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Nairaland Forum / Nairaland / General / Business / Economic Crisis: Five Banks’ Profit Drop By N54bn (31910 Views)
Dangote Sugar Posts N54bn Profit Before Tax In 2017 / Top Five Banks Account For 47% Of Industry’s Impaired Credits / Five Banks Dominate Cbn’s $1.1b Forex Disbursements (2) (3) (4)
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Godfullsam(m): 11:49am On Apr 18, 2016 |
Na wa oh I hope they will not sack workers because that is what Nigerian banks are known for. They derive pleasure in downsizing their work force all in the name saving costs and maximizing profits. May God help us. 4 Likes |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by InvertedHammer: 11:49am On Apr 18, 2016 |
/ There you have it. The hand writing on the wall is becoming clearer. The clues are there. Time to move funds out of sick banks or get burned. \ 3 Likes |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by nigeriafilm(m): 11:50am On Apr 18, 2016 |
Even as I don't want to admit our economy is heading for a crash, economic situations each day make me see reasons. 3 Likes |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 11:50am On Apr 18, 2016 |
Mprepz: Who does not exist...there is no such thing as an almighty dullrd. 1 Like |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by maxiuc(m): 11:54am On Apr 18, 2016 |
Team skye bank always flying higher |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by nnachukz(m): 11:55am On Apr 18, 2016 |
Quakertellicus1:When the government puts round peg in round hole you will see a positive effect on our economy. All we see here are people being politically settled with sensitive positions. For instance, what is a barrister doing in power ministry or even works or housing? He will still need to learn, during his learning process the ministry suffers. 2 Likes |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 11:58am On Apr 18, 2016 |
nnachukz: Well...that is what advisers are there for. And anyway...the barrister was a governor before he became works and housing minister. Barristers are not trained to run states. Plus....you really did not answer my question...what policy should the banks and the government follow.? 1 Like |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by amtaken(f): 12:03pm On Apr 18, 2016 |
His policies are affecting businesses and bank patronage. The solution is for him to change his harsh economic policies. Quakertellicus1: 2 Likes |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by WorldChanger7: 12:07pm On Apr 18, 2016 |
I guess this should push the banks into looking at the bottom of the retail pyramid (i.e. Un(der)banked population) which currently control liquidityhttps://www./financial-inclusion-nigeria-challenges-banks-mobile-money-adesanya?trk=pulse_spock-articles Adesiji77: |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 12:09pm On Apr 18, 2016 |
amtaken: To what kind of policies? Let's not deceive ourselves....austerity is in the cards...even if PDP won last year. Unless you have a secret plan to get the Saudis to raise oil prices..... We cannot loosen forex controls...because it would make the already bad devaluation of the naira worse. So...what policies do you have in mind? |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 12:11pm On Apr 18, 2016 |
Quakertellicus1:Oga stop sounding like a broken record. Yesterday when Guinness was retrenching zombies like you blame the mgt of the coy today banks profit ate falling and you still can't see deduce that the head is rooten that buhari is on a lost course WHEN WILL BUHARI TAKE THE BLAME 2 Likes |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by 989900: 12:13pm On Apr 18, 2016 |
The times are hard, but they did themselves in anyways by relying heavily on government money, and fraud. 2 Likes |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 12:18pm On Apr 18, 2016 |
Fedayeen: What we are witnessing now is what happens when oil prices fall. It would have happened if GEJ won...and you would have been calling Guinness saboteurs...while I would have been blasting GEJ. But underneath this whole crisis,is a truth the two of us must both face. Our resource dependency since independence is no longer sustainable. Time we worked for our money. |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by FullDepth1: 12:22pm On Apr 18, 2016 |
Quakertellicus1: And how do you intend they get off relying on Crude To be able to sustain this country ? (PS: don't mention Agriculture, I'm tired of hearing that) |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 12:27pm On Apr 18, 2016 |
FullDepth1: 1.Thank you very much for your agric comment! I too don tire! (Although for agric....we need more large commercial style farms too...if we want increased revenue from there. But...agric's day is done. Everybody does it...and price drops are even worse than the one for oil). 2.For now...if I was in charge...I would increase spending on power, and also fix the transmission system too. (That is a priority). 3.On education, I will raise university fees, and reduce government funding for universities by making then autonomous. The saved cash can go on technical education. Nigeria needs technicians, not clerks. 4.I will also spend more on rail. 5.Austerity....raised taxes, reduced spending elsewhere.Also...tough on corruption. 6.Ten years from now...we would be more reliant on industries. 7.These industries too must be competitive to survive in the global market...which means ploughing back some of their profits into education. 1 Like |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 12:30pm On Apr 18, 2016 |
I use ecobank. I hope nothing will happen to the billions in my account |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Reference(m): 12:30pm On Apr 18, 2016 |
Quakertellicus1: That is it. You know the answer but you and your President won't admit it. Yet you look for another solution, just to argue. Liberalise the currency markets, period. How can it be worse than this. When you release FX controls those hoarding and speculating will loosen up. Those who are afraid of bringing it in fearing they will not be able to take it out again will be encouraged. The government just wants to control the factors of production for which it has no means. like a father who does not bring in the proverbial daily bread yet does not want his wife to work and expects three square meals....irresponsible government. How much FX does the government generate to make it control the market. This is the result, enjoy. I will not sell my FX, period, let it remain in the banks, neither will I bring in the little I have abroad. 1 Like |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 12:35pm On Apr 18, 2016 |
