Skye Bank

[dannynoko]

Kenebobo- you are right it closed 12.95 today.Unbelievable,no body can say for sure now when this will bottom. It looks like to thread slowly and hold some cash in the bank.

[tonyawo]

Source: AIT News at 8pm on Wednesday, July 23, 2008

CBN SHIFTS ADOPTION OF UNIFORM YEAR END ACCOUNTING SYSTEM TO DECEMBER 2009.

Guys, you may have to get more details in the newspapers tomorrow. Good night.

[billions]

Originally Posted by tonyawo

Source: AIT News at 8pm on Wednesday, July 23, 2008

CBN SHIFTS ADOPTION OF UNIFORM YEAR END ACCOUNTING SYSTEM TO DECEMBER 2009.

Guys, you may have to get more details in the newspapers tomorrow. Good night.

December 2009 is not too far away....i expect d market to rise and then fall early next yr.

[Babs_O]

Originally Posted by billions

December 2009 is not too far away....i expect d market to rise and then fall early next yr.

Make him try if I no go off-load at quick profit. As I don use plenty months Salary Advance loan from my Bank at 16% (+2% Admin charges to make 18%) to buy more stocks.

[tonidol]

Banks’ Year-End: CBN Shifts Deadline to Dec 2009
•Resident examiners to be posted to banks
From Kunle Aderinokun in Abuja, 07.24.2008

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The Central Bank of Nigeria (CBN) yesterday shifted the deadline for banks to adopt a uniform accounting year-end from December 2008 to December 2009.
Announcing the suspension at the end of the Financial System Surveillance Commit-tee (FSSC) meeting held yesterday in Abuja, CBN Governor, Professor Chukwuma Soludo, said the decision was in response to “irrational behaviour” of some banks in mobilising deposits and jacking up of interest rates, which could not be defended.
CBN’s soft-pedalling confirms THISDAY’s story of yesterday that the apex bank might review the December 31 deadline given to banks to adopt a uniform financial year-end.
Pointing out that the core (non-food) inflation rate stood at about 3.6 per cent, Soludo said the prevailing rates of both the deposit and lending rates in the market could not be justified.
For this, he said, the CBN would investigate the unwholesome practices by the banks.
According to him, the FSSC had decided “to postpone the requirement for the adoption of a uniform accounting year-end in the banking industry from December 2008 to December 2009. This is in response to the observed desperate behaviour of some banks in deposit mobilisation and hiking interest rates at levels that cannot be justified by the fundamentals. The CBN will investigate these practices by some banks.”
THISDAY had published a report of its investigations last Monday on how many banks were planning to adjust to the new financial year-end policy.
The newspaper reported that banks, especially those that have over-stated their financials over the years, were sending out their staff to mobilise deposits at month-watering interest rates, ranging between 16-20 per cent, depending on the value of the deposit.
This was with a proviso that such deposits should be fixed with the bank till December 31, when all banks were expected to comply with the uniform financial year policy.
Until the CBN compelled all banks and discount houses to adopt a uniform financial year, many banks, because of different accounting periods, usually went to the inter-bank market in order to boost their balance sheets.
As soon as the regulatory authorities finished verifying their financials, the funds were usually returned to the inter-bank market.
Currently, the average lending rate, which hovered between 13-16 per cent some three months ago, has nudged upwards to 23 per cent, minus fees and commission. If other costs are added, the lending rate could stretch to 29 or 30 per cent.
Mixed reactions, however, trailed the shift in the uniform financial year end yesterday. While the banks that have not burnt their fingers by taking deposits at exorbitant costs were jubilating, others that have taken position lamented that the CBN was inconsistent.
Commenting on the development, the Managing Director/CEO of one of the big banks, it was a very good development, which would bring down banks’ cost of funds and ultimately reduce the lending rate.
“This is very good development that would drive down lending rate and also have a fill-over effect on the capital market that has been starved of liquidity, which has moved to the money market where good return on investment is guaranteed.
“The Nigerian economy is not yet matured for banks to have a uniform financial year end. I just can imagine banks holding their Annual General Meetings at the same time. Besides, our auditors would not have the capacity to audit the banks at same period. Banks would also be saving a lot of money, which would have been paid for changing the accounting year. Ultimately, the banks, the shareholders and the borrowers are the beneficiaries of this policy shift,” he said.
A treasury of one of the banks that has taken position lamented that his bank would lose substantial money.
“It is really very sad that the CBN is shifting the goal post now. What happens to some of us that have taken deposits at a very high cost for 150 days? The CBN is just not consistent. They (CBN) asked us (banks) to seek board approval for a uniform financial year end, which we have secured. So, why shift the goal post,” he asked rhetorically.
Also yesterday, Soludo disclosed that the CBN would introduce resident examiners’ programme (REP) effective from January 2009 – confirming THISDAY’s report on the plan earlier in the year.
“In effect, from January 2009, the CBN will post staff to each of these banks who will monitor and supervise the activities of the banks on a daily basis and report to head office,” he said.
This, he explained, was to strengthen CBN’s effectiveness in the risk-based supervision, stating that “it is designed to enhance our hands-on knowledge of the banks’ operations, the complexity of their risk profile and to provide real-time and continuous evaluation of their operations”.
Similarly, the FSSC, Soludo said, reaffirmed to the general public that the CBN was still receiving and processing requests for banking licences.
“This is to correct the wrong impression that requests for banking licence are no longer being entertained by the CBN. The required conditions for banking licence are available on the CBN website and any investor that meets the conditions will be issued with a banking licence,” he said.

