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Politics / Re: Ribadu Vows To Return And Continue Fighting Corruption by coolG: 8:15pm On Nov 12, 2009 |
Depilot: Do you really believe what you wrote. |
Business / Re: First Bank Reports N74 Billion Bad Loan by coolG: 4:07pm On Nov 06, 2009 |
danvik: On what basis did you form the opinion that First Bank is the most honest bank? Do you know any of the current 5 biggest bank in Nigeria that has ended the current financial year and did not pay dividend? Are you privy to any of First Bank's corporate and business strategies that gives you insight that next year would be awesome and opportunities is boundless? |
Business / Re: First Bank Reports N74 Billion Bad Loan by coolG: 3:28pm On Nov 06, 2009 |
Posted by: Remii Insert Quote Quote from: dkings101 on Today at 12:44:12 AM He can open tat his smelling mouth to say "Shareholders of the eight banks as automatically lost there investors" then what happen to first bank investor. Now every1 can see that is approach for the sacking of the Bank CEO was political and northern agenda. He even had skeleton in his cupboard and he is worried about others. Pls make una no forfeit my money oo if una no wan make God punish una. Stupid CBN and Nigerian Govt, mess up Nigeria and there ideology. My friend if you had bought Oceanic, UBN, Afribank, ICB and PHB shares at N22, N30, N22, N34, N17 respectively and they are all worth less that N2 now, when do you hope to recoup your investment. Meanwhile FBN, GTB etc are are doing good and paying dividends so let be object and alllow some people to fix this Quatry (country) We complain of bad government and underdevelopment but abhor harsh realities. Maybe you should start by asking when will the investors who purchased First Bank shares at over 50 and 60 naira recoup their investments? If you answer that question, that will be true for other investors holding the shares of the banks you stated above. By the way, where did you see those shares trading less than 2 naira? I do not think any of those bank's shares is trading for less than 3 naira. I hope you did not intentionally misstate the share prices for the purpose of your argument. |
Business / Re: CBN To Begin Investigating Any Bank Transactions From 250k?? by coolG: 1:55am On Nov 06, 2009 |
Sweet T: Really? Do not accuse others of ignorance when you just displayed one. Which is a well-known practice in US? That the US Federal Reserve Bank orders banks to report suspicious deposits? Maybe i should start by saying that the BSA Act and the subsequent amendments and other-related Acts culminated into the USA Patriots Act, all of which was enacted by US Congress and not the Federal Reserve Bank. So what are you arguing that makes every other person not know what they are saying. If you are not aware, every bank in Nigeria forwards to EFCC all transactions greater than 500K for Individuals and 1M naira for corporate organization since 2003/2004 (I understand they may have moved up the limits to 1M and 5M naira currently because of the volume of data reported). Are you saying the EFCC should abdicate or outsource one its duties to CBN? Why should shareholder's of a bank incur any cost to give that information to CBN when the EFCC is empowered to collect suspicious activity list and investigate when and where they find a suspicious/unusual deposits. Does CBN have the power to ask any individual the source of his/her income? Does it have constitutionality authority to prosecute any individual who refuses to show income sources? It makes more sense for the CBN governor to push through the executive a legislation that gives him the power to implement his 'PEP' policy if he seriously thinks it will 'curb fraud' as you suggested. curb fraud? put fear on yahoo yahoo boys? how? Is it that 250,000 naira cannot be deposited as 50,000 naira over 5 deposits in one day or over severals or over different accounts or over different branches or over several identity names or in any combo? Or maybe he should bring down the limit to 500 naira so people cannot split the deposit. Can you see why it is laughable? This may be one of the reasons his critic do not think he is focusing on the right stuff. You gave an example of your deposit of $17,000 but what you did mention is that the bank is complying with US Congress enacted legislation that requires bank to report suspicious activities including unusual deposit. It would have been illegal and unconstitutional for the Fed to direct banks to do that and that was why everything was articulated as part of USA Patriot Act. It is also important to note that the banks report unusual deposits and not ALL deposit above X. So, in your case, it is unclear to the bank you have any source of income to support your deposit. I can also tell you that i have deposited close to that amount thrice, one in 2006, another in 2007 and another just two months ago, and in all cases i was never asked to declare the source. So, the reason you were probably asked was because there was no correlation between your previous banking activities (deposits/withdrawals/direct deposits) and the $17,000. Bottom line: The CBN governor should understand he holds a powerful position of Chief Economist of the Federation and not Compliance Officer, Banks Surveillance. Modern economies are complex and the CBN governor should be engendering confidence and articulating policies that will improve the economic fortunes of Nigeria and ultimately Nigerians rather than engaging in short term name recognition that will not add anything to the economic fortunes of Nigeria. |
