First Bank

[donchisel]

Originally Posted by riskreturn

I think they would automatically credit your CSCS account, irrespective of whether you indicated this while subscribing for the PO. That had been the practice by FBN before the PO and I do not see the reason why it would not be so this time. In crediting the bonus, they do not rely on the information (including postal address) indicated in the PO subscription forms but on the address and CSCS account particulars in the CSCS records.

What if she has 2 different CSCS accounts, each with different stockbrokers and different no of shares.

[tula007]

Hello smn people,pls i am yet to collect my certificate,what do i do?

[riskreturn]

Originally Posted by donchisel

What she has 2 different CSCS accounts, each with different stockbrokers and different no of shares.

Let me admit that I do not know how such a situation would be dealth with - whether they would choose one arbitrarily or they would be guided by some criteria (e.g., the more active CSCS account). Members of the House with expereince on this may wish to shed light on it.

[dimeji_777]

Originally Posted by donchisel

What she has 2 different CSCS accounts, each with different stockbrokers and different no of shares.

It does not matter how many cscs accounts you have with different stockbrokers, a transaction is unique with an account number and cscs number.If you have 100 units of FBN on a cscs number 7777 and a/c number 9999 with a stockbroker ABCD,this detail is unique to your a/c with your stockbroker ABCD in cscs record and that is what FBN will apply in crediting your cscs a/c 7777. This is applicable to your different a/cs with your different stockbrokers.

Does that answer your question?

[dannynoko]

Originally Posted by dimeji_777

It does not matter how many cscs accounts you have with different stockbrokers, a transaction is unique with an account number and cscs number.If you have 100 units of FBN on a cscs number 7777 and a/c number 9999 with a stockbroker ABCD,this detail is unique to your a/c with your stockbroker ABCD in cscs record and that is what FBN will apply in crediting your cscs a/c 7777. This is applicable to your different a/cs with your different stockbrokers.

Does that answer your question?

Dimeji_77- I think you are right. Each individual account with a different number, even with same name, has a different CSCS acct number assigned to it.So any corporate action applicable to that particular company will be applied to each broker account identified by it's CSCS acct. If you have twenty accts with twenty diff brokers, u will have twenty CSCS accts to identify such and twenty coporate actions, be it dividend or bonus shares. Hope this helps.

[riskreturn]

Originally Posted by dimeji_777

It does not matter how many cscs accounts you have with different stockbrokers, a transaction is unique with an account number and cscs number.If you have 100 units of FBN on a cscs number 7777 and a/c number 9999 with a stockbroker ABCD,this detail is unique to your a/c with your stockbroker ABCD in cscs record and that is what FBN will apply in crediting your cscs a/c 7777. This is applicable to your different a/cs with your different stockbrokers.

Does that answer your question?

That is not the way I understand the question being posed.

What happens if I have 2 or more CSCS A/cs with, say, 2 different brokers. After that I subscribed for FBN PO through a receiving agent that is not a broker (say, a bank). I have now got my PO certificate, which is not yet submitted for verification. Meanwhile, bonus issue is arising from the unverified certificate is to be credited direct to my CSCS A/C. Under that circumstance, which CSCS A/C would be credited.

The above is the way I understand the question being posed. And, if my understanding is not precicely correct, the question arising from the hypothetical situation just described above still need to be addressed by those that can.

[donchisel]

Originally Posted by riskreturn

That is not the way I understand the question being posed.

What happens if I have 2 or more CSCS A/cs with, say, 2 different brokers. After that I subscribed for FBN PO through a receiving agent that is not a broker (say, a bank). I have now got my PO certificate, which is not yet submitted for verification. Meanwhile, bonus issue is arising from the unverified certificate is to be credited direct to my CSCS A/C. Under that circumstance, which CSCS A/C would be credited.
The above is the way I understand the question being posed. And, if my understanding is not precicely correct, the question arising from the hypothetical situation just described above still need to be addressed by those that can.

God bless youuu. I was shut of words when i saw that my question is not being answered. I have also noticed that most responders failed to relate there answers to the previous question that led to this. The above in bold expresses my point.

[dannynoko]

Originally Posted by donchisel

God bless youuu. I was shut of words when i saw that my question is not being answered. I have also noticed that most responders failed to relate there answers to the previous question that led to this. The above in bold expresses my point.

Donchisel-

From my understanding, this is not a big issue. All you need to do is to take the certificate you received from an agent(bank, etc) and take it to any of your other existing brokers since you have two of them. Then you will need a BC (Bankers Confirmation) addressed to the company registrar which your broker will use to verify the certificate bought from another source to your CSCS account. Once the verification is done and credited to your account by the registrar, as long as it has your CSCS account number,your bonus shares will automatically be credited to your CSCS acct by the issueing company's registrar.

An analogy would be like where you deposit a bank cheque from different bank to your current acct and it get cleared by your bank. In this case, your bank will be your broker and your other bank cheque will be the certificate bought via an agent. So your broker on receipt of the certificate will take it to the company register to be verified/cleared and it get credited to your existing CSCS account. Hope this helps.

