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Re: Nigerian Stock Exchange Market Pick Alerts by owoblow77: 2:30pm On Sep 24, 2018 |
Mcy56:Na flower for you nah ![]() ![]() ![]() Why should I stay away from Courtville? ![]() |
Re: Nigerian Stock Exchange Market Pick Alerts by Princkez: 2:33pm On Sep 24, 2018 |
Chibuking81:I'm not sure ooo, remember AFRIBANK and BANK PHB...were are their shares? |
Re: Nigerian Stock Exchange Market Pick Alerts by ihedioramma: 2:33pm On Sep 24, 2018 |
Chibuking81:Not only Nigeria bewere . |
Re: Nigerian Stock Exchange Market Pick Alerts by Chibuking81(m): 2:35pm On Sep 24, 2018 |
https://www.premiumtimesng.com/business/business-news/285181-nse-suspends-trading-on-skye-bank-shares.html The Nigerian Stock Exchange (NSE) on Friday officially notified the investing public that Skye Bank Plc shares would be suspended from trading on September 24. The exchange gave the notice in Lagos in a statement by Olumide Orojimi, head, corporate communications and Godstime Iwenekhai Head, Listings Regulations. NSE said in the statement that the action was taken following the recent regulatory action of the Central Bank of Nigeria (CBN) revoking the banking license of Skye Bank. The News Agency of Nigeria (NAN) reports that the exchange said that the decision was pursuant to the “Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules)”. (1) It stated that further developments would be communicated as appropriate in due course. (2) CBN has revoked the banking licence of the Bank, and transferred its assets and liabilities to a newly licensed bridge bank called Polaris Bank. Godwin Emefiele, CBN Governor, said at a news conference in Lagos that the decision was due to the failure of its shareholders to recapitalise the bank. (3) Mr Emefiele, however, said that the purpose of the CBN’s intervention in Skye Bank on July 4, 2016 had been achieved. He said that the focus of the action then was to save depositors’ funds and to ensure that the bank continued as a growing concern, being a systemically important bank. “Part of our intention was also to stem the imminent job losses to staff if a liquidation option had been adopted. “These objectives have been fully achieved and the bank has been able to meet customer obligations, having curtailed the liquidity haemorrhage and restored depositor confidence.” (4) Indeed, the bank’s performance has improved considerably compared to the pre-July 2016 era, he said. Mr Emefiele said that the result of its examinations and forensic audit of the bank showed that the bank required urgent recapitalisation. According to him, the bank can no longer continue to live on borrowed times with indefinite liquidity support from the CBN. He added that the bank’s shareholders were unable to recapitalise it. “As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye bank. (5) “The strategy is for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON,” Emefiele said. He, however, assured all depositors that under the arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Sept. 24. The CBN governor said the arrangement was to enable customers to transact their businesses seamlessly. He said that all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank. NAN also reports that NDIC has sold Polaris Bank to the Asset Management Corporation of Nigeria (AMCON) with the mandate to stabilise the bank as well as return it to profitability for the purpose of selling it to interested Investors. (6) Consequently, AMCON will inject N786 billion into Polaris Bank to bring it’s net value to zero. (NAN) Another AMCON business again. The bolded call for reconciliation and questions. |
Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:46pm On Sep 24, 2018 |
Mpeace: NSE and SEC are not protecting investors, this is affecting investors confidence. |
Re: Nigerian Stock Exchange Market Pick Alerts by Northeastern: 2:47pm On Sep 24, 2018 |
gift01:https://trwstockbrokers./2017/08/01/exclusive-how-ayeni-wrecked-skye-bank-management-writes-osinbajo/ That was even a conservative estimate, go through this link and let me have your thoughts And this one http://thelightnews.com/skye-bank-want-ex-chairman-tunde-ayenis-assets-seized-n200b-debt/ |
Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:55pm On Sep 24, 2018 |