Business / Re: Sanusi's Impending Catastrophe: Cbn Directives Causes Stir In 'troubled' Banks by coolG: 12:46am On Nov 03, 2009 |
Ibime: This is not necessary true. If it is known that the intrinsic value of the stock is far higher than the market value, then the stock is grossly undervalued. The likely price of exchange is this case will be closer to the intrinsic value. The situation here is not a straightforward buying of shares on the trading floor, so the injection of 100bn does not really transcend to majority shareholding as you simply inferred. Who evaluated that UBN needed 100bn injected by CBN? Even if you decide to follow the simple logic of market cap; on which day's market cap should the voting rights allocation be based? Todays' as you postulated above or on the days leading and up to the intervention day? Meanwhile most of the banks have lost more deposits than the amount injected by CBN in the last few months. I think it is fair to say that the greatest difficulty for CBN will be in selling some of the banks because the issue of valuation will arise in the courts. The most appropriate course of action will be for the banks to recapitalize and CBN should go ahead and blacklist anyone found guilty in the court from holding any position in the management or board of those banks. The loans were provided as Tier II convertible debt (and preferential stock is a example). |
Business / Re: Sanusi's Impending Catastrophe: Cbn Directives Causes Stir In 'troubled' Banks by coolG: 10:08am On Nov 02, 2009 |
Quote When a bank is run its day to day activities with the money it is getting from the CBN through EDW and through inter bank market (even though the price of borrowing was outrageous and only those that were desperate were borrowing) and limiting the amount customers could redraw or stating a higher minimum you need to open an account when other banks were cutting their minimum (all the banks are considered to be in the same category), it a sign that something aint right. This is conjecture at How is it conjecture? So no bank borrowed money from the EDW? So inter bank market rate were never high? So intercontinental bank did not raise its minimum? When a bank takes a full page ad in the newspaper and telling the president of country to become their official debtor collector, that is another sign of desperation. Cutting workers pay is also a sign especially when you are trying to do it on the down low. Could this be because govt are in fact the biggest debtors? Intercontinental wanted the president to help them collect the money a private company (not a government or listed company) was owing. If they were not desperate they could have done what Access had done a few days before with the AP situation. It took AP to court. The CBN also said one of the five banks was technically insolvent. If that was the US, I am sure the FDIC would have showed up at 4:59pm on a Friday and taken over the bank. Exactly, we have laws in Nigeria, why didn't he rely on our laws? This is Nigeria have we ever handled a bank closing properly. At the end of the day the biggest losers will not be the CEO, but Nigerians who wake up everyday to go to work and put their money in this banks. There are still people who have their money stuck in those wonder banks that have died or gone broke becasue of that. So picking out of the two, I think saving the banks was better. Which money are you talking about? the #400 billion that was allegedly used to shore up the banks I will like to know how much has been used. So far none of the banks has come out to say it does not need or has not used any part of the money. if you have a bank saying that please post. It not about if the banks could meet their obligation or not, are you telling me that all the 106 banks that have failed in the US could not meet their obligations? When you go pass the limit that the CBN (federal reserve) has set then you become insolvent. And the FDIC comes to your office on friday to take over. Even if on that day you payed your obligations to your creditors We have a procedure for this in Nigeria why didn't he follow it? If we don't have such a procedure what has he done to ensure one is in