Benvin:
Hello Brothers,

6 Months ago i made my first treasury bills investment with GTB for 1 million naira for 91 days, but GTB gave me 17,000 naira for the duration.
Dont you think i was scammed by GTB,
Investment was in April 2016.
Thanks

Thats 6.8%. you were not scammed. The range of successful bid on April 20, 2016 for 91 day tenor was 5.0000 - 7.8802. You only thought you were scammed because rates have more than double presently. Remember how much a bag of rice was sold then compared to date. Inflation plays a mechanical role in the rates of Treasury Bills.

feelamong:


The rates are confirmed. My bankers just sent the stop rates to me now!

Tell them that 364 days stop rate is 18.50%

If they doubt you tell them you will complain to CBN /DMO.....That way all the tricks would end!

Apparently there is a problem but seems they want to be smart about it at my own detriment by telling me the bid was unsuccessful and going ahead with the sec bid which i really did not instruct. The issue was that they placed the bid wrongly by stating 18.4 for 182days instead of 364days. I have written them of escalation to GT mgt, cbn/dmo. I am thinking of how they will manage this cos the amount involved is a bit high. I told them they have to invest in TB effective today according to my instruction.

great

drealj:
I got debited and up to 2400 was charged from me and I only received a message from my bank head office and not from cbn ntb.pls hope this is not the bank secondary market.

17.50 for 364 at my bidding.pls am confused though have been debited.

To answer your question, no.

But bros, does CBN do retail banking? Since you've been following this thread, has CBN charge been mentioned?

Does GTB gives certificate or evidence of TB investment? Dis is d first tym I did tb wit dem bur my previous bank usually giv so I want to kno if any1 has bn given certificate of tb from gtb befor

feelamong:


The auction results would be out later today..

the rates quoted in that your link were spot rates for the Secondary markets on that date... it must have been gotten shortly before the OMO auction on Friday..

cos the rates went higher than that shortly after the OMO auctions

PLease feelamong, can you recommend to me which licensed Discount house/financial institutions apart from commercial banks i can conveniently use for the purchase of TBills. Commercial banks shakara are getting too much

vacanci:


PLease feelamong, can you recommend to me which licensed Discount house/financial institutions apart from commercial banks i can conveniently use for the purchase of TBills. Commercial banks shakara are getting too much

I got a mail from FSDH soliciting for investment in tbills through them... They offered the official rates of the previous bidding session...

vacanci:


PLease feelamong, can you recommend to me which licensed Discount house/financial institutions apart from commercial banks i can conveniently use for the purchase of TBills. Commercial banks shakara are getting too much

I have only used Fidelity Securities ltd.....but am also aware that others like Investment One, Capital Bancorp, Meristem all do it well

feelamong:


I have only used Fidelity Securities ltd.....but am also aware that others like Investment One, Capital Bancorp, Meristem all do it well

Thanks a lot. do u know if they do within the region of 400k to 500k? I approached FBN Marchant Bank and they said minimum is 5Mill. i was shocked

presiade:

I got a mail from FSDH soliciting for investment in tbills through them... They offered the official rates of the previous bidding session...

thanks. whats their minimum pls

vacanci:


Thanks a lot. do u know if they do within the region of 400k to 500k? I approached FBN Marchant Bank and they said minimum is 5Mill. i was shocked

Investment one does even 100k

From my personal experience and observation, I have noticed that most bankers know little or nothing about TB and most times, they don't submitted an instruction from a customer who is interested in TB. Because of this, I make my inquiries directly from their customer care by sending email directly to them. You can also scan and send your signed instruction via their email. This can save you a lot of stress.

PhoenixReal:
From my personal experience and observation, I have noticed that most bankers know little or nothing about TB and most times, they don't submitted an instruction from a customer who is interested in TB. Because of this, I make my inquiries directly from their customer care by sending email directly to them. You can also scan and send your signed instruction via their email. This can save you a lot of stress.

I agree with you 100%. That has been my experience with my bank. I deal with the bank's customer care.

@PhoenixReal, tunene66

You cannot really blame them.

Banks rarely educate their personnel on how Treasury Bills works, to put it mildly. They tactfully discourage their staff from championing it.

The emphasis is on growing deposits/liabilities a.k.a "DDA", since that would earn them higher income.

The relatively few bankers who know how TBs works got that knowledge on their own.

Im new to this TB .can I also bid in FCMB. What the time to bid?

feelamong:


I have only used Fidelity Securities ltd.....but am also aware that others like Investment One, Capital Bancorp, Meristem all do it well

Thanks Oga Feelamong. Please i have a question

What is the difference between doing it with a commercial bank and these investment houses. What happens with my investment if the investment houses no longer operates. can i trust them the same level as commercial banks?

vacanci:


Thanks Oga Feelamong. Please i have a question

What is the difference between doing it with a commercial bank and these investment houses. What happens with my investment if the investment houses no longer operates. can i trust them the same level as commercial banks?

If you should be worried about anyone packing up, it would be the federal government of Nigeria not your bank or investment bank. With treasury bills, you are lending directly to FGN.

As for the difference between buying from bank and investment house, the significant difference would be in minimum investment requirements and service charges however take this with a pinch of salt as I'm kinda guessing.

vacanci:


PLease feelamong, can you recommend to me which licensed Discount house/financial institutions apart from commercial banks i can conveniently use for the purchase of TBills. Commercial banks shakara are getting too much

If you are bidding with discount houses, just be careful. They are largely unregulated compared to banks. They also fold up easily and quickly before you even know, and when this happens, tracking or retrieving your money becomes almost impossible. Equator Capital Securities is an example. See Morgan Capital for instance, the have a problem with NSE(among others) and for that reason no one can even withdraw cash with them even those kept for other investments. I prefer the comercial banks for reasons of security of investment, atleast CBN easily comes in when they are in trouble, thereby giving you enough time to withdraw.

