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Treasury Bills In Nigeria - Investment (1965) - Nairaland

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Re: Treasury Bills In Nigeria by Nakedman: 10:19am On Jul 20, 2021
LagosNissan:


How do you all relate to account officers please?

Mine for Gtb is female and one for Access is male.

At times, she helps with some stuff within her line of duty.

The last time I did tbills was towards month ending.
I did it from a different state branch cos I travelled. They still sent the instructions to her. She called and started "crying" that I was moving funds. She said it would give her negative rating.



I promised her some funds would still come before the 30th of the month.

Same with the guy at Access.


I don't like them knowing about what I intend doing especially moving funds cos they would start "crying" about moving funds.


Note that I had left all these funds fallow during low tbills rate, coupled with the fact that I was expecting a deal then.



NOW, these people see you have some money in your account. (Not all ve my money o. Family biz money, a kind of huge but in my personal account.)

AT TIMES, I FEEL LIKE GIVING THEM sth, but I don't know what it would feel like. Or the impression it would create.

At times , I feel like calling them randomly to ask about their welfare. Especially that Gtb own. Na fine gel grin cheesy shocked tongue

How do the ogas here handle this?

Is it good to be jovial, friendly etc with them? Will it lead to abuse?

Note I usually give tips to tellers or customer care reps when they help with my requests. But my account officers are far from my location.

All talks are on phone.


Oya advise me pls cool







Never mix Business with Emotions.. Never get into relationships with account officers. That's my piece of advice.

5 Likes

Re: Treasury Bills In Nigeria by Cyberknight: 10:34am On Jul 20, 2021
Of course it is not illegal to open an account in another country.
It is illegal to break the law of that country to do so.
Most countries require one to establish residence no matter how briefly there to have access to banking. In many African countries, that is not very difficult.
Getting a Kenyan Alien Card for instance, is not.
Mobile money accounts and even the SC basic one previously mentioned can sometimes be opened, but those work best if you just come and go and don't intend to move any significant volume of money.
Re: Treasury Bills In Nigeria by NgHotGirls: 10:52am On Jul 20, 2021
Cyberknight:
Of course it is not illegal to open an account in another country.
It is illegal to break the law of that country to do so.
Most countries require one to establish residence no matter how briefly there to have access to banking. In many African countries, that is not very difficult.
Getting a Kenyan Alien Card for instance, is not.
Mobile money accounts and even the SC basic one previously mentioned can sometimes be opened, but those work best if you just come and go and don't intend to move any significant volume of money.
hmmmmm, the Indians here that opened account without resident permit, how did they do it? Please explain
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 12:24pm On Jul 20, 2021
NgHotGirls:
hmmmmm, the Indians here that opened account without resident permit, how did they do it? Please explain


Some of them are Nigerians

4 Likes

Re: Treasury Bills In Nigeria by NgHotGirls: 3:57pm On Jul 20, 2021
emmanuelewumi:



Some of them are Nigerians
How?
Re: Treasury Bills In Nigeria by richforever123: 4:47pm On Jul 20, 2021
LagosNissan:


How do you all relate to account officers please?

Mine for Gtb is female and one for Access is male.

At times, she helps with some stuff within her line of duty.

The last time I did tbills was towards month ending.
I did it from a different state branch cos I travelled. They still sent the instructions to her. She called and started "crying" that I was moving funds. She said it would give her negative rating.



I promised her some funds would still come before the 30th of the month.

Same with the guy at Access.


I don't like them knowing about what I intend doing especially moving funds cos they would start "crying" about moving funds.


Note that I had left all these funds fallow during low tbills rate, coupled with the fact that I was expecting a deal then.



NOW, these people see you have some money in your account. (Not all ve my money o. Family biz money, a kind of huge but in my personal account.)

AT TIMES, I FEEL LIKE GIVING THEM sth, but I don't know what it would feel like. Or the impression it would create.

At times , I feel like calling them randomly to ask about their welfare. Especially that Gtb own. Na fine gel grin cheesy shocked tongue

How do the ogas here handle this?

Is it good to be jovial, friendly etc with them? Will it lead to abuse?

Note I usually give tips to tellers or customer care reps when they help with my requests. But my account officers are far from my location.

All talks are on phone.


Oya advise me pls cool






Never loose focus and let emotions come into play, you should be very wary of people who know how much you have in your account, this is Nigeria, if you want friends there a millions of other people that can be your friends

3 Likes

Re: Treasury Bills In Nigeria by emmanuelewumi(m): 5:52pm On Jul 20, 2021
NgHotGirls:
How?

We have Indians and Lebanese whose great grand parents came to Nigeria over 100 years ago the Aswani, Vaswani, Chellerams families etc.

They came to Lagos, Ibadan, Kano etc many years ago as traders, artisans, technicians etc and have built multi billion dollars Businesses over the years.

1 Like

Re: Treasury Bills In Nigeria by Tobex4realTobex234(m): 6:21pm On Jul 20, 2021
Cyberknight:
Of course it is not illegal to open an account in another country.
It is illegal to break the law of that country to do so.
Most countries require one to establish residence no matter how briefly there to have access to banking. In many African countries, that is not very difficult.
Getting a Kenyan Alien Card for instance, is not.
Mobile money accounts and even the SC basic one previously mentioned can sometimes be opened, but those work best if you just come and go and don't intend to move any significant volume of money.

And which law are you breaking to get a job and open an account there or register a business and open an account there?

Also MPESA as I suggested isn't illegal. I still have my Kenyan sim with me like this and even though I have not used MPESA in several months, it's not illegal to keep the ownership except there's something you know that I don't know Sir.

I actually wished I opened like 3 bank accounts. I was paying over 100k KES monthly as taxes to that country, and one nigga here is saying it's illegal to open offshore account. Nairaland una no go tire me.

3 Likes

Re: Treasury Bills In Nigeria by Cyberknight: 7:58pm On Jul 20, 2021
Tobex4realTobex234:


And which law are you breaking to get a job and open an account there or register a business and open an account there?

Also MPESA as I suggested isn't illegal. I still have my Kenyan sim with me like this and even though I have not used MPESA in several months, it's not illegal to keep the ownership except there's something you know that I don't know Sir.

I actually wished I opened like 3 bank accounts. I was paying over 100k KES monthly as taxes to that country, and one nigga here is saying it's illegal to open offshore account. Nairaland una no go tire me.

Read and understand the post you quoted properly.
If one gets a job in a country, and has to go there to work, then one has obviously established residence there for the duration of their employment. I didn't think that needed to be spelt out.

I also stated clearly in English that there is nothing illegal about holding a bank account outside one's current country of residence. You actually quoted the comment in full, then drew the opposite conclusion.

This puts an end to this matter for me.

3 Likes

Re: Treasury Bills In Nigeria by creategist: 3:00am On Jul 21, 2021
emmanuelewumi:


We have Indians and Lebanese whose great grand parents came to Nigeria over 100 years ago the Aswani, Vaswani, Chellerams families etc.

They came to Lagos, Ibadan, Kano etc many years ago as traders, artisans, technicians etc and have built multi billion dollars Businesses over the years.

But why are Nigerