NSE All Share Index

Register     Disclaimer     Contact Us     About Us

  • Re: State of the Nation Post #226915
    Posted at: 3:42 am, 25th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.


  • Re: State of the Nation Post #226914
    Posted at: 11:10 pm, 24th Oct 2014
    by cecemontero. SMN . Joined: 25th April 2007. Thanked 38 times.

    nkpokiti;226893 wrote:
    when logic and reason become partisan, it's time to take a break.

    gbam!!!!


  • Re: World Politics Post #226913
    Posted at: 9:43 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.


  • Re: State of the Nation Post #226912
    Posted at: 9:10 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    hispy99;226911 wrote:
    now you have come up with another ratio? first it was I don't (and yet you have refused to take up my challenge on madame Patience despite all my pleadings). Now's it's I hammer APC 90% of the time? How did you calculate this ratio? At least, I looked at picture before concluding that the state house was not worth N3.3B (however imperfect my approach may have been). What did you look at?

    anyway, I don retire for posting comments again (except you accept my challenge)....it's much better being a bystander......

    Sir Bami, the floor is yours :D

    Is that a subtle/diplomatic way of saying since I don't a superior argument let's turn this thread to Las Vegas/Macau to ward off those who don't gamble?:D:D


  • Re: State of the Nation Post #226911
    Posted at: 8:59 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.

    bamidele97;226910 wrote:
    Have you bothered to ask yourself why you hammer APC (a party that constitute less than 25% of Nigerian's political terrain) 90% of the times whenever you choose to hammer APC/PDP?

    now you have come up with another ratio? first it was I don't (and yet you have refused to take up my challenge on madame Patience despite all my pleadings). Now's it's I hammer APC 90% of the time? How did you calculate this ratio? At least, I looked at picture before concluding that the state house was not worth N3.3B (however imperfect my approach may have been). What did you look at?

    anyway, I don retire for posting comments again (except you accept my challenge)....it's much better being a bystander......

    Sir Bami, the floor is yours :D


  • Re: State of the Nation Post #226910
    Posted at: 8:54 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    Oga Hispy you have still not answered my question? Is that house not worth 3 billion according to the "pictures you see" or 3 billion naira is too much a money to spend on Ekiti state government house.
    By the way, if i have easy 1,000 dollars today I would rather upgrade my telescope to those that see deep sky objects than place a bet with whoever is not ready to change their political orientation ever in the light of new info.


  • Re: Skye Bank Post #226909
    Posted at: 8:53 pm, 24th Oct 2014
    by coolone. SMN . Joined: 27th February 2014. Thanked 5 times.

    coolone;226905 wrote:
    The Surprising New Math of Acquisition of Banks in Nigeria – The Skye Bank Case - Proshare


    Further to the formal announcement of the bid winners and the signing of agreements, Skye Bank Plc is reported to have paid the mandatory deposit of 20 per cent for the acquisition of Mainstreet Bank. The balance 80 per cent to conclude the transaction is now due for payment on November 03, 2014 as reportedly contained in the signed Share Sale and Purchase Agreement (“SPA”)‎

    The New Acquisition Maths

    Time to check a few assumptions at the door:

    1. The serious funding hurdles facing Skye Bank Plc to make full payment of the bid price;

    2. An “Equity Raise” has not been approved by the Skye Bank Plc shareholders and as a PLC they can't/should not proceed without an EGM being held;

    3. Using an SPV (as done by Heritage which is not a PLC) is not in line with their bid and should not be allowed as it is against the SEC rules and unfair to other bidders (amounts to a change of the rules after bid closure), distorts the bid review and also places its existing shareholders at a disadvantage.

    What will be a credible defence/way out by/for Skye Bank Plc? - Not any viable option from the analysis above, BUT if they say they are looking at an outside equity funding or what the rumour mill calls an OFF BALANCE SHEET TRANSACTION, it will substantially dilute the current shareholders, which in the main, has not been approved by their shareholders and regulators.

    If they however opt for a debt option – this will be outside the banks’ current Tier 2 Capacity.

    What options are there for AMCON, SEC and the CBN under the scenario? – The combined regulators have to ensure that the integrity of the process is respected and that Skye Bank Plc complies with regulations in trying to conclude the deal. If all fails, they can revert to the reserve bidders and subject them to the same level of scrutiny. If this fails, they now have a proper template for engaging future bidders on such a regulatory bound acquisition.

