Union Bank

[Gengen]

Originally Posted by billions

Brother...abi(or) sister?

Only Ayemco can tell. However, if you remember the wisdom of our elders, if woman achieve well well, we go call am MAN

[Gengen]

Originally Posted by billions

Brother...abi(or) sister?

Only ZainbusMAN can tell o.

However, if you remember the wisdom of our elders, if woman achieve well well, we go call am MAN

That is the way our elders wisely solved the gender issue!!!

[ayemco]

Originally Posted by Gengen

Only ZainbusMAN can tell o.

However, if you remember the wisdom of our elders, if woman achieve well well, we go call am MAN

That is the way our elders wisely solved the gender issue!!!

Na true my ...... E hard to mention Man or Woman now with the kind name wey una get for this forum. Zainab... apologies if I got it wrong OOooooo No offence. Back to the million naira question, when will Union Bank pick up with the gorgeous returns?

[citizen]

Stock Market Dips as NSE Removes ‘Circuit Breaker’
•Good times now ahead, say foreign investors
By Goddy Egene and Eromosele Abiodun, 10.29.2008

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The Nigerian Stock Exchange (NSE) yesterday removed the restriction of one per cent maximum downward movement of share prices as efforts to find a solution to the persistent bear run continue.
The latest development has excited some foreign investors who said yesterday that the future now looks good for the nation’s stock market following the removal of artificial restrictions.
THISDAY had, in its editorial last Sunday, described the “circuit breaker” as futile and called for it to be lifted.
The peg was put in place on August 27, 2008 following a meeting Vice-President Goodluck Jonathan, Minister of Finance, Dr. Shamsuddeen Usman, held with stakeholders in the market to stem the fall in share prices.
While the downward price move was restricted to one per cent, upward movement was left at five per cent.
Despite the application of the circuit breaker, share prices plummeted further to a point where the market began to record zero price gain. Some stockbrokers and market analysts began to call for the removal of the peg, arguing that the market was still being artificially restricted from finding its level.
But some interests, said to have borrowed heavily from foreign financiers, were uncomfortable as there was a possible take-over of their businesses by their financiers if share prices were allowed to go on a free fall. These interests were said to have prevailed on the NSE not to remove the one per cent peg.
The Director-General of the NSE, Prof. Ndi Okereke-Onyiuke, yesterday finally announced the removal of the peg.
With the decision, the +5/-1 restriction will now go back to the pre-August +5/-5, thereby allowing prices to fall by up to five per cent in a day.
She said the decision to remove the restriction was informed by the position of the stockbrokers who are dealing members of the NSE and the need to stimulate foreign investments.
According to her, the stockbrokers took the decision at the 12th Annual Conference held in Ilorin, Kwara State, last week.
She said: “The intervention was used to feel the pulse of stockbrokers since we put the circuit breaker of one per cent downwards in our market. At first, it was welcome but all of a sudden people that were not dealing members reacted and later some people said we should not remove it because some people that are not even in Nigeria want the market to bottom out so that they can pick up our stocks for peanuts.
“These were ramifications that we were not thinking of when we were singing the song of the circuit breakers. This, as at it may, we kept our ears shut until our dealing members went to Ilorin and had their conference and appeared they have collectively decided that we should remove the circuit breaker. And so after due deliberations, we have decided today (yesterday) to remove the circuit breaker and go back to five per cent up and down which is what we were doing before.”
Apart from the removal of one per cent, the NSE also reversed the minimum number of shares needed to move a price of stock from 100,000 units to 50,000 units.
Although the circuit breaker has been removed, Okereke-Onyiuke said it could be re-applied anytime.
She said: “I want to make it clear that this will be the last announcement from the NSE concerning circuit breakers. It is from you, the stock brokers, that people heard the percentage or the style of our circuit breaking. There is no where, no stock exchange in the world, not a single one that does not have a circuit breaker.
“The president [of the NSE, Mr. Oba Otudeko] and I just came back from an emergency meeting of the World Federation of Exchanges in Milan, Italy. It was made clear that this is a regulated market it is not an Over-the-Counter market that is unregulated that has a free fall. All the regulated stock exchanges in the world, every one of them has a circuit breaker. It is not the public that would hear, it is only the market control and the management of the exchange that knows when and what percentage of circuit breaking to put depending on what they see at the market, that is the regulatory role of the exchange.
“We will never, ever let you know and if you decide to speculate on your own and make it public information to your investing public, it is your business. We decided to announce this because the whole world knows about this one per cent. So we want to tell the whole world that we have removed it.”
Apparently worried by the focus the media is giving on the crisis in the Nigerian stock market, Okereke-Onyiuke barred journalists from the viewing gallery which is located on the 9th floor of the NSE Building.
Stockbrokers who spoke to THISDAY condemned the action, saying it did not show any sign of transparency on the part of the NSE management and would further fuel speculative reporting of the activities of the market.
Meanwhile, some fund managers from South Africa, New York and London visited the NSE yesterday to assess the market with a view to investing.
Mr. Peter Thomson of Coronation Fund Mangers, South Africa, who spoke on behalf of others, said while the Nigerian market is very attractive, some fund managers left because of the negative rules. Thomson said with the reversal of the rules, foreign investors would return to the market soon.
However, the removal of the peg dealt a big blow on the market capitalisation of the NSE as it lost N324 billion or 3.5 per cent, falling from N9.135 trillion to N8.811 trillion. The capitalisation had recorded a depreciation of 0.5 per cent or N54 billion the previous day before the price restriction was lifted.
As at the close of trading yesterday the market had lost N3.8 trillion from its peak of N12.6 trillion last March and N1.4 trillion from this year opening value of N10.18 trillion.





