₦airaland Forum

14 Equities Fall Below 50 Kobo in Five Days
https://www.businesspost.ng/2018/02/04/14-equities-fall-50-kobo-five-days/

GCR Affirms Union Bank’s National Scale Rating of BBB+(NG)
https://www.businesspost.ng/2018/02/04/gcr-affirms-union-banks-national-scale-rating-bbbng/

locodemy:
Dear chibuking.
Only to come back from church and saw your write up.
Happy birthday and more years of blessings.
I pray as ETERNA oil go for their court case in a forthnight,may victory be their portion.
May Eternal oil bring sucess in your portfio.
May you sell your Eternal oil @ #20.................Amen.

Amen from all of us in Eterna family.
Dr Agbalowomeri (PhD) used to be Eterna chief driver, I don't know whether he has abandon the ship, or he is still on.
ihedioramma will soon join Eterna vehicle.

When I was shouting and announcing about Dangote flour starting from last year March/ April, many Nicodemusly enter the vehicle, it was when the vehicle was heading to 200 km, passengers gradually bringing out their head from the three board, little by little.

By June this year, we shall know those that answer the clarion call.

Godisfaithful:
http://www.nse.com.ng/Financial_NewsDocs/19908_TRANCORP_PLC_-_9_MONTHS_SEPTS_2017_FINANCIAL_STATEMENTS_OCTOBER_2017.pdf

Thanks Myjoy.

Happy Sunday BnStil,

Please how can i know if a company has a positive or negative cash flow from the financial statement OR is it the same as Cash and bank balance under cash and cash equivalents ?
Thanks.

Chibuking81:
Amen from all of us in Eterna family.
Dr Agbalowomeri (PhD) used to be Eterna chief driver, I don't know whether he has abandon the ship, or he is still on.
ihedioramma will soon join Eterna vehicle.

When I was shouting and announcing about Dangote flour starting from last year March/ April, many Nicodemusly enter the vehicle, it was when the vehicle was heading to 200 km, passengers gradually bringing out their head from the three board, little by little.

By June this year, we shall know those that answer the clarion call.

I have assigned him to carefully deliver Nepotistically Malfunctioning/Analogue Buhari back to Daura and bring a digital guy to Aso Rock Villa....
Trying to figure out the mood of NSE after Buhari....

NB: Na IBB talk am...... https://www.nairaland.com/4329231/ibrahim-babangida-tells-buhari-step

Jejebaba:
Happy Sunday BnStil,

Please how can i know if a company has a positive or negative cash flow from the financial statement OR is it the same as Cash and bank balance under cash and cash equivalents ?
Thanks.

Use this link

https://www.wallstreetmojo.com/fcfe-free-cash-flow-to-equity/

Coolcash1:
Use this link

https://www.wallstreetmojo.com/fcfe-free-cash-flow-to-equity/

Thanks boss.

Dem don shake me out too.. now I'm having headache since Friday

Godisfaithful:
http://www.nse.com.ng/Financial_NewsDocs/19908_TRANCORP_PLC_-_9_MONTHS_SEPTS_2017_FINANCIAL_STATEMENTS_OCTOBER_2017.pdf

Please are these results good enough to encourage investors in your humble opinion?

MSCI MOVEMENT FOR FRIDAY 2 FEBRUARY 2018

For the first time, the Fund took away some of the cash in its portfolio. Probably in search of opportunities elsewhere.

This is not surprising considering the decrease in the NAV for the week.

For the coming week, there is high possibility of the market dropping or consolidating at best as there is a supply point ahead as per the NSE chart below.

This NSE is obeying the rule of technical analysis. Now the following week (starting 12 February will be a good time to start doing some earnings play).

Caution: Investing is a risky venture. This is just my opinion and I cannot be liable for any loss suffered as a result of following this recommendation All data used are assumed to be correct, but you may need to verify some of the figures independently. You can check data at https://www.globalxfunds.com/funds/nge/ for the movement in the MSCI Nigeria fund

yok:
MSCI MOVEMENT FOR FRIDAY 2 FEBRUARY 2018

For the first time, the Fund took away some of the cash in its portfolio. Probably in search of opportunities elsewhere.

This is not surprising considering the decrease in the NAV for the week.

For the coming week, there is high possibility of the market dropping or consolidating at best as there is a supply point ahead as per the NSE chart below.

This NSE is obeying the rule of technical analysis. Now the following week (starting 12 February will be a good time to start doing some earnings play).

Caution: Investing is a risky venture. This is just my opinion and I cannot be liable for any loss suffered as a result of following this recommendation All data used are assumed to be correct, but you may need to verify some of the figures independently. You can check data at https://www.globalxfunds.com/funds/nge/ for the movement in the MSCI Nigeria fund

Double top formation loading.....

Oga yok.Abeg na which companies dey don begin sell? I hope no be diamond bank?

HBD...oga chibuking[color=#990000][/color]

Chibuking81:
Amen from all of us in Eterna family.
Dr Agbalowomeri (PhD) used to be Eterna chief driver, I don't know whether he has abandon the ship, or he is still on.
ihedioramma will soon join Eterna vehicle.

