₦airaland Forum

The fight for the soul of FCMB. Tomorrow is another day.

Someone should please help with bid and offer status for FCMB. If possible, a screen shot will be perfect. Thanks

ihedioramma:
peterichy how old are you please tell us the truth ? am sorry to say this you talk like fool's .

Unbelievable

currentprice:
So WALE can still come out to say something like right (wrong) to the shareholder,,,,,, kai,,,, Nigeria is a jungle

He should be stripped off the title, true true. Nothing like "Uncle" Wale again.

It's so obvious now, that the gang are the majority shareholders while other Nigerian shareholders cumulatively constitute a minority. How else can one explain the audacity to propose another rights issue while shareholders are yet to recover from the record breaking loss just released? The rights will fly.

hotcake:
I beg talk true! Which kine mozilla be dat?

True! I don talk am.

Both Mozilla and Chrome work. If you get tashere portfolio like me and you don't mind taking the risk. Just indicate that it is a trusted site. Nobody dey hack anything.

735i:
If you have Skye bank in your portfolio...
You might want to dump it now...
Not too good news is about to hit the market..

Please what's this news about?

Jejebaba:
Yes I am having similar experience saying your connection is not private.
Kindly let me know if it's resolved.
Thanks.

Yeah, that was the message I got too with chrome. So I just switched to Mozilla which gave me the option of adding an exception for a trusted site.

I dey market they wait for una

Buyers queuing up for FBNH

I want to believe none of the affected banks will pay a meaningful dividend at year end considering the huge impairments they have booked already. Why would a bank that raised about N11B at the start of the year, paid interim dividend of about N7.3B and now fined N2.9 (+N7.3B = N10.2B) still go ahead to pay a substantial final dividend? Doesn't make much sense when you realize that the capital raised at the beginning of the year to comply with regulatory standards (eg CAR) set by the CBN has been "exhausted" in a "not too convincing" manner. Effect or value of capital raising is neutralized from payments in one year. We still have provisions for doubtful loans bearing in mind that 2015 has been a difficult year for most businesses/sectors.

In the case of Skye, the fine is c.15% of the market capitalization of Skye as at 06/11/2015.

Chai.....I weak mehn!

Raider76:
The share holders should sanction the management responsible. Theoretically it is the shareholders who own the company and hired management to run it for them. You of course have many situations where the major shareholders are the ones managing the companies. So with the judicial system that allows high level criminals to always walk away free, financial sanctions are the best way to hit the offenders. These kinds of fines are common internationally recognised practice. They do not preclude criminal charges on the offenders. Somebody who willingly hid N40b of FGN money should clearly answer to the EFCC.

From MTN, FBNH, UBA and now Skye bank. Who is next? If you check the circumstances that led to these fines, you will find that the management of the institutions concerned were mighty stupid. They probably felt it was all talk talk like before. How would you explain MTN's disregard for the simple instruction to deactivate unregistered lines with adequate time frame o? They were all parties to the agreement to deactivate inactive lines. Other operators complied or were at advanced stages of compliance but MTN just continued business as usual.
The FGN has been singing this TSA for how long now? What were the management of these banks thinking? I feel like punishing them the same way they punish employees (slash their salary in half, make them work extra hours, suspend some, sack some, yell at them all.......I dey vex o)
CBN should just name them all once and for all........ thought it was just FBNH and UBA. So could there be more?

mercylicious:
Please check whether Mr c just bought skyebank.

Only Mr P can tell

angrybull:
Skye bank to pay 4b naira fine

Less than two weeks after it sanctioned two major banks for flouting Federal Government directives on Treasury Single Account, the Central Bank of Nigeria (CBN) has  imposed a fine of N4 billion on Skye Bank for concealing funds belonging to Ministries, Departments and Agencies (MDAs).

http://www.thisdaylive.com/articles/tsa-cbn-fines-skye-bank-n4bn-for-concealing-mdas-funds/225038/

I am exposed to this stock. Chei. Not again.

