Latest / Green Ticker Tales / Throw Back Thursday: The shocker from UBA

Transcript

Throw Back Thursday: The shocker from UBA · Green Ticker Tales

• 0:56
  I don't know if this music that Charles is playing is due to the sober news of UDA Norbert. Unfortunately, this is the hard break Friday. A lot of people were expecting this dividend. And unfortunately, there's no dividend.
• 1:37
  I say this is Heartbreak Friday. You be breaking the heart of the shareholders who are eagerly looking forward to the dividend. If you are in that category, well, I sent our condolences. But in any case, let's get on. Thank you everyone for joining. This is an intro to space. We have no plans for holding a space this evening.
• 2:09
  But myself and Charles, I said, when all of us, all green ticketing, we usually try to catch up every day discussing the markets. So we decided, hey, we had a couple of venues drop today, let's hold this space. I've charged this shocker from UVA, and it is indeed a shocker. A couple of hours ago, I guess a couple of minutes ago, UVA just dropped this resource.
• 2:40
  We need to pay rules and results for that. We need to do a deep dive. But I cannot tell you why we did not pay dividends. All I would say is that with this CBN, the Central Bank of Nigeria, we have a CBN that is very cautious and professional. So if you see a bank not paying a dividend, one of the biggest banks in the country, and I do say one of the biggest banks in Africa from Nigeria.
• 3:08
  You know the CBA must have instructed them not to pay any dividends. Why that is the case, I find it strange. And I would also use this medium to say and to also tell people that the management of UBA must account to shareholders why they are not paying any dividends. This is a material matter.
• 3:38
  I said in the previous speech that we had to cut so that we can have co-hosts. That in a country like Nigeria, cash is king. Cash rules everything around us. A lot of people are reliant on these dividends to survive. A lot of elderly people, in fact. For anybody who goes to the Anoa General meetings, you see most of the people at those meetings, a lot of them are elderly. In fact, for some of them, this is for the survival. So, when you have one of the biggest banks in the country,
• 4:10
  I think the professional thing that would have been done is to send out a notice ahead of time that says we may be unable to pay a dividend and that's why we would have preferred the market. Secondly, we do not want a situation whereby people are hunting for cold details like the way condoms are scarce due to the USA-Iran war. We don't want that.
• 4:41
  which is back the management of uba the management of uba was issue and earnings release was publicized the call details for this any score and make sure it gets everywhere in advanced markets you don't have to hunt around and beg and pursue and disturb people to get called details the last couple of weeks some of the biggest banks in the world
• 5:11
  and in the u.s and drop earnings you don't just stop anybody you don't call in fact you barely hear anybody calling calling the investor relations team because what are you calling them for the call details are known the time is known the daily results will be released is known when we say these things we're not saying these things uh said a couple of spaces ago that we have no intention of being the vdm of the nigerian stock market
• 5:40
  but we must call out things that are wrong uh so uba was heartbreak it's uh in a way i'm happy that this result was released after trading hours i'm sure if that releases results in trading hours it would have depressed today's trading session so at least we ended friday on the good notes we ended this week on a good note despite the disappointments from uba
• 6:10
  We've had a good set of numbers. The Buhar numbers will blow out 100% growth in profit year on year. Hopefully they hold their earnings call so we can have more details. Nigerian breweries numbers were fair. Could be better but were fair. International breweries numbers were fair but for a spike in tax payments.
• 6:36
  So, it's been Stambika IPTC numbers came out today as well. First quarter numbers, pretty decent set of numbers. So, in all, we've had a good set of numbers. So, in a way, maybe it's a good thing that UBA served breakfast in form of an absence of dividends after trading hours. And, well, whether they like it or not.
• 7:05
  On Monday, the market is going to punish the stock. Luckily, we'll have extended hours on Monday. And so, people will have enough time to react to this. So, I'm not alone. Charles is here, especially at the moment. Charles, over to you. Thank you very much, guys, and welcome once again. So, this space...
• 7:40
  It wasn't because of UBA. We had made up our minds to host the space today because a couple of results were dropping and we just wanted to have enough time to go through some of them, see the general state of the market and you know how to plan for the year.
• 8:10
  we would always say the first quarter is always a point as to how things will go satirist parables all things being equal so with your first quarter you can actually make extrapolations and see if there's progress year on year or quarter on quarter and when you see that kind of progress you know like the company
• 8:38
  It's working hard for shareholders. Also, there's been a lot of debates, you know. Oh, this market is getting overvalued. People are getting too exuberant. People are getting too excited. People are, oh, this is too much. In less than how many days, the market has done more than, in one quarter, it has done more than what it did the whole year and stuff like that. Our market is overvalued, you know.
• 9:09
  So, the only way we wanted to find out if the market is overvalued is using the results that are being churned out and see if they match the prices that we are seeing in the market today. Because, you know what, the stock market is a very funny place, you know, and nobody knows it all. The market knows how to humble people.
• 9:39
  That's why I always recommend reading The Intelligent Investor by Benjamin Graham. Go and start with that book and you will understand. So when people start beating their chest, oh I beat the market, oh next year this is going to happen and all that, you will see various examples of people like that. And if you want to extrapolate it to the modern day world, it's still happening. Some people will just...
• 10:11
  You see this fund manager, he would have done very well for one year and, you know, it goes over his or her head and they start boasting, oh, I'm going to beat the matter to another. Not to divert the attention of this honorable house. The results we have seen so far, they've been very good. For GTB to have paid the kind of dividend they've paid tells you that everything is very okay with that bank.
• 10:42
  And when you take into consideration the man at the helm of affairs, Shogun Akbaje, you have to raise your, you have to dove your heart for that guy every time. Those are the kind of people Nigeria needs. Every time the guy delivers, not into making noise, not into wearing red ties and stuff like that.
• 11:11
  He delivers. He has no time for all this rubbish. Very, very efficient bank. He sweats all the assets to make sure that he's delivering maximum returns for his shareholders. Zenit is not too far from it. Zenit is doing very well. With all the provisions they made last year, they still came out with a very fat dividend. What does that tell you? Very well managed bank.
• 11:42
  People who stick to their description and do whatever they need to do to make sure that shareholders get maximum benefit. Boa Cement, look at their result. Blowout. So, again, I was telling people, don't take your profit too early. Because the news of...
• 12:13
  FTSC Russell upgrading Nigeria from unclassified hasn't even kicked in yet. Even though we know some foreign investors are already sneaking into the market. They won't do it fully because when you have that classification, the European markets cannot devote a percentage of fund to the Nigerian market.
• 12:47
  Some smart ones, some smart foreign investors are already in the market, but the full deployment you haven't seen yet. In addition to that, based on the performance of that, because all the other funds, the one like the one we'll be praying to get into our market is the Morgan Stanley Composite Index. They'll be watching FTSE Roswell and see how they perform. And if they perform well...
• 13:16
  What that means, if MSCI comes into our market, then you will see doubling of every price you are seeing right now. As good as Zenit Bank has performed, Zenit is less than 10 cents. It's about 9.6 cents. Zenit Bank share is less than 10 cents. If Zenit Bank was a community bank in America, there's no way.
• 13:49
  There's no way any bank would be trading at that price. So if you say I'm comparing Nigerian equities with American equities, let's just compare them with South African equities. Go and look at South African banks and tell me which one is trading for less than a dollar. All our banks are trading for less than a dollar. And people are scared that the market has run too much. Do you know that for like...
• 14:27
  Close to 10 years, the market was stagnant. Do you know the damage the last ruler did to the market? Is Nigeria that bad? Is this that we don't have quality things? Like you look at the whole market, remove maybe Seplat, remove Nestle, remove Haradale. Haradale is not even up to a dollar yet. Okay, maybe about a dollar now. All the other stocks are trading for less than a dollar.
• 15:04
  And people say, oh, the market has run too much. But look at the results. Are the results matching the price of these equities? Those are the questions you should be asking yourself. And so far so good, they have been. It's just that we live in a country where people do not understand consequences. I don't have anything going wrong. Nobody is perfect. People make mistakes. Organizations make mistakes.
• 15:43
  However, the way you address those mistakes is the difference. And sometimes, because you've taken time to address it, it becomes a winning point for you. And this is to you, Bia. The point I'm trying to make here is the point on the mermaid in his opening remarks. If you knew you were not going to pay dividend,
• 16:20
  You would have said it long ago. This is not just a UBA matter. CBN, the Nigerian Stock Exchange, and everybody involved in the financial industry should be concerned about stuff like this. Because this could send a very wrong message to every investor. It could send a wrong message. Your EPS was nine naira something.
• 16:52
  How come you cannot pay money out of there? And this is what I always tell people about investing. For me, the most important thing I look at when I'm investing in all these big cap companies is their cash flow. Because every other thing from EPS to revenue go to our financial engineering. How much cash do you have? So if you knew you were not going to pay money, it would have been proper.
• 17:32
  When that result was done and maybe CBN said you can't pay dividend at all, you come out, make a statement. Due to this and this and this, we will not be paying dividend this end of year. We could defer it to, we could go into a situation where from the second quarter, because they normally pay half year, from the second quarter we'll be paying dividend quarterly.
• 18:03
  Like, sit down and, you know, construct something to, like, let people know that you think about them. Instead, you wait for the market to close, and in the dead of the night, you drop the result. People are still not convinced. People are saying, ah, maybe on Monday they will... No, go and check page 3 of the financial report. It is clear there. There is no dividend coming from UBA. And you know what this means?
• 18:38
  If you bear with nine naira, EPS cannot pay dividend. Those assets, boys and girls, have been hoping against hope. Real hope became a strategy for them. You know what that means. It's not everything we come on this space here to say. Year in, year out, it's becoming difficult for you to produce result as at one deal. It's become a regular pattern. And you know the annoying thing about this?
• 19:16
  They would bring out a statement. I remember some people were going through this on my Twitter space. I said, these companies should stop telling people, oh, we are considering the result and we also consider dividend. Don't tell us you are considering dividend because that's deceptive statement. And some people would say, oh, it's standard language. It's not standard language.
• 19:46
  It's not standard language. Just go there and say we are considering end of year report. Full stop. Don't tell us whether you are going to pay dividend or not. Because when you put that line, the supposition is you are going to pay dividend. And people will go and take position because of stuff like that. It's deceptive. It should be stopped. These things should be stopped. It's not so difficult. And this is where I get angry at the market.
• 20:17
  Simple things we cannot do. To do things correctly, we cannot do. There are people who start calling me out, stop demarketing. No, it's the companies, it's the regulators that are demarketing this country. This is not normal. This is not a good precedent. You could actually start a crash like this, with this kind of behaviors. So what happened to UBA?
• 21:00
  What is happening in UBA? We've taken all the money to go and invest in surplus. What's going on? We need explanations. Because if you don't give us explanations, we give ourselves the explanations that we console us. You can't be taking a big stake in surplus and you cannot pay dividend for God's sakes. What is going on? If it's to harass women in TransCorp, you will harass the women that are not dressed properly.
• 21:43
  Meanwhile, you are giving people buckets to fetch water. There's no water running in TransCorp Hotel. People will keep quiet because they are scared. Cut these things out. Look at you, Cap. If you compare their previous performance to what is happening now, what is really going on? You become last man standing there. You can just do anything. No! And again, I don't have the problem of dividend not being paid. But you should.
• 22:23
  As a responsible citizen. You know how important UBA is. Like UBA First Bank, Assets Bank, Zenith Bank, GTB. These are very, very important banks. So if anything is happening to one of them, it affects every other bank. Like I said, this is something that could have been solved easily. If people were pre-informed, there's no dividend.
• 22:57
  There won't be any problem now. We won't even discuss this. And I just said something now. If I were in that board, I would tell them I'm not paying dividend this year. We are looking at certain things. But from what we are aiming to do from second quarter, we hope to be paying dividend quarterly. So every quarter, second, third, just like that. It's paying something. And CBN too, like, there should be at least, what I understand,
• 23:33
  That they are doing the proper thing. You don't want a situation where people get the wrong vibe. People feel something is going on. Because there's no way you are going to... There's nothing you are going to tell me that a bank with an EPS of $9,000 cannot pay anything out of that money. Something is wrong. There's something wrong there. Something is going on. And the UBI I know before, they never...
• 24:01
  They normally never took this long time to release their results. They were always on top of it. UBA, Afri Prudential, Ubica, they were always like the first companies to release results. So there's something going on there that we do not understand. And, you know, if I hear Tony Elumelu on Monday morning, I'm coming out with a statement. Come out with a statement and let...
• 24:38
  Your shareholders, before your agent, let your shareholders know what went wrong, what happened. And this is the thing, when we always say when companies, when they start to delay results, there's a problem. People begin to invest with their heads. Emotions goes in and like you're not thinking any longer because you have a stake in it. And tomorrow somebody will call me that we are demarketing Nigeria. You demarket Nigeria with...
• 25:11
  With actions like this. So we are going to hold a board meeting to consider the year end result and dividend. Where is the dividend now? And those people will argue with me. You see exactly what I mean? That's opportunity cost gone there. Your money is right there in UBA. You become lifelong shareholder now. You can't do anything with it if you are hoping to rotate from UBA to maybe Weimar Bank.
• 25:45
  Even when my bank has come out, when my bank has come out, when my bank has paid dividends, when my bank has come out, they are doing big things. Big bank, big executive, a brilliant chairman, Transcop, Surplat, Ubicap, Hess Corporation or whatever. Show walking, show walking. Not red socks and red tie. Show walking. You've let your shareholders down and, you know, like...
• 26:22
  I was watching some of these AGMs online, and I'm very disappointed at everything that goes on in AGMs. The same set of shareholders, they come there, they start praising. You people have done very well. We need more dividends. We need more bonuses. That's all they go to say. They pick the same set of people. Watch all the shareholders' meetings.
• 26:56
  Boniface O.K.J. is always there. Yesterday, or two days ago, during the CSCS AGM, there was somebody who was going to be voted in the board. It was in the minutes of things to be done. Even before it got to it, people were already campaigning. Why are you campaigning for something that is already going to be done? Nobody will ask any reasonable question. Nobody could ask.
• 27:27
  CSCS Nigeria, when are you listing on the NGS? Nobody could ask that question. The chairman of CSCS, the first thing he did was, if there's any lady who wants to say anything, you know, who give the privilege, come out and say something. Not a single lady came out. So ladies, man, step up your game. The women in our investing industry, step up your game. Step it up. You know, stop hiding.
• 28:04
  Come out, speak, say something. And that's why we had to add a female member to our crew. And then the meeting is going on, like, they don't ask any reasonable question. Not one reasonable question. Every time, oh, you need to increase, we need to increase dividend. But you know what? When you tell a company who's just raised money to increase dividend, I don't know what to think.
• 28:42
  The company raise money, they need money to do something. Why don't you allow them to use the money to do something that will not result in higher dividend and capital appreciation? And the companies on their own too, just be very clear with investors. If you know you are not going to pay dividend, come out and say it. Come out and say it, let the people know. Because this is a surprise now.
• 29:19
  which might send shock ripples across the market next week. So, UBI has opened the road now. Assets will now come. And they say there's no dividend. Do you know the implication of that message? Two big banks cannot pay dividends? Then people will now start, ah, there's something wrong. There's something they are not telling us. And trust engineers. Trust these CEOs.
• 29:48
  Trust the regulators, trust the authorities, they will never tell you anything. They will gloss over it, make it look like it's all good, everything is alright. And this is how you create unnecessary problems in the market. Now everybody is going to be having a double-minder. Man, this money, are these people really making money? But it's a remedy. I just mentioned the remedy. First thing Monday morning, in fact this weekend, Tony should be rehearsing this speech.
• 30:25
  and just put it out there this is what happened because without shareholders there's no bank and if you don't care for your banks if you don't care for your shareholders that's the beginning of the fall so all the good things that has happened in the market now sorry to sorry to cut you short um uba just dropped its q1 numbers um well i think the numbers are
• 31:08
  i just dare slide deep in profits i can't quite tell why maybe it's due to the absence of uh dual trading income i'm not quite sure but these numbers are numbers that are disappointing i don't know why there's a deeper problem is there a dividend payment i don't think there's a dividend payment i see no i see nothing about uh dividend payments here so i don't think people should expect it so if i say
• 31:37
  Will I be wrong to say Tony took money from UBA to go and invest in Seplat? Will I be wrong to say that? Because, you know what? Let's look at this thing logically. Onome, you remember that trade we did on, was it UBA Transcop? We did a trade and then we analyzed Transcop power and hotel. Okay? Yeah.
• 32:07
  Transcorp, the holding company, owns from between 50% to 95% of some of these subsidiaries. And then these individual subsidiaries paid dividends. And based on the ownership of Transcorp, the holding company, you would expect that that money will accrue to...
• 32:38
  The shareholders of TransCorp Holdings and that money should be paid out to them. I think we did a calculation at the end of the day. We arrived at, based on the payout from the various subsidiaries, based on the payout from Power, Hotel and the other one, each shareholder would have been getting, was it two naira something? They ended up getting 60 kubo.
• 33:06
  That's money that has already been paid out as dividend. It should go to the shareholders. What happened? Because sometimes when this trend, when they start, you notice it and you try to like, you try to, you try and see a trend. But, you know, people will say, oh, you're overreacting. Ah, they can't pay the money like that, this, that, that. This is money that you accrue to shareholders. So, like, the money that is accruing to...
• 33:36
  Transcoop from hotel, Transcoop from power, and Transcoop from the other subsidiary should go as dividend. And you cannot use that to pay shareholders, including whatever you are going to pay them from the holding company itself. This is the UBA that we extraordinary items, always. It was a recurring decimal with...
• 34:08
  The old UBA, and we were thinking things have changed. But when you say that, you go and form your company, when you form your company, you pay everything out like that. Okay, now you haven't paid all those things out. You haven't paid the money out. What has accrued to the shareholder? What is the benefit? Some people's lives, retired people, they depend on this dividend.
• 34:42
  To survive. So tomorrow when you are accused that you took money from the bank to go and do other business, don't get angry. You have created a situation where people will now have to look for stories to try and see whatever happened, happened. Dropping the results on Friday when the market has closed. I really don't understand this country anymore.
• 35:21
  Like, you know, like they are setting institutions that should at least try and do the right thing. Even if it's 50% right, just try. Because anybody who is not stealing in Nigeria right now is trying to do some kind of investing and they are getting everything they are doing from investing. And that's what we try to encourage here. Encourage people to be financially independent without necessarily having to do...
• 36:15
  I'm not holding back at all. No holding back. The worst thing
• 36:26
  You can come and arrest me. That's the worst thing you can do. Truth of the matter now, nobody will say this. You will expect financial writers to come out. You know, they know the games they play. They come and say, you know, they try and spin the story. Spin doctors, spin masters everywhere, make it look like it's nothing. So, it's unfortunate. Commiserations to...
• 37:09
  UBA shareholders, even Echo Bank that never used to pay dividend, pay dividend this time. Central Bank did not stop them from paying dividends. Central Bank did not stop women from paying dividends. Central Bank did not stop Zenith Bank from paying dividends. Central Bank did not stop GTB from paying dividends. And on paper, you would think UBA is cheap. See where the cheapness has landed the shareholders now.
• 37:43
  Maybe you people should remove your money too and start buying Zeppelin. Yes, remove your money from UBA and start buying Zeppelin. Let's all be stupid. Let us follow our master and do what he is doing so that that way at least you can benefit something. The way Zeppelin is going forward, maybe the dividend will go up from the 3 cents you were paying before to 5 cents every quarter and then you get a special dividend at the end of the year.
• 38:16
  This week, Zenit Bank became the first financial institution to cross the 5 trillion mark. Kudos to that amiable, lovely lady who's been doing some wonders at the bank. Maybe Tony Cullen, 18 or 2 from her. And that's why we need more women participation in the market. So that was a very big one.
• 38:47
  seplat has been doing great things yesterday seplat uh went uh to 559 an all-time high at the london stock exchange and many more things are coming once they are done with their pia seplat seplat will continue to do a lot of good things because what that means what what the pia translates to is it will drastically reduce the taxes they are paying now
• 39:19
  And that will automatically mean more bottom line for the company and shareholders of the company. Bega Paint 2 dropped a very fantastic result. So far so good. Most of the results that have been dropped in the market, they've been up to expectation. And the market does not look to me as...
• 39:48
  Overvalued as it is right now. But, you know, let's just be careful with actions of certain things, you know, so that we don't break investors' confidence. Talking about the listing of Dangote Refinery, a lot of underground movement is taking place right now. People trying to see...
• 40:14
  How do we price the refinery? Price the refinery out of the hands of the common man. That's why you saw a meeting of the African exchanges CEOs that was heard in Lagos. Why the Kenya CEO has been agog in news media Twitter about the meeting?
• 40:41
  All we got was one story on the NGS website about the meeting and that was it. Talking about Africa market integration, where it becomes possible for you to be able to trade all around Africa. As a matter of fact, Africa should have an integrated exchange where you can buy anything, be it Accra, be it Johannesburg, be it Nairobi. You should be able to buy.
• 41:10
  equity is from this video because the more the more we do things together the stronger it is so you can imagine if all the stock exchanges now become like one capital market and you can you know you know borrow from each other take things from each other instead of going abroad it will be it will be better for africa and you know that whole africa capital market integration
• 41:38
  if you that thing has been on since since i started investing and we are going to try and decrease the market nothing has happened nothing has happened now the the south africans are showing interest in the refinery the kenyans are showing interest in the refinery uh um dangote has even got to the extent of going to on uganda television that is going to build another refinery in tanzania so you look at the the
• 42:12
  The spending power of the average South African, the Kenyan versus the Nigerian. If the gentleman is getting fillers that South Africans are ready to pay as much as 5,000 naira per share, it's nothing to them. You think he will look back? You think he will look back? Because I know everybody keeps saying he's a patriot. Yeah, he's done well. He's done well in his own right. But that does not mean he doesn't want to make money. If you compare the rate at which gas...
• 42:47
  prices has gone up in Africa, it's highest in Nigeria. It's easy to say I could have gone to buy Apple shares and all that, and I could have bought Nvidia shares and just forget Nigeria. Forget Nigeria, let us see. Go and list in London. I've been saying it. List in London. List in London first. Let me see. Let's try something. Try and list in London and let's see if you would qualify to list. I've repeated this thing over and over. Dangote, go and list in London.
• 43:23
  If you can, prove me wrong. Because he will never open his book for anybody. Dango Day Industrial Limited. If you've seen their books, come and tell me. And I said he's done well. But, you know, I'm not in that group of people who think he's the all like, he likes you that. No. The guy wants to make his money. And I don't blame him for wanting to make his money. But don't come and make it look like he loves us so much. No. Please. Please.
• 44:01
  That's how the Tony loves us so much and cannot pay you dividend. So, if you can, can you just, like, what are you saying about first quarter result? Like, I really don't get it. So, you couldn't pay year-end dividend and, you know, first quarter result is just flat, so to speak. Is that what you are saying? Yes. I mean, I think the management of UBA has a lot of explaining to do.
• 44:46
  I'm not, I'm not, even if you say let's discount the FY2025 results, when I look at the Q1 numbers, they are not, they are not impressive. They are not impressive at all. You have a big bounce in impairments. Why is that the case? I don't guess why your impairments are up almost 3x. What would have, what one would have expected?
• 45:15
  It's that you use 20-25 to clean up whatever impairments you have to do, which is what most banks did. Because if you're having your first quarter and you have a big bounce in impairments, then how am I supposed to forecast for the rest of the year? I mean, gross earnings are up. 801 billion naira in gross earnings. 146 billion naira in profits after that. And for profit, it's down.
• 45:43
  profit profit is down here yeah one of the reasons why it's down here yeah you have the big bounce in um operating expenses and i'm looking at the operating expenses i mean there's there's just have a few key line items that have gone up you know yeah it expenses advertising and promotion uh contracting of a few things out uh contractor
• 46:13
  um contract services and the likes but when we look at it usually as we know uh the for a lot of funds the biggest expense or the biggest order operating expenses you have is your amcon cost and i'm looking at the amcon cost here which is your banking sector resolution cost is just mildly up so even from an operating expense i don't get why
• 46:42
  Advertising, branding and promotion has doubled three times. They're moving from 5.6 billion in 2025 to 15.8 billion in 2026. So the question is, is that going to be the current run rate? So these numbers are quite poor and I think for a bank of UBA's side, they need to do better than this because when you take a
• 47:10
  in what I like to call tier 1.0 bank, like a Stambic IBTC. Stambic numbers are looking much better. In fact, let's even compare, because I know Stambic just dropped their numbers sometime today. So I'm seeing Stambic with a profit after tax of $114 billion. I'm seeing UBA with a profit after tax of just above $170 something. So the numbers are...
• 47:41
  i'm not i'm not impressed with these numbers and i think management owes was investing public and shareholders that they must make a come to a call and explain what exactly um is happening because profits is down here and here pretty expenses are went off sharply but what are the drivers of these operating expenses so it's a it's a rather supporting set of numbers in my view
• 48:09
  The signs were there, okay? You know they did that their right issue, which was priced way above market price, right? Even if you had broadcast charges, it never got to $15. And then, if you noticed, we had to wait a very long time before they came out with how that right went. And guess what?
• 48:40
  you know at the end of the day one investor picked up 99.1 percent of those shares like you people look like when when you are an investor you you need to you need to think like one okay like this is why we always have this here okay so you are doing your rights the right rights basically are supposed to provide
• 49:11
  Some kind of say thank you, you know, benefit for people who are already holding the shares. And what that translates to is the rights are usually priced below the market cap. You know, just to show appreciation to share your existing shareholders. But what did we see with UBA? UBA was trading at about 42 naira and the right came out.
