₦airaland Forum

https://tribuneonlineng.com/speculative-rally-lifts-trans-nationwide-stocks-despite-deepening-losses/

A typical case of what stock traders cannot promote does exist.

The Ecobank (ETI) Paradox: Why Investors Should Think Thrice
For over a decade, Ecobank Transnational Incorporated (ETI) has been the "Pan-African" darling of stock promoters while simultaneously serving as a red flag for long-term Nigerian investors. Despite a footprint that spans the continent, the bridge between corporate ambition and shareholder value has remained broken.
As aggressive campaigns tout the 2025 unaudited financial reports as a "buy" signal, history suggests that for ETI, the numbers on the page rarely translate to Naira in the pocket.
1. The 2008 Dollar Trap: A Legacy of Dilution
The "rot" arguably began with the infamous 2008 Public Offer and Rights Issue. ETI sought to raise $2.5 billion, pricing shares at $0.29 for the public. Nigerian investors, lured by the prestige of a dollar-denominated pan-African vision, poured in life savings.
The Reality:The timing was disastrous, coinciding with the global financial crash.
The Result: Investors who bought in 2008 have watched their capital evaporate. While the bank expanded its "empire" across 30+ countries, the local retail investor saw almost no benefit. The share price on the NGX has struggled for years to even approach the equivalent of its 2008 offer price in real terms, especially when adjusted for the massive devaluation of the Naira.

2. The Nedbank Exit: A Vote of No Confidence
Perhaps the most damning indictment of ETI’s long-term value came in December 2025, when Nedbank Group, one of South Africa’s "Big Four" banks and a long-standing strategic partner, finally pulled the plug.
Metric Details of the Nedbank Departure
Stake Sold 21.2% of ETI
The Financial Blow,Nedbank realized a R7 billion loss ($370 million) on the exit.
Investment vs. Exit. Nedbank initially invested R6.3 billion; they exited for a mere R1.8 billion.
When a sophisticated institutional investor like Nedbank—which has "insider" board representation—decides to cut its losses and walk away from a 71% value destruction, retail investors must ask: What do they know that the stock promoters aren't telling us?

3. The "Paper Profit" Trap of 2025
The current hype revolves around the 2025 financial results, which show soaring "Gross Earnings" and "Profit Before Tax." However, ETI’s books are notoriously complex due to its multi-currency operations.
Currency Mirage: Much of ETI's "growth" is often a function of hyperinflation and currency translation in volatile African markets. For a Nigerian investor, a profit reported in Togo (ETI's HQ) or elsewhere may never manifest as a dividend in Lagos.
The Dividend Drought:Historically, ETI has been stingy with payouts relative to its Tier-1 and 2 peers like GTCO or Zenith. Retained earnings are frequently swallowed by "impairment charges" or the need to shore up capital in struggling subsidiaries.

4. Governance Shadows and "Ridiculous" Sales
The bank's history is peppered with governance friction. From the 2014 whistleblower allegations regarding the manipulation of results to more recent reports of "fire sales" of assets to foreign portfolio investors at steep discounts, the narrative is rarely about the minority shareholder.
The recurring theme is that ETI operates as a holding company that prioritizes regional expansion and institutional exits over the dividend yield of the individual investor on the NGX.

The Verdict: Fool Me Twice?
The 12-year trajectory of ETI is a masterclass in how a "great African story" can be a "terrible investor reality." While the 2025 unaudited numbers look shiny, they do not erase:

1. A history of massive capital destruction.

2.The exit of a major technical partner (Nedbank) at a staggering loss.

3. A governance track record that has often left local investors in the dark.

Before following the herd into the 2025 "rally," remember: In the stock market, the best predictor of future behavior is past performance.
For over a decade, ETI has promised the continent but delivered only crumbs to its Nigerian shareholders.
Think thrice.


https://www.thisdaylive.com/2025/08/06/ecobanks-biggest-shareholder-safricasnedbank-set-to-sell-stake-in-major-reset/


https://www.thisdaylive.com/2025/10/24/multi-million-dollar-fraud-case-lingering-legal-battles-still-haunts-ecobank/

My message to NSEMPA investors.

