YerYer:
Why don't you guys buy U.S stocks? At least you know your investments are safe.

this is why i dont want fp things who is this child angrrybull?

ihedioramma:
this is good news to nse many people will enter market this week with this reply .

.................

Not PETERICHY..................

hello brother's and sister's in the LORD, Please some one take our room to fp and now there are many new names here they are trying to change our topic please dont reply there post we know our self's .

angelo82:
.................

Not PETERICHY..................

It is spelt PETERiCHY

Agbalowomeri:


It is spelt PETERiCHY

.............The small ''i'' is the problem in that name..............That must be the real symbol of our ''Guy''................

ihedioramma:
this is why i dont want fp things who is this child angrrybull?

ihedioramma:
hello brother's and sister's in the LORD, Please some one take our room to fp and now there are many new names here they are trying to change our topic please dont reply there post we know our self's .

You don't need all these arrogance and discrimination.

The is faceless public forum .

ihedioramma:
this is why i dont want fp things who is this child angrrybull?

Don't be silly, I came across this thread from the investment section of Nairaland and not because it made front page. If you want a private forum where you can deny others access please create your own website or whatever. You are the childish one calling others names and being possesive of a thread started by someone else, grow up.

TSA: CBN Fines FirstBank, UBA N4.82bn for Concealing NNPC Funds

In line with its threat to sanction commercial banks that failed to comply with the federal government’s directive on the remittance of government revenue to the treasury single account (TSA), the Central Bank of Nigeria (CBN) last Friday fined First Bank of Nigeria Limited (FirstBank) and United Bank for Africa (UBA) Plc the sum of N4.819 billion.


According to a circular obtained from banking industry sources, while the CBN imposed a penalty of N1,877,409,905.12 on FirstBank, UBA was fined N2,942,189,651.45 for its failure to comply with the federal government’s policy.


An industry source explained that FirstBank concealed N37,548,198,102.41 belonging to the Nigerian National Petroleum Corporation’s (NNPC) instead of remitting it to the TSA as directed.
On the other hand, UBA concealed N58,843,793,029.05 of NNPC funds, which attracted the penalty.


The source explained that the penalty was the equivalent of five per cent of the funds they failed to remit respectively.
“The accounts of both banks with the CBN have been debited for the unremitted amounts and the penalties,” she added.


Providing further insight, the source said at the last Bankers’ Committee held in Lagos early this month, the central bank officials had impressed on the banks the need to comply with the directive, saying that it had it on good authority that some banks were colluding with some ministries, departments and agencies (MDAs) to conceal their funds.


In response, the bank chief executives said that they had a directive from the Accountant-General of the Federation to a Director in the CBN exempting some MDAs from transferring their funds to the TSA.


The chief executives of both banks were said to have been present at the meeting held at the central bank’s Lagos office on October 2.
“But the CBN rejected the claim, informing them that the letter was written to a Director with the CBN and not the governor of the CBN and that the governor had not received a counter-directive from the presidency on the transfers. After the clarification, they all promised to remit any outstanding amounts with them.


“However, a week after the meeting, CBN discovered that some banks had still not complied and proceeded to call all tier 1 banks reminding them that they must do so, otherwise they would be sanctioned.


“They responded again stating that the Office of the Accountant General had again sent them a schedule asking them to disclose how much of the funds belonging to MDAs had been transferred and how much was still with the banks,” she explained.


Thereafter, the source said the CBN Director, Banking Supervision, Mrs. Tokunbo Martins, then wrote to the banks asking that they furnish it with information on any unremitted funds, after which it was established that FirstBank and UBA had failed to remit N58.8 billion and N37.5 billion respectively, leading to the imposition of the penalty of N4.819 billion on both banks.


The source explained that FirstBank and UBA were being recalcitrant by refusing to comply with the directive despite repeated efforts by the CBN to get them to transfer the concealed funds.


She however clarified that the concealment was not a reflection on their liquidity, as both banks are very liquid.
“The system is awash with liquidity and this has been reflected in the NIBOR and deposit rates which have crashed. FirstBank and UBA as Tier 1 banks are both very liquid, so their decision to conceal the funds had more to do with their collusion with the chief executives of the MDAs than any confusing directive from the Accountant General,” she explained.


However, an executive of FirstBank informed THISDAY last week that there must have been some kind of “miscommunication” that led to the non-transfer of the NNPC funds.


He explained that when the confusion arose from the circular from the Accountant-General, CBN had itself directed that NNPC’s funds should be retained with the banks for 18 days, pending the resolution of the matter.


“The 18 days only expired last week, so we do not see how we failed to comply with the directive or attempted to conceal the funds. This is most unfortunate and occurred due to miscommunication from the Accountant-General and the regulator,” he said.
The FirstBank executive further assured THISDAY that his bank does not have a liquidity crisis, adding that FirstBank has a liquidity ratio of 50 per cent, 20 per cent above the CBN threshold of 30 per cent for commercial banks in the country.