• 49:41
  At 50 naira. Only a fool, I repeat, only a fool would go and buy it at 50 naira. I don't think any sane investor would live 42 naira to go and buy it at 50 naira. And it went on and on and on and on and until that right expired, that price never smelt even 45 naira. Talk less of 50 naira.
• 50:12
  Right? And then when the result came, one investor picked up 99.1% of those shares. The hand rises were on the wall. It was there. It was there. I know Tony has the biggest defender. Like, that's a real cult of people who will come out for him. You will see the way they will spin these stories on Monday. But you know what?
• 50:41
  There comes a time where you've got to tell people the truth. You've got to be sincere to people. The fact that you are dead does not mean that people do not see these things. There are a lot of things like extraordinary item and UBA is five and six. It's not today. Even during the divestment of UBA, I just don't want to see some things.
• 51:13
  During that divestment, we had UBA, we had the shares of UBA, we had spawned out to shareholders. And by holding UBA, you got UB Capital, you got Afri Prudential, and you got AfriLamp properties. We know what happened. The AfriLamp, the UB Capital and Afri Prudential were credited straight to our NGS account. Some reasons best known to him.
• 51:43
  They did their shenanigans, ordered a cut, ordered EGM, and the AfriLand was taken to NASD. And, you know, people pretended. Like, we just, everyone just kept quiet. Nobody says anything. When you talk, oh, you talk too much, or calm down, or you are demarketing. No, I'm not demarketing anybody. The guy does 2K, he's taking surplus, and he cannot pay you your dividend as you are there.
• 52:13
  Give you crumbs from the table and you are there. White party, all the big stars in Asia will go there. Give you your hard-earned money to give to influencers, to entertainers. And you are there. Come and tell me rubbish that I'm demarcating. I'm not demarcating anybody. Don't you feel sorry for that retired civil servant whose whole life depends on dividend and he's not going to get anything from.
• 52:46
  From UBA this year. Don't you feel sorry for people like that? What has happened to your conscience? That's pure wickedness. Yes. I hope this space is being recorded. Let them go and listen. I'm calling it out the way I see it. And, you know, like, it didn't even have the courtesy of telling people that because of this and this and this, I won't be able to pay dividend.
• 53:19
  so that they can remove their minds and you know if they want to do it something else if they want to transfer their money and go and buy other shares that will at least put something for them to manage themselves for the first two months of the quarter they can do that monday you create a panic the home market will be red on monday because of this singular act and if it's not managed properly let god not punish ourselves and say they're not paying dividend because if they do that you will see what
• 53:54
  It will create in the market. It should be good buying opportunities anyway for people who can smell opportunities and seize it. But these are things that can be handled better. And for all those of you who came arguing with me or telling me it's standard practice. You see what standard practice has caused now? Because by the time you put dividend, everybody thinks they are going to pay dividend. They haven't paid now.
• 54:28
  They have not. I called Regency Alliance insurance out the other day. They made, they released a statement and all they will happen on that statement is they don't want their right issue to hold for 28 days. They want it for 10 days because I think the standard is 28 days. So if you are going to do anything contrary to the standard.
• 55:00
  It is necessary that you put out that statement and SEC will approve. So when they hold their meeting, they will get shareholders to vote to approve that, and then SEC will now approve. Because if you don't do that, then it will run for the normal 28 days, which is standard. So I told investors, when you see something happening like that, there's only one message I'm getting. If you are shortening the days of...
• 55:32
  Your rights from 28 days to 10 days. But that tells me you already have the money. You already have this money and you are probably looking for a way to defranchise a lot of people from taking up their rights. Because, you know, some people even have rights they don't even know. But I raised one very serious question. October of 2025, Regency Alliance would have credited shareholders a bonus.
• 56:03
  If you had three, they were supposed to give you two. October of 2025. This is April of 2026. You have not credited shareholders with those bonus shares. So, do those bonus shares qualify for the rights you are going to hold after your meeting? These are the issues. Try and see it on time and start doing something about it. Not when it has happened.
• 56:35
  You try and nip it in the bud. I wrote, I've written to Regency Alliance. We have written to Regency Alliance. We have written to SEC. We have written to their registrar. Their registrar wrote back saying the shares have not been, the bonus have not been approved yet or credited yet, you know, because there's always an excuse. They will tell you it's NICOM.
• 57:09
  NICOM has not approved. The person who was supposed to approve has gone for a trip outside the country. So because of that, you know, the thing is just lying on his table. Like, like, 2026, for God's sakes, Nigeria. Nagoki person. Like, can you imagine that kind of a story? And now, these guys, some of those shares are supposed to qualify for the right you are. You are, you are, you are, you are.
• 57:41
  going to organize. You are gearing up to meet the new capital requirement for the insurance companies. You've not sorted that out, but you want to hold the right issue. And I've raised that question already. So if people keep quiet and anything happens, we'll take it like that. We'll take it like that. But honestly, if I was a UBA shareholder right now,
• 58:14
  I'm taking my money, I'm going to buy Seplat. Let us all be buying Seplat now. Let us all be buying Seplat. No, let us all be buying Seplat. Because that is the height of irresponsibility. It's irresponsible. I feel, I feel, I don't feel for the young people who hold the UBA. I feel for those old papas whose lives depend on this dividend for their day-to-day activities. And I just hope that...
• 58:49
  They hold their call and explain to the investing community what is happening. Because, like I said, if this happens with UBA and it happens with assets, it's going to send very, very wrong signals to the market. Those are two of the biggest banks in the country. If two of them end up not paying dividends, it's fine.
• 59:22
  come and explain to shareholders why you did not pay dividend. So I will let Nazia take over from here. And after Nazia, I see Damilola has been waiting for a long time. And I can see Tokpe, I'm going to invite him to speak too. Like the last time Tokpe came here, the feedback we got.
• 59:50
  I told you, once he comes to speak, take your pen, get your paper, and anything he tells you, try and listen to it. And, you know, belated birthday wish to you, Mr. Tokwe, and enjoy your life. Nazia, take it from here, and then we get Tokwe and Damilola to come up. Okay, thank you so much. Good evening, everybody, wherever you are. I greet.
• 1:00:22
  um it's it's it's really an interesting one from the numbers uh uba released and to think of it on monday our new trading session will start from 9 a.m to 4 p.m it's really going to be a very long day for uba shareholders and i wish everybody the best and then i have a question for you on
• 1:00:50
  I'm seeing a renewed, of course, retail shareholders' interest in Zikis because of the results they released. What do you say about the results? What do you make of the results? Nazir, as we know, Zikis is bad or green ticker. There are a couple of stocks that we don't discuss for various reasons, some positive, some negative.
• 1:01:21
  Zikis is on the other side of positive. I will use this phrase from the Bible. Remember when, I think when Jesus Christ was supposed to be crucified. And so, Pontius Pilate asked for a bowl of water. And he washed his hands off.
• 1:01:49
  So I would be doing the same with it. All I would say is that we are yet to get, and it was a matter of principle. The numbers were okay, but it's a matter of principle for us. I'm not going to discuss that firm because I believe that the SEC, Nigerian Stock Exchange, owes their investors explanations. There was trading manipulation in cities. Some companies were fined.
• 1:02:22
  The XTC did not see it's fit. NGX did not see it's fit. To come out clearly, I say that this is the result of the investigation that was conducted on the switches trading. All we saw is the NGX did not see the stock is back trading. And just before they got back trading, they had news of a dividend and bonus for 525. So the numbers are not bad, but you see...
• 1:02:55
  Everything, it's not really about the numbers for us. It's like this UBA, we're doing a space at 10, 9, 10pm. It's not really a space, but when things are wrong, we call it out. So, for me, it is, I think, it is the corporate governance was poor. And I say corporate governance is poor because you cannot tell me.
• 1:03:26
  If you say there was a trading manipulation, was it solely by the brokers? Were any insiders in cities involved or not? What brokers were involved? And at the end of the day, you just see that brokers paid it fine. That's not good enough. This is Nigeria, where people steal billions of naira, and they just pay a small fine.
• 1:03:55
  money from their pockets and they pay the fine and life goes on. We could come up to a stock market like this. In advanced crimes, when you manipulate markets, you can go to jail. You end up being fined and you go to jail. So if there was market manipulation in cities, brokers were fined, how does that solve the problem?
• 1:04:28
  Because some other people may say, you know what, once the world starts to happen, we get fined and life goes on. So we may calculate how much can I possibly make from this? How much will I be fined? You know, so it's just a matter of principle for me. I'm just going to say this one. There are certain stocks, but which is because of how that investigation was concluded. It won't be discussed, which is.
• 1:04:55
  For insurance, we'll be discussing insurance. I think in all humanity, we've done the best coverage of insurance, some of the best coverage of insurance in this country. I think maybe the people better than us would be approaching it, and approaching it is a way bigger thing than being sicker. So, we spent hours discussing insurance. The last piece we did, if every time we tell children before getting displaced, there would not be discussing insurance. The children would end up breaking the law and start discussing insurance. So, we'll be discussing insurance with a bunch of people.
• 1:05:24
  things on insurance. A couple of other stuff we will be discussing as time goes on. But I'm not going to discuss Ziti's. I can just give you a one-liner. Ziti's results were good. But I would say that Ziti's is tainted by the way they came into the market. So as long as the NGX and the SEC will not give us the true details...
• 1:05:50
  We agree to cut hills. We will not cover cities. We will not discuss the cities. Thank you very much, Onome. And just to set things clear, we have nothing against the company. It's just that the way they announced their arrival into the NGS is made in controversy, which they have not cleared up. They have not released the statement since.
• 1:06:16
  The NGS has not released any statement either. We don't know what went with that investigation. And no matter when you see, you see there are things, there are things, when you see a credible organization, there are certain things they do. And you know what? They earn your respect. In all our bid to correct infractions in the market,
• 1:06:46
  only one company in the ngs has responded to what we did so there was a time champions brewery released their result and they wanted to write this couple but they wrote 60 couple as a dividend and immediately people saw that champions were selling for like three nine at that time and then you're not pay 60 couple dividend that's
• 1:07:16
  almost 20%. So, in less than an hour, they came and retracted the assistee cover and said it was a typo and all that. That's the only time we have seen a company respond. And what that tells you is, okay, this is a responsible company. All right? If I was Zichis,
• 1:07:46
  i'll be doing the same thing i'll be releasing a statement telling shareholders this is what happened this is what happened this is what happened we are new in the market we don't know what's happening another but like they didn't do that so if they like let's let them let them have one million percent increase in profit after tax and whatever we are not interested if they are interested they can come and tell us what happened but until that time we don't want to touch the company
• 1:08:14
  We are not saying if you want to buy, don't buy. But for us, we are not going to give them that kind of publicity. They don't deserve it. Dami Lola, go ahead. Ogacha, good evening, sir. Green Seekers, good evening, everyone. When I saw the space come up and I saw a shocker from UBE, it actually took me a while to go and look for the...
• 1:08:44
  to go and find the corporate action. And I think Ogacha has stated my sentiments. These people, they need to start coming out and explaining what exactly is going on in these organizations. Because I don't understand why people will be running what is supposed to be a public company like your personal self...
• 1:09:14
  self-dome i just took a look at um uba's dividend history on stock invest uba has never failed to pay a dividend since 2015. that's how far back turkey vests and records go last year they paid three points uh three nine hundred and five couple the year before four thirty the year before that one era forty couple so uh and uh so that so that means that the companies um
• 1:09:45
  management actually has a lot of questions that they need to they need to answer and of course like as pointed out we're still waiting for access banks results is still being held like a classified state state secret so again these companies need to come they need to come out and tell us exactly what is good exactly what is going on
• 1:10:12
  And we cannot claim to be running a proper stock exchange if there is no reaction to this on Monday morning. I am actually waiting to see what the reaction of the market is going to be because I pulled up an article from The Punch which I dropped on the, which I dropped of February 24, 2026. Access Holdings, UBA approved dividends for 2025.
• 1:10:41
  That's the title of the article, sir. And we also know, based on the corporate action, that the board meeting that was supposed to be held yesterday, 23rd, was pushed to today. So what exactly was discussed in that board meeting is what we would...
• 1:11:12
  We would like to know. But then again, like Oga Charles will always point out, even when the SEC is not open and straightforward with them, is not open with stock market participants, why should we expect the companies that they are supposed to oversee, why should we expect them to do any better? At this point, I don't know, we may pray that God should help all of us. The last...
• 1:11:43
  um space that i participated in i think i i laid a complaint about the conduct about the way cardinal stone handled my share and handled fcnb shares that i bought i just want to give you feedback i wrote a petition to the secretaries and exchange commission they followed up that's uh that same day that was last week friday and
• 1:12:12
  I've gotten the results. My stockbroker has actually confirmed that my shares have been credited to my CSCS account. Oga Onome, you keep saying you don't want to be the VDM of the stock market. I'm sorry, sir. You have already started.
• 1:12:31
  No, no, no, no, no, no, no, we've not started there. We've not started there. We're talking with Charles today. If you get your estate, maybe we'll be building spaces over there. We're not interested in that. It's just the unfortunate state of Nigeria. Oga onome? Oga onome? Oga onome? We are the country where you can use 20,000 to 3 people. We are the country where people die like chickens.
• 1:12:59
  uh we are not interested in going to that part i want to meet a long long age in good health so this is so because because whether we like it or not not everybody has the means or the resources
• 1:13:28
  to sit down in front of a computer and spend three hours four hours a day doing research who do i contact who do i talk to where do i lay my grievances for those of us whose parents gave us the gift of a good education i consider and say okay let me reach out to the securities and exchange commission not everybody not everybody has that there is a very wide knowledge gap in the investment space
• 1:13:57
  that's the reason why i think they said how many what is the total number of active of active cscs account accounts in nigeria today because people don't know and it's difficult for people to actually sit down and find out this uh these things so again we'll see what the markets will say about the uba on monday we will see what access holdings is eventually going to
• 1:14:40
  I don't know what we are going to do, but we cannot continue to be afraid to speak up. Thank you very much, Oga Charles. I yield to you, sir.
• 1:14:53
  Thank you, Damilola. We are very happy that you have been able to resolve your issue and we will continue to do what we can to help people and make investment seamless. The good thing is there's an exchange that has just been approved and by all means possible.
• 1:15:22
  It would be nice for them to reach out to us as we are trying to reach out to them. Once we get a feeler of what we think they are going to do, who knows? Competition is a good thing, you know. Everybody will have to like sit up because if a guy is producing and is giving performances, making life easy for investors.
• 1:15:51
  There you will see a shift. After all, the country is big enough. Lagos is not the only place in Nigeria. Abuja is not the only place in Nigeria. In most advanced countries, they try and spread some critical infrastructures around so that a place does not become the hub of every activity, creating all kinds of...
• 1:16:18
  problems so let's see what that gentleman has in stock and you never know people will have to start sitting up brokers registrars anybody that is involved in the market it's time to start getting your act right because if you don't today somebody who can who can even provide 50 percent of what Nigeria investors want you are out of the market
• 1:16:47
  The guy will be eating fat from your lunch. So let's see how that goes and just continue to do what you need to do. Do the right thing. We know the country is difficult, but the only reason why we come here every day is for us to not get into the temptation of wanting to do what is not right to make money. Even though a lot of people have normalized what is not right.
• 1:17:15
  being right and that's why the country is in so much trouble today that's why you see a dead body on the road and it doesn't mean anything to anybody you know so um let's continue to do the right thing that's what i would say uh moody before you go i'll i'll give the mic to bremen and after bremen moody bremen unmute your mic and go ahead let me sorry sorry sorry sorry sorry i i don't want to spend much time i just want to say this
• 1:17:44
  I saw the title of this space is UBA. I thought we were just discussing only UBA. I know 10 parts. Nobody is happy with UBA's results. But this is the market. The stock market is not only about green. Because why I want to say this is because I know most people that are new to the market, they've never experienced something like this. So this is a possibility. The market can swing either direction.
• 1:18:14
  a particular company can swing either direction so it's something that you should expect as an investor that's why anytime i'm i always tell people only invest what you can afford to lose that's a figurative statement but it means it's possible your investment might be wiped out overnight that's what it means so that's what i just wanted to say uh why you are angry and all that don't let emotion drive
• 1:19:05
  Yeah, so the anger here
• 1:19:12
  is not uba not paying dividend is the way they went about it okay um you would expect a company like uba to at least if you are not going to pay dividend consider the father somebody just came here that the last time they didn't pay dividend was 2015. you could have come out like you delay this result all this why and you end up not paying the dividend
• 1:19:38
  And you release the results. I'm sorry, let me just say something here. Let me say something here. You know, the result has to be, dividend has to be now approved by the CBN. So CBN, even if a company wants to pay dividend, and CBN says otherwise, they can't override CBN. Last, Assets Bank announced an interim dividend. They promised, they released a report, sorry, a corporate action that they are going to pay interim dividend.
• 1:20:10
  But they are waiting for approval from CBN. At the end of the day, they did not pay. What do you think happened? So if CBN says don't pay dividend, there's nothing you can do about it. I'm not trying to defend them. Of course, I have a very large portion of my portfolio in UBA. But I'm just trying to say now this is what is happening. CBN must approve it. If CBN feels like paying dividend on a poor result.
• 1:20:40
  It's not going to be healthy for the bank. Then they have to abide by what CBN has directed. When they come out and tell you that the CBN has told them not to pay, I don't think so they will do that. But you can just add one plus one together to make sense out of it. Okay, so... I don't see any big issue. There is a big issue. I'll tell you. Moody, I'll tell you what the issue is.
• 1:21:12
  Going forward, these bans should be stopped to tell people we are considering end of year result and dividend. Don't put the dividend in, don't put it, just cut it out because that's deceptive information. If CBN is asking you not to pay dividend from a nine era EPS,
• 1:21:41
  Then you have the right to come out to tell us why CBN will ask you not to pay dividend from 9 Naira. It doesn't make any sense at all. First quarter result, they release their first quarter mudiaga, go and check the result. Check the first quarter result. This is not emotional now. And like I said, the problem is not paying the dividend. The problem is the way they have gone about this.
• 1:22:09
  But now, that first quarter result should tell you the reason why they are not paying dividends. It doesn't make any sense paying. Look at the first quarter results. It should tell you why they are not paying. Moody. Anyways, I will remove myself from the speakership because I'm currently at work. I just decided to come and sit in one or two seats. Thank you. But I'll be listening. Thank you, Moody. Okay, good evening Mr. Charles.
• 1:22:40
  uh so for for uba i for the first time actually he said something this night and um i actually didn't think from that perspective before about certain actually certain people who have um heavy investments in all these companies especially banks hoping for dividend and then they use dividends to run their life but moody mentioned something about the cbn restricting certain banks i'll try to read up on that later on but
• 1:23:08
  I know CBN can stop, but most times, the last one that happened was a case of, there was forbearance issue, and then they were like trying to limit, they need the banks to have a particular target money, and so they were trying to like, it's not all banks that are affected. I feel UBA is...
• 1:23:30
  UBA moved funny actually they were sneaky I was initially me I don't even have money UBA because I moved out of UBA since March I was just it was my intuition was something is going on and just didn't feel right so I left but I was wondering why did they wait till this night because it was obvious they were delaying the results it was very very obvious that they were waiting
• 1:23:53
  for friday stampede the same thing last last week so they will wait till friday they don't want to release it during the um mid trading session whatever it's fine it's a strategy they can use it but i was wondering why did they wait till now first bank also have issues like they had issues but they released the unaudited reports earlier they released like january 30th or so and when they released that result it was very obvious like there was danger
• 1:24:22
  like a lot of money was wiped out and so a deadline himself came and it was threatened in february like oh sorry sorry i'm standing behind this bank this is a one-time it's blah blah blah blah blah and sort of it worked because i remembered there was one funny investor confidence i was expecting first bank to fall and like two days after the last tweet the thing you know first man just kept moving up and i was like fine this man has acted the game he understands how this market works so if uba had dropped
• 1:24:52
  they are on audited fine in probably january or something people would have seen all these things like okay there is there is blood in the water or something but then they didn't release that they waited till april like bank had rallied or the rallying has been crazy and you be did not rally it was it was suspicious like what's going on it didn't make sense every bank was moving you be was not moving and that was when i was like something is going on but
• 1:25:19
  you know some people are blind faith and i'm like okay no problem we would see how it goes but then they dropped the auditor this night and it was oh no no that was it was bloody like it was bloody and i just thank god that is when i see people talking about they should remove the 10 cap like they want you know crazy money i'm like people don't understand maybe because there's a thrill the market is green right now all of you think it's always be great
• 1:25:46
  If not for that 10% cap, I am telling you, enough people have put money inside UB. Because they look that First Bank, First Bank is over 75, Echo is like over, Echo is like 78 right now. So they are thinking, yeah, UB should be the next big thing that has delayed for a long time at 45. But obviously there is a reason this thing has kept, like it has been at 45 for a very long time. Now, that cap is just the only thing that will save them from the minus 10.
• 1:26:16
  on monday and it is very possible the only thing that will save them is sellers fatigue like okay maybe monday minus 10. sorry sorry sorry bremer you will open with a gap down so you know there's an imbalance um on monday before market opens the brokers will have their own time 10 minutes sorry uh 10 minutes before i'm 30 minutes before the market opens so definitely a lot of houses or fund managers that
• 1:26:45
  already invested in uba so you will be in serious um trouble because you're not paying dividend so why would an investor want to put his money there or the big guys that controls the market why would they want to put it there so i expect the cap down um any moment like we should be expecting access to because if uba is not paying dividend so definitely baby access why access is still delaying is maybe they're trying to beg cbn to give them but i'm coming when you make your submission i'm i'm going to
• 1:27:12
  i'm talking about the two of them so yeah let's go ahead okay so thank you so i'm seeing it's market could be funny at times where a lot of people are disappointed and it's just funny because for the first time as that something like this is happening to they will try and sell on monday to no go nobody's going to buy i don't see any sensible person buying anything on monday unless they like they're not privy to this information so nobody's going to sell anything on nobody should sell anything on monday but let's see how it goes
• 1:27:41
  and then tuesday maybe on wednesday people get tired of selling and then maybe some people buy but the the best thing would have been a case whereby q1 drops and they like this prospect as you make you one drop now i like okay maybe as you know fix there whatever whatever 2026 would be a good year but the q1 that is dropped oh god you're not looking good also like what's going on so
• 1:28:08
  i don't know i moody moody says he's going to you know buy more moody has money me i don't have money so i'm always like i'm very very very very conscious of whatever i'm going to invest in i'm very very careful about it like you can't be perfect you can't time everything but like me i don't see my anyway maybe if it comes down even if it comes down i don't see you be going up for for a for a maybe two three months unless something is going to drive like you know
• 1:28:36
  It's cheap and then people are pumping or trying to pump. But banks are also very, very liquid. So, honestly, it's all of you that have UBA. My prayers are with you. My thoughts are with you. I have Transco Power. And what I saw that they draw for Transco Power. My prayers are with Tony Elumelu in this period. I think he saw some things and that's why he went to CEPLAT. And, you know, rich people, they have ways of moving.
• 1:29:33
  I'm not part of green stickers.
• 1:29:36
  But apart from the book, yeah, apart from the book, I always respect the book. But one thing I'm big on is corporate governance, corporate governance, corporate governance. Like it is something that is... So if a board is moving somehow, I honestly don't care. Like this money, I don't mind. I don't want to say anything bad about them. The latest report they dropped was very, very like...
• 1:30:03
  attractive and you know the difference is some of us are very smart like they know how to trade they know when to enter when to leave is everybody that knows when to enter when to leave so if you don't know if you is lack of money you are using or is like you got that money you sweat allow me money just focus on peace of mind that's all i'm going to say about which is thank you very much thank you bremen um you know what
• 1:30:32
  You see, sometimes, like I said, there's a pattern, okay? There's a pattern to madness. I'm looking at, there were certain things I said. First and foremost, the rights were priced above market price. At the end of that whole exercise, 99.1%, one person took 99.1% of those rights.
• 1:31:03
  Year end, the CEO is buying a very big stake in Seplat. Your UBA, nothing year end. First quarter, nothing. Me, and like I said, if Zenit Bank, if CBN is allowing Zenit Bank to pay dividend, CBN is allowing GTB to pay dividend.
• 1:31:37
  CBN is allowing Wema Bank to pay dividend. I really don't know what to say again. I really just don't know what to say. There's no emotion here. We just have to say things the way they are. At the end of the day, it's your portfolio. You do whatever you want to do with it. Sorry, can I add something to what you just said now about the dividend payment? Yes, sir.
• 1:32:06
  Because based on First Bank's results, yeah, I was shocked. Because when I saw the First Bank results, Otedola's reaction, his tweets, I was like, okay. Like I said before, I was expecting a drop. And then First Bank moved up. And I had to check again when First Bank started rallying right now. Like it was rallying so crazy to, you know, 60, then 70, 75. I'm like, fine, this is a big bank. They made like 2.9 trillion in revenue.
