Mcy56:

See stone!
Better stay away from courtville, I cannot come and be reading plenty pages here again o.

Chibuking81:

https://www.premiumtimesng.com/business/business-news/285181-nse-suspends-trading-on-skye-bank-shares.html
Change of ownership is not complete bye bye Janet. Suspension of Skye bank share trading on the floor of the exchange is not the end of the road, once the suspension is lifted, their share will only go down, maybe to around 40kobo - 20kobo before picking up again, this time under Polaris Bank.

When Intercontinental and Oceanic bank was acquired, both their shareholders forms part of the shareholders of their new bank.
But come to think of it, who is the owner of the newly Polaris Bank? Nigeria government and its politics.

Chibuking81:
Nigeria is in for long time, news on another economic melt down coming up before December, I will never wish any person 2008 economic melt down experience.

Mpeace:
The other day I asked if the accumulated fine for late submission of result by skye had not accumulated beyond any profit they might have made between 2016-date. Them say make I close mouth make the bull continue.
NSE only acts after other regulators have acted. Now they will nit be able to recover accumulated fines. Except if the go after individual shareholders.

gift01:
200 billion naira to himself? How much come remain for the bank? Are we now bandying figures?

pluto09:



Skye bank did not release any result to the public in the last two years. So what was the package that people were buying? Stock market all over the world is not for the uninitiated, if anyone wants to do well with stocks , one has to take responsibilities for his actions/inactions.

Chibuking81:
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.

owoblow77:
Na flower for you nah No be stone. Why should I stay away from Courtville?

hyness:

But oga, is a relevant regulatory body not suppose to call into question the corporate governance of a publicly quoted company that continue to report decline or abysmal financial state of its affairs including huge debts, eg Japaul, Oando, investigate, and if found wanting take actions by either suspending its board, CEOs, or better still, trading of the shares in the floor pending improvement in the state of that company's affairs? to protect potential investors from buying even though they too need to be cautious too.
Is that not part of its function as a regulatory body eg SEC?

andico34:
first bank strong buy......target price N17

wanaj0:


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!

fxuser:
Skye
- still doing skye tinz



a decent MTD . .

wanaj0:


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!

Yayira:


My oga I hope you no inside this bus.. no word from you since on Friday even today being first day of the week.

wanaj0:


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!

Willie2015:



- 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

jamace:
Why una de look for trouble like this? Wetin concern you?

tritritri:
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

deepsuk:




how?

the stock don crash....maybe the sale of your small units cause the collapse


pls refrain from making most useless yeye companies seem good investments on this forum...you came a wrote the stock is doing 20% just when it was opened and few units traded ....in the next 5 minuts the stock fell 15% ...whats the agenda? to misguide the gullible to following you...


that uacn you speak of they are finished company...the stock will go towards N 5 soon...


even a gala will be more expensive than stock of that useless company

Godlylifeoneart:

@ obagadafi... How can one not generalized the financial tsunami in Nigeria? "
A country where crude oil has been on the increase in the last 6 months with no increase in all the oil companies quoted (upstream and down stream) share prices? Rather they are all declining everyday.
In a sane atmosphere, this should reflect on the share prices. For Instance, conoil is into both exploration (exploration I. e upstream and marketing for downstream ) still it has lost almost 50% of its shares value in less than 6 mths.Adenuga is taking his investors for granted. He believes nothing will happen to him.. Nigerian investors are mumu. It took him almost 6mths for him to release the 2017 financial report in 2018.
Why can't sec n NSE deal decisively with all this CEO/CHAIRMEN that are taking us for granted?

tritritri:
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

Godlylifeoneart:
Buy $ from maidollar in Naira, deposit it in your Dom.
Withdrawal from Dom account is charged in Naira
CBN regulatory /directive of 2016