₦airaland Forum

mankan2k7:
They should sell it or delete the bank so that those of us who borrow from the bank can be pardon.

You took loan, other people's money, and you expect to be pardoned?

Wow

Thinkam:
It's the same thing both reports are saying, only a 50bn pay was made

Leave am, he thinks he talking to nonentities. They paid N50B and to take full responsibility for 1.3tn debt on ground, when? Emefiele had long been comprised and very culpable.
All his hidden secrets and financial misconducts and misappropriations from non-remittance of taxes deducted from our all daily transactions and many more will burst open immediately after this administration. It is going to be messy for him. He thinks he is smart. He will be the worst CBN Governor so far...

Zico5:
Which records are they setting straight. Bunch of thieves calling themselves progressive. Buhari's bad leadership will surely hunt Nigeria for decades. I pity the next person coming as the president. It's not the best time to be at the helm of the affairs of this country. Things have greatly gone bad and we need divine intervention to put things in order.

I swear.

Thinkam:
It's the same thing both reports are saying, only a 50bn pay was made

according to this report,if the read properly,the new buyer will be responsible for the Polaris 's debt,while 50bn was an upfront payment.
so the bank was not aquired for only 50bn

Segun2222:
50bn is the upfront payment the rest of the payment will be used to service the loan it’s written there buyer full responsibility for the debt of N1.305 trillion owed to AMCON, essentially a total purchase consideration of N1.355 trillion. 50b plus 1.305trillion debt equals the 1.355trillion it was sold for

Essentially bro in lay man's terms, what this means is that the responsibility of the debt is theirs to bare, how they want to recover it is their business, but the 50bn is an upfront payment

Emeskhalifa:
Really? Do people still use these commercial banks?
Despite all these stamp duty?

I use Fairmoney, they gave me atm card, zero charges, zero stamp duty and I still get to take loan from them easily without any collateral

Calm down
How can you be comparing a micro finance bank to a national commercial bank.....how much can fairmoney give you and for how long?

Emeskhalifa:
Really? Do people still use these commercial banks?
Despite all these stamp duty?

I use Fairmoney, they gave me atm card, zero charges, zero stamp duty and I still get to take loan from them easily without any collateral

because your money no long enough...

MarketDispatch:
After reading the Amcon article but where is the money?

In the first case the first intended buyers made a purchase price offer of 1.2 trillion,

In the Second case, the current buyer only made upfront payment of only 50bn and made only responsibility for 1.305trillion

How does responsibility relate to payment of money?

There is simply no evidence of payment for the bank


SCIL’s binding offer involved an immediate upfront consideration of N50 billion and full responsibility for the debt of N1.305 trillion owed to AMCON, essentially a total purchase consideration of N1.355 trillion.

Appears Buyers only paid 50 bn...Where is the remaining money?

Now consider the alternative, they sell it for 1.2tn and had to pay an extra 100bn to the creditor.

In other words, they lose over 100bn and that is bad.

Look at it this way, you borrow money to build a house 1.3bn, you couldn't pay, now when you intend to sell, a buyer said he will pay 1.2bn in cash, another said, I will give you 50bn in cash and inherit your debt, in other words, you are free of the debt and you get an extra 50bn for yourself.

Take note, now that they want to inherit the debt, their collateral can't be the house, they will have to provide a substantial collateral in other for the bank to accept such sale.

The good thing is, the debt has been transferred to another competent bank and you didn't have to pay anything, rather you got yourself a 50bn cash off front.

Obiwank:
Bank Capital structure does not work that way. It would have been helpful for CBN to tell us how incremental capital the buyers are injecting in the Bank. Otherwise, it would be severely undercapitalized. Alternatively, AMCON still owns the Bank if the debt is treated as capital on the bank's balance sheet. This would mean that it was just a management contract that was executed with 50B good faith payment along with a Plan to return capital to AMCON over time.

That is what you don't get, we don't need to know the payment plan, the new owner knows they have to restructure to meet up.

