Stats: 3,178,681 members, 7,905,507 topics. Date: Tuesday, 30 July 2024 at 01:16 PM |
Nairaland Forum / Babalawo's Profile / Babalawo's Posts
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Today the three ties of Government shared a total of =N=354 B for the month of July, now we use =N=400B to bail out 5 banks! My glossary defines a bailout as a resue by the government or another entity of an irresponsible person or entity arising from a failure to follow rules or take reasonable precautionary steps. . |
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naijatoday: Men with this move 400b bail out- I forsee a real wahala here-now the federal government has really taken over.The obvious implications are: 1.There will be a technical suspension of the banks shares as from Monday-if not they turn to penny stocks 2. The move is to safeguard depositors funds and there shouldnt be a real cause for panic withdrawals but i fear Nigerians,this already indicates a fear factor. 3.These banks will be managed hencefort by the CBN- they will apoint the the management making sure that these banks doesnt eventualy fails. the primary objective of this management is to prevent a systemic risk and not to enhance any share holder value- this supports my earlier point (1) that a technical suspenion is inevitable- these banks will be run to just survive without any empahsis on making any profit. The federal government has bought a sustancial stake and l dont want to say at this time that these banks might be NATIONALIZED. the risk is high 4.Staffs will be affected.These banks cannot continue with the jumbo pay because of this bailout. I am shy to call the affected banks workers as federal government staffs but definatley our commonwealth, the 400b bailout CANNOT be used to pay salaries. i hate this as this is my primary constituency HARD TIMES MEN LETS TAKE HEED. there is more to come Thank you. |
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@Tkb419 I ve been in the shrine ooooooo, worrying with my Thesis . I will PM u latter in the day!!! Take care |
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This appears to be the first step in a drastic plan to clean up Nigeria’s ailing banking industry. The truth is that the banking sector needs an ICU-intensive centre Unit-Surgery, its just the timing that is a big problem for me. This timiing wil GRAVELY and definately affect innocent depositors,staffs and investors- Lets wait and see the extent this will go, |
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http://www.234next.com/csp/cms/sites/Next/Home/5444447-146/CBN_sacks_CEOs_and_management_of.csp Central banks/reserves bank have such powers they can take control of banks management as deem fit, they can be challenged in the court though. Wema bank crises is an example okay ![]() |
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www.234next.com/, /CBN_sacks_CEOs_and_management_of.csp - 41 minutes ago |
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Confirmed. inter ,oceanic, union fin bank an afri bank. fire on the mountain i hear there is massive sell orders of thsi stocks now |
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Have U all heard that CBN has dismissed the MD and the management of Oceanic bank and 4 other banks leave Nigerians till the lagos island sinks people will not tell the truth who no kno go know very soon. |
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@ Poster hum bros Ure not alone but I believe if U persist there will be a way out I just came back from Europe too after my MSc like 2 months ago but, I have taken three different interviews and still proceding, So never think Ure alone and never think its not possible!!! I know ur fears of returning back to the Uk ,I have them also but where is they faith push harder okay? and then do u have any prior experience b4 ? all the best man. |
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Hello All, Well a lot has been said and a lot will still be said For me I cant really blame Osamaobama .why? Many posters on this tread are just politicians,I noticed some Oceanic staffs posting trying to protect their jobs!!! and also that some facts may have be exaggerated not only by Osamaobama but others with same feelings. I am quite used to Oceanic bank-am not a staff anymore! the truth is that the once experience peace slogan is now lost!!! Organizations right not must really downsize and some of us really appreciate this fact but these recent sacking is totally unoceanic ,it is a deep departure from the once experience peace banking. and I still believe that our MAMA-she will ever remain so i think Osamaobama will also still call her MAMA! -is really been misguided and rather acting under immense pressure. The crux is this -why cant Oceanic just lay staffs off and give the right reasons instead of finding excuses -operating environment is tight due to economic downturn -simple !why shd management go out and become so frightended that now they want to jeopardize the team and the family like- spirit of the oceanic staffs that took several years to built? The result of this ill conceived action is an Osama in the system! and many more talibans are coming out from the system-most staffs now work in fear- a right -about turn form what its used to be ,the organization culture is suddenly changed,U cant cough u cant laugh in the office no body knows who's next.-and i pray that those of U who are posting hollier than thou saying its people who are 'bad' that are being flushed out very soon u guys will come to this forum to confess ur sins-AMEN. Solution: pls lay off staffs but please give the right reason dont hide under any names-lateness,unethicalconduct,sending mails and sort! I bet u if u lay off with the right messsage passed across even the affected once will still pray for the bank-that's the oceanic spirit. well we- both past, present,sacked and yet to be sacked staffs still all owe alot to MAMA so let all pray for her-after all she taught us how to pray!!! even if u have been unoceanically laid off -pls pray!!! |