Mpeace:
If you are bidding with discount houses, just be careful. They are largely unregulated compared to banks. They also fold up easily and quickly before you even know, and when this happens, tracking or retrieving your money becomes almost impossible. Equator Capital Securities is an example. See Morgan Capital for instance, the have a problem with NSE(among others) and for that reason no one can even withdraw cash with them even those kept for other investments. I prefer the comercial banks for reasons of security of investment, atleast CBN easily comes in when they are in trouble, thereby giving you enough time to withdraw.

Please, this is not completely true.

Treasury bills, FGN bonds etc are on the full faith of the federal government. Secondly, TBills are always domiciled with CBN approved custodians. You should just make sure you purchase via a registered agent which could be banks.

If the bank or house folds up, the custodian is who you need to touch base with if required. If you don't need to liquidate ahead of time sef, not sure why you would need to touch base with the custodians... Unless maybe to change the account number you want credited with your principal.

battleaxe:


Please, this is not completely true.

Treasury bills, FGN bonds etc are on the full faith of the federal government. Secondly, TBills are always domiciled with CBN approved custodians. You should just make sure you purchase via a registered agent which could be banks.

If the bank or house folds up, the custodian is who you need to touch base with if required. If you don't need to liquidate ahead of time sef, not sure why you would need to touch base with the custodians... Unless maybe to change the account number you want credited with your principal.

What Discount Houses and Banks all do is not what we really think. Your money is not looking to be in one separate cabinet with the custodian as it seems. So you cannot directly request from your custodian to credit you in another account.They bid with pool of funds from different investors. have you ever wondered why you dont get certificate with the letter head of CBN for Tbills/Bond? The banks and discount houses get this. They now give you their own letter after which they have placed the money with their custodian which by extension is ur own custodian. When it matures, i dont think CBN/Custodian credits ur account directly. They first of all credit your bank/discount house that bought the instrument for you. The bank/Discount house now credit your account.

This is what i think. Pls i am not 100% sure but anyone who have gotten a letter from CBN that he/she has investment in Tbills/Bonds should please let us know. One thing i am sure of is that, the banks/discount houses have such letters.

Nigeria plans to sell 119.92 billion naira ($376.22 million) in short-dated treasury bills at an auction on Nov 16, the central bank said on Tuesday. A total of 32.43 billion naira will be sold in the three-month papers, 22.82 billion naira in six-month bills and 64.67 billion naira in one-year bills

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From my personal experience and observation, I have noticed that most bankers know little or nothing about TB and most times, they don't submitted an instruction from a customer who is interested in TB. Because of this, I make my inquiries directly from their customer care by sending email directly to them. You can also scan and send your signed instruction via their email. This can save you a lot of stress.


Pls which of the GTBank emails did u use?

PhoenixReal:
From my personal experience and observation, I have noticed that most bankers know little or nothing about TB and most times, they don't submitted an instruction from a customer who is interested in TB. Because of this, I make my inquiries directly from their customer care by sending email directly to them. You can also scan and send your signed instruction via their email. This can save you a lot of stress.

Pls which of the GTBank email did u use?

neoG:
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kokobongo:
.


Bro... ur acct manager/GTB is playing you. the stop rate is 18.50% and the auction didn't even meet up with the amount offered for 364 days (NGN 54.35B) as the amount sold was NGN 46.77B this means that even if you bidded at the stop rate (18.50%) you ought to have been successful. All customers that bidded with us at the stop rate where successful. Note, this is not always common cause it's normally porated and allotments given to all institutions i.e if bidded at this rate (cut-offs). but in this case you bidded below the cut-off and the auction didn't even meet up with the required volume. you guys should look at the table below. amount sold is less than amount offered that means everybody that even bidded at the stop rate could have been accommodated.

Ask you acct manager what happened, maybe your bid wasn't submitted or was altered (increased) your bid rate, also errors can occur

Tenor (Days) - Amount offered -- AMOUNTS SOLD --- Cut-Off (%)
91 - NGN 45.17B -- NGN 22.15B ------------ 14.00
182 - NGN 23.43B -- NGN 18.65B ------------ 17.50
364 - NGN 54.35B -- NGN 46.77B ------------- 18.50

chinnys:



Pls which of the GTBank email did u use?

I don't bank with GT bank. However, you can get their email address by; 1. visiting any of their branches and ask for it.
2. if they send their email alerts to you, they always put it there.
3. You can always Google and get it from their site.
Good luck!

chinnys:




Pls which of the GTBank email did u use?

send enquiry To alphateam@gtbank.com

They will guide you.

[quote author=PhoenixReal post=50971899]



I don't bank with GT bank. However, you can get their email address by;
1. visiting any of their branches and ask for it.

2. if they send their email alerts to you, they always put it there.

3. You can always Google and get it from their site.




Have sent them a mail using Cardservices@gtbplc.com but it bounced back

Rizin:


send enquiry To alphateam@gtbank.com

They will guide you.

[quote author=Rizin post=50972392]
send enquiry To alphateam@gtbank.com
They will guide you.[/quote




Sent them a mail already... thanks for the help