Mpeace:
346 branches closed.https://www.nairaland.com/5831835/access-bank-shut-down-346

Very difficult to survive after taking a double portion of local poison!

Godlylifeoneart:


It is a disaster for a bank to be ruined by greedy management in this time and Era. For CBN to successfully execute BVN (A preparatory for digital banking take off)
I wonder, who will want to buy physical properties of diamond Bank branches! As it is now, South Africa has granted licenses to 4 digital banks that do not need to open branches and I can see CBN doing same.
Maximum 5 to 10 yrs time. This development will force or inhibit existing banks from expanding branches coz the digital banks will come to disrupt the old orders of doing things. Imagine you banking at a discount. You just walk into a shoprite or adide store to deposit cash while paying minimal charges for transactions.
This is the revolution that will make the would be buyer to offer peanut for diamond Bank.
Will be difficult to maintain many branches in another 20yrs to come in Nigeria.
What a sad tale for the die hard shareholders of diamond Bank? Dozie et al betrayed the trust investors had in them. He was even telling investors that from 2019 they will begin to reap from their investments in diamond Bank.
Son of a scammer will always be a scammer.

Memory lane, the above was posted on 12/11/2019

Harvestock01:


Very difficult to survive after taking a double portion of local poison!

They might have just done the needful. Going forward, I expect things to turn for the better. They might just churn out some very impressive figures come q2. They have sacrificed a lot. 25-40% paycut, 75%reduction in staff strength and a closure of 346branches. That's something.

Let me add a few tips to the above, using myself as an example.
I am a legal practitioner. So I read a lot but not junks. I rather search anywhere and everywhere to get answers to what I need to know than ask questions. So when I joined this thread, I started from page 1 and got ALL the best possible answers. Mind you, I had my first degree(not Law) in 1990.
Pls (and this is for everybody) I think (emphasis -think) you don't have to be in the market all the time. I resumed trading on March 16, 2020 after stocks crashed because of covid 19 and oil price crash. My last transaction before now was in 2016. Infact, I had to request for a new user id n password as I had forgotten my login details. But then, I have been investing by constantly READING about everything that matters. So for many years, I read about stocks but was not buying because as a lawyer I know there are little or no protection esp in Nigeria, for minority shareholders.
Some years back, I met a young man, my Client, a chartered accountant. He finished 12 years after, from my former university. He bought good units of Int'l Breweries @ .87k and sold in less than a year and half @ N3.00+ . He bought his first land and built gradually. He has never been a tenant in his life. So there is money in stocks market!!!
Lastly, I have done many bizs successfully and still counting .My secret is, I constantly seek Knowledge by READING.
Our greatest investment is our TIME. Invest it wisely.
A man dies the day he stops reading. Not junks o

pepper247:
Hello beautiful people pls when is the best time to invest? Am a new bike and willing to learn pls
Secondly which broker will u advise me to use?
And the present best stocks to invest in
Thank u!

Register with Morgan capital.
Everything can be done online.
UBA, zenith bank, GTB are good banking stocks you can start with.
Start with money you can afford to lose.
#staysafe

Mpeace:
They might have just done the needful. Going forward, I expect things to turn for the better. They might just churn out some very impressive figures come q2. They have sacrificed a lot. 25-40% payout, 75%reduction in staff streght and a closure of 346branches. That's something.

May be time to acquire another struggling bank!

The relative and absolute reality of life.
The reality is that life has changed and we have to make adjustments to our lives as well. It almost feels like you are in a bad dream and soon you will wake up from it and things will be okay, the problem though, is that you are not dreaming, what you are going through is real and it terrifies you.