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@ nwakaibe U digress fromn the crux of the matter. which is that Oceanic is mass -displaying staffs based on the very tight situation that the banks find itself. leave the financials allone okay if u are notor were not an insider YOU will possibly be basing ur analysis on what is available in the public.Were Cabury's book not tantalizing to any investor b4 the cat was let out of the bag ![]() Boi dont be a gullible,the truth is that this provisions for bad debt is just a drop in the oceanic the total exposure of Nigeriian bank is around 900bn Dont be okay that they have started giving clues look to where we are going 900BN -the three thiers of govenment shared liek 400b last month !for u to knw the reality of ground. |
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obo yeeeeeeee its really a pity. well for people that think otherwise i pray u don fall victim or have someone that will fall victim ITs Really A BIG MESS WITH THE BANKS. |
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July 27th @ the shrine lets go there !!!!!!!!!!!!!!! |
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Hello, Thanks for this info .Pls where is your source! Thanks |
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seunallday: Nice one all. Thanks tkb417 for being incisive! But what really saddens is that the while other countries are learning from the past mistakes and putting appropriate measures on ground for a more effective regulation,we here at home are just sitting down doing nothing. No body is talking about getting the system more regulated. Seundally said the government cant allow this to happen,I bet if the full force of these exposures come down,the government will be dead helpless and at the end of the day we all pay the price ! who wants to buy the dollar for 500 naira!!!!!!!!! ![]() ![]() |
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seunallday: No body goes out with the intent to crash a market!!! but when the regulatory body seem not to read the lines when a bubble is brewing then sure they have the share of the blame! we all knw that stock prices continually skyrocketed and as many nigerians believe, stocks prices can only go up and not down, the crash became impeding But I wouldnt realy blame the naive investors cos even the banks believed that stocks can only go up if not why would a bank give a loan to someone while the same share certificate serves as a collateral!!!!. the bank's risk management system didnt ever factor in that the collateral might be worthless if the share prices went down as it now. NOW they have lots of non perfroming/.Bad loans and they are still doctoring all these losess, again where are teh regulators ![]() ![]() I smell troble somewhere I pray I am wrong!!!! |
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Great guys !!!! this promises to be a great forum coming in the wake of the global financial crises and its effects on Nigeria. Pls to start with can we start from an investment analysis of the NSE crash? Was there an imminent bubble on the NSE before the Global credit crunch? did the credit crunch serve as a catalyst for the crash?if yes to what extent , quantitative evidences? If actually there was an imminent bubble was factors fueled it? are these factors still at play? do we consider the NSE competent enough to regulate the capital market and what regulation shoudl be in place to prevent or manage better any future crash? to what extent is the crash on corporate financing in Nigeria AND SINCERELY I WILL LIKE THIS FORUM TO TRY TO DECIPHER THE RISK CURRENTLY BEING FACED BY THE NIGERIAN BANKING SECTOR as a result of all these, lots and loads of questions to start with Thanks |
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@ tkb417 hello u promised to add my addy ![]() Thanks |
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@ t cann I just got back to 9ja so just chilling with wify and little son keep the trend hot |
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@ Folu78 Thanks for all your detailed adverts,I have seen like 3 of them,but It will be good to have the deadlines as well as the feedback expectations for those that ve applied. Many thanks. |
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Sagamite: Capitalism has developed: 1.The Human resources in the US- the most innovative workforce in the world. 2.Investment attractiveness, still the whole world doesnt have anywhere as attractive to invest as the US these are my success index. |
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@saga and what will u call the bailout of capitalism by the US government? capitalism riding on the back of socialism? We all know its a question of Moral Hazards but Ur cited example of socia-capitalist i.e Scandinavian states hasn't proved as successful as the US and even in the socia-capitalist states institutions can become so laden and bad, rem the banking crises in Sweden ? I believe in capitalism but capitalism that is socially responsible!!! survival for the fittest support for the weakest!!! in these frame the govt will act as the last resort for socialism I know u may ask the capitalist makes all the money when its all good then when all goes soar the loss is shared by all but where were the socialist when the boom was on.?, were they really idle NO, they sure got some reward even if it was residual. Thank you 1 Like |
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I think saga is a socialist and really not at home with IB and its capitalist posture But even the so called fall of capitalism as examplied by the current crises still shows clearly that total socialism is not an option! with regards taxes, the early Nigerian are taxed heavily the better-its just the bitter truth I worked five years in Nigeria and I don't even know how much I pay monthly or yearly as tax, heavy taxation makes the citizens keep an eye on the government, for instance if you pay 20% tax,you will be on alert on how these monies are spent as opposed petrodollars from heaven knows where! |
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@ TKB417 Thanks so much for your reply.I think i need to link up with u if u don't mind , ntemitope@yahoo.com ,u can add me and Iwill get across. My flight is first tomorrow morning back to 9ja after my studies I pray for work sharp sharp in these companies,enough of the banking operations stuffs I pray-the prospect and self development in this career path is immense even if the pay is lower!!! Thank you. |
