary head that i wunt be paid August Salary cz av nt been "confimed".then i kept wondering why i wasn't told abt it when i was employed all thru to the end of term.I'v never heard of nor come across such job policy ever in my life.Being a family man,am not finding it funny at all.

But you did not inform the house when you got the job.

What is the name of the school?

Do you have holiday classes in your school?

Did you participate in the holiday classes.

Your employer should have explained this to you.

Kagame:
This is serious coming from Oga Manie.

Oga mi, have you gotten to the point where you feel like ending your relationship with FBNH , just like you did with Oando ??

They will get out of this mess, but management must change.



https://www.nairaland.com/2504524/first-banks-rising-loan-losses

lancee:
Aug5

First Bank Nigeria H1 2015: Best prepared bank so far for the tough times ahead


Dear Africa Interested Individuals:

In difficult operating environments, I like to get a feel for the banks that are prepared to deal with the difficult times ahead. Sometimes in life, the simplest assessments tell a lot. I have picked one for today's article. Ten (10) Nigerian banks have so far released their H1 2015 results. This is not about profit this time around. I want to look at the two Double D's that Nigerian Banks are fixated on; the former perennially and the latter temporal. Deposits and Debt (could be borrowings, securities issued or on-lending facilities.)

First Bank increased its deposit base over the first six months of 2015 by $376.5m and reduced its outstanding debt by $412.2m. First Bank succeeded in adding what it values and reducing a burden on its books. If the bank succeeds in reducing its net debt by another $169m, by the end of the third quarter, it would have brought its debt level back within viable investment levels. The bank succeeded in adding more of what strengthens it and reducing what is holding it back.

Barring any strategic change, the bank is best prepared (among banks with H1 2015 earnings released) to deal with the peaks and troughs it will face over the second half of 2015. Another bank worthy of mention is FCMB; the bank, following the principle of "caution is the watchword" was able to also increase its deposit base ($259.8m) and reduce its debt by $6.2m. I acknowledge that Stanbic also achieved the same feat, but, paid a hefty price for its deposits which negates the benefits of the increased deposit base coupled with a year-on-year spike and is therefore excluded.

The only bank among the three to still achieve a gain in pre-tax income was FBN Holdings and reduce its debt in excess of the increase in its deposit base.


Tell others to tell others about this Africa Research Blog; a new dawn is here


Culled from SMN

PR stunt from FBN

Welder:
Just so you lot know, Bisi Onasanya the current GMD of FBNL will be leaving this december. So hopefully, some better manager may step in.

Truth be told, while FirstBank continues to post huge gross earnings year on year (case in point is the half year results recently published); the operating expenses continue to spiral outta control. There is also a feeling that most of the bad loans in the banks books must have direct input of some members of the board as there are insider dealings going on.

Some executive directors will go with Onasanya, we will see new faces on the board during the AGM in 2016 by His grace.

Welder:
Just so you lot know, Bisi Onasanya the current GMD of FBNL will be leaving this december. So hopefully, some better manager may step in.

Truth be told, while FirstBank continues to post huge gross earnings year on year (case in point is the half year results recently published); the operating expenses continue to spiral outta control. There is also a feeling that most of the bad loans in the banks books must have direct input of some members of the board as there are insider dealings going on.

That is why I said the board is negligent in their fiduciary and oversight functions.

arabianights:
why not take a page from one of the dailies? Fbn will call u immediately.They hate negative publicity

I needed a loan of about N1million to be repaid in 100 days, I have a good security but my loan was not approved as at when due only for them to call me today when I have succeeded in getting fund elsewhere.

arabianights:
Thank God you said management, but not the institution,right?Share price will increase in due course

Resignation or sack of the current management will definitely restore investors' confidence. All things being equal, this is a stock that should be selling for a minimum of N15 because FBN is sitting on huge fund ie deposits and equity, loyal customers, large customer base, pedigree etc but the current management are yet to maximally leverage on these

arabianights:
Boss, fbn is Assuming that it will be classified as non performing loans,that is not to say that it wont be other wise.
With all due respect sir, you cant compare other banks to fbn,Highly impossible.

Fbn takes alot for granted and takes alot of risks.some have generated huge profits whilst others have caused sleepless nights,visits to juju,night vigils as well as termination of appointments.Every business must suffer loss the bigger you are, the worst it becomes

The risk fbn takes,other banks will crumble if they even attempt it.In my own humble opinion,Fbn has very good economists and strategic unit.
Mind you,its fbn that put that information out there for you to know but mark my work ,they will turn it around.

Have your Agm,it will come out in favour of the management.Most times,i cant stand them but i give it to them.

Level of sophistication ,experience is why they have been standing for over 100 years.Please dont underestimate that bank.They have bad eggs but they stand tall and proud.They know what they are and other banks know also.

Other banks?..................... i laugh.just how any investments do they have? how many banks have they bought internationally?............................lets not argue on the obvious.

I DONT WORK FOR FBN,BUT I FOLLOW THEIR ACTIVITIES CLOSELY AND HOPE TO MEET THOSE WHO MAKE THE INVESTMENT DECISIONS IN THAT BANK.GREAT STRATEGIC MINDS

I am emotional attached to FBN, my grand parents had FBN accounts, my parents have FBN shares and account, my wife and I have FBN shares and account, my children also have FBN shares and accounts.
Hope you now understand why I am pained by how the current management is running and ruining the bank.

arabianights:
The bank needs to be careful in sacking them.They dont want a well publicised legal issue hanging over their heads,Not good for the image of the bank.

