Wema bank

[billions]

Proshare News and Analysis
Wema Bank Plc placed on Technical Suspension
Posted Friday, October 17, 2008


Wema Bank Plc has today been placed on technical Suspension.


The Board of Directors of the Bank applied for this, we understand, to avoid a hostile take-over of the bank.

[billions]

Originally Posted by billions

Proshare News and Analysis
Wema Bank Plc placed on Technical Suspension
Posted Friday, October 17, 2008


Wema Bank Plc has today been placed on technical Suspension.


The Board of Directors of the Bank applied for this, we understand, to avoid a hostile take-over of the bank.

Any rumour/infor on dis "hostile take-over"?

[olusolakemmy]

Originally Posted by billions

Any rumour/infor on dis "hostile take-over"?

is that enough reason to seek and get approval for technical suspension?

who are the directors protecting?

on whose interest are they acting?

themselves or the general public or other investors?

why wont they give us detail of HOSTILE TAKEOVER?

Well, things are happening really

[nazzyon]

I think one of the reasons why they decided to apply for technical suspension is because they don't want the MICROSOFT vs YAHOO saga to happen to WEMA bank.

If anybody recalls you'd remember that Yahoo really suffered a great loss at that time. So it may be a good decision.

Combination of the bears and the probable loss may lead WEMA price all the way down to any amount below N5.

[hispy99]

Originally Posted by nazzyon

I think one of the reasons why they decided to apply for technical suspension is because they don't want the MICROSOFT vs YAHOO saga to happen to WEMA bank.

If anybody recalls you'd remember that Yahoo really suffered a great loss at that time. So it may be a good decision.

Combination of the bears and the probable loss may lead WEMA price all the way down to any amount below N5.

Don't think Microsoft's bid for yahoo has anything to do with yahoo's poor performance. Yahoo's stock has tanked because the company's results have not been impressive.

[despi_dynasty]

"Copyright infringement"

[olusolakemmy]

Originally Posted by nazzyon

I think one of the reasons why they decided to apply for technical suspension is because they don't want the MICROSOFT vs YAHOO saga to happen to WEMA bank.

If anybody recalls you'd remember that Yahoo really suffered a great loss at that time. So it may be a good decision.

Combination of the bears and the probable loss may lead WEMA price all the way down to any amount below N5.

THE TWO ARE NOT RELATED

[knightofdelta]

Takeovers do not crash prices of stocks that are taken over. On the contrary, it increases the share price. Good examples are AP and Spring bank; we all saw the volume Spring bank moved during this bearish season. The decision of Wema bank directors to place it on technical suspension is rather ludicrous. I have the feeling that the technical suspension is going to last until this hostile takeover issue (translate: takeover of share price by bears) is resolved, which is likely to coincide with when the stock market rebounds.

[Michael]

Originally Posted by billions

Proshare News and Analysis
Wema Bank Plc placed on Technical Suspension
Posted Friday, October 17, 2008


Wema Bank Plc has today been placed on technical Suspension.


The Board of Directors of the Bank applied for this, we understand, to avoid a hostile take-over of the bank.

And the application was successful, for this reason alone! Some people obviously don't deserve the jobs they have. A Hostile Takeover is more likely to raise the price than drop it.
A typical case of Dumb and Dumber!

[Michael]

Originally Posted by olusolakemmy

THE TWO ARE NOT RELATED

NOY BY A MILE

[billions]

Protection of share value, reason for Wema Bank’s suspension

[citizen]

http://www.sunnewsonline.com/webpage...ur-archive.htm

[hispy99]

Originally Posted by citizen

Another N32bn fraud rocks Wema Bank
…Indian arrested, 5 bank officials at large
By Sun News Publishing
Friday, November 7, 2008


Photo: Sun News Publishing
More Stories on This Section

Wema Bank is in the news again, and for the wrong reason. The bank is again enmeshed in another sleaze running into N32 billion. The Economic and Financial Crime Commission (EFCC) has arrested an Indian national for allegedly fleecing the bank of the princely sum.