    Mr Proshare are u serious? And the researcher never thought AMCON put all this facts into consideration before choosing Skye bank. :willy:

    Can point 3 be proven to be true, more so I would like to see proshare channel such searchlight on Oando dealings and confusions...:trytofly:


  • Re: State of the Nation Post #226908
    Posted at: 8:48 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.

    bamidele97;226906 wrote:
    And 1 trillion naira road.

    impossible is nothing


  • Re: State of the Nation Post #226907
    Posted at: 8:46 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.

    bamidele97;226904 wrote:
    By the way who is madame Patience? What responsibility does the constitution saddle upon her?
    I expected you to mention GEJ or a PDP governor you have ever been 1/4 as tenacious on miss matter as APC's Fayemi.

    Frankly, I skip SOTN thread mostly (apart from posting news links) because it has mostly devolved into PDP vs APC. As fas as I am concerned APC = PDP. So I won't hammer PDP alone, when APC politicians behave exactly the same way as PDP politicians. As they say, if it walks like a duck and quacks like a duck, then it must be a duck.

    By the way, will you please take up my challenge that I don't criticize PDP? abeg you. Please. biko. Take up the challenge.


  • Re: State of the Nation Post #226906
    Posted at: 8:44 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    hispy99;226903 wrote:
    bros, see my challenge in post above. If $1,000 is too small for you as a big boy, we can do $10,000 :D

    To answer your question, fraud is fraud. Maybe if Fayemi had access to Bayelsa's treasury, he would have built a N100B state house?
    And 1 trillion naira roads.
    Fayemi isn't given to mediocrity. Whatever he does he does well. Have you visited Ikogosi warm spring hitherto looted by Fayose lately? Have you checked the quality of the state pavilion and the roads built by Fayemi? What about Ire burnt brick?


  • Re: Skye Bank Post #226905
    Posted at: 8:44 pm, 24th Oct 2014
    by coolone. SMN . Joined: 27th February 2014. Thanked 5 times.

    The Surprising New Math of Acquisition of Banks in Nigeria – The Skye Bank Case - Proshare


    Further to the formal announcement of the bid winners and the signing of agreements, Skye Bank Plc is reported to have paid the mandatory deposit of 20 per cent for the acquisition of Mainstreet Bank. The balance 80 per cent to conclude the transaction is now due for payment on November 03, 2014 as reportedly contained in the signed Share Sale and Purchase Agreement (“SPA”)‎

    The New Acquisition Maths

    Time to check a few assumptions at the door:

    1. The serious funding hurdles facing Skye Bank Plc to make full payment of the bid price;

    2. An “Equity Raise” has not been approved by the Skye Bank Plc shareholders and as a PLC they can't/should not proceed without an EGM being held;

    3. Using an SPV (as done by Heritage which is not a PLC) is not in line with their bid and should not be allowed as it is against the SEC rules and unfair to other bidders (amounts to a change of the rules after bid closure), distorts the bid review and also places its existing shareholders at a disadvantage.


    What will be a credible defence/way out by/for Skye Bank Plc? - Not any viable option from the analysis above, BUT if they say they are looking at an outside equity funding or what the rumour mill calls an OFF BALANCE SHEET TRANSACTION, it will substantially dilute the current shareholders, which in the main, has not been approved by their shareholders and regulators.

    If they however opt for a debt option – this will be outside the banks’ current Tier 2 Capacity.

    What options are there for AMCON, SEC and the CBN under the scenario? – The combined regulators have to ensure that the integrity of the process is respected and that Skye Bank Plc complies with regulations in trying to conclude the deal. If all fails, they can revert to the reserve bidders and subject them to the same level of scrutiny. If this fails, they now have a proper template for engaging future bidders on such a regulatory bound acquisition.

    Mr Proshare are u serious? And the researcher never thought AMCON put all this facts into consideration before choosing Skye bank. :willy:


  • Re: State of the Nation Post #226904
    Posted at: 8:40 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    hispy99;226901 wrote:
    i won't do your work for you. Go find out when the madame Patience thing happened and see my comments. If I supported it, I owe you a $1,000. If I condemned it, you owe me $1,000. Put your money where your mouth is.

    By the way who is madame Patience? What responsibility does the constitution saddle upon her?
    I expected you to mention GEJ or a PDP governor you have ever been 1/4 as tenacious on his matter as APC's Fayemi.


  • Re: State of the Nation Post #226903
    Posted at: 8:40 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.

    bamidele97;226902 wrote:
    See my egbon o. Oga Hispy is suddenly claiming the victim. Diaris God ooo.
    Now which one deserves more of your koboko/effort; 33.8 billion or 3 billion?
    Remember what our Saviour says about pharises and log in their own eyes?

    bros, see my challenge in post above. If $1,000 is too small for you as a big boy, we can do $10,000 :D

    To answer your question, fraud is fraud. Maybe if Fayemi had access to Bayelsa's treasury, he would have built a N100B state house?