I strongly believe that the heads to roll will have a solid case.I dont mind representing them as i sure will win the case.

If you want the share price of FBN to increase by 100% in the next 12 month, let 6 memebrs of the top management resign or get sacked and see the improvement you will see in the share price of FBN.
Institutional investors, foreign investors and retail investors like me have lost confidence in the current management of the company.

arabianights:
Boss,you seem to be really pained by this loss.Any..............secret u wish to divulge?

I am a professional shareholder, i did similar thing when Oando started their corporate recklessness some years ago. I work hard for my money, and will not allow clueless insiders to run my investment.


This is what I wrote to NSE, SEC and PENCOM about Oando in 2012



https://www.nairaland.com/1065198/corporate-misgovernance-management-recklessness-corporate

arabianights:
Boss,the board is going no where,lets accept this.At worst a few people will be asked to resign thats all.We also cannot accuse them of negligence,lack of risk management etc..........this is strictly business and in busines, there are some unforseen factors.

How come the unforseen factors did not affect GTB, Zenith even UBA, it shows the level of experience , innovation and sophistication of FBN board.
The whole board cannot go, into going to be a gradual phase out, but the executive directors have questions to answer. How I wish, we can have an extra-ordinary general meeting. The next AGM is in June or July 2016, a lot will happen in the affairs of FBN between now and that date.

arabianights:
we are not discussing on loan limit set for banks.We are making points on the cap placed on loans within the bank for retail/corporate banking department within the bank .I believe we were arguing on whose head will roll, right?

Cbn is not responsible for the bad loans given out by the staff.Am fully aware on who the major share holders are but i doubt any coup will take place,Not the way any average man will want any way.Heads will roll but not enough to cause great changes withing the bank,which i believe they seriously need.Certain people will be asked to resign and not thrown out

The heads that will roll are those of the top management and some directors, because they were not diligentent in their fidiciary and oversight functions

arabianights:
we are not discussing on loan limit set for banks.We are making points on the cap placed on loans within the bank for retail/corporate banking department within the bank .I believe we were arguing on whose head will roll, right?

Cbn is not responsible for the bad loans given out by the staff.Am fully aware on who the major share holders are but i doubt any coup will take place,Not the way any average man will want any way.Heads will roll but not enough to cause great changes withing the bank,which i believe they seriously need.Certain people will be asked to resign and not thrown out

I said a loan of $400 million can only be approved by the board, in that case all members of the board are guilty of negligence, lack of due diligence, lack of risk management and they all have a case to answer.

Thavybe:
Exactly, concentrating on a sector alone is just poor management. how can you give such a huge amount to one entity, without weighing the risks involved. Now that the loan is in default (non-performing) and their provision is increasing in percentage, it just reduces their profit.

Maybe FBN should go and learn how banking without tears is done from Zenith and GTB. FBN is sitting on huge deposits and shareholders funds but they are not smart enough on how to grow and multiply shareholders wealth.

arabianights:
Lets wait and see. Is this the first time such is happening? can you remember longe's issue?They must have learnt from that mistake.
Mind you the many of the loans were set up before the loan limit was set

Loan limit are set by CBN right from the days of Soludo, it is also in the annual reports of banks. The board and management will pay dearly for this, I guess you are conversant with what shareholders did to Festus Odimegwu in 2006. Institutioanal investors and Pension funds are major shareholders in FBN, and they are not happy with the performance of the current management.

arabianights:
Really? i dont know jack about fbn or its wealth ?ok.

you must not comment on what you have no idea on.Its not by force to sound intelligent.Look at,as big as you are,you dont know how to research and learn.

I believe i have dignified your presence enough.Wont respond to you after this as you clearly are not intelligent or making attempts to develop your self

I have been investing in FBN shares for more than 22 years, the current crops of managers of the company are very clueless, lazy, unintelligent and not proactive. I also have shares in GTB, Zenith and access, but the complacency of FBN management is second to non, checkout how shareholders wealth are been eroded by the actions and inactions of FBN mannagement.

arabianights:
Hmmm..........Boss,get your facts right.Fbn invests in all the sectors that you claimed they avoid.

Talking about the proportion of the finance given to other sectors that can have multiplier effects on the economy. The problem of FBN is their over exposure to the Oil and Gas sector, and we are all aware of the current prices of oil in the international market.

[quote author=arabianights post=36640644][/quote]It will affect top management, it is the board that can approve a loan of $10 million and above. The directors have somethings to say about the non performing loan, they did not due their their due diligence before the loans were approved or they are the beneficiaries of the bad and unsecured loans.

arabianights:
yes its a loss but it wont affect first bank.You clearly dont know just how bastardly rich this Bank is.They are the Goldman Sachs of west Africa and if care is not taken,Africa.
First bank is a Major investor in oil and gas, telecommunications etc both here and overseas.Their account will swallow this loss.For goodness sake this bank lends money to other banks.

FBN will definitely get out of this, but the top management and directors of the company needs to be shown the way out of the company. We the shareholders cannot allow insiders to ruin our investment in this great company.