First Bank Plc

[Avocado]

Agreed, ikpong, and that's what one's been trying to let our friends realise: with contracts, whatever has not been written has not been said. But it is legitimate to request to know what will happen to the specific instruction to keep the monies in separate interest-bearing accounts; it is a question worth asking. The SEC will have to weigh-in, because it's clear that the "fine print" had been altered for some gain, gain which wouldn't be coming to the owners of the monies.
.

[adeoba okekunle]

We put our trust in the FBN and we purchased the public offer. For the bank to say that it will be sending out certificates contrary to what SEC said.I hope Madam Ndi and Al-faki are still alive to witness FBN contravening their instructions.

[chineduz]

Originally Posted by Avocado

chineduz: thanks for that link.

rtw: a contract is a contract; the document does not say accrued interest will be paid; BUT, "fairness" intuitively instructs this, which is the reason it should make sense to demand for amounts that would have accrued as interest. The SEC may have to mediate on the status of accrued interest; it is quite straightforward that a substantial part of this must be returned to the investor.

First port of call:
1) The Registrars: Meristem Registrars (with a CC to First Registrars and your stockbroker)
2) The Receiving Bankers: there're 4 of them: GTB, IBTC, Oceanic, Diamond

Needed:
3) Opening Date = 14May 2007
4) Closure Date = 21-Jun-07 (Note: this date changed, correct date needed)
5) Return Cheque Date
6) Postal stamped date on cheque
7) Date Cheque received
8) Date of Return of excess monies* + Add 7 days
9) Unit cost of shares = N33
10) # of shares applied for =
11) # of shares alloted =
12) Amount on returned Cheque =
13) Accrued interest rate ~6.5%

*27 August 2007 in the full prospectus, pg. 8 of chineduz's link; must be shifted forwards by the extension period.

With these data, computing the "Amount owed" is easy in a spreadsheet. I'm yet to receive anything from FirstBank, but I have a certain other offer than got me burnt some in mind (they returned >62% of a handsome sum, without any extra), and this useful info crtide means the Registrars and Receiving Bankers deserve some grief. Not that they're going to pay up easily, but this is quite familiar territory.
.

no worries at all, the least I could do for some wonderful people

[chineduz]

Originally Posted by ikpong

Since the contract (prospectus) does not state that interest will be paid, legally FBN is not duty bound to pay any interest to PO subscribers whose funds are returned. Fairnes demands that they should, but with the "I don't care attitude" of these operators they will hold on to the statement in the contract and refuse to pay. In court they will win. What needs to happen is the SEC changing the rules to mandate interest payment on returned funds. When this happens you will find that companies will not be looking for oversubsription to make cheap money, as has been the practice.

Ikpong

I do not believe they would win in court, this is not FBN money in question (It is potential investors money), so I do not think they(FBN) are entitled to inherit the accrued interest. It seems because the situation of not paying interest has been the "norm", everything is left to assumption. There should a channell for formal complaint after which, if it did not work, a legal interpretation may be sought... my opinion though

[Avocado]

Originally Posted by adeoba okekunle

We put our trust in the FBN and we purchased the public offer. For the bank to say that it will be sending out certificates contrary to what SEC said.I hope Madam Ndi and Al-faki are still alive to witness FBN contravening their instructions.

Reason why it's always written that before applying for an offer, the potential investor should read the prospectus, and seek the assistance of a professional to digest the details if necessary.
.

[Avocado]

Originally Posted by adeoba okekunle

We put our trust in the FBN and we purchased the public offer. For the bank to say that it will be sending out certificates contrary to what SEC said.I hope Madam Ndi and Al-faki are still alive to witness FBN contravening their instructions.

Reason why it's always written that before applying for an offer, the potential investor should read the prospectus, and seek the assistance of a professional to digest the details if necessary.

Note: The Receiving Bankers are responsible for depositing the monies into interest-bearing accounts, not FBN. If there's been any play between the receiving bankers and FBN, that's not known.
.

