s

Waw, I hope keystone staffs were not affected

nice

GreenMavro:
Was thinking about the fellow that jumped into the lagoon yesterday and just couldn't help but feel sad.... spent time wondering what could have moved the young man to such an action. Heard on radio this morning that he was just 35 years....
At 35 he was a doctor... had a car, and even a driver...from the Nigerian standard that sounds like a successful young man in all ramifications.
There probably were lots of his secondary school mates or his university mates envying him. But truth is no one knew what he was going through.....
I concluded that he was having a bout of depression and it took a bad turn. It brings me back to us. I will ask some pertinent questions that I am also guilty of.
1) When last did we check on a friend that we haven't heard from in a while?
2) When last did we visit some one we knew was finding things difficult?
3) When we see someone who had it going so well and all of a sudden is finding it hard to make ends meet, do we make fun of them?
4) When was the last time we called the names of particular people in our midst during our prayers, to intercede on their behalf ?
5) When last did we encourage another with the Word of God
The economy is tough and truly people are finding it more difficult to survive. We need to watch out for each other. We need to call, we need to visit. I am hoping we can bring some suggestions to make our welfare better.
We never know who needs just an ear to listen to all the problems he/she is going through. Let's be more caring..I am guilty of this too. I am going to try as well. To at least call someone per day just to say hello! Lets ponder on this for a few seconds and decide to assist each.

Base on Punch newspaper "Keystone bank has the strength of 1753 employees and over 154 networking branches with 315 ATM".By my calculation that means about 11people working in one branc

.

DTaj:


Seun, I recognize your point, however, everywhere in the world, the most important stakeholder to be protected at the time of a bank's distress are the depositors.

Investors are a very distant consideration because regular corporate governance practice expects that if owners/investors/shareholders were diligent with their oversight role on Management and the Board of Directors, the bank should not be in distress in the first place.

Tough luck, but the owners/shareholders of Keystone Bank had no choice!

Yes, I recognised the fact that protecting depositors should be a major priority when dealing with a distressed bank but at the same time, government should put in more regulations to protect investors as well. If investors keep losing their investments like the case of bankPHB, confidence in the banking sector will be eroded and eventually, nobody will be willing to invest in the sector again.

Look at the case of HAH above, he lost 500,000 units of bankPHB shares. That's a big loss by any standard. Personally, I still believe Amcon should have offered some little shares as compensations to the original owners of the bank.

GreenMavro:
Was thinking about the fellow that jumped into the lagoon yesterday and just couldn't help but feel sad.... spent time wondering what could have moved the young man to such an action. Heard on radio this morning that he was just 35 years....
At 35 he was a doctor... had a car, and even a driver...from the Nigerian standard that sounds like a successful young man in all ramifications.
There probably were lots of his secondary school mates or his university mates envying him. But truth is no one knew what he was going through.....
I concluded that he was having a bout of depression and it took a bad turn. It brings me back to us. I will ask some pertinent questions that I am also guilty of.
1) When last did we check on a friend that we haven't heard from in a while?
2) When last did we visit some one we knew was finding things difficult?
3) When we see someone who had it going so well and all of a sudden is finding it hard to make ends meet, do we make fun of them?
4) When was the last time we called the names of particular people in our midst during our prayers, to intercede on their behalf ?
5) When last did we encourage another with the Word of God
The economy is tough and truly people are finding it more difficult to survive. We need to watch out for each other. We need to call, we need to visit. I am hoping we can bring some suggestions to make our welfare better.
We never know who needs just an ear to listen to all the problems he/she is going through. Let's be more caring..I am guilty of this too. I am going to try as well. To at least call someone per day just to say hello! Lets ponder on this for a few seconds and decide to assist each.

I'm sorry for quoting all of this! I just want to say that this is the best comment I have ever read(red) so far on Nairaland. God bless you for this piece. I am also guilty, but I will start calling.

#life's short......show some love!

zuby4real10:
This is not a surprise to us keystone bank customers cos even from the poor services they offer to us, low customers turn out in almost all their branches and poor facilities we don't have to be told that the bank is broke. I only go to keystone bank in days that I don't want to waste too much time queuing up in banks . It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air conditioner.