AmeLonRo:
Does anyone want to discuss or analise the direction of UBA?

please shoot

I'll go with the ASI. Access at N4.46.

myjoy084:
Access, UBA and Zenith are major banks to watch out for

Yeah.....I'll pick Access. The right price is what I am yet to determine. Investors are queuing to SELL Access for reasons unknown to me.

veecovee:
if you know what goes on in the spirit, you wouldn't be talking any how in a public place, weather on or offline, especial where people fund is at stake

Free Peterichy nah. Did you believe the bolded in the first place? I feel your pain selling at N6 or whatever, thinking the price will continue to N3.50k as "authoritatively" stated by the prophet. But you need to invest massively in your own mind first such that you don't see a reason to transfer aggression on anyone's prompting to buy,sell or hold. You need to weigh the options proffered by the optimist and the pessimist, put them side by side before taking a decision. That way, you won't see a reason to blame either.

Final WARNING: There ain't no prophets in here. We have seen this play out, time and time again. We have to grow and leave this level of "follow follow". If the prophets could truly see, they would have told you to sell before the massive sell off, re-enter at N5.99/N6, sell at wherever this rally is headed and go back and wait for it at the supposed destination of N3.50k. But how would they know, when they have not heard? How will they hear, when they were not called?

"Oando Energy Resources Announces $91 Million
Upsizing of RBL Facility and Repayment of $100
Million Afrexim Subordinated Loan Facility
Google+ Share
with
CALGARY, Alberta, Nov. 3, 2015 /PRNewswire/ -- Oando Energy Resources
Inc. ("OER" or the "Company" (TSX: OER) , a company focused on oil and gas
exploration and production in Nigeria, today is pleased to announce a $91
Million upsizing of its senior secured facility (the "RBL Upsize " from $215
Million to $306 Million, and the repayment of its $100 Million African Export-
Import Bank subordinated loan facility (the " Afrexim Facility ", which were
utilized in the financing of the $1.5 Billion acquisition of the ConocoPhillips
Nigerian Oil and Gas Business ("ConocoPhillips Acquisition" in July, 2014.
The $91 Million RBL Upsize was arranged by Standard Chartered Bank and
African Export-Import Bank (" Afrexim" as Mandated Lead Arrangers (" MLAs"
with participation from Standard Bank of South Africa Limited, Stanbic IBTC
Bank Plc and Natixis.

The proceeds from the Upsize, along with cash on hand, were used to repay
the $100 Million Afrexim Facility.
Following the completion of these transactions, OER has total debt
outstanding of $546 Million, comprised of:
$306 Million outstanding under its RBL Facility; and
$240 Million outstanding under its Corporate Facility.
Combined with cash on hand, OER's net debt position is $500 Million as of
October 26, 2015, down 44% from $900 Million outstanding at the completion
of the ConocoPhillips Acquisition in July 2014.

Commenting, Pade Durotoye, CEO Oando Energy Resources said: "The
upsizing of the RBL loan is a true testament to the quality of the assets we
acquired in July 2014. The cashflows from these assets have continued to
pay down the Company's post acquisition debt with the assistance of the
value realized from the resetting of our hedge instruments, leaving a
debt:equity ratio of 0.57 today, compared with 0.91 in July, 2014. OER
remains focused on its financial and operational goals of strengthening its
Balance Sheet and maintaining stable production levels through production
optimization in these times of reduced oil prices and limited capital
investment."

About Oando Energy Resources Inc. (OER)
OER currently has a broad suite of producing, development and exploration
assets in the Gulf of Guinea (predominantly in Nigeria). Average production for
OER in the third quarter of 2015 was 53,169 boe/d."" - culled from SMN

PETERiCHY:
You are still smelling it

Well I can authoritative tell that the STRONG NOVEMBER BULLS that we have been patiently waiting for the past 6mths are here already.

*ThE OcToPuS*

Are you implying that the hard stance of the FG against devaluation won't be considered in your investment decision now? What are your thoughts? Have changes occurred that we need to know?