The year 2020 seemed like it was going to be a great year for you, everything was going well, you were promoted and you bought your first car. In a split second everything changes, the world is hit by the COVID-19 pandemic, the economic capital of Nigeria is under lockdown for over 4 weeks, your newly wedded wife has contacted the Corona virus she is in a critical condition, you don't have much in your savings, and suddenly ACCESS bank sends you an email to inform they are shutting down your branch and you have been laid off.
Or, You are a gotel staff, suddenly Athief ABUBAKAR is reforming gotel at the peak of pandemic, sorry! You have been laid off!
The scenario l have just illustrated above is a sad situation but that is the reality of what is happening in our country now, this can happen to anyone or it has happened to someone already, whatever the case could be we need to prepare ourselves for difficult times ahead.
Recently, the president of the Federal Republic of the North made an assertion that no worker would be laid off without the due process.Does due process exist in Nigeria? A president that ensures all the directors and head of security agencies are predominantly northerners must have forgotten the existence of due process.
If the government do not practice due process, how come they are expecting private businesses and organizations to adopt it?
It is a grim reality that awaits, it is inevitable, only the affected individuals know that they have been laid off. Nigeria do not have a reliable statistics that can tell us the absolute numbers of citizens in both the formal and informal sectors that would potentially loose their jobs as a result of COVID-19,Corruption and Crude oil crashes.
Nigeria case is actually a triple bullet fired at the nation. 3Cs
Corruption and directionless leadership
Crashed crude oil prices
COVID-19
Prepare your self mentally and financially for the precarious times ahead. Respect and value the little that you have. Use your money wisely and have a plan B in place in the event your company closes it's doors.
Do not invest your emergency money in NSE, you might get stucked.
Prepare for the worst and hope for the best.
You are not alone, we are all on board this failed Nigeria project.

locodemy:


Oga Oracle,pls what do you advice those of us into importation of computer accessories to do now?
Wait for dollar fall or go on with the present price?
Pls kindly explain the effect in businesses so that we can know the direction of goods/economy.
Thanks and happy weekend sir.

I am surprised that Mr. Locodemy is not ashamed to ask for advice on this forum when himself is not ready to share his knowledge. Why do you want Oracle to now write 'epistle' for your benefit?

Godlylifeoneart:
The relative and absolute reality of life.
The reality is that life has changed and we have to make adjustments to our lives as well. It almost feels like you are in a bad dream and soon you will wake up from it and things will be okay, the problem though, is that you are not dreaming, what you are going through is real and it terrifies you.

The year 2020 seemed like it was going to be a great year for you, everything was going well, you were promoted and you bought your first car. In a split second everything changes, the world is hit by the COVID-19 pandemic, the economic capital of Nigeria is under lockdown for over 4 weeks, your newly wedded wife has contacted the Corona virus she is in a critical condition, you don't have much in your savings, and suddenly ACCESS bank sends you an email to inform they are shutting down your branch and you have been laid off.
Or, You are a gotel staff, suddenly Athief ABUBAKAR is reforming gotel at the peak of pandemic, sorry! You have been laid off!
The scenario l have just illustrated above is a sad situation but that is the reality of what is happening in our country now, this can happen to anyone or it has happened to someone already, whatever the case could be we need to prepare ourselves for difficult times ahead.
Recently, the president of the Federal Republic of the North made an assertion that no worker would be laid off without the due process.Does due process exist in Nigeria? A president that ensures all the directors and head of security agencies are predominantly northerners must have forgotten the existence of due process.
If the government do not practice due process, how come they are expecting private businesses and organizations to adopt it?
It is a grim reality that awaits, it is inevitable, only the affected individuals know that they have been laid off. Nigeria do not have a reliable statistics that can tell us the absolute numbers of citizens in both the formal and informal sectors that would potentially loose their jobs as a result of COVID-19,Corruption and Crude oil crashes.
Nigeria case is actually a triple bullet fired at the nation. 3Cs
Corruption and directionless leadership
Crashed crude oil prices
COVID-19
Prepare your self mentally and financially for the precarious times ahead. Respect and value the little that you have. Use your money wisely and have a plan B in place in the event your company closes it's doors.
Do not invest your emergency money in NSE, you might get stucked.
Prepare for the worst and hope for the best.
You are not alone, we are all on board this failed Nigeria project.