[pegheneji]

Originally Posted by Babs_O

Make him try if I no go off-load at quick profit. As I don use plenty months Salary Advance loan from my Bank at 16% (+2% Admin charges to make 18%) to buy more stocks.

Babs, i beg which bank u they use my bank charged me 18% last Dec. with admin charge of 2% making it 20% and quarterly charge of 1%. i dont mind changing bank.

[Babs_O]

Originally Posted by pegheneji

Babs, i beg which bank u they use my bank charged me 18% last Dec. with admin charge of 2% making it 20% and quarterly charge of 1%. i dont mind changing bank.

Got the cash from First Bank this July.

I found the rate better than any offered to me previously by Stockbrokers which are all 20% or more. (declined the margin as I felt it was too stiff, even then stocks were on their high, and they limit one to selected stock list)

Looks like its better to take SALAD than margin.

[billions]

Originally Posted by Babs_O

Make him try if I no go off-load at quick profit. As I don use plenty months Salary Advance loan from my Bank at 16% (+2% Admin charges to make 18%) to buy more stocks.

E be like say d market wan try am ooo...

[son5070]

Pls can anyone confirm when Skye Bank will be announcing end of year result,considering the year end postponement?

[kiibaati]

Skye bank's annual year end is September. As is customary, you should expect audited results to be released 3 months later (that should be sometime in December)

[zainabusman]

I have received my Skye bank return money. It was the last cheque i was expecting from PO's i participated. This is the first time in a year that i dont have money stuck in a PO.

Some PO's were handled very shabily like Japaul. I hope not be stuck in any PO in the future expect aboslutely neccessary like rights issue or IPO of i company i feel i must have.

[chokit]

Originally Posted by zainabusman

I have received my Skye bank return money. It was the last cheque i was expecting from PO's i participated. This is the first time in a year that i dont have money stuck in a PO.

Some PO's were handled very shabily like Japaul. I hope not be stuck in any PO in the future expect aboslutely neccessary like rights issue or IPO of i company i feel i must have.

What about the certificate do you also have that now ?Or are they not releasing them yet.

[zainabusman]

Originally Posted by chokit

What about the certificate do you also have that now ?Or are they not releasing them yet.

I have not received the certificate.

[billions]

Skye Bank’s 08 hybrid offer, no share certificates for inves
Posted Friday, August 22, 2008

-Registrars accused of negligence

PETER OBIORA

Proshare NI

August 22, 2008 at 18:18 GMT

Investors who took part in the Skye Bank Plc 2008 hybrid offer have complained of non-receipt of share certificates.

This is coming on the heels of recent complaints that have inundated the mail box of Proshare NI by the Skye Bank shareholders.

A mail sent from one Emeka to Proshare NI reads thus: “Kindly use your reliable contact to ask City Securities Registrars how long it will take them to release Skye Bank’s share certificates.

I bought Skye Bank’s Public Offer early this year; I received my return money but have not received my certificate.

Most of my friends have not received theirs also. Since last month City Securities Registrars keep telling investors all Skye Bank’s certificates have been posted through NIPOST; but it won’t take NIPOST more than one month to deliver a letter within Lagos.

I think City Securities Registrars are not being honest to the investors”.

Proshare NI sought to clarify the true situation from City Securities (Registrars) Limited (CSL Registrars) on the Skye Bank’s 2008 hybrid offer share certificates.

A source at the company affirmed to Proshare NI that for two weeks now, CSL Registrars has sent out the share certificates as regards the Skye Bank hybrid offer to investors through the Nigerian Postal Services (NIPOST).

However, this confirms the complaints of the investors from the above mail to Proshare NI that CSL Registrars insist on telling investors that all share certificates as regards the offer has been dispatched to investor true NIPOST.

The source further affirmed that over 200,000 of such share certificates have been posted out. “Investors should expect to receive their share certificates through NIPOST; as they have just been posted out” the source said.

Meanwhile investors are worried over the development as to the length of time it will take NIPOST to deliver share certificates; especially the ones within Lagos State.

As at the time of filling in this report, Proshare NI could not confirm the claims of its sources for CSL Registrars from NIPOST officials.

However, Proshare NI has copied the above compliant to Skye Bank for a follow up.

As earlier reported, Skye Bank between mid January and late February 2008, sought to raise about N50 billion by offering to investors by way of Public Offer (PO) 2,231,599,145 Shares and Rights Issue of 1,500,608,958 of 50k each at N14 and N12.50 per share respectively.

[ayo otesile]

i don't understand dis skye bank people 2

[BigJay01]

Skye has credited my 3 CSCS accounts.