Dumexoga:
I decided to give myself a break on this forum and just read comments. I have discovered that, many people on this forum are either, yahoo boys, baba ijebu players, sporting bets patronizers and the rest. From the way they talk, you will know where they are coming from. How do you expect someone that invested less than 200k on stocks to give u good advice, knowing full well that they want to reduce you to their own level? People were losing millions and some other people are somewhere writing useless comments. At the same time, I urge the serious one to ignore some comments from miscreants and follow their hearts on investment. NSE is full opportunities and if you stay focused u make a whole lot of money.
Wish you all a priftable day

Ewo!!!! I laugh so teh

DeRuggedProf:
What is the implication of FCMB auditing their Q3 result?
I mean any reasons/advantages they may have in choosing to carry this out?

Actually, I feel auditing Q3 doesn't make much sense because in another 3 months, you would have to call on the auditors again. For me, I am inclined to think that a corporate action is in the offing. The bank might want to reorganize their capital or capitalize their profits ahead of FY end. This too doesn't make much sense. That should have been done at H1. Whatever reasons the board might have, they just can not wait till FY end to do it. I recently took position in this bank and my opinion might be biased. Please do not act.

spicytayomic:
Hope FCMB is not following the footsteps of OANDO.hmmmm

If you are referring to the delay in releasing their result,No. You have 3months grace to present an audited result on the floor of the exchange (extendable to 4 months as was the case of FY end 2014).
If it's loss/impairment palaver, I no know o. I am not a seer.

OBAGADAFFI:
Cool down they are going to pay fine for their delays, and that might not affect their stock much.

Remember FBNH also paid fines to CBN recently.

This news item is not significant enough to affect the floor price negatively in my view. You will be amazed at the number of listed companies on the exchange that are yet to file their 2014 audited results. They are fined but it's not heavy.
What should cause sleeplessness for Oando faithfuls is if SEC wakes up to their duty and investigate, if there was any insider trading prior to the release of the result. I think I read somewhere that it might happen. For the overall good of everyone,let's hope SEC can actually bite and not just bark.

zendi:
ah..so you didnt know why we were raining 'like' on that post

Don't mind me. I was processing his post a sentence at a time.

angrybull:
Exactly in my mind. I think FCMB is the only bank yet to present their H1 result . I hope all is well? Well let's give them one more week to do the needful

"FCMB Group Plc Announces a Delay in the Release of its Nine-Months 2015 Results,
due to its Interim Audit
LAGOS, NIGERIA – 22 October 2015: FCMB Group Plc (Bloomberg: FCMB) announces that its ninemonths
ended 30 September 2015 (3Q15) Results will be delayed due to its interim audit.
FCMB Group Plc would like to inform the investment community, of the commencement of
the interim audit of First City Monument Bank Ltd as at 30 September 2015, by KPMG, the
bank’s auditors. For this reason, the 3Q15 results will be delayed.
The Audited Results will be released on the Nigerian Stock Exchange and to the investment
community upon conclusion of KPMG’s audit. As always, please do not hesitate to contact the
investor relations team if you have any enquiries.
Best wishes,
FROM: FCMB GROUP PLC.
For further information, please contact:
Ori Rewane: Head - Investor Relations, FCMB Group Plc
Tel: +234 (0) 1 279 3030 and +234 (0) 1 279 30 33
Email: orighoye.rewane@fcmb.com
Patrick Iyamabo: Chief Financial Officer, FCMB Group Plc
Email: patrick.iyamabo@fcmb.com
OR institutionalinvestorrelations@fcmb.com"

Mpeace:
I didn't buy Guardian today. Pls check for me. My full name is Jubril Adewale Tinubu.

I was wondering: "What does this guy think he is doing?" until I checked the name again.......ah ahn, this na our Uncle Wale full name keh! You wicked gan!

Elai147:
Na dis part funny me pass . I like the clarification though. Wale is very good at clarifying things.

Make him clarify the price on the floor first

Meanwhile, anyone seen Ladi Balogun lately? Boys dey provoke for hia o. For how long do we have to wait?