pluto09: Companies quoted on the NSE are not ponzi . I dont like this idea of blaming investors for the actions/inaction of the regulatory bodies 2 Likes |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 2:58pm On Sep 24, 2018 |
Chibuking81:Notification of death after burial Naija, i hail |
Re: Nigerian Stock Exchange Market Pick Alerts by Mcy56(f): 3:07pm On Sep 24, 2018 |
owoblow77:https://nairametrics.com/time-is-running-out-for-courtevilles-business-model/ Visit this link. ![]() |
Re: Nigerian Stock Exchange Market Pick Alerts by wanaj0: 3:21pm On Sep 24, 2018 |
hyness: It depends on what they are regulating. CBN is there to ensure that depositors money are safe. They are not looking after interests of shareholders SEC regulates capital market operators. SEC will not stop you from investing in any company that you like. They however ensure that the companies have full disclosure and appropriate fines accordingly. It is the shareholders that should ensure good performance of the companies they invest in! Shareholders are the cause of the problem partly because they do not see themselves as 'owners' of the company. Owners should not behave like some shareholders are doing. Regulators don't determine which shares we buy! 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 3:28pm On Sep 24, 2018 |
andico34: The business model of bode akindele is similar to that of wale Tinubu, tune ayeni, pascal dozier. Invest investors money in politics Sponsor politicians and wait for the dividend which might never come Investors money in NSE is now OPM EXECUTIVES exuberance Recklessness Paralytic regulatory bodies Indeed, Nigeria is the most difficult place to trade JIJO |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 3:34pm On Sep 24, 2018 |
wanaj0:I disagree with you, Regulators are to protect investors, prevent Insider dealings Sanction errant executives Where was CBN when tunde ayeni buried sky bank?Where were the regulators when the greedy bisi onasanya reduced firstbank to last bank tier 3 bank in Nigeria. Why was Oando shares restored? Could N200b be moved in a Corporate institution without CBN knowledge? Political affiliation, godfatherisms, greediness and corruption are the order of the day Had the clueless gej won the last election, no one will ever heard any story Stupid executives are now hiding under the guise of election bear, emerging markets volatility after they have used our investment to service their selfish interests. Should the government released the list of executives Implicated in corporate and public institutions today we will all run away from NSE The hausas are leading in wrecking public institutions while the yorubas are the number 1 in paralyzing corporate institutions in dz nation. 2 Likes |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 3:50pm On Sep 24, 2018 |
fxuser: My oga I hope you no inside this bus.. no word from you since on Friday even today being first day of the week. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 4:05pm On Sep 24, 2018 |
I wish they'd introduce short selling in NSE. By the time independent investors starts shorting some of these stupid stocks, these lazy chairmen/CEOs will learn to sit up. Most corporation in Nigeria are nothing but a debt house. 3 Likes |
Re: Nigerian Stock Exchange Market Pick Alerts by Chibuking81(m): 4:07pm On Sep 24, 2018 |
wanaj0:Then what will be the fate of Oando at the release of the forensic audit, the shareholders raise alarm, the auditor also raise alarm, which shows that the company is seriously in debt. https://t.guardian.ng/business-services/shareholders-fault-oando-result-demand-forensic-audit/ Shareholders fault Oando result, demand forensic audit By Editor 09 July 2018 | 3:46 am Oando Foundation Shareholders under the aegis of Proactive Shareholders Association of Nigeria (PROSAN), at the weekend, faulted the 2017 full year result of Oando Plc, describing it as dismal and well below expectations. The group also decried the inability of the company to pay dividend to its shareholders for the fifth consecutive year. The National Coordinator, PROSAN, Taiwo Oderinde, said in a statement in Lagos, on Friday that members of his association who are also shareholders of Oando Plc have suffered substantial financial losses as a result of the company’s poor performance. Oderinde said: “As responsible and concerned shareholders of