Economicwatch

[emmanuel ewumi]

Originally Posted by Born 2be rich

Tony Elumelu blasts investors, says they're exaggerating Nigeria corruption

I agree, what Tony did to UBA is small compared to what our politicians are doing to Nigeria.

[nosa2]

Originally Posted by emmanuel ewumi

I agree, what Tony did to UBA is small compared to what our politicians are doing to Nigeria.

What exactly did he do in UBA? Or is this more market square gossip.

[emmanuel ewumi]

Originally Posted by nosa2

What exactly did he do in UBA? Or is this more market square gossip.

Exceptional and extra-ordinary expenses, the guy na smooth operator.

Tony is the only person that can answer this question.



Due • 7 hours ago

How did Elumelu made his money if not through corrupt practices. His entire years in the banking industry can in no way legitimately earn him $200m. Call spade a spade! Corruption is Nigeria's biggest and most challanging problem. Not even Boko Haram...
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[Oracle]

Originally Posted by emmanuel ewumi

Exceptional and extra-ordinary expenses, the guy na smooth operator.

Tony is the only person that can answer this question.



Due • 7 hours ago

How did Elumelu made his money if not through corrupt practices. His entire years in the banking industry can in no way legitimately earn him $200m. Call spade a spade! Corruption is Nigeria's biggest and most challanging problem. Not even Boko Haram...
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Don't say so!

A man like him should be exposed to high level information that can aid his investment decision. This kind of man can mingle with many directors in many quoted firms and little information that they may discuss may aid him in making billions.

[eniyanman]

Originally Posted by Born 2be rich

Tony Elumelu blasts investors, says they're exaggerating Nigeria corruption

This is a bit rich from Elumelu. Apart from the failed or nationalised banks, UBA, in my view, is the worst performing bank in Nigeria (when you look at its current market capitalisation vis-a-viz the total funds raised in the last 7 years or so). The sad fact is that the story of Nigeria is the story of corruption. Now, Castrato has added an incompetence dimension to that story.

The problem with corruption/incompetence is that it raises the risk profile of Nigeria, hence necessitating a relatively higher expected return if an investment is to be made (on a risk-adjusted return basis). What does this mean? Generally, it equates higher prices for goods and services (relative to a lower risk environment). Consumers pay more. They pay more because competition is reduced as the higher risk represents a barrier to entry. Assuming Vodacom did not have its initial reservations and had won a GSM license like MTN and Econet did not have problems with its Nigerian shareholders (another risk factor), it is unlikely that MTN Nigeria will have the extremely dominant (~50%) market position it has now. It's also likely that QoS will be higher, number portability available and prices lower. This assumption that we don't pay a high price for corruption is manifestly wrong.

[hispy99]

Naira climbs to one-month high on reserves

[knightofdelta]

Originally Posted by Oracle

Don't say so!

A man like him should be exposed to high level information that can aid his investment decision. This kind of man can mingle with many directors in many quoted firms and little information that they may discuss may aid him in making billions.

Go to UK and US jails and see how many people are languishing there fore insider trading...

[emmanuel ewumi]

Originally Posted by knightofdelta

Go to UK and US jails and see how many people are languishing there fore insider trading...

We take a lot of things for granted in Nigeria. In sane societies some of our role models will be rotting away in jails.

[Picolena66]

Nigeria: Naira Appreciates At Interbank On Dollar Inflow *
The naira strengthened against the United States dollar at the
interbank segment of the forex market Monday due to inflow of the
greenback into the system.
allAfrica.com: Nigeria: Naira Appreciates At Interbank On Dollar Inflow

[ayufun]

NSE strengthens surveillance over market infractions IN a bid to reduce fraudulent practices to the barest minimum, the Nigerian Stock Exchange has created a market surveillance unit, under the Listings Regulations Department to effectively monitor market activities in order to identify unusual patterns and market conditions that may indicate any violation of rules and regulations governing the capital market. Besides, the Exchange has announced plans to launch whistle blowing portals, that would give the people a platform to reveal to the Exchange, information on issues and activities that is detrimental to the market. The unit has the responsibility to protect capital market integrity from fraud, manipulations and abuses, as well as foster open, competitive and financially sound market. Addressing journalists during the X-Complaince Training in Lagos yesterday, the Head, Market Surveillance of the Exchange, Abimbola Babalola said the unit would help the Exchange achieve its objective of efficiency, fairness, liquidity and intelligent gathering. According to him, ”our job is to translate the trading rules into trading variables, metrics and set meaningful benchmarks for the market. Again, We would achieve this by defining and creating alerts, after which we analyse these alerts to detect unusual trading behaviours that would enhance proper surveillance reports on daily basis. “We would also conduct detailed investigations and generate evidence of market abuse. The Head, Listing Analysis of the Exchange, Elochukwu Uba, explained that the Exchange has put facility in place what would help monitor unauthorized sale of investors’ shares in the market, adding that this is one of the major infractions the Exchange intends to ensure that it is put to stop. “We have listed all the firms involved in this activity in the time past on our website and the type of punishment received. The minimum capital requirement for a broker dealer is N70 million. Again, as part of the market-making scheme, if you want to be an equity market maker, the minimum capital requirement is N500million net liquid asset, as well as the normal N70million broker dealer pay. “Fixed income market makers are yet to be introduced and the minimum requirement for this is N500 million in equity, N500 million in fixed income and the N70 million broker dealer arrangement.” The Head, Listings Compliance, Listing Regulations Department of the Exchange, Hauwa Zoaka, explained that the Exchange has introduced penalties for late submission of company financials, adding that going forward, the Exchange would not accept company results where companies release its result and corporate actions separate, adding that it sends negative signals to stakeholders

[Vincenta11]

Please who is this kenedobor guy selling this internet get rich quick scheme on SMN.

