₦airaland Forum

My people, what will happen to my Union banks shares if I don't accept the offer?

BabsO2:
I would not have taken it seriously if not for CBN being the one raising the issue. The issue was raised as stated in the story, but how it could materialize was not included in the story.

I believe it is a false Alarm from the CBN, the CBN has been known to protect commercial banks.

And by law only commercial banks are money deposit banks.

I don't see Fintechs overtaken commercial banks soon.

BabsO2:
JUST IN: Fintechs May Crash Commercial Banks &#; CBN Raises Alarm

https://techdigest.ng/fintechs-crash-cbn/

This doesn't sound nice. It means a time is coming naija banks will loose streak of profitability. How much time do they have left before fin techs start eroding their profitability significantly

Fintech can't crash commercial banks.
Commercial banks are also Deposit money banks

Nigerians are still dealing in cash transactions and Fintech can accept cash.

Backpedal:
I believe that banks will still have their branch network
Because a drastic reduction in their branch network will severely hit profitability of tier one commercial banks

No, it will increase profitability due to reduced overhead expenses.

That was once the secret of GTB profits, few branches and lots of costumers.

Redoil:
why na

They are recently declared Interim Dividends

Willie2015:
Decline in Oil Production...

It's shocking.

Even Addax Petroleum finally shutdown.

What is happening to Seplat

emmasoft:
It's a new development.

Q2 interim N7 and now Q3 interim of N2.
Total interim this year N9.

Oil money whether under d ground as crude or top of tree as palm is sweet money.

Dividend lovers enjoy while it last.

Wow

BabsO2:
Presco kicked off twice a year last year and has sustained it with an increase this year. Not sure of when Okomu started.

So Presco pays 2 interim dividends and 1 final dividend Every Year.

Is OKOMU paying interim dividend twice a year?

yMcy56:
There should be a form to fill.....
Maybe they're doing it one at a time......further instructions should come after qualification deadline...
...but if there isn't, all well and good.

** Since Cardinal Stone will be paying, just ensure you have your E-Dividend mandate activated with them.

*** Good thing is that Cardinal Stone now has online portal for filling and submitting E-Dividend Activation Form......Without going thru the paperwork of submitting hard or scanned copy***

Since it is Mandatory, filling out the form should not be necessary.

They should just credit everyone on the register at qualification.

yMcy56:
Weldone sir..
How else would UBN/Titan have given you enough time when they've been on this issue for over a year?

Many people don wait tire and sell off self.

Think we've been discussing this here but got tired of it at some points too........but when bulk purchase was done and paid for, you should have expect that buying out of minority shareholders is around the corner.

This is how HW's scenario will likely play out too......only issue here is that both FMN and HW are listed on NGX, so it may take another dimension....(or may not).


You see nah...

They caught me off guard, lucky I haven't sold.

Honeywell is next target.

yMcy56:
Exactly!!
Some even got @1.50, meaning it traded @37k......even trading below Chi PLC, Cornerstone and few others.

For what it should be, Mansard shouldn't be trading below it's nominal value......and the result released so far wasn't that bad to warrant such.

After reconstruction, Mansard opened @3.32........meaning it traded @0.83k prior to suspension for reconstruction...........and has since falling up to this point....0.37k....

Maybe Q3 will again give more guide and shed more light to it......

This is my anger with stocks doing reconstruction and the raising of nominal values.

thesilentone:
Madam @Mcy, please what is Mansard's story?

Their company secretary has refused to reply my emails so I'm asking for street news as per you are well informed on matters like this.

What is the news?

yMcy56:
UBN
At long last, Titan Trust is buying out minority shareholders......
@Mpeace are you still holding unto it?

From my % calculations now,
Bulk purchase from majority shareholders is 89.39%
Minority shareholders: 6.59%
So, 89.39% + 6.59% = 95.98%

Who owns the remaining 4.02% .......Or maybe this was acquired off record.

** For those planning to take part in the Mandatory Take-over @N7, if not already seated in the bus, you have only today and tomorrow to key into it.

Qualification Date is Monday 31st October 2022
..BUT for settlement purpose (T+3days), you have to buy latest 26/10/2022.
REGISTRAR: Cardinal Stone

They didn't even allow me to accumulate more.

UBN might be delisted

thesilentone:
We are within their closed period leading to the release of their unaudited financial statements - started 1st October

Thank you

thesilentone:
For Fidelity, it is interesting to note that the insiders cannot make any trades until after 27th October.

So this question is, what has the market seen that is not yet obvious to the rest of us?

