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|Rosabon Promissory Notes: Superior Return, Minimum Risk by ConceptNva: 10:22am On Nov 29, 2011|
In a recent development, the Treasury Department of Rosabon Financial Services Limited (Nigeria’s foremost Financial Intermediary and Equipment leasing company) launched a new product called Rosabon Promissory Notes.
A Promissory Note is an acknowledgement of debt with a written and unconditional promise to repay the debt in a specified manner as at when due.
With Rosabon’s Promissory Notes, the written unconditional promise to pay is backed by postdated cheques.
The process is very simple and straight forward. As soon as both parties (Rosabon and Investor) agree on investible funds, tenor, percentage return on investment, complete the necessary documentations and transfer funds to Rosabon, postdated cheques are immediately issued in favour of the investor. The combined value from the postdated cheques will amount to the sum of the principal and return on investment.
According to Mr. Onaro who is the head of the Treasury department, “Customer satisfaction has always been our number one core value. We put the customers first in developing this investment package. Asides from guaranteeing the customers money with postdated cheques, we have a system in place that reminds customers to cash their cheques when due. We also have a system in place for customers that have misplaced their cheques. For a 6 month investment package, the customer gets six postdated cheques. The value of each cheque is a sixth of the sum of the customer’s principal and the agreed return on investment.”
“We live in times where investors have lost money to popular investment vehicles of the past. Our promissory notes are a haven for them. We don’t just stop at giving investors postdated cheques for their investments. Investors are allowed to call for 100% of their funds before the end of the tenor if any of the postdated cheques is not honored at the bank. In other words, they get superior returns with minimum risk. We call it eating your cake and having it” added Mr Ochonogor who is the Chief Operating Officer of Rosabon Financial Services Limited
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