First Inland Bank Gets CBN's Final Approval
By Ayodele Aminu, 12.13.2005

Central Bank of Nigeria (CBN), has given its final approval to the merger of First Atlantic Bank and Inland Bank Plc, to form First Inland Bank Plc.

The approval, which is the final stage of the three-tier CBN merger process, paves the way for the Court sanction of the scheme expected to come up on Thursday, December 15.

With this development, First Inland Bank is poised for the opening of business on January 2, 2006 as planned.

In a letter reference BSD/BCIC/FIRST INLAND/FINALAPP/51, the apex bank stated that it was conveying the “Final Approval of the Central Bank of Nigeria for the merger of First Atlantic Bank Plc, and Inland Bank Plc.”

To position First Inland for pre-eminence in the post-consolidation Banking Industry, the bank, a fortnight ago acquired IMB International Bank Plc, while NUB International Bank Ltd also joined the Group and has since applied to the Central Bank for Approvals-in-Principle for the new bank.

The bank is also in active discussions with another bank for possible acquisition.

Market watchers see the expansion drive of First Inland as an indication of the appetite of the new bank to attain and sustain a competitive edge in the emerging banking industry scenario.

First Inland is a synergistic merger of Nigeria’s leading electronic banking franchise with wide reach in the Southern part of the country, and a strong retail banking brand with wide spread in the North, which has been further strengthened with the entry of NUB into the Group.

The Bank has already appointed Alhaji Muhammadu Danmadami, as Chairman and Mr Okey Nwosu as Managing Director.

mrrhodes, there's an error in the story you posted. Also, could you provide the link?

The error is a missing "not" in the first sentence, or an unwanted "not in the second:

Campbell said US was interested in putting a base in the Gulf of Guinea.

"US has never and is not contemplating setting up a military base in the Gulf of Guinea" he said.

Joe

The concern over that headline has been heard here. I think you are not reading the content very well; to me he says clearly that "Nigeria can walk away from this treaty..." He does conclude on the note you suggest, however, so I have changed the headline, finding it perhaps too pessimistic myself.

A few months ago it was a $108,000 investment, bobwill. Not long from now it will be a $450,000 investment. And I have taken $37K out of it for exenses.

Getgreen, today demonstrates the immense resiliency of ERHC and the substance and strength of those who believe in it.

Thanks, Mark. I would say a sharp rise would be from $0.32 to 21 bucks.

He is talking about the treaty, and about walking away from it. I think that's pretty clear to most, Doug C.

I bought 3K at $0.28 and $0.306 yesterday, so I'm making money on that, and I'm back to even on 90K shares.

On these developments, think about this: While Pereira (and don't forget to mention that he was condemned by the Justice Minister just last week for abuse of power and "western bang-bang" justice) has spoken, de Menezes, Parliament and the Prime Minister really have not. I doubt very much if they like what they hear coming from Dr. Daukoru, and God willing, they will shortly cut their losses and accept their money and proceed.

One thing about the second Reuters story: "our "share price has risen sharply." When did that happen? Was I in Antarctica that week?

I noticed Anadarko (APC) is at $101, up about $11 from a couple of weeks ago, and up $2.43 today. I wonder if that has anything to do with our news? As you know, I think it does.

You always need an existing policy to make something out of, Doug C. Remember when you violated some policy that was there all along and nobody paid attention to until one day someone came along and enforced it because it was a good way to get even?

Crazicajun, they already have it. They read the blog.

No, xxmaxx, we won't be in courts. Someone is going to slap the AG down but good.

I know the law firm of Bracellton (sp) and Giuliani were on the blog today. They're from Houston. Didn't say who their client was.

Langenkamp's letter, in my opinion, is a load of crap. I suspect he needs to publish it to redeem his reputation. I was happy to help him do that as he is an older man and I know it means a lot to him. But he and his board and Pereira have been tools of XOM and APC from Day 1 of this investigation. I don't intend to stop saying otherwise, and as some of you who have fought with me in the past well know, I do not duck a fight, although I am always the first to offer to end one. Now the Nigerian shoe must drop, and if you read the blog right now, you will see that it has already started falling. Just wait until they wake up tomorrow morning and have time to mount a real response.

Some ugly dog made so many obscene comments I no longer wanted to hear from people. However, if you want to see your comment posted, simply write me by clicking on the envelope at the bottom of each post and sending me the message. Outlook Express is not required. Thanks for your interest in the blog. Traffic from all over the world have been extremely active all day.

I saw "Syriana" at the midnight show in Downtown Disney Friday night. George Clooney should've had a blog!

Our best hope for a continuation of the processs is that the AG is isolated and the government rejects his call. That could happen: all this went down while Nigerian and Sao Tomean officials had gone home for the day. The Reuters story moved at 12:24, which is 5:24 local time. But Nigeria is going to be so pissed off I don't think they are going to want to deal with Sao Tome anymore and will simply declare the Treaty dead and seize the blocks. I'm not sure the new First Inland Bank is going to be very happy, either; they lost $6,000,000 US bucks today. That amounts to billions of Nigerian coin. We really have to see what happens when Nigeria wakes up tomorrow.

Nigeria will not just sit back and take this. The STP side has broken the Abuja Declaration by asking the US to intervene in what is a bilateral relationship that under its terms is governed by the Joint Ministerial Council. Nigeria has little recourse except to seize the JDZ and proceed to asward them on its own, probably as once awarded.

