Posted by Frank Igwe
on May 01, 2008 at 12:05:23:
A lot of banks now have been reporting an unusually high ROI and too much turnover, not to talk about their stock price triplling on the NSE and i'm wondering, is this another sort of 419 or not. These profits which these banks are reporting at their year end seem too much and too big to be believed compared to recent years before consolidation. The profit/growth rate seem to be the highest in Africa recently and much higher than most banks around the world and i'm caught in between thinkign whether it's the excess oil proceeds or just cosmetic accounting. Do these banks make as much profit as they report or are they just posting figure in other to save face.
If these financial reports are not as real as presented, what would the effect of these be on the ordinary Nigerian shareholders? And with the rumours of insider tradsings within the NSE, will the profit trend continue or not just become another burst bubble?
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