  • Re: State of the Nation Post #226902
    Posted at: 8:33 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    hispy99;226899 wrote:
    See unlike you, I do not care if it's APC or PDP. I don't understand your logic of justifying N3B just because someone else stole N33B?

    By the way, if you go back to my comments on madam Patience when she was made "permanent secretary", I condemned it. Maybe you should search for my comments when that issue happened? Unlike you, I won't accuse you of selective amensia or use caps. I will be civil with my comments. But please, get your facts right about my posts.

    Thank you sir

    See my egbon o. Oga Hispy is suddenly claiming the victim. Diaris God ooo.
    Now which one deserves more of your koboko/effort; 33.8 billion or 3 billion?
    Remember what our Saviour says about pharises and log in their own eyes?


  • Re: State of the Nation Post #226901
    Posted at: 8:31 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.

    bamidele97;226900 wrote:
    Hahahaha.... Can this be true? Could be true sha but can't i remember any occasion you were tenacious on any PDP misdeeds. Prove me wrong.

    i won't do your work for you. Go find out when the madame Patience thing happened and see my comments. If I supported it, I owe you a $1,000. If I condemned it, you owe me $1,000. Put your money where your mouth is.


  • Re: State of the Nation Post #226900
    Posted at: 8:27 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    hispy99;226898 wrote:
    satisfied?

    don't worry, Ekiti mansion costs N10B..Fayemi subsidized the cost.

    Unlike you, I call out both APC and PDP......
    Hahahaha.... Can this be true? Could be true sha but I can't remember any occasion you were tenacious on any PDP misdeeds. Prove me wrong.


  • Re: State of the Nation Post #226899
    Posted at: 8:24 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.

    bamidele97;226894 wrote:
    You see, sir Hispy sometimes i dont understand your displeasure with Ekiti new govt house.
    Are you saying the house isn't worth 33 billion based on the "pictures Fayose (an ex kirikiri inmate) showed you or you think 3.3 billion is too much to be expended on Ekiti govt house because the Ekiti state is poor?
    I would have been your fan if your condemnations were on merit. Have you ever being to Bayelsa state to see unemployment,suffering and poverty in solid state? Do you know their are no roads in Bayelsa state where madam Patience was a permanent secretary until yesterday?
    The part in bold is a good example of selective amnesia if there is no other name for it. NO PUN INTENDED.
    What is the GDP of Nigeria to compared UK? How many aircrafts are there in Nigeria's presidential fleet compared to UK? What is the size of Aso rock comparef to No 10, Downing street?
    Have you ever raised such issues? Why? It offends PDP?
    Criticize on merit.

    See unlike you, I do not care if it's APC or PDP. I don't understand your logic of justifying N3B just because someone else stole N33B?

    By the way, if you go back to my comments on madam Patience when she was made "permanent secretary", I condemned it. Maybe you should search for my comments when that issue happened? Unlike you, I won't accuse you of selective amensia or use caps. I will be civil with my comments. But please, get your facts right about my posts.

    Thank you sir


  • Re: State of the Nation Post #226898
    Posted at: 8:18 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.

    hispy99;226873 wrote:
    So because Dickson used N33B to build house, Fayemi is justified to use N3.3B to build his own house? By the way, what is the revenue of Bayelsa to Ekiti? What proportion of this N33B did Dickson borrow to build a biblical house on the hill? Am i supporting Dickson? No. I just don't understand how you can justify this N3.3B because someone else duped his state of N33B.
    bamidele97;226892 wrote:
    Is the part in bold a joke?
    You do your own valuation/bill looking at the pictures Fayose posted on Internet? Bravo!!!
    Fayose spent 1.5 billion naira on a phantom poultry project with no feather to show for it but you kept quiet.
    An APC governor spent 3 billion to build a government house that successive administration will continue to use but it's raising dust. Whao.
    Need I remind you Bayelsa state government is currently building a new government house that will set the state back by 33.8 billion naira? NO COMMENT?

    satisfied?

    don't worry, Ekiti mansion costs N10B..Fayemi subsidized the cost.

    Unlike you, I call out both APC and PDP......


  • Re: State of the Nation Post #226897
    Posted at: 8:11 pm, 24th Oct 2014
    by dupeodus. SMN . Joined: 15th November 2012. Thanked 26 times.

    bamidele97;226895 wrote:
    Whatever Fayose says is now a gospel?
    Same Fayose that was remanded for embezzling 1.5billion naira poultry scam with no cages and batteries to show for it is suddenly a saint?
    No. Fayose is not a saint. In fact, I detest the man because of his performance during his first stint as a governor. Apart from issues of corruption pursued by efcc then which our current president quashed for political reasons, the man is a thug and even got himself involved in ritual killing. All of these are no reason to not listen to him when he points out the excesses of another governor. Whichever way you slice and dice it, a N3.3 billion Governor's house in Ekiti State is reckless spending. That is assuming that the money was actually spent on the house. We all know that in Nigeria, less than a third of that money would actually be spent on the house.


