CBN May Liquidate Some of These Banks By September: What To Do? - Politics (2) - Nairaland
Nairaland Forum / Nairaland / General / Politics / CBN May Liquidate Some of These Banks By September: What To Do? (7573 Views)
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| Re: CBN May Liquidate Some of These Banks By September: What To Do? by Nobody: 4:35pm On Jun 08, 2011 |
LWKMD at people confessing their banks, am the one that fits this banks, i operate only with them when i want to do transfers and withdraw into the country, not leave my money in the banks, instead outside banking |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by kobikwelu(m): 4:37pm On Jun 08, 2011 |
such news is just toooo sensitive to be left to speculation, though me and my family members bank with diamond, gtb and 1st bank, others OYO |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by rolchi(m): 4:47pm On Jun 08, 2011 |
i have over 70,000 shares in one of the affected banks. could not sell the shares because it Same with me bro!  |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by Johnnymoh: 4:52pm On Jun 08, 2011 |
Jonathan should not allow this man called Sanusi to rubbish his efforts to salvage the economy of this country. What kind of careless pronouncement is that? Why did they spend so much money to set up AMCON if he knew he was going to liquidate the banks after injecting 620b into them. I think this is a joke. Liquidating 8 banks in an economy means killing it cos over 20,000 people will loose their jobs. What is the matter when some of the banks have been turned into profitable ventures, they are now making profit. Pls help me with an email address to send a mail to GEJ, Sanusi must be called to order. This is not fair at all. This kind of pronouncement will finish these banks. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by feelamong(m): 4:53pm On Jun 08, 2011 |
HEI, WHY NOT JUST SELL OFF THOSE SHARES, VERY SOON THEY WOULD BE WORTH LESS THAN THE PAPAER THAT THE CSCS STATEMENT IS PRINTED. I SOLD OFF ALL OF MINE ABT ONE YEAR AGO @N6.(FOR A STOCK I BOUGHT AT N34), TOOK THE PROCEEDS AND INVESTED IT IN GT BANKSARES, GOT THE BONUS AND DVIDEND, AM SURE THAT IN 5 YRS, I WOULD HAVE RECOUPED MY INVESTMENT BACK, |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by apach4ever(m): 5:51pm On Jun 08, 2011 |
It's a very expensive game of chicken that our dear CBN governor is playing with the shareholders of these "troubled" banks. I've never for once believed that someone with such loose lips should manage an institution as sensitive as the CBN, but at the same time the shareholders should see reason afterall at all at all na im bad. As for me not only do I have my money in one of the banks, I also work in one so double wahala for dead body! |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by blank(f): 6:09pm On Jun 08, 2011 |
This Sanusi is evil and only God can repay him for his wickedness |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by confetti(f): 7:31pm On Jun 08, 2011 |
I dey laugh oooooo! I thought Soludo was the Bad guy? Hahaha! We await worse pronouncements in the future. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by eghost247(m): 8:24pm On Jun 08, 2011 |
Intercontinental Bank i cant belive it |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by ADOGBEYI: 8:28pm On Jun 08, 2011 |
Guys, This is totally unnecessary to worry about. Read in between the lines; CBN promises to guarantee all depositors' balances with these banks. So, what's the fret all about? The only people that need to worry are the shareholders. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by Kobojunkie: 8:28pm On Jun 08, 2011 |
confetti: This does not in anyway mean Soludo was any better. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by Kobojunkie: 8:30pm On Jun 08, 2011 |
ADOGBEYI: Why do you need to read INBETWEEN the lines? This is one of the major issues I have with folks and the reason we continue to allow nonsense. We CREATE some "INBETWEEN the Lines" story to pacify ourselves, and then when the bottom finally drops out, we pretend we never saw it coming. COME ON!! |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by femmy2010(m): 8:44pm On Jun 08, 2011 |
What happens to these billions the same Government pumped into these ailing banks? |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by IYANGBALI: 10:23pm On Jun 08, 2011 |
thank God na for CENTRAL BANK OF NIGERIA{CBN}i dey keep my money no be those yeye yeye bank |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by micath09(m): 10:47pm On Jun 08, 2011 |