place for the future. What has he done in terms of policy and regulatory reform? The procedure is either for the CBN to take over the bank by providing it money as loans or buying shares in the company or allow it to fail. It is the same thing the U.S they saved the systematically important banks such as Bank of America (whose CEO is leaving at the end of the year after pressure from government agencies), Citi group ( got a new CEO). In the U.K too Lloyds (new CEO), Northern Rock (New CEO). The all got new CEO's to go along with the bailout they got from the government. The above highlighted is not true. Citigroup does not have a new CEO. Vikram pandit has been CEO since 2007 and continues to stay after the bailout. Lloyds does not have a new CEO. Eric Daniels continues to stay after the British Govt bailed them out and currently own 43.2% of Lloyds. Bank of America CEO was not removed. Ken Lewis decided to leave the bank at the end of this year because he was angry that democratic members of congress were unfairly attacking him to score cheap political points even when he thought he was being patriotic (prodded by Hank and Ben Bernanke) by going ahead with the deal to consummate the acquisition of Merrill Lynch after he wanted to pullout because he found out the buy was over-priced. Your suggestion that it was pressure from government is a non starter. The US Govt does not own any voting right in BOA. I am sure you did not know his voluntary retirement was shocking to the market the day it was announced because just this April the board voted to have him remain as CEO though he relinquished his second role of chairman. The only CEO that left was Northern Rocks because it was nationalized by the British Government. It may be better you stick to facts rather than embellishment. |
Business / Re: Sanusi Says: Bank CEO's Should Be Tied To Stake And Shot Dead. by coolG: 4:47am On Oct 28, 2009 |
POSAKOSA1: That is, if you believe the outlandish allegation. |
Business / Re: Sanusi Says: Bank CEO's Should Be Tied To Stake And Shot Dead. by coolG: 4:33am On Oct 28, 2009 |
Blu Malam: What is the 'fact' you are referring to? Which shares are worthless? What was the price of the shares the day before the announcement? Was it worthless on that day? This is the kind of statement that worry me a lot. You blame your bad investment decision on other people who also made bad investment decision. Besides, one would think that if you were so angry about the "irrational hypocrisy" on the forum, at least you will be more astute in your writing. Rather you chose to blur the line between loss in value and worthlessness. How can your shares be worthless when none of those 5 bank's shares is trading less than 3 naira? Unless you presuppose that share prices must be in continual upswing and that there is no risk in investment in shares, i don't see why you should join 'others' in 'irrational hypocrisy'. You also alleged that property worth 50M was rented for 800M over ten years. I'm curious, do you the location of the property? Your statement that they should be shot is over the top. CBN has levelled their allegations, it is left for the court to decide which is fact. Anybody in authority can peddle misinformation but the court eventually decide where the truth lies. If the court did not hear the Savanna bank case, we would not have known that the day CBN said they were insolvent, the bank has balance with CBN in excess of 1B. This was the basis of returning the bank's license. So, you might want to be guarded in your statement. |
Politics / Re: Fg Removes Fuel Importers From Cbn Debtors' List by coolG: 2:39pm On Oct 27, 2009 |
naijaking1: My reference to the regulator's ineptitude was to the CBN auditor who made that mistake. It will be harsh for me to label the CBN governor inept in this particular case because he could not have known about the examiner's mistake. But make no mistake, i have strong reservations about his suitability for the position. However, in the ongoing bank problem, i believe (my personal opinion) his motive was well-intentioned but his execution was so poor that it is almost endangering the entire economy. So, i agree with you on most points but i think the situation could be rescued if he understands he occupies a powerful position and dial down his rhetorics or at least stop making unguarded statements that will force the banks into a road of no return. |
Politics / Re: Fg Removes Fuel Importers From Cbn Debtors' List by coolG: 12:04pm On Oct 27, 2009 |
