₦airaland Forum

Streetinvestor2:
It must be Iranian rock that u can catch with basket in the air..lol

I don't understand

ukay2:
Good one from ETi.....

Did you buy your ETI?

BabsO2:
That's about 10% of EPS being paid out. And about 5% dividend yield. That dividend yield is poor compared to the Zenith or GTCO. At current market price a PE of 2 is not bad if the EPS can be sustained.

Quarterly results should be huge improvements.

Hopefully the rocket will be ignited tomorrow.

Agbalowomeri:
Oga Nosa your food don land

https://doclib.ngxgroup.com/Financial_NewsDocs/46650_ECOBANK_TRANSNATIONAL_INCORPORATED-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_APRIL_2026.pdf

Thank you my brother.

I hope people bought their ETI

talk2me2:
Those who buy ETI have their reasons dividend is not one of them

This na maximum groove.

I wasn't expecting a dividend for at least 2 years.

Oh well

Mankind2024:
Sacrifice your ETI holding for ACCESS and embrace the opportunity cost.

What's the return of equity for ETI?

What's the return of equity for access?

Know this and know why I love me some ETI

HesInMe:
But that's the point of discussions like these: Illuminating whether the choice to buy ETI over ACCESSCORP -- or, more technically, whether to overweight the former relative to the latter in a portfolio -- was a smart one with the info at hand.

Here, we actually have two almost perfectly comparable banks, with roughly similar deposit bases, pan-African strategies, and valuations -- but different asset mix under the hood.

But yes: It is not a crime to buy, and promote, the poorer choice. Never say never.

Make you sha buy some ETI

isaacosas01:
I agree with you 100%.

Even simply asking a room of 100 people who has an Eco account vs an Access account it would be 99 - 1 in favour of access.

If you want to buy an undervalued bank stock, it should be Access.

Why is it either or?

People can choose to buy both companies. I choose to buy ETI and not access. And since I only promote what I own I won't promote access. However you are free to promote access if you so choose.

PS will you be buying ETI today?

crownprince2017:
It seems you are the one that lacks the knowledge of how tariff works here.

Let flip It a bit for you may be you will understand it, government used to charge 35% on all cpo imported into the country before but now change the rate to 28+.

Where as cpo in the world has risen with about 20% in the world in the last two months and it's projected to rise by another 15-20% by june if Indonesia fully implement her b50 mandates as projected by july 1.


Now tell me how local producer will not continue to eat fat, mind you, the local producers price mirror cost of landing cpo from Malaysia plus premium that is why holding these companies is seen as a edge against dollars.

Eti Nigeria is a big problem to the whole group, it's as clear as broad day light in their annual report..don't fall victim.

Duly noted.

Streetinvestor2:
Leave oga nosa he has made it clear he is here to promote what he has and possibly discredit what he doesn't have.Which yeye tariff cut. Is tariff cut going to make any difference to those exporting it.
Nigerians are making good money exporting palm oil now.I even thought the government previously placed ban on export of the product because we are not meeting local demand

You are partly correct. What you got wrong is that I don't discredit what I don't own. I may be selfish but my views are always honest

unite4real:
Maybe you should educate us that when import tariff is reduced in Nigeria, the international price of CPO will go down, the scarcity of CPO due to weather and biofuel conversation will be reversed
You only concentrate on the reduction in the import tariff. Is that the only factor that determines the end user price?
I am cork sure if you have a superior explanation, you will not waste time to do so. After all you have been busy engaging folks on ETI without relenting. Please use same energy to explain this tariff thing to us. Many of us might learn something we are not aware of.

Haha, nice try!

The one way I can think off that will give me skin in the game has if we're have this conversation on ngxforum.com

That way I will be generating traffic and content for the site

unite4real:
Go and check or verify the asymmetric relationship between crude oil prices and international crude Palm oil prices. The Internet is your friend. A lot will be revealed to you.
Rising crude oil prices tend to push CPO prices higher, while falling crude oil prices do not reduce CPO prices to the same extent. This link is strongest because palm oil is used in biodiesel production, making it partially tied to energy markets.

The import tariff reduction was to cushion the effects of the already rising international prices which would hurt local prices. The 6 to 7% tariff reduction will only be swallowed by the increase in CPO prices. Look out for the price chart and you will realize that CPO prices is in an elevated state for some time now.

