osato45:
2m gone

You forgot the name of a microfinance bank that vanished with your 2m. You be 30BG then.. ask me about my 200k wey loss for mmm in 10yrs time, I'll remember.���

kristien4:
You forgot the name of a microfinance bank that vanished with your 2m. You be 30BG then.. ask me about my 200k wey loss for mmm in 10yrs time, I'll remember.���

it hurts u know, i cant keep remembering it jare. Like is too short

kristien4:
You forgot the name of a microfinance bank that vanished with your 2m. You be 30BG then.. ask me about my 200k wey loss for mmm in 10yrs time, I'll remember.���

They do change names like Afribank, later became Main Street bank, later Skye Bank now Polaris bank.

When new investors recapitalise the bank, the name changes

Boss, please there's info I'll like to get from you. Thanks

emmanuelewumi:


They do change names like Afribank, later became Main Street bank, later Skye Bank now Polaris bank.

When new investors recapitalise the bank, the name changes

polaris is not microfinance

Tweetums:
polaris is not microfinance

Never said it was a microfinance bank.

Just gave you the chronicle and metamorphosis of a troubled financial institution

When new investors recapitalise a troubled business be it a bank, microfinance bank, insurance company, manufacturing company, they usually change the name and rebrand the business

Wickedfacts:


Is this the official policy of Lapo as regards startup businesses and is there an official notice or instruction to this effect?

Its a policy born out of Lapo's desire for effective Corporate governance and Risk management..We can't just give funds to people who have zero business experience..Its a recipe for delinquent loans.

jayjay1512:
Good day fellow investors ,I am an ardent follower of treasury bills thread here though I hardly but I must confess this thread has been of great contribution to my financial life.But it is a pity that the investment option is no longer viable and obvious the government wants us to go into physical business to create jobs.Though not minding I have decided to go into a business that am very convinced of its viability which details I don't want to go into here.The business requires about 4 million naira to start and I will be able to raise 2 million naira on my own.I need someone that can provide me with a loan of 2 million naira for 2 years with a maximum interest of 20%.Please this is a genuine call with my integrity fully committed.I am ready to provide such person with whatever collateral that might be required.my digit zero eight one six six zero five nine five two zero

Why not ask from your church, family members and friends they should be able to help in loaning you, why come to a faceless forum? Besides the bank are giving loans at ridiculous rates.

unite4real:
Here is another one from CBN.

CBN restricts withdrawal of foreign currency deposits

What this means: If a bank customer made an electronic transfer of $5,000 into his domiciliary account and later goes to the bank to make a cash deposit of $10,000, making a total of $15,000 in the account. Such customer can only make withdrawals from the account in the manner/medium he used to make the deposits into the domiciliary account.

It means if the bank customer needs to make a payment of $12,000 or initiates a transaction of $12,000, he can only pay $5, 000 through electronic transfer and the reaming $7,000 would have to be paid in cash.

The new CBN directive comes as a surprise to Nigerians as shown in their responses to the tweets on Saturday. Now, Nigerians are left with making cash deposits into beneficiary’s account or instead of taking cash, the beneficiary request for a transfer to be made into such account given is future or current need for the money.

For more....

https://nairametrics.com/2020/02/23/cbn-restricts-withdrawal-of-foreign-currency-deposits/

This is really serious oo.. What about inflow from a foreign bank.. Can it be withdrawn over the counter?

conyema12:


This is really serious oo.. What about inflow from a foreign bank.. Can it be withdrawn over the counter?

No it cannot. It can only be wired.

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olujaidi:
Does anyone know of any options where one can run a foreign bank account without being a resident of a foreign country? Or a country with not so stringent requirements?

@Nnamz, sholapey, ahiboilandgas, emmanuelewumi , donbrig
Cc: all other knowledgeable parties

you will need a proof address of your residence and proof of I.d to open and operate a foreign account.

emmanuelewumi:


They do change names like Afribank, later became Main Street bank, later Skye Bank now Polaris bank.

When new investors recapitalise the bank, the name changes

I need info on how to retrieve some of my funds from afribank. I learnt they've changed name but I don't know if I can go to my branch in apongbon lagos island to file for claim, your advise is needed sir.