Quote from: texazzpete on Yesterday at 08:08:09 PM I'm sorry, but those are facts. Is the CBN debtors' list a myth too? Is it standard banking practice to use shares are collateral for loans? If you do not know that shares are collateral for loans, does it not disqualify from participating so strongly in this ongoing conversation? If you do not understand the fundamentals of an underlying issue, it might be difficult for you to contribute effectively. By the way, CBN 'facts' are not fact, it is called opinion. That is why they are in the court to prove that their opinion (allegation) is fact. The CBN list is not a myth. It cannot be dismissed as myth because some debtors agreed with the list that they are owing and some of them are now paying up. However, many names and amounts on those list are either false or do not exist. For example, a new case just came up where Vaswani was alleged to be owing 5B Naira to Spring bank meanwhile their account balance with Spring bank is zero. They have challenged the bank to publish the account details. To sum up, the company in question has a credit limit of 5B Naira and the CBN auditors lifted the limit as a loan. CBN went ahead and splashed the name as a rogue debtor . Do you think they should sue for damage to reputation? Should the regulator who mistake credit limit for actual non performing loan be held accountable for ineptitude? This is just one of the stories with the list. You can see why rational people believe the list is not a fact but an opinion. |
Politics / Re: Fg Removes Fuel Importers From Cbn Debtors' List by coolG: 11:17am On Oct 27, 2009 |
texazzpete: Actually most of those loans were collateralized. The reason CBN is blurring the line between no collateral and inadequate collateral is because the portion that is not collateralized pales in comparison to the loans with inadequate collaterals. The problem was that the asset collaterals were impaired and when written down, they became automatically inadequate. The banks could not do anything because at the point the loans were given the collaterals were adequate and even if they enforce their right to sell, the proceeds would have been so meagre. Most of the banks decided to keep the collaterals and hunker down, hoping to ride out the storm. So, the notion that the MDs were just giving out loans without collaterals is not just bogus, it is dishonest. They were guilty of bad investment decisions and frankly, the Board of those banks should have removed them. If all they have been peddling is true, why would they launch a motion in the court that will drag the court process for years instead of choosing the speedy process to prove their point. Thankfully, the Judge refused and decided to hear the prelim and substantive suit simultaneously. Having said that, there is almost no chance that the MDs did not enrich themselves in one way or the other. I have no interest in defending them. They should clear their names through the court. I am only concerned with the over-exaggeration and propaganda being used by CBN. They could easily have achieved the same purpose without further destroying shareholder's value and sending about 100,000 bank workers out of job. |
Politics / Re: Shareholders Have Lost Their Investments In Troubled Banks – Sanusi. by coolG: 4:24am On Oct 26, 2009 |
Timmi: Really? What context will that be? You are castigating others for not reasoning yet you concluded the bank MDs are highway robbers and need to be shot. On what basis did you reach that conclusion? From the propaganda being peddled by CBN or do you have the 'correct' financial statements of these banks? It is interesting you asked people to reason within context. Under what context was the CBN governor making such unguarded statement? Do you realize that none of those 5 banks is trading below 3 naira per share as at Friday? Do you presuppose that any reputable bank has adjusted financial leverage ratio that's less than or equal to 1? Why would CBN governor make such a statement if his interest is for those banks to become viable? There can only be two reasons for such unguarded statement, either he wants their share value to get to 0 to allow cheap take-over or he is completely inept and over his head with his job. So, what happens to people that were buying those 5 banks shares on the premise that CBN governor had said (just a month ago) the banks only need to recapitalize to become very viable again. By the way, how do you know their shareholders fund is negative or 0? That's what the CBN governor said. Is there any evidence of that? how many of those loans are outright loss and what portion is not covered under general and specific loan loss provision? Or do you think the man with the biggest megaphone is the person with all the truths? It is obvious the MDs were involved in at least mismanagement and bad business decision but it is equally obvious now that CBN over-exaggerated what was wrong with the banks to buy public support and sympathy with their unnecessary over the top approach. I think he should talk less and be purposeful and constructive in his public speeches if he has any interest in preserving the jobs of about 100,000 nigerians working in those 8 banks. |
Politics / Re: Shareholders Have Lost Their Investments In Troubled Banks – Sanusi. by coolG: 9:24am On Oct 25, 2009 |