  • Re: State of the Nation Post #226896
    Posted at: 7:52 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    nkpokiti;226893 wrote:
    When logic and reason become partisan, it's time to take a break.

    Tell Oga Hispy o.
    The only other logic and reason becoming partisan is you telling whoever cared to listen that shiek Gumi asked Buhari not to run for the post of president but you suddenly kept quiet when the Sheik gave the same advice to GEJ.:D:D


  • Re: State of the Nation Post #226895
    Posted at: 7:33 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    dupeodus;226821 wrote:
    This Fayose must be insane. So, 2 beds at the cost of about $300,000 each is infrastructure for the state of Ekiti? I wonder if their is any law that will permit the prosecution of a governor on reckless spending like this. The inpunity in Nigeria is just mind boggling.

    Whatever Fayose says is now a gospel?
    Same Fayose that was remanded for embezzling 1.5billion naira poultry scam with no cages and batteries to show for it is suddenly a saint?


  • Re: State of the Nation Post #226894
    Posted at: 7:28 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    hispy99;226873 wrote:
    So because Dickson used N33B to build house, Fayemi is justified to use N3.3B to build his own house? By the way, what is the revenue of Bayelsa to Ekiti? What proportion of this N33B did Dickson borrow to build a biblical house on the hill? Am i supporting Dickson? No. I just don't understand how you can justify this N3.3B because someone else duped his state of N33B.

    You see, sir Hispy sometimes i dont understand your displeasure with Ekiti new govt house.
    Are you saying the house isn't worth 3 billion based on the "pictures Fayose (an ex kirikiri inmate) showed you or you think 3.3 billion is too much to be expended on Ekiti govt house because the Ekiti state is poor?
    I would have been your fan if your condemnations were on merit. Have you ever being to Bayelsa state to see unemployment,suffering and poverty in their solid states? Do you know there are no roads in Bayelsa state where madam Patience was a permanent secretary until yesterday?
    The part in bold is a good example of selective amnesia if there is no other name for it. NO PUN INTENDED.
    What is the GDP of Nigeria to compared UK? How many aircrafts are there in Nigeria's presidential fleet compared to UK? What is the size of Aso rock comparef to No 10, Downing street?
    Have you ever raised such issues? Why? It offends PDP?
    Criticize on merit.


  • Re: State of the Nation Post #226893
    Posted at: 7:21 pm, 24th Oct 2014
    by nkpokiti. SMN . Joined: 13th March 2013. Thanked 7 times.

    bamidele97;226892 wrote:
    Is the part in bold a joke?
    You do your own valuation/bill looking at the pictures Fayose posted on Internet? Bravo!!!
    Fayose spent 1.5 billion naira on a phantom poultry project with no feather to show for it but you kept quiet.
    An APC governor spent 3 billion to build a government house that successive administration will continue to use but it's raising dust. Whao.
    Need I remind you Bayelsa state government is currently building a new government house that will set the state back by 33.8 billion naira? NO COMMENT?

    When logic and reason become partisan, it's time to take a break.


  • Re: State of the Nation Post #226892
    Posted at: 7:10 pm, 24th Oct 2014
    by bamidele97. SMN . Joined: 5th November 2010. Thanked 72 times.

    hispy99;226890 wrote:
    1) So land price in ondo and Lagos are on the same level now? Show me banana island in Ekiti. 2) N3Bfor a state house is excessive for a state that is broke. 3) if all they got for N3B were the pictures that I saw, then the people of Ekiti should demand a refund 4) the reasons proffered by the ex-gov's spokesman for the reason and cost of the statehouse bordered on the absurd.

    Is the part in bold a joke?
    You do your own valuation/bill looking at the pictures Fayose posted on Internet? Bravo!!!
    Fayose spent 1.5 billion naira on a phantom poultry project with no feather to show for it but you kept quiet.
    An APC governor spent 3 billion to build a government house that successive administration will continue to use but it's raising dust. Whao.
    Need I remind you Bayelsa state government is currently building a new government house that will set the state back by 33.8 billion naira? NO COMMENT?


  • Re: World Politics Post #226891
    Posted at: 6:04 pm, 24th Oct 2014
    by hispy99. SMN Forum Moderator. Joined: 28th August 2007. Thanked 259 times.


Forum threads