The two biggest suppliers which are Indonesia and Malaysia are facing challenges leading to squeeze in CPO in the short and medium term
.Indonesia faces land policy issues and uncertainty around biodiesel mandates, while Malaysia struggles with stagnant yields due to aging trees and labor shortages. These constraints mean supply growth is limited even as demand for food and fuel remains strong.

You guys really don't know how tariffs work sha. There was another guy that wrote a lot exposing his lack of knowledge on the effects of reduced tariffs.

See, if I had skin in the game I would put energy into debating this issue, but I don't so I won't.

By the way I hope you have bought some you know what

HesInMe:
Even on your numbers, both are trading around 0.3x book value (Access enjoying a slight premium). But Access has the better business mix (qualitatively speaking), with a large, stable pensions business (post ARM acquisition) and a growing payments solution (Hydrogen Pay), both of which generate higher quality earnings than net interest margin.

If you want a pan-African bank, Access is probably the better bet.

I did a comparison of both banks and I chose to buy and promote Ecobank. Access Bank has its merits and would also most likely rally but it's not for me

HesInMe:
Isn't Ecobank just a poorer version of Access (strategically speaking) -- with a more expensive stock?

Go through the Ecobank and Accessbank threads here and tell me which you think is poorer

https://ngxforum.com/board/3/banking-stocks

chimex38:
I remember this.

I look forward to when Ecobank will be the toast of the town.

megawealth01:
I buy am then at sub 30

Everybody knows the quotes but when it is time to apply it they fall into the herd.

I remember arguing against the gurus that banks had no business trading at the valuations they were trading. Everybody and their mama had a reason why they should be trading at a discount. When price started to rise the guru analysts started to revise price upwards.

I get greedy when other people are scared and scared when other people are greedy.

All the points being mentioned against ETI are true historically but past performance is no indicator of future performance. What mankind2024 failed to mention in his epistle was that the company management bought out the strategic investor. Unlike Ellah where management is dumping shares, ETI management is tying their wealth to the bank's future.

Anyway all this analysis is on the Ngxforum thread.

PS Have you bought your ETI??

megawealth01:
It's a game 🎯

Before nko; money should be transferred from the lazy to the hard working. If you are too lazy to go through financial statement then go and give your money to money manager. If you don't do that then your money will be used as exit liquidity on the internet.

PS have you bought your ETI?

crownprince2017:
People following him on eco doesn't know he is a trader on that stock, he will dump with 20-30 gain and you are the liquidity.

Ask him how many time he has jijo the stock in the last 6 months. He knows the bank is going nowhere,he just wants deceive the gullible ones and later tell you he warned you.

The game is game..

I will not tell you when I sells is the watch word.

If you are blindly following some random stranger on the internet then you really don't work hard for your money.

Why will I tell you before I sell, do I look like santa?

Deleted

Mankind2024:
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/

This is the problem with me. I read this write up, I agree with all the factual points made, but it makes me even more bullish on the stock. I am truly an idiot who likes to lose money.

PS I guess Mankind2024 has not bought his ETI

isaacosas01:
I don’t think u have go to the gutters to state ur point.

My point is clear, because a stock is undervalued doesn’t mean it will not “undervalue” more.

ETI will go lower!

Which one be gutter again?

lasisi:
. After this bold submission by Nosa, no idiot should come and cry here for buying the stock and getting disappointed.

There has been a robust conversation on ETI here

https://ngxforum.com/thread/4/ecobank-transnational-incorporated-eti

isaacosas01:
So expert analysis is that and dividend hunters will get out of Zenith and GTB in April and May. And we would see a slump in price as we have seen in previous year. Will this slump not also affect ETI? Or you think its so undervalued it won’t dip?
Talking about undervalued assets, Access holding is the most undervalued stock and last year June it went as low as 20 naira.
So i think ETI would still dip along with other banking stocks in May/June but if you believe its undervalued you can buy now. I for one will wait till May/June. If you can’t wait till May/June then wait till they declare their zero dividends and buy that dip.

