Sterling Bank (action plan announcement)

[skimojo9]

guys i think the silence should be broken from the sterlin fraudsters in my opinion why dont we put up an open letter in the national daily to the national assembly collectively as members of this forum,we can raise the money even if it is 2k each,afterall we r all investors seeking to gain and not loose.

[billions]

Originally Posted by skimojo9

guys i think the silence should be broken from the sterlin fraudsters in my opinion why dont we put up an open letter in the national daily to the national assembly collectively as members of this forum,we can raise the money even if it is 2k each,afterall we r all investors seeking to gain and not loose.

I think it is a good idea,if we can get someone in naija that can provide us with details of d amount needed/help with d running around.

Raising d money shd not be a problem in dis forum.

The issue is fresh ...if we want to use this method,we must act fast.

Cheers.

[Abinishio]

Originally Posted by billions

I think it is a good idea,if we can get someone in naija that can provide us with details of d amount needed/help with d running around.

Raising d money shd not be a problem in dis forum.

The issue is fresh ...if we want to use this method,we must act fast.

Cheers.

Supported,
I think one of teh moderators can champion this.
I want o believe the title moderator confers some level of intergrity and respect.
I'm all for it. I know a full page add in our national dailies will be in the region of N200 to N300k depending on graphics, style and content.
Also, i think we should aticulate all our issues and publish it in one swoop.
All issues of wrong doing raised on this forum should be highlighted, and addressed to NSE, IST, SEC etc. This is what people are suffering.
Comments???

AB

[olusolakemmy]

i think punch full page is 400k, but t doing aggressive marketing now, so i dont think it will be that cost at the moment.

gurdian will more expensive and business day is ok but punch has got a good outreach in lagos.

we can also make use of all this popular business internet site like proshareng, nigeriansecurities and do not think it will cost anything if we know the right person cause they are always looking for stories.

so, sterling bank management is so insensitive to the extent that they need negative media publicity to respond, what am i even saying, we are not sure this step will even shake them.

[skimojo9]

if we r meant to act fast let someone compose a letter and we can all comment on it as per the fund raising let someone give us a bank acct and we can move from there please the memebers of this forum that have intrest in this should sign up in a new thread to be created soon (help the needy)please we will need real names to sail through all the best.

[dannynoko]

Originally Posted by skimojo9

guys i think the silence should be broken from the sterlin fraudsters in my opinion why dont we put up an open letter in the national daily to the national assembly collectively as members of this forum,we can raise the money even if it is 2k each,afterall we r all investors seeking to gain and not loose.

.

The idea of publication is good. However,am sure 1,2,3 or 4 national assembly members are affected in the Sterling palava too. Do any member know any powerful member in the house of Rep/Senate, maybe the member can call for hearing on the bank MD?

[knightofdelta]

Originally Posted by dannynoko

.

The idea of publication is good. However,am sure 1,2,3 or 4 national assembly members are affected in the Sterling palava too. Do any member know any powerful member in the house of Rep/Senate, maybe the member can call for hearing on the bank MD?

That is a waste of time. I can champion the cause for that but it might be just too late if we start looking for someone to support us from the national assembly.

The thing is are we sure that we can really do that? SMN is not a registered body with SEC...

[billions]

Investors with shares from d former NAL Bank are d worst affected(-vely).They may have d value of their shares halved.

Some of d constituent banks were not properly valued during d formation of Sterling Bank.(Confidential source).

[olusolakemmy]

Originally Posted by billions

Investors with shares from d former NAL Bank are d worst affected(-vely).They may have d value of their shares halved.

Some of d constituent banks were not properly valued during d formation of Sterling Bank.(Confidential source).

thats is really nonsense, all shares should rank at par after valuation

i bought my sterling bank in 2007, long after the consolidation deadline and my shares was halfed too.

how is my broker supposed to know the shares are from old NAL bank?

what it means is that sterling will likely get away with the robbery and manipulation and you are sure that many other companies will follow the same path

[olusolakemmy]

Originally Posted by dannynoko

.