• 1:32:36
  but based on they've not released their audited results the funniest thing i saw from first bank first bank released the statement that their audited results was coming soon per approval and they will pay dividend i was so shocked to see that in their notice like i don't get you just claimed like you are wiping off that like fine one time thing and now you claim you want to pay dividend like it wasn't because personally for me
• 1:33:03
  i was not even put in my mind like first bank will not pay dividend for like 2025 but they claim they will pay so we are waiting for it but i i made a tweet about it i'm not expecting anything more than 10 kubo or 20 kubo because the profit that was in their unaudited results was like 52 billion like after taking out the loss and everything wasn't even up to 100 billion and they have like 44 um
• 1:33:29
  44 billion in outstanding shares so i don't see them paying everything they have in profits as dividend or whichever way but they said they would pay so if a bank like first bank with about 52 billion in profit after taxes saying they will pay dividend well let's wait till that report comes i'm expecting maybe 10 couple or 20 couple from them but they have their reasons for wanting to pay and somehow somehow people have made money enough from
• 1:33:57
  first bank in this rally but a lot of people will also be disappointed by that when the dividend comes because not a lot of people are not paying attention to those figures you know people just head oh gt bank paid 11 points seven five you know then zen it's paid like almost nine naira you know people just you know they want to get bank stocks and banking sector is not always like that you know so people just moved in moved in echo bank even shocked us paying dividend after like three years
• 1:34:25
  And then, you know, people were expecting maybe you'd be able to pay six naira, maybe you'd be able to pay this, and you know, some people pumped a lot of money into you'd be already expecting one big dividend. So, we might be shocked. You'd be as even shocked as everybody first. First bank, so my nerve went at 50 kubo, but let's see. Maybe your third dollar will give them money to pay the dividend. Only God knows. Then, access bank. I had no comment on access bank. I played the fifth on access bank.
• 1:34:53
  any other bank who might a lot of banks might actually be shakisha but a lot of people have concentrated their money too much into the banking sector it's liquid no problem but you also have to anyways it's people's money you can't teach them how to spend it but yeah i think i'm good thank you bremen uh senko just let it find you go and then you will go if i okay if i go ahead oh top if i
• 1:35:23
  Go ahead. If not, I will allow Ogatokwe to start speaking. Okay, if I am probably having connection issues. Ogatokwe, welcome back. I saw that you joined before and then you left and you are back again. So unmute your mic and let's have the opportunity to hear you. And anyways, once again, this whole community is wishing you a belated happy birthday. Thank you.
• 1:35:58
  Yeah, go ahead, Tokwe. Unmute your mic, Tokwe, and go ahead. Tokwe, can you hear us? Unmute your mic. Can anybody hear me? Loud and clear. Okay. Tokwe, unmute your mic and go ahead. Okay, while we wait for Tokwe, Ifanyi, can you hear us? Okay. Ifanyi, can you hear us? Okay. Senku, go ahead. All right.
• 1:36:45
  Good morning, good afternoon, good evening from wherever I'm speaking from. I was just looking at the unaudited results for UBA. What happened? I was just asking people in the community and everybody's laughing at me because I just saw that result and that was very, very, very, very, very, very terrible. And then with anybody, and somebody was even asking me about access back, paying for an error, and I asked him. And I asked the person.
• 1:37:14
  if access bank gives you for now will you collect will you collect for now why not with uh with their impairments with uh you know with cbn like till now they've not been able to release their results and they're still trying to i know one or two things that one error oh i keep asking access bank holder like why would access pay for now
• 1:37:46
  for dividend weeks the coin result starts access has released from january to from january to distant from q1 to q3 and let's coming back to uba again i was nice i was not expecting uba to even do any better they already showed their hand with the interim dividend of paying 25 cover so definitely the the cbn would never allow them to to pay such kind of thing
• 1:38:16
  and i'm just looking at their qr results uh and i think maybe i'll just my yeah i will anybody that is buying uba without maybe my big for technical purpose because it's against a bag that is liquid and every other thing but with these results uh uba needs to do better in um this is really really bad for for uba really really bad look at the profit after tax like i'm just looking at the profit after tax
• 1:38:48
  um anyways it's not uh i don't know what to say again for for uba but on the scheme on the scheme of things like looking at the technical point of view for uba let's even look at the volumes that are traded today so for uba close with i know i'm close with an ultimate of 55 naira per share intraday ultimate 55 now 20 cover per share and this week trader this week
• 1:39:16
  um 232 million zero 232.06 and what do i expect maybe you know our we are immune to um bad news you know sometimes in our markets every day if cap down then i don't think um uh i don't think any i don't think the bank would want to see shares falling down 20 30 because of uh
• 1:39:43
  yeah there are bad results and you guys know what i'm talking about but um 20 days i mean after maybe two to three days then they they pick back but uh no dividend then access others too should be thinking so that uh the more the the delay of the results and they should not expect anything um anything good or better at least they've enjoyed the capital appreciation
• 1:40:11
  i'm the company again i'm the capital appreciation from 20 20 now per share to 85 if i'm not mistaken to 35 now per share so which is um good that they need to not check or recheck well why should i continue to hold access bank why should i continue to hold the bank that keeps uh acquiring and not even thinking about um growing the ones that they've been acquired
• 1:40:38
  so these are questions that you want to be asking yourself these are questions that you have you want to put at the back of your mind and you look at their peers like um gt and um zenith even look at him when my bank well-run bank and look at how they've released them you know still up of um resort and you have to say you know um i just hope i don't feel like um investors should not just be only blended by just dividend
• 1:41:09
  About dividend, look at these banks. I mean, this is the time under Cardoso time era that we want to see banks do banks, not banks just going to collect deposits and place it in government securities, customer banking. You're not doing your loan books, you're accumulating non-performing loans and every other thing. At this time, we will not see.
• 1:41:35
  who are actually, the banks that are actually doing banking and the ones that are here to come and play. But at the end of the day, I don't know, again, this, when Access released a statement, even not just Access, even First Bank, when they released their board meeting circular, their AGM circular or board meeting, whatever.
• 1:42:01
  um you see oh they want to pay that they want to discuss dividend and all those things it's just normal like trying to follow it's just i would say i would say they want to pay dividend but they're not doing what their mates are releasing it's just the same format same templates and they just tell investors so that they'll be calm when investors see that oh the investors are really happy that okay they want to discuss dividend which is kind of deceiving or not kind of deceiving it is deceiving
• 1:42:30
  because you are telling investors that you want to pay you want to sit and um discuss on dividend that you want to release but at the end of the day you're not you're not going to pay dividend you and i know that or deep down or because you are working with the regulators and regulators will never allow you with that kind of result they will never allow you to pay any such thing called dividend yeah um you lied and investors should never
• 1:42:59
  i put this kind of companies in their portfolio because the company that tell lies that means that management can do something um silly and you you just take it like that it should be um it should be it should it shouldn't be condo at all in any form um at the end of the day i'm looking at some access bank i'm looking at the boats access uba
• 1:43:28
  till now they've not released their okay only for access access is here to release it's a 2025 um audited numbers uh we barely closed above the 2024 all time out 1375 couple we closed that that's one uh 30 couple total shares traded so far so good impressive volumes 370 million but something happened intraday for access bank we touched a low of 29 90 couple um in the intraday for access bank first of all
• 1:43:58
  Yes, £29.60 I mean, for Access Bank during the day. And I was like, oh, what happened? Was there any news? Or maybe something like that. Maybe that was, maybe investors already getting the feel or sense that there might not be dividend or Access might declare something that people might not like. That happened during early hours of today in the market before we saw some volumes coming back in to now close.
• 1:44:28
  or the 2024 and again looking at this long liquidity graph like um i don't know if i hope um access holders are going to i'm going to hold this or take heart um i hope they won't be disappointed because i expect them to be disappointed with what we're seeing with um uba um let's move away from me talking about uba or access cup
• 1:44:55
  um i wish them well i hope they bounce back for you for access you can't be the biggest bank and not be able to sweat your return on assets that's that's uh that's terrible like very terrible and you're greening organically anyways moving away from that so far so good i've been hearing markets is in overvaluation on under overvalued or undervalued and i keep on asking myself one question companies matching their earnings i forget about
• 1:45:25
  what we've seen with uba or yes they might be everywhere but we've been seeing the other guys from the other sectors and pulling in you know good results turning in good results are they releasing good results yes um are they matching what we're expecting them to do of course of course yes um is the market still undervalued the market is very very much undervalued we have not got into 2018 really high
• 1:45:53
  of 186 dollars okay i might just go check let me confirm that statement i think we should have it from 2018 let me just flip my charts to the usd so let me sweep with my chance up to usd or the asi okay we've not even hit the 2018 um january 2015 yearly i mean of 186 dollars
• 1:46:21
  and eight cents per point so what trade are we close today at um 158 one cents per point so i keep on asking myself these questions where is it why is it that everybody's so we're entering we're entering um um the overvalued but i'm not seeing anything on the data that i'm seeing here doesn't scream that we're entering the overvalued parts if even you can think about the big guys are
• 1:46:48
  piling in and bringing in more money into the market before the 50 about the 50 and that ninja will be put there the houses are already making big moves trying to bring these foreign guys into um the market some of them are coming in some of them are making some deals some of them are doing some deals and already we are seeing these movements across board not just banks yes banks have had good run um especially for zenith
• 1:47:21
  i don't know about the others for facebook i'm not going to talk about that but i don't know what they are doing in that bank anyways at the end of the day when you put all this together from the oil and gas to the industrials especially for the industrials i don't think the run is over and the run is not over and uh we have now reached the 2015 yearly eye
• 1:47:49
  yeah so soon we are not back to those that to that um level where jonathan was leaving the gov um presidency but not back to those levels and as of that time nigeria was an imagined market that we've dropped from imagine market to frontier from frontier to unclassified for now but back again to defeat and the frontier markets so there's a lot of a lot that's going to happen i mean the coming days coming weeks
• 1:48:17
  um i just tell people to pay attention don't get carried away um there are a lot of um discounts too in the market and there are some stocks that again they are not they are not fairly priced and they're not fairly priced and um there's the opportunity for them to run so let me know on the mic because i can see that um
• 1:48:41
  Yeah, let me just give my mic for others to speak. I have other things to say too, but let me allow my guard to speak. Mr. Tokpe, go ahead, sir. Unmute your mic and go ahead. Good evening, Charles. Honestly, I've been struggling since you brought me on. I think the moment I connected, the voice part went mute. I don't know what happened.
• 1:49:08
  i really want to say a big thank you to you especially and everybody listening you know for the wonderful comment you know you know my birthday wishes i'm so grateful and um i'm short of words but i really want to say a big thank you you know to everyone um you know when i saw the like a shocker from you know in my dm i was like
• 1:49:38
  okay you know it was a friend that chatted me up that i should see uba and all of that so i was even so eager like oh what are they going to pay and things like that but the moment i got into my game i saw like a shock i knew there was a problem you know so but this is what um i would say um i would just briefly address um a lot of what i've heard on the space this evening so that people can learn in from
• 1:50:07
  different situations you know um i there was a time i consistently tweeted about experience in the market so this is one of such situation so as an investor what you do at this moment actually matters you know and that's personal to you based on your investment goals you know so um you see i am disappointed not because of dividend um because
• 1:50:36
  i think people should listen and learn from these anytime you know from history i mean that i know especially in the nigerian stock exchange when you have companies having delayed results there is always something that is not going well with the audit department of the organization and the external auditors because external auditors i mean one of the functions of
• 1:51:04
  um or let me let me pause here and let me quickly define something so that when i call me a lot of people can have a better understanding you see every time when i tweet most times i i in fact let me just use the word to permit me to use your shout i shout about fundamental analysis fundamental analysis is not about the result of the organization alone like the financial statement you see financial statement is just one
• 1:51:34
  of several things under fundamental analysis. And financial statement is not the number one thing on that list. And what is the number one thing on that list? It is corporate governance. Few weeks ago I tweeted, I said, I don't buy hope, I buy results. And a day before that time,
• 1:52:00
  Because sometimes when I'm thinking, a lot of things I probably don't want to tweet, but I don't also want to confuse people. A day before that, or a day after I tweeted about, I value organizations with corporate, solid corporate governance and corporate integrity. You see, corporate governance is at the heart of fundamental analysis. In fact, that is the number one thing. Not how beautiful
• 1:52:31
  an income sheet is or whatever you see when organization has corporate solid corporate corporate governance structure one your share price will most likely continue to even trade at the premium why because you've been able to create a belief within or confidence or repose confidence in investors even when your company is not doing well but you're able to communicate that bad moment in a way that
• 1:53:01
  It reposes confidence in the shareholders that, okay, this has happened and we've communicated. And at the same time, these are measures we are taking to actually address the situation we are in. That is simply corporate governance because that is called transparency under corporate governance. Right? So, I am not disappointed about dividend because I sensed it.
• 1:53:28
  When an organization delays a report, I mean, that's why you don't see me in windows and things like that because results is always delayed. And these issues are usually between the external auditor because they want to, you know, probably accept on some of the things the organization is doing in terms of reporting. And somebody spoke earlier, I think it's Moody, talking about central bank not approving. And that's correct because the regulatory body that supervises our banks is the central bank.
• 1:53:59
  you are mandated to submit your quarterly reports or or probably i think it's more of even the audited report and the central bank actually approves the final dividend and the moment you see that a big company that understands the implication of absence of corporate governance in the investing community i mean with the respect to tony mr tony illumin is somebody i actually have a lot of respect for because he knows the implication
• 1:54:28
  of not even releasing reports in time and if you check all of these companies they all like to report in time because they know that that is sending confidence signals to shareholders right so the moment i personally discover that okay this is taking too long i sense that okay probably they are trying to negotiate their way out and all of that
• 1:54:51
  you know because i mean paying dividend in the banking sector what are you holding on to in the banking sector if not i mean if it's not dividend do you get so you know the implication of not releasing results you know i know that this is a situation that is being i mean it's way beyond uba and what i find shocking like i said it's still not this dividend the fact that uba did not communicate because last year when defender i mean when the central bank released the list of i mean banks and
• 1:55:21
  You know, there are forbearance. I mean, central, I mean, GT Bank, for instance, forbearance was 60 million US dollars. A GT Bank or GT Co can wake up and exit that position in less than 24 hours, which is why you see why GT Bank is trading at, the share price is trading at.
• 1:55:51
  For instance, Stambik wasn't even on the list. I am not surprised though. Why? Because at some point in time in this country, the chairman of Stambik IBT Ziko, Peter Said, happened to be the father of corporate governance. If you read your history in Nigeria. So, I mean, Stambik also will continue to sell at a premium. Why? Number one bank, solid corporate governance in Nigeria. It's simple.
• 1:56:21
  I was trying to explain to Bremen, I think, earlier in the week, I think it was last week, I can't remember now, on why, you know, Stanby could continue to trade at a premium. So, now, let me know, let's go back to UBA. So, when that happened, the forbearance, I expected UBA as a solid corporate, you know, organization to actually release, you know, specific guidelines and information last year on, okay, this is how we are going to exit this forbearance.
• 1:56:53
  The corporate actions or corporate communication to the market was, okay, we are trying to exit this thing. But you need to communicate properly because communication takes 90% of what we even do in life. So they've been dodgy a little bit about that. I mean, we had the Zenith Bank confidently saying that, okay, they exited. I mean, and we kept waiting for solid information to make an informed decision.
• 1:57:21
  From access and UBA, but that didn't happen. But somebody like me personally, I mean, I respect Tony because I feel, okay, it's at a level that he understands the implication and he would find a solution between that time and now. And the moment these results were delayed, I mean, this is what it is. But this is my advice for investors who probably invested recently in UBA.
• 1:57:51
  One thing I can tell you is UBA will actually come good, you know. And I briefly looked at the audited, you know, I saw impairment charge of about 300 billion. And then I kept asking myself, is this the whole, I mean, is this the whole thing? And shortly Charles mentioned that, okay, the Q1 just dropped. And I checked the Q1 and the Q1 is not also good.
• 1:58:18
  And this is the implication. See, as a discerning investor, you should not even worry yourself about the audited because that's past tense. You should be more worried about the Q1, which is my own situation right now. I'm just a little bit worried about the Q1 that, okay, has this bank not exited or are there, you know, crazy impairment charges or whatever it is. And then, like Charles and everybody that has spoken said that,
• 1:58:46
  um investors deserve to know what is happening and before i join this um meeting that's the number one thing on my lip like i mean my lips like okay probably uba needs to communicate the situation most especially to their shareholders and less elders realize the situation they are in if you want to ride with them good if you're a long-term investor leave your shares uba will come good
• 1:59:17
  important to the Nigerian economy. And the leadership in UBA, I know they understand the implication of what has happened, and I think they would take some solid steps and measures to actually address probably their Q2, or let us realize that, okay, how long do we need to wait to repair your books and all that, which is why I respected Otedola. I mean, he came out to the public and tell them that, okay.
• 1:59:47
  We are writing down 700 billion but this is a new turn and this is a new beginning for the bank. And the shares appreciated again from 14 era back to 15 era and here we are today. I wouldn't really like to dwell on UBA really because there are other sensitive information that had actually been put out before now that if you are very conversant in the market,
• 2:00:15
  um you should know especially um on the economic path and you know series of things we've heard about okay some banks from may whatever i mean was he a pre or something that some months may not even pay dividends for you know for the next two years and you know i don't even expect you be to be in that category though that it actually need to properly clean their books and for new investors take this as a lesson because sometimes you wonder why um
• 2:00:45
  You see high EPS and low PE ratio and yet, you know, there is really no action, price action in such equity. I mean, these are one of the reasons. You know, when you check the quality management, the risk management and, you know, framework surrounding, you know, some of these institutions or, you know, organizations and they are weak.
• 2:01:14
  Even though they are reporting good numbers, the share price would drag for a while until there is actually clarity. Investors need clarity. I don't invest when there is no clarity. It may take me over a year to even make a decision on a company. I love financial history. I never rush into any company. So this is a lesson for everybody. I was still even advising somebody, yeah, go into this UBA, but two ways.
• 2:01:45
  if the audited result is bad share price drops you buy more to average out your position because this bank will eventually you know do well it's you know systemically important to the nigerian economy but you know looking at the q1 now it means that the whole is a little bit bigger than you know personally i expected which is why we will be hoping for a better q2 you know so i'll i'll leave that aside you see um
• 2:02:15
  I will go back to this, you know, having a solid corporate, you know, governance, you know, for most organizations. Nigeria is still very far away. Somebody spoke earlier, a lot of banks, I mean, sorry, a lot of MDs of some of these companies are meant to be in jail. This is why I like the US SEC. Because the only way to build confidence in the, you know, investing community is to show that the regulatory bodies...
• 2:02:46
  Don't tolerate nonsense. Whoever is a corporate, you know, apply the appropriate, you know, measures. I was a victim. I almost lost my portfolio in 2013 to partnership investment code. If anybody knows about that history, I was one of the investors. But, and people should learn from this. You know, true God and a very close friend, even a secondary school friend, happened to be, you know, one of the top guys in the FCC.
• 2:03:19
  I won't reveal some information here tonight, but somebody in that organization, because I was very young at this time, I think I was even probably less than 30 or probably a little above 30, just saw me and said, you're a young person, I don't want you to get drowned. I believe this is your retirement. I said, yes, what happened? I got into their personal security deposit account, where you deposit your securities if you do not trade on it, and they pay you extra 12% per annum.
• 2:03:48
  That's when you get dividend, for instance, if you give them 100,000 units of a GT Bank, if GT Bank declares, you know, dividend within the period, you get paid, even though the shares is not in your name. If GT Bank declares bonus, you get it by the time they are returning the shares back to your portfolio, and then they pay you extra, you know, 12%, which was very attractive to a young investor like me at the time. And I had a CRO.
• 2:04:18
  They kept advising me, persuading me that I should, you know, apply because I really don't trade. I mean, I've always been a value investor for a very long time. To let you know how smart a lot of these stupid brokers are, when you submit your portfolio, they will take the best of the best of the best in your portfolio to that place. So when they over-traded their position,
• 2:04:44
  rodrigo the former bank of um echo bank was also a victim we're together he lost over four billionaire in this scheme yes you see through fcc i was able to recover my portfolio to the last penny i mean and true god yes you know because with the moment i got information from that company that okay the only person that can help you out i mean the only organization i can help you out in nigeria is go and write to fcc because the md of
• 2:05:13
  partnership at the time even though i never met him you know these big institutions you know talking to a small boy but when i started to threaten the organization the md had to call me promising me that they were going to pay within two weeks but i knew it was all like so i kicked my petition it was approved and efcc moved in within two weeks you know my portfolio was restored and people lost over i mean six billion era to this scheme and i still get email from the people trying to get their money even though the md has been sent to
• 2:05:41
  to jail now and probably banned from nigerian stock exchange for life so when i tweet about people understanding you know quality durable companies there are reasons don't underestimate any risk in this market because why you and i are nigerians you know how an average nigerian can behave a lot of these companies md some people here are richer than them especially these low um cap companies so
• 2:06:10
  Imagine how desperate everybody is to make money. That building on Kefi Street was sold to, is it First Machamp Bank or something, when the same company that I was talking about was distressed. So these are issues that happened in the past though, and I learned my own lesson from there. I mean, I've been so lucky to escape that. So risk management in your investment approach is actually very important.
• 2:06:41
  and having a solid portfolio mix i mean i got into uba uh as far back as maybe 2013 i exited when the company wasn't doing well if you're familiar around that time i mean a lot of banks were not doing well apart from gt and zenith you know and from that moment i only concentrated on those two banks because there's another rule that says that you need to concentrate on your winners and i've never regretted
• 2:07:14
  actually considering on those stocks because I mean I got into May Zenith at 14 and GMGT Bank at 29 or less than that but where am I going you see when I saw what UBA was doing in 2023 I came back to UBA at 13 Naira and my guess was right because UBA paid you know from paid I think 2 Naira a 13 Naira stock that's fantastic and then the following year they paid 5 Naira
• 2:07:44
  In fact, UBA told investors that they actually paid the 2.9 trillion dividend from their retained earnings. So sometimes a question that a lot of us can't even answer, somebody like me, you go to the statement of financial position of some of these banks, you see a lot of money sitting there in the retained earnings, trillions, and then you ask yourself, where is this money? You see, there are a lot of reasons the Nigerian bank, probably in the world, has one of the lowest.
• 2:08:16
  you know p ratios so anyway away from that i would encourage everybody to to actually stay on the path of value because you will win both ways it might be slow but you will win when you see equities trading you know beyond probably what you think is a fair value it means that that organization has gone beyond just results and a good example is gt bank
• 2:08:48
  If you notice me till tomorrow, I will keep recommending GT banks to people. I mean, I was in a program in the U.S. in 2014, and we're discussing Lean C Sigma system. You know, I'm a project management person. And as far away as U.S., they know that, okay, there is a bank in Nigeria called GT Bank. On the Wall Street, go to New York, mention any bank. To investors, the first bank that will come to their lips that they will talk about is GT Bank.
• 2:09:18
  And then you're asking your question, you're here in Nigeria asking yourself, the GT Bank is not big in terms of probably this or that, but that's the most efficient bank in Nigeria. That's the best, apart from these foreign banks we know. Proudly Nigerian. GT Bank is the number one bank. And that's why till tomorrow, GT Bank will continue to be in that position because I've known this organization's management for as long as...
• 2:09:51
  15 years ago. And did you know what? GT Bank is one of the fewest bank in Nigeria. They have succession plan. A GT Bank will know its CEO about two years ahead or before. That's an organization that has solid plan on ground. The founders have left. One died. The other guy is still alive. You can see the guy's exploit till tomorrow. I was privileged to be lectured by
• 2:10:24
  Engineer Bayo Adeola at Comprehensive Project Management Limited here in Nigeria. That guy was the former president of FIDIC. If anybody is here that is familiar with FIDIC, it's a Federation for International Development. I can't even remember the full meaning now. And that guy was even sitting on the board of GT Bank at that time. You see, GT Bank has produced so many excellent personalities. I mean, that one, I had the opportunity, that one lectured me. So, to tomorrow,
• 2:10:52
  if you look at results today onward know that okay it's an aspect of what you are looking for there are other areas that you also need to concentrate on to actually make a decision before putting your money into the market because to be honest capital is so actually difficult to come by nigeria and we need to be honest with ourselves so the first thing you want to do is to even preserve your capital
• 2:11:20
  What is why till tomorrow my money will be in some certain companies in Nigeria. I've not actually had any, I've not invested a dime in the market this year. Like I've not put any fresh fund in the market till date. And it is the same companies that you see me right talk about that has my money. And my year to date profit is over a million, without a million dollars I mean. Without putting a dime in the market.
• 2:11:48
  You see, when you have durable companies and you continually review their results, they continue to generate values for you. And when the share price goes up, this is the difference I'm telling you now between these fundamentally viable companies and the other companies which you know, the junks. One, when the share price of a valuable company goes up, what does the company do for you? It will create a share price support level first.
• 2:12:18
  The share price will hardly fall below that. If it falls below, like for instance, it gains 30%, it might shed 10%. But you won't see a valuable company gaining 30% and then shedding that 30% or 40% completely. Which is the difference between these durable companies and these other companies. If you study the Morgan Stanley Composite Index as far back as 2016 in Nigeria, 2017 before they exited, you will see the set of criteria there.
• 2:12:49
  And I don't think it will change it tomorrow. And when all these investors come, it is the same company they are going to invest in. Why? Because these companies can create value over and over and over again. When you, as an average investor, think psychologically that this company is almost hitting the ceiling. I remember telling people to go and buy Dangote at 800. This is a 1002 stock. You know, it is when you are looking, I tell people that it is not normal when you see X5 within.
• 2:13:21
  I think that's more of luck. If you apply the principles of investing, the initial thing might be slow, but you will see the progression. You will see how this company is moving. There will be a value that the company creates over and over that continually support the share price and pushes it up. You see, if you understand all of these things, naturally you will know where to put your money.
• 2:13:50
  Somebody was asking me about Zichi and all of that. There are so many companies on the estate, I don't even touch their financial reports. Somebody spoke earlier about Zichi. We don't know what you are telling people to come and pay. People made billions of innocent investors. And this is obviously, you know, sheer manipulation. And then you sat and there is a fine, you know, somewhere and then that's over. Like somebody said, I think there should be punitive, you know.