When I was shouting and announcing about Dangote flour starting from last year March/ April, many Nicodemusly enter the vehicle, it was when the vehicle was heading to 200 km, passengers gradually bringing out their head from the three board, little by little.

By June this year, we shall know those that answer the clarion call.

Brother am in the jeep (Eterna) befor you come in but just small units . ONE LOVE .

DeRuggedProf:
Double top formation loading.....

Another perspective

samzepaparazi:
Please are these results good enough to encourage investors in your humble opinion?

Sir, based on their year 2017 3rd quarter result, there’s an improvement compare to 2016. One thing we have to understand in NSE, some stocks defile results irrespective of what we think about the company

Let’s have a blessed and fruitful week

Godisfaithful:
Sir, based on their year 2017 3rd quarter result, there’s an improvement compare to 2016. One thing we have to understand in NSE, some stocks defile results irrespective of what we think about the company

Let’s have a blessed and fruitful week

You are right my joy.Again.........
It is a #7.50 stock whether good result or bad.
Looking at their last corporate action notice to NSE on friday evening,you will know that dividend is smelling around the corner pointing to a good result.

This makes me sick to the stomach. The public sector and private sector are one and the same. We are all just pawns in the game.

Nichee:
Skye bank audit shows negative capital position of N730bn

courtesy BusinessDay

…Mainstreet Bank acquisition partly financed with depositors funds

…Former GMD, Treasurer, CFO fingered

…CBN working out forbearance package to fill hole

(my comment - Nigeria has rewarded too many people for being inept, greedy, and outright criminal. these bankers have no right to criticize the civil servants and politicians. they aren't any better)

A forensic audit commissioned by the new board of Skye bank and carried out by KPMG and PWC has shown that the tier-two lender had a negative capital position of N730 billion by the end of June 2017.

The central bank stepped in to replace the chief executive officer, chairman and 10 other directors of Skye Bank Plc on July 4 2016 after the nation’s eighth-biggest lender consistently breached cash and liquidity ratios.

The new board then engaged KPMG and PWC to carry out a forensic audit in order to ascertain the state of affairs and financial position of the struggling bank which last filed a financial statement in 2015. Despite sending a notice to the Nigerian Stock Exchange in June 2017 that it would realease its 2016 financials within the quarter, the results have not been released yet.

A document seen by BusinessDay showed that the bank had a negative capital position of N690 billion as of December 2016, which then worsened some 5.8 percent to N730 billion as of June 2017.

“Contrary to the 2015 financial statements, which indicated a loss of N42 billion and erosion of capital to the same value, the draft report for full-year 2016 audit revealed a negative capital position of N690 billion as at December 2016,” according to the document signed by the bank’s Chairman, Muhammad Ahmad, Group managing director/CEO, Adetokunbo Abiru and company secretary, Babatunde Osibodu.

“The major reasons for this position are impairment of loans to the tune of N529 billion and transactions in suspense to the tune of N280 billion, relating to balance sheet and profit and loss manipulations from 2006 to 2016, and direct and apparently fraudulent cash withdrawals by certain individuals,” the document stated.

Skye bank traded at N1.28 per share as of 2pm on Friday, down 17.42 percent from a 52-week high of N1.55 set on January 23, according to Financial Times data.

On receiving the report from the forensic audit, the bank’s board set up a special Investigation Committee to look into circumstances surrounding the N280 billion in “suspense”.

This was in order to identify possibility of recoveries and to recommend appropriate sanctions against culpable individuals.

The amount was linked to some N29.5 billion spent in acquiring Mainstream bank in addition to a purchase price of N126 billion, manipulation of the bank’s accounts, and some N7 billion disbursed to individuals and corporates without due process.

The bank’s current Chief Financial Officer (CFO), Pius Olaoye said the unreconciled debits in the balance sheet dated back to 2006 and profitability, liquidity and capital ratios were managed on a month by month basis throughout the year, with contributions from various departments.

“The head of risk would identify the obligors to be managed to mask their loans which were going bad,” according to Olaoye. “The bank would then arrange to fund the customer’s account by routing the funds through third parties, so that it would appear as if the accounts were performing, when in reality they were not,” Olaoye said.

On the N126 billion acquisition of Mainstreet bank, Olaoye said it was financed by free funds of N80 billion, but the balance of N46 billion had to be funded, with some N15billion of depositors funds forming a part.

According to Olaoye, the former GMD, Treasurer, CFO, and head of strategy were in on the project to disguise the true picture of the bank’s accounts.

Former CFO, Kunle Adedigba said the bank has operated two books of accounts since inception, when in order to disguise the capital shortfall of some N6 billion, deposits were supressed and netted off against assets.

“Everyone in top management (at least the executives) knew this was going on,” Adedigba said.

Kolade Ojo-Osagie, the bank’s treasurer since 2010 said the GMD periodically instructed him to move some funds to Abuja, as he explained the N28 billion cash withdrawn showing in head office suspense pertaining to the Mainstreet bank acquisition.

“Many of the payments were to people who were helping with the Mainstreet bank acquisition.”

