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  #2221 (permalink)  
Old 26th September 2012, 03:46 PM
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Default Re: First Bank Plc

Quote:
Overload FBN seems to be the Financial Partners in the Power Plant won by CPEC consortium for the sapele Power plant;

Am just thinking and trying to recollect what FBN shareholders went thru in that failed IIL bid for GSM licence that led to the provision of a huge sum of money.

Do we think our people are better prepared for this kind sophisticated transactions
Quote:

Wanajo Dont think FBN lost anything from the IIL deal. They got shares in NITEL to cover for the payment made.

Remember how FBN made a killing from ECONET.

Na Sanusi's seaWOLF dey cause wahala for FBN but they have sold that to AMCON now.
Quote:
Waves The money was a 'non-refundable' payment. FBN got nothing.
Quote:
emmanuel ewumi If I am not wrong, they had a political solution to the problem and the money was converted to shares in NITEL.

The money is with BPE.
Quote:
emmanuel ewumi The NITEL deal led to the sack of Bernard Longe as the MD/CEO of FBN, it was the same Longe was the MD when the ECONET deal was packaged. The Chairman of FBN and Oba Otudeko that were part of the deal retained their seats on the board of FBN.

Oga can never go wrong.

emmanuel ewumi I believe NITEL was overvalued at that time. IIL bidded 1 billion dollars for 49% shares of NITEL

emmanuel ewumi I guess the 49% is held in trust for FGN by BPE, and FBN 100 million dollars is with BPE.

Government can not refund the 100million dollars, hence the political solution. FBN has not given up on their money.
Quote:
Overload So in essence are you saying that FGN is owning FBN 100Million Dollars?
Quote:
Originally Posted by emmanuel ewumi View Post
It was the 10% down payment for the sale of NITEL that went wrong.
Privatisation: Waiting game continues for NITEL — The Punch - Nigeria's Most Widely Read Newspaper

Quote:
IILL eventually approached the International Arbitration Panel which asked the Federal Government to deduct the expenses it had made in the process of the transaction and allocate the balance in shares of the telecommunications company to the bank.

Quote:
IILL had bid $1.317bn to acquire 51 per cent stake in NITEL and M-Tel on November 28, 2001. It proceeded to pay 10 per cent deposit of the bid sum amounting to $131.7m to the Bureau for Public Enterprises.
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Last edited by pegheneji; 26th September 2012 at 03:49 PM.
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  #2222 (permalink)  
Old 26th September 2012, 03:57 PM
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Default Re: First Bank Plc


Thanks for the link. As it is, FGN through BPE is still owing FBN over 100 million dollars. Assuming they were to pay interest, the money would have grown to over 200 million dollars.

Na wa, at the time of this transaction the shareholders fund of Zenith bank was less than this amount.
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  #2223 (permalink)  
Old 26th September 2012, 04:12 PM
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Default Re: First Bank Plc

FG CEDES 6.67% EQUITY IN NITEL TO IILL
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  #2224 (permalink)  
Old 26th September 2012, 04:29 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by Waves View Post
The report was not dated.
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  #2225 (permalink)  
Old 26th September 2012, 04:33 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by emmanuel ewumi View Post
The report was not dated.
also noticed that and is very important because it was about 2008/9 that such news of bringing in new investor with both govt and transcorp contributing. i think it still did not sail through and transcorp has since
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  #2226 (permalink)  
Old 26th September 2012, 04:38 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by pegheneji View Post
also noticed that and is very important because it was about 2008/9 that such news of bringing in new investor with both govt and transcorp contributing. i think it still did not sail through and transcorp has since
The 6.7% should be from the 49% currently held by BPE for the government.
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  #2227 (permalink)  
Old 26th September 2012, 07:59 PM
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Default Re: First Bank Plc

I know that FBN got some holdings in NITEL. That was how the issue was resolved.
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  #2228 (permalink)  
Old 28th September 2012, 01:58 AM
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Default Re: First Bank Plc

Explore Firstmonie if unemployed or seeking extra income
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  #2229 (permalink)  
Old 4th October 2012, 12:33 PM
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Default Re: First Bank Plc

Nigeria: Bank Customers Decry ATMs' Faillure *
Customers of First Bank of Nigeria (FBN) Plc on Monday criticised the
persistent failure of the bank's Automated Teller Machines (ATMs).
allAfrica.com: Nigeria: Bank Customers Decry ATMs' Faillure
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  #2230 (permalink)  
Old 5th October 2012, 09:21 PM
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Default Re: First Bank Plc

FirstBank Organises Customers’ Forum in Abuja - Proshare
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  #2231 (permalink)  
Old 15th October 2012, 06:22 PM
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Default Re: First Bank Plc

FirstBank: The rebirth of a generational institution
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  #2232 (permalink)  
Old 15th October 2012, 06:38 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by Salida View Post
Hmmm...........Ok I hear u............But Lump it or Like it FBN is still play catch Up to GTB
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  #2233 (permalink)  
Old 15th October 2012, 07:34 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by Picolena66 View Post
Hmmm...........Ok I hear u............But Lump it or Like it FBN is still play catch Up to GTB
Someone once likened FBN & GTB to an elephant and a cheetah respectively. But gradually FBN is shedding the toga of inefficiency to become a CHEETLEPHANT.
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  #2234 (permalink)  
Old 28th October 2012, 11:34 AM
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Default Re: First Bank Plc

FirstBank sponsors Team Naija to CyberLympics - Proshare
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  #2235 (permalink)  
Old 29th October 2012, 10:56 AM
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Default Re: First Bank Plc

Who knows if First Bank has released their Q3 result?
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  #2236 (permalink)  
Old 29th October 2012, 11:45 AM
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Default Re: First Bank Plc

Quote:
Originally Posted by cecemontero View Post
Who knows if First Bank has released their Q3 result?
Not yet, scheduled for November 1, 2012.
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  #2237 (permalink)  
Old 30th October 2012, 02:45 PM
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Default Re: First Bank Plc

http://www.nse.com.ng/Financial%20Ne...BER%202012.pdf
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  #2238 (permalink)  
Old 30th October 2012, 08:13 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by afolabi27 View Post
Not yet, scheduled for November 1, 2012.
FIRSTBANK declares N66.3b PAT in Q3' 12 result,(SP:N16.5k) - Proshare


Its out.
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  #2239 (permalink)  
Old 1st November 2012, 09:13 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by Vincenta11 View Post
First Bank of Nigeria reports 48.4% rise in PBT to N75.5 bln for the Nine Months Ended September 3 - Proshare
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  #2240 (permalink)  
Old 2nd November 2012, 01:21 AM
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Default Re: First Bank Plc

First Bank Honours FirstAcademy Graduates, Articles | THISDAY LIVE
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