Semper Paratus!

sophy17:
Let me add a few tips to the above, using myself as an example.
I am a legal practitioner. So I read a lot but not junks. I rather search anywhere and everywhere to get answers to what I need to know than ask questions. So when I joined this thread, I started from page 1 and got ALL the best possible answers. Mind you, I had my first degree(not Law) in 1990.
Pls (and this is for everybody) I think (emphasis -think) you don't have to be in the market all the time. I resumed trading on March 16, 2020 after stocks crashed because of covid 19 and oil price crash. My last transaction before now was in 2016. Infact, I had to request for a new user id n password as I had forgotten my login details. But then, I have been investing by constantly READING about everything that matters. So for many years, I read about stocks but was not buying because as a lawyer I know there are little or no protection esp in Nigeria, for minority shareholders.
Some years back, I met a young man, my Client, a chartered accountant. He finished 12 years after, from my former university. He bought good units of Int'l Breweries @ .87k and sold in less than a year and half N3.00+ . He bought his first land and built gradually. He was never a tenant in his life. So there is money in stocks market!!!
Lastly, I have done many bizs successfully and still counting .My secret is, I constantly seek Knowledge by READING.
Our greatest investment is our TIME. Invest it wisely.
A man dies the day he stops reading. Not junk o

Master your strategy and you will be making money.

There is money in the market only that it is in the thorny bush.

gamaliel9:
More than 300 branches...up to 10 branches in Anambra

Maybe Diamond Bank branches that they took over.

They need to cut overhead there.

RabbiDoracle:


Maybe Diamond Bank branches that they took over.

They need to cut overhead there.

È ku market ooooo Rabbi lol

locodemy:


Oga Oracle,pls what do you advice those of us into importation of computer accessories to do now?
Wait for dollar fall or go on with the present price?
Pls kindly explain the effect in businesses so that we can know the direction of goods/economy.
Thanks and happy weekend sir.

You don't need to buy and stock USD in large quantity. Buy small small for your business.

Soon the pressure will reduce and it will stabilize at 380 (last point where it was devalued to). There is excess USD in circulation. It is a matter of time of will go all around the world chasing assets to buy and inflate.

There are many countries and companies opening up as at this week and onwards. So there will be demand for energy. Also with many shale producers shutting in, oil supply will reduce, oil prices will rise.

Godisfaithful:


È ku market ooooo Rabbi lol

Hey bro. How far na?

How SA? Lockdown seems to have been eased at your end.

RabbiDoracle:


Hey bro. How far na?

How SA? Lockdown seems to have been eased at your end.

Hey my Rabbi, went there for small Buz and get stalked in London but finally back in Yankee now. Lockdown is eased but there’s fear of wave 2. But presently I’m riding with Powell unlimited QE till they stopped printing. Remember you can’t fight the Fed

Mpeace:
346 branches closed.https://www.nairaland.com/5831835/access-bank-shut-down-346

As far as letting staff go and cutting salaries of staff, CBN has called them to order yesterday. Access will need to reverse any staff rationalization done or planned as a result of COVID and ditto any bank. No bank is allowed to cut staff salaries.

For this period, you can only fire or reduce salaries with the express permission of CBN and I know that will be akin to a camel passing through the eye of a needle...

BAMOFIN1:


I am surprised that Mr. Locodemy is not ashamed to ask for advice on this forum when himself is not ready to share his knowledge. Why do you want Oracle to now write 'epistle' for your benefit?

No find loco wahala ooo ... thunder oooo

dinyelutochukwu:
Dear Newbies,
Permit me to add my voice to the points Meships raised above.
My brief background:
I started trading in stocks in 2003 as an undergraduate with my tuition fees (what a risk you might say). I’ve experienced a lot of ups and downs in the market. But my biggest heart ache was in 2009 when I received backlash from friends and family who lost huge sums of money because I introduced them to the NSE and they were caught up in the global financial crisis.
After 17 years of being in the market, I still do not count myself to have comprehended, hence I am completely unqualified to advice you on stocks.
But below are a few guides that may help you.