Oando Plc, we took up the task to protect the company and draw the attention of the general public to the recent audited financial report year ended December 2017, which was released to the public and our findings are summarized below: “Oando Nigeria Plc has for five consecutive years suffered incredible losses with the record breaking loss in the year 2014; the first ever in the history of our capital market. There is no sharp different between the 2016 and 2017 audited financials. “The company has continued to accrue debts to the point that its liabilities still surpassed its assets just like the year ended 2016. “For example, it was reported that Axxela took a N1.5billion loan/facility to finance the Central Horizon Expansion pipeline’s term loans among others. In addition to that loan, Oando Trading Ltd. accessed over N217.2billion ($700million) foreign denominated loan as short line trade finance facilities in 2017 alone. “ disposal is one of the major areas the management of our company led by Mr. Jubril Adewale Tinubu, fully exploited in the year under review. Sale of assets in some of the subsidiaries is one of the strategies used to boost the company earnings. Assets were sold both locally and internationally. “Since the company has many unnamed subsidiaries, which is likely to be over an hundred in number structured under a very complex shareholding structure. For instance, the sale of interests in OMLS 125 and 134 to the operations for cash proceeds of N1.7billion ($5.5million) and the assumptions of N26.2billion ($84.5million) in cash call liabilities due to the joint ventures.” The PROSAN Coordinator also accused the Minister of Finance, Mrs. Kemi Adeosun, and the Acting Director-General, Securities and Exchange Commission (SEC), Mary Uduk, of unduly delaying the release of the Oando forensic audit report, and called for its immediate release. “Finally, our group solidly believe that the present management of the company are just playing hide and seek game by using all resources at their disposal to entrench themselves in the company, against the interest of the majority shareholders, who have been denied of dividends in the last five years due to their financial recklessness,” Oderinde concluded. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by mendes911: 4:17pm On Sep 24, 2018 |
Background settlement. http://www.nse.com.ng/Financial_NewsDocs/23737_STANBIC_IBTC__HOLDINGS_PLC_CORPORATE_ACTIONS_SEPTEMBER_2018.pdf What was the noise for then? |
Re: Nigerian Stock Exchange Market Pick Alerts by jamace(m): 4:25pm On Sep 24, 2018 |
Yayira:Why una de look for trouble like this? Wetin concern you? ![]() |
Re: Nigerian Stock Exchange Market Pick Alerts by Willie2015: 4:29pm On Sep 24, 2018 |
wanaj0: Dont agree with you ! - CBN, SEC etc need to ensure full disclosure by corporate bodies. - SEC, CBN etc will not determine which shares you will buy, but they have a responsibility in ensuring the integrity of data submitted by companies which shareholders based their investment decision. - They have failed us in this core function. - You simply wonder how CBN and other regulators could not detect Skye Bank has two financial books and outrageous N280bn in suspense accounts to hide various losses and infractions. Most coys are guilty of this practice. - We have to accept that there is a high level of romance BTW regulators and top management of coys. BGL case & brokerage scandal in Partnership Investment Securities are just examples of numerous cases.http://judefejokwu..com/2017/02/another-brokerage-scandal-rocks-nigeria.html 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 5:05pm On Sep 24, 2018 |
Many of us do not know our rights in dz nation coz of long years of military ruin (rules) In advance economy, all directors dealing are made known to the public You will just wake and see heavy volume transactions, you will never know the buyers or the sellers This should not be so and make it difficult to detect Insider trading. For instance, Otedola and gangs were busy offloading Forte oil shares, the Magas keep accumulating He was busy selling the assets of Forte oil and declaring same as dividends This is a big crime in advance economy, you cannot pay dividend from non recurring source. The dozie even sold diamond assets in London, still zero dividends was declared. A day is coming when minority investors voice will be heard. What will need doing on dz platform is to keep exposing all this executhives, the pen robbers, the shares robber, investment killers, 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:05pm On Sep 24, 2018 |