Elai147:
The Q2 PAT is 24 billion. If you subtract the 23.7 billion disposal of investment it leaves you with a small tashere +ve PAT

The period under consideration that was referenced is actually Q2 ONLY, that is 3mths ended Sept, 2015 not 6mths ended Sept. The PBT for this period is N22,921 - N23,732 (being proceed of sale) = -N811m
Without the Tax CREDIT in Q2, PAT would be -N958m (A tax consultant or auditor go fit explain that one )

Summarily, Flour mills recorded a loss in its Q2 operations.

EduC:
Please what's the corporate action about? The link is not downloading. Thanks

Dear Sir,
Further to our recent filings and representations to the Dealing Clerks and
employees of the Nigerian Stock Exchange (“NSE”), we write to give a brief
summary of the key matters impacting on our full year release for 2014.
With global Upstream players forced to record significant reductions in the
fair value of their asset portfolios in the last 10 months, we are no exception.
This led to us accepting non-cash impairments and currency devaluation
charges totaling N185.3Bn:
 N130.2 Bn in our Exploration & Production business as a result of
lower oil prices leading to a reduced valuation of certain exploration
and appraisal assets and under-lift receivables owed to us by NNPC.
 N36.4 Bn in our Energy Services business due to reduced drilling
activity and reduced day rates accruable to our rig assets.
 N18.7 Bn due to the devaluation of the Naira, which generated a
significant foreign exchange loss as we import in dollar denominations
and recover our costs in Naira.
Please see the attached presentation for a more detailed breakdown of the
impairments.
While we have impaired certain exploration and near-production assets
(mainly legacy assets), our core producing assets have not been impaired in
any shape or form. The upstream company has generated in excess of
$500m dollars in cash flows, which has been used as part of our aggressive
deleveraging strategy to pay over $400million of debt in the last 12-14
months.
As we gradually exit our investment phase, we remain committed to shoring
up our balance sheet, significantly reducing our interest burden, returning
the company to profitability and take this opportunity to reaffirm our long-term
business viability.

We stand ready for any further clarifications that may be required. Na fight?
Kind regards

Some details in figures too that can't be pasted here.

Elai147:
http://www.nse.com.ng/Financial_NewsDocs/11388_OANDO_PLC_CORPORATE_ACTIONS_NOVEMBER_2015.pdf

You guys think you can spoil Uncle Wale's career abi? See story. Lol

Elai147:
From which quarter result bros? How is it a loss of N958m after tax?

Q2'15 . Cool tension

PETERiCHY:
http://www.proshareng.com/news/Investors%20NewsBeat/FLOURMILL-Sales-Grows-by-17percent-YoY-in-Q2-2016-Results-Proshare/29142

Fear Nigerian analyst they can be callous. they placed FLOURMILL on neutral to see if they can acquire more, they couldn't say SELL because its already trading on it 5yr low,

if its a stock they want to dump on investors you see slogans like BUY BUY BUY or JUST GRAB IT!

Abeg whenever you see such slogans better run for your dear life.

Aside the disposal of shares in Unicem, Flour mills made a loss of N958m after tax. For the period under review, the call is right. However, I am of the opinion that Flourmill is a BUY for the long term. Finance costs is this company's albatross. I expect that the capital raised and proceeds from sale of holding in Unicem can be used to pay down debt and fund expansion in profitable units.

Mind you, we are all Nigerian analysts, so we should fear ourselves

Raider76:
Me I think something fishy is going on. All the activity is going on at the fixed price of 5.99. The next lower bid of 5.51 is not changing. And why are the people selling at 5.99 not offering at higher price all this time since the volume of bids at 5.99 is high?

Actually, ref price is N5.71. You can only bid +/- 5% of this price.

Wonder highest is N5.99 and lowest is N5.43?

passwelle:
its the currentprice that is attractive

But Oando closed at N6.01 last week Friday (with how many units on offer sef?) . Now it's on bid at N5.99?