nija4us:
I have just bought fbnh now at 3.40 cos of q1 result. I hope i have not entered one chance

like I always say no one is wrong but I can tell you that's not the best value for your money now.

People wey buy @ 18,16,12,10,8,6, NAIRA .... na just to manage the dividend

So u re still ok bros

Among all the banks that gave profit warning.. skye bank will appear to be the best... buying first bank @ 3.40k is like a man trying to commit suicide... waiting for firstbank @ 2.80k by may! next suicide bomber is OUR GREAT BROTHER DIAMOND BANK!

ufotty2001:
Among all the banks that gave profit warning.. skye bank will appear to be the best... buying first bank @ 3.40k is like a man trying to commit suicide... waiting for firstbank @ 2.80k by may! next suicide bomber is OUR GREAT BROTHER DIAMOND BANK!

Skye bank !!!, me i no take part in all thses profit warning things for now ,until i see result
u may be right sir

nija4us:
I have just bought fbnh now at 3.40 cos of q1 result. I hope i have not entered one chance

Don't worry...its not a bad buy..

at least now we are sure FBN is not going bust!

just be ready to buy more at N3...

rebekah2011:


The risk guy was not sacked but was retired and paid his entitlements for a shoddy job done. But there was an MD and a BOARD. So when you lend there should not be adequate measure in place for the recovery of the funds. The impairment of 120b is just a fraction of the credits going bad. We could be looking at over 400-500b

That's true.

There was an MD and a BOARD but these loans were not just approved in 2015. They may have been performing credit facilities which were carried over into 2015.

I understand why you would be calling for the head of the entire team...but sadly, things just don't work that way. There are vested interests and sacking the board at this time may not lead to a change. It is one step gone wrong.

More so, it is just an impairment - an estimate based on present and future outlook.

But we should also look other aspect of the report. What was the board's reaction? What are their plans for a rebound? What steps have they taken to ensure that this thing does not recur?

In calling for the sack of the board, we should also find out to what extent where they liable and culpable in the face of this result? How exposed were they? What were their decisions and the basis of their decisions?

kaboninc:


That's true.

There was an MD and a BOARD but these loans were not just approved in 2015. They may have been performing credit facilities which were carried over into 2015.

I understand why you would be calling for the head of the entire team...but sadly, things just don't work that way. There are vested interests and sacking the board at this time may not lead to a change. It is one step gone wrong.

More so, it is just an impairment - an estimate based on present and future outlook.

But we should also look other aspect of the report. What was the board's reaction? What are their plans for a rebound? What steps have they taken to ensure that this thing does not recur?

In calling for the sack of the board, we should also find out to what extent where they liable and culpable in the face of this result? How exposed were they? What were their decisions and the basis of their decisions?

Well said and I say thank you for this but events of late has made me to lose confidence in the present Board of First Bank Holdings. This bank is lagging behind GTBank and Zenith Bank. The gap is widening.

sheffyUTD:
Please where is megainvest

I'm here. thanks for checking in on me.

megainvest:


I'm here. thanks for checking in on me.

we all thought that it is the effect of the results that make u to be silent

rebekah2011:


Well said and I say thank you for this but events of late has made me to lose confidence in the present Board of First Bank Holdings. This bank is lagging behind GTBank and Zenith Bank. The gap is widening.

FBNH done retire some of their board since na. This result happens to be the first from the new board.

ufotty2001:
we all thought that it is the effect of the results that make u to be silent

Mr. market cannot do me anything. God pass them!!

megainvest:


Mr. market cannot do me anything. God pass them!!

true

http://www.cnbc.com/2016/04/26/bp-runs-up-first-quarter-pretax-loss-of-865m.html?__source=newsletter|breakingnews

Oil major BP reported a pretax loss of $865 million in the first quarter of 2016 as low oil prices continue to plague the company.
First-quarter replacement cost loss came in at $485 million, compared with a profit of $2.1 billion a year ago. The replacement cost loss came in well above expectations of $140 million in a poll of analysts provided by the company.
Replacement cost profit is a common accounting measure to report profits in the oil industry which takes into account the fluctuations in the price of oil. Oil prices have seen something of a rebound since BP's last earnings when a barrel was trading around $33 with Brent crude now fetching around $44 a barrel but there is no sign of major producers curtailing output in a bid to support prices further.


How the mighties are fallen.

Need bad news on this forum, just follow @PETERICHY...He is a master at it.


Follow him at your own peril.


The Octopus my foot!

In other news, i am not disappointed too much with FBNH result. Considering the oil price tsunami, I will rate the performance average..Time to load more. The storm is over.

http://www.cnbc.com/2016/04/26/exxonmobil-loses-coveted-aaa-credit-rating-from-sp-on-low-oil-prices.html?__source=newsletter|breakingnews

Standard and Poor's downgraded ExxonMobil's credit rating from AAA to AA+ because of the firm's expectations for oil prices.
This story is developing. Please check back for further updates.
The only corporations left with a AAA rating from the S&P are Microsoft and Johnson & Johnson.

"How are the mighty fallen"

LAGOS— Sequel to our exclusive story earlier this month about abandoned oil rigs at the outer Marina in Lagos, Vanguard learnt that the rigs may have been seized by FirstBank of Nigeria Plc for alleged debts of about N25 billion owed by Seawolf Oil Services Limited, owners of the rigs.

Read more at: http://www.vanguardngr.com/2015/02/firstbank-seizes-seawolfs-rigs-over-n25bn-debt/

Bw careful with Access Bank. All that glitters is not gold.