1. Stick to 1 or 2 stocks with sound fundamentals.
You don’t have to own 10 stocks in your portfolio. It’s hard to monitor especially when you’re a trader and not an investor...

Brilliant, thanks for this fantastic contribution. But I feel this first point is more appropriate for traders but not necessarily for investors.

As an investor, portfolio diversification is the way to go. Fundamentally sound stocks can dip so fast even when the fundamentals are still right, just as we experienced in March. But when you're well-diversified, you won't care about the price fluctuation because every sector cannot respond negatively to the economic situation at the same time.

RabbiDoracle:


Semper Paratus!

Semper oorah

seyisanya:

Brilliant, thanks for this fantastic contribution. But I feel this first point is more appropriate for traders but not necessarily for investors.

As an investor, portfolio diversification is the way to go. Fundamentally sound stocks can dip so fast even when the fundamentals are still right, just as we experienced in March. But when you're well-diversified, you won't care about the price fluctuation because every sector cannot respond negatively to the economic situation at the same time.

Thanks for throwing your weight behind the post. That was the message I intended to pass, I just didn’t convey the thoughts well enough.
That said, your analogy was succinctly written.

dinyelutochukwu:
Dear Newbies,
Permit me to add my voice to the points Meships raised above.
My brief background:
I started trading in stocks in 2003 as an undergraduate with my tuition fees (what a risk you might say). I’ve experienced a lot of ups and downs in the market. But my biggest heart ache was in 2009 when I received backlash from friends and family who lost huge sums of money because I introduced them to the NSE and they were caught up in the global financial crisis.
After 17 years of being in the market, I still do not count myself to have comprehended, hence I am completely unqualified to advice you on stocks.
But below are a few guides that may help you.


...6. Stop flogging a dead horse.
I have never enjoyed the concept of averaging down. It can be depressing for me. (My recent experiences with WAPCO and Dang Sugar come to mind). So how do you prevent this? Set a stop loss for all your trades, don’t get emotionally attached to a stock, and don’t just buy a stock because someone recommended it. Always do your own due diligence...

Another awesome point. Yes, don't get emotionally attached to a stock. But if it's the only stock in your portfolio, then it's only human to get emotionally attached to it. Another reason to diversify! Regarding averaging down, I guess it depends on how it's done. If done properly, you'll come out victorious.

For example: I first bought Nestle at N913, then it went down to N750. I bought, even much more than my initial holdings, then I sold everything last Thursday at N970(intraday). Sweet gain! Other examples are GTB, Zenith, Cadbury. Thanks to proper averaging down, they are all now selling well above my break-even prices despite high initial purchase cost. Even Warren Buffett averaged down on Delta airlines before selling all his airline stocks. He might not admit it but when you check his moves in March and thereafter, what he did will become clearer.

dinyelutochukwu:


Thanks for throwing your weight behind the post. That was the message I intended to pass, I just didn’t convey the thoughts well enough.
That said, your analogy was succinctly written.

Many thanks for taking time out of your Sunday to share that wonderful post with us.

TLAX:


As far as letting staff go and cutting salaries of staff, CBN has called them to order yesterday. Access will need to reverse any staff rationalization done or planned as a result of COVID and ditto any bank. No bank is allowed to cut staff salaries.

For this period, you can only fire or reduce salaries with the express permission of CBN and I know that will be akin to a camel passing through the eye of a needle...

Audio call to order! With wage bill of almost 80billion ? Am sure CBN must have been informed before they embarked on cost cutting exercise, i dont want to believe cbn does not have pre-knowlege of what they did. Dont forget cbn would have be the one to rescue diamond bank wt tax payers money and look for buyer later.but access did the work for them and am sure they would not want access go down. Anyway, we watch as events unfolds. Even on twitter, presidency states that due process would be followed in case of retrenchment so there would be retrenchment in the long run.