Abeg who is expert analysis? There is no such thing as expert analysis. I have ETI and I am promoting ETI purely for selfish reasons. If you buy solely because I told you to buy then you are foolish. This is a faceless forum and I am under no obligation to help you make money. I will only promote stocks I own and I will never tell anyone before I sell. Do your own freaking research. THERE IS NO EXPERT IN THE STOCK MARKET!!!!

Having said all that nonsense above I have to ask once again; have you bought your ETI?

Streetinvestor2:
The performance/revenue for 2026 starts with quarterly results against previous yrs.That should tell us how profitable it could still be

Based on the banking sector and what we are seeing. If no dividend again this yr from eti.Na #30 the stock go nose dive go.People will prefer wema,fidelity oh

When I said we are at peak palm oil I meant palm oil prices would most likely only decline over the next few years. The decline wont be dramatic but it would be a steady decline from the peak we were witnessing. This isn't something that will be captured in one quarter though I also suspect we are looking at peak palm stock valuations.

With regards to ETI, all I will say is; Have you bought your ETI?

Zenith bank is more likely to touch N50 than ETI is to touch N30. Not everybody is crazy about dividend. I for one do not care about dividends. I care that you care about it and as such I factor your behavior in my analysis but I try and avoid collecting dividends

jonnysessy:
I have not bought my ETI. But by Monday 13th April 2026 i will start buying. Your consistent calls on this bank had made me go through their numbers, I guess i like what i see. I will start taking position gradually before the audited result will come out,

Welcome aboard. May our journey be long and prosperous.

Streetinvestor2:
It is no longer far for presco q1 results go drop
I dey wait to see how much dividend eti go declare..lol

Let me help you, ETI won't pay any dividend.

With regards to PRESCO what does Q1 result have to do with what I have said?

Yoursfaithful:
Source: TheCable
https://share.google/IOdbOqD5ug8XvwfnG

EXCLUSIVE: FG cuts tariffs on cars, palm oil, sugar in new fiscal policy measures

Many moons ago I said we were at peak palm oil and many failed to understand. This is exactly what I meant.

Palm producers have enjoyed this subsidy for far too long. It has become unnecessary. Palm oil business will still be profitable just not as profitable as before.

ositadima1:
Another thing before I go to sleep: the NGX is quite slow to react to news and fundamentals, both negative and positive. That is one big secret.

If a stock is going to make a strong move, the kind that “enters the bus and locks the doors”, it would have given signals long before. In my six years in the NGX, I have never seen a stock just zoom like that. It will first “shake its body” and call for passengers before moving. The problem is that when it is calling, most of us do nothing because of fear and uncertainty. By the time it starts moving, it’s already too late, or it has gone too far.

I bought Zenith between 17 and 20 on average, and I saw it hit its milestones one after another, each with clear warnings. I saw it get to 30, then 40, 60, 80, 100, etc. None of those moves were sudden, each level gave ample time for entry. That is the beauty of the NGX.

I totally agree. The slow reaction of NGX is a cheat code

Stockhunter:
Anyone that has zenith below 100 is better off holding on to it. Dividend base for next year is already 12 naira minimum. Forbearance is clear and manchester and kenya expansion will improve their book this year. Dont fear the supply. Rather gather money and enter if it nears 90 to 100.. if you ever see it there.

When I was screaming that it was cheap at 38 una dey argue. When I was screaming it was cheap at 60 people said bank money is fake money. Now people are recommending it at 90-100+

All I can say is.... Did you buy some ETI today?

essentialone:
Some people have not yet learnt their lessons. If you are still buying any of these companies, you are taking a high Risk gamble:

1. Aluminum Extrusion Plc
2. Austin Laz Plc
3. Daar Communication Plc
4. Enamelware Plc
5. Fortis Global Insurance
6. FTN Cocoa Plc
7. Juli Plc
8. Omatek Plc
9. NSLTECH Plc
10. Transnationwide Express Plc
11. Tripple Gee Plc
12. Union Dicon Plc


Do not be surprised if you later lose all your investments in them...

You forgot to add Japaul.

PS Don't forget to buy your ETI

nairavsdollars:
Veritas

Why Veritas?

Shalom428:
All things being equal, people will queue to buy Zenith Bank at 200+ this time next year, if not sooner.

Not a buy recommendation. Due diligence plz.

FOLLOW THE MONEY

I totally agree, and they'll be queuing to buy ETI at N225