₦airaland Forum

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SonofElElyonRet:
Safe to conclude that Chuka Mordi has failed on his promise to acquire the "significant agricultural asset".... What else is remaining to look forward to from Ellah lakes

NSEstudent:

Ella lakes will shock people soon. the clowns managing it have been cunningly acquiring huge amount of the shares at N10 waiting for a time they will acquire so much

all the misiles where intercepted midway. so who are we to believe fundamentals or Zionist

God1000:
God bless almighty Iran for fighting against these evildoers, this is a fight for justice and national sovereignty

Stockpromoter:
When we discovered TIP 3 years ago,insiders were selling TIP at N1 and people were screaming about it.We mopped and later sold during the rally at N4.
Today,it's history.
Where are the insiders that sold Tip at N1?

VFD is a stock to watch.
Loco no dey go where food no dey.
We go see with our eyes if VFD is a Northern candidate or not

lie lie loco.
what about those insurance company you promoted

The police should muster all their energies in bringing back the abducted children

Do not be humiliated by a man who reads from a script he cannot understand,

Please mention one thing our leaders can understand

did Nigerian factors happen to him or what

virus might end human if care is not taking

DUE TO LACK OF TRUST AND TOO MUCH LIES FROM GOVERNMENT
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“The population is not sufficiently informed or made aware of what is happening. To members of the most remote communities, Ebola is a White man’s invention; it doesn’t exist,” Mambele remarked.
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Tensions flared Thursday when the relatives of a young man who died of Ebola tried to take his body “by force” from the Rwampara Hospital, according to Luc Mambele, vice president of Congolese political party A2RC.

cry cry baby i wanto see your mother and your father

He said: “We have done our technical evaluation in line with the President’s directive. Putting safety over and above every decision, we have seen that, for now, we are safe, but we won’t get to a situation where any Nigerian on this bridge will not be safe. We have agreed on three procedures.”

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having being a resident of Lagos i wan to use this opportunity to thank The Minister of Works, Senator Dave Umahi, our caring President Bola Tinubu and the Federal government for the timely intervention of the repair of those bridge for they are very old
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Please Ohh whoever has this man contact should please informed him that there is very big hole on marine bridge that has almost attempting to swallowed a whole danfor and korope . if you are about to ascend the bridge from Ijora causeway.
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Also if you are descending marine bridge unto Ijora Causeway before the river one section of the causeway has partially collapse and it need urgent attention

This is to inform you that the 4 th Annual General Meeting (AGM) of Access Holdings Plc is scheduled to hold as follows:

Date: Wednesday, 10 June 2026

Time: 10:00 AM

Venue: Balmoral Convention Center, Federal Palace Hotel, Ahmadu Bello Way, Victoria Island, Lagos

Kindly note that the meeting link will be shared on Tuesday, 9 June 2026.

Please click the links below to download the Notice of Meeting and Proxy Form.

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what do they want to discuss

For a man and want to sustain relationship to avoid boredom; Always get your woman to do something for you. If she declines, the process of you sweet talking her into doing that task or favour and when she eventually does it, will improves the bond in the relationship, women likes to be invested in something emotionally to commit so much interest into it full time, now the more you win over that interest along with her compounded effort of so much tasks and favours done. She would have no choice but to always go with the flow and not see boredom.

Boredom can't steal that (task and favour) part away easily due to emotional investment which people like to call sunk cost fallacy.

What I just explained is what bad boys do to innocent girls which makes these girls crave them, because these boys always push them to their limit to do the most bizarre things with them in the guise of task of favour— and for some reason, she feels fulfilled after doing it. It's the same logic that allows a cheating married woman easily gives up annal sex to her bad boy but turns down husband repeatedly romantic sex.

Same reason, Bonny and Clide were that close till the extent of robbing people and banks together.



Then for women, to cure relationship boredom — Do things with your man especially things he loves, like watching football etc; at the same time, always put yourself in position where other men will desire you or seek you, dress to excite him, take care of yourself like you still in the dating market activity seeking a man, intantly the value of your stock shares held by your man will instantly go up in value, boredom will evaporate. but if all these fails then the next thing is to:
the best thing to do is to walk away

who pull the trigger
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Muslims
or Hater of Islam

what is the total amount of units that they are to do buy back

emmanuelewumi:
At this stage the management of Zichis should call up with a share buy back plan in order to restore traders confidence

are you talking of LOCO and stockhunters promoting Royalex at N2 promising it will get to 100 withing 6months

Seunn11:
The thinking that some people have exclusive call on stocks on this forum is dangerous for those who outsource their analyses.
No one was more against OANDO on this forum more than a particular elder on this forum. Any gains on the stock's share is always a trigger for viperous outbursts everytime. I even thought that he must have lost a great deal trading the stock. However, by his own admission, he never owns a single unit of the stock!!!!