“Trust me, we are very liquid. We have a liquidity ratio of 50 per cent, which is 20 per cent above the rate permitted by the CBN for banks.
“We have even informed our depositors that we are crashing deposit rates to between 3 and 4 per cent because we have excess liquidity, so we do not have a liquidity crisis in any shape or form,” he stated.


THISDAY had exclusively reported penultimate Sunday that the presidency and the central bank were considering penalising two prominent banks for failure to comply with the directive on the transfer of funds to the TSA.
The penalties that were considered included the suspension of the chief executives of the banks and its board of directors and/or imposition of penalties.


THISDAY also gathered that some banks were hiding under the authorisation letter from the Accountant-General of the Federation, Alhaji Ahmed Idris, who tried to exempt certain agencies, and was using that as a basis not to comply with the TSA.
But the CBN, in line with its September 9 circular, restated its resolve to punish any commercial bank that failed to comply with the policy on the TSA.


Meanwhile, the CBN has reiterated its resolve not to further devalue the naira.
Speaking in an interview with journalists on the sidelines of his investiture as a fellow of the Chartered Institute of Bankers of Nigeria in Lagos at the weekend, the Deputy Governor (Corporate Services), CBN, Mr. Adebayo Adelabu, said the official position of the central bank on naira devaluation had been made public.


“We all are aware of the official position of the central bank about this, that there would not be devaluation for now,” Adelabu said.
When asked if the central bank would consider the advice by the Emir of Kano and a former CBN Governor, Muhammad Sanusi II, calling on the central bank to devalue the nation’s currency, Adelabu said: “Like I mentioned earlier, we have made our official position known about naira devaluation to the public, there could be comments from different people, but we have stated our official position on that.”
Speaking earlier, the deputy CBN governor said the nation was feeling the effect of the slump in crude oil price, adding that Nigeria’s policy makers failed to diversify the economy during the time of oil price boom.


This, he said was responsible for the pains being felt in the country.
“We all know what is happening globally, and because we don’t operate in an island, what is happening in the global economy is affecting our economy, our communities and even the families.


“The dwindling price of oil and the reduction in oil production are all affecting us and have led to a drop in the country’s revenue.
“Because we rely so much on oil as the primary revenue earner for the country, we have seen where we have found ourselves. Failure to plan, they say is planning to fail. We lost the opportunity to diversify when oil price was high.


“It is periods of boom that we were supposed to have diversified our economy, instead we did not. We thought it was going to remain unchanged forever. Now that we are learning the hard way, I believe we don’t need any teacher to teach us,” he added.
Adelabu also stressed the need for growth of the agriculture sector and for Nigerians to start patronising local products so as to stimulate economic growth.


The Emir of Kano last week advised the CBN and the presidency to reconsider their stance against naira devaluation, saying the country could not continue to live “in denial.” He also called for a complete removal of the subsidy on fuel.

http://www.thisdaylive.com/articles/tsa-cbn-fines-firstbank-uba-n4-82bn-for-concealing-nnpc-funds/223781/

angelo82:


.............The small ''i'' is the problem in that name..............That must be the real symbol of our ''Guy''................

COMPARISON has been the major factor that drives alot into crimes which in turn lead to their early grave.

Why pray to be BIG for NOTHING when GOD have destined you to be SMALL but MIGHTY

Well CONTENTMENT is the KEY.

Mediate on that and have a BLISSFUL WEEK

*ThE OcToPuS*

“We arrested Nweke Pauline Osita with 65 debit cards and Egesiokwu Frank Chukwudi with twenty-four (24) debit cards during screening of passengers on an Ethiopian airline flight to China,” the statement quoted chairman of NDLEA Ahmadu Giade as saying.

The National Drug Law Enforcement Agency (NDLEA) has arrested two suspects in connection with smuggling of Automated Teller Machine (ATM) cards through the Murtala Mohammed International Airport (MMIA), Lagos.

A statement by the NDLEA’s spokesman Ofoyeju Mitchell said Nweke Pauline Osita, 40 years old and Egesiokwu Frank Chukwudi, 41 years old were arrested at the weekend with ATM cards of different banks.

“We arrested Nweke Pauline Osita with 65 debit cards and Egesiokwu Frank Chukwudi with twenty-four (24) debit cards during screening of passengers on an Ethiopian airline flight to China,” the statement quoted chairman of NDLEA Ahmadu Giade as saying.

Giade said that the suspects conspired with others to evade scrutiny from government agencies by opening various bank accounts with the aim of using the debit cards for daily withdrawals abroad.

The director of Assets and Financial Investigation of the agency, Mrs. Victoria Egbase said that the statements of the suspects had been taken under caution and that preliminary investigation points to the fact that the various bank accounts were opened to facilitate withdrawal of money outside the country.

Nweke Pauline Osita, an Onitsha based trader who was caught with 65 debit cards said that the cards belong to friends and business partners.
“I am a trader. I sell men clothes at Onitsha. I was on my way to China to buy goods when NDLEA officers arrested me with 65 debit cards. The cards belong to my friends, relatives and business partners” Nweke stated. He hails from Enugu State and married with two children.

The second suspect, Egesiokwu Frank Chukwudi who has a boutique at Aba, Abia State was found in possession of 24 debit cards. The NDLEA chairman has directed that the suspects be transferred to the Economic and Financial Crime Commission (EFCC) for further Investigation.

