Wema bank

[Jerry Duruiheoma]

Hello every ony and happy xmas and new year in advance.

I used to live in United kingdom when I bought my WEMA share, but now I have relocated to Vancouver Canada, hence want to change my address, My question is does any one know who or how I can go about effecting this chang address. I have try phoning, email and to no effect. I would appreciate it anybody can advise me or provide me with a contact name which I can write to effect this change.

Thanks

Jerry

[newton]

Guy wasup, seems u posted ur comments in 2 threads. Check d other thread (under bank stocks) to view responses. Cheers!

[chineduz]

NigerianSecurities - Analysis

[pesadilla]

skye bank is the fastest growing bank in naija as of now.
the recently posted a PBT of N7.5b,for their full yr ending sept. thats 350% increase from last yrs N2.Ob.
expect them in the market very soon.(already concluded arrangements)so keep your money ready.

[newton]

Well a 7.5bn PBT isn't exactly something to cheer considering their vol of issued shares whc wd bring the EPS to abt 80k leavin them wt not more than 50k dps translatin to a div yield of 3% at the current price of N17. But yeah, if they can do another >300% increase then... But can they?

[Jerry Duruiheoma]

Hi guys with the confirmation of the new CEO for wema bank how would this affect the Wema share stock? I guess this will be on the possitive side? Any idears?

[Gbenguze]

Hi Jerry

Am thinking of buying there shares. what do you think.

[hispy99]

Originally Posted by Gbenguze

Hi Jerry

Am thinking of buying there shares. what do you think.

would advise you hold on till things clear a bit...the stock may be on TS for a looooooog time and you don't know what will come out of the CBN/NDCI examination

[hispy99]

Originally Posted by Jerry Duruiheoma

Hi guys with the confirmation of the new CEO for wema bank how would this affect the Wema share stock? I guess this will be on the possitive side? Any idears?

So far, it does not look like positive news....

[Jerry Duruiheoma]

Originally Posted by Gbenguze

Hi Jerry

Am thinking of buying there shares. what do you think.

Like some of my colleague has mention here, the future of the bank is slightly unclear at the moment(? possitve/negative). the best thing to do is to wait and let see how thing is going to turn out. My best advice is to wait and that what I am doing/

[riskreturn]

Originally Posted by Jerry Duruiheoma

Like some of my colleague has mention here, the future of the bank is slightly unclear at the moment(? possitve/negative). the best thing to do is to wait and let see how thing is going to turn out. My best advice is to wait and that what I am doing/

The allgations bothering on inadequate corporate governance practices of the GDM now in suspension and that of his predecessors, including the current Deputy Governor of CBN, are now well known. For an easy recapitulation of the shopping list of allegations, two newspaper links (one being a one-sided story against the GMD in supension and the other, a one-sided story against the CBN Deputy Governor) are provided here (see below).

The issue now is, to what extent do these lead to missstatement of the accounts that are already in the public domain, particularly the Q1 and Q2 of the current financial year? Of course, there may be some indirect channels of effect on the current account statement - e.g., one may suspect that the acting GMD, being an appointee of the CBN, would want to please the CBN by under-reporting the profit for the ongoing financial year so as to rubbish, to the extent feasible, accomplishments (if any) of the suspended GMD. But this would not affect the intrinsic (though, probably unreported) fundamentals of the bank's performance. The inquiry here is, to what extent could the current period account statement 9including Q1 and Q2 realeases) have over-stated actual performance of the bank in view of the plethora of revelations that have now been made against both the suspended GMD and the CBN Deputy Governor?

Also, given that the suspended GDM has practically left Wema Bank, I would also want anybody that knows the end of the current tenure of the CBN Deputy Governor to share with us the information, as this may indicate an end to the imbroglio - the NewsDay speculation is that he is already gunning for the CEO position of First Bank, based on a realisation that his tenure as CBN Governor is unlikely to be renewed for another term as a result of the negative image of the Wema Bank imbroglio. For a longer term investor in Wema Bank shares, one is inclined to think that an exit of the 2 personalities from any involvement in Wema Bank affairs would be a solution to the current impasse.

[riskreturn]

The allgations bothering on inadequate corporate governance practices of the GDM now in suspension and that of his predecessors, including the current Deputy Governor of CBN, are now well known. For an easy recapitulation of the shopping list of allegations, two newspaper links (one being a one-sided story against the GMD in supension and the other, a one-sided story against the CBN Deputy Governor) are provided here (see below).

The issue now is, to what extent do these lead to missstatement of the accounts that are already in the public domain, particularly the Q1 and Q2 of the current financial year? Of course, there may be some indirect channels of effect on the current account statement - e.g., one may suspect that the acting GMD, being an appointee of the CBN, would want to please the CBN by under-reporting the profit for the ongoing financial year so as to rubbish, to the extent feasible, accomplishments (if any) of the suspended GMD. But this would not affect the intrinsic (though, probably unreported) fundamentals of the bank's performance. The inquiry here is, to what extent could the current period account statement 9including Q1 and Q2 realeases) have over-stated actual performance of the bank in view of the plethora of revelations that have now been made against both the suspended GMD and the CBN Deputy Governor?