Reference: Loosening the forex only makes the bad situation worse 1.It means we have less dollars to buffer the naira...leading to raised prices for imported goods and raw materials...fueling inflation. 2.It also means we have to take more and more loans to balance the books...leading to increased debts. The thing is....most Nigerians do not want austerity. Neither does the government. Nigerians want to love as if oil is still above 100 dollars. |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by amtaken(f): 12:56pm On Apr 18, 2016 |
If you wish to consult me to provide solutions to the issues affecting the country you do it officially. I cannot give my well researched ideas here and someone else will go tender it as his/hers. Buhari's economic policies as regards to forex, abrupt ban on importation of most goods without prior notice or alternative plans, indecision as regards to subsidy payment or lack of it, banking policies etc are affecting our country negatively. Quakertellicus1: 1 Like |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by billyG(m): 1:00pm On Apr 18, 2016 |
It is high time fed.govt probe those Banks,scrutinise the bank MDs bank accounts,they shld list those they gave the Loans,with all there crazy bank charges frm customers,with holding govt.taxes,hidden govt. remitances,Round Tripping,stealing dead pple dividends on shares,coniving with corrupt officials to launder money they still complain of economic distress.Haba |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Springz(f): 1:02pm On Apr 18, 2016 |
Quakertellicus1:Isn't it 'your' country too? |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by edoziebobbyyahoocom(m): 1:05pm On Apr 18, 2016 |
My bank no dey dere...... |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Gbengazzee(m): 1:16pm On Apr 18, 2016 |
I am so amaze how quick Nigerians are heaping the blame on our president. The past government should be blamed for the failure to invest wisely the revenue gained from the sales of oil price into development of key sectors of the economy. The economy shake-up we are witnessing now is due to the drop in the global oil price in which in turn reduce our oil revenue and which we should expect that it will affect the economy since Nigeria is solely dependent on oil. This is really a trying time for the economy because there is no enough more to go round. The solution to this problem is diversification, so that we wont have to suffer each time there is a significant drop in price of crude oil in the global market. |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Pidggin(f): 1:21pm On Apr 18, 2016 |
amtaken: Hope you know that there are paid government agents who are experts at social engineering on NL, be conscious of this. Your ideas will he taken and sold to the government |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Cuteamigo1(m): 1:26pm On Apr 18, 2016 |
so banks earn profits in billions of naira and yet they can even maintain and decent workforce and end up paying peanuts as salary. God is watching. |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by SarahD(f): 1:39pm On Apr 18, 2016 |
Another problem we have in this country is the method of operation of these banks in Nigeria. Banks are meant to be sources of finance to investments in the Nigerian industry. We give them our money to keep for us, instead of them to collaborate more with the government, give loans to those who are willing to invest in agriculture and other manufacturing industries, they are busy chasing oil and dollar. They prefer to finance importers, invest in foreign exchange and oil companies. If they can give loans for industrialization, with government back up and insurance, they will help develop this country and continue to stay in business. |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by yusufyusuf1: 1:40pm On Apr 18, 2016 |
Thank god say uba no dey among I for sharply go withdraw my change |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by FullDepth1: 2:18pm On Apr 18, 2016 |
Quakertellicus1: Wait, are you just typing because I asked you not to talk about Agriculture ?? 1) What is your minimum wage, that you intend to raise Taxes and Public School Fees ?? 2) So apparently, the Parents of those who are under your stipulated Minimum wage, who have more than 2 kids in your Newly Priced Public schools, will be paying to Fund the School development, And also Fund the fees of Technical School Creation?? 3) The govt has already raised taxes (PHCN) without providing the Light itself. So you plan to do the same ? Eg: Placing Toll Gates on Bad roads, just to Tax the road users Is this your new plan to raise funds ? Wait, pls tell me you are joking, or being Sarcastic! |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by Nobody: 2:23pm On Apr 18, 2016 |
FullDepth1: We raise university fees....and fund deserving students who cannot pay via grants and scholarships. We also have to redirect fudning to pry, secondary and technical colleges. We lack techinical poeple....and there are jobs waiting there. ) So apparently, the Parents of those who are under your stipulated Minimum wage, who have more than 2 kids in your Newly Priced Public schools, will be paying to Fund the School development, And also Fund the fees of Technical School Creation See my above point. 3) The govt has already raised taxes (PHCN) without providing the Light itself. So you plan to do the same ? First....PHCN does not exist. It is now DISCOS AND GENCOS. Govt only does transmission now. Once privatization happened...price increases were inevitable. To conclude.... What else do you expect,? We can run an austerity govt now....... Or we can take a big fat IMF loan, and pretend we are rich. We have no money. That is why corruption must be fought. They are stealing from a poor treasury. |
Re: Economic Crisis: Five Banks’ Profit Drop By N54bn by FullDepth1: 2:31pm On Apr 18, 2016 |
Quakertellicus1: You think to run a country is as easy as you type? You Wake up one morning and increase all Public School fees. Increase all form of Taxation, withdraw funds and support from all Schools.. ?? I'm just here, looking at your face, and Laughing. You are funny. 1 Like |
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