• 2:14:24
  punishment for such you know behavior in the market which is why you need to create an index for yourself as a discerning investor so that you don't even fall into a lot of you know these traps there are a lot of companies on the exchange that is tomorrow if i tell you about i don't want to mention names they've been making loss for over five years and somebody woke up three weeks ago and all of a sudden the share price started to rise
• 2:14:57
  I mean, look at Union Deakin's results. A 15 era stock with a negative equity of 1.something billion. Go and look at the statement of financial position. Even look at the assets for a 15 era stock. When we emphasize on you taking out a little time to study, it's not because you are too big to. Let me give you another example. When I joined partnership in, that was my first security house before I moved. When I noticed, you know, the stupid things they were doing.
• 2:15:31
  I was appointed a CRO. And every week, they would send out recommendations. I mean, they recommended, at the time, I was also a rookie. They recommended IEI for me. I bought it at seven naira. Even though, you know, it was manual feeling those days that you fill your by-mandate form. I mean, the market is way better now. You'll be calling them. They will be the one to tell you the share is scarce. You can't get it for a stupid company. At the end of the day,
• 2:16:02
  they will get you probably your initial you know projection is funny i don't know you will just see your statement or you see your statement of account and then the next thing is you're seeing the share price at i mean the price at which it was executed seven hour they recommended equity assurance they were the one that recommended the one for me i bought one the way back one went from i can't remember one went as has 290 or thereabouts and when it got to 65 i jumped in because
• 2:16:31
  They recommended, the partnerships investment team recommended Wando as an investable company. I mean, I can go on and on. But when I learned my lesson in a bitter way was when the market now finally crashed and everybody was now like, why did this even happen? I started to research. I started to research. I figured out that if you let a stockbroker determine your life, the stockbroker will first of all make money before you make money. That's the honest truth.
• 2:17:03
  except a few of them a very few of them have been in this market for a long time so i know i know a lot of mds of some of these stockbroking firms i won't mention names yes i mean my mental dreams do a lot of them and i know what they do i am lucky to be in the house i am why because i walked into the house after the other house had frustrated me buying these stupid stocks i silently even though i became my sierra's friend
• 2:17:37
  He didn't know, I went to get another house and I found out that they were real, even though they were in big and until tomorrow they are not big. And partnership was so big then that even they did private placement. People lost money, both private placement and even they were selling people's shares. We've seen so many things in the market, which is why everybody needs to be careful. So I won't probably want to take a whole lot tonight, but I think I've...
• 2:18:08
  you know touched a lot of things even though i have a lot always to help people with you know provide clarity you know probably when i write you know few days ago i still drop a hint i say fine below i mean it was my thoughts number one the banking i it there i told you i said you know the banks i'm talking about here if you have been following me you should know the banks that i'm talking about here number two oil and gas you know the particular company i'm even talking about there because a lot of us here let's not like
• 2:18:37
  We might not be able to afford Seplat at the current price, even though Seplat will continue to rise. You know why? It's a premium stock. And then the industrial goods, you know the two companies I'm talking about there. Look at what has happened to those two companies. Since that report dropped, my thought, go and look at the dates of the share price where they were and now. Why? Because we are expecting a solid Q1 from these companies.
• 2:19:09
  is as simple as that as a discerning investor you should know the type of company you own over time you should be able to actually forecast what they are likely to make based on what they've been doing and what they've been telling you you should be able to quantify every information report i mean you find in the market and put a value to it if a company is telling you is expanding you should be able to
• 2:19:39
  In your head, have an idea of the figure or the likely positive impact of this expansion on the current income sheet they have. A good example or a classic example, it was Aradale, which was why I was so confident about Aradale last year. Because I have an idea of what Aradale will do last year in March Q1, 2026. If anybody was following me last year, when I kept talking about Aradale,
• 2:20:07
  I gave a timeline to when Aradale Share Price was actually going to actually re-rate. I put March 2026. If anybody was following me here last year with the story of Aradale, you know why? Because Aradale was, I mean, Aradale had actually demonstrated this Binvera pattern. It comes in reported 6 Naira. Acquired the 2 billion, I mean, it was part of the consortium that acquired the 2 billion dollar assets. You saw the Q2 released in July.
• 2:20:41
  Because I remember that I was having conversations with people around that time and I saw it. And I already have one unique pattern again that you need to, when I say know the company you have, you need to know their revenue pattern. All the companies in my portfolio, even if you wake me up, I can tell you all their revenue patterns. When the big bag is coming in, the quarter they will not make so much money. Which is why history in investing is actually very important.
• 2:21:09
  Because without what had happened in the past, you will not be able to see what is going to happen tomorrow. So RIDER's unique cutters are Q2 and Q4. Go and check. So when I saw Q2, it became easier for me to actually say, okay, this company would actually go beyond a thousand. Let me not take a lot of our time tonight. I will yield the mic back to Charles. I just hope I've been able to touch a few things.
• 2:21:43
  once again you should be more worried about ubf q1 and not the audited because you know we're in 2096 already so we pray for uba to to have the turnaround possibly in q2 and um we we hope that probably on monday there will be a follow-up uh explanation as to the activities of uba recently and um you know clarity on forbearance these are issues investors want clarity on not even your numbers
• 2:22:12
  So we hope UBA will be able to give us, maybe, you know, address or do an investors conference. I hope the management will do that. Thank you everyone. And back to you, Charles. Thank you very much, Tokpe. It's always very, very refreshing and enlightening to have you on this space. A couple of key takeaways here, you know, like...
• 2:22:40
  Like you see Tokpe, there's something about him, you know. Sometimes we call me and we say, when you read financial statements, do not skip the chairman's and the MD's report. Because those are the places where you can know where the company is going. In the same vein,
• 2:23:09
  When you are investing in a company, it's good to really find out what's going on in the company. It's not just jumping. Like I said, all these EPS, revenue, they are all financial engineering. And the reason why a company has nine era EPS and the central bank is not allowing them to pay one era from there is because the money is not there. I've seen a couple of people say, oh, Tony did not, his money for CEPAT was from Afrexim.
• 2:23:42
  How can you be investing in AFREX when you have your own bank in trouble? Like, anyways, let's forget that. We know at the end of the day, there'll be turnaround. But the most important thing here is corporate governance and effective communication. And for those CEOs who are always listening to our spaces anonymously, this is a platform for you to come.
• 2:24:12
  Because once people begin to believe in what you say, once you have established that rapport with your investors, even if your stock does not do well, the fact that they believe in you, you've explained everything to them, nothing affects the stock materially. Because they have that implicit trust and confidence that you will turn things around. And the only way to build that trust and confidence is for you to come.
• 2:24:44
  and explain, communicate effectively. This whole idea that, oh, don't worry, they will forget. No. Investors are not like that. Investors do not forget like that. Investors are a unique kind of people. If this whole, if this space, if we are doing a space of shoot your shot every day, you will see like 1 million people in this space.
• 2:25:13
  But this is financial education and investing. These are serious matters. More serious than any other thing. Because when you invest, you are putting everything in totality that is happening around your country. Socio-political, macro... Bring this thing and the bill a bit. Togo, can you mute your mic, please? Oh, sorry. That's okay. So, you put everything...
• 2:25:44
  into consideration and you take that investment decision. So this is why we always emphasize for people running companies, brokers, people working in the capital market, if you are here, come, let's put our heads together and build a solid investing ecosystem for that country. That's the only way we can do it. So again, we would see
• 2:26:15
  how the market will play out but there were signs it's just that sometimes we get blinded by by um i don't know what's the word to use you get blinded by your own uh let's forget that um i see stocky vest and after stocky verse we'll go to prodigy stocky verse or mutual michael go ahead
• 2:26:42
  oh good evening ladies and gentlemen good morning good afternoon wherever you are can you guys hear me loud and clear thank you oh thank you very much thank you for the great analysis i know a lot has already been said so i'm going to keep this quite brief and one of the sad realities of our market in nigeria is the issue of you know very poor corporate governments there are no punitive actions when people you know abuse the market unlike someone did say
• 2:27:10
  A lot of our MDs and market participants should actually be in jail if these were in more civilized climes. But back to UBA, it's quite disappointing that the dividend did not come through. But personally, I'm a long-term value investor. And once there's bad news in the market, it does present opportunities for people to actually take positions and benefit from that as well. So as a long-term value investor, my advice to people.
• 2:27:38
  which is no financial advice, is that you should always think long term. UBA is a systemic bank to the Nigerian financial system and will definitely grow with time. So while it may be disappointing that there is no dividend coming up, it's actually, you shouldn't panic, you shouldn't do anything in rush, hold your positions if you came in at a very high position.
• 2:28:02
  There are opportunities for you to now double down on that stock when it gets cheaper. That's just what I have to say there. And also, I think if it's possible, we could use our position to emphasize that banks, since their dividend is subject to approval by the central bank, should stop giving out announcements that they are considering dividends since they are not the ultimate determinant of.
• 2:28:25
  that of whether that's going to be paid or not so they should just go and say that they're determining the results and then um keep the dividends out of it because this is a little bit like market manipulation if we put it like that because it's outright fossil but this has already been covered so um everybody should stay calm and just watch the market and don't do anything rash that's uh that's just all i have to say for tonight because a lot has already been covered by everybody thank you
• 2:28:52
  Thank you very much StockiVest and for those of you who are new here, you should follow StockiVest as he provides some really good market information on the NGS from time to time. Prodigy, go ahead. All right, Jim, Jim, everyone, good evening. Mr. Chow, sorry, can you hear me? We can hear you loud and clear.
• 2:29:20
  Alright, thank you so much Mr. Tope. I really appreciate all the speakers and listeners. Actually, I'm new in the stock market and I think I'm a crypto and forex trader but I'm so interested in the Nigerian stock market. So I just started last year and of which UBA was the first stock I bought.
• 2:29:49
  i've been waiting for the dividend on uba so coming to the on twitter to see that there was no dividend and also joining the space to see that there will be a crash in the market by next week so i just want to clarify and i really want to thank mr tope he um he showed a lot of value of which i learned a lot of things today so hopefully i wanted selling but hopefully um i'm a long-term investor
• 2:30:19
  So I'll hopefully hold and see what the market brings. So thank you so much. And also for other stocks you listed, I'll look forward to buying them. Thank you so much. I don't have much to say. I just want to say hello to everyone. Thank you. Thank you, Prodigy. A lot of people, when they listen to somebody like Mr. Atopa, they will tell you...
• 2:30:46
  oh he said i drunk or he got the advice from a madman but for those who have designing brains he says a lot of things and if you follow his investment principle you will definitely succeed the good thing is start-up is very accessible if you have to ask him direct questions it's always available to give you
• 2:31:15
  If you follow his timeline, everything he says, all the things he's been saying, they're all happening the way he said them. Sometimes we come here and we tell you, buy this and let's see what the story will be in another five, six years. You understand?
• 2:31:39
  The UBA thing has presented, is going to present a good opportunity. The only thing that we are peeved about is the corporate governance and the way it has been handled. You understand? The handling is not good. And, you know, at that level of experience and governance UBA has got into, they should do better.
• 2:32:09
  They should do better. We should not be forcing them to come and tell us why, what happened is happening. They should be the one putting a statement, you know, reassuring. Just like Ote Dola came with first bound. Even if what he's saying is not true, the fact that he realized that, you know, a lot of people could be hurt by this, he came out and, you know, said something to them. And it worked.
• 2:32:37
  It's something you should learn. I mean, like, with all the people around Tony, you expect him to do much better. It's not the opportunity he's going to give to people to buy the shares cheaply. It's not because he didn't pay dividend. But, you know, like, how do you explain some kind of... I mean, if you go and look at that statement, there are certain things you see there. You know, like, it's not very good. The truth of the matter is...
• 2:33:08
  Tony accept a lot of people. And because of that, most times he does these things and he just gets away with it. You know, like, and anytime you do anything like this, people remember all the past incidents and like, you know, you are reopening fresh wounds. You know, you get to a level. Tony is at that level now. What you are talking about, like, I see, when I see, when I'm looking for removers, like people who can go up to a place and shake the place and turn it around.
• 2:33:37
  Tony is one of those people, you know? So he has a cult following, but he has the opportunity to have a bigger cult following than what he's doing right now. It's not just for your few friends to be benefiting from what you are doing. There was nothing wrong. This misinformation, misinforming investors, we are considering...
• 2:34:03
  The annual report plus dividends. Cut that dividend out. Like Stocking Invest said. Because it's misinformation. People go and buy because they think you are going to pay dividend. Cut it out. It should be stopped. In fact, that's manipulation in the real sense of it. So, welcome the prodigy. Follow the...
• 2:34:30
  There's a pinned tweet on the Green Ticket handle. There's a Telegram group there where we help people to navigate the market and make sure you follow the group and you would have a good experience in the market because we have some real OGs who can guide you on how to go about the market there. I'm going to go to Wenga and after Wenga, Benjamin.
• 2:35:01
  Yeah, thank you very much and hi everyone. Yeah, the risk of echoing what other people have said. I think, you know, it's a bit of a sobering report. You know, I think the UBA, like the annual report and also the Q1 numbers. And I think that primarily because, you know, this is a...
• 2:35:29
  a bit of a crucial year right for the ngx given that you know you've had sort of four consecutive years of gains and this is an election year and we had sort of a point in the economy where you know the sort of collapse in dollar terms and i think a proxy to look at this is maybe our gdp right yeah sort of bottomed out and we are on the rise right so it's an important year i think that you know this sort of um the way this was handled in that
• 2:35:59
  the kind of guidance that was given right because i think the last guidance at least i saw from from uba was it i mean and again nigerian listed companies right um i think and the ngx should probably step this up they don't give out you know credible guidance right you know at least in any meaningful sense in terms of targets like you'd have say a uba say okay they are targeting 20 percent
• 2:36:28
  roae where we turn on average equity but like that's not really like tangible like you'll see in other markets where you know you'll pretty much know you know what eps to expect you know and all of that right and i think that if you look at the price action of uba over the last couple weeks um if you look at you know and yeah i mean it's probably not the wisest thing to take the word of sell side research analysts you know but like the entire market you know is expecting
• 2:36:57
  um at worst the modest decline in in you know profit after tax right so and that tells me that there is a weakness in terms of you know the kind of guidance that was provided right especially as this is the company that just completed the rights issue so on what basis on what of information you know were you guiding for you know investors to take up their rights at you know what was pretty much above markets right so it's like you
• 2:37:25
  you know the um and you know this guidance that i referred to came after you know the cbn's um uh sort of guidance on forbearance and unwinding that's right so you know that this is going to happen right and as at september 2025 you had you know um i think above 600 billion in p80 right but you know at the end of the day in q4 you decided to book
• 2:37:55
  you know massive um i think there were some derivative uh sort of effects losses also involved but i think that this is something that the company would have known would happen you know so i think there should just be better guidance to the market so that decisions are made quicker and you are not
• 2:38:16
  sort of giving the market the wrong information to work with right because I think that's really what happened here like yeah it's not necessarily about the dividend it's really just weak guidance and I think that maybe other banks like the likes of Zenith and GT have been a bit better at managing that you know but I think and why this is important is like you know like I said this is a big year for the NGX the sort of you know move to us being added back to some of these
• 2:38:47
  Sort of broad-based global indices like the FTSE, Russell, Frontier Market Index. You know, it's a company like UBA that could potentially be a beneficiary of that, right? So it's a company like UBA shouldn't be, you know, a company that would be having this kind of issue with as investors, right? This is one of the biggest companies in the country and one of the biggest banks. Banks are like, you know...
• 2:39:16
  basically is the kind of company that should benefit from you know um nigerian listed equities being um sort of reintroduced to global indices right so but there is no sort of global investor that would be able to you know see this as nothing but a risky you know investment right and you know i won't be surprised if you be a trades you know at levels that
• 2:39:46
  you know uh significantly below book value for the medium to long term and you know that's just my opinion you know it could it could be a good investment still you know i think it you know about people have expressed at least confidence in the long-term prospects of the business and again it's systemically important and all of that but i think it's just disappointing right because um yeah just the market should have a sense of what
• 2:40:10
  would happen and yeah the cbn you know had given a note that you know banks will have to wind down you know so you could say at the end at the end of the every investor you know you are taking the risk right so but i just think that especially for this kind of companies because there are not that many companies listed on the ngx right but they are supposedly premium few that we shouldn't be having these issues with right so yeah i think i just hope the ngx sort of takes note of this because it's just one of those things that you can just let go and
• 2:40:40
  you know yeah it's nigeria being nigeria but it's an important point for an important company right um so yeah i just wanted to just wanted to add that and i hope that you know we get better with the guidance culture um on the ngx um because especially for some of these important companies because like it's what determines if this bull run um correlates to something that's you know fundamentally strong and like a vehicle that
• 2:41:09
  can actually generate long-term wealth for you know nigerians and also investors in nigeria like just investors that decide to bet on this country right because yeah yeah i just think it's a very important like it's it seems like a small thing because it's just one company but i think it's a very important thing this guidance point but yeah i just wanted to add that to the conversation and thanks to everyone like i really enjoyed being on this space i didn't even think i'll last this long i'll definitely be joining more of these um spaces and thanks to you know
• 2:41:36
  literally everyone on this that's spoken and that's listening thank you thank you wenga and uh we want to see you more on the space uh we haven't seen you before so welcome to the space and this is what we do uh it's a regular every sunday and then uh on some on days we feel very good we can add another week another day of the week to it which is uh like today uh so welcome uh benjamin i'll meet your mic and go ahead benjamin are you there
• 2:42:11
  Ok, if Benjamin is not there, Dr. Sisi, a big pleasure to have you on this platform. Omit your mic and go ahead. Thank you so much. Thank you so much for having me. I want to thank everybody that has contributed. I've learned so much and I want to thank all the listeners. It was so heartwarming to see the numbers staying up this late to deliberate and rub minds on what is the UBA shocker of the day.
• 2:42:41
  So, I just want to highlight a few questions that I believe every UBA investor has to think about critically. Some have said buy more, some have said hold, but... Hello, Dr. Sisi, are you there? Can anyone hear me? Loud and clear. Okay. Dr. Sisi, are you there? Maybe Dr. Sisi might need to leave and rejoin the space. Dr. Sisi, are you there?
• 2:43:30
  So maybe it's better you leave and rejoin the space and I will bring you back up as a speaker because we can't hear you. Okay. Chris Digital, unmute your mic and go ahead. Good evening, everyone. Can you hear me? Loud and clear. Okay. Good evening, everyone. My name is Eni Makoli. I just wanted to introduce myself to the community.
• 2:44:12
  I was introduced to the NGX in 2024 by Toppe and it's been super amazing since then. I just wanted to say that you guys are doing an amazing job. This is my first time on the space. I am happy to be part of this community.
• 2:44:42
  And regarding UBA, well, like the previous speaker said, you know, you would expect that UBA would be the type of bank that would be amongst the ones that were qualified to be on the FTSC index. I personally think I'm a shareholder.
• 2:45:16
  i invested last year in 2024 yeah i had a conversation with top after i had that conversation i invested um and i have some attachment to it because my mom i remember from primary school my mom used to use uba so yeah i have that attachment but i think they can do a better job by communicating to um their investors
• 2:45:42
  you are spending a lot of money on other stuff advertisements and all of that but you should also pay attention to your investors yes um we're all businessmen sometimes business can go wrong things can be slow but communicate to the people that are putting money in your business you know so um well that's all i have to say um
• 2:46:12
  great job guys happy to be part of this community again thank you very much enjoy the rest of your evening thank you very much thank you very much always a pleasure to have you here and we are just one big family here you know you are probably talking to the most erudite community in the country because like people are here these are serious people
• 2:46:40
  Anybody you find on this platform, this particular space, they are serious people. These are people who are working hard. These are people who are trying to do the right thing and make money the right way. A lot of them are civil servants who can be stealing. But they have decided, you know what, there is a community that is out there for us, that protects us, that gives us ways to navigate the difficult.
• 2:47:11
  nigerian terrain financially and i'm happy your one year association we talk about what it has done to you the other day we were looking at somebody who started with a social amount of money and her money had like 10x just because of good advice so we appreciate people who come here and dr cc if you are still here
• 2:47:38
  Just let me know I bring you back up because we stopped hearing you. And I think the only logical way to bring you back is for you to leave the space and rejoin. Once you rejoin, if I see you, I'll bring you back because you are going to ask some very critical questions for UBA shareholders. TJ, you are next. Unmute your mic and go ahead, TJ. Thank you, Onome. Hello, everyone.
• 2:48:09
  hello and uh hello can you hear me please loud and clear loud and clear yes i want to thank everybody for this you know wonderful gathering and the you know contributions i'm not going to take so much of our time uh but i'm sorry i'm going to take us back a little bit on what you have always been you know trying to emphasize the issue of corporate governance we appreciate your effort and like you rightly said everybody has a beat to play
• 2:48:38
  You see, what happened, specifically pertaining to UBA, was a deliberate, a work-out plan. And I'm going to let you see it. You see, last year, when UBA paid three naira interim dividends, oh sorry, two naira interim dividends, was it two naira or three naira? I was like, wow, from where to where? They needed people to have money to buy chairs for the recapitalization.
• 2:49:10
  which they actually got and they now went back. If you have ever worked in a bank and you have ever attended NPR or QPR, you will know that those people, they know the importance of communication more than probably you and I. So they deliberately did not want to communicate to investors. Just take that from me, please. Not that they didn't know. If you have ever attended a bank NPR, if you have worked in a bank, you will see the way they grew account officers.
• 2:49:39
  On transactions, on communications, you know that they know. And it's nothing new. You see, the issue of corporate governance, even the press is not helping matters. Well, you will see the headline, UBA grows revenue, they will deliberately leave the side that said there was no dividend. It's paid for. So we have a long way to go in this country, and we have a lot of effort to do. It's not going to be perfect, but it has to be better, better than this.
• 2:50:06
  even the like i'll go back to the press again they are part of it i'll give you example of another tony's company transcoop corporation they will tell you transcoop has grown in share value by so so so percent that is a lie transcoop did share share reconstruction transcoop was around 12 or so naira 11 or 12 naira and they did want for four is that not correct so if you multiply 4 by 12 is 48 the price is still the same thing technically
• 2:50:37
  Technically the price is still the same thing. It's at 48 Naira now, but remember they did one for four share reconstruction. Where about they reduce everybody's share by four. So it's so unfortunate that, you know, it's people are young and high that we have to, you know, doing this battle. We will do it. And I believe, you know, God helping us, we will improve upon it. It's not going to be perfect. You will improve upon it. And hopefully, you know, because I have money in UBA.
• 2:51:08
  I'm not, initially when I saw the result this evening, I was shocked, but later I remembered the way I felt too. Well, last year when they declared that internal dividend of, is it 3 Naira or 2 Naira, I'm not sure, but I know the total dividend was 5 Naira. I knew that is not Tony. My mind was telling me, oh, Tony is looking for money to give to people to buy shares. So when it comes to communication, they know what they are doing. They know what they are doing. You understand?
• 2:51:36
  not that they don't know how to communicate they do they just don't and if you look at it they don't need us for now the investors they've had their 500 billion so technically for now they don't really need us anymore and don't forget when it goes down they have the money they have the information they go and buy so we are really at their mercy i don't know we are really at their mercy thank you thank you very much tj uh but again uh if you said they gave us
• 2:52:05
  a fat interim dividend so that we would take part in the right issue the right issue was 15 and it was trading on the floor for between 40 and 42. and remember they did one before that one they did one before that was one i think they do two they do two offers that was one of how they did first before the 15 hour own okay uh whatever that was that was 35 there
• 2:52:33
  okay yeah that's the one i'm referring to okay okay because uh the 15 era that was a that was a big misstep for them because at the end of the day tony himself ended up picking up all the shares for that particular offer i respect your opinion but don't think it was a mistake they know what they are doing those guys know what they are doing tj i understand you i understand you perfectly i i get it you understand
• 2:53:01
  i get it because i have seen situations where i've actually talked to some of this ceo and the like we tell we tell them why don't you come to space they will tell you you know what i don't really care what anybody thinks about the company but you know a time will come they'll be begging to come on spaces like this because for anyone who is able to come on the space and he becomes uh an investor's delight you have the kind of
• 2:53:30
  respect or the kind of following Elon Musk has. If you like, talk anything about Tesla or whatever. Those guys who buy Tesla, they don't buy Tesla because of the valuation, no? They buy Tesla because of Elon Musk. Because guy talks to them one-on-one and, you know, they love him. You understand? If he tells you, don't worry, let the price go down, don't worry about it, it will come back up.
• 2:53:54
  it's not like you'll be and i get where you're coming from it's a deliberate deliberate ploy but we just don't think you know when you do that it shows you as a human being it shows your character it shows how much respect you have for other people it shows that the only thing that matters to you in life is money it shows that maybe as a child you were deprived and you are trying to make up for everything you were deprived of as a child it's not good character kudos to
• 2:54:24
  Uncle Shregu Akbaje, kudos to sweet mama, sweet mommy, Adara of Zenith Bank. We don't have any issues with them. I hope next year I will be saying kudos to Tony. So I understand where you are coming from, but companies should do better. At that level, you can't come and tell the world you are a philanthropist. You fear for people and all that, and you treat people like that because you want the price to go down so that you can scoop more shares.
• 2:54:54
  Sorry, can I say something? Sorry. Go ahead. You see, before they got, again, if you have ever worked in the bank, you understand how it works. They knew those accounts that were in, you know, issues. The figures were not new to them. So saying CBN, we approve, which I like the way people have said it. I think we need to push that one forward. They should start removing that sentence or phrase, whatever it is. I'm not an Englishman, but whether it's a phrase or it's a sentence.
