I think some people are getting the banking model mixed up with the asset management model.

1. The Banking model works as follows.
The bank entices people to come and deposit their funds with them and hence lures Mr A, Mr B and Mr C to deposit money with the bank in return for safety, ability to access funds when needed and interest payment on the funds (ie 3.5% or so). This enticement includes offers of chances to win a free car, generators etc (in the case of FBN).
The Bank then turns around and lends 75% of that money (CBN says they must keep 25% on hand in case Mr A needs to withdraw some money) to Mr D, E and F at 24% (including an assortment of fees). This gives the bank an income of 18%. Assuming Mr. D's transaction goes bad and the bank loses 5%, this leaves them with an income of 13% of which they are supposed to pay 3.5% to Mr A, B and C. The remaining 9.5% is the bank's true income, where the bank is supposed to pay salaries from, maintain branches, ATMS etc (This illustration is greatly simplified)
The more the depositors, the larger the transactions that bank can do, and the more the money the bank is able to make. Banks earn enough from this 9.5% to never have to charge fees to depositors ever. Under the banking model, the bank ends up with the gain on investment and pays the investor a small percentage for providing the capital. However, the risk is less as you will not end up with less than you invested, although, with all these fees, this is no longer true.

2. The Asset Management Model
The Asset Manager entices investors to deposit funds with it in exchange for better returns than the bank can offer.
The Asset Manager then invests these funds into a mixture of investments which includes equity (shares or stock market) and debt (loans). There is a greater risk in this model because it is possible for investors to end up with less than they invested. However, it is in the Asset Manager's interest to ensure that the funds are invested soundly because the Asset Manager charges fees on the profits they are able to make for the investor. It is from these fees that the Asset Manager pays salaries from, maintains branches etc.
Under this model, the investor ends up with the gain on the investment and rewards the Manager by paying a fee for the generation of such returns.

The "Account Management Fee" is actually an aberration because the word "Management" connotes a lot more than the banks do for you when you deposit funds with them.

There is a lot at play here. First Bank is obviously in Dire Straits if it has resorted to robbing customers. I suspect that there was a lot of mismanagement, there under the former MD and the New MD is under pressure to do magic. The laziest, brain-dead way to do that is to rob customers since they figure customers will be ill equipped to fight the robbery.
However, the long term impact of that can be devastating. If customers start closing accounts, the bank will definitely shrink in size and no longer be "First" Bank. This new MD is likely more of a Manager than a Leader.

This tactic was well employed under Soludo as he allowed the banks cloud his judgement by turning him into a celebrity CBN Governor. Despite several fx policy mistakes by Sanusi in his attempt to pander to foreigners who made him a celebrity abroad, he was for the people and Banks would not try to think about trying such moves under him. Now we have Emefiele who is more or less an establishment man, here to protect the interest of the banks which will ensure that such practices will resurface and remain. He has effectively halted all the policies implemented by Sanusi that was supposed to protect and favor customers.

There is little hope that such practices will end, till Emefiele is out, so it is best to vote by moving accounts. I will definitely do that, as inconvenient as it may be. Such customer robbing techniques used to be the preserve of banks like Zenith and UBA...now add Ecobank and FBN. What a pity.

There is a good reason why First Bank's share prices fell from N18 to N3.50 and now we are seeing why it will fall to N2.20

It is also expected, that a bank should notify its customers well ahead, of any new fees so that the customers are informed and can make their own decisions as to whether to accept or leave. This backdoor approach to bleeding customers smacks of desperation, meaning things are much worse than investors/customers realize.

I have already commenced moving my 4 FBN accounts to GTBank and will ensure my staff move their accounts as well. I do not take kindly to being robbed.

I understand that there is some picture quality loss when using a PAL to NTSC converter.
Does anybody know how bad the quality loss is?

Naira is currently selling for 172 at Eko hotel.

If you know where I can get it for less, please let me know.

Thanks,

The dollar has not hit N200 on the black market yet. The highest it got was N187. It's currently N180 to buy and N176 if you're selling.

1USD = N173 today (black market - Eko Hotel)

Still available. Grab it before the Naira/Dollar devaluation pushes prices upwards,

Megastu / Small Money - no hard feelings, but Djibouti, Mali and Togo don't count, just kidding, but seriously, let's be reasonable in our postings and not take the excuse of this being a forum for vilification.

The VIN for this vehicle is posted, so you can run a check on it. It is as clean as can be, purchased from a private owner and not from an auction. It has all highway miles and was very well maintained.