Please moderators do something before these kind of people take over our precious SMN.

In the first place, is this kind of thing allowed?

[hispy99]

NNPC Denies Delaying 2013 Budget, Articles | THISDAY LIVE

[pegheneji]

Originally Posted by emmanuel ewumi

Exceptional and extra-ordinary expenses, the guy na smooth operator.

Tony is the only person that can answer this question.



Due • 7 hours ago

How did Elumelu made his money if not through corrupt practices. His entire years in the banking industry can in no way legitimately earn him $200m. Call spade a spade! Corruption is Nigeria's biggest and most challanging problem. Not even Boko Haram...
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Reply
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Tony was d CEO of BGL before moving starnderd trust, those who bought std trust at N4 made a kill let alone the initial investors like tony. He also have access to 'free money' which he can use to take opportunities. Good planning\investment decisions and 'luck' should make you live above your salary so is wrong to start comparing how much tony earned during his life as a banker and his current worth

[emmanuel ewumi]

Originally Posted by pegheneji

Tony was d CEO of BGL before moving starnderd trust, those who bought std trust at N4 made a kill let alone the initial investors like tony. He also have access to 'free money' which he can use to take opportunities. Good planninginvestment decisions and 'luck' should make you live above your salary so is wrong to start comparing how much tony earned during his life as a banker and his current worth

BGL packaged the deal that rescued Crystal bank that metamorphosed into Standard Trust Bank. He was seconded from BGL to manage STB, because BGL and her customers became substantial shareholders in STB. Even at that his holdings in STB and U.B.A are public knowledge.

But exceptional and extra-ordinary expense under Tony, went up to an unprecedented level. Tony is a smooth operator, most of the African subsidiaries are conduit pipe used for sucking and bleeding UBA . I bought my first UBA shares in 1996 or there about, we know what shareholders suffered under Tony and we have not recovered from it.

[overload]

I bidded for Tbills on Tuesday, using 12% as my bid rate....To my utmost chagrin I have just been sent the stop rates by my bankers which showed the rates for 91 days at 11.95%. infact all the rates were all below 12% MPR.

Wit annoyance today an using the whole funds to purchase NEM...am bidding for it at .50k. hopefully i will get it at this price then get the expected 10k dividend and also a capital appreciation by june next year when my house rent is due!

[knightofdelta]

Originally Posted by overload

I bidded for Tbills on Tuesday, using 12% as my bid rate....To my utmost chagrin I have just been sent the stop rates by my bankers which showed the rates for 91 days at 11.95%. infact all the rates were all below 12% MPR.

Wit annoyance today an using the whole funds to purchase NEM...am bidding for it at .50k. hopefully i will get it at this price then get the expected 10k dividend and also a capital appreciation by june next year when my house rent is due!

I hope this is a joke... that you are using house rent to buy stocks.

[emmanuel ewumi]

Originally Posted by knightofdelta

I hope this is a joke... that you are using house rent to buy stocks.

Na joke .

[overload]

Originally Posted by knightofdelta

I hope this is a joke... that you are using house rent to buy stocks.

its no joke o!
My landlord is a nice person...there are years i have had to pay 4 months before the due date..so if i delay by a couple of months he wont mind!
Moreover i do a lot of other deals with him so he understands when there is no cash cos he knows i have some good assets which i can convert to cash if hard pressed!

[goldsun]

Originally Posted by overload

I bidded for Tbills on Tuesday, using 12% as my bid rate....To my utmost chagrin I have just been sent the stop rates by my bankers which showed the rates for 91 days at 11.95%. infact all the rates were all below 12% MPR.

Wit annoyance today an using the whole funds to purchase NEM...am bidding for it at .50k. hopefully i will get it at this price then get the expected 10k dividend and also a capital appreciation by june next year when my house rent is due!

has the treasury bill rate fall this much or

[migiets]

Originally Posted by emmanuel ewumi

BGL packaged the deal that rescued Crystal bank that metamorphosed into Standard Trust Bank. He was seconded from BGL to manage STB, because BGL and her customers became substantial shareholders in STB. Even at that his holdings in STB and U.B.A are public knowledge.

But exceptional and extra-ordinary expense under Tony, went up to an unprecedented level. Tony is a smooth operator, most of the African subsidiaries are conduit pipe used for sucking and bleeding UBA . I bought my first UBA shares in 1996 or there about, we know what shareholders suffered under Tony and we have not recovered from it.

He was not seconded from BGL. Prior to BGL buying STB, they had already bought another bank, i think it is Continental Trust Bank (CTB). Tony moved from BGL to CTB to manage it. When BGL now bought STB, Tony now moved from CTB to STB to manage it because it was bigger. The person that took over from him at BGL now moved to CTB while Albert Okumagba took over at BGL. CTB later had problems and that was how the management was sacked after STB took it over.