achinu: Do you know what informed his opinion that the loans in Oceanic bank were not performing early last year? What was his basis of the statement? I'm curious to know the premise(s) of his conclusion. |
Politics / Re: Abiola Spent All His Loot On June 12 Election by coolG: 12:55pm On Oct 15, 2009 |
bricks: |
Politics / Re: Abiola Spent All His Loot On June 12 Election by coolG: 11:19am On Oct 15, 2009 |
bidemi12: In US and Australia (those i know for certain) you cannot be sued in death but your estate can be sued through the executors or administrators. If that's what you mean, then you are correct. A dead person can neither sue nor be sued because a dead person is no longer a legal entity but your estate can be sued or sue. |
Politics / Re: Abiola Spent All His Loot On June 12 Election by coolG: 10:44am On Oct 15, 2009 |
bibiking1: Again, an unfortunate statement not rooted in fact. Abiola was a financial supporter of the Southern African Liberation movements from the 70's in their course for political independence. Abiola sponsored (underwriting the operating expenses) the campaign to win reparations for slavery and colonialism in Africa and the diaspora. Is it not funny that the case died at the UN after he was incarcerated. Abiola as at the time he contested for election had made financial assistance that resulted in the construction of 63 secondary schools, 121 mosques and churches, 41 libraries, 21 water projects in Nigeria. Abiola bookshops Abiola Farms Radio Communications Nigeria, Wonder bakeries, Concord Press, Concord Airlines, Summit oil international ltd, Africa Ocean lines, Habib Bank, Decca W.A. ltd, Abiola football club All these companies had hundreds and thousands of employees at one time or the other. These employees get paid every month, go through training for jobs that require training including personal development courses/seminars. Yet he did not empower anyone? Was he not paying the players of Abiola babes decent wages? What do you call creating opportunities for many young men to showcase their skills/talent and get paid for it? Could it be called empowerment? A good number of ex-concord press employees have gone ahead to become publishers of daily newspapers or weekly magazines. Bayo Onanuga, Mary Ellen Ezekiel, Soji Omotunde, Kunle Ajibade, Ike Okonta, Kayode Soyinka, Ray Ekpu, Dele Giwa, etc. Many of them have given testimonies of how working for the late Chief gave them the opportunity to create a path for themselves and more so, he was paying one of the best salaries in that industry. There are laundry list of examples of his empowerment. I think you are free to call him a looter if you so wish but to say he did not empower anyone is totally misleading and unfortunate. |
Politics / Re: Abiola Spent All His Loot On June 12 Election by coolG: 9:32am On Oct 15, 2009 |
bidemi12: Actually, in civilized societies, death is a means of escape for crimes committed. Ken Lay's conviction was even vacated when he died before sentencing allowing the crimes to be blotted out of his record and this is in America! Even for crimes worse than financial crimes, death is a means of escape. http://blogs.usatoday.com/ondeadline/2006/10/ken_lays_convic.html http://www.theindychannel.com/news/1695321/detail.html |
Politics / Re: Elombah.com Says Soludo Implicated In Polymer Naira Notes Bribery Scandal! by coolG: 7:19pm On Oct 05, 2009 |
back2back: |
Politics / Re: Elombah.com Says Soludo Implicated In Polymer Naira Notes Bribery Scandal! by coolG: 6:53pm On Oct 05, 2009 |
ndu_chucks: You mentioned my name but i cannot understand what you are writing. Would you mind writing in English rather than your local language. |
Politics / Re: Elombah.com Says Soludo Implicated In Polymer Naira Notes Bribery Scandal! by coolG: 6:43pm On Oct 05, 2009 |
back2back: I have just debunked your earlier claim that Soludo was involved in UBA transfer fraud by quoting and attaching US department of Justice document showing the fraud was perpetuated under Keem Bello-Osagie and rather than provide the substantive evidence or source for your earlier unfortunate statement, you vaulted to another allegation. If the best you can offer is an incoherent write-up from nationalmirror (part of drive-by media) then you really need to examine if you have a place in civil discourse. Even by your own standard, highlight which sentence or paragraph stated he embezzled money. By your own standard again, did the write-up say where the money was transferred and/or if there was no approval or authority to effect the transfer/investment. Did that write-up state there was no evidence of the those so-called consultancies and travelling? He violated section 9 of CBN Act of 2007. I have not read the section to argue but if he did, he should be penalized. Whatever is the penalty should be levied. Out of curiousity, Is that fraud? |