[riskreturn]

Originally Posted by dannynoko

Donchisel-

From my understanding, this is not a big issue. All you need to do is to take the certificate you received from an agent(bank, etc) and take it to any of your other existing brokers since you have two of them. Then you will need a BC (Bankers Confirmation) addressed to the company registrar which your broker will use to verify the certificate bought from another source to your CSCS account. Once the verification is done and credited to your account by the registrar, as long as it has your CSCS account number,your bonus shares will automatically be credited to your CSCS acct by the issueing company's registrar.

An analogy would be like where you deposit a bank cheque from different bank to your current acct and it get cleared by your bank. In this case, your bank will be your broker and your other bank cheque will be the certificate bought via an agent. So your broker on receipt of the certificate will take it to the company register to be verified/cleared and it get credited to your existing CSCS account. Hope this helps.

So, that means (since the certificate is not yet verified) the bonus could not have been credited yet into any of his 2 CSCS accounts as FBN is doing for others with only one CSCS account per person but who have similarly not yet verified their PO certificates? Or does that mean that any subscriber for the PO that has not verified the certificate (even if with only one CSCS A/C) could not have got their bonus issue credited direct to the CSCS A/C?

[dannynoko]

Originally Posted by riskreturn

So, that means (since the certificate is not yet verified) the bonus could not have been credited yet into any of his 2 CSCS accounts as FBN is doing for others with only one CSCS account per person but who have similarly not yet verified their PO certificates? Or does that mean that any subscriber for the PO that has not verified the certificate (even if with only one CSCS A/C) could not have got their bonus issue credited direct to the CSCS A/C?

Riskreturn-

I think I would say yes to that question unless when verified. I am in similar shoes as I bought IPO and was alloted 10,186 shares and expecting a Bonus Shares of about two thosand plus. My brokers have my IPO cerificate as am told, but could not verify my cert b'cos I need a BC for that, even though I have in the past been credited to my CSCS acct with my bonus shares for ones I bought from the floor.

Well, the issue is that uptill now, my acct has not been credited with the recent bonus as I have not verified my IPO( this my thinking anyway).Also, that was my experience with GTB untill I got my certificates verified b4 they could do e-credit for me and released my divs. Do you know if any person has gotten e-credit for the recent bonus issue?

[Abinishio]

Originally Posted by donchisel

God bless youuu. I was shut of words when i saw that my question is not being answered. I have also noticed that most responders failed to relate there answers to the previous question that led to this. The above in bold expresses my point.

L&G,
Please see answer to question below:
For the Po certificate bought and received (hard Copy), if the certificate has not been dematerialised and credited to nominated cscs a/c before benefits cut of date (e.g - 11/08/08), then another paper certificate will be sent to subscriber for bonus accruing from initial share holding. If any of the existing CSCS a/c's have FBN shares in them, then these FBN shares in cscs will recieve benefits credit in cscs direct.
Summary. paper shares will recieve paper benefits, cscs shares will receive cscs benefits. This should be the standard, but as per Naija style, this can be flouted too; I have received paper / certificate benefit for my shares held in cscs - GTB '06 benefits.
Hope this suffice.

Cheers,
AB - now im feeling like Dora Akunyuli

[dimeji_777]

Originally Posted by riskreturn

That is not the way I understand the question being posed.

What happens if I have 2 or more CSCS A/cs with, say, 2 different brokers. After that I subscribed for FBN PO through a receiving agent that is not a broker (say, a bank). I have now got my PO certificate, which is not yet submitted for verification. Meanwhile, bonus issue is arising from the unverified certificate is to be credited direct to my CSCS A/C. Under that circumstance, which CSCS A/C would be credited.

The above is the way I understand the question being posed. And, if my understanding is not precicely correct, the question arising from the hypothetical situation just described above still need to be addressed by those that can.

If a PO certificate is verified with a cscs number, then the bonus on it shall be credited to the cscs account with which it was verified. But where a certificate had never been verified, such cert would not be in the record of cscs and such FBN would not have any cscs number to work with as far as the bonus for shares on that certificate is concerned. So in that case a certificate for such bonus would be sent to the address on the PO application form.
I hope I hammer the nail on the head

[dannynoko]

Originally Posted by dimeji_777

If a PO certificate is verified with a cscs number, then the bonus on it shall be credited to the cscs account with which it was verified. But where a certificate had never been verified, such cert would not be in the record of cscs and such FBN would not have any cscs number to work with as far as the bonus for shares on that certificate is concerned. So in that case a certificate for such bonus would be sent to the address on the PO application form.
I hope I hammer the nail on the head

Hey, you are right but your hammer did not get the nail deep enough. Next time make sure you use a big hammer oo!

[billions]

Proshare News and Analysis
FirstBank Pays N24bn Dividend, Appoints New Director
Posted Friday, August 22, 2008

THISDAY Special Release

The lull in the capital market notwithstanding, First Bank of Nigeria Plc has paid a N24 billion dividend at N1.20k per share, for the financial year ended March 31, 2008.

This, the bank believes, is to reaffirm investors’ confidence in its ability to create value and keep faith with its promise to shareholders.