Is beta u pack all your money without sparing kobo, i lost more than 10 million naira on shares in intercontinental alone. Useless country. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by Skii(m): 11:01pm On Jun 08, 2011 |
So what's a the situation for a clueless shareholder like me who doesn't trade on the stock exchange to do? I have got shares in like 5 of those banks acquired during that N25Billion recapitalisation rush, where all of them were offering POs and IPOs     |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by cmon(m): 11:28pm On Jun 08, 2011 |
How long does it actually take for creditors (Account Owners) to get their funds back when the banks are finally liquidated? |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by manny4life(m): 12:07am On Jun 09, 2011 |
femmy2010: The billions are gone; I thought the Central Bank performed a "STRESS TEST" on these bank initially to determine their financial stability? Does it mean that they did not see the hand writing on the wall through their Balance Sheets (Assets and Liabilities)? Perhaps, someone at the helm of either the bank or CBN was making wrongful business decisions. Skii: You lost them or pretty much worthless because the market value of these share is less than what you paid for them, look @ it from the stand point of the failed investment GIANT Lehman Brothers. cmon: From my knowledge, when a bank is liquidated it takes few months to certify the liquidation and after it's all said and done, all accounts will be transferred to the Federal Deposit Insurance Corporation, don't know what it's called in Nigeria. They insure depositors up to a certain amount, in the U.S. it up to $100,000.00. I say about three to six months before you receive a check. This time frame depends on how complex the transactions could be, if the banks operations are more complex than usual, it will take longer. CBN is lying to yall when they tell u "all your money is covered", they are saying that not to fret customers because they want their invested money FIRST because if customers are afraid it will create a bank rush (cash withdrawal ) further causing more harm than good, liquidation of (cash reserves) will go more quickly than anticipated. That's a big fat lie, bankrupt banks are deferred to Nigerian Deposit Corp. in charge and that's where they would give u up to the max amount. For instance if the Deposit Corp insure depositors up to N500,000.00, if you have N1million when they liquidate, by law, you will get up to N500,000.00,the other half is LOST. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by Skii(m): 1:16am On Jun 09, 2011 |
manny4life: |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by chijike(m): 3:49am On Jun 09, 2011 |
facebook.com/jonathangoodluck. It's time we reported sanusi |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by DisGuy: 4:09am On Jun 09, 2011 |
he should Nationalise the banks, Govt money has been in these banks since 09, instead of forcing the hands of these broke shareholders he should leave the money there so they become govt property  |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by kingdavidG(m): 4:40am On Jun 09, 2011 |
this is really an expensive information. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by mrofficial(m): 10:06am On Jun 09, 2011 |
I dey shine my eyes before I open account. None of the 4 banks I'm banking with is included. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by DaDoctor: 10:10am On Jun 09, 2011 |
PEOPLE JUST TALKING RUBBISH ALL ABOUT. DONT TELL ME THAT BULK OF NAIRALANDERS ARE SEMI LITERATES. THE WORST HE - SANUSI CAN DO IS TO NATIONALISE THOSE BANKS COS THEY HAVE BEEN BROUGHT TO LEVEL TRU AMCON, THEY HAVE TO JUST RECAPITALISE (I DOUBT ANY BANK WONT RECAPITALISE THOUGH) |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by DaDoctor: 11:40am On Jun 09, 2011 |