Why?

emmasoft:
For investors in UPDCREIT, see the latest

Are they paying both 2021 and 2022 this on year?

ebuka1997:
NNPC acquires Oando retail stations

We saw it this coming

Did CBN governor just woke up from sleep?



https://thenationonlineng.net/cbn-goes-after-states-farmers-over-n600b-unpaid-loans/

LordAdam16:
What policies? Please cite the exact policies.

How is Meffy at fault for rice farmers defaulting on loans?

You were the one who said he was increasing bank's CRR and "dashing the money to government".

I don't relish holding brief for Meffy, but a lot of the criticisms are undeserved.

-Lord

So you mean CBN can't do anything about N463bn Anchor Borrowers are own the CBN?

pluto09:
If he had continued with providing subsidized dollar to every tom dick and harry, by now he would have finished our reserve and that would had been catastrophic.
At a time we were averaging 2m barrel of crude oil per day but now we can only do about 1million per day and you are still blaming the CBN Governor for not providing us with enough dollar. Where do you want the dollar to come from?

Before 2015, most CBN FX are going to Fuel Subsidies and government FX spending.

Business are getting chunks of thier FX from the Parallel Market.
Lots of Nigerians are getting FX from various remittances are selling FX to business and individuals.

All this noise about Form A and M weren't much before CBN capital controls.

Mpeace:
Hmmm. I doubt oh. The man's incimpetence is too glaring

He is doing their bidding.

LordAdam16:
The capital control is because of FX scarcity. And it has the backing of Buhari. You should remember that when Buhari had his long stint in London and Osinbajo was Ag. President, Meffy was compelled to flood the market with dollars from the Reserve. Rate recovered from about 500 to 360. Which is where it was until COVID-19 struck.

Increasing the CRR is to curb inflation. That is a prime CBN mandate. In fact, it is a prime mandate for any central bank governor on the planet. The budget by the way has gone up from 4T under the last administration to 17T currently. After you account for the official FX rate drop and current fiscal issues, the CBN is literally the only cheap source to fund our expenditures.

Say Meffy is removed, whoever replaces him will pledge to maintain that policy before s/he is nominated.

Circumstances and poor fiscal directives messed the system. Meffy is doing as much as he can under very tight and unfavorable conditions.

-Lord

If 2015 capital controls was due to FX scarcity, Why did CBN reverse the some of those policies.

Do you the most of the rice farmers are defaulting on loans they got from the CBN?

That the money going to CRR is not government money, it Belongs to the Banks and Shareholders.

pluto09:
He did not start any problem.
He is trying to manage a problem that is more than him and CBN.
In my own view, our problem is the country inability to generate enough/adequate foreign exchange for our ever increasing needs coupled with our inability to produce what we eat. Imported inflation is a big issue here......

Remember FX hit N500/$1 immediately CBN started the capital control on FX.

Oil had always been our major source of FX.
We have always imported what we eat, so it not a new problem.

Dum20:
You have said it all.

The CBN governor does not control security, our major source of income is crude and it is being stolen when crude is selling at an all time high.

Many nigerians are Japaing and most are going through school route to Canada, US, UK, on average one person pulls not less than 30 thousand US dollars that is why the naira is loosing value.

The CBN cannot do anything to stop this demand for forex but the executive arm of government can stop it by creating millions of jobs, providing security for its citizens, stopping crude oil theft.


People should stop blaming CBN governor

He gets most part of the blame.

His capital control on FX started this problem.
He keeps increasing Banks CRR and dashing the money to government.

He messed up the system.

ebuka1997:
Hasn’t he been Governor for more than 8 or 9 years now, I remember he has been Governor for as long as I can remember.

Wasn’t he the one that introduced this multiple exchange rate thing and he may be the one to take the exchange rate against the dollar from about 10 to 1000. What a legacy! Well, that’s what happens when the CBN Governor decides to start playing politics and even wanted to become President instead of focusing on his job first.

He got a Second five years term in 2019

Mpeace:
Do you remember how they removed Sanusi? A new government that wants to succeed must remove him one way or the other.

A new APC government won't remove.
I just hope the Senate have courage to take action.

ebuka1997:
Cash reserve ratio of 32.5%, omo I can't wait for next year and a new CBN Governor, this Meffy is too clueless.

He still has 3 years has governor.

New President can't remove him, except the Senate.

pluto09:
MPR increased to 15.5%
This is no good news for NSE.

MMF people are visiting

yMcy56:
With a Dividend yield of 15.63% @N1.60....
Whosoever will mistakingly see Mansard at N1.50 and didn't buy, is definitely not interested in Insurance sector or has fund issues.

Can they pay last year dividend?