• 2:55:23
  They should start removing it from that statement they issue out to the public. Because their accounts in problem, there will have been a lot of back and forth. No make provision for this, no make, whether it's delinquent, whether it's substandard, whether it's delinquent. You know, I forgot all those times, been a while I was in the bank. But they are aware that it was nothing new, nothing happened new to them. And don't forget, this is something that happened in December.
• 2:55:50
  trying to fame it like cbn why would cbn not approve your money why not 30 percent of nine era which is still very modest um gtp over 50 percent zenith pay over almost 40 percent of their you know earnings so why you're so they know all these things it's just that fraudulent mind of an average you know influential nigeria knowing if you fully wear that oh there's no cost to pay but i tell you like you said they will pay a cost one day because people
• 2:56:20
  are you know getting more enlightened people are more informed and spaces like this are giving people up opportunity you know to express our views and to hold them accountable even in absentia because this thing can be played in their presence one day these are the things people said about you can you come and defend yourself he might think he's not here today not only i mean generally all those top top people in nigeria this is i recorded so when it is didn't play to them i did not be probably you know
• 2:56:50
  be made accountable so it's it's it's really really really sad you know thank you thank you very much tj thank you uh bello go ahead i'll meet your mic and go ahead bello yeah good evening everyone and um thank you for everyone that's spoken so far i've learned quite a whole lot um thank you uh mr tokwe and charles and everyone so um
• 2:57:17
  i don't have so much to say regarding um uba but i i think i just have question in general which is um for me i started investing a bit um i still see us investing let me say a bit last year and i think i've been favored by um acquisition of this year and what has happened last year also but i just want to ask a question on um out entering like what's advice generally um when you're investing in the markets like today
• 2:57:48
  For some reasons, I sold my UBA bank, I think last week, so I can buy more of GT Bank stock. And I am really thankful for making that decision. I could make some profits on my... So I'm just asking, in general, what would you advise in general for buying stock during this period? And if you're coming in with new capital, like buying stock in this period?
• 2:58:19
  Thank you very much. That question was answered even before now, but this is what I will tell you. When Mr. Tokwe was speaking, he said he hasn't bought any stock this period. So what we would normally advise or what we would normally do is wait for the first quarter result. It's not like...
• 2:58:48
  Anything material is going to happen within the first quarters. Most companies have four quarters. The first quarter is always a guidance to or a prelude to what's going to happen at the end of the day. Like I said, all these being equal, you could use the projection from your first quarter to determine what the year end will be. And for certain companies,
• 2:59:19
  We know there are certain quarters that are better than the other and we always factor in those calculations when we are making our investment decisions. However, for a solid company, for the very solid companies like the GTBs, the Zeni, the Wapcos, the Ceplat, the Aradales, the Narcos, if you look at first quarter, if you look at their first quarter,
• 2:59:47
  and compared to the first quarter of the previous year, and you see a big jump without any disposition of asset or properties, it shows that there's probably a new line that is not known to the public. I'll give you an example. You see that company called NACO.
• 3:00:16
  There are a lot of things happening in the company that people have not factored in yet, right? So I would say, if I see what now the price, NACO is above, is it 200 or whatever the price is right now? People will say, oh, NACO has run too fast, too much and all that. And then they bring their first quarter result and you see it 25%.
• 3:00:43
  jump in revenue, a 25% jump in profit after tax, and you see a 25% jump in APS. What does that tell you? It's not stopping. That means the company is still growing. So you now begin to say, you know what, this is a company I want to be in. Okay? This is a company I want to be in. Because what that tells you, like I said, check certainties, make sure there was no disposal of any asset, and you see,
• 3:01:14
  That revenue is still growing, profit is still growing, earning is still growing, you know? And you now go back, you look at the report, because like for NACO now, NACO has about eight subsidiaries. They have power, they have food and beverages, they have commodity, they have training school, they have all kinds of stuff, which are not, and they have a hotel they just built. They built the hotel without even making any noise.
• 3:01:43
  And there was something I said about NACO on the space. Anytime a company goes to the NGX, it's to tell you they want to raise money. NACO went to the NGX two years ago, and up to now they've not raised any money. They've not come out to say they want to raise money. And then when you look at their subsidiaries, if those subsidiaries were supposed to list individually, you are looking at NACO at maybe a thousand naira. But what are they doing?
• 3:02:20
  NACO has become the holding companies for all these subsidiaries. So what you will notice is if you begin to see an increase in revenue, earnings and profit, what that tells you is these subsidiaries are already making money for that entity. So even your 200, I might think it's high. It might just be a bargain price. When Presco was at 200, ah, the thing has run.
• 3:02:52
  500, ah, how much more can I make? 1,000, ah, wow. 2,000, just like that. So, you, first quarter is the time to like really sit down. This is no, like, this is, when you see all the results, that's when you start thinking. After this first quarter, that's when you start thinking of deploying money, new money into the market. Putting money in the market in January, February is not a very smart one. Except, of course, you have an information.
• 3:03:22
  that others don't have. You know something is going to happen. And like the economy will warn me, don't talk about insurance. We know recapitalization is going to happen in insurance. And people will position, not because they want to keep the insurance stock, no, they want to just partake in the run, make their money and go and put their money in the Araders and the Sepplats and the GTBs and the Zenit, as the case may be. So...
• 3:03:54
  If I were you, I would still wait. Because like telling somebody invest in this, invest in that, there are a lot of things we need to know. We need to know what your investment philosophy is, what you are looking for, how long you want to be invested in the market and all that. But generally, for fundamentally solid companies that we have mentioned here, if you see an increase in certain parameters, by all means, go ahead.
• 3:04:28
  Some of, we have done certain calculations about certain stocks. Call them premium stocks. Like Caradel, it's going to 2,000. It's just a matter, it will go to 2,000. Seplat, we go to 15,000. We can argue under that. But again, I don't know how big your pocket is. It's telling you here now, NACO. Let's watch it. Before you know, NACO is 500. WAPCO, the cement company, we go to like 500.
• 3:05:04
  It all depends on how much you want to hold, how long you want to hold. Because you can see that they are continuously making money. Revenues are continuously improving. But again, I don't know the kind of investor you are. I don't know how much you have. So sometimes it's very difficult to be advising people on spaces like this. We don't normally give financial advice.
• 3:05:37
  what i'm doing now might look like financial advice and that's why i always put the disclaimer do your own due diligence and you know ask yourself if you want to really go into some of these companies and again follow the green ticker handle there's a pinned tweet here join our telegram group join our whatsapp group join our facebook group and you know
• 3:06:08
  Once you begin to see the way people interact, you will know where the direction of the market is. Every weekday, we post deals of the day. When we post deals of the day, the whole essence of posting deals of the day is to let you know where the money is flowing into in the market. It's not for the fun of it, no. It lets you know where the money is flowing into.
• 3:06:38
  And there are rotations. You can rotate to the industry as today, rotate to the oil and gas tomorrow, rotate to insurance, rotate to banking and just like that. So it lets you know where the money is flowing into in the market. And all these things help. If you are a short-term trader, if you are a long-term value investor, you are welcome. The important thing is make money. I'm not going to tell you one is better than the other one because that argument never ends.
• 3:07:09
  But me, I know where I belong. There's a reason why you are able to buy a stock for one naira and hold it to like one thousand naira. And there's a reason why some people can buy the stock at one naira, sell it at one fifty, buy it again at two naira, sell it at three naira, buy it again at three naira, sell it at six naira. As long as you are making money, it's fine with me. But me, I know where I belong. I know what my investment philosophy is.
• 3:07:41
  And at the end of the day, we all trade sometimes. We all trade if we see a real opportunity. You take the opportunity, like I said, generate more money and put your money in your re-fundamental stocks and, you know, just let it grow. So that's all I can say to you in respect of your question. I hope that helps. Yeah, thank you very much.
• 3:08:13
  thank you very much thank you very much thank you everyone i mean this is my very first time joining but again i've actually been privileged to like follow a few handles on here some have left and uh i mean i've gained quite a lot from everybody that has spoken so i mean just i have just two questions but before that
• 3:08:43
  Just a quick add, I understand everybody has spoken about UBA, I also have shares in UBA myself. For taking a step back, I actually started buying stocks officially like last year, I think, if I'm not mistaken, November. But then, I made some mistakes, which is welcomed, let me use that word. But first, I'm going to say regarding UBA, yes to the previous person who spoke regarding communication.
• 3:09:16
  they are aware yes from the looks of things but just my thought process putting guardrails that sort of puts like a healthy check and challenge to these people sorts this whole issue so it's a question to both sides saying let me permit me to use the word the anyhowness and the okay nigerians will move on type of situation so just respect to that just to add a little bit but my first question mainly is around uba uh i mean everybody has
• 3:09:50
  contributed a lot so i don't i don't really is it to i've heard people say like buy sell hold things like that i like to just get more clarity on that yes well i understand that monday there will be slight dip my my own personal intention is to sell but then while it dips buy more i might be wrong but then i'll appreciate that clarity someone just like put me through the right part and the next question is to
• 3:10:17
  Mr. Tokpe, apologies first of all, not to put the spotlight on you, but I mean, while listening to you while you spoke, you made mention of certain specific industries' names withheld, but then following you, one would have been able to like say, okay, I mean, per your words, they know the company you're talking about. I mean, it sounds funny, but I mean, I did a deep dive on your tweet trail just to understand.
• 3:10:47
  what companies you are referring to but i think i couldn't pinpoint it i mean i'm happy to take this off the space if that's permitted i mean i'm just like clarify a few things and uh yeah just questions around that thank you so um okay okay okay um sorry i need to get clarification on that
• 3:11:18
  um i spoke about different companies at different times which um one are you talking about okay so from your words you're like specific industries they know what you i mean people who have been following you for a while they know the company you're talking about okay oh okay also to banks and things like that outside of that just like have clarity there's a main topic which you touched point on which i
• 3:11:48
  reference the statement and i don't want to put the spotlight on you if it's okay to reach out to you personally and then just get clarity so um in order not to even create um um any probably special whatever it is a lot of people listening here so i think i'll answer you here right so the thing the thing is this so um even though um a lot of beautiful people good people on this platform
• 3:12:16
  you know trying to advance um financially tracy encouraging people to invest you know people like charles or nome you know senko moody compound you know the berman there's so many people here you know um you see personally i am even though i i'm trying to help in you know trying to put information that i can guide you and help you
• 3:12:44
  you know make you know some decision and then sometimes you know taking our time to do analysis and then put it out there you see the easiest thing you can do for yourself is even to have basic understanding you know a good example when i tweeted about um some weeks back you know and i sometimes even put headings so that you can discern the tone and where i'm headed
• 3:13:12
  you know without necessarily recommending the equity to you to go and buy because i am not sure that um i'd even like to do that because um you know the the financial space there are professional advisors and things like that you know and you just try to be careful you know so
• 3:13:36
  But my tweet, if you read it, it has a meaning and then you should be able to interpret the tweet and then be able to read it between the lines. For instance, when I was discussing Aradale, the headline was like, is the market missing something here in Aradale? And that day, somebody had spoken to me earlier and was confused about equity. I just said, okay, if you're confused, it was just easy for me to tell the person, go and do this.
• 3:14:06
  put your money into a radio it was even one three i think it was one two something i can't even remember now and then after that after that phone conversation then i was like okay let me even check the result again you know sometimes you see when you check all these results sometimes in fact um that was something i wanted to do today but because my thought is still not clear yet right um let me see if i can read something and people can just a few lines
• 3:14:36
  Maybe some people can learn something here. I was like, I have never studied accounting in the former, you know, settings, you know, it's a tweet, but I just, you know, I got distracted and I left it. So, but I kept it there. In fact, the only time I had to read a book on accounting was to write a professional exam, CPN, then doing the accounting software development, you know, and development stages those days.
• 3:15:08
  You know, that was my first thing, you know, with accounting. First time, I never had a background, you know, I'm a science person. In secondary school, I never, I mean, they don't teach accounting even in the school I went to, secondary school. Accounting wasn't even a subject, you know, because I think it's probably more science-oriented, you know. So, but when I left uni and I bought my first shares and I'd...
• 3:15:38
  i had you know i used to buy stock watch you know i was just interested that what is this thing and what do i even have two thousand units of vets bank that was my first year but i wanted to you know i was just eager and in between that time there were so many public offers you know even the ones that i don't have money for i'd probably borrow money from maybe family member no matter how small just buy the public cover like japop costain
• 3:16:04
  I was just, you know, doing it. And by the time the market actually crashed, I discovered that, oh, knowledge was actually needed. Unfortunately, I just, you know, walked into a mentor that, you know, actually taught me a few things and encouraged me. And then I, you know, I didn't leave the market. Why am I saying this? You see, it started to, it was the first person that made me realize what is called sectoral risk.
• 3:16:35
  i you know when you are a new investor and they teach you something you can't really go out of what you were taught you don't want to make a mistake sure now let us learn here everybody i mean including me so i was a i was probably an average investor then and i kept wondering why was fly mail share price high up there but the time i understood was copy ratio so i figured out that total that's the um the one listed now um
• 3:17:06
  mobile um one do what was listed then was um i think was one do marketing so i can't uh yeah london wasn't really into exploration even when they started because one do acquired um a national asset uh one of these federal government um stations or i mean just like you know whatever acquired ap uh i can't remember maybe national oil or national something those days so it was um a downstream
• 3:17:36
  You know, so before I know, you know, moving into midstream, you know, upstream. So one day I sat with my mentor with, you know, over a drink in the evening and I asked him, I said, I've been following up on the teachings. He's a chartered accountant and then, and he owes, he owned an auditing firm, a director of finance. You know, he retired as a director of finance, one of the biggest government institutions. And the first day I met him, I knew he was brilliant because he was arrogant.
• 3:18:07
  So, I knew I needed him. And he too felt like he needed me. Probably IT knowledge and you know. So, we became friends and he advised me. And I followed it. I was always going home to read. But because my knowledge was not really solid in accounting. So, I would always go back to him. I would write things, you know. So, by the time I discovered that, okay, I don't want to buy any stock when they teach you. And then you always want to stay within that. So, one day I walked up to him and I said,
• 3:18:38
  Why is it that Flamie's share price always high up there as in high PE ratio? And then you have Total, Mobile, you know, the release results, fantastic. And then the share price doesn't really move as much as Flamie of then. I remember Flamie was trading at 92, way back. And they paid a dividend of probably 1 Naira or something or 2 Naira. I can't remember. And then in Total, we pay you 13 Naira. And then the share price was, I think, 200 and something.
• 3:19:08
  So you're looking at what, there's something missing here. And then that day it taught me centuries that the oil sector, the business end of it is even capped because it's even downstream. You know, government was regulating, there were a lot of ups and downs, but the sector where Flamies and Flamies, you know, at the point, I don't even know today because, you know, they've delisted, was also, you know, a strategic company, you know, in the existence of Nigeria, in the area of...
• 3:19:37
  you know food productions and things like that so so flour meal at the time was trading at a premium and then you know he explained it you know so if you if you if you are and then i followed through till today and it's the same principle i now apply today and when i look at the way that person taught me and i try to do the same thing i'm not trying to replicate it to a lot of people you reading something and i already put the headline there
• 3:20:07
  I showed you something and then you come to my DM to ask me, should you buy this company? You know, I feel so, you know, sad sometimes like you can read this thing. I don't necessarily have to say it out, like spell it out letter for letter, like go and do this thing. Because Charles will also, you know, confirm that what we're doing, we're just trying to help. It's not like, because advising somebody to invest is our own adding money.
• 3:20:39
  and then the person loses it doesn't understand the market it comes back to you calling you out somebody like me personally i know a lot of people who know me here i try to avoid that in as much as i try to help so i feel if i put out something it is now left for you to read it and before i started to tweet if you go to my highlight a lot of people come to my dm their solution is in the highlight i just tell you go and read everything there watch a few financial statement analysis there you see how they make
• 3:21:10
  how i study financial statement talking about it to make an investment case everything is there if you also take a few you know hours of your time out to read i think you would you know make the community better and then you know i'm able to sometimes i have 40 dns sometimes i can't reply some in two days i do different things you know so i also expect everybody even if it's just owner let me tell you what i do to be like this every i remember from 20
• 3:21:39
  Maybe 2009. Yeah, it was. Market crash in 2008. 2009 became so serious with it. Every night I would spend minimum of three hours just to understand what is happening in the investing world. Read a lot about great people. I put it there. It wasn't fluke. Till date, I've actually studied over 1,000 audited and financial statements. Exclusive of, you know, quarterly reports.
• 3:22:07
  And let me tell you, every report I study, I learn something there. The ones I don't understand, I have a lot of chartered accountants. Let me tell you today, at least 90% of my friends are chartered accountants. If they want to make any decision in the market, that phone call will come. That's by the fact that they are accountants. I'm telling you this for free. I still have one that, personally, I met him in 2013. We became close in 2015. I don't know, this is a very smart guy.
• 3:22:39
  He works in the media. He was even heading one of these media organizations, or media thing, or other media, I can't even remember now, in Ghana. So, when we discussed, he understood this financial statement so well, but to interpret, to make an investment is not a problem. The first time I was going to even invest in NAC, no, I invested in Presco at 2.45. So, we were at a party, and then the following year, that was 2025, Q1, I showed him Presco's report. He looked at it.
• 3:23:12
  the guy said this is not believable that presco's cash and something balance it was even explaining some things to me he went deep but make this now bring all of this together convert it to ratios use it to make a decision all of them they hang there so i also broke that chain which is why without reading a statement easily i can tell you go and do this why because i've
• 3:23:43
  I've gotten so familiar with it over the years and there are a few things I just need to go and check in a statement. So we need to also encourage people to study a little bit so that even when your stockbroker is advising you, you'll be able to actually discern whether what the stockbroker is saying makes sense or not. A good example, a guy was in my DM yesterday. He had sent me a message for about three days.
• 3:24:13
  but usually the thing that's so always many there but i always make sure i try as much as possible to reply everybody it might take a little time but i tried and when i read it i was so shocked that a broker advises guy to in mid 2025 he approached the broker he said he signed a contract i mean you can imagine what nigerians are going through in the hand of some of these brokers they signed um an agreement with the broker that the broker takes um
• 3:24:41
  So the broker will suggest the stocks to buy for him. The broker will be the one to buy the stocks. And then the broker takes maybe 20% of whatever the portfolio, I mean whatever money, you know, profit, you know, on the capital is. Maybe take a certain percentage. It needs to be ridiculous. And guess what? This guy invested 5 million assets yesterday or two days ago that he sent this.
• 3:25:11
  portfolio for me to look at and usually i mean with the plenty you know message i was like ah so this portfolio grew from 5 million in mid 2025 to 7 million and the broker will still take maybe 20 of that 2 million on the 5 million and here you are if you were following me last year
• 3:25:39
  And invested in a lot of companies I've written and I've actually mentioned over and over. Like NACO, NEM, Custodian way back then. You know, GT, Zenit. So many of these beautiful companies that you just need to buy and go and sleep. You can imagine a broker who don't do that. And he would still take 20% out of the poor boy's money. You know, so this is one of the reasons I usually encourage people. That at least.
• 3:26:10
  when you come to my dm sometimes i help people there are a lot of people like i help i don't even know as far back as probably july last year and they are just coming back please send your address i want to send this do this do that do this i mean i do these things out of the fact that charles and i will confirm that the level of nigerian participants on the exchange is too low compared to us 35 percent of the u.s national they invest which is why you see
• 3:26:40
  When you count the average millionaires, they are in the US. So we are also trying to do the same thing. Okay, let us put ourselves out there. Encourage people. Drive this thing. So that more people can become knowledgeable. I mean, somebody, you know, showed me lights. And I also, you know, didn't take it for granted. And then I went for that to read. I helped the guy last year. It was my day for about four days. I told him to go and read things. He did not read.
• 3:27:12
  He kept saying I should suggest things and I said I don't do this type of a thing. Before I suggest anything to you, you would have to go and read something first. So that when I'm engaging you, I do a lot of VNs before Twitter stopped it, explaining things to people. When you get it, when you now come back, when I'm telling you about a company, you're also having the same thought process I have. So it's easier for you to invest. But without that, it becomes difficult. But this boy...
• 3:27:40
  Eventually, I gave him two stocks, Nako and one other stock. Sorry, probably Nako and Aradale. Yes, Nako and Aradale. Now, by the time he came, he got Nako. Nako has given this boy 180%. The other one, Aradale, 150%. Now, imagine, you came back last week asking me if you should sell. I mean, these are annoying questions. But if the boy did not relax at that point, if he actually followed up and then, you know,
• 3:28:07
  Probably spend, even if it's just 30 minutes, to study or read something. Then you would be able to even define your goal yourself. And then determine whether you want to be in the market for a long time or a short time or a medium time. And in that process, you're also able to know when to sell your stock. And then you need to understand the reason you invest. Do you want a 50% idea and you exit? If that is your plan, when, whatever you set out.
• 3:28:38
  Your investment goal, once you hit your investment goal, take necessary action. You don't have to come back to meet me. So which is why I just encourage people and which is why I stopped deliberately putting companies name out there. So that people can do a bit of research and then, you know, deduce this thing and then you make a decision with it. So every time I used to advise people, I mean I still advise people that spend a few time on your own to do these things. Don't rely on me. You come.
• 3:29:09
  I should be a mentor. I don't tell you no. I refer you to things. The guy that I posted the second portfolio, you know why I posted the second portfolio? I posted that second portfolio for a reason. There are so many people, over 20 people, that have made over 30, 40 million in my DM there. But I mean, they just come, appreciate, you know, pray, do things, and it's okay. But that guy, I like the guy, you know why?
• 3:29:39
  When I advised the guy that go and read XYZ here, the guy came back with over eight questions. It took me, I think, two days. When I have time, I'll just send VN to him. Please, I'm busy. I'll reply two of these tomorrow. Do you know, this guy followed all through, and then the next assignment I gave him, okay, with all what you've been, I mean, what I've explained to you now, go and, go.
• 3:30:06
  I gave him about two companies. Go and study this financial statement. Let me see if you can make an investment case. This guy is an engineer. This guy I'm talking about, he lives in the north. He has never met me before. So this guy came back. He wrote a long episode again, you know, doing an investment case. I was so impressed. It was easy for me to help this person that, okay, go and pick some stocks and come back. Pick five. Then I'll give you three.
• 3:30:37
  This guy came, he picked five, I gave him three. This guy went ahead with just that little knowledge. I mean, from 40 million, his portfolio right now will be about 120 million. It's as simple as that. If you are able also to spend time on your own, he's an engineer, he's not a financial expert. He had 15, he told me now that he has over 100,000 15 that he bought.
• 3:31:02
  um at 35 i mean the the right issue or something you know was expecting by the time you add that just add up to that portfolio again so sometimes we need to also spend a little time so that when charles is speaking you won't be asking some type of questions let me tell you sometimes my mentor will chase me out of his office will tell me to just go i'm giving him a day i should go but you know because i was stubborn i will come back maybe another day because probably fed out like i was asking him like what i should know
• 3:31:32
  So it's not a matter of you, sorry, I'm going around, you coming to my DM. No, it's also you also trying to make a decision. I told you about an industry. I told you what is happening in the industry. I told you that you yourself, you know that there are three companies in the industry. You know that there is one that is bad. There is one that has a bad reputation, has a bad corporate governance, lack organizational structure, has always been employing financial engineering.
• 3:32:01
  To take a lot of money from the bank, this company's account officer used to be my friend before he relocated. One day I analyzed this company to this friend at a pub. The guy was like, did I, that do you have an insider in this company? I said no. Which is why I'm going to leave the, I mean, round up with that thing by telling you that, see, the Twitter was meant to tweet that.
• 3:32:32
  I left, you know, because I didn't finish the thoughts. I said, everything you need to know about an organization is in the financial statement. I always tell people, if you come to my DM, if the management of an organization is good, bad or reckless, the financial statement will reveal it. If the organization is efficient at managing resources, the statement will tell you. That's the statement of financial position.
• 3:33:02
  If the organization prioritizes shareholders, the statement will show you. A good example, GT Bank. Please, when I speak easy, sometimes I avoid mentioning company names so that you don't rush to buy. When I make an example, it doesn't necessarily mean that I'm recommending the company. Please note that. For instance, I said if the organization prioritizes shareholders, the statement will show you. A good example is GT Bank.
• 3:33:34
  The MD came out years ago to tell people that we, I mean, after, even if you don't understand the statement, that's the financial reports. The man even came out years ago to say that, okay, in GT Bank, our culture is we prioritize our shareholders. Why won't I put my money in such banks? Now, I discuss efficiency at managing resources. Give GT Bank 10 Naira.
• 3:34:05
  Give any other bank 10 Naira. GT Bank will likely return probably 20 Naira. And the other bank will probably return 8 Naira. Go and look at the asset of some of these big banks. Look at what GT Bank returns on the asset. Look at the shareholders' equity. Look at what GT Bank returns on it and then compare it to other banks.
• 3:34:38
  Now, leave those ratios. Go to cost to income ratio. So, for instance, for every probably, let me not just go, I mean, so that you don't, let me not mention some banks' names. Let me just be generic here. The bank has the lowest cost to income ratio. I'm sure we all know what that is. So, if, and all these things, they are inside, by the time you study the financial, they are all inside that place. They are all there.
• 3:35:11
  If the organization has solid management qualities, the statement will reflect it. If the organization values corporate governance, I didn't even know that you guys would be discussing corporate governance and integrity today. I just penned all these things down because I tweet these days then. So I need to, you know, reflect, you know, my experience, my, you know, mental state sometimes about the market. So if the organization values corporate governance and integrity, you will see it in the statement.
• 3:35:41
  Even when you see, even when, no, for every number you see in the statement, it has a meaning and interpretation. For all these, all those figures you are seeing, they all, they have meanings. If you want to know what they mean sometimes, they do break down in what is called accounting notes. For instance, a bank tells you, or let me know, sorry, let me just even, let me leave banks now. A company tells you that, okay, I have...
