First Bank

[kiibaati]

After some volatility in prices, FBN is back to its July mark down price of
N31.00

I am watching to see if its on the rebound as a test of the circuit breakers. FBN is essential a good stock with great value that is bound to consistently deliver improving dividends. As it is now, it is actaully a great bargain and but it seems so many people are selling their bonus fast.

[dannynoko]

Originally Posted by kiibaati

After some volatility in prices, FBN is back to its July mark down price of
N31.00

I am watching to see if its on the rebound as a test of the circuit breakers. FBN is essential a good stock with great value that is bound to consistently deliver improving dividends. As it is now, it is actaully a great bargain and but it seems so many people are selling their bonus fast.

Are people getting e-bonus or cert, am yet to get mine.?

[billions]

FirstBank secures global custody services license
By SEUN ADESIDA
Monday, September 15, 2008


•Phtoto: Sun News Publishing

More Stories on This Section
First Bank of Nigeria Plc has received approval from Central Bank of Nigeria (CBN), to provide Global Custody Services, as part of its custody business.

Consistent with the need to take advantage of globalisation and the development of the domestic financial market, First Bank considers it strategic to provide non-pension and general custody services that would manage local assets and the inflow of foreign portfolio investment (FPI) arising from the ongoing economic reforms in the country.

According to Bola Adesola, Executive Director Corporate Banking, “With the Global Custody Services, First Bank is poised to attract institutional/individual investors - mainly foreign banks, funds and portfolio managers - that require the following services in the Nigerian market: Trade and Transaction Settlements, Safe-Keeping (Custody), AssetRegistration, Nominee Services Safe Keeping Income Collection Corporate Action Services Cash Management Services In due course, other services will be introduced, as the bank integrates its operations fully with the market infrastructure.”

She said: “The provision of these services by First Bank is backed by robust cutting edge technology and skilled human resources to facilitate seamless delivery. We commenced operations in the last quarter of 2006 and have secured active relationships leading to an impressive growth in assets under custody.”
While Femi Bakare, Group Head, Multilaterals and Financial Institutions Group said, “True to our name, the First Bank Group is the first wholly Nigerian financial institution to establish a dedicated sub-custody operation to service global investors, and a local custody operation to provide services to non-pension assets and fund management companies (all-in-one) in Nigeria.’ First Bank, is fully prepared to provide excellent custodial services to its current and prospective customers in a dependably dynamic manner.”

[dannynoko]

Originally Posted by billions

FirstBank secures global custody services license
By SEUN ADESIDA
Monday, September 15, 2008


•Phtoto: Sun News Publishing

More Stories on This Section
First Bank of Nigeria Plc has received approval from Central Bank of Nigeria (CBN), to provide Global Custody Services, as part of its custody business.

Consistent with the need to take advantage of globalisation and the development of the domestic financial market, First Bank considers it strategic to provide non-pension and general custody services that would manage local assets and the inflow of foreign portfolio investment (FPI) arising from the ongoing economic reforms in the country.

According to Bola Adesola, Executive Director Corporate Banking, “With the Global Custody Services, First Bank is poised to attract institutional/individual investors - mainly foreign banks, funds and portfolio managers - that require the following services in the Nigerian market: Trade and Transaction Settlements, Safe-Keeping (Custody), AssetRegistration, Nominee Services Safe Keeping Income Collection Corporate Action Services Cash Management Services In due course, other services will be introduced, as the bank integrates its operations fully with the market infrastructure.”

She said: “The provision of these services by First Bank is backed by robust cutting edge technology and skilled human resources to facilitate seamless delivery. We commenced operations in the last quarter of 2006 and have secured active relationships leading to an impressive growth in assets under custody.”
While Femi Bakare, Group Head, Multilaterals and Financial Institutions Group said, “True to our name, the First Bank Group is the first wholly Nigerian financial institution to establish a dedicated sub-custody operation to service global investors, and a local custody operation to provide services to non-pension assets and fund management companies (all-in-one) in Nigeria.’ First Bank, is fully prepared to provide excellent custodial services to its current and prospective customers in a dependably dynamic manner.”

Whoa.....Nigerian financial Services is going Nuclear. A welcome development can they be equal to the task?