The concept of average down is double edged sword. You should only use it with investor strategy, not with trading strategy. So have a plan and work the plan. I bought Zenith at 17.5 now it is at 14+ why wouldn't I average down? I have already received N2.8k as dividend or less depending on when I accumulate. The problem with a lot of US is actually risk management, time horizon and margin of safety. You only go to market when there is sales to buy quality stocks at cheap prices, stop loss is not the best option for an investor if you have a good margin of safety in place and your portfolio is well diversified. So there are a whole lot of things to consider while taking position in a stock. If a stock stop performing as an investor you could sell with little loss, margin of safety would help you out because you had already bought it cheaply. 30% gain in two stocks and 20% loss in one still makes you a profit of 40%, which I think is good.

Traders must use stop loss., it is better to have seperate funds for investment and trading. The two should not be missed together and apply different strategy in managing them.

seyisanya:
Another awesome point. Yes, don't get emotionally attached to a stock. But if it's the only stock in your portfolio, then it's only human to get emotionally attached to it. Another reason to diversify! Regarding averaging down, I guess it depends on how it's done. If done properly, you'll come out victorious.

For example: I first bought Nestle at N913, then it went down to N750. I bought, even much more than my initial holdings, then I sold everything last Thursday at N970(intraday). Sweet gain! Other examples are GTB, Zenith, Cadbury. Thanks to proper averaging down, they are all now well above my break-even prices despite high initial purchase cost. Even Warren Buffet averaged down on Delta airlines before selling all his airline stocks. He might not admit it but when you check his moves in March and thereafter, what he did will become clearer.

sellydion:
The concept of average down is double edged sword. You should only use it with investor strategy, not with trading strategy. So have a plan and work the plan. I bought Zenith at 17.5 now it is at 14+ why wouldn't I average down? I have already received N2.8k as dividend or less depending on when I accumulate. The problem with a lot of US is actually risk management, time horizon and margin of safety. You only go to market when there is sales to buy quality stocks at cheap prices, stop loss is not the best option for an investor if you have a good margin of safety in place and your portfolio is well diversified. So there are a whole lot of things to consider while taking position in a stock. If a stock stop performing as an investor you could sell with little loss, margin of safety would help you out because you had already bought it cheaply. 30% gain in two stocks and 20% loss in one still makes you a profit of 40%, which I think is good.

Traders must use stop loss., it is better to have seperate funds for investment and trading. The two should not be missed together and apply different strategy in managing them.

Thanks for reiterating my points but written differently - my portfolio is well partitioned - long/mid/short. I'm a dynamic investor. Like I earlier stated, if properly done, the idea of averaging down works regardless of your time horizon but will not work if you're strictly a trader.

.

meshpips:


Rabbi,

I already mentioned that this analysis was done using the weekly time frame.

We still have how many more weeks in this year?

Please chillax and watch.

RabbiDoracle:


Ok bro.

Though once it touches 10K, I expect it to fall back towards 8500 and possibly consolidate there for a while before moving higher.

Done.

Next is to break 10K and head towards 13K.

10K has switched from resistance to support.

Stock trading is okay both for day time trader and long time trading But in other to gain. Long time pays off. www.nenitm.com

Okay now

OBAGADAFFI:
Okay now

I am happy that bank staffs get to retain their jobs, but is this move by the CBN legal, can a government agency dictate how a business is supposed to manage its resources?

ositadima1:


I am happy that bank staffs get to retain their jobs, but is this move by the CBN legal, can a government agency dictate how a business is supposed to manage its resources?

The question is for how long?

My take home this week.
In the stock market, what you get in return for love is loss, very HUGE loss....
It is unwise to impregnate 9 women to get a child within one month...W.Buffet.

You don't give birth to 11 children cos you want to own a club. It's possible they may all end up a barrow pushers.

Watch your investments closely, else you will discover Warren Buffet is a JIJO specialist too late.

It is unwise to follow others very far into the journey before asking where they are going.

If your stock delivers twins, as some stocks may do before December 2020, don't attempt to get the same stock pregnant again during the baby nursing period. Let it heal in peace...