Politics / Re: Elombah.com Says Soludo Implicated In Polymer Naira Notes Bribery Scandal! by coolG: 6:08pm On Oct 05, 2009 |
back2back: |
Politics / Re: Elombah.com Says Soludo Implicated In Polymer Naira Notes Bribery Scandal! by coolG: 5:00pm On Oct 05, 2009 |
blacksta: If only you have patience to google a bit, you may notice that Soludo has been working outside the country for the past 15 years including consulting services for International institutions. The last time i checked you are paid during and/or after completing your services. He has been for many years a fellow in a research institute in UK and also a visiting Professor in a college in US. Many of the students in his department at UNN do not even know him, they only hear about him because he stayed outside the country for substantial part of every year. Most of his academic teachings and supervision are centered around Master's and Doctoral students. It is known within the campus for many years that he has accumulated wealth from his work outside the country just as many other professors in Nigeria with extensive consulting work with International institutions. His coming to the former president's government was on the strength of his work outside the country as he was relatively unknown in Nigeria before then. So, the notion he cannot afford to buy a mortgage in UK is shortsighted. While i can only use my situation to make this a teachable moment, i hope other Nigerians involved in consulting/contract services can come forward and reveal what they were/are paid for some of the jobs they have done outside the country. In my own case, i did a consulting work for an European bank to upgrade their banking server. For the one year consulting work, the consulting fee was $1,000 a day. This is just one out of many. I will leave it here hoping other people that have similar experiences might collaborate. All i wanted to bring out is that Soludo can afford to buy a mortgage in UK from his earnings and pay his children tuition even before he became CBN governor. Is it possible that Soludo is corrupt? Yes. Why would anyone vouch for someone you know from far? But it flies in the face of reason to presuppose he can only afford to buy a house in UK because he is corrupt. If you want to rely on the cut-n-paste story that is bereft of any consistency to infer any kind of corruption, then the discussion should be a non-starter for rationale people. By the way, does anyone know the CBN governor's salary and his estacode per day when outside the country? |
Politics / Re: Elombah.com Says Soludo Implicated In Polymer Naira Notes Bribery Scandal! by coolG: 3:39pm On Oct 05, 2009 |
ndu_chucks: Does it not seem fallacious to you? Would you mind going back to read that cut-n-paste again? If Yar'adua and some security agency(ies) knew about the supposed bribery since the first quarter of the year, do you think the current CBN governor's would have responded that his attention was drawn for the first time to internet report about the supposed bribery? Do you suppose that the current CBN governor was not briefed there was an ongoing investigation by the appropriate people or the president himself? Can you one reason why the current CBN governor will be kept in the dark when he was never part of the previous CBN management? Do you believe for one moment that if Yar'adua had told Soludo that he will not be PDP nominee in Anambra, that Soludo will still go ahead and run to be that party's nominee? Did you notice that the writer even mentioned that a former president was also bribed. Out of curiousity, which former president? Most rational people would have seen the inconsistencies in the above cut-n-paste unless your mind is made up or you just took a cursory glance. It looks more as a hack job that was poorly scripted. |
Politics / Re: Elombah.com Says Soludo Implicated In Polymer Naira Notes Bribery Scandal! by coolG: 3:09pm On Oct 05, 2009 |
back2back: Did you actually believe what you wrote? The UBA indictment you referred above happened under Sanusi watch as the Chief Risk Officer of UBA when his godfather Bello-Osagie was wielding power from the penthouse. You need proof? See below: http://www.usdoj.gov/usao/nys/pressreleases/July07/unitedbankforafricaagreementpr.pdf OR www.usdoj.gov/usao/nys/pressreleases/July07/unitedbankforafricaagreementpr.pdf&w=uba+case+cases+casing+">http://74.6.239.67/search/cache?ei=UTF-8&p=UBA+case+with+new+york&fr=ytff1-msgr&u=www.usdoj.gov/usao/nys/pressreleases/July07/unitedbankforafricaagreementpr.pdf&w=uba+case+cases+casing+%22new+york%22+ny&d=b6FrHd29TkiH&icp=1&.intl=us&sig=lBvd9nvZbr8IANzTy3b4cg-- Sometimes we allow our preconceived prejudices to hold us hostage. Be fair to fellow man so that people will be fair to you. It is easy to destroy reputation but very difficult to build one. |
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