[billions]

Proshare News and Analysis
SEC yet to clear FBNs 1 for 4 bonus
Posted Wednesday, September 17, 2008

-As investors remain apprehensive



Proshare NI

September 16, 2008 at 19:00 GMT

Security & Exchange Commission (SEC) is yet to clear and register First Bank of Nigeria Plc (FBN) bonus of one for every four shares declared by the Directors of the bank for the year ended March 31 2008.

A source at First Registrars Limited confirmed this to Proshare NI today in Lagos Nigeria. “We have no clearance from SEC to go ahead and pay the bonus” the source affirmed.

“For the fact that a bonus is declared does not mean that we would just issue same, it has to be cleared and registered by SEC” the source said.

The source further affirmed that if there are new issues in the market, the Apex Capital Market Regulatory Body would be convinced that such issues to be given out are appropriate and are from the right source.

Proshare NI sought to confirm the issue with another source at FBN Capital. However our source at FBN Capital affirmed to Proshare NI that it is the duty of the Board of a company to approve and issue bonus to investors and not within the purview of SEC.

“This may be a recent development, which I may not be aware; that a company is awaiting SEC’s clearance to issue bonus declared by it to investors” the source said.

Our source at FBN Capital further affirmed that bonus issue is not a thing done in a hurry. “It takes a little time” the source confirmed.

This is coming on the heels of investors enquiries that has inundated the mail box of Proshare NI in respect of the 1 for 4 bonus issue recommended by First Bank’s Board of Directors.

However, as at the time of filling in this report, Proshare NI could not clarify the true status of the issue with either the officials of SEC or FBN.

As earlier published on Proshare NI’s website FBN audited results for the year ended March 31 2008 showed the bank made a Gross Earnings of N155.3 billion in year 2008 compared to N91.2 billion recorded in 2007.

In the same vein, its Profit after Tax (PAT) increased from N20.64 billion in year 2007 to N36.54 billion in the review period.

[hispy99]

BNP Paribas to determine IILL’s equity in NITEL’
By Everest Amaefule, Abuja
Published: Tuesday, 16 Sep 2008
Privatisation adviser, BNP Paribas, is to determine the percentage of the Nigerian Telecommunications Limited’s equity that will be allocated to the Investors International of London Limited, investigations have shown.

IILL, the special purpose vehicle put together in 2001 by some Nigerians for the purchase of NITEL, had lost about $130m to the Federal Government, which it had put down as deposit after it failed to pay up the full $1.317bn it bid for the company.

Thereafter it had approached the International Arbitration Panel to recover the money, which it borrowed from First Bank.

By the ruling of the panel, the Federal Government was required to deduct the expenses it incurred while trying to sell NITEL and its mobile subsidiary, the Nigerian Mobile Telecommunications Limited to IILL and allocate the remaining value as equity in NITEL to the company.

Head of Public Communications at the Bureau of Public Enterprises, Mr. Chigbo Anichebe, confirmed on the telephone to our correspondent that after expenses on the failed transactions had been deducted from the $130m, the remaining value would be returned to IILL as equity in NITEL.

He also confirmed that the level of NITEL equity to be allocated to IILL had not been determined by BPE, adding that the privatisation agency was waiting for BNP Paribas to resume work before the value could be determined.

Our correspondent learnt that BNP Paribas would likely begin to render advisory services to the Federal Government on the proposed resale of 51 per cent equity in NITEL by the end of the month.

The company, which also rendered advice to BPE that led to the sale of 51 per cent stake to current majority stakeholder, Transnational Corporation, in 2006 is currently negotiating details of the deal with the Technical Committee of the National Council on Privatisation.

The negotiation is expected to be concluded by the end of the month when the company will kick start the sale of major stake in the first national telecom operator.

Government will yield 24 per cent of its current holding in the company, while Transcorp will yield 27 per cent of its stake to make up 51 per cent equity that will be sold to a new core investor.

Fifteen per cent of government’s remaining shares have been reserved for the Nigerian Communications Satellite Limited while IILL and NITEL staff are expected to benefit from the remaining 10 per cent equity.