Like I pointed out earlier, that is the essence of the submitting financial statements to regulator for checks before approval. At that stage, the CBN, for banks, should have detected 'errors' and possibly sanction the bank executives for such 'figure dressing' to serve as deterrent. Regulators are supposed to act as if all investors are novice and because of this, protect them. That is how a responsible regulator should act. Willie2015: 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 5:14pm On Sep 24, 2018 |
jamace: Na your way of reasoning make you see am like trouble.. abeg go sit down somewhere.. Someone I always look out for his post did not post today being Monday which is unlike him I won’t ask if all it well.. You people are full of Poo menh.. Alway after someone for no good reason.. I’ve got no time for anyone on a faceless blog if you got time for me, let’s meet one on one 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by dipoolowoo: 5:28pm On Sep 24, 2018 |
FG Orders Immediate Release of N22.68b to Ex-Nigeria Airways Workers https://www.businesspost.ng/2018/09/24/fg-orders-immediate-release-of-n22-68b-to-ex-nigeria-airways-workers/ CBN's Frequent Intervention Weigh on Reserves, Drop to $44.8b https://www.businesspost.ng/2018/09/24/cbns-frequent-intervention-weigh-on-reserves-drop-to-44-8b/ Only 30% of Insurance Firms in Nigeria are Valued Above N5b https://www.businesspost.ng/2018/09/24/only-30-of-insurance-firms-in-nigeria-are-valued-above-n5b/ |
Re: Nigerian Stock Exchange Market Pick Alerts by Chibuking81(m): 5:29pm On Sep 24, 2018 |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 6:14pm On Sep 24, 2018 |
Please anyone operating domi acct..i need your input. Am about to open one, but would like to know how easy it is withdrawing cash . Can i transfer naira from my savings to the domi to be converted to dollar? or i have to safe in dollar too ? Trying to preserve some dollar encase another political wahala cause naira value to drop. any stress i should be aware of before i proceed ? Thanks |
Re: Nigerian Stock Exchange Market Pick Alerts by Infinitisi(m): 6:36pm On Sep 24, 2018 |
You can only deposit dollars in it as far as I know. tritritri: |
Re: Nigerian Stock Exchange Market Pick Alerts by phemmie06(m): 6:59pm On Sep 24, 2018 |
deepsuk: ![]() |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 7:00pm On Sep 24, 2018 |
Buy $ from maidollar in Naira, deposit it in your Dom. Withdrawal from Dom account is charged in Naira CBN regulatory /directive of 2016 |
Re: Nigerian Stock Exchange Market Pick Alerts by phemmie06(m): 7:01pm On Sep 24, 2018 |
Godlylifeoneart:Sir the listed conoil is different from the exploration. |
Re: Nigerian Stock Exchange Market Pick Alerts by Infinitisi(m): 7:06pm On Sep 24, 2018 |
2019 polls: Foreign investors withdraw N435.41bn from stock market https://punchng.com/2019-polls-foreign-investors-withdraw-n435-41bn-from-stock-market/ |
Re: Nigerian Stock Exchange Market Pick Alerts by freeman67: 7:06pm On Sep 24, 2018 |
tritritri: Dorm Accts varies. .. There is dollar, pound and Euro account.. One domiciliary account will not carry all the currency For the banks I know you can only deposit the currency of that account. In GTB it can be opened with Zero balance while other banks like FBN and Stanbic IBTC will require from 100-500 of the currency's opening balance. Depositing money in the account is free but withdrawal comes with a little charge. If you need to make transfer to another dorm account withdrawing and depositing is cheaper except that other dorm acct is domiciled in another bank not in your location. I believe plenty Oga's for hear go add more.. |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 7:08pm On Sep 24, 2018 |
Godlylifeoneart: You mean withdrawal will be done in naira ? even after depositin in dollar ? |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 7:18pm On Sep 24, 2018 |
Thanks freeman67 , But can withdrawal be done in dollar as well. that the main reason why i intend to set it up. |
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