[crtide]

I must say I have not read and digested the small prints that may have clauses to absolve FBN or the receiving houses involved in the offer of any possible litigations arising from a breach of the terms of the prospectus. I want to believe there will be escape clauses built in to protect them. But be that as it may, I want to believe that by not returning my money by the stipulated date on the prospectus, that constitutes a breach of contract (if that is what the prospectus is)
For me, it is about fixing the bugs in the system as we discover them, that is how a system progresses.
I am quite happy at the way this discussion has progressed and that is, we are looking to challenge this with the relevant authorities, even seek legal opinion.
Guys well done!! with your help, we will get there

[averynicedoctor]

Crtide,
How did you get your cheque and what percentage were you allocated?Did you have to go to FirstBank or you went through your broker?

[crtide]

Originally Posted by averynicedoctor

Crtide,
How did you get your cheque and what percentage were you allocated?Did you have to go to FirstBank or you went through your broker?

I applied through a broker and the check was sent back through the broker, I can not confirm the percentage I was allocated because I have not confirmed how much the check is for. As soon as the Sallah break is over, I should be able to do that. I don't have my hopes up though

[Avocado]

First Bank allotment document attached.

[crtide]

thanks for that doc Avocado

[averynicedoctor]

I bought first bank shares in the last PO.Today I have been informed that about 66% of the money I put down was returned.I will be picking the cheque up on moday from the branch I bought the shares.

I also bought in my brother's name and his name was not on the list.I was made to understand that there are 2 lists and the lasy with the other list has travelled for christmas.

If you are still waiting for your returned money/share certificate my advise is for you to go to the branch you bought your shares.

I will NEVER do IPO/PO more than 5000 units.And I will be buying for every member of my family.No interest was returned.This is some shit!

[crtide]

We have not heard the last of this or so I want to believe!
Who is in pocession of all the interest and what will happen to it?

[ikpong]

The link below addresses the issues we have been discussing on this thread. My desire is that enabling laws should be put in place to impose sanity in the behaviour of banks with regard to POs. Please see the link below:

Guardian Newspapers

Ikpong

[trusttomola]

hi,
name's richards, i live in apapa, i invested in first abnk too, got about 6000 units some people are talking about those who didn't get up to 10000 units 's money been refunded, how's that possible they said first bank couldn't abs0olve everything, what's all this shit about i am damn confused , and CSCS thing i donn't reall ****ing understand( sorry bout the curse word), i got account number and clearing house number, but where do i go to see , if all my godamn shares are listed on CSCS for real , i just got bank PHB , 5000 units and i am praying again, i got this stock broker STANWAL SECURITIES LTD< through some godamn agent in ijebu ode. they have been exploiting me , do you think i can transact with my stockbroker directly? i wanna know , this shit is too technical they need to orientate people , that's why i am always saying niaja is ****ed up , they just set stufs up and then its rolling nobody knows how far , they just get this shit up someone's ass, guys gotta help me out , especially how and where do i login to my CSCS acount? what in God's name is happening to first bank, i haven't gotten my certificate and no news from them its bullshit , i coulda bought bank PHB with all that much money , and somebody come steal my MTCN today again , imagine i come be like fool when i reach westy , wetin sef , man work work work , some murder****ers just steal your control number colect the moeny and nothing hapen, them just dey enjoy by no wi usre dem dey ojude oba, wetin i do why me? , guyz help your guy out and if there's any sure biz link you know apart from forex , even if naa YAHOO , but no try $!( me o , i beg holla at me.. trusttomola@gmail.com.
ONE LOVE

[anekwlc]

Originally Posted by trusttomola

hi,
name's richards, i live in apapa, i invested in first abnk too, got about 6000 units some people are talking about those who didn't get up to 10000 units 's money been refunded, how's that possible they said first bank couldn't abs0olve everything, what's all this shit about i am damn confused , and CSCS thing i donn't reall ****ing understand( sorry bout the curse word), i got account number and clearing house number, but where do i go to see , if all my godamn shares are listed on CSCS for real , i just got bank PHB , 5000 units and i am praying again, i got this stock broker STANWAL SECURITIES LTD< through some godamn agent in ijebu ode. they have been exploiting me , do you think i can transact with my stockbroker directly? i wanna know , this shit is too technical they need to orientate people , that's why i am always saying niaja is ****ed up , they just set stufs up and then its rolling nobody knows how far , they just get this shit up someone's ass, guys gotta help me out , especially how and where do i login to my CSCS acount? what in God's name is happening to first bank, i haven't gotten my certificate and no news from them its bullshit , i coulda bought bank PHB with all that much money , and somebody come steal my MTCN today again , imagine i come be like fool when i reach westy , wetin sef , man work work work , some murder****ers just steal your control number colect the moeny and nothing hapen, them just dey enjoy by no wi usre dem dey ojude oba, wetin i do why me? , guyz help your guy out and if there's any sure biz link you know apart from forex , even if naa YAHOO , but no try $!( me o , i beg holla at me.. trusttomola@gmail.com.
ONE LOVE