The Ecobank (ETI) Paradox: Why Investors Should Think Thrice
For over a decade, Ecobank Transnational Incorporated (ETI) has been the "Pan-African" darling of stock promoters while simultaneously serving as a red flag for long-term Nigerian investors. Despite a footprint that spans the continent, the bridge between corporate ambition and shareholder value has remained broken.
As aggressive campaigns tout the 2025 unaudited financial reports as a "buy" signal, history suggests that for ETI, the numbers on the page rarely translate to Naira in the pocket.
1. The 2008 Dollar Trap: A Legacy of Dilution
The "rot" arguably began with the infamous 2008 Public Offer and Rights Issue. ETI sought to raise $2.5 billion, pricing shares at $0.29 for the public. Nigerian investors, lured by the prestige of a dollar-denominated pan-African vision, poured in life savings.
The Reality:The timing was disastrous, coinciding with the global financial crash.
The Result: Investors who bought in 2008 have watched their capital evaporate. While the bank expanded its "empire" across 30+ countries, the local retail investor saw almost no benefit. The share price on the NGX has struggled for years to even approach the equivalent of its 2008 offer price in real terms, especially when adjusted for the massive devaluation of the Naira.

2. The Nedbank Exit: A Vote of No Confidence
Perhaps the most damning indictment of ETI’s long-term value came in December 2025, when Nedbank Group, one of South Africa’s "Big Four" banks and a long-standing strategic partner, finally pulled the plug.
Metric Details of the Nedbank Departure
Stake Sold 21.2% of ETI
The Financial Blow,Nedbank realized a R7 billion loss ($370 million) on the exit.
Investment vs. Exit. Nedbank initially invested R6.3 billion; they exited for a mere R1.8 billion.
When a sophisticated institutional investor like Nedbank—which has "insider" board representation—decides to cut its losses and walk away from a 71% value destruction, retail investors must ask: What do they know that the stock promoters aren't telling us?

3. The "Paper Profit" Trap of 2025
The current hype revolves around the 2025 financial results, which show soaring "Gross Earnings" and "Profit Before Tax." However, ETI’s books are notoriously complex due to its multi-currency operations.
Currency Mirage: Much of ETI's "growth" is often a function of hyperinflation and currency translation in volatile African markets. For a Nigerian investor, a profit reported in Togo (ETI's HQ) or elsewhere may never manifest as a dividend in Lagos.
The Dividend Drought:Historically, ETI has been stingy with payouts relative to its Tier-1 and 2 peers like GTCO or Zenith. Retained earnings are frequently swallowed by "impairment charges" or the need to shore up capital in struggling subsidiaries.

4. Governance Shadows and "Ridiculous" Sales
The bank's history is peppered with governance friction. From the 2014 whistleblower allegations regarding the manipulation of results to more recent reports of "fire sales" of assets to foreign portfolio investors at steep discounts, the narrative is rarely about the minority shareholder.
The recurring theme is that ETI operates as a holding company that prioritizes regional expansion and institutional exits over the dividend yield of the individual investor on the NGX.

The Verdict: Fool Me Twice?
The 12-year trajectory of ETI is a masterclass in how a "great African story" can be a "terrible investor reality." While the 2025 unaudited numbers look shiny, they do not erase:

1. A history of massive capital destruction.

2.The exit of a major technical partner (Nedbank) at a staggering loss.

3. A governance track record that has often left local investors in the dark.

Before following the herd into the 2025 "rally," remember: In the stock market, the best predictor of future behavior is past performance.
For over a decade, ETI has promised the continent but delivered only crumbs to its Nigerian shareholders.
Think thrice.


https://www.thisdaylive.com/2025/08/06/ecobanks-biggest-shareholder-safricasnedbank-set-to-sell-stake-in-major-reset/


https://www.thisdaylive.com/2025/10/24/multi-million-dollar-fraud-case-lingering-legal-battles-still-haunts-ecobank/

Zichis is looking to mint cash legally. Here is how to play and master the game, avoiding the mistakes of Mr. Chuka, who tried to turn Ellah Lakes into a billion-dollar company overnight.
Given the current market sentiment and Zichis's strategic approach, a commercial paper issuance would likely be well-received by investors seeking stable, short-term debt instruments.


https://nairametrics.com/2026/04/08/zichis-agro-allied-to-launch-ipo-amid-strong-investor-demand/

Wrong assertion.
FG deducts 10% WHT

N50.75B - 10\% = N45,675,000,000

Minjim:
This is money laundry .