The influential businessman identified as Mr. Patrick Fernadez who is being held at the anti-graft agency’s facility in the nation’s capital, Abuja was said to have relieved the bank of the sums over a period of time through what EFCC source described as “cheque kicking and swapping.”

Cheque kicking and swapping is a technical term which refer to a method whereby a customers is allowed to withdraw money against an uncleared lodgement.
In the case of Fernadez, he was believed to have paid in cheques, draw against it only for the cheque to bounce when presented for clearance.
He is believed to have perpetrated the nefarious act with the active connivance of insiders of the financial institution.

He is said to have made useful statement to his interrogators.
Meanwhile, the EFCC has launched a manhunt for at least five top officials of the bank for their alleged involvement in the shady deal.
“At least, five officials of the bank are on the wanted list of EFCC. They are at large. The agency has stretched out its dragnet. They can only run, but cannot hide,” a source said yesterday.
Mr. Fernadez will be arraigned in court today.

This can't be true...where did WEMA see N32B to give just one customer? What is their shareholders' funds sef? If this is true....

[prince dagbolu]

Originally Posted by hispy99

This can't be true...where did WEMA see N32B to give just one customer? What is their shareholders' funds sef? If this is true....

If this is true. Those Nigerians who helped this Indian man should be hanged. Nigerians are dying due to poverty daily and an Indian man can come to Nigeria to carry out fraud like this. Can he do that in India?

[Michael]

Originally Posted by citizen

Another N32bn fraud rocks Wema Bank
…Indian arrested, 5 bank officials at large
By Sun News Publishing
Friday, November 7, 2008


Photo: Sun News Publishing
More Stories on This Section

Wema Bank is in the news again, and for the wrong reason. The bank is again enmeshed in another sleaze running into N32 billion. The Economic and Financial Crime Commission (EFCC) has arrested an Indian national for allegedly fleecing the bank of the princely sum.

The influential businessman identified as Mr. Patrick Fernadez who is being held at the anti-graft agency’s facility in the nation’s capital, Abuja was said to have relieved the bank of the sums over a period of time through what EFCC source described as “cheque kicking and swapping.”

Cheque kicking and swapping is a technical term which refer to a method whereby a customers is allowed to withdraw money against an uncleared lodgement.
In the case of Fernadez, he was believed to have paid in cheques, draw against it only for the cheque to bounce when presented for clearance.
He is believed to have perpetrated the nefarious act with the active connivance of insiders of the financial institution.

He is said to have made useful statement to his interrogators.
Meanwhile, the EFCC has launched a manhunt for at least five top officials of the bank for their alleged involvement in the shady deal.
“At least, five officials of the bank are on the wanted list of EFCC. They are at large. The agency has stretched out its dragnet. They can only run, but cannot hide,” a source said yesterday.
Mr. Fernadez will be arraigned in court today.

I hope they Find them because Contrary to the agencies view "They can both run and hide" . Obviously they are now playing Hide and Seek with the EFCC. But I cannot imagine any Nigerian Bank, no matter how bad it is run giving loans of N32Bn to one Individual. In fact if this allegation is proven to be correct, the entire board should be replaced and the bank sold off to another, or their License revoked and depositors funds be returned to them.

[Gengen]

When will there be good news about Wema?
Who are the "supposed" buyers interested in acquiring the bank which officially led to freezing its price?
Trade in Wema shares have been very poor despite news about acquisition.
Many want to sell, but no buyers. Na wa O!

[hispy99]

http:///www.ngrguardiannews.com/news...08&fdname=news

[moneymoney]

I heard some info on a local TV show that Wema is coming out with PO....any truth in this?

[tonidol]

Originally Posted by moneymoney

I heard some info on a local TV show that Wema is coming out with PO....any truth in this?

Not heard anything of such but they are on their own (OYO) if they try that at the moment. They better put their house in order first and restore Investors confidence.

[mosbe]

Originally Posted by moneymoney

I heard some info on a local TV show that Wema is coming out with PO....any truth in this?

Na only Wema be d bank wey dey Naija? Wit all d persecution wey dem dey pass thru since consolidation. The least thing i'd expect them to do is coming out wit PO at this time dat the mkt is very bearish. It dont make sense to me.