I wish you have d privilege to visit Ikare Akoko in Ondo State. Keystone Bank ATM is d most reliable in d whole local government. Its always dispensing. Even people come as far as Adekunle Ajasin University use to withdraw from their ATM when d likes of First bank, Wema bank, Zenith bank , skyebank will be saying " unavailable to Despense cash " for days or weeks.

DoyenExchange:
They would not leave this bank alone...from BankPhb to Keystone to what again?

initally it was Habbib bank or sometin like dat

[quote author=zuby4real10 post=54789889]This is not a surprise to us keystone bank customers cos even from the poor services they offer to us, low customers turn out in almost all their branches and poor facilities we don't have to be told that the bank is broke. I only go to keystone bank in days that I don't want to waste too much time queuing up in banks . It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air cond
lol

oluseyiforjesus:
Hw I wish they could sell that Senate Building to British parliament.

And Aso rock

That's one bank I used to admire from the days of PHB. I just hope there will be a revival in that bank so that car can finally drive with water; we're tired of buying petrol.

seunmsg:


Yes, I recognised the fact that protecting depositors should be a major priority when dealing with a distressed bank but at the same time, government should put in more regulations to protect investors as well. If investors keep losing their investments like the case of bankPHB, confidence in the banking sector will be eroded and eventually, nobody will be willing to invest in the sector again.

Look at the case of HAH above, he lost 500,000 units of bankPHB shares. That's a big loss by any standard. Personally, I still believe Amcon should have offered some little shares as compensations to the original owners of the bank.

No, it is not the government's responsibility to protect shareholders. That's the job of the board, which you the shareholders elected.

The job of the government is to protect debtholders - starting from depositors and ending with bondholders.

As a shareholder, you are a part owner of a business, and you accept the risk that the business may one day go burst, so it is your responsibility to find out as much information as possible about the business before buying into it.

The problem with Nigeria is that most people don't do much financial analysis before buying shares. This is not investing, it's pure gambling.

seunmsg:


So there is absolutely nothing left for the original owners of bankPHB to salvage? This is very sad and unfair. Lots of people invested their life savings in the shares of the old bankPHB, Amcon and CBN should have worked out a model for them not to lose everything.

In as much as it is good to protect the interest of depositors, protecting the interest of owners and investors should also be a priority. Personally, I will never invest in any bank again.

That it was fully acquired and paid for doesn't mean the investors have lost, No! Does the name AMCON and NDIC sound familiar? They're to protect your interest. That your bank is acquired doesn't mean you loose money, but rather power changed hands...
Money or investment is secured!

HAH:
well said bro, I had 500k, units of bankphb share that is useless and we have lost everything now, the sad part of this sale deal is most of the management of sold bank put their interest in the sales, for example, John Aboh the MD that sold oceanic bank to ETI is now th chairman of ecobank clearly that was the deal at the sale of Oceanic bank.

I did not just lose interest in banking stocks but the entire Nigerian stock market because I realize that is another ponzi scheme backed by law. I only invest in physical business eg, real estate and commodities now

i laugh when people put their money in the NSE. Even in more transparent US and Europe, we hear stories of fraud such as Insider Trading etc.

Have you ever heard such about country even with the level of corruption in this country.

If you want to invest in stock and options, consider NGN bonds and some foreign ETF on the NSE.

I hope my life savings is safe?

zuby4real10:
This is not a surprise to us keystone bank customers cos even from the poor services they offer to us, low customers turn out in almost all their branches and poor facilities we don't have to be told that the bank is broke. I only go to keystone bank in days that I don't want to waste too much time queuing up in banks . It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air conditioner.

If you want to be a marketer or a networker for an NGO organization that's international and also in Nigeria,
Call, text or Watsapp
08055016614.

chloride6:


i laugh when people put their money in the NSE. Even in more transparent US and Europe, we hear stories of fraud such as Insider Trading etc.

Have you ever heard such about country even with the level of corruption in this country.

If you want to invest in stock and options, consider NGN bonds and some foreign ETF on the NSE.

even the bond itself is risk, how sure are we the government or the country exist when the bond matures especially in a tensed divided country like ours, just do commodities and real estate atleast they are tangible not some worthless paper written by a fraudster masquerading as a broker or registrar, bro I lost almost N15M all in bank stock from 2008-2009

seunmsg:


So there is absolutely nothing left for the original owners of bankPHB to salvage? This is very sad and unfair. Lots of people invested their life savings in the shares of the old bankPHB, Amcon and CBN should have worked out a model for them not to lose everything.