It needs nothing. It has new brakes, rotors, plugs, filters, etc. If you are interested in seeing it, hit me up and we can talk.

It is obvious that some people on this forum have no clue about the vehicles other than driving it.

First of, to be mentioning another vehicle and putting up the price in comparison is border-line insulting.

Megastu - If you find a newer model vehicle listed for cheaper, please save the narrative and go and buy it!!

Small Money - What is this thing about industry standard; are we manufacturing goods here? Anyone that knows of a minivan in the US, would know it is used for highway family trips. It is obvious that you guys haven't left Lagos before.

It is not unusal for a family to drive from say NY to Disney, Orlando Florida, once a year and also make a few holiday trips across the country throughout the year, in addition to using the car on a regular basis, so minivans typically have more miles than sedans.

If you can't afford the vehicle, move on and stop posting silly messages.

The car is available for 2.2m

Thanks for the replies.  The price listed is the asking price.

Thanks

Still available.

Available

@smallmoney

I checked out the car listed on your link and noticed that it is an LX model which does not have a lot of the features that the EX has,  for example, the LX does not have automatic, remote controlled sliding doors while the EX has.  Surely, you do not expect a loaded car to be priced less than a base model car just because the base model car is 1 year newer.

However, I have taken your comment into consideration and I've Lowered the price to N2.2m

The  car is one owner vehicle, meticulously maintained, no accidents, flood, salvage, nothing. The VIN number is listed above so that you can check for yourself.

Thanks

Still available

Thanks Bro

Finally got the right VIN.

It's 1NXBR32E44Z274949

Thanks

The car has Never been used in Nigeria before.

The VIN number is 5FNRL18614B095981

The vehicle has 129k Miles

Thanks

Sorry,

The correct VIN number is INXBR32E44Z274949.

Thanks

Hi Inspired

Please can you check INXBR32E4Z274949

Thanks

Hi All,

I've got a HOT Red 2004 Honda Odyssey EX for Sale. 

As you can see from the pictures, the car is very Clean, and it features power windows, power doors, power mirrors etc.
The car comes with 2 remotes which open and close the sliding doors automatically.
The AC cools quickly and gets very cold. The tires are new and the vehicle got a full tune-up before leaving America.
The engine is in very good condition with no rust and the vehicle handles very smoothly.

Price is N2.2m
Interested buyers can contact me at 0702-770-3435.

Thanks

Hi Mr. Rasmur,

Can you please check out INXBR32E4Z274949

Thanks Bro

Thanks Bro.

Thanks a lot.

Mr. Rasmur,

Please help a brother out with
4T1BE46K87U121786


Thanks

Otilox, I've reserved one for you.

MSEdLAW, I'll give you a call tomorrow.

Thanks

Hi Prof.

Only 12 machines left.

Thanks

HP TX2110US Tablet Laptop for  sale.

Specs:
2.1 GHZ AMD Turion, 250Gb HD, 3GB RAM,
Bluetooth, Wifi a,b,g,n; Lightscribe CD/DVD Burner,
HP mini Remote control, Expresscard/34 PC Card Slot, Fingerprint scanner,
Webcam, Mobile stereo Headphones, Windows Vista Premium,
12.1" WXGA High def Brghtview widescreen with built in digitizer and integrated touchscreen
Handwriting recognition etc NVidia Geforce Go 6150, laptop bag


Price: N145,000

Call or Text 08062759121

Thanks

Hi Realkemmy,

Is the answer to your citibank question
$62.5?

Hi Realkemmy

Is the answer to the $5,000 perpetuity question
Question 1
D) $31,428.57

Question 2
E) 12.5%

Hi realkemmy,

Is the answer for the $360 PV question $82.65?

@ wyt

The answer to your question is explained in the Ethics Literature

Sorry to go a little off topic.

Some Vids. Enjoy,

Superted
http://vids.myspace.com/index.cfm?fuseaction=vids.individual&VideoID=6788650

Terrahawks
http://vids.myspace.com/index.cfm?fuseaction=vids.individual&VideoID=6788752

Fraggle Rocks
http://vids.myspace.com/index.cfm?fuseaction=vids.individual&VideoID=6788283

Godzilla
http://vids.myspace.com/index.cfm?fuseaction=vids.individual&VideoID=6788310

No Problem.

I beg no vex, Nah so so MTN reception dey kpafuka every now and then.
Text me. I'll respond.

Thanks