Details available at

http://www.judefejokwu..com

rebekah2011:


Well said and I say thank you for this but events of late has made me to lose confidence in the present Board of First Bank Holdings. This bank is lagging behind GTBank and Zenith Bank. The gap is widening.

I share in your sentiments too.

But to me, the best among the three (GTBank, Zenith and FBN) is GTBank. They have been consistent with impressive returns to their shareholders. For my liking, I think First Bank is a very very large bank. Really large bank - largest by assets. I also think they have the largest customer deposits and if true, that tells you a lot about its reach.

Going forward, I think they will rebound and for those who want to look up to that future, now is a good time to invest.

Cheers....

OBAGADAFFI:


LAGOS— Sequel to our exclusive story earlier this month about abandoned oil rigs at the outer Marina in Lagos, Vanguard learnt that the rigs may have been seized by FirstBank of Nigeria Plc for alleged debts of about N25 billion owed by Seawolf Oil Services Limited, owners of the rigs.

Read more at: http://www.vanguardngr.com/2015/02/firstbank-seizes-seawolfs-rigs-over-n25bn-debt/

I've just gone through that news report.

If truly AMCON took over the loan from First Bank, then the rig should belong to AMCON. However, depending on the time when the loan was obtained and the amount AMCON is willing to pay for the loan, all will have an effect on the bank.

megainvest:

I'm here. thanks for checking in on me.

Your absence was very conspicuous. Welcome back!

PETERiCHY:
http://www.cnbc.com/2016/04/26/bp-runs-up-first-quarter-pretax-loss-of-865m.html?__source=newsletter|breakingnews

Oil major BP reported a pretax loss of $865 million in the first quarter of 2016 as low oil prices continue to plague the company.
First-quarter replacement cost loss came in at $485 million, compared with a profit of $2.1 billion a year ago. The replacement cost loss came in well above expectations of $140 million in a poll of analysts provided by the company.
Replacement cost profit is a common accounting measure to report profits in the oil industry which takes into account the fluctuations in the price of oil. Oil prices have seen something of a rebound since BP's last earnings when a barrel was trading around $33 with Brent crude now fetching around $44 a barrel but there is no sign of major producers curtailing output in a bid to support prices further.


How the mighties are fallen.

If there is anything you can do to make the price price of ucap fall to 1.35 please do it.
I want to buy more.

kaboninc:


I share in your sentiments too.

But to me, the best among the three (GTBank, Zenith and FBN) is GTBank. They have been consistent with impressive returns to their shareholders. For my liking, I think First Bank is a very very large bank. Really large bank - largest by assets. I also think they have the largest customer deposits and if true, that tells you a lot about its reach.

Going forward, I think they will rebound and for those who want to look up to that future, now is a good time to invest.

Cheers....

sure

kaboninc:


I share in your sentiments too.

But to me, the best among the three (GTBank, Zenith and FBN) is GTBank. They have been consistent with impressive returns to their shareholders. For my liking, I think First Bank is a very very large bank. Really large bank - largest by assets. I also think they have the largest customer deposits and if true, that tells you a lot about its reach.

Going forward, I think they will rebound and for those who want to look up to that future, now is a good time to invest.

Cheers....

When I look at the bank's NPLoans, I think the bank is already dead, its only the burial that is left. from 83billion in Q1 2015 to 410 billion in Q1 2016. Hate him or like him, I must admit that Mr Peterichy or what ever his name, must be taken seriously by any one investing his had earned money in NSE.

Mpeace:
When I look at the bank's NPLoans, I think the bank is already dead, its only the burial that is left. from 83billion in Q1 2015 to 410 billion in Q1 2016. Hate him or like him, I must admit that Mr Peterichy or what ever his name, must be taken seriously by any one investing his had earned money in NSE.

birds of same feather...........

locodemy:


birds of same feather...........

Can you see that the effect of @peterichy pollution is already affecting some people...

Na to Sidon look o

Truth234:
You guys should check Leventis news

Thanks bro....... well appreciated.

9free:


E no go better for Wale Tinubu and SeaWolf

You for wait make them repay the money first nah. If e no better for them, how we go see our money?

Mpeace:
FBNH done retire some of their board since na. This result happens to be the first from the new board.

Some key members were also newly retired effective 31/12/2015 according to the annual report. In fact, a new GMD was just appointed 01/01/2016.

kaboninc:


I've just gone through that news report.

If truly AMCON took over the loan from First Bank, then the rig should belong to AMCON. However, depending on the time when the loan was obtained and the amount AMCON is willing to pay for the loan, all will have an effect on the bank.

Full impairment was made for this. It was case of business gone bad. FBNH held 42% equity stake in Seawolf. When AMCON took over as receiver for Seawolf, full impairment was made by the bank. I would say the board was reckless and too adventurous.

http://nse.com.ng/Financial_NewsDocs/13410_TOTAL_OIL_PLC_Q1_MARCH_2016_FINANCIAL_STATEMENTS_APRIL_2016.pdf

This stock should be a good buy for long term income investors.

Warm Greetings to the entire house, nice job we are doing here.
I used to read this thread like 2 years back but really didn't understand and didn't have fund then buy now I think I can start with little sth.
Please I have few questions.
1. I have been reading to know how and where to start buh I don't think such discussion have ensued here. If I am wrong, kindly refer me, I would be glad to read.
2. My dad bought 500 naira shares with FBN for me while I was still in primary school and I receive like 2000 naira dividend annually, so can I buy more shares into the old ones and how do I go about it.
3. The issue of having a stock broker is not really clear. Foe what purpose and how do I start.
4. Is it possible to invest from abroad.
And any other information that would be helpful will be highly appreciated. Thanks and have a great day ahead. One love.