Also, given that the suspended GDM has practically left Wema Bank, I would also want anybody that knows the end of the current tenure of the CBN Deputy Governor to share with us the information, as this may indicate an end to the imbroglio - the NewsDay speculation is that he is already gunning for the CEO position of First Bank, based on a realisation that his tenure as CBN Governor is unlikely to be renewed for another term as a result of the negative image of the Wema Bank imbroglio. For a longer term investor in Wema Bank shares, one is inclined to think that an exit of the 2 personalities from any involvement in Wema Bank affairs would be a solution to the current impasse.

National Daily Newspaper ...building a new culture
BusinessDay... the voice of business - Wema Bank:Old board’s case against Lemo’s role in non-performing credit

[RethinK2.0]

Originally Posted by riskreturn

The allgations bothering on inadequate corporate governance practices of the GDM now in suspension and that of his predecessors, including the current Deputy Governor of CBN, are now well known. For an easy recapitulation of the shopping list of allegations, two newspaper links (one being a one-sided story against the GMD in supension and the other, a one-sided story against the CBN Deputy Governor) are provided here (see below).

The issue now is, to what extent do these lead to missstatement of the accounts that are already in the public domain, particularly the Q1 and Q2 of the current financial year? Of course, there may be some indirect channels of effect on the current account statement - e.g., one may suspect that the acting GMD, being an appointee of the CBN, would want to please the CBN by under-reporting the profit for the ongoing financial year so as to rubbish, to the extent feasible, accomplishments (if any) of the suspended GMD. But this would not affect the intrinsic (though, probably unreported) fundamentals of the bank's performance. The inquiry here is, to what extent could the current period account statement 9including Q1 and Q2 realeases) have over-stated actual performance of the bank in view of the plethora of revelations that have now been made against both the suspended GMD and the CBN Deputy Governor?

Also, given that the suspended GDM has practically left Wema Bank, I would also want anybody that knows the end of the current tenure of the CBN Deputy Governor to share with us the information, as this may indicate an end to the imbroglio - the NewsDay speculation is that he is already gunning for the CEO position of First Bank, based on a realisation that his tenure as CBN Governor is unlikely to be renewed for another term as a result of the negative image of the Wema Bank imbroglio. For a longer term investor in Wema Bank shares, one is inclined to think that an exit of the 2 personalities from any involvement in Wema Bank affairs would be a solution to the current impasse.

National Daily Newspaper ...building a new culture
BusinessDay... the voice of business - Wema Bank:Old board’s case against Lemo’s role in non-performing credit

Lemo's tenure in cbn ends in december
The most important thing is that the bank's 25 billion reserves are still intact...which is the case (at least according to the new john md).
whatever debt (if it still exists) can always be written off against a year's account...but the wait might be longer esp for those that expected to cash out march.

[riskreturn]

Originally Posted by RethinK2.0

Lemo's tenure in cbn ends in december
The most important thing is that the bank's 25 billion reserves are still intact...which is the case (at least according to the new john md).
whatever debt (if it still exists) can always be written off against a year's account...but the wait might be longer esp for those that expected to cash out march.

Let us hope gets the First Bank job or any other job that will lure him away from the CBN so as to pave way for return of normalcy to Wema Bank, now that the suspended GMD too has virtually left Wema Bank.

Concerning 25 billion reserves, what do you mean by that please? Foreign reserves or Naira-denominated cash reserves (in the vault of the bank and with the CBN) or what? I do not think safety of such reserves was ever in doubt, and that is why I am naively seeking the clarification.

[hispy99]

Originally Posted by riskreturn

Let us hope gets the First Bank job or any other job that will lure him away from the CBN so as to pave way for return of normalcy to Wema Bank, now that the suspended GMD too has virtually left Wema Bank.

Concerning 25 billion reserves, what do you mean by that please? Foreign reserves or Naira-denominated cash reserves (in the vault of the bank and with the CBN) or what? I do not think safety of such reserves was ever in doubt, and that is why I am naively seeking the clarification.

Don't think he's getting the FBN job. I read somewhere where FBN's Chairman categorically denied they were seeking to replace the current MD. I am a FBN shareholder and the last person I would want to be the new MD (even if they are looking for one) is Lemo.

[riskreturn]

Originally Posted by hispy99

Don't think he's getting the FBN job. I read somewhere where FBN's Chairman categorically denied they were seeking to replace the current MD. I am a FBN shareholder and the last person I would want to be the new MD (even if they are looking for one) is Lemo.

The bottomline is that he should cease to be the CBN Deputy Governor in charge of Surveillance so that he would not be terrorising Wema Bank governance with his own "EFCC" (viz: CBN bank examiners that have to ultimately reprt to him). I do not mind him continuing as CBN Deputy Governor in chare of functions other than surveillance or his being made a Chief/Oba in his village or town. All that I wish is for him to cease being CBN Deputy Governor in charge of surveillance so as to protect valu of my shares at Wema. For me, December 2008, when his first term at CBN would expire, is rather too far to bear.