Hello trusttomola;8870]hi,
Take it easy. it will be ok. Most of us cannot read write up with [B]"shit, damn, godamn, ass. You may need to rewrite with polite words to get a respond. Regards

[chineduz]

Originally Posted by trusttomola

hi,
name's richards, i live in apapa, i invested in first abnk too, got about 6000 units some people are talking about those who didn't get up to 10000 units 's money been refunded, how's that possible they said first bank couldn't abs0olve everything, what's all this shit about i am damn confused , and CSCS thing i donn't reall ****ing understand( sorry bout the curse word), i got account number and clearing house number, but where do i go to see , if all my godamn shares are listed on CSCS for real , i just got bank PHB , 5000 units and i am praying again, i got this stock broker STANWAL SECURITIES LTD< through some godamn agent in ijebu ode. they have been exploiting me , do you think i can transact with my stockbroker directly? i wanna know , this shit is too technical they need to orientate people , that's why i am always saying niaja is ****ed up , they just set stufs up and then its rolling nobody knows how far , they just get this shit up someone's ass, guys gotta help me out , especially how and where do i login to my CSCS acount? what in God's name is happening to first bank, i haven't gotten my certificate and no news from them its bullshit , i coulda bought bank PHB with all that much money , and somebody come steal my MTCN today again , imagine i come be like fool when i reach westy , wetin sef , man work work work , some murder****ers just steal your control number colect the moeny and nothing hapen, them just dey enjoy by no wi usre dem dey ojude oba, wetin i do why me? , guyz help your guy out and if there's any sure biz link you know apart from forex , even if naa YAHOO , but no try $!( me o , i beg holla at me.. trusttomola@gmail.com.
ONE LOVE

Trusttomola,
I was more confused reading the post but I can tell you that some people may have very useful suggestion if you could make the points more clearly. Goodluck

[laman]

Did your mummy teach you to write like this. Na wa.

[pumping]

Originally Posted by trusttomola

hi,
name's richards, i live in apapa, i invested in first abnk too, got about 6000 units some people are talking about those who didn't get up to 10000 units 's money been refunded, how's that possible they said first bank couldn't abs0olve everything, what's all this shit about i am damn confused , and CSCS thing i donn't reall ****ing understand( sorry bout the curse word), i got account number and clearing house number, but where do i go to see , if all my godamn shares are listed on CSCS for real , i just got bank PHB , 5000 units and i am praying again, i got this stock broker STANWAL SECURITIES LTD< through some godamn agent in ijebu ode. they have been exploiting me , do you think i can transact with my stockbroker directly? i wanna know , this shit is too technical they need to orientate people , that's why i am always saying niaja is ****ed up , they just set stufs up and then its rolling nobody knows how far , they just get this shit up someone's ass, guys gotta help me out , especially how and where do i login to my CSCS acount? what in God's name is happening to first bank, i haven't gotten my certificate and no news from them its bullshit , i coulda bought bank PHB with all that much money , and somebody come steal my MTCN today again , imagine i come be like fool when i reach westy , wetin sef , man work work work , some murder****ers just steal your control number colect the moeny and nothing hapen, them just dey enjoy by no wi usre dem dey ojude oba, wetin i do why me? , guyz help your guy out and if there's any sure biz link you know apart from forex , even if naa YAHOO , but no try $!( me o , i beg holla at me.. trusttomola@gmail.com.
ONE LOVE

If your post is decent, you'll get a decent response and promptly.

As it is, you will have to wait for someone with the appetite for equally foul language to respond to your queries. Good luck.

[Yomik]

Thank God i got my refund from First Bank today