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@ all with respect to the NIB-Nigerian Investment Banks,do they provide Liquidity in the secondary fixed income market?How deep is the fixed income/Bond market in Nigeria. The global Bond market has seen a lot of activities as a result of the equity meltdown is it the same in Nigeria?. I dont really hear Nigerians talk about investing in Bonds,but the effects of the current financial crises has shown that Fixed income asset class is key for a diversified portfolio. Do the Nigerian corporates raises money through Bond sales or is it only through the Equity market alone? I will like to know which of these companies have a stronghold in bond trading.any Nigerian PRIMCO? I also read in the financial times of the government intension of floating some billion naira bonds, any update on this will be appreciated Anyone used to the DMO-debt management office here? Thanks Babalawo |
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@Tkb417 Thanks for ur reply. I have actually submitted online to three of these firms but no response yet does it make any diff submitting in person? Like I said am ready on my way home and will be paying visits to these companies by June ending. Thank you |
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Nigerianssssssssssssssssss na God go save we now u say no to state police that terribe governors go manipulate them abi? correct ! then why shd the state mony be in the hands of the governor maybe the federal govt shd also be responsible for sharing the state resources since it s not safe in governors hands? Some people say states are not matured now for state police ![]() I flaw greatly any thinking in this direction saying because politicians will use the police there should be no state policing if this premise suffices then there is no legitimacy for any government tier in Nigeria.They have all failed and are still failing.MAYBE GHANA SHOULD JUST INVADE US AND DEFEND HER ACTIONS INTERNATIONALLY BASED ON THE FACT THAT THEY HAVE A BETTER POLICE AND CITEING THAT THE NIGERIAN POLICE HAS FAILED .KOLONIAL MENTALITY!!! Be that as it may, state police might not be better than the federal ones but the earlier we start the better.if our democracy have been allowed to grow for like 20 years i belive we would have grown better than this despite the thieving all around us. |
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Nigerianssssssssssssssssss na God go save we now u say no to state police that terribe governors go manipulate them abi? correct ! then why shd the state mony be in the hands of the governor maybe the federal govt shd also be responsible for sharing the state resources since it s not safe in governors hands? Some people say states are not matured now for state police ![]() I flaw greatly any thinking in this direction saying because politicians will use the police there should be no state policing if this premise suffices then there is no legitimacy for any government tier in Nigeria.They have all failed and are still failing.MAYBE GHANA SHOULD JUST INVADE US AND DEFEND HER ACTIONS INTERNATIONALLY BASED ON THE FACT THAT THEY HAVE A BETTER POLICE AND CITEING THAT THE NIGERIAN POLICE HAS FAILED .KOLONIAL MENTALITY!!! Be that as it may, state police might not be better than the federal ones but the earlier we start the better.if our democracy have been allowed to grow for like 20 years i belive we would have grown better than this despite the thieving all around us. |
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Whoa I am really happy for them ooo although I know some of them are died I was in my final year at Uniilorin when the whole issues started,the plain truth is that is was just a power tussle btw the then VC Oba abduraham and the Oloruntoba-oju lead ASUU. Things were really bad and degerated into ethnic and religious lines. Some viewed the VC who came from bayero Univerity was there to pursue an 'Ilorin' agenda as He was the first VC from Ilorin.He had a strong link with the "atoto press General" so He had his way with Obasanjo and no surprise the ASUU team had no favorable justice under Obasanjo. I must add too that some were against the ASUU regime as it was a semester a strike too many. The koko bi say no institition in Nigeria whey never spoil and basterdized with our military frame of mind. |
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The day the Oil dries, till that day b4 nigeria moves ahead. the truth is that every state in Nigeria can survive alone check around the world We ve all grown up to think that oil is the lifeline or better still a country has to be naturally endowed b4 it can be run Imagine if Nigeria runs on tax do u think corruption will be these widespead but because of the petrodollars no body care.Am sure if ur been taxed 25% we will all monitor thr government but no nigeria is just free no long thing we will start to build Nigeria when the oil dries |
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The day the Oil dries, till that day b4 nigeria moves ahead. the truth is that every state in Nigeria can survive alone check around the world We ve all grown up to think that oil is the lifeline or better still a country has to be naturally endowed b4 it can be run Imagine if Nigeria runs on tax do u think corruption will be these widespead but because of the petrodollars no body care.Am sure if ur been taxed 25% we will all monitor thr government but no nigeria is just free no long thing we will start to build Nigeria when the oil dries |
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for all I care there is no work any governor in nigeria both current and past has done that my 10 year old niece cannot do and even better. what does it take to wait every 20 working days for the federal allocation meeting to share the petrodollars! what value do they create?,they can't spur internally generated revenue ? , infact a states dont need governors even the president too be true to ur self if u own a retail shop and umar yar'adua and donald duke are ur candidates gunning for shop manager positionwhich one will u take?, we know our choice!!!!!! i dey chill for my shrine i beg!!!!! |
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