₦airaland Forum

Mpeace:
I cannot vouch for any bank's integrity.
Before CBN took over the likes of Intercontinental bank and Oceanic bank, they were among the main players in the banking sector and many saw them as part of the strongest. Ibru was still basking in her award as african banker of the year which award she received in london. Then suddenly sanusi took over and the rest is now history.
FBNH was lucky, they delivered the bank form that Bisi of a guy. They are still not totally out of the woods anyway.
For me, it can happen to any bank including gtb.
The problem i have with those in skye is that the signs were there. Cbn started taking over this bank long ago. What we saw yesterday was just a completion of the script.
I continue to laf at CBN's excuse that the shareholders refused to recapitalise since 2016.
How will they recapitalise when CBN's appointees were in charge and had not released any report of the state of the company for shareholders to kw what to do. The same cbn appointees were the ones in the position to convene AGMs and EGMs for that purpose but never did. But they still put the blame on shareholders.

Classmate, this is well thought out and on point!

swilo:
We all need a Wanaj0, a Chibuking81, an Agba, a Peterichy, a locodemy and a Mendes911 in our lives. You never really know when you run out of common sense until you read their comments a second time..

Hhmmm, a 'prophet' does not have honour in his own home. Na parable o.

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 abi na private placement of 40billion new shares. I just dey laf at their shareholders.

It's Lasaco. I stayed away from insurance stocks since I read the news.

dipoolowoo:
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.

currentprice:
U no do well for my pple o, u got the signal earlier and you did not inform your brothers. even if u use parable we for understand u now

Well said @CP.

Infinitisi:
Lol even the Polaris Bank Limited is still undergoing CAC registration

These guys are bundles of jokers. We continue to watch the drama.....

Coolcash1:
You were all warned!

Oga, this blame game wouldn't work sir.
You made the comment like any other passing comments. How can we be believing every comments we see here when lots were based on assumptions and personal feelings? .....but it is what it is now. Thank you.

mendes911:
Na Madam Mcy56 stocks you dey mention so oooo. Those banking stocks and insurance stocks, come join First Aluminium. Maybe she go re-capitalise them self, become majority shareholder. You can never tell how deep her pockets are.

Na olumo rock be this na. Mendes lemme alone o.
If to say this news had come out positive, na different story you for dey talk now.
Well, I think it's normal to assume that the increased activities in the Skye shares on the floor was as a result of its results coming out better and good considering the timeframe within which they were given to turn the funds around.
Anyway, it's part of learning for all and sundry. The so called "healthy" banks might end up not been healthy afterall if closely scrutinized.
If the likes of Citibank, FBN, etc could be affected at one point in time or the other, then I don't see the reason someone would be beating his/her chest on the stock he/she is holding unto or saying somebody else is buying dead stocks cos they are cheap. You dont know why individuals do what they do sometimes. It is well.

swilo:
Dear Mcy, You are already stammering. Hope you are not a victim?

Lol. Thanks for watching my back. What I have in Skye is not something i cannot forfeit should it get to that stage. Mpeace, thank you too.

I mentioned somewhere here that i sold my skye shares already and waiting for another round trip. Though I later bought just very small units (when there was price resistance at 64k) with the intention to buying more when the price goes down again.

However, before anyone quickly laughs or accuses, they should know that this goes beyond just "thank goodness I'm not in Skye" but rather a reflection of many ills going on in the system. If they should open the 'yansh' of some banks window-dressing reports, the findings might be shocking to many.

I was just not happy about the way CBN went about all these acquisition of a thing when they were also not transparent with the whole process and they have their hands soiled as well.

These puzzle questions still remains: Why did the CBN-appointed management failed to go after the properties of those that ran the bank aground with ridiculous unpaid loans? Are those people also bigger than CBN? Why was the intervention fund CBN gave not been monitored? Why did CBN covered the mess up till this point? Now another billions injection into a bridge bank

Like I said before, there's more to this and these guys were not telling us everything.

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

Suspension commences immediately as from Monday according to the news.and polarity starts operation as from same Monday. Looks like magic.

wanaj0:
You want CBN to perform a miracle Skye died before CBN intervention.

Yes sir, the bank was gone before the intervention but it's the same CBN that appointed the new management that failed to prevent the bank from drowning as well now.
Invariably, CBN failed as well but surprisingly, they were 'praising' the mgmt; well except maybe they knew what the populace did not know yet...... but if they know, why dont they make their findings public?
Why wasnt the management able to turn things around with the huge fund they were giving to work with and given the timeframe with which they were to deliver on this? Does it mean CBN doesnt set up a monitoring committee to monitor how the funds were being utilized?
I just wish cbn and all that were involved could be dragged to court on this.

wanaj0:
What gave you that impression? You done see result?
Once CBN takes over a bank, the bank is as good as dead. Once AMCON takes over, na burial ceremony next!

Sir, you were right.........but why dont they publicize the financial reports first before taking over? Why is the news coming in on Friday evening? Why no audit and audit report on the part of CBN?
CBN's hands were not clean in all these.

wanaj0:
Why are you hastily trying to discourage people

LOL. When I first saw 60k , I was like, how come?
Thank God it's weekend, some wouldn't have ask very well before rushing to buying it.