• 3:36:12
  cash and cash equivalent in the statement of financial position of 400 billion you you didn't understand the breakdown you just ran with that figure and you will see something in front of that you will see the corresponding notes for all um all the figures there you will see probably accounting note 20 meaning scroll to note 20 the breakdown of that 400 billionaire
• 3:36:42
  of cash and cash equivalent you will see there probably some you know probably open healthy and it's still their cash it's not been taken but it's a restricted cash you know you will see all those things there so when somebody has taken his time to do all of this and now even write and then you read you know that there are just three two companies in that area you know the bad one you are not expecting me to now boldly tell you that okay it is x
• 3:37:15
  I think that sometimes I don't need to do that. Which is why I usually tell people, if you've been following me sometimes, when I tell them, you should know what we are saying here now. Because we are learning together. I'm also learning. I'm not like an all-in-one. Which is why you see me, I read from different people here. I read from Charles. I mean, even the people that are following me, I read from them. Mr. Pero, sorry if I...
• 3:37:42
  you know be rich if i pronounce your name very well you know i read from people to also learn you know so we we when we exchange knowledge we become stronger so if you leave everything to me to feed you the day i'm probably not around then you're not able to make that final decision so i i just hope i've answered your question yeah thank you very much mr tokoya i mean thanks for the details and also for the very helpful feedback and the industries i'm talking about is the banking i mean
• 3:38:12
  and this was even some maybe days ago or so and you know the banks there that are good don't waste your i mean you don't need to stress i don't have to say this out finally now move to the next one um the oil and gas you know you are you there are three you know it you know the one that you're not meant to go you know the one that has a negative share that's equity for over two years did you want me to come and tell you that we're both nigerians here now and then we now leave that sector
• 3:38:44
  and then we go to the industrial goods that i also talked about there are three companies in that place you know one that one does not have true what i describe as true price share discovery level you have another one that is doing share buyback and as with that company the chairman has retired because is the iconic name in that place now we have stepped back and the company is still doing well that's solid
• 3:39:15
  corporate governance structure you see there's something called um let me even try to remember what that is you see thank you succession ownership structure now the guy the guys told you that he's stepping back and somebody has stepped in and then this company is still reporting fantastic results you know that company already there is another one that you know that the the new company that acquired
• 3:39:46
  that company is a chinese company and you know something is synonymous with the chinese guy a chinese guy will always find a way to lower cost so i don't after putting all of these you know it's even me it's even to your own advantage i'm even i don't just even mention something directly to you and then i paint a picture and then i want you to to make that guess or get or get it right so in that place you know there are three you know the one that has the lowest period you know the one i mean you know all these things
• 3:40:17
  so i just feel that okay let me just even get you to work a little bit which i feel is to your own advantage eventually thank you right thank you very much uh i mean i really appreciate it so i think i'm just gonna say for the few companies which you did mention i have three of them in solid stock on my portfolio but then in terms of
• 3:40:44
  clarity around because i'm into your defense to start with i did not check the highlight because i scrolled through the trail of tweets which you had and i was trying to get a hunch while i did a few i wouldn't say i'm a beginner's level but then i'm not where i want to be let me use that word correctly but it's it's it's more or less like just leveraging people's expertise which i sort of result into i enjoy learning hence why i
• 3:41:17
  Yeah, you know, do you follow us on Telegram? I mean, this is my very first time. Okay, so if you look at the pinned tweet on the Green Ticker handle, we have a Telegram group there. And what we do there 24-7 is discourse talk. We live, we breathe. You can wake me up anytime. You wake me up now. Let's talk.
• 3:41:40
  would i will break down the stock for you and i like your enthusiasm you know uh uh so if you follow those handles and you come into our telegram group we have a whatsapp group it's full it's not we don't pay for anything nothing is paid for in our group so the day you ever hear anybody's asking you to pay a chance or green ticker you know somebody is trying to scam you or crypto senku ocean or nazia you know they are trying to scam you we discuss stocks there 24 7 and
• 3:42:09
  If there's any further question, you know, just feel free to come in there and then we can continue this discussion. But it's a good thing. It's a good thing you follow Tokpe and, you know, like I said, Tokpe is an investor's delight. He doesn't even know the feedback he gets, you know, like after this whole thing now.
• 3:42:30
  My dear will be full. Why is it that he doesn't show up on our spaces? But, you know, we are very, very fortunate to have him and we revere him a lot here. So, yeah, let's just go to the next person. Thank you very much. Yeah. TMD, I want you to wait, okay? You know, go into our club again this night. It's not too late. Dr. Sisi was speaking before, but for some reasons, we couldn't hear her.
• 3:42:57
  she's back up you know you know it's ladies first you are gentlemen here so dr cc unmute your mic and after you tmd will go first of all thank you so much for having me mr charles and thank you to everybody that has contributed and a very big thank you to everybody that is still here on this midnight space to discuss the uba shocker um i apologize for whatever glitch that was i didn't know that my phone
• 3:43:26
  Thank you very much.
• 3:43:56
  long-term or short-term for this stock. And then number two, know what is likely to happen. It's very likely that in the next one to two weeks, that stock may drop by more than 30%. In fact, if the current market sentiment is correct. So you have to know that and ask yourself what your plan is. Also, if you plan to sell, you have to know that selling is going to be very difficult at this time. If you've ever looked at the other book,
• 3:44:25
  This is going to be one of those times where everybody is selling and nobody is buying. So you have to ask yourself, okay, if I try to sell and it doesn't work out, what am I going to do? So some of the things that people are thinking about doing, thinking about selling, people are tired of the stock. But at the same time, I personally don't encourage people to take losses on fundamentally good companies like UBA.
• 3:44:49
  so if you bought say 45 naira and you try to sell from this 55 and it gets to 45 and you're still not able to sell i wouldn't encourage you to sell at a loss i would encourage you in that case to hold hoping that q2 q3 and q4 will be better and hoping that mr tony being a very intelligent man and an entrepreneur and a capitalist himself will also see the need to do whatever he needs to do to make things change
• 3:45:17
  looking at their q1 results they've already tripled their branding budgets i don't know whether that's where they should have focused their energies on but time would tell that that photographer that photographer is very expensive if you didn't know that everybody they say i think it's fair me that said all of you that are looking for dividend sugar and get your dividend on instagram your dividend is there he's working very hard but that's on a lighter note but then again i want to encourage you
• 3:45:48
  if this was like it's going to be your first shock on ngx don't give up don't panic sell if let's say you put some substantial money in and somehow it goes below maybe like some guy one guy he sold some of his wapco and he just bought uba just today now
• 3:46:04
  that means on monday there's going to be a drop i wouldn't advise you to panic sell except of course you're an experienced person and you know what you're doing but if you're a newbie this is not the time to panic sell this is the time to delete what i do in some cases when i buy a stock and it's making me unhappy i delete that app i don't go there for some time i give it some time i'm talking as someone that started investing in 2006
• 3:46:25
  i bought some of my companies you know thinking they were going to do well and then before you know in 2007 we had the worst crash that we've had in our generation a lot of people sold their shares there and some of them are bitter for life and they've missed out on so many opportunities but i held i can tell you that my eti that i held then that eti is still alive and breathing and is the one that is doing all time high you know so please don't don't panic sell
• 3:46:51
  You know, if you are holding, know why you are holding. If you are selling, know why you are selling. If you are accumulating, know why you are accumulating. And don't give up. The market is still very green. A lot of opportunities are still there. If you are just starting your journey, just stay consistent and stay focused. Thank you so much. Thank you, Dr. Sisi. You should be coming up more regularly. I always try to invite you.
• 3:47:20
  dr be rich and all the ladies here but uh most times i will send the invite i won't get any response we need uh if you've been investing since 2006 the weight of experience we have uh we have there should be uh very very big to like encourage these young people and uh you know like uh there's this lady um her name is uh
• 3:47:49
  She comes on drinks and mics sometimes and she's trying to develop something for women because she realizes that there are too few women in the investment space. And believe you me, it's a very good opportunity because, I mean, like you go to the social media, all you see is ladies just doing things, you know, and, you know, they are...
• 3:48:36
  i've never seen your invite and i didn't pick in fact i today this one i'm speaking this is the first time i've ever seen your invite there's no way i'll see your invite
• 3:48:44
  whether it's dream whether it's a film whether it's a projector that i'll not pick my dm is totally open thank you and if anybody wants to do anything around women i'm very passionate about it in fact i even wanted to talk to you that we should send a proposal to the ngx on how they should come up with ngx influencer series how between now and this time next year across the 36 states and the fct we should have a massive drive to increase
• 3:49:14
  the ngx participation we've been hopping on that statistic since morning almost everybody comes up oh we are only six percent us is 30 uk is 40 what but it's time to stop happening and to start doing something about it and the only way we can really do something about it is by actually having
• 3:49:33
  uh evangelists people that go out and speak to others in fact i was laughing at myself today almost anybody i know is remaining for me to be grabbing people on the streets come here do you have ng have you heard of ngx come here have you heard of this why because it has been life-changing money for me life change yesterday or was it two days ago during the cscs agent talk about the ngs trauma give the ladies
• 3:50:03
  uh an opportunity to speak to come and say anything i don't know no lady came up like people are watching you you never know and the next big gig they want you to come and host nigerian investors whatever because you are the only one in this space you guys are not many you understand and we were forced to get nazia to get to come into our group
• 3:50:27
  You know, I mean, like do financial reporting, go there with flair. Oh, the Nigerian sharing there is well up today with like 6.5%. The major gainers were this, this, this, and the losers were this. The major happening in the market today was Zenit reaching a 5 trillion market capitalization and there is a first and this.
• 3:50:46
  the bank is led by my sweet mama adora and something like that so like things like that you know just be creative about it instead of uh be creative about your uh what is it called uh this your content this your hair this your hair or this your
• 3:51:05
  you know you can do something much more creative and much more meaningful and much more useful and people will gain from it so thank you very much and going forward we will be bringing you up every time to make sure that you encourage the young ladies to amongst us Moji before you go TMD
• 3:51:34
  Before you go, mute your mic and go ahead. Yeah, thank you everyone and good evening everyone. I, yeah, okay, maybe I should start with a little bit about how I kind of started. I started Shotzi after, yeah, it was during COVID, sometime around 2021, right? So, again, like a lot of us here, you know, I'm...
• 3:52:03
  i'm just starting out right and um uh what i'm saying this is i remember uh talked about um how you know some guys signed the deal with the devil i mean i mean the 20 percent um you know uh share from the profits and that was how i started as well right but then um i'm not someone that likes to leave a little money on the table so as i
• 3:52:31
  I signed that deal with that particular broker. In fact, it is more ridiculous than 20%, right? We're looking at 40%. So the broker was taking 40% of the profit. But then, I started initially, at that point, you know, everyone I knew around me were like, oh, the stock market is very volatile, you can lose all your money and all that. So I wanted someone, you know, that had...
• 3:52:59
  that experience to manage it while i then and watch his trades and you know then in the background right lo and behold i wouldn't complain because the guy really the guy knew what he was doing like he's a trader he knew what he was doing and in uh just to put some numbers to it uh i think it started with about 10 million era uh that was a lot then and within the first two years
• 3:53:30
  This guy had already made up to 100 million, right? But then, within that two years, I wasn't, I mean, I didn't just sit down waiting for what the guy would make. I started reading books, I joined a lot of groups, and at some point, I had to, I kind of, you know, after the first 10 million, I just left it and forgot about it, right?
• 3:53:59
  So at some point, I started, I opened up accounts and started doing stuff my own way based on, you know, the books I read, people's feedback. And then for a very long time, I left Twitter, you know, but then when I saw that, you know, the awareness is coming back, I came back to Twitter and I saw that, you know, there's a lot of, you know, information out there to key into.
• 3:54:29
  I follow a lot of people, I follow almost everyone that talks about stock. I don't want to know because it has helped me a whole lot and I'm very passionate about it. So that being said, to this UBA stock, I wasn't really a follower of UBA until this past election, right?
• 3:54:59
  And I got interested because I saw the relationship between the present president and the UBS chairman, right? And, you know, I think it was when the president got elected, I think he went to the UBS chairman's house. So I was like, oh, this looks like a good sign, right? So, and one of the things we do is to listen to news and watch all these things.
• 3:55:26
  watch out for signs like this and if there's any opportunities that we feel might um spring out of you know whatever we see you know we key into it and see where that where that takes us so i decided to like decide to buy uba i loaded every position right and yeah and you know that was what got me into into ub in the first place so i was speaking to a mentor uh a couple of a couple of uh months ago
• 3:55:58
  and he told me he said he's selling all his stocks in uba because yeah a couple of just just about last month and i'm like you told me you you sell your waco stock i'm still in waco because of course i used to work for a chinese company so i try understand how chinese how the chinese people are they are all for profits they they would cut costs they would cut corners but then they are all for profit so
• 3:56:25
  I had that belief that, don't worry, WAPCO would do better. So I decided to keep my WAPCO. He sold his WAPCO. So I told him, I would, if you are selling your UB at this point, I think you are making a mistake. Because again, I looked at your Q1 results, Q1 2024, I mean, it was okay. Q2 was okay. Q3 was okay. So to now see this shocker, it was a surprise. Like I...
• 3:56:56
  did not see it coming so um again my mentor sold all this talk and he sent me a message this night and he said you see what i told you and it was the same i mean i shouldn't be mentioning names but it was the same thing that he saw in access that made him liquidate his access a stock when a brand starts becoming uh uh uh inconsistent today
• 3:57:30
  they say this tomorrow they say this tomorrow they say this tomorrow they say this at some point access said they were going to pay one iron interim after they made that statement no one no one no one came back to say oh we are not doing this because of this because of this yeah someone talked about uba someone talked about but then communication is key but these guys are not saying anything right so um again i think at this point um
• 3:57:59
  I've been in the market enough to know that when situations like this happen, the next thing I want to start doing is to rush and sell. On Monday, I'm going to get a very good sip and I'm probably going to wake up after the market and see what the market looks like. And I'll tell you why. There's a reason why when UBA was selling for 45, 50 thereabouts, it was around that rate for a long time.
• 3:58:29
  Zenith was selling for 65, thereabouts. There's a reason why Zenith went from 65 to 135 that it is now. Even before they released their results, it has started moving. But UBA stayed without any significant movements. There is a reason. A lot of people know these things that we don't know.
• 3:58:59
  People pay for information. People do all sorts to know what is happening, right? And if things have been good with UBA, trust me, UBA wouldn't be selling at 55 dinars a day. Again, this is Nigerian market. The market is on steroids at the moment. And, you know, I would advise, you know, people to be cautious and not to panic and, you know.
• 3:59:29
  I won't be surprised if UBA comes back and say, oh, this is what we are paying for interim. And it's very shocking. I won't be surprised if they have full year 2026 dividends become very good. I won't be surprised. So, again, I would plead with our CA guys. I'm not a CA person. I'm more of a fundamental person.
• 3:59:58
  I would, again, UBA remains a solid stock. I would plead with our TA guys to do their magic and let us know at which point we should be loading more. And again, it all depends on our respective risk appetites and how deep our pockets are. But then if you are a long-term person like me, which is...
• 4:00:29
  What I've learned over the years, I feel like it pays to be more, you know, take your time and, you know, just to what some of, someone that spoke a couple of minutes ago said, it all depends on you, what you want to achieve from the markets and, you know, how long you want to be in the markets for. So, I don't know if this is a...
• 4:00:56
  ranting or i've been able to make any sense at all but um uh i guess that's that's all i have for now thank you thank you tmd and i hope you learned too from your mistakes uh because tony was last man standing does not mean uh you should go and buy the stock uh do you have one or two because based on the same premise you should be having oh so yeah
• 4:01:25
  i i i i i i i i i i i i i
• 4:01:54
  good to see see uh investment from different uh views uh dr fallah and after dr fallah moody all right thank you for um giving me the mic to quickly talk man so uh since everybody's giving a backstory so my own backstories have been i was i've been doing nigerian ngx quite a long like
• 4:02:25
  long time ago since a year of bank phb oceanic and the likes so some people like playing shorts some like playing longs some play in the middle so i think i'll call myself a long-term investor so right now i'm no longer in nigeria but someone just call me and say hey you know what volume is really the key when it comes to investment like for example if you buy let's say you buy
• 4:02:54
  a stock for 10 naira but all you have is just 1000 unit but someone buy a 10 naira but they have almost like 100 unit that is really the game changer so I was focusing on a different stock exchange like New York stock exchange but you know those things are really expensive S&P 500 and they can't really do 100 times like they can't give me 100 times and that is when they start telling me like hey you know you want to look at Nigeria
• 4:03:27
  NGX, those guys are not doing poorly. And low ambient when I look, I was surprised. I was like, what? So volume and the 100% change is what I was really looking for. So I don't really know much. And I'm glad that you guys are having this discussion here. And I believe everybody. Because no matter what, you need to be playing where the big boys play. Even though you start small. Because I started small back in the days.
• 4:03:56
  i lost some but those that i left there they're still i look back and i was like what this thing is not worthy so for whoever is listening i don't know who is listening those money that you could have used to say maybe buy a pair of sneakers if someone give you if they give you sure bet on a company that has a long term um prospect i think you just put that money there and you'll be surprised these are money that you might not even think of and if you cultivate the habits
• 4:04:26
  later on you will see your your returns later on you might lose some but might not be a lot so i'm happy to be here and uh this is just me coming back to look at what i left like nigerian market is really doing strong i don't know what you know and the likes are doing but um i'm happy to be i'm going to be following some i'm going to be following this page that way i can know what is going on and this thing just stumbled on my um x account i don't know anybody here so
• 4:04:56
  I'll be using this medium to join this green ticker so I can know what is going on. And concerning UBA, I'm not surprised or how can I put it? I know Tony Emelu is not a serious person. I see him so much on social media. I was like, there's no way this guy, what is he even doing? So I don't know. I have some UBA. I got Zenith. I got GTB.
• 4:05:23
  But I want to come in and I really want to know which one I can put my money because Mr. Tokpe was saying you send something, somebody needs to read it. The truth is some people don't have time to read. But you give them sure play and they have the money they can put it to. And if you want to build, if you want to say, okay, I have it inside that information, I've done the assignment. This is what I'm going to take for giving you this. Then someone might cost you that check. You're happy, you smile to the bank and the person can also make their money. So you might want to look into that one.
• 4:05:54
  And so UBA is not giving us any dividends, so I don't know what we're going to do. But for whoever wants to sell, I think that's where some of us will be coming in to pick up whatever you're selling. I hope Tony Elumelu will go back to the drawing board and other people are not happy that he's not declaring dividends. So like Dr. Sisi told you, just make sure you don't panic sell.
• 4:06:19
  Because according to what Warren Buffett told us, if the market is red, that's where some of us should be entering. But at the same time, you'll be my ninja people. I don't want you to lose your money and you go about telling people like, hey, you will always lose in the market. No, you have to know how to play it. That is just my story for now. That's just my rant. Thank you for giving me the path. Thank you. Thank you very much. Bottom line of your message is, quitters never win and winners never quit.
• 4:06:49
  uh if you quit the market 2006 2007 because of what happened i'm sorry for you because uh those prices you will never see them in your life again so uh that's the follow the page and uh you know um yeah we have some very very uh seasoned investors uh in this space okay uh thank you moody go ahead okay
• 4:07:18
  uh the last doctor that spoke dr fuller is the guy funny guys yeah very funny guys he said dividend okay so now on a serious note here if you if you follow my twitter all the time you will know that i always have issues with these are madness for sorry to use that word for dividends i know it's part of the reason why we invest if you typically when some people come into my den
• 4:07:47
  They ask question and I ask them, what kind of investor are you? Oh, I'm more for capital appreciation and for capital gains, blah, blah, blah. I don't really care about dividend. But everyone is having a meltdown now. The meltdown is not really because the result is poor. The meltdown is more, it has more to do with the fact that they are not paying dividend. And which is a very wrong mindset. I must say that because one,
• 4:08:16
  I expect people to be talking more about the poor resorts and then the corporate governance issue that Shas, Onome and the rest of you guys have really pointed out here. These are the issues that we should really armad on. Because there is something I noticed in the NGS. And I've said it in the previous space before. The NGS is a reflection of Nigeria as an entity. There are some structural issues.
• 4:08:45
  That we really need to set straight for us to move as a people. We have structural issues. Crypto Senko is a witness here. If there was a time earlier this year, was it earlier this year or late last year? What was his name? Bezos, the owner of Amazon, the founder of Amazon, wanted to perform his wedding. He was already married. He wanted to do a wedding ceremony.
• 4:09:16
  And he put out a corporate action that he's going to say a certain amount of his shares in Amazon. Way ahead before he did it. Notifying the market before the actual event is going to take place. Before he's going to make, do the sale. He had already notified the market. But what do we have in Nigeria? In Nigeria, the system is a bit.
• 4:09:44
  that's that's that's why you see they exploit the loopholes that you have there the system encourages them to do what they are doing imagine a situation whereby somebody we a director in the company they will release a insider dealing and if you look at the date it was carried out probably it was two weeks prior to when the the public is notified
• 4:10:11
  And we just move ahead and we just say that's how it is. There's nothing bad about it. It's just the way we operate. But when it doesn't favor us, we feel like, oh, this thing is not right, it's not right. But that's how the system is. There's an endemic structural decay within the system. Again, the NGS is a reflection of the country as Nigeria. I don't like talking anything about when it has to do with politics because there are some people.
• 4:10:39
  They will just lose their mind because they feel like you are demarketing Nigeria. You are not demarketing Nigeria, you are just saying the fact. We are from a country where people, our way of life, the way we behave, the way we do things, it shows that we don't really value what it means to be structured. Like where there is structure, the way of doing things, there is a protocol, there is a procedure.
• 4:11:07
  You have to follow it. Shas, you live in a country where there is advancement and you work in a sector where you know the protocol. If somebody comes to your office where you work and they want something to be done, you know the step to take. But that's not the way we find it in Nigeria. It's quite different. The way we do it in Nigeria is different than when situations like this arise.
• 4:11:32
  We should be looking at those structural issues and try as much as possible to look for how to set them straight in order for us to move ahead. Not all this panic. Again, I'm going to say, on Monday, don't be emotional. Investing and emotion, they don't have to be in the same room. Don't bring the emotion to investing. I don't know your background. I don't know how you invest. I don't know where you get your money from.
• 4:12:00
  I know about myself. I know what I invest in the stock market. Of course, I'm not going to invest my mortgage in the stock market because I feel like the stock market is doing what is bullish. Then I will be able to pull out the money by the end of the month. Now, I'm not going to do that because that's recklessness. So if you are investing your pocket money, your money that you've already budgeted for feeding, the money that you've budgeted for your tuition fee or for your key tuition fee,
• 4:12:26
  and you're hoping that you want to put the money out because i get a lot of dms to people telling me oh i have this money but i will need the money in july and i want to which talk do you think i should invest the money into of course i'm not going to tell you this talk to invest the money to because the moment you tell me you need you will need the money in the future even if it's 10 years from now that's a red flag i'm not going to tell you anything because if everything look at uba now if i told someone to go and buy uba
• 4:12:53
  my dm will be full now it will be filled up now with courses and all sort of things you see so that's why i want you don't need to advise anybody give a professional advice because you are not a professional in the first place you can only direct that you can only speak in parables but you know we also want to be spoon-fed then the other issue i want to talk about is some people are feeling like why should you be commenting the board like therefore not declaring dividend
• 4:13:23
  The reason why I don't want, the reason why I'm commending them is this, pop and claim. Dividend is an issue in Nigeria. The moment we accept that, the better for us. There are companies, I've seen companies, Tokpa is my witness here, because he's been in the market for a long time. Dr. Sisi has been in the market for a long time. So if he has been following the market closely, there are histories, there are companies that have gone to borrow money to pay dividend.
• 4:13:52
  There are a lot of companies in the NGS. I'm not, this is, this is not capping. This is real. They are there. Go and dig deep. You will find, you will get results. There are companies that go, they borrow money to pay dividend. There are companies, we've had companies that have proposed, after it's called dividend proposal. They've proposed dividend and at the end of the day, they don't pay. Because they don't have the money to pay. Or maybe they couldn't borrow money to pay. We've had companies, because why?
• 4:14:20
  I know some people will say they are institutional investors like the PFA and other that invest in this company and they depend on the dividend. That's why companies are forced to pay dividend. But it doesn't make sense to me. Amazon has never paid dividend once. Of course, you can say it's Apple. Why compare Apple with Onregis? But Amazon has never paid dividend for once in their life. Look at where Amazon is. Or do you want to talk about that share it away?
• 4:14:51
  uh what's his name buffett's talking about why they don't pay dividend over one hour when he was analyzing why they don't pay dividend but they they get dividend from their investment but they never pay their investor dividend but look at the the the valuation of that company so one thing we should we should we should really understand is this if you anchor your investment principle on dividend alone if you if your investment decision is based on dividend and you're not an institutional investor
• 4:15:21
  You are not a retiree. I don't even understand why a retiree would be investing in the stock market and expecting to get whatever their monthly income from dividend. Why don't you go and put your money in fixed income? Where you can get, where you know you get fixed amount of money at a particular point in time. There is federal government savings. You can invest strategically in such a way that you will be earning dividend every month.
• 4:15:44
  So, you can look for other areas to explore. But if you come with that mindset of I'm investing in the NGS because of dividend, again, you might be disappointed just like what is happening to many UBA investors. Then, the other part I want to touch on is this. This part is like over, let's say, 24 months ago, 12 months to 24 months ago.