What then was his grievance about?

Perhaps there is a new phenomenon that we can refer to as 'Anger of Missing Out' (AMO). The 'experts' think that if they did not see a new high potential stock in the horizon, then it should not appear. It should die before it grows.

No stocks suffer this bitter venom spitting more than Ellah, Oando and Zichis... in the hands of this 'elder stockman'.

a kwantry with weak purchasing power

preach on to those hungry for dividend

emmasoft:
Some Banks and zero dividends, my thoughts.

It is no longer news that some banks have disappointed investors with respect to dividend payments this year.

Here is my perspective.

This situation reinforces a timeless investment principle: past performance is not a guarantee of future returns.

Banks such as First Bank, Access, UBA, Fidelity, and, from all indications, FCMB have consistently paid dividends over the past five years (at least). However, this year proved different.

While this falls short of investor expectations, particularly regarding dividends, it is important to note that these institutions are not fundamentally weak. In fact, their financials still show promise. Therefore, investors should look beyond dividend payouts for a moment and make informed, objective decisions. Avoid sentiment; some of these stocks may represent undervalued opportunities, especially for long-term investors.

Some Key Lessons:

1. Regulation is Improving
The regulator’s (CBN) ability to halt dividend payments has positive implications. It reflects stronger oversight and discipline within the financial system.

If this were between 2006 and 2010, dividends might still have been paid despite underlying concerns. Today, stricter regulation means that our investments are arguably safer and better protected.

2. Short-Term Disappointment vs Long-Term Value
This situation can be likened to a wedding and a marriage.

Dividend (wedding) = one-time expectation
Investment (marriage) = long-term commitment

We should not abandon a fundamentally sound investment simply because one expectation was not met.

3. Opportunity in Disguise
Before these announcements, stock prices were significantly higher.

Now: UBA trading below ₦45, Access trading below ₦25, which were even lower immediately after the results were released to the market.

These price drops may present attractive entry points for discerning investors. Little wonder Oga Nosa shifted from ETI to Access

4. Re-evaluate, Don’t React
Before selling off these stocks, ask yourself:

Has my investment objective changed?
Is this issue temporary or structural?
Do the company’s fundamentals still show strength?

One incident should not automatically invalidate a long-term strategy.

5. Always Expect the Unexpected
No matter your level of expertise, unforeseen events can occur.

Here is what investors should always do:

Prepare for downside risks (prepare for the worst, hope for the best)
Maintain diversification
Stay grounded in your strategy

6. It’s Not Just Banks
Even strong companies in other sectors, such as Cadbury and Nestlé, have also disappointed investors in terms of dividends despite solid results.

This reinforces the reality that no investment is risk-free.

In conclusion

This situation highlights a critical risk:
Even fundamentally sound companies may not always deliver dividend returns.

To new investors who are just coming in and still in their babe steps, don’t be discouraged. Investing in quality stocks remains one of the most effective ways to build and grow wealth over time.

Stay informed. Stay objective. Stay patient.

Remember: the goal is to make money with minimal or no tears!

Wishing you all a greener portfolio in the days ahead

buy NDIF, MoREIF NREIT they pay more than 20% of your share price as dividend with price appreciation over time

ehay:
Please can someone help me with this, if a very sound retirement stock does x8 can I sell and rebuy when the price falls again or do I ignore it and watch it rise and fall.

you correct

Streetinvestor2:
I don't know the percentage but they pay above 60% of thr eps as dividend as they are rent income earners .Sometimes you see some pay above 80% of thr eps.The only problem is thr SP no dey appreciate any how.It is stable and predictable income returns for the pension guys

are you saying paying as high as 21% is mandated by the regulator

Streetinvestor2:
They are mandated to pay out high percentage of thr eps as dividend by the regulator. They are into real estate. So thr incomes are mostly rent

NIDF -
MoReit
NREIT
CNIF
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Please house can any explain why thees stocks are paying so much/high dividend to the shareholders.
How are they making such amount of (Fictitious)money

i specialised in developmental economics so i can tell you that these cliche is totally wrong.
Bad government policies impoverished the people faster than any other thing just note that no body will purposely make bad choice if given the chances

nosa2:
This Una conversation dey do me to enter.