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[ttoladele]

A cursory look through recent UBN AGM notification advert suggest they have decided to look elsewhere for more capital. The board is seeking Shareholders' approval to offer a "placement to strategic investors at a price....". I wish them luck in this uphill task, i only hope current shareholders do not loose out in their endless quest for more capital. Frankly, the MD should have announced his retirement and succession plans instead. He is proven to be another typical sit tight African leader.

[hispy99]

Union Bank appoints Directors, Promotes Staff
Posted Sunday, November 2, 2008

The Board of Directors of Union Bank of Nigeria PLC has appointed two new directors. They are Chief Dr. (Mrs.) Onikepo Akande, OON, and Mr. Onajite Okoloko. The appointments, have been approved by the Central Bank of Nigeria.




The Bank also ratified the promotion of seven Assistant General Managers (AGMs) to Deputy General Managers (DGMs) and six Principal Managers (PMs) to AGMs, while three PMs were also made Acting AGMs. Also, a total of 36 management staff members were promoted to their next grades, including Principal Managers, Senior Managers and Managers. The promotions take effect from November 1, 2008.




Chief Dr. (Mrs) Akande is an Accountant by training as well as an accomplished management/business consultant, successful industrialist, seasoned administrator and a former Minister of Industry of the Federal Republic of Nigeria. She attended University of North London (formerly North Western Polytechnic, London), where she studied Accountancy. Later she did her post-graduate programme at the prestigious Harvard Business School, Boston, USA, and a management course at Oxford University, United Kingdom and International Institute for Management Development in Lausanne, Switzerland.




Her professional career has been in the private sector, although she has, in the past 25 years, been closely involved in having dialogue with government on economic and industrial issues. She belongs to several professional bodies and trade groups, and also was at various times a director of the National Insurance Corporation of Nigeria (NICON) and Nigeria Industrial Development Bank (now Bank of Industry). Currently she is Chairman, International Development Company Limited.




She has participated in a number of international trade and investment fora, both overseas and Nigeria, and also authored many outstanding publications and academic papers. She is a recipient of many honours and awards, including national honour of Officer of the Order of the Niger (OON) and Doctor of Business Administration (Honoris Causa), Ambrose Alli University, Ekpoma, Edo State.




Mr. Okoloko is also an alumnus of Harvard Business School and University of Benin, where he studied Economics. He has a distinguished career in the oil and gas industry, spanning several years. He is the founding partner of Ocean and Oil Group, which is the core investor in Oando PLC, and currently the Managing Director/Chief Executive Officer of Notore Chemical Industries Limited.