• 4:16:13
  What we see on Twitter now was not there. Like where everybody tweets about the Nigerian stock market. There were very few people, very few people talking about the stock market. Very, very few people. The feverish gathering, the feverish momentum that we have right now on the stock market is partly based on the bullition that we've been experiencing. I remember in November last year when the market was red.
• 4:16:43
  I even saw some people that have been in the market for a long time, the way they were reacting. Their reaction just told me that these people, they are not really investors. It's just like, you know, in life, when everything is good, when everything is going well for you, you have a lot of friends. Then when things start turning bad, you see everybody will run away from you. That's what I just realized back in November.
• 4:17:09
  like all these buzz you see around the the social media talking about stock market and all that anytime this market changes direction and we start seeing the very sentiment we start seeing people's word being wiped out in a single trading day
• 4:17:31
  that is when we are going to see the true investors people that is so-called investors so-called people that i say oh i'm here for the long term uba has released a result that is not very funny all of a sudden your long-term goals are you want to change the long-term goals i'm not trying to encourage anybody to hold their uba dividend shares i'm not trying to encourage anybody to say whatever you want to do but what i'm saying is don't use emotion to to react on monday
• 4:18:01
  Never allow emotion to come in because emotion is going to creep in. Never do that. Just stay away. If you are still emotional, just on Monday, delete your app. Delete your app. If you don't even have money to subscribe, just forget about subscribing for internet on Monday. Delete your app and cool off. But if you've made up your mind that, okay, you want to say, you can go ahead and say, it's your money.
• 4:18:28
  you know how you got the money you know why you invested if if the investment goal of that company of you doesn't meet your target or your plan or your expectation you can decide to make any decision you want to be but don't do it emotionally just do whatever you want to do but what i'm trying to say here is this the markets can change in a second just like what is happening now the market can change the entire market can become the way it is the sentiment can just just as so many people are now having very negative sentiment
• 4:18:57
  when it comes to uba the market sentiment can change to be a negative one and when it happens only those who are prepared only those who are prepared will survive it so everyone that has been buzzing talking about this talk moving all time i doing this doing that of course when reality eats that is when you understand that there are two types of water of course it is when the crab gets into the pot of soup
• 4:19:27
  that is when it realizes that there are two types of water the cold water and the hot water arrest my case thank you thank you very much moody and moody is one of the biggest member of the community like he rightly said the result is bad the year end is bad the first quarter is bad for a company that just raised over 750 billion that's not good enough
• 4:19:56
  As per old people, depending on dividend for their life, these are people who bought these shares as civil servants. And they've always relied on those dividends. They may have bought like 10,000 shares that would have...
• 4:20:40
  God bless you. God bless you.
• 4:20:44
  You know, don't get halfway and then you take a decision without talking, without communicating, without letting people know what is going to happen. And, you know, the anger is because Tony should know this. Tony should know better. He should be able to handle. He has a lot of very intelligent people around him.
• 4:21:08
  You know, he should be able to communicate effectively and, you know, because the optics is not good. Like, what's going on? People are seeing you going to invest in Seplat, right? Even though people will say, oh, the money is not from UBA. Like, the reason why he got that loan from Afrexim is because he's the CEO of UBA.
• 4:21:29
  So, you have a big hole in the company you are managing directly, and then, you know, you are investing in another company, you cannot pay, like, you just raise money, and there is so much holes in those financial reports. Yen report, first quarter, is not good enough. And UBA is a solid fundamental, too big to fill stock. So, it will go up, no doubt, it's going to go up, you know, but the good thing is, this market that we are in,
• 4:21:59
  I made a statement, quitters never win and winners never quit. If the market starts going down and you run and leave the market, that's up to you. And, you know, gone are those days where we see all these prolonged market crashes. It's gone. People, people everywhere. That's why every day in America is like the market has crashed. After like another three days, it's back up.
• 4:22:24
  higher than where it started before. And then Donald Trump will make one thing, it crashes again and other. People know how to financially engineer market these days. If you are in fundamentally solid stock, if you know what you are doing, you will know. You will get the signal that this is the time to be in cash. But anyways, again, if you are a long-term investor, it's a buying opportunity. How much lower UBA will fall to?
• 4:22:53
  We'll find out from the technical analysis as it continues. When it finds that support, just know nothing is happening now. For the UBA, the price is going to be sideways for the next couple of months. With what I saw in that first quarter, I don't even think they'll be able to pay interim dividend that they normally pay. They will not. They seem to be in a hole. And that's the most surprising thing, considering the fact that they just raised money.
• 4:23:23
  You are the owner of your portfolio. Do whatever you want to do with it. Lassie or Lacey, go ahead. Unmute your mic and go ahead. All right. Good morning, everyone. Thank you to Onome, Charles, and Senko for this community. And then thank you to all the previous speakers. And Moody, thank you very much for taking the position that you just shared now. I have similar sentiment as you.
• 4:23:52
  So I want to read a quote from Tony Elumelu that was in the news about two weeks ago. He said, I am advising shareholders, as you get your dividends, reinvest a significant part of it. My group and I, we would reinvest 100% of the dividends we get. Tony is all for cost effectiveness. So I was surprised when I saw this piece coming up and it was...
• 4:24:21
  really about the fact that UBA was not declaring dividend. You know, I have an abusive relationship with the Nigerian Stock Exchange. I'm still struggling to understand what I'm even doing there. But I know that UAC, for example, declared one Naira dividend and people were angry and people were like, UAC, you should have not even given us any dividend in the first instance. You should have kept your one Naira.
• 4:24:47
  And now we have an organization that is not even declaring any dividend and then we are angry. You know, the question remains, is UBA a good stock to hold? And if the answer is yes, then maybe the real problem here is that the organization did not communicate ahead of time. If that should be the normal practice, that when you are going to declare your results.
• 4:25:12
  you then have to communicate to your shareholders that they should not be expecting dividend if that is the scene of uh tony then maybe we ask him to beg his shareholders for forgiveness but apart from that i do not see really what the challenge should be that they did not declare any dividend is the bank a proposition still strong is the bank still a good investment case and if the answer is yes then why are we
• 4:25:42
  breaking our heads over the fact that they have not declared dividends. You know, he has reinvested the money into the UBA group and probably into CEPLAT and other ex-holding organizations. So maybe somebody should explain to me because I'm still struggling. I'm still struggling to understand. I've been awake now for the last two or three hours listening to everybody speaking and I'm still struggling to understand why we are so angry.
• 4:26:11
  that this bank did not declare a dividend for us did our stock price grow was a capital appreciation if you need money from uba can you sell a few of your stock to get that money off if you don't get the dividend now does that mean that it will not declare dividend next year you know so the communications issue that we are angry with is it the poor performance of the bank that we are angry with or the fact that we did not get a 50 couple
• 4:26:39
  per share dividend if that is how far or how low they could go for us what exactly is the challenge yes someone should just be helping to understand thank you please let me volunteer to answer a few of those because i'm one of them sorry so you will talk but you see sorry i need to come in here even though i'm going to go very soon but let me clarify something to to you madam you see when i joined this space they already started speaking and
• 4:27:09
  What they were talking about? Sorry, who is speaking? All three mics are shaking. Yes, I don't know who is speaking. Who is speaking? Oh, okay, talk while it's on. Talk while it's on right now. Thank you. So I want to address a key important thing here so that people don't run with a narrative that because a company doesn't pay a dividend, number one, it's a bad company, or two, that is why somebody like me, you know, I'm speaking here. If you had joined this space earlier when I started to speak,
• 4:27:39
  I said, my worry, and I hope it's similar to Charles' position and the rest of the people speaking here. It's not that UBA did not declare dividend. No, that is not even the worry here. The worry is more of corporate governance and lack of communication. My worry centers around the fact that UBA has not been able to communicate to its shareholders.
• 4:28:09
  Whether they've been able to exit the forbearance situation that, you know, even led to where they are right now. Like the, you know, I mean, they made more provision. You can see over 300 billion, you know. Is that the final provision? Like First Bank. First Bank came out. The chairman said that, oh, we've cleaned our books and then we're starting on a clean slate. You know, that is what is called corporate governance, simply.
• 4:28:39
  transparency it is necessary for shareholders confidence right so it's not about um whether they pay dividend or not my worry since last year about uba just i can't be saying some things here i mean i needed money i exist on my position in uba that's the fact because my experience teaches me that when a result hangs either with the cbn or with even a non-banking equity there's an argument between both auditors both internal and external external auditors
• 4:29:09
  they'll and then the external has no name to protect so it's more of corporate communication here and then communicating properly and in a timely manner let me tell you in the in in either the i think i even used to see it in in nigeria market there used to be profit warning even in the u.s or global all these some of all these things there'll be profit warning right so what where is i mean where is all of that all of a sudden everybody's carried away
• 4:29:40
  So I think the essence of this forum today is more of calling, you know, the bank to order to do the right thing, not about dividend. We know that this bank has been magnanimous to its shareholders in the last three years. Since last year, why has UBA not been, and even access, I mean, not been able to communicate their situation on the forbearance? Let me tell you to me, I mean, let me tell you, I've been an investor in UBA.
• 4:30:07
  i've been in and out but recently i'm like okay i'm in it right i am in it because i believe also believe in the management but uba needs to communicate well better and me i am more worried i am more worried about the forbearance situation than profit what is profit let me tell you it is an average investors that look i used to tweet about it that there is more concern about the profit and loss no when i invest in a company
• 4:30:35
  I don't bother myself about profit and loss, no. I go to look at your financial position. Your statement of financial position tells me whether I should, tells me the type of, in fact that is where I make my most of decisions. Not even in the income sheet. Because the income sheet will only tell you about the current situation of the company. And that can be truly deceptive. It is only the financial statement of financial position.
• 4:31:04
  that will tell you the position the health of the organization so you be a paying dividend or not for me as an investor is not a worry and i want to believe other people share the same opinion people need to know the situation about the forbearance thank you i think it's more of that and that has to do with more of corporate governance not talking about a situation your regulatory um body called you out almost over six months ago and then you've not been able to come back to the market i mean zenith said
• 4:31:33
  They even put a timeline when they are going to exit this thing. So why is it difficult for a similar bank to communicate? I think that's more of the position here. Thank you. Dr. Sisi, go ahead. Okay, Mama, thank you so much for raising those concerns. I am particularly pained and I would like to say that it's a combo. First of all, let's talk about the branding or the positioning of UBA on NGX.
• 4:32:05
  UBA positioned itself on NGX as a dividend stock. You know, that was part of what they sold to their shareholders. That's part of the dream they sold to people that, look, they are accumulating, you should accumulate because every year there's going to be something to smile about. There are certain stocks like Julius Berger, for instance, they don't really position themselves that way.
• 4:32:28
  get capital gains and you see them doing well and you know that okay at least my investment is doing well but the way they position themselves has caused this unhappiness it's a common saying in the finance world that you should not over promise and under deliver rather you should under promise and over deliver and uba just did the reverse secondly when we talk about capital gain the likes of amazon never paying a dividend yet their stock price is going up yes
• 4:32:56
  first of all that's how they've positioned themselves so everybody that is in there knows that but at the same time everybody that is in there expects there to be capital gains now we have this uba that has not paid this dividend and at the same time has not also had fantastic capital gains whether we like it or not eventually everything comes into play when you are assessing the profitability of your investment
• 4:33:20
  you cannot compare the profitability of investment for instance instance gtb since that's what we are all singing today i'll follow to sing because i'm fortunate to have held my gt stock since 2006. you cannot compare what that stock has yielded to me both in capital gains and dividend over the years than a stock for instance that doesn't give you a capital gain doesn't give you dividend so that's i think three levels of pain now the first pain is
• 4:34:09
  Thank you very much. Bro Kamo, unmute your mic and go ahead.
• 4:34:16
  Hello, good evening everyone. Can you hear me clearly please? Loud and clear, go ahead. Okay, so forgive me, I'm a broken and NGX dealing class. There are limits to what I can say in a public space like this. But there are a few things I wanted to emphasize on. I see there's a lot of talk about dividends and no dividends. So I think part of these issues come out.
• 4:34:45
  From profit after taxation, it's divided into two in the books of a company. It's either you retain the earnings, some part of the money you made.
• 4:35:14
  And you pay the rest out as dividend. This is the dividend payout. So most companies in Nigeria, if you noticed, they eventually put so much weight on dividend payments compared to the ratio that you can retain in the business. And I can give you an example like which we see recently but we didn't pay attention to is Borssement. In the struggle of relevance, Borssement is paying up to 95% of its earnings.
• 4:35:44
  dividend the truth is for any company who wants to grow um like rapidly you cannot be paying on that amount it's not fixable but the truth is we lingerers are who trades especially in the retail space i think we will not be educated enough to understand that sometimes this dividend is not meant to be paid all the time so it's not about company positioning or not positioning it's about what's
• 4:36:13
  the retail investors do because our retail investors are dividend oriented people for some reasons I don't really understand so now if you don't pay that dividend most likely your price is going to crash and no company wants that for themselves if I'm right so imagine a company who is paying out a very huge amount of their profit after transition in dividends
• 4:36:42
  I still coming back to the markets to raise capital. It doesn't make sense to me at all. So I feel part of the issue we're having is an inherent culture from retail investors, which I also don't blame them because when you look at retail investors, it's after 2021 when NGX was realized that we now start having younger generations participate more in the Nigerian exchange. It has always been a limb use of what our parents, our fathers were, or our elder ones.
• 4:37:12
  as a lot of things who have been in that space and most of them are at the level where they are retiring so i believe probably they are the one who created that culture of expecting something from that company every year so that's one thing then the second issue is about corporate governance we there's a lot uh a lot has been said by corporate in terms of the cooperation declaration and their timeline and what have you not in which is very very correct the truth is um
• 4:37:40
  Most of these things are been complained to NGX regulation company. That was one arm of the NGX. NGX has three arms, the real estate, the exchange itself that you trade, and the regulation commission. So, as a retail investor, you can also make a complaint to that. We did some sometimes, but they look into the likes of NCR, ZT's, the price manipulation and all. They all did that. So, as a retail investor, you can always...
• 4:38:10
  Whenever you feel the occurrences of these things are happening, I mean, it's happening concurrently and it's not been addressed, you can always write to them. Their addresses are, I mean, in the public domain, I believe. Then the third one is sometimes most of the information retail investors see are priced, are priced information, to be honest. I tell the terminal directly and I can tell you most times by the time the news get out there.
• 4:38:40
  It's already in price in the market. So which means that a lot of inside information is in play. And that also speaks a lot about lack of corporate governance in our market right now. And the truth is Nigeria is an emerging market, even though FTSC is as fine as a frontier market. But just imagine, we're just a few years in this space, and even though we've not done so, so, so much at the moment, but I believe we're getting there. But one thing is...
• 4:39:10
  One thing I believe we can always, even as a field investor, is to always write these complaints to our regulation commission to look into it. I mean, once there are several complaints about these things, they'll definitely be looked into. Then you told one about UDA and what's going to possibly happen. So here's my two. This is solely my opinion, not a bullish market. UDA came with a result that is very, very poor. Forget the dividend side of things.
• 4:39:42
  the result is very poor for a bank of that magnitude but the truth is we're in a bullish market and we've seen several way information come out and it's supposed to tank the price of the stock and it doesn't happen so chances are that people are going to panic sell on monday very early even i mean we're going to have a change in timing and people are going to panic sell a lot especially retailers
• 4:40:09
  But we might not necessarily see a falling price in the NBA significantly because as retailers are exiting their positions, there are a lot of institutions who are about to take up their positions because of the amount of information they have at their hands. So my tip is, as a retail investor, look at it properly again. What are your investment policies? What's your investment goals? Like I think Moody said earlier, what are your investment goals? What are you trying to achieve with your portfolio?
• 4:40:37
  so whatever it is you are trying to achieve align it and look at aligning with this amount of information you have and take the right decision basically so and i believe that's okay before i go one more thing like i had to add to um that dividend culture i said earlier nigerians nigerian retail investors are worse forgive me i'm not the market in nigeria but we are worse when it comes to investment
• 4:41:05
  20 24 declared in minus earnings and nigerians because because of our um adamas in in terms of dividend these guys have to pay dividend from a negative earning it's very very wrong the company that is struggling to come out of debt should not be paying earnings for no reason in fact it's able to declare that they're not paying dividend for social amount of time but the truth is if you do that mistake in nigeria imagine um
• 4:41:35
  uh these guys spread into immediately into him and they just didn't pay final and see the amount of storm there's a will are happening just wait till monday before you see a lot of dramas happening in the market people will sell so i mean i mean one thing we need to do in nigeria is education is very very important in terms of investment as much as there's a lot of crowd now uh i know the number of accounts have opened within the past two months uh the bullish market has been in play dango to come into the market is another major factor to also
• 4:42:05
  news when making these decisions because it's going to affect the overall market eventually but more importantly i believe um we as investors need to up our education game in terms of having the right set of knowledge and um should i say yeah let me see what knowledge have the right knowledge about these things before doubling it and not just his hearsay or um what is this person recommending
• 4:42:33
  I mean, anybody can read the financial statements if you learn how to. And financial statements, corporate actions that are moving the market, most of them are in public domain. You wouldn't do some actually outside and probably you have to get sources and all. But most of which have been posted on NGH. Anyone, I mean, can learn how to read the financial statements, understand what the financial statements are, what they are, what are the constitutes and how does it affect the pricing or the overall.
• 4:43:03
  view of a certain company learn right learn because this is our available but you see people in your gms asking you what are you recommending i mean you can read i can read these things the only difference might be i might be in the market longer than you or you could be longer than me but because the history is there you can always very very lazy in terms of education and learning and increasing ourselves and it is really not the best but above everything um i just wanted
• 4:43:33
  We say this one more time, NGS regulation commission is there. If you have any concerns about manipulation or inconsistency in the market, you're also an investor. We are investors and it's our market and we need to build it together. So please, Endeavor, whenever there's an issue, reach out to NGS Red Crow. They always attend to you. Thank you so much, everyone. Thank you very much, Brook Amu, and we are very happy to have you in our midst. We hold these spaces every Sunday.
• 4:44:02
  and occasionally on weekdays what has happened here what has really happened here shows what we talk about when we say financial engineering and you know i'm one of those two who is not i'm not i'm not i'm not interested in dividend i don't it's not it's not my thing however if you have built yourself
• 4:44:31
  If you have built the brand that you always pay dividend and you know you are not going to pay a dividend, I think the best thing is proactively come out and let your investors know. Number two, what we have seen with UBA Resort right now is a classical case of financial engineering. I've just been looking, I've just been watching, you know, I've just been listening. When you have nine naira,
• 4:44:59
  as your eps and you cannot pay anything out from there if the cbn is telling you that you cannot pay dividend it shows me you don't have that nine naira okay so let's let's be very very clear about certain things you know forget emotion forget whether you love the company or anything in this particular situation uba has not handled it properly
• 4:45:29
  And that's all we are talking about. So in all this, the bigger problem for me now is trusting the financial information being put out there by UBA. Because if you have nine era EPS, final year EPS, and CBN does not allow you to pay even one era out of it, it shows me the money is not there. That is the bigger problem for me. And what that...
• 4:45:59
  what that creates in my mind is every result i see from uba going forward i would take it with a pinch of salt because this is how companies dig holes for themselves and then the first quarter is not even better and let's see you came out saying two weeks ago he was telling you he's going to re reinvest the dividend which dividend now which dividend is he reinvesting that was misinformation to get people to buy the stock because
• 4:46:29
  You know, you now have the anticipation that it's going to pay dividend. There are too many things wrong with what has happened. And if you don't see it, if the people, if the investors don't see it, that's their problem. It's just that, you know, with the kind of money UBA has, they will come out of this. However, they need to come out clearly. Tell us how much forbearance they still have to pay.
• 4:46:59
  And when they will exit the forbearance once and for all, and even if they say it now, I will take it with a pinch of salt. They have dug a hole for themselves. They have credibility problems right now with people who know what the market is. We all have UBA. We've had UBA for God knows how long. So if you come with the defense that we are saying,
• 4:47:29
  UAC wouldn't have paid dividend. We know why. We know why UAC paid dividend. Because two years ago, year-end result, their EPS was 5 naira, 22 kubo. And they paid only 22 kubo. And we were angry. Why would you be paying 22 kubo when you made an EPS of 5 naira? And then we got talking, we got talking, and management was saying, you know, they know what they are doing.
• 4:48:00
  I say, you know what, next time, communicate. If people knew you were going for an acquisition, they will not complain. Come out well ahead of time. Like the gentleman said, give forecast. Come out, we are not paying dividend this year. And then you now surprise them and you pay that 22 kubo. You shock them. Under promise, over deliver. And why we didn't want them to pay dividend this year is you just acquire Chivita. Save the money.
• 4:48:31
  However, the complaints from last year when they paid $22 out of $5 is what, you know, pressured them in paying their dividend. They didn't need to pay it. Even if they didn't pay the dividend, it wouldn't affect... I wasn't expecting them to even pay anything. That's the truth. I'm not sure there's any UBA investor who wasn't expecting UBA to pay dividend. I'm not sure. So, let's get it straight so that we don't muddle up facts here. They need...
• 4:49:02
  To come out, if they have any dignity, if they have any respect for shareholders, come out. Tell the situation as it is. Because there's no, if you really have nine naira as your earning per share, and the CBN is saying you can't pay anything, that shows you have done financial engineering with that report. And that's where we must be very, very careful. So they have a credibility problem right now, apart from everything that is happening.
• 4:49:33
  They have a credibility problem and they need to clear it up. But it's Tony. So everything will be settled. It's not easy to be last man standing. Aloba, unmute your mic and go ahead. Yes, sir. Thank you so much, Beavins. Onome, thank you as well for hosting and those that have spoken before me.
• 4:50:01
  Moody, Tope, Dr. Sisi and the rest. I just want to speak more on the issue of corporate governance. But before I go to that side, I think Brooke Amo spoke about complaining when there are issues. I don't think all of it is, how do I put it? I don't want to step on toes. But you see, the thing is, sometimes when we complain,
• 4:50:28
  We don't get response. I've written a letter to SEC sometime last year. Now it's been almost a year or even over that. Myself and one of the lawyers on Twitter, Anthony G, we wrote a letter concerning dividends, unclaimed dividend mostly, and the issues surrounding it. And we proposed solutions to read. They did acknowledge the letter.
• 4:50:56
  but up till now i've not seen any response either via email via the regular mail or any other means of contacting me so it's not that we don't complain we do complain but we don't see the results that is one of the responsibilities of regulators it is not just to go to the office and watch dstv all day long you still have to do the work and
• 4:51:22
  That's why we are here as retail as well, complaining and speaking about these things. The second thing still boils down regulator, which is corporate governance. And I think Beavis has one time shared the template for reporting inside, not insider trading, not the way we call it. If you're trading as an insider, the Lego one, I'm not talking about illegal trading now.
• 4:51:49
  There's a template you follow and it is well detailed. Not the ones that we put out on NGX. That one is just, anybody can type that one out. This one is well detailed and they also have codes. Like if you, like Jebezo sold his shares because he's getting married. All those ones have been imputed way before he sold the shares.
• 4:52:13
  so when when the number of shares is selling it's the market that has been pricing already it's not it's not going to be a surprise to anybody but the current way we have it is that and they're giving them too much leeway in terms of the number of days of reporting someone is selling one billion units or one billion naira worth of shares that's a market moving trade
• 4:52:42
  But then when they've done that on the inside, the reporting is coming out late to the market. If it's a sale or a buy, it affects retail one way or the other, however you want to look at it. But it still boils down to the regulators. Nothing stops them from reporting a day or two after they've made that transaction, as is done in other places. And like I've said, the detailed forms...
• 4:53:09
  uh what should be used not just oh we are selling uh one billion nobody they don't give us any reason there are codes that needs to be used is it the disposal is it related to tax is it related to tax are you selling because you need to pay off some taxes those are information you should normally give if if you're um on the other side so it still boils down to corporate governance and mudia has rightly said the way
• 4:53:38
  You see them put out these documents is the way they run these companies. Let's not lie to ourselves. If you pick the report of Cadbury or Nigerian breweries, even Seplak, the last one Seplak just produced, you can see all through the documents that they are marketing their company. But pick the smaller ones. I don't want to throw them under the bus.
• 4:54:07
  What I've seen sometimes is some of them just dump those papers there like suya paper. They don't care who reads them. And that is wrong. It's all about corporate governance. You don't just do things because you don't care who's at the end of it. Sometimes when I download those documents, I mean, I have to get the binocular to read some of it.
• 4:54:29
  And I'll throw these people under the bus because they've done it. We've corrected them and it took to correction. And that is part of corporate governance as well. Ella Leaks, when they gave us one of their results, everything was just blood.
• 4:54:43
  I believe the CEO will read that report. I believe the CFO will read the report. They have a secretary who is also a lawyer. And they have other professionals that work on your financial statements. So it shouldn't be a shabby report that you will dump on the NGX for your teaming investors. It is people's hard-earned money that they are investing in your company. They could decide to do whatever they want with their money, but they are...
• 4:55:11
  you with their one Naira, their 10,000, their 1,000, you should treat them with that utmost respect. And that is why we see some of them doing these things over and over and over again. Like I said, if you pick the big boys, Nigerian breweries,
• 4:55:27
  All through the pages, all through the pages, you can look at it, you will see them advertising their products. Pick the smaller ones who we say maybe their capital base is not that much, but it still doesn't warrant you to treat your customers or your investors that way. Corporate governance, it does really matter. You can get tired of the situation like First Bank did. They came out, they told us, look, we are wiping out all these issues we've had in the prior year.