He knows Fg doesnt tax devidend so he pump laundered money into it.

Now ,its clean

N50.75 - 10% WHT = N45,675,000,000

Acquisition Completed.

https://doclib.ngxgroup.com/Financial_NewsDocs/46605_ZENITH_BANK_PLC-ZENITH_BANK_PLC_ANNOUNCEMENT_CORPORATE_ACTIONS_APRIL_2026.pdf

Obi is paranoid. The Gbajue crooner of Agulu land.

Pit Obi on his way to the Strait of Hormuz

They should not send them back to the strait of Hormuz int ministries.

Obi is deluded.
Obi is gbajue of the century.

If you haven’t been successful in this administration, it could mean circumstances haven’t aligned in your favour.

SlavaUkraini:
If this administration is a Success in your opinion then you must be the biological twin of Failure...

These so-called sanctions have no binding effect on China, Russia, and India

vaxx:
Believe me , american really did well. But they really matched another serious war nation like them too.

The funniest , Iranian is not even a rich nation like the west yet he is able to put such stunt? Let them be for fourth years of without sanctions and let's see how Iran will not dominate the world

High risk rescue mission.
Give it to the US🤛🤛🤛🤛🤛🤛🤛💪💪💪💪💪💪💪

Dogalmighty17:
That pilot should consider himself the luckiest person on earth right now.

Crew member from downed F-15 jet ‘safe and sound’ after rescue in Iran, Trump says
The service member “sustained injuries, but he will be just fine,” president says, adding that the rescue operation involved “dozens of aircraft.
https://www.foxnews.com/

Really
Tautology,
He saw prison brake x2
People should vote for a pathological Mr GBAJUE, the chief liar and mourner of Agulu land.
The supreme leader of IPOB must not kpai.

https://www.youtube.com/watch?v=g4IxsXAwjBs?si=tmoY7_zlKWKotM0D

Personal? That is lawyers language.
Not at all. I am simply a rational investor. There is nothing personal about my opinion. I have the right to appraise and critique any publicly listed company that interests me.
I have no direct or indirect relationship with Mr. Mordi.
Investors should speak out so that companies that appear active but are not truly progressing can buckle up and improve their performance.

SonofElElyonRet:
This is seeming personal oooo

I lie without a pause, smooth and free,
Primaries? No, they’re not for me.
From party to party, I drift with ease—
All Progressives Grand Alliance to People's Democratic Party, if you please.
Then to Labour Party I made my stand,
Now African Democratic Congress holds my hand.
But if they deny me what I seek,
I’ll switch again within a week.
Who am I?

Pit Obi is a distraction.
No controversy!!!!!!!!!

hocus-pocus by an Ex Director.

dre11:
https://leadership.ng/inec-wrong-to-de-recognise-david-mark-led-adc-leadership-says-ex-inec-director/

Peter Obi seems to lie effortlessly.

A dishonest and ineffective management team is far worse than a poor investment decision. A CEO who tells one lie often needs many more to cover it up. That, unfortunately, is the reality with Mr. Mordi and his team.

Valthegreat:
Honestly I lost over 5m by not selling at the peak price. Mega really understand this game wella.
EDUECO should continue to wait until he becomes an ancestor before Access Bank will make him Otedola.

I project that it may take until 2040 for Ellah Lakes to cease being a going concern, judging by its persistent cash burn on unproductive staff, failed public offer, failed MAGA, failed mill commission,director loans, bad directors and the inflation of biological assets and equipment.
The absolute and undeniable truth is that Chuka Mordi appeared to be riding on the glory and momentum of Okomu Oil Palm Plc and Presco Plc to deceive investors.
That was the basis for including it in my portfolio—but fortunately, I exited at the right (best time).

emmanuelewumi:
All these epistle on top Ellah Lakes.

Are you surprised?


The signs were there na.