Recently, officials of the NDLEA had arrested a trader, Udeh Onuora Pascal who was travelling to China with 108 debit cards. “The arrests is an indication that smuggling of debit cards abroad is one of the latest money laundering techniques employed to evade financial regulations,” the NDLEA said.

http://www.dailytrust.com.ng/news/general/ndlea-arrests-2-china-bound-passengers-with-89-debit-cards/116291.html]

This what CBN over tightening policy is now pushing Nigerian businessmen into and they still want us to believe USD rate is rightly priced (MAD)

Last month when i sold my FBN N6:20 with cool 13% profit and some fellas that dont know NSE is a gambling machine called "THE MORE YOU LOOK THE LESS YOU SEE "were laughing and waiting to sell theirs N10.

Well i'm now patiently waiting for it at @ subN4 as for UBA its either cowboy Tony give it to me @Sub N2 or nothing.

Above all that must be after DEVALUATION else make una and Pa Bubu and Emeliefe dey buy dey sell dey make all the profit e no concern me.

Just finished listening to a stockmarket programme on 98.1 smooth fm. The analysts said the volume of Oando share quadripled between 2013 and 2015, can someone please confirm this information. I also learnt the the loss recorded by Oando is the highest in the history of any quoted company in Nigeria, according to the analysts the loss ought to be higher but for creative according and the loss will continue in 2015 and may extend beyond 2015. They also said the banks who financed the deals do not have problems because of the way the loan was structured, infacts the banks have started getting their money. The people who will suffer loss are Oando shareholders. The company will come to raise more funds, but analysts are not sure if future fund raising exercise of Oando will be successful only until things change for good in the company. Wale has a meeting with analysts at 4.00pm, and some of the questions they hope to ask him will be, 1. Did he pay a good price for the COP asset. 2. Is the COP deal a profitale one. 3. Does he think the timing of COP deal was right.

Image123:


That's July, August, September. How did that happen? Some folks have been crying doom about no cabinet, CBN policy, TSA. Abi zenith bank dey yahoo?

I heard they made the money due to naira devaluation.

According to nairametrics

FBNH and UBA


Lets see how it goes.


Observing in full HD

Oando is the bomb, another set of analysts are talking about the result. They all believed there are hidden losses that will manifest at the end of this year or next year.

Youngzedd:
FBNH and UBA


Lets see how it goes.


Observing in full HD

This news is not in anyway palatable, i think it will have a significant -ve impact on the prices of those stocks going forward.

manie:
Oando is the bomb, another set of analysts are talking about the result. They all believed there are hidden losses that will manifest at the end of this year or next year.

I think oando will need to restructure and try to dispose some of their asses to pay their debt. This result has been cooked the best they can I believe, only future will tell.

They should as well consider coming to mkt to raise fund and might also need share reconstruction to reduce their over bloated share volume of about 12b outstanding shares which I consider very huge in comparison with its peers

FASTEST
FINGERS
FIRST

And the time starts now

http://www.nse.com.ng/Financial_NewsDocs/11123_SEPLAT_PETROLEUM_Q3_SEPT_2015_FINANCIAL_STATEMENTS_OCTOBER_2015.pdf

And to Seplat faithfuls, it is WELL

http://www.nse.com.ng/Financial_NewsDocs/11125_UNITED_CAPITAL_Q3_SEPT_2015_FINANCIAL_STATEMENTS_OCTOBER_2015.pdf

UBA CAPITAL..

not looking bad at all...

PETERiCHY:

FASTEST
FINGERS
FIRST

And the time starts now

Imagine say morgan iTrade just go offline now...

Elai147:


Imagine say morgan iTrade just go offline now...

Enough people for just collapse

30M units on offer and no single buyer....I really pity the oandos faithfuls.

But seriously, Wale tinubu needs serious bashing. Which kind result be this?

Born2berich:
Enough people for just collapse

what is the need , you cant even sell right now , no buyers so why the rush

Born2berich:
30M units on offer and no single buyer....I really pity the oandos faithfuls.

But seriously, Wale tinubu needs serious bashing. Which kind result be this?

Oando is currently been sold at its all year low yet nobody is interested. Oga Lancee, you no buy now so that you can average up your holdings.

Josh121:


what is the need , you cant even sell right now , no buyers so why the rush

Maybe the market makers will come and buy some units

Born2berich:
Oando is currently been sold at its all year low yet nobody is interested. Oga Lancee, you no buy now so that you can average up your holdings.

he he he , make i dey manage the ones wey i get first ..i go buy later to increase my company holdings to 5 percent

lancee:



he he he , make i dey manage the ones wey i get first ..i go buy later to increase my company holdings to 5 percent

there is a news conference by 4pm today i will like to hear what wale will say

Oando conference call come soon @4 pm

-0.44 (4.23%)- EARLY LOSS

What's force behind Access bank.
That stock is defying gravity

Josh121:
there is a news conference by 4pm today i will like to hear what wale will say

Nothing apart from Be Audacious