The BNP Consortium is expected to review the operations of NITEL and MTEL and prepare the Information Memorandum for the transaction.

It will also prepare valuation reports that would give an indicative base price for NITEL as well as prepare draft contract documents and all other transaction documents required for competitive and transparent bidding process.

The consortium will also be expected to market NITEL/MTEL to prospective investors and assemble all documents that will be required in hosting data room.

[austine_stock]

do any one know or have any prediction on the price of first bank of were it is heading to? am talk of if the price will be falling below N25 per share as that of UBA that is now N25?

[dannynoko]

Originally Posted by austine_stock

do any one know or have any prediction on the price of first bank of were it is heading to? am talk of if the price will be falling below N25 per share as that of UBA that is now N25?

.

Hey, UBA just came out of a stock split that is why the price is in that region. As for FBN,you never know for sure, it may or may not b'cos the stock is highly valued and a performer. However, I would not be surprise if it hit that level b'cos of the way the mkt been going these days!

[chokit]

First Bank gets three new general managers NIGERIA Sep 25, 2008

First Bank of Nigeria Plc has elevated three of its staff to the just created position of general managers. This was part of a general exercise, which cuts across all cadres of staff with effect from April 1, 2008. Those promoted as general managers are Messrs. Tijjani Mohammed Borodo, the company secretary; Timothy Olaosebikan Bolade, the bank's chief compliance officer; and Francis Olugbenga Shobo, the business development manager, Port Harcourt. Borodo, was until this elevation, a deputy general manager. He has spent over 11 years in the bank, running the bank's secretariat, as well as serving as secretary to the board of directors and the yearly general meeting of the bank. Before joining First Bank, Borodo worked with the Kano State Ministry of Justice from 1979 to 1980, rising from the post of a Pupil State Counsel to Director of Public Prosections (DPP). He holds an LLB (Hons) from Ahmadu Bello University, Zaria and an LLM from the University of Exeter, United Kingdom. He has attended numerous professional courses within the country and abroad. Bolade, was until recently, a deputy general manager, with the overarching function of ensuring bank-wide compliance with statutory/regulatory requirements. He holds both the Bachelor of Science degree in Sociology and Master of Science in Banking & Finance from the University of Ibadan. He equally holds an L.LB degree from the University of Lagos. In his over three decades career in the bank, he has served in various capacities as trainer in the bank's Training & Development Unit, Relationship & Credit Manager, Treasury Manager, and Head, Credit Risk Management. He has attended various training programmes and courses both within and outside the country, amongst which are the Manchester Business School and the Euromoney Training programme in Operational Risk Management in the UK. Shobo, was until his promotion, a deputy general manager overseeing the Business Development Office in Port Harcourt. His main duty was to superintend First Bank's business in Rivers and Bayelsa States. He holds a Bachelor of Science degree in Political Science from the University of Ife, now Obafemi Awolowo University. A chartered accountant, Shobo's outstanding career in banking spans over 17 years and he was a recipient of the bank's Most Outstanding Business Development Manager award at the 2007 CEO yearly merit award ceremony. Some of his other recent management positions include DGM/Business Development Manager, FirstBank Lagos Mainland; Group Head, National Corporates, FirstBank; General Manager, Corporate/Commercial Banking/Branches, FBN (Merchant Bankers) Limited; and Divisional Head, Corporate Banking Division and Institutional Banking Group respectively, at MBC International Bank Limited. Gbenga has attended many professional development courses across the globe.
Source: Guardian

[citizen]

First Bank will continue to be a value stock whether the market crashes or not. This bank like Union Bank will be protected if there is ever a systemic failure in the banking sector. To add to this First bank owns 10% equity in Zain and will get a good chunk of NITEL thanks to their strong katsina connections minus being the official bankers for etisalat e.t.c.(serious cash flows).
Why the stock price is retreating you just need to read the JP Morgan report on Nigerian banks; FBN stock price is overweight--real value 20 naira. They have a lot of underperforming loans and unnecessary risks and that is why the appointment of Lamido Sanusi a risk expert as the next CEO is a step in the right direction.
However take a cue from the world financial crisis, half of all nigerian banks are financially unsound and if you understand the banking sector a failure in one can affect even the big boys. That is why Soludo wanted a uniform year end by December to force those weak banks to merge with the big players and stave off a financial crisis in our banking sector(though it was unsucessful). However like Spring Bank merging with Bank PHB for their own good and everybody else's those small banks must merge and come clean about their roundtripping of shares on the stockmarket and borrowing of money to each other to do year ends at different times. Nigeria is one hell of a fraudulent country!!!! God save us all!!!
But i still remain bullish about first bank in the long term.
SHORT TERM -HOLD, LONG TERM- BUY,BUY,BUY