He is an active member of the Nigerian Economic Summit (Policy Formulation) Group and served on the Presidential Committee on Oil and Gas in 2004, as the sole representative of the private sector. The committee was instrumental in developing the new oil and gas policy for Nigeria. Mr. Okoloko’s other accomplishments include Board Member, Oando PLC, Oando Ghana and Togo, Oando Exploration and Producing Company, Oando Energy Services, Oando Supply and Trading Company, Avante Capital Partners and Gaslink Nigeria Limited, as well as Chairman, Midwestern Oil and Gas.




Meanwhile, the Bank has approved a new compensation review for all its staff as part of on-going efforts to encourage and invigorate its workforce with higher incentives towards achieving the objective of remaining ahead in the prevailing competitive banking environment.




Similarly, some staff members across various cadres have been disengaged. The disengagement was based on low productivity, poor educational qualification, length of service and poor health condition, among others. In line with the Bank’s tradition of humane retirement policy, the affected staff were given attractive incentives to make life bearable for them in retirement, while a process of recruiting fresh university graduates has been initiated, through reputable consultants, to inject new blood into the system and regenerate its human capital to continue to cope with the modern banking operations.

[hispy99]

Originally Posted by hispy99

Union Bank appoints Directors, Promotes Staff
Posted Sunday, November 2, 2008

In line with the Bank’s tradition of humane retirement policy, the affected staff were given attractive incentives to make life bearable for them in retirement, while a process of recruiting fresh university graduates has been initiated, through reputable consultants, to inject new blood into the system and regenerate its human capital to continue to cope with the modern banking operations.

Is the Stallion about to awaken?

[ayemco]

Originally Posted by hispy99

Is the Stallion about to awaken?

They are all still made up of old school..
I beg when is the register closing for this years Dividend and Bonus. Please does anyone out there know. Its importatnt this information is received ASAP. Thanks

[citizen]

Closure date:- November 17th
Payment Date:- December 3rd

[ayemco]

Originally Posted by citizen

Closure date:- November 17th
Payment Date:- December 3rd

Thanks Citizen, If the shares no rise this week na im be say e no go rise again Ooo. People no even want to buy even with Bonus. This market don spoil.

[citizen]

Well with their admission of 700 billion naira writedowns on margin accounts + 300 billion on tank farms + 100 billion on ajaokuta loans e.t.c. no wonder everyone is running from banks

[ayemco]

I think Union Bank will continue its upward trend this week untill its books are closed for Dividend and Bonus. It couldn't have gone below 20 as its PO was at that amount.

[citizen]

Union Bank declares one for 6 - Earns N113bn
Odidison Omankhanlen, Lagos - 13.11.2008

UNION Bank of Nigeria Plc has announced its financial results for the year ended March 31, 2008, with improvement in the group’s gross earnings from N89.24 billion in 2007 to N113 billion, representing an increase of about 28 per cent.


Pre-tax profit also grew by 88 per cent from N17.58 billion to N33.01 billion. The bank also recorded impressive growth in pre-tax profit from N15.32 billion in 2007 to N29.75 billion in 2008, while gross earnings increased from N71.09 billion to N92.94 billion.


Post-tax profit rose from N12.13 billion to N24.74 billion for the bank, while that of the group peaked at N26.86 billion from N13.88 billion recorded in 2007. Similarly, total assets increased from N619.80 billion in 2007 to N907.07 billion for the bank and from N700.09 billion to N1,128.90 billion for the group.


Also, deposit liabilities for the bank rose from N417.41 billion in 2007 to N649.33 billion in 2008, while those of the group hit N686.31 billion from N432.08 billion. Shareholders’ funds for the bank and group increased to N111.3 billion and N119.2 billion, respectively, from N96.63 billion and N102.71 billion, respectively that they were last year.


Resulting from the financial score-sheet, the bank will, subject to shareholders’ ratification, give a bonus issue of one new share for every six shares currently held and pay a dividend of N1.00 per share, in demonstration of its resilient capacity to meet and surpass shareholders’ expectations on returns on investment.


The register of members would be closed for the purpose of the dividend and bonus issue between Monday, November 17 and Friday, November 21, while the warrants would be distributed from Wednesday, December 3

[billions]

The price of Union bank was adjusted for dividend(1 Naira) and bonus(1 for 6) today.

(N25.15-N1)*6/7=N20.70k.