In as much as it is good to protect the interest of depositors, protecting the interest of owners and investors should also be a priority. Personally, I will never invest in any bank again.

The CBN acquired the issued and fully paid shares of the bank when they took over. As at when the CBN took over, the bank has become insolvent....had so much liabilities compared to its current assets and the next would be eroding customer deposits.

This means that the bank's capital has been wiped out. CBN came in, injected some funds which was converted into equity and hence assuming complete ownership of the bank.

As for compensation, only the court could help by possibly bringing those who were responsible for the mismanagement of the firm to account for their misdeeds.

seunmsg:


So there is absolutely nothing left for the original owners of bankPHB to salvage? This is very sad and unfair. Lots of people invested their life savings in the shares of the old bankPHB, Amcon and CBN should have worked out a model for them not to lose everything.

In as much as it is good to protect the interest of depositors, protecting the interest of owners and investors should also be a priority. Personally, I will never invest in any bank again.

Bank and Ponzi are the same, just that bank has physical structures and they invest your money sometimes

HAH:
even the bond itself is risk, how sure are we the government or the country exist when the bond matures especially in a tensed divided country like ours, just do commodities and real estate atleast they are tangible not some worthless paper written by a fraudster masquerading as a broker or registrar, bro I lost almost N15M all in bank stock from 2008-2009

15M , oga ooh. I don't think the day will come when bonds wont be redeemed. Save for Zimbabwe, some years ago, nobody has defaulted on bonds in a while.

I can bet it other my last Naira that by the time the names behind the new investors are made public they will be hausa as emir and his gang of marauder's planned it.

Jofet:
That name 'KEYSTONE' should not be changed ooooooooo. So classic a name!!!!

sound more like "stone age" . That name is poor

abiola883:


That it was fully acquired and paid for doesn't mean the investors have lost, No! Does the name AMCON and NDIC sound familiar? They're to protect your interest. That your bank is acquired doesn't mean you loose money, but rather power changed hands...
Money or investment is secured!

Actually, shareholders of bankphb have lost all their investments. Everything. They own absolutely nothing in the new ownership structure of the bank.

seunmsg:


So there is absolutely nothing left for the original owners of bankPHB to salvage? This is very sad and unfair. Lots of people invested their life savings in the shares of the old bankPHB, Amcon and CBN should have worked out a model for them not to lose everything.

In as much as it is good to protect the interest of depositors, protecting the interest of owners and investors should also be a priority. Personally, I will never invest in any bank again.

Their bank failed. If it has been another company, that would have been the end. Because it is a bank, government came in to save depositors, not the owners.

Jacksparr0w127:
Do you have problem comprehending?

I really hope the sadness in your life doesn't overtake you ability to understand sarcasm.....


geez...gtfoh

mykelmeezy:




I really hope the sadness in your life doesn't overtake you ability to understand sarcasm.....


geez...gtfoh

what's this one saying?

Jacksparr0w127:
what's this one saying?

how would you understand....

fvck outta my mention

mykelmeezy:



how would you understand....


fvck outta my mention

Eyaaaah cry baby. You want candy?

zuby4real10:
This is not a surprise to us keystone bank customers cos even from the poor services they offer to us, low customers turn out in almost all their branches and poor facilities we don't have to be told that the bank is broke. I only go to keystone bank in days that I don't want to waste too much time queuing up in banks . It's only in keystone bank I witnessed both staffs and customers using hand fan for more than 3 months in fact that bank don't have a single air conditioner.

maybe the one in your area,I am not a customer of the bank thought but the ones I have seen are beyond what u just said
#no insult

seunmsg:


So there is absolutely nothing left for the original owners of bankPHB to salvage? This is very sad and unfair. Lots of people invested their life savings in the shares of the old bankPHB, Amcon and CBN should have worked out a model for them not to lose everything.

In as much as it is good to protect the interest of depositors, protecting the interest of owners and investors should also be a priority. Personally, I will never invest in any bank again.

Of course, the old investors would lose everything because the equity is worth zero. That's why shareholders should ensure that they do not elect directors and management that would ensure destruction of value.