Former GMD, Timothy Oguntayo, who held the post from April 2014 to July 2016 denied any wrongdoings.

Oguntayo said he was unaware of balance sheet management but admitted to paying lobbying fees to “several influential individuals,” which had “become necessary because some issues arose after payment of the purchase price in October 2014.”

“Firstly, the CEO refused to hand over and secondly, there were several petitions objecting the bank taking over. The bank had to engage some friendly senators and other influential people to help lobby and ensure regulatory approval,” Oguntayo said in an interview with the auditors.

The bank’s GMD between 2006 and 2010, Akinsola Akinfemiwa said he had “no real information” about what went into the suspense accounts. Most of the time, he had not been involved in the nitty-gritty of the accounts.

Both GMDs denied knowledge of the bank’s dual reporting system which had come to light after the audit.

Kehinde Durosinmi Etti, GMD between 2010 and 2014 said he was dumbfounded when after assuming office was briefed by the CFO of the unreconciled items held in suspense accounts.

In what seemed to indict Akinfemiwa, Etti said he “immediately drew a line under the previous practice of doctoring figures and stated reporting figures as they were.”

He said he didn’t raise an alarm with regulators because he wanted to get to the bottom of this first, and by the time he was leaving, the board had set up a committee to look into the matter, but he wasn’t privy to the report of the board which came after he had left.

As the investigation into the bank progresses, invitations for interviews have been extended to various persons and entities that benefitted from the various sums disbursed from the suspense account and whose accounts funds were disbursed for purpose of avoiding their loan from being classified as non-performing loans since 2006.

Nigerian lenders struggled to make money and extend credit with unpaid loans on the increase in an economy that slipped into its first full-year recession in 25 years in 2016, hurt by the plunge in oil prices and a lack of foreign investors.

Improved oil prices and production have however helped lift the economy from recession in the second quarter of 2017, with banks benefitting.

Skye Bank has failed to report annual earnings for 2015 and 2016 after it combined its operations in June 2015 with Mainstreet Bank Ltd., which was rescued by regulators during Nigeria’s banking crisis of 2009.

“The bank is gone,” one financial analyst told BusinessDay on condition of anonymity.

“A negative capital position of N730 billion, and the fact that it probably worsened since then, coupled with the N25 billion capital regulatory minimum for banks means an investor would need a short crawl from a trillion naira to snap up the bank, and I cant see that happening.”

Sources at the bank said a forbearance package was been worked out, but didn’t have detailed information. It is understood AMCON is involved and it is expected to cover 25 years.

“The CBN could opt to create a bridge bank to safeguard depositors’ funds,” a banking source said.

Analysts say it’s a big indictment for the CBN that it sanctioned the acquisition of Mainstreet bank by Skye bank despite the latter being in dire capital straits.

On August 06, 2011, the Nigeria Deposit Insurance Corporation (“NDIC”) and the Asset Management Corporation of Nigeria ("AMCON" after intensive negotiations through the night, announced that they have signed an agreement for AMCON to acquire Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited; being bridge banks created to acquire Afribank Plc, Bank PHB Plc and Spring Bank Plc respectivel

shina88:
It is Amibroker but i have to get data feed to input on it

Pls how do i get data feed into it sir. Really need your help

This NSE corporate disclosure page is not helping matters oo.just logged in and there is this annoying circle that keeps rolling to infinity.abeg how una dey do am.

DOLLARTEX:
This NSE corporate disclosure page is not helping matters oo.just logged in and there is this annoying circle that keeps rolling to infinity.abeg how una dey do am.

http://www.nse.com.ng/Listings-site/corporate-disclosure-site/Pages/default.aspx
Try this, I hope it will help

@ Currentprice, Bros please what's your "bedsheet/system" fair price for UACN? Also what's your take on the stock - sell, buy or hold? Cheers

locodemy:
You are right my joy.Again.........
It is a #7.50 stock whether good result or bad.
Looking at their last corporate action notice to NSE on friday evening,you will know that dividend is smelling around the corner pointing to a good result.

Please, when is the likely dividend ANNOUNCEMENT date.
@Chibuking, happy birthday wishing you better strategic moves as you enrich your wallet.

phemmie06:
http://www.nse.com.ng/Listings-site/corporate-disclosure-site/Pages/default.aspx
Try this, I hope it will help

vola it works.I owe you something,should I send someone to prepare you a breakfast?I mean breakfast in bed

DOLLARTEX:
vola it works.I owe you something,should I send someone to prepare you a breakfast?I mean breakfast in bed

Dinner in bed should be better

Agbalowomeri:
Dinner in bed should be better

lol

Agbalowomeri:
Dinner in bed should be better

Those midnight dinner are not better than early morning (as early as 5am) breakfast in bed. Especially during winter!

mendes911:
Those midnight dinner are not better than early morning (as early as 5am) breakfast in bed. Especially during winter!

Hmmmm are we still talking about food?

mendes911:
Those midnight dinner are not better than early morning (as early as 5am) breakfast in bed. Especially during winter!

Na 'sare' you dey chop ni?