Everybody cannot be rich but plenty poor people are poor because of their bad choices. One of those choices is not taking responsibility for their destiny

if they have this amount of money then why the public offer

KarlTom:
It ain't really expensive.

That amount can be viewed as commitment fee towards the proposed acquisition... (See note 13.1)

what is the implication of this expensive statement by ella lake
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A deposit of ₦1,500,000,000 placed in an Escrow account in connection with the proposed acquisition of Agro-Allied
Resources & Processing Nigeria Limited remains outstanding. This deposit is included within Cash and Cash
Equivalents and will be applied towards the acquisition consideration upon completion, or returned to the Company in
the event the acquisition does not proceed (see Note 13.1 and Note 32).

ella lake is having a free float of 60% how come

what do we expect from tinibu reporters

APC Lawmaker Atanda with claw mark face that fought with a wild lion, tiger and boar combine.

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Oh tinubu is stearing nigeria in the right direction

Access Bank did very well the bad result was from the group

Willie2015:
Access and UBA na twin brothers...

very and seriously complex but true

Harddiskng:
Lol i am working for myself oo

Apart from education my parents no give me shi-shi, or elevate my financial life in anyway.

I go chop the fruit of my labour, my children can enjoy wetin remain.

i hate insurance company with so much passion that since the 1999 i started reading and later start trading stocks i have never touch any

feelamong:
if Insurance coys never trap your funds for NGX, means you have not played the market long enough

That is probably why many big players never touch those Insurance coy shares unless they want to have a seat on the board

Nigeria: CBN, Union Bank and Bad Faith


Recently, two articles were published in multiple media outlets, both print and digital, about Union Bank of Nigerian (UBN) and the recent Federal High Court judgment.

One was entitled: "Union Bank: How controversial transactions led to CBN takeover", while the other was entitled "Audit links multi-billion naira abuse to old Union Bank management".

As a lawyer, I naturally became curious as both articles were published at the same time in different newspapers by two different authors. However, the contents were almost identical. I doubt it is a coincidence. Or maybe, both authors had a telepathic subliminal connection that psychologists across the world will need to study. As we think about this journalistic miracle, let us unpack the facts of the matter.

In any case, what were these articles about if not to woodhink and deceive the public? The articles were written even when the Central Bank of Nigeria (CBN) which the judgment was against has filed an appeal against the judgment. So why the attempts to misrepresent facts?

A judgment by the Federal High Court (FHC) nullified the sacking of the former Board and Management of UBN by the CBN and declared the CBN's actions were in bad faith. This is a landmark judgement.

Furthermore, the judgement instructed the CBN to immediately restore the sacked Board and Management and also awarded $190 million to the shareholders. The CBN immediately responded by filing an appeal and requested for a "Stay of execution". For the appeal, the CBN sacked some of its lawyers and appointed over 15 SANs.

I felt professionally compelled to fully grasp the issues that warranted this judgement and subsequent reaction. I obtained and read the 110-page Certified True Copy (CTC) of the FHC judgement and here is what I elicited:

Firstly, Titan Trust Bank (TTB), established in 2018 by TGI group via two subsidiary entities, Luxis International and Magna International, acquired UBN in 2022 from Atlas Mara and Union Global Partners Ltd, both UK based private equity groups (UBN's owners on record).

I found this interesting as the general belief was CBN and AMCON sold UBN to TTB. The second discovery was TTB funded this acquisition using a mixture of equity from TGI and a loan from Afrexim Bank.

In the court records, there are documents that showed that immediately after acquiring UBN, TTB commenced the process of merging both banks and also sought CBN's approval to create a Holding Company (HoldCo) similar to First HoldCo Plc and Access Holdings Plc. This HoldCo was to own the merged TTB/UBN entities and also take over the Afrexim acquisition loan. According to the court documents, by December 2023, CBN approved the merger but did not approve the HoldCo.


The shareholders argued this is the reason the Afrexim loan remained in the books of the merged bank. But in last week's articles, this loan was weaponised to justify the sack of the Board.