The company should be out of the woods by 2030

Ki oju ma ri ibi, mo sa 100m sprint comot asap!
I exit Ellah Lakes at peak of the hyperbolic curve — clear N24M profit wey dey make body sweet, transaction cost no even shake am.
I no gree make dem use me as liquidity pawn.🤩🤩🤩🤩

EDUECO:
Mordi and his gang are social media farmers!

I hope you didn't invest in the ponzi(Ellah lakes)?

CHUKA MORDI’S TOTAL COLLAPSE AT ELLAH LAKES PLC – BROKEN PROMISES, N235 BILLION PUBLIC OFFER DISASTER, AND THE BETRAYAL OF NIGERIAN INVESTORS.
In 2019, Mr. Chuka Mordi, the former Director of Telluria Farm, was appointed CEO and Managing Director of Ellah Lakes Plc.
In his maiden address and grand strategic plan for the company, he peddled these lofty but now utterly failed dreams:
To start paying dividends by 2024.
To list the company on the London Stock Exchange (LSE).
To transform Ellah Lakes into a N1 trillion powerhouse.
To commission a 1,000-ton mill.
To aggressively diversify operations across West Africa.
Every single objective this man personally set for Ellah Lakes has been failed woefully – a complete and spectacular disaster on all fronts.
In my previous review and open letter to Mr. Mordi, I warned that he appeared to be toeing the exact same reckless path as his kinsman, the Tingo Farms owner, who shamelessly listed a nonexistent agrofarm on the NYSE before that bubble burst in disgrace.
Now, after Mr. Mordi squandered over N1.7 billion on a botched public offer (the ambitious N235 billion raise that crashed and burned without meeting the minimum subscription threshold), it is crystal clear: he has bitten off far more than he can chew.
People like Mr. Mordi are the primary reason for the deep-seated investor apathy plaguing the Nigerian Exchange (NGX). Retail investors have repeatedly been used as pawns to pump liquidity and prop up share prices, while Mr. Mordi and his criminal gang were busy offloading billions of Ellah Lakes shares without filing the required insider reports.
I can already see the SEC and NGX moving to deregister this company – and rightly so.
What a once-in-a-lifetime opportunity completely wasted by Chuka Mordi, the mysterious CEO whose date of birth remains invisible in the public domain. Nigerian investors, take note: this is what happens when unchecked ambition meets zero delivery.

CHUKA MORDI’S TOTAL COLLAPSE AT ELLAH LAKES PLC – BROKEN PROMISES, N235 BILLION PUBLIC OFFER DISASTER, AND THE BETRAYAL OF NIGERIAN INVESTORS.
In 2019, Mr. Chuka Mordi, the former Director of Telluria Farm, was appointed CEO and Managing Director of Ellah Lakes Plc.
In his maiden address and grand strategic plan for the company, he peddled these lofty but now utterly failed dreams:
To start paying dividends by 2023.
To list the company on the London Stock Exchange (LSE).
To transform Ellah Lakes into a N1 trillion powerhouse.
To commission a 1,000-ton mill.
To aggressively diversify operations across West Africa.
Every single objective this man personally set for Ellah Lakes has been failed woefully – a complete and spectacular disaster on all fronts.
In my previous review and open letter to Mr. Mordi, I warned that he appeared to be toeing the exact same reckless path as his kinsman, the Tingo Farms owner, who shamelessly listed a nonexistent agrofarm on the NYSE before that bubble burst in disgrace.
Now, after Mr. Mordi squandered over N1.7 billion on a botched public offer (the ambitious N235 billion raise that crashed and burned without meeting the minimum subscription threshold), it is crystal clear: he has bitten off far more than he can chew.
People like Mr. Mordi are the primary reason for the deep-seated investor apathy plaguing the Nigerian Exchange (NGX). Retail investors have repeatedly been used as pawns to pump liquidity and prop up share prices, while Mr. Mordi and his criminal gang were busy offloading billions of Ellah Lakes shares without filing the required insider reports.
I can already see the SEC and NGX moving to deregister this company – and rightly so.
What a once-in-a-lifetime opportunity completely wasted by Chuka Mordi, the mysterious CEO whose date of birth remains invisible in the public domain. Nigerian investors, take note: this is what happens when unchecked ambition meets zero delivery.