[citizen]

Court Stops Banks over Sale of Texaco
By Davidson Iriekpen, 11.18.2008

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Attempts by seven banks to finance the purchase of Chevron Oil and Gas Limited’s 60 per cent equity stake of Texaco Nigeria Plc by MRS Holdings Limited, Petroci Holdings and Corlay Global S.A. suffered a major set-back yesterday as a Federal High Court in Lagos restrained them from getting involved in the process.
The sale of Chevron equity stake in Texaco had been a subject of intense bid by MRS Holdings Limited, Petroci Holdings and Corlay Global S.A.
Chevron owns 60 per cent equity in Texaco Nigeria Plc and Zenon Petroleum and Gas Limited currently owns 19 per cent equity stake in the oil retail outfit.
The banks are Union Bank of Nigeria Plc, Zenith Bank, Oceanic Bank Plc, Platinum Habib Bank Plc, First City Monument Bank Plc, Fidelity Bank Plc and Ecobank Plc.
Ruling on an ex-parte motion brought by Zenon, Justice Lambo Akanbi, also granted leave to the applicant (Zenon) to join the banks as the 17th, 18th, 19th, 20th, 21st, 22nd and 23rd respondents respectively in the suit.
Justice Akanbi, who made the order after hearing the argument of Mr. Kehinde Aina and Fayo Adeleye, also granted leave to the applicant to serve the banks the originating processes in the suit and all subsequent processes including, without limit, the petition, motion on notice for interlocutory injunction by substituted means by prepaid courier postage at their respective principal places of business
The court also ordered the following: that such service shall be proper; the applicant shall enter into written undertaking as to damages; and that the motion on notice is fixed for November 2008 for hearing.
The court, had on July 31, 2008, granted an interim injunction restraining Chevron Oil and Gas Limited from divesting 60 per cent of its stake from Texaco.
It also restrained the respondent and any of its agents from bidding, selling, alienating, transferring, disposing and or parting with the possession of the shares held by the 2nd respondent and the 1st respondent pending the hearing and determination of the Motion on Notice in the suit.
Other respondents in the case are Chevron Oil Nigeria Plc, Chevron Africa Holdings Limited, Chevron Global Energy Incorporation, Securities and Exchange Commission, Nigerian Stock Exchange and Corporate Affairs Commission,
Others include BNP Paribas, African Petroleum Plc, Habitat Oil and Gas, Oando Plc, and Acorn Oil and Gas Limited, MRS Holdings Limited and Petroci Holdings and Corlay Global S.A.
There were indications last night that Zenon may have decided to take the latest steps. This follows rumours making the rounds that despite the court orders, Chevron Corporation had announced that its subsidiary Chevron Africa Holdings Limited had agreed to sell Chevron Nigeria Holdings Limited to Corlay Global S.A, a Panamanian company owned by an African-based consortium comprising MRS Holdings Limited and Petroci Holdings.
Last week, Zenon had told the court that after diligently following the order of the court by serving the respondents through substituted means, there were still some reports that the 1st respondent was still planning to go ahead with the sale.
Also last week, the applicant filed application before the court urging it to set aside or nullify all the steps taken by Chevron Oil and Gas Limited towards the sale, bid and transfer of its shares in Texaco.
In an affidavit in support of the motion, it argued that it would be in the interest of justice and the preservation of the sanctity of the orders of the court if all the steps so far taken by the respondents are set aside.
Zenon asked the court for an order restoring the parties to the position the parties were as at the date of the grant of the interim order of injunction of July 31, 2008 pending the determination of the motion on notice for interlocutory injunction dated July 29, 2008.
The oil firm added that the steps taken since July 31, 2008 by the respondent and its agents shall overreach the plaintiff's motion for interlocutory injunction and the substantive remedies in the main suit if the respondent's acts are not reversed, set aside or prohibited.
Zenon further argued that the decision of the court on the pending motion and the substantive suit would be rendered nugatory as the court would be foisted with a fait accompli in respect of the pending motion for interlocutory injunction and the reliefs sought in the substantive claims.
It stated that the steps so far taken by the respondents in spite of the subsisting interim order, pending motion for interlocutory injunction and the substantive matter before the court presented an appropriate reason for the invocation of the disciplinary power of the court pursuant to section 6(6)(a) of the 1999 Constitution