The other company that bidded for 1.2tn wasn't going to pay the money directly, it's never done.

Look at the new owner of twitter, he bought twitter with some of his shares in Tesla company, meaning, no actual money was exchanged.

I no get time to read all this nonsense analysis, Rich men like me no get to waste, how much are you selling

AnonPoet:
https://www.google.com/url?sa=t&source=web&rct=j&url=https://theeagleonline.com.ng/sale-of-polaris-bank-cbn-sets-record-straight/&ved=2ahUKEwjGleya6q78AhVWTKQEHUhODecQFnoECAgQAQ&usg=AOvVaw36RT5cgzmBadI5vz1Xholo

Make my 5k balance no just miss for the bank, that’s my own oo

What is the payment plan for the 1.3 trillion ?
This is where the lies are.

sparko1:
Now consider the alternative, they sell it for 1.2tn and had to pay an extra 100bn to the creditor.

In other words, they lose over 100bn and that is bad.

Look at it this way, you borrow money to build a house 1.3bn, you couldn't pay, now when you intend to sell, a buyer said he will pay 1.2bn in cash, another said, I will give you 50bn in cash and inherit your debt, in other words, you are free of the debt and you get an extra 50bn for yourself.

Take note, now that they want to inherit the debt, their collateral can't be the house, they will have to provide a substantial collateral in other for the bank to accept such sale.

The good thing is, the debt has been transferred to another competent bank and you didn't have to pay anything, rather you got yourself a 50bn cash off front.

Only CBN can say if the collateral was provided , they didn't so we will take what can said .

Amcon will pay the debt FOC . This is fraud.

INTEGRITYA1:
I wish I have someone
Who can help; with my dream ................

Sky Bank, always there; saying Yes to your needs.

We missed Sky Bank of then.

Skye Bank expanding your world


But they never did as they died untimely death

Emeskhalifa:
Really? Do people still use these commercial banks?
Despite all these stamp duty?

I use Fairmoney, they gave me atm card, zero charges, zero stamp duty and I still get to take loan from them easily without any collateral

Are they insured at Nigeria’s Deposits insurance corp.? Before dem disappear with your money.

Emeskhalifa:
Really? Do people still use these commercial banks?
Despite all these stamp duty?

I use Fairmoney, they gave me atm card, zero charges, zero stamp duty and I still get to take loan from them easily without any collateral

Same with Opay. Free ATM card, no stamp duty and daily interest is paid on Amy outstanding credit balance on your account.

Heroicvic:
Na piggy bank (kolo) I dey use, I gat no business with all these news
Nigeria bank 5000+5000=9890 if you know you know

When you subtract the amount you bought the kolo from the saved #10,000 how much do you have left?

ayesco202:
When you subtract the amount you bought the kolo from the saved #10,000 how much do you have left?

They have left me behind

Administration1:
Essentially bro in lay man's terms, what this means is that the responsibility of the debt is theirs to bare, how they want to recover it is their business, but the 50bn is an upfront payment

we're probably saying the same thing.... since amcon is also involved in the sale

tolumizzy:
How can we sell this nation b4 election pls?....our debt is now over 77 Trillion.....olopa mako everybody

Oga, I no follow o, I dey on my way to Cotonou like this o. Las las we go all get sense.

The joy of the lord.

sparko1:
That is what you don't get, we don't need to know the payment plan, the new owner knows they have to restructure to meet up.

The other company that bidded for 1.2tn wasn't going to pay the money directly, it's never done.

Look at the new owner of twitter, he bought twitter with some of his shares in Tesla company, meaning, no actual money was exchanged.

Why are you commenting on something you don't understand? How many Bank M&A transactions or any M&A have you worked on. Bank Capital structure works differently given that they are regulated and thats why my question/ point is valid. Anyway, the information should become public once the Bank publishes a financial report.

You mentioned Twitter - who told you no money changed hands? You realize it was a public company and not all the existing shareholders (particularly the retail investors) were approached to roller over into the private acquisition vehicle.