LATEST NEWS BANK PHB TO RECAPITALISE SOONEST, OTHERS WILL FOLLOW TOO[color=#990000][/color] The Federal High Court sitting in Lagos on Wednesday dismissed a petition brought by five shareholders of Bank PHB Plc seeking to stop the recapitalisation process of the bank. The court, presided over by Hon. Justice Charles Archibong, upheld Bank PHB’s and the Central Bank of Nigeria’s preliminary objection to the action of the shareholders, accepting the bank’s argument that the shareholders’ action was incompetent and premature, and accordingly dismissed it. A statement made available to our correspondent said Bank PHB and its directors were represented by the joint firm of Aluko & Oyebode and Udo Udoma & Belo-Osagie, while the CBN was represented by Kola Awodein & Co. The statement said, “With this judgement, Bank PHB will move speedily towards consummating its recapitalisation deal with the preferred strategic investor and the Asset Management Corporation of Nigeria.” The bank was close to executing its Memorandum of Understanding with its preferred investor when a high court granted the injunction barring the bank, its directors and the CBN from proceeding with the recapitalisation process. http://www.punchng.com/Articl.aspx?theartic=Art201106091401768 |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by manny4life(m): 1:02pm On Jun 09, 2011 |
Da Doctor: Nationalize the banks? Hear yourself out, with whose money? Tax payers money right? Perhaps you missed the memo where it said they will require at least N1.5trillion to bring these bank outta debt (working capital ratio). They just have to recapitalize? What happened to the more than $600 million given to them in 2009? They have been unable to recapitalize for about 2years. This money was given to them as a capital float under the CBN guarantee, where were shareholders or people willing to buy into these banks? Well if you bring $80 billion (an equivalent to N1.5trillion), that won't be any problem. On that note, please explain your full literacy since some Nairalander are semi literate. IMO, I'm so sure that the CBN has lost some of it money that's why they are taking drastic action to liquidate them and salvage what's left. I often tell people to look @ banks in the U.S., though they were rescued, that did not change the fact that they still needed more money than what the resuce amount given, so they either were bought over, or liquidated (for ones who had TERRIBLE financials). |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by DaDoctor: 1:12pm On Jun 09, 2011 |
oga sharap, you are not a stake holder in the industry , when elders talk, listen and learn, he may recapitalise same tru CBN making it nationlaised and then prepare sam for further actions and directives, read the below link and note his comment on OCEANIC AND PHB(Note that this is an old news though) http://www.punchng.com/Articl.aspx?theartic=Art201105310425059 |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by manny4life(m): 1:46pm On Jun 09, 2011 |
Da Doctor: Do what you do best, insult people. You have indeed spoken like an elder but a kid as well. Someone has to be a stake holder in an industry before they offer their opinion right? In fact I'm glad you said "STAKE" not "SHARE", yeah so indeed yoiu can look at me as a stake holder. Every Nigerian is a stake holder in these rescued banks one way or another. You running in circles and now back to what I was saying, Mr. elder listen and learn, you have not answered what I asked you, Where will CBN get the money to nationalize these banks? On that note, CBN does NOT decide to nationalize a failing bank, that is the job of congress to approve. Any way I'm not talking about nationalize because I keep asking where will he get funds to stabilize these banks? You said he [size=15pt]may [/size]recapitalise same tru CBN making it nationlaised and then prepare sam for further actions and directives, He may? So there's some degree of uncertainty right? Besides you said it yourself "this is old news", I want current news not old ones. In addition to that, I'm not in business to ASSUME what the CBN does or not, but making a comment based on what the OP has posted on page 1, so please get it together and look for someone to focus your attack on and not me, NEXT. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by edogirl2: 1:48pm On Jun 09, 2011 |
Da Doctor: I think you need to be careful about reaasuring people concerning their monies/life savings in vulnerable banks, by downplaying the seriousness of the challenges faced by some of these banks. It is clear that some on this forum are confused about the likely implications for their savings. Contributors who have some knowledge of the banking situation should try and strike a balanced cord in the hope that those interested will hopefully make an informed choice. First - Regarding recapitalisation, if it is that easy, these banks will have been recapitalised by now or, be advanced down the road to recapitalisation. Fact is, some of these banks are near-fatally wounded, and although they can continue in operation for a few years more, any further hit will floor them. That's clearly too much of a risk to the banking system & the economy as a