• 4:55:57
  We are starting on a new slit. That is the way you should do it. The market may punish you, but then you know the long run. It's like fetching water in a basket compared to fetching it in a bucket. You are fetching it and you know which one would retain the water. So what UBI has done is to, they've not treated their investors correctly. It's just simple.
• 4:56:23
  There's no two ways about it. It's not about the dividend. If it's only dividend I'm looking for, then I'll just pack my money and put it into whoever is paying the highest. But no, we're also looking for value when we invest. Those are the two things I look for. Dividend, if it comes fine, if it doesn't come, it's okay with me. But then, can you add value? And that's what we are looking for. Now, revenue is gone. We don't see much of it on the balance sheet.
• 4:56:54
  Like Tokpe rightly said, it's also not one of the things I would look for. I want to look for ways you would make more money. Even if the revenue is fine, how much are you retaining? What are you doing with what you've retained? Those are the things that really matters to me. But it still boils down to what we've all said. Tokpe needs to do better.
• 4:57:19
  we need to do way better than what we are doing. You pick up the financial reports, you pick up any document that they post, even if it's just notifying us of a board meeting, you pick up some of it and man, you would need like a focal lens to even read what the document is. And you wonder what is the CEO doing day to day. And that's why I think I've said at one point in time that
• 4:57:49
  maybe once in a quarter i mean the ceo cannot be busy all through the year managing millions of naira not to have one hour or 30 minutes for investors come online on any platform maybe it's zoom or whatever platform 30 minutes tell us what your company is doing it make us excited about i mean your products let's see what you're doing let's see what you're producing it's not just to ride in ac
• 4:58:15
  all day long and and say you oh i've done this work you still get paid you still get paid either the company makes money or they don't make money you still get paid one way or the other so it is um it is paramount that we start looking at issues surrounding corporate governance how are companies behaving and you see it straight from the documents that they dump on the ngx that is one place i i mean i go to and i've also had um
• 4:58:44
  Another issue because I always look at insider buying and selling and things like director's dealings as we call it. That was the time I was trying to look for, director's dealings. And there was a time one of the big companies posted, they posted a buy instead of a sell. And later on, they corrected it months later, months after that they've done that.
• 4:59:10
  I would believe that is an issue because I mean I tracked these things on a personal note but then I contacted them and I wrote them an email but the response was just shabby and I had to shake my head and just move on from that situation. So we really have a corporate governance issue with a whole lot of companies on the NGX and I think like I've said they all need to do better.
• 4:59:39
  You can get ahead of this situation. Tell us what you are doing about the forbearance. We've seen Zenit come out. We've seen GT Bank come out. And the CBN has told you, you need to fix this. And the others have given us a timeline. And we are holding them to it. Like Zenit said, this is when we are going to fix this. If they don't fix it by then, we get on their necks and find out what's going on. That is how to get ahead of it. I mean, there's nothing to hide if the performance is bad. Let people know ahead.
• 5:00:09
  i mean it's not going to be a shock to a whole lot of people today one the performance is bad and those that are looking for dividend they are not seeing it so those are two key issues that i think is wrong with what ub has done corporate governance is surely lacking and we can see it is quite obvious if it's a company companies that have foreign bodies like nigerian breweries
• 5:00:39
  Those people know how to go about these things because their practice is corporate governance. It's their day-to-day thing. I'm trying to remember one issue about corporate governance. I think it was maybe Nestle, one of those that they had issues with one of their directors, and they had to bring in external people from outside to fix the issue. Because it takes these things serious. It is people's money that are invested in your company.
• 5:01:06
  and you have a fiduciary duty to them. So we cannot sweep the issue of corporate governance under the rug, either with the guise of maybe, oh, the performance is bad, maybe that's why. No. Corporate governance is corporate governance. If you are doing bad, let the world know you are doing bad, and this is the reason. Just state it there. If it's FX issues, let us know, oh, we are facing issues with FX.
• 5:01:30
  um i mean not coming out and telling us this is what's going on um i think that's really bad on their part thank you so much thank you very much aloba the truth of the matter is if you don't have discipline you cannot instill discipline okay this is the ngx do you know how many infractions we have called out in the in the last one year not a single response look at sec when when did said publish their last
• 5:01:59
  annual report 2022. so if if if the companies you are regulating do not publish the annual report what what right have you got to talk to them these are the issues these are all the issues look at the shots sorry to cut in there's something i want people to to to also notice uh take note of just go to on twitter go to the uh
• 5:02:27
  Nairobi Stock Exchange, they have a Twitter handle. Every weekend, every weekend, their CEO updates the world how they are performing, what they are trying to change, what they are trying to improve, some of the challenges they are facing. Every weekend, they do it. They have a Twitter handle. When was the last time, when was the last time you tagged NGS Group and they responded? They never responded. When was the last time? They never responded. So, now,
• 5:02:56
  That's the I don't care attitude. What can you do? Whatever we throw at you, you will accept it. It's the general perception in the country. Whatever we do, politicians will do whatever they want to do. Nobody will say anything because they know that what are you going to do? You're only going to complain. At the end of the day, you will sleep and you forget about it. It's the same thing that you see in the NGS. They don't care because they know if you like write petition, if you like do the NGS regulation, the NGS reg code, go there and complain every night. They're not going to do anything.
• 5:03:26
  That's it. Look at the Nairobi Stock Exchange. They are trying to woo Alaji to come and list in their exchange. They are trying three different East African countries. They are trying to encourage him to come and build another refinery in Tanzania. These are the things that we were talking about. When we say this, some people might probably feel like, okay, you are demarketing. No, we are not demarketing. We are trying to...
• 5:03:55
  right the wrong there are so many issues so there is no standard in the ngs there is no standard so most times why would you why how are you going to hold these companies responsible when there is no standard there is no standard there is no standard in the ngs like this is a standard okay if you want to if you want to present this at least most of us want to invest it when you want to do your research project in your final year they give you standard it's okay for instance if you want to
• 5:04:22
  Sites, any work, you have to use either APA format or you use this format or you use that format because there is a standard. Even for you to print your research out, they will tell you the standard, the size, the shape of your research, because there is a standard. And if you don't follow that standard, you will be penalized. Nobody will allow you to defend your project. But the NGS itself doesn't have any standard. The few standards that the NGS has, it doesn't enforce it.
• 5:04:51
  There is no enforcement, there is shabby standards, so everybody will just do whatever they like. Is it not the same country where civil servants go to work whenever they like? It's the same country. So that reflection is there, you see it in our daily lives, you see it in our organizations, you see it in our businesses. Everybody just behaves the way they like and they get away with it. Like most of you have already said in this space, if somebody is used as an example,
• 5:05:21
  don't you think every other person will sit tight they will sit tight if the ngs suspend the company and say for the next four years you are not trading or they suspend their directors from doing from the next four years you are not you should not be part of this market or you should not be part of this board we are holding this company to ransom until you change every other company will sit tight every other company will sit there is no standard there is no standard so what do we do okay so there's there's got to be consequences okay which
• 5:05:50
  They are not right now. But this is what we can do, okay? What we are doing now is what we keep doing, okay? When the Morgan Stanley Composite Index comes and Green Ticker is the reason why they refuse to enter Nigeria, then they will start to take people seriously. We cannot stop. There's no way we will stop. Like I said, look at all Tony's company. Go and look at Transcom. Go and look at...
• 5:06:20
  The hotel. Go and look at power. Nothing is moving. All they do is harass people, harass women that they don't dress properly when they come to Transcop Hotel. The same Transcop Hotel that has no water flowing. There will be consequences at the appropriate time. We cannot stop. This is the only thing we can do. We have to keep talking about it.
• 5:06:51
  We have, there's nothing we have not done, Brokamo. We have reported these people. We have, somebody will buy, somebody will buy, they'll be inside us daily for a particular stock in October. They'll be reporting it in January. They'll be reporting it in January. And the reporting system of the NGS leaves much to be desired. They will just tell you, oh, about 15 million shares of Seplat.
• 5:07:34
  We saw one individual take more than 5% stake in a company. It was never reported. It was never reported up till now. Then we started looking for something. We thought the person had sold. The person is still in the company.
• 5:07:55
  It was never reported. What kind of reporting is that? And then you want international investors to come into the market. And then when I finished this space, I started getting calls from all kinds of people. Oh, you know, you people should take it easy. The Afrinvest saga that happened, what has come out of it? There's nobody we did not write to. We wrote to SEC, we wrote to NGX, we wrote to NGX Regco. What came out of it?
• 5:08:26
  And I always tell people, when you commit these infractions and you let it slide, anytime you commit another one, people will remember the last one you did. And that's why with Afrinvest, I let them know that they have a track record of criminality. We gave them the opportunity to come here and explain to people, sometimes situations like this, you turn them into opportunities.
• 5:08:57
  Sometimes you're coming around and talking to investors would go a long way. We've seen perfect examples with Femi Otodola when he told us about what's happening with First Bank. We've seen it. I remember some years ago, Nigerian breweries wanted, they were not going to pay dividend. They came out way before that time and told their investors, we're not paying dividend, don't worry. But after this quarter,
• 5:09:30
  We will do this. And after they actually kept to their promise and the stock did wonders. What are you hiding from? How can you have the opportunity to, like you go to AGMs, it's Bonifacio Kezie, every time Bonifacio Kezie asking for more bonus, more bonus, more bonus, more dividend. That's all they go there to ask for. We are tired of this.
• 5:10:01
  It's always there now. Mudiaga have told you. Let me tell you what these guys do. For all we care, Bonifacio Kezi probably has one share in all the companies. But because he represents a shareholder association, they will give him transport to and fro, and they will give him attendance allowance. And they must always pick him to ask questions. And when they pick him to ask questions, he will tell you, let me tell you what he does.
• 5:10:33
  You need more bonus, more dividend. That's your philanthropy, which you include the poor people, disabled people and others. That is his mantra. That's what he goes to do in every shareholders meeting. How do you, like, most of the times the AGMs are rushed and hurried. Everybody wants to get out of there. So you don't even have people asking the critical questions.
• 5:11:05
  You don't have people asking, what are you doing? Where are we seeing this company at the end of the year? They won't even ask holes on the financial statement. Because there are some financial statements you look at, you know, something is not right here. So, we are looking at international brewery. Everything grew. But the tax went up by like times three. How do you explain that?
• 5:11:40
  Even if it was a tax window that has expired, is that why the tax would go up by times three? These are the kind of questions you expect people to go to, like an AGM and ask. But AGM too, those people, they screen the people they give the mic to. They know Bonifacio Cozy is a constant, he must speak. And that's why I know his name. So these are the things that we are facing in the market. And then tomorrow...
• 5:12:11
  Somebody will call me, oh Charles, you know, you have to take it easy. Write to this person, if you write to him, you must always get reply, you will get response and all that. So I ask now, the Afrinvest issue is still very fresh in the minds, in our minds. Has it been resolved? What has happened to Afrinvest? Afrinvest didn't think it was necessary to actually like write a proper letter through the NGX?
• 5:12:40
  And through all the social media, he was going to try and debunk the whole thing and make it look like it was a glitch. If it was a glitch, whose glitch was it? Do they have insurance to cover such glitches? Was the glitch from the NGX? What are the consequences of those glitches? How long did it take you to settle these customers? In the process of settling these customers, did you settle their legitimate shares and all that stuff?
• 5:13:12
  These are the issues. Who are we going to run to? The only thing we have is our voice and we will continue to call people out. We will continue to drag them to think. The CEO of Nigeria Stock Exchange is a certified financial advisor, a CFA holder, and you are behaving like this? This must be desired.
• 5:13:45
  Financial advisory accomplishment. Where is it showing? You are too big for your investors. No response. You can't respond to anything. NGS will not hold calls. NGS cannot even to say, okay, Julius Berger, you are reporting on the 7th. Berger paint on the 8th. You can't do that.
• 5:14:18
  You can't organize calls so that these people will come and tell their investors what to expect. And therefore, those who do calls, you select the people you send the link to. It makes no sense. And this is the market you want international investors to come in. We failed the MSCI examinations to see whether they would come back in 2025.
• 5:14:46
  The next one is in 2027. And believe you me, at the end of the day, they will listen to feedback. They will listen to feedback about what is happening on the NGX. And if the feedback they are getting is not good, they won't come. And then you have lost a very big opportunity. FTSE Russell is small. It's when Morgan Stanley enters your market. Do you know how much you put into the market? If I were the NGX chairman...
• 5:15:20
  Mujagaya talking about the NSE. That NSE guy, the Nairobi Stock Exchange guy, has laid out a roadmap of how intense to get 9 million people into investing. The DG of SEC, Agama Agama, was going about saying 15 million Nigerians are into gambling. What are you doing to get this?
• 5:15:50
  Even if it's one-tenth of those 50 million Nigerians into gambling, into getting into the NGX. The Nairobi Stock Exchange, they sell fractional shares. So like the surplus that is over 10,000 Naira now, you can decide to buy one-tenth of surplus in Nairobi. But that's not the case. What case plan has the NGX set up to...
• 5:16:24
  Make sure that you get young people investing. I have advocated that every campus in Nigeria, every investing campus, you have an NGX office. Set up investment clubs in all the campuses. Give them seed capital. Let them start learning how to invest from there. Some people become so good in investing that you don't need money from your alumni any longer. You make enough money to run projects in those schools. What are they doing?
• 5:16:58
  What is the NGS doing? Apart from coming to tell us the market cap has gone up, the market capitalization is increasing. You have a platform now where people can do their rights, a public offer. But not every company uses it. What are you doing to encourage that? Even to onboard people to invest in. Why should it take you one week, three days to open an investment account if you want people to be invested?
• 5:17:36
  do this thing online seamlessly, upload your document, give the person the CHN or whatever number, and investment will start. That's why I'm very happy with the new exchange that is coming up. I hope the guy, if it's the technology, I give it to him. If the tech is superb, but it's more than tech. You need a lot of marketing. You need a lot of people who know the market to help you. And with all these issues we have around NGX,
• 5:18:14
  If you organize it well, you might be onto something there. I hope it doesn't get carried away with just being a tech guru. Because there was something Tokwe also said, that his accountant friends, when they want to do any investment in the market, they talk to him. They don't teach you that in any school. We call it agbari.
• 5:18:51
  native intelligence based on experience. So, the only thing we need to continue to do is talk, Moody. We are unrelenting when it comes to this. We will continue, continue to press their neck. Quick question, who bought, the person that bought some major shares in his first bank, who is the person? If you ask me, who I go ask?
• 5:19:32
  If you ask me who am I going to ask, do you know when that matters? Do you know how long it's been lingering? To the point I was asking somebody in Central Bank, the guy said, if I don't like the bank, make a good seller. That was the response I got. So these are all the issues that we need to deal with. And unfortunately, the only way we can deal with these issues is keep speaking about them.
• 5:20:11
  We keep speaking about them. You know, like you say, they go talk out for one day, they go forget for a year. Anytime you do anything that is not right, we will regurgitate everything that we've been complaining about. Whether that one will make you do something about it. Yes, that's the only way. Because if you give up, then we've lost the battle. We've lost the battle. And for anybody who thinks we are demarcating Nigeria, no. It's these organizations that are.
• 5:20:45
  It's organizations who allow people to get away with impunity. Organizations who people fall short of their standards and there are no consequences. There should be consequences for everything that you do. In the absence of that, nothing will ever change. Nothing will ever change. Mr. Ben, I thought I saw you in the Welcome to the Space. Ben, how are you?
• 5:21:23
  Yes, good evening. Good evening, Charles. Good evening, everybody. It's been a very, for lack of a better word, I would say it's been a very interesting one. So much noise, so much talk, so much anticipation. First thing I would say is that
• 5:21:48
  It's only wise that when you have this type of results, you drop it on Friday evening. It's only wise, you know, so that you get a two-day buffer, you know, for people to... I don't know if that would help or it won't make it worse, you know, but I think it makes it better dropping it on Friday evening so that the emotional reactions of certain retail investors...
• 5:22:20
  as you retail investors will be curtailed you know so but it's it's not good it's not looking good you know it's not looking good um fx revolution losses 342 billion uh obviously it was like a 40 was it 41 percent of 42 percent drop in profits profit of the attacks you know so any special
• 5:22:55
  eps fell for two percent um i'm not personally i'm not i'm not really i'm not really surprised but see um there's certain banks in nigeria that are known for being very lean you know and there's certain banks that they are big but if you want to criticize them you would say okay i think this buy says will be loaded
• 5:23:29
  is a bloated organization i don't know if you guys know but there's a there's a restriction from the cbn for banks to sort of that stops banks from uh for lack of a better term that stops banks from downsizing you know so so like certain most banks in this country does now want profits to go so we have a few branches that we can't really justify let's close down these branches i don't even think they can do that
• 5:24:03
  by CBN Laws, you know. So, UBA records their history and the presence of Tony, you know. I don't think there's anybody, maybe somebody like me, because I know everybody is, I don't know if you guys know anybody, everybody I'm talking about is the man that, the everybody that is a local and everybody, so the everybody guy, I think everybody is one, but I don't know.
• 5:24:39
  I don't know if his equity positions will be large, but Tony sits on a lot of boards, you know, and not just sitting on the boards. In terms of having control of a board that's a board of a large organization, at least you can look at three industries, you can look at banking, you can look at energy now, because he took the position in CEPLAT, and then, you know, transport power, that's three major industries.
• 5:25:09
  where he has significant control on their boards. So when it comes to corporate governance, Tony is perhaps the most experienced. I heard when he took the position in CEPLAT, I heard that there were some board political reasons that played a part in him coming on board.
• 5:25:40
  take that position so tony when i think of tony when it comes to corporate governance i usually look at him as someone who who should be a leader in that space you know uh but uh you guys have spoken a lot you guys have pointed out a lot of things a lot of things that i wouldn't just uh limit them to uba though these are things that i like yeah yeah industry-wide or like yeah
• 5:26:12
  They affect a lot of people who are corporates or should I say shortcomings in these issues. There's no way you talk about corporate governance in Nigeria. It's really corporate governance for public markets like this. You're not going to talk about the regulators. You're not going to talk about the rules that the regulators play. Because it's the regulators that set the standards for these people to follow, especially when it comes to reporting standards.
• 5:26:40
  when you report, how you report, the quality of your reports, you know, disclosures. So, the regulators play a big role there. The corporate governance is wide, so there's also other aspects to, you know, internally, you know, within the board, balancing the various interests on the board. The key role of corporate governance is the ability to balance the interests of every stakeholder, you know.
• 5:27:10
  stakeholders like you guys know stakeholders are the shareholders um the regulators to our stakeholders uh the management team of the organization you know the directors uh the shareholders like i mentioned uh the customers the people the customers that they buy the products or use the services the society in general you know the economy you know so it's the role of everyone has to balance all these interests and ensure that they
• 5:27:42
  no stakeholder is being left behind you know so but what i what i would just see uh looking at uba is that um i know a lot of people are going to be panicking right now i don't want to be concerned but i'll tell you this this is also an opportunity to buy uba cheap because somebody's mentioned something about to be to fail and not to be to fail is not
• 5:28:11
  It's not a term that we should be throwing around in Nigeria right now because we're not to that US level. To be, to feel is a term that you can use to describe UB. It's a term that you can use to describe UB because they're really big. Beyond banking, the empire, if I can use that word, is quite big.
• 5:28:42
  So, from time to time, there's going to be turbulence. I think at this point in time, I'm definitely sure that UBU will be looking at ways to cut costs this year. Try to be a little bit more lean, try to be a little bit more efficient, especially the banking. Because even though you are big, it doesn't mean that you're not going to make efforts to be more efficient.
• 5:29:12
  On the topic of dividend, I don't think people should obsess over dividend. The fact that a company doesn't pay dividend doesn't mean that you should sell them more. Some people invest for dividend, especially in Nigeria. A lot of people invest for dividend. If you invest for dividend, that's fine. That's your own strategy. But I wouldn't say you should invest in a company.
• 5:29:39
  well if you're if you're playing it long if you're playing it long you're not trading yeah you're playing it long you shouldn't just invest because of dividend is the company fundamentally sound you know have you looked at your books have you looked at their statement of financial position and their p l you know if you looked at those things have you analyzed the sector have you looked at the competitive and have you done your
• 5:30:05
  competitive analysis look at where that company stands within the within its industry and how it aligns with its competitors or how is then how with the the position the company is when compared to his competitors you know is he doing better if you have to rank a company now in that industry what rank will you give them you know if you know that's one thing a lot of people forget about you know
• 5:30:36
  Once you identify that an industry is, or a sector is, a growing sector, you know, so if that sector, if the industry is generating, let's say, 10 billion this year, and the sector is primed to move to 30, 50 billion in the next 5 to 10 years, then you have to start identifying who are the major players in that industry, who owns the most market share, who is second when it comes to market share.
• 5:31:07
  who looks like he's going to overtake who in, you know. By the time you make all those type of analysis, you'll be able to know, you know, who is a solid, fundamentally sound company within a sector. A lot of people, I know, because if you're asset managers, they always tell you that Nigeria only has about five banks, four or five banks, you know. We have Zeni Bank, we have GT Bank, we have Stampede KIPTC, we have UBA.
• 5:31:36
  we have access yeah that's one that public and they'll remove you deal new people that need to send it to that big iptc and uh gtco every other one is uh i said five so i know five has been a little bit more liberal but um yeah so that is it every other thing
• 5:32:04
  a lot of people will tell you these are not really banks you know so but uh so when you look at when you consider all these things you understand that the turbulence that you're experiencing now regarding is temporary i'll tell you this usually when something like this happens certain investors will just wait there's usually a time frame between day three
• 5:32:33
  after this announcement usually time frame between the between day two and day three that is usually when if it's going to dip that is usually when it dips to the lowest or it dips to a point that will be described as the best time to enter you know which is like okay this is the lowest before it will now gradually flatten then it will not come up back so between day two and day three that is when people that want to buy it they really coming to buy you know so
• 5:33:00
  so let's not let's not be emotional let's not be emotional it's not looking good i would like to see that that affects the evaluation loss is what annoys me the most out of everything i don't i don't expect a bank to take too much on that end you know and then was somebody trying to say something that i was getting your feedback ben the thing is you know uh these two three days you are talking now
• 5:33:29
  uh has been made worse by the fact that the first quarter result has come right so uh except that's a material news that is going to come out say uh uba is acquiring gtb it's going to be sideways for quite some time and one more question do you really believe do you really believe uba made nine ira in aps the way things are right now do you believe that i i had you
• 5:33:59
  When you spoke about that, you know, I personally, I don't have enough information to take a position on that publicly. That's what I would say. I don't have enough information to take a position. I don't want to speculate. I really don't want to speculate. But your concerns are valid. That's what I would say. Your concerns are valid. But me, I can't take a position on that. That's why when I spoke, I spoke about regulators and all these things that are happening in these markets. If the regulators are doing what they are supposed to do,
• 5:34:29
  You know, if the regulators are up and doing it, if the regulators are actually regulators that really want to grow this market to a market that will be part of a $1 trillion economy. There's so many things, not something, there's so many things that we see every day like these people are not serious. SEC, SEC, I will just call them, I will not say anything.
• 5:34:57
  sec i'll just i'll just call you on sentence sec they know how to see they only know how to steal supermarkets anyways we we cannot understand why after the recapitalization exercise uh the cbs started conducting a stress test on these banks you know so uh it's a good thing that they've all revealed themselves
• 5:35:29
  With what is going on right now, if anybody is expecting any kind of miracle from Assess, continue to set yourself up for heartbreaks. I know a lot of Assess fans, they don't want to hear anything negative about Assess. But I mean like, they are even in a worse situation because this has become a recurring decimal with Assess Bank right now.
• 5:35:57
  They can't keep up with releasing results as at Wendu. So we don't know what is going on in that bank. We hope that they release their results soon. And not to dampen the enthusiasm of everybody here, we've had some very good results in the market. And like I said, for those who...
• 5:36:25
  For those who think the market is overvalued, I think based on the results of some of the other companies, Unilever, Bois, Cement, even the breweries, you know, which you might say Flat and some other companies, they've done very well. The only dampener in this whole result thing right now has been UBA because of the position, because of the...
• 5:36:53
  kind of brand it is but you know let's see what the other companies we have in stock for us this is end of first quarter and we are still expecting year-end results for some of the biggest banks in Nigeria so again it's corporate governance and the people who regulate these companies I hope they start sitting up and I hope to see
• 5:37:22
  uh nigerian regulators who are ready to you know make those vital changes that would actually push the market forward it's been a very long space here as past midnight in nigeria and all that for me i can go on and on but for the sake of other people i would just like to start winding down we'll be doing this again on sunday
• 5:37:51
  We will be discussing some of these results more comprehensively and see what the market will hold for next week. We would like to thank Mr. Tucker, Moody, Ben.
• 5:38:13
  Dr. Birich, Compounding Naira and everyone here that has showed up for this space, we appreciate this. And, you know, at the end of the day, we are doing this for ourselves and Nigeria. You know, we want the country to be great. We want things to be done properly. We may have called out some names and properly so, you know, not because we dislike these people, but because we want them to do the right thing.
• 5:38:43
  If they want to be responsible, then they should do what is proper. If they are waiting for anybody to call on them to release a statement to explain what has happened, then it's a shame. I've seen some newspaper outlets already reporting, trying to put a positive spin to everything that has happened. But, you know, that's our way.
• 5:39:09
  That's the way we do things. We think we can just sweep everything out of the carpet. Unfortunately, the investing community, like I said, is the most erudite community in Nigeria. These are very serious people who take their life seriously, who work hard for their money and they want their money to work for them. So we are not here to demarket any company. We are not here to demarket Nigeria. We are here to build a strong,
• 5:39:39
  nigeria capital market and we need everybody to do this so on that note i would like to end this space now and thank to everyone that have come on here today have a good night everyone bye