In the case author of the articles were not thoroughly briefed on how the crisis started, it stemmed from the CBN's January 2024 intervention, when it dissolved the boards and management of Union Bank, citing "regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability".

At the time, the apex bank cited provisions of BOFIA, including non-compliance with licensing conditions, threats to financial stability, failure to adhere to regulatory directives, and undercapitalisation. It subsequently appointed interim management teams and initiated recapitalisation and restructuring programmes as part of broader regulatory interventions in the banking sector.

The Federal High Court set aside the actions of the CBN on various grounds, including denial of the Union Bank's directors their right to fair hearing.

On the issue of fair hearing, the court held that the applicants' fundamental rights were breached, noting that they were sanctioned without being allowed to respond to allegations arising from a purported special examination of the bank.

The judge found that the applicants' shareholding was reduced from 100 per cent to 40 per cent and that they were excluded from participating in the recapitalisation exercise without legal justification, describing the actions as indicative of bad faith.

Although the CBN defended its intervention as part of its prudential oversight, citing severe financial distress at the bank--including a negative capital adequacy ratio, a capital shortfall exceeding N224 billion, and a high non-performing loan ratio--the court held that such regulatory powers must be exercised strictly within the confines of the law.

On jurisdiction, the court ruled that Section 51 of BOFIA does not shield the CBN from judicial review where it acts outside its statutory powers. It also held that the actions of the CBN-appointed board were subject to review, describing them as agents of the CBN. It went further to dismiss procedural objections raised by the respondents, holding that the applicable rules of court were directory and not sufficient to defeat the suit.
The court also found that the applicants suffered a "continuing injury," noting their exclusion from management and decision-making processes between January 2024 and December 2025.

On damages, the court acknowledged that the respondents admitted the applicants invested $190 million in the bank but declined to award additional claims in the absence of oral evidence.

For many observers and industry players, the red flag was how can you approve a merger today and sack the Board tomorrow? The judge asked the same question in his judgement. Another red flag was a few weeks after taking over, the CBN appointed Managing Director wrote to the CBN stating that she had put the HoldCo process "on hold until further notice". To me, this appears like a classic case of setting up a robbery operation and tipping off the police at the same time.

The forensic report described in the recent articles implied that the Afrexim loan was the genesis of CBN's actions. But from what I have read, I can only conclude that the loan remained in the books of the bank because the CBN refused to approve the HoldCo or the numerous requests by the shareholders to pay down the loan. In any event, there was no evidence in any court submission by the CBN, written or verbal, that showed UBN was a threat to financial system stability.

This takes me to Page 104 and 105 of the judgement, where it explicitly states the CBN did not submit any "examination report" to the court as evidence to support its actions. The judge said the CBN could not conduct a Special Examination "in the air" buttressing the claim by the former Board of Directors that there was no special examination of the bank at the material time.

Another interesting issue I came across in my review was the CBN's attempt to sell 60% of the bank without the knowledge or approval of the existing shareholders. On page 105 of the judgement report, the judge said this action showed "bad faith" and "breach" of shareholders "fundamental rights".

After thoroughly reviewing the court documents, in my professional and objective opinion, I do think there is more to CBN's action than meets the eye. I am left with more questions than answers.

Why did the CBN not conduct the mandatory and legally required examination before sacking the UBN Board led by Mr. Farouk Mohammed Gumel? Why were the forensics conducted after the dissolution of the Board and not before? Conducting forensics after the fact and using it as the basis for regulatory intervention is the same as putting the cart before the horse. In fact, how did a confidential forensic report of the CBN end up in the newspapers at a time the Apex Bank was seeking to reassure the public that the bank was safe?
Why did CBN try to forcefully dilute the core shareholders? Why did the CBN-appointed Board withdraw the application to set up a HoldCo?

Interestingly, I checked the audited financials of UBN and discovered that the bank was profitable as at December 2023, and could not therefore have been a bank going down the hill at the time of the CBN intervention in January 2024.

This was the biggest indication that there was more to this 'regulatory intervention' than the CBN is willing to tell the public. In view of these observations, my final question is, whether this is an act of someone actually trying to take over the bank through the back door?

I will conclude by quoting page 103 of the judgment where the judge said "Bad faith cannot be seen with the eyes. It can only be inferred from the facts of the case."

As it stands, subject to appeal, the court's opinion is that the CBN's actions were made in bad faith and breached the rules of natural justice.

·Fokorede is a lawyer based in Lagos