Those behind wrecking Skye bank are those in power. Power play and politics at its peak here. I read somewhere some few days ago that those owing the bank are too big for the bank to recover their funds from.....
We continue to watch the drama series as it unfolds.....

Agbalowomeri:
Next Diamond......

Hhmm, it is well.

Mpeace:
They appointed the management in the first place so they will not want to indict themselves. But hope u sold.

Thing is, this receivership was politically motivated. We should expect more of these drama as election period approaches.
If the management had done well, the bank would not fail like this, considering the fact that intervention funds were injected into it for well over two years.
Its just painful that things can't just be done right as should be in Nigeria.
Now this is going to send panic into the market again.
Its not even about the market alone but those banking with Skye and even other banks now. The staffers not excluded.

Okay. I came to check how many people are making jest already after reading the news but seems none yet.
Nigeria's dirty politics is at play again.
Why not saying the bank did well, I however strongly believed that something is not right somewhere.
The question is : why are they retaining the management for good performance as things turned south for the bank?

[quote author=deep.suk post=71390461]E PAIN AM[/quote]Saw this now. Monkeyhunter, see the person you dey reply.

Afterall, they'd succeeded in sweet-mouthing you to buying their product.

Limitless means un-ending and unlimited.

swilo:
This is another bomb waiting to explode.

Let milost remember Japaul too o.

dipoolowoo:
Resort Savings and Loans Secures $10m from Milost for Recapitalisation
**As Board Wants Suspension Lifted to Enable Release of Funds /

......Checked the news now. It's not that Resort Savings & Loans secured the loan facility yet self.
These media guys just like to trend anyhow.
So they 'want suspension lifted to enable release of funds' ..... Lol. Election time is approaching.
If it were not to be on suspension, bids for don queue up there by now.

DeRuggedProf:
HBD, May you stumble on huge stolen funds in the course of your work and blow your whistle...

Krisuba:
See me oo.I quickly sold mine as he bring that news.now Skye don't become best performer

Lol. There'll be another opportunity.
Sold my tashere units too but bought some back again when I noticed price resistance at 64k

Parisfran:
I'm surprised you don't know who this MAN is. Maybe I read this thread too much cus I actually think it's glaring.
Please let's be civil, like seriously this thread is for all our benefit. Let's encourage discussions, pros and cons. I "liked" all the comment regarding First Aluminum because they are good. This is what we came here for.
MonkeyHunter keep being the optimist, Wanaj0 thank you for putting fear of God in our body, Mcy56 thank you for always bringing up kobostock discussions. Without you, I won't even remember that NSE has stocks below N1. TGIF baby...

This is lovely! Thanks so much dear sis.

moneywoman74:
Good morning House. Today is my birthday. I need all prayers and best wishes!

Happy birthday moneywoman and dipoolowoo,
May the good Lord journey with you and be gracious to you this new year and beyond.
Seems this is the month of the super rich people......money-woman, dipo-olowoo. Chai!
Maybe I will add money to my moniker too.

Cry is the opposite of laughter

@MonkeyHunter, you dont have to disturb yourself much about that woman's ranting. You should know 'her' better than that by now.
Your posts were not directed at them neither did you say that anyone should buy the stock. You did not mention Skye at all either.
Maybe I shouldn't have mentioned it here in the first place self.
Please, you did what was right as far as I'm concerned.
I love the fact that the Pros and Cons (as rightly put by onegentleguy) of the Company's current financial status were discussed by both you and Sir Wanaj0 and, it was really an eye opener that could be related to other stock in that category as well.
Thanks for taking time out to carry out more research into the company and more importantly, shared with some of us here. Nagode.

The race is not to the swift neither the battle to the strong

Mean exactly what you mean.

Mpeace:
Just don't let their result come out with u inside. Like someone once said here, ''enter the company see wetin them dey do before u buy''

*peeps inside the class before leaving*

Issorite! Skye was sold for 50k few days ago, today it closed at N74k, somebody somewhere made some cash already and waiting for another round. Enjoy the rest of today and don't forget to write and read today's note, will sit beside you on exam day.

Mpeace:
I never buy skye in the last 8years.Although I like buying carcass, skye does not fit into those classes.
Skye is on a class of its own. Skye is real junk. No result, no rating, no prospects. Sometimes I wonder what pple are buying when they buy skye shares. They need a result to really have any valuation. Atleast let them show us they have Auditors first.

So you were making jest of us in skye before ni? You were the one that called it a carcass, someone else might not see it as that.
Issorite! I'm done here today. See you in class tomorrow, God willing.

mendes911:
You want to start another fire ni? Allow First Aluminium fire to quench first. Kilode!
LOL.

Chai! No vex sir. Me and this my 'stocks' self.
LMAO

Mpeace, seems you hastily sold your skye o. It's still not giving up yet.
At least I don learn meaning of new word again from my boss today.