whole, hence the need to set a deadline for recapitalisation. Whether the current deadline is too short is another matter. Second - while some of these banks are now cap in hand to London, Jo'burg begging international investors for investment, why would potential investors want to buy shares for 1naira today if they know they can pick same shares for 30kobo 9 months down the line? The idea of a central bank running 5,6,or7 commerical banks will undermine the entire banking sector and make us a laughing stock, hence if the CBN nationalises any bank, it will not want to dispose of it asap - what happens when buyers sense you are a desperate seller? they offer low low prices, and the CBN will have few choices then. Third - If you have money in any of the affected banks, remember you have choices. You may want to move some or all of your money to a stronger bank, at least for now. Fourth - any bank, whether in Nigeria , USA, UK etc is capable of failing howver big they appear to be. However within the Nigeria context, when there is trouble, the rich, multinational companies, local govts, states, and Federal ministries rush to keep most of their monies in one bank - FIRST BANK. I dont know which is the best bank in Nigeria, but partly cos of the powerful interests vested in First Bank, in my personal view, it is the bank least likely to fail in Nigeria. IT'S UP TO YOU! |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by manny4life(m): 1:56pm On Jun 09, 2011 |
^^^^ Leave him alone let him keep assuring the uncertain. These banks have taken HUGE hits, there are several REDS in their books, these banks could not recapitalize. The CBN rushed to save the day not because they liked them but to salvage the economy as well, injected hundreds of millions in these banks and two years down the road, the banks still haven't gotten it together. If some people saw these banks are profitable, I strongly believe they would have rescued these banks long before now. Now the CBN is gradually losing their injected capital and all they can do is liquidate them and salvage what's left (risk mitigation) or get other people to inject their own money into the banks. Look at the amount need for these banks to form a strong capital ratio to their debt, they need 2x as much as they needed in 2009, doesn't that send a message to someone that these banks are no longer healthy. They are the Lehman Brothers of the U.S. |
| Re: CBN May Liquidate Some of These Banks By September: What To Do? by edogirl2: 2:30pm On Jun 09, 2011 |
@Da Doctor, You make some valid points, but this debate can be had without insults. @Manny, Re - where will the CBN find money to nationalise? Prob safe to assume that the CBN will prefer for the banks to be recapitalised through the normal machinery of the markets, as nationalisation will be quite expensive for the CBN, and to you and I as 'tax payers.' On the other hand, leaving this situation which has now continued for the best part of 2.5 yrs unresolved is damaging to the entire banking sector and the wider economy. When you listen to Bloomberg news, all you hear is Nigeria's weak banking system and concerns about 'failing' banks. They dont differentiate between good and bad banks. That, in one fell swoop, casts doubts in the minds of foreign investors about the intergity of our banking sector and by extension our entire financial system. Thats not good for our economy and image. I imagine the CBN is frustrated and anxious to sort this out once and for all even if it means taking the highly expensive option of nationalisation. I wont rule out nationalisation, as long as the current CBN governor is in charge - he seems a determined guy. Mr Nice Guy Jonathan is unlikely to allow the banks to collapse like a pack of cards like Lehman. Neither will I support that - too many of our hard working, yet struggling people will lose too much. Hence why I think the CBN will keep nationalisation on the table to keep the pressure on these banks to recapitalise on their own. In then end, we are likely to get a forge whereby deadline comes and goes, with one or two of the banks successfully recapitalising. The CBN will then act as some sort of marriage counsellor and marry the rest off to previous suitors e.g First Bank back on the table with Oceanic, FCMB with FinbANK etc. CBN will prob throw in some sweetners to make sure the marriages are sealed eg pay for the wedding ring, the hall, perhaps a new car for the newly-married, not to forget 2face or 9nice for the afterparty! |
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