Sholapey:
I need info on how to retrieve some of my funds from afriback. I learnt they've changed name but I don't know if I can go to my branch in apongbon lagos island to file for claim, your advise is needed sir.

Yes, Afribank merged with Skye bank and later transform to Polarise bank. I believe you can. Most Afribank branches that operated as Polarise bank around me are still operating..

Sholapey:
I need info on how to retrieve some of my funds from afriback. I learnt they've changed name but I don't know if I can go to my branch in apongbon lagos island to file for claim, your advise is needed sir.

You will get your money back, but it will be a bit difficult.

Your account number must have been changed up to 3 times.

When it changed to Mainstreet the account number was changed, when it was bought by Skye Bank the number also changed before CBN now introduced the 10 digits NUBAN numbers

feelamong:


Thanks bro!!! I have leant a lot on Naira land and I think its pay back time for me!!

Thank you

jayjay1512:
Good day fellow investors ,I am an ardent follower of treasury bills thread here though I hardly but I must confess this thread has been of great contribution to my financial life.But it is a pity that the investment option is no longer viable and obvious the government wants us to go into physical business to create jobs.Though not minding I have decided to go into a business that am very convinced of its viability which details I don't want to go into here.The business requires about 4 million naira to start and I will be able to raise 2 million naira on my own.I need someone that can provide me with a loan of 2 million naira for 2 years with a maximum interest of 20%.Please this is a genuine call with my integrity fully committed.I am ready to provide such person with whatever collateral that might be required.my digit zero eight one six six zero five nine five two zero

You got my attention.
Where are you based?

Investment is more of Marathon than a Sprint. It's more of average velocity not constant velocity or speed. Learn the rules before embarking on it. On the long run you will be a winner if you abide and play by the rules and use the right strategy

unite4real:


No it cannot. It can only be wired.

So please if person deposited dollars in my dorm account in Nigeria, i cant use it to buy things online with my dollar mastercard abroad?

I am trying to add a domiciliary account to my existing GTB bank account and they said I need two references of people with gtb current account. Can I get two references from people here, abeg. My Whatsapp number is zero eight one five two two four four three four nine. Pls someone should contact me. I need it urgently, thanks.

Jupiter7:
I am trying to add a domiciliary account to my existing GTB bank account and they said I need two references of people with gtb current account. Can I get two references from people here, abeg. My Whatsapp number is zero eight one five two two four four three four nine. Pls someone should contact me. I need it urgently, thanks.

Your account officer should be able to get you the the referrals you need. It's not hard.

Jupiter7:
I am trying to add a domiciliary account to my existing GTB bank account and they said I need two references of people with gtb current account. Can I get two references from people here, abeg. My Whatsapp number is zero eight one five two two four four three four nine. Pls someone should contact me. I need it urgently, thanks.

I don't think they must be GTB bank account holders alone. Any bank current account should be able to do this for you.

emmanuelewumi:


You need to have a pedigree and track record in your line of business before seeking for funds from financial institutions.

If you have highly liquid collateral, this requirements might be waived at the discretion of the loan officer.

You can't have N10 million worth of FGN bonds, and you need N4 million loan for a start up business from a bank. There is 60% probability that the loan will be granted even though the business is a start up

Thanks a lot for this info. I'm very grateful.

@all.. please I need a info about stanbic mmf, .. how does it work, what are the rates and tenor... and how do I invest and go about it.

Topson88:


So please if person deposited dollars in my dorm account in Nigeria, i cant use it to buy things online with my dollar mastercard abroad?

If u have$1000 in your account such that $300 was wired to it while $700 was cash payment directly. It means u cannot wire out more than $300 and cannot cash out more than $700.

The total.amount u can cash out must not exceed the total you have paid in as cash and vise versa

So if anyone wired money to you, you cannot take that amount out as cash. You can only wired it for another transaction.

unite4real:


If u have$1000 in your account such that $300 was wired to it while $700 was cash payment directly. It means u cannot wire out more than $300 and cannot cash out more than $700.

The total.amount u can cash out must not exceed the total you have paid in as cash and vise versa

If this explanation is true, that means CBN is not serious
What kind of childish policy is this...

ukay2:


If this explanation is true, that means CBN is not serious
What kind of childish policy is this...

It's actually true.

unite4real:


It's actually true.

CBN will soon become clueless