Your thought is based on an assumption of ambiguity. Chukaaaaaa Ellahhh 4x? 3x2x. From now on, freefall is predicted.
No ordinary retail investor would ever trust Mr. Chuka again.
This is exactly what happened with ETI. In 2008, the bank floated a successful public offer in dollars. A few years later, it betrayed its Nigerian investors.
I can tell you for free: the bank is still struggling to win back retail investors.

chimex38:
Based on what has happened, I don't believe that last statement either. I suspect within the same next 12months, The insiders PO participants might just do another round of hype to pump the stock again to x3 or x4 to sell their remaining share holdings to recoup the PO funds..

AK47 sarcastic😉😊🫠
Well, not a GB57 ordinance BB🇺🇸

chimex38:
Yeah, I recall your epistle letter

We were both at the forefront of warning investors about Mr. Chuka’s background and past dealings.
I personally wrote a letter to him and published it on this platform. However, influential broker circles quickly stepped in and made sure their own agenda prevailed.
It was a blatant case of manipulation that hurt everyday investors.
Interestingly, it was only shortly after my hard-hitting letter exposing the GB52 company that Mr. Chuka finally addressed investors publicly on X for the very first time.
Big kudos to StreetInvestor for never backing down and consistently calling out these broker influencers on the platform.

Streetinvestor2:
The results and information has proven me right again. Everyone here remember me shouting insiders are selling directly and indirect. They had thr agents here promoting the scam alert. This was why thr was no RI to the fund raising. They formed cabal on my matter with one audio billionaire and one other barawo who attacked everyone on kpakus matter. He only came to say rubbish after they had met thr target and sold
They are back to promote another fraud called unity Bank after warehousing the junk

A few years ago, Meyer Plc was trading at a rock-bottom price of under ₦0.20 per share.
Then the unimaginable happened.
The company declared a special dividend of ₦1.50 per share.
It was pure excitement — the kind of moment every dividend hunter dreams about. We all missed out!!!!

Agbalowomeri:
All this epistle on top 'typographical error'

I am seriously considering enrolling in a theology course. In everyday life, everyone already calls me “Pastor.”
This would give me the perfect platform and deeper knowledge to finally write the letters I’ve been carrying in my heart: An Epistle to Agbalowomeri, An Epistle to Nsempa. An Epistle to Streetinvestor and Locodemy.

Agbalowomeri:
All this epistle on top 'typographical error'

In Pursuit of High-Yield Dividends: Lessons from an App Glitch for Investors
In my ongoing search for attractive dividend-paying stocks—the investor’s equivalent of finding the honeycomb—I tried a quick shortcut on the Cowryvest platform to check the latest weekly dividend announcements.
One figure immediately caught my eye: it appeared to show a dividend of ₦6.25 kobo for UPDC Plc, a Nigerian-listed real estate company. At first glance it looked too good to be true… and, as the saying goes, if something sounds too good to be true, it usually is.
I paused. This was the same “next-to-mediocre” stock I had just sold a million units of during a portfolio rebalance. Could it really be paying such a generous dividend right after I exited? I immediately cross-checked the official announcement on the Nigerian Exchange (NGX) corporate disclosures portal. The actual dividend declared was just 1 kobo per share (₦0.01), before the standard 10% withholding tax.
The eye-popping ₦6.25 kobo figure was clearly a display error on the app.
For a split second I was tempted to blame “village people”—that classic Nigerian shorthand for mysterious external forces or bad luck supposedly conspiring against you. But I caught myself.
The real lesson is this: when things don’t go as planned in the markets, newer investors often look for someone (or something) else to blame. In equity investing, however, there are no village people, no curses, and no supernatural culprits. Every investor—beginner or seasoned—is 100% responsible for their own decisions and omissions.
Imagine selling a stock you bought at ₦0.94 only to watch it climb to ₦4.98, then seeing what looked like a massive dividend announcement shortly afterward. That sting of “what if I had held?” is real—but it’s part of the game. The markets owe us nothing, and neither do apps or data feeds.
So the next time a number looks off, double-check the official source before you react. And leave the village people out of it—they’ve got enough on their plate already.
Moral for investors everywhere: Verify, don’t assume. Own your trades. And always remember—high dividends that seem too perfect are usually just a glitch.