Oh man! I can't believe that would happen! Thanks, oilman.

And you, stocks2rise? What are you? A long? If you think the thousands of people reading my blog from all over the world are so stupid as to believe that ERHC will not come back quickly, then you are more stupid than your post suggests. Nigeria will simply take it all over, in all likelihood, and that will be the end of the Sao Tome side of the JDZ - and good riddance.

They didn't grease any palms and there is no indication they did. With respect to payments, the Report is just the same bullsh*t that came out three years ago in the same NGO's report.

We need Reuters and DJNS to PR the Addax IPO. Most of you realize that hasn't happened yet.

Was that a candle, or a torch, Homeport? In any case, it worked!

Powe E*Trade shows 200K at $0.384 t 16:03:15, and so does ADVFN. Sorry, Doug, but trades that big are news. As you say, I'm sure too that it's a day trader closing out.

Well, I'm off to Orlando to see Howard Dean, Bill Nelson, John Edwards, our next Governor Jim Davis and the boys of next November. See ya Sunday night!

Someone sold 200,000 after the bell for $0.384.

I wonder how Menezes figures STP lost $58 million? Any clues?

You sign in from netcabo.pt, no, Homeport?

I think that was a misprint. Neither ADVFN nor Power E*Trade shows it, and money.net volume did not leap in that period. There was a 290,000-share sale earlier, though.

That's disingenuous of you, Mongoose. The SEC filings all say those rights are without value if they are unperfected. They can't be borrowed against.

Now there ya go! I wish I had picked those up, too.

Because someone sold at that price, Doug, when there wasn't much action. The next sale (1K) printed at .335. The seller was parting with 40,000 shares and probably selling at market, so the price went down three times as he kept selling. He could have sold at limit if he had patience, getting .335. He cost himelf an additional $50 on the last 5K sale, and $75 on the second 15K sale. When people need money, sometimes $100 doesn't matter much, and since he sold $13,300 worth, it may have made none.

Well, how does Chrome Energy distinguish those assets it has in its 309 million ERHE shares (and Offor did grant ownership to Chrome Energy, and is Chrome Energy's sole shareholder) from assets held by all shareholders if the assets (as they stand, unclassified) have no actual value? Does Chrome Energy (not Chrome Oil Services) have other assets? What has to happen is someone has to loan money to Chrome to loan to ERHC. I am not sure how any such transaction could be conducted at arms length, unless the SEC requirements don't apply to OTC BB stocks.

If the person who sold 200,000 shares a few minutes ago paid $0.33 for them, they made $2,800 flipping it. That's not bad for a three-day investment of $66,000.

Can Chrome secure a loan to ERHE with its own assets, which are ERHE shares, Mongoose?

Step 1. CHROME loans only enough money to ERHE to 'help' them meet their LOC / Perfomance Bond requirements. The Loan is secured by the 'Assets'

xxmaxx, I posted on this very page just yesterday my opinion that any gift of our rights would precipitate all kinds of trouble and investigations. Yet, just the same, Chrome is now the owner of the 309 million ERHE shares transferred to it by Mr. Offor. What restrictions are you aware of, pray tell, that prohibit Chrome from assigning those shares to someone else?

The blog doesn't want you to quake with fear. It says some investors are quaking because of uncertainties. Your problem is you want to see things through rose-colored glasses rather than look at all the various things that may happen, good, bad and indifferent.

We got hits from Sao Tome and Nigeria today.

165K purchased, most at $0.36.

Shots fired on AA Flight 924 from Medellin while on tarmac in MIA enroute to Orlando - is at Gate B42

145+K shares just sold

245,000 in Buys in past half hour, moving the Ask to $0.345. That may signal an early look at news.

DPR hands over 44 Deep Water blocs to NNPC
Wednesday 7th December, 2005
By Don Bassey

Correspondents, Abuja



Department of Petroleum Resources (DPR), Tuesday handed over 44 Deep Offshore Oil blocs won in the 2005 Oil and Gas Licensing Round in the category of the Production Sharing Contract (PSC) to the Nigerian National Petroleum Corporation (NNPC).

The NNPC is expected to study the contracts ahead of December 15, 2005 when the federal government is expected to sign the agreements with bid winners who are expected to attend the event with bank drafts stating full payments for the blocs they bidded.

Speaking to newsmen in Abuja ahead of the handover date, Minster of State for Petroleum Resources, Dr. Edmund Daukoru, said the Federal Government raked in over $2.6 billion from the Bid Round which began in earnest with road-shows in major cities around the world in January before climaxing with an electronic auction system in Abuja in August this year.

Daukoru said one-third of the winners of the blocs have either sent in their Performance Bonus or have paid cash before an extended expiration date for the payment. “One-third payment is still a very high rate of compliance”, Daukoru said adding that the 2005 Bid Round is the most transparent of all oil licensing ever held in Nigeria “since winners were announced there and then, without the bottlenecks that followed the previous ones”.

He said that some of the protest by some bidders, over the Right of First Refusal on some special blocs given to some foreign companies who have affirmed their commitment to invest in power and other infrastructure, would not deter government from putting national interest first.

In his remarks, NNPC’s Group Managing Director (GMD), Engr. Funsho Kupolokun, said Nigeria has confirmed its strong stand on the Local Contend issue, by insisting that all winners in the last Bid Round must accept local content input in developing their blocs.