The idea of publication is good. However,am sure 1,2,3 or 4 national assembly members are affected in the Sterling palava too. Do any member know any powerful member in the house of Rep/Senate, maybe the member can call for hearing on the bank MD?

it is not impossible that shares are allocated or alloted partialy such that anybody that can make a case like those guys in the national assembly will get their whole shares because am surprise non of them has come out to say a word after about 10days of relisting.

the silence from the who is who and regulators is a major concern to me.

i will not be surprise if we will have to swallow our huge losses and wait for the shares to reach that N12.64 or above to realised the initial worth before the reconstruction.

But i really pitty the future of Nigeria capital market

[billions]

Originally Posted by olusolakemmy

thats is really nonsense, all shares should rank at par after valuation

i bought my sterling bank in 2007, long after the consolidation deadline and my shares was halfed too.

how is my broker supposed to know the shares are from old NAL bank?

what it means is that sterling will likely get away with the robbery and manipulation and you are sure that many other companies will follow the same path

It is a sad story.

[dannynoko]

Originally Posted by olusolakemmy

it is not impossible that shares are allocated or alloted partialy such that anybody that can make a case like those guys in the national assembly will get their whole shares because am surprise non of them has come out to say a word after about 10days of relisting.

the silence from the who is who and regulators is a major concern to me.

i will not be surprise if we will have to swallow our huge losses and wait for the shares to reach that N12.64 or above to realised the initial worth before the reconstruction.

But i really pitty the future of Nigeria capital market

You may be right or maybe not.It could be they are wondering themselves like we are doing here in the forum on what happened to their holdings!

[ayemco]

Originally Posted by ayemco

The problem be say una no dey hear word. i have told you following NAL Merchant Banks false financial statement, they must have reconstructed those of us who had Magnum Trust bank up and those with NAL down. Whilst those wey get Nig-Indo (Can't remember what they use to be) at par. After what we brought to the merger we deserve some credit.
Na so life be.

Some of you will remember this post I made at the early stage of this debacle. While the situation to some shareholders is unfair, nonw of us have actually sympathised with how the shareholders of Old Magnum Bank were initially cheated out by false information by the other merging members banks. Don't old Magnum Shareholders deserve some compensation? Let's not be selfish in our discussions.

[dannynoko]

Originally Posted by ayemco

Some of you will remember this post I made at the early stage of this debacle. While the situation to some shareholders is unfair, nonw of us have actually sympathised with how the shareholders of Old Magnum Bank were initially cheated out by false information by the other merging members banks. Don't old Magnum Shareholders deserve some compensation? Let's not be selfish in our discussions.

Is not bad idea to expect that those that brought more equity should be more compensated in the merger, but this is what they should have properly sorted out inhouse before rushing to list at the exchange and CBN and NSE should have properly verified that before getting investors to this mess. Well I guess we can not do anything ah?

[olusolakemmy]

Originally Posted by ayemco

Some of you will remember this post I made at the early stage of this debacle. While the situation to some shareholders is unfair, nonw of us have actually sympathised with how the shareholders of Old Magnum Bank were initially cheated out by false information by the other merging members banks. Don't old Magnum Shareholders deserve some compensation? Let's not be selfish in our discussions.

ayemco, i hope you understand what we are saying?
we are not discussing the share structure of the merging banks and how they cheated some party and favour another.

what we are saying is that, after merger, the shares were listed as sterling bank, years after that they came up with this nonsense.

the fact that this was allowed by cbn and nse either delibrately or by lack of competency is a more reason why some poeple should loose their jobs, some should be tried by court of law and if found guilty be convicted.

This is a direct fraud aimed at the public, it is a major issue and that it didnt get much media attention is a sign of failed financial system where what we see and hear is not what we get.

so ayemco, i hope you have been rewarded and your sterling bank shares reviewed upward, i hope you will allow people like us that didnt enter magnum, nal or any merging bank but that bought sterling bank discuss our condition and way out