[henry_bonds@yahoo.co.uk]

Originally Posted by citizen

First Bank will continue to be a value stock whether the market crashes or not. This bank like Union Bank will be protected if there is ever a systemic failure in the banking sector. To add to this First bank owns 10% equity in Zain and will get a good chunk of NITEL thanks to their strong katsina connections minus being the official bankers for etisalat e.t.c.(serious cash flows).
Why the stock price is retreating you just need to read the JP Morgan report on Nigerian banks; FBN stock price is overweight--real value 20 naira. They have a lot of underperforming loans and unnecessary risks and that is why the appointment of Lamido Sanusi a risk expert as the next CEO is a step in the right direction.
However take a cue from the world financial crisis, half of all nigerian banks are financially unsound and if you understand the banking sector a failure in one can affect even the big boys. That is why Soludo wanted a uniform year end by December to force those weak banks to merge with the big players and stave off a financial crisis in our banking sector(though it was unsucessful). However like Spring Bank merging with Bank PHB for their own good and everybody else's those small banks must merge and come clean about their roundtripping of shares on the stockmarket and borrowing of money to each other to do year ends at different times. Nigeria is one hell of a fraudulent country!!!! God save us all!!!
But i still remain bullish about first bank in the long term.
SHORT TERM -HOLD, LONG TERM- BUY,BUY,BUY

Please be careful with your analysis. first bank was valued N20 when her share outstanding was about 19Billion. That same share outstanding has been increased to about 24Billion and you thing the share price would remain N20?????

I am an FBN shareholder, however, I think one has to be cautious in this market. There are other stocks that offer better deal than FBN at this moment. All you have to do is SHINE YOUR EYE.

[Babs_O]

September 24, 2008

Chinese Firm Partners FirstBank in Ogun Free Trade Zone

A Chinese firm, Guangdong Xinguang International China-Africa Investment Limited is to partner First Bank of Nigeria Plc in a $500 million investment in Ogun State. The Group, which is a large scale Chinese state-owned enterprise, is building a free trade zone (FTZ) in the Gateway State which will house over 100 Chinese companies when completed. The Free trade zone is to be known as Ogun Guangdong Free Trade Zone.



The Guangdong Xinguang Group’s financial/business collaboration with FirstBank would be in the areas of investment banking, project financing, business advisory services and correspondent banking relationship.



The Group’s Chairman, Mr. Jianxiong Sun said at the signing ceremony of a memorandum of understanding in Abeokuta last weekend that his company is partnering FirstBank for the promotion and protection of Chinese interests in Nigeria by way of sound financial advisory services. The Group will specifically leverage FirstBank’s expertise in project financing and deep knowledge of the Nigerian business terrain.



The signing of the memorandum of understanding was witnessed by the Chairman of the Guangdong Xinguang Group, Mr. Jianxiong Sun, FirstBank’s Executive Director in charge of Corporate Banking, Mrs. Bola Adesola, and the Bank’s Group Head, Multilaterals and Financial Institutions, Mr Femi Bakre.

[dollars]

henry bonds, what other stocks do u have in mind?since ur eyes are already SHINED, why dont u help us SHINE ours. with good reasons.

[Taipan]

Spotlight on FirstBank by ZSL.

[chinasa]

I bought the First bank shares in 2007 but I have not received my certificate. I went to one of your bank near my area and they showed me a print out which that the certificate had been sent to me.

Please kindly use your good offices to help me get this certificate.

You can send the certificate to this address:
C/o Mr. Asitokwam Innocent
P.O Box 504 Douglas Road
Owerri, Imo State.

Thanks.

Asitokwam Patricia