The total dividend payout, the largest in the history of Nigeria's banking industry, is almost enough to get a new banking licence – going by the N25 billion minimum shareholders’ funds requirement.

The bank has also declared a bonus of one share for every four shares previously held before the close of the shareholders’ register on August 08, 2008.

At the Annual General Meeting (AGM) held yesterday at the Transcorp Hilton Hotel, Abuja, shareholders poured accolades on the bank while expressing their satisfaction with the “continued impressive performance”.

The bank's total assets and contingents grew by 65.8 per cent to over N2 trillion, while profit before tax grew by 85 per cent to N48 billion.

The Annual Report and Accounts presented at the AGM, in line with the bank’s industry defining posture on corporate governance, contained a detailed and explicit dedicated section on risk management disclosure, described as unprecedented in this market.

In terms of shareholders’ funds, FirstBank also consolidated its leadership position in the industry with an increase of N272.1 billion or 325.2 per cent from N83.63 billion to N355.63billion, which is higher than the shareholders’ funds of all the 89 pre-consolidation banks put together.

This stellar performance, according to the bank, is driven by an all-inclusive understanding of the growing customer service realities, and the elimination of impediments to effective service delivery through continued network expansion, product development, and strengthening of its global footprint.

Meanwhile, the Board of the Bank has approved the appointment of Ms. Ibiai Ajumogobia, a seasoned human resources technocrat, to its board, effectively replacing the eminent academic, Dr. Udo Udo Aka (MON).

This is coming barely two weeks after the announcement of Mr. Sanusi Lamido Sanusi, the Executive Director, Risk and Management Control, as the new Managing Director/Chief Executive to take over from Mr. Jacobs Moyo Ajekigbe, the incumbent MD/CE who is retiring from the Bank after 31 years of services to the Bank.

The Chairman of the Bank, Alhaji Umaru A. Mutallab (CON), formally introduced Ajumogobia and Sanusi to shareholders at the AGM.

Ajumogobia is a Human Resources Management and Training Consultant with over 18 years of core Hr experience at the Senior management level in the large corporate private sector.

With a background in Law and Interior Design, she worked first in the Rivers State Ministry of Justice and subsequently in the Federal Ministry of Justice before she joined the Shell Petroleum Development Company of Nigeria Limited (SPDC), where she moved through a range of HR roles, gaining extensive experience of Recruitment, Training Needs Analysis (TNA), Manpower Planning and Development, Policy Development and Employee Relations as well as Change Facilitation and HR Project Management. Whilst in Shell, Ms. Ajumogobia became a certified Change Facilitator, and was the company's Change Focal Point in the Eastern Division.

After 12 years with Shell, she left to join a major international banking institution – Citibank Nigeria, a subsidiary of Citigroup. She was the Country Head of Human Resources covering Nigeria and overseeing the Rep Office in Ghana. She stayed with Citi for just over four years and left the organisation in December 2003.

In June 2004, she incorporated The Daisy Management Centre Limited and opened formally for business in December 2004. A private 12-Room Residential Management and Training Centre, The Daisy offers facilities for training, conferences, seminars and meetings, as well as Business Class guest rooms for business guests and residential programmes.

Ms. Ajumogobia recently joined the Team-building network in the United Kingdom and is an accredited team-trainer, certified to use the Margerison-McCann Team Management Profile.

She is also a Member of the Chartered Institute of Personnel Development (CIPD) and recently completed the Management Development Accreditation Programme with the Centre for Management Development (CMD) in Lagos.

Many financial analysts see the past year as “industry-defining and revolutionary” for the bank as it continues to set the pace in the industry with landmark initiatives which re-affirms its leading position in the financial services industry in particular and the nation in general.

For instance, in February this year, the Bank made history on the floor of the Nigerian Stock Exchange (NSE), when its market capitalisation closed at N1,039,254,191,332.50k, thus making it the first Nigerian financial institution, and indeed, the first quoted company in Nigeria, to hit the N1 trillion mark.

In keeping with its strategic intent of being a global player, the bank inaugurated its FBN Bank UK Paris Branch, thus making it the first Nigerian bank to have a presence in mainland Europe (that is, outside the United Kingdom).



As part of its pioneering initiatives, the bank also launched a self-service bureau de change product, the FOREX ATM, essentially for converting foreign currency to naira, the first of its kind in the Nigerian financial services industry.



Also, in recognition of recent adverse global trends in the agricultural sector and the need for timely intervention to safeguard the food security of the country for national development, FirstBank single-handedly sponsored and co-initiated along with the Nigeria Economic Summit Group (NESG) and Agro-Nigeria the International Conference on Food Security.

The bank is engaging the executive and legislative arms of the Federal Government with the output of the deliberations for policy formulation.

In a statement by the bank’s Head, Corporate Planning & Group Coordination, Mr. H. O. Bakare, FirstBank says it believes “these various initiatives and the bank’s strategic approach to running its business have facilitated its continued growth and ability to delight shareholders”.

The changes in the Board and the continuous re-invention fit perfectly into ensuring that FirstBank remains dependably dynamic as well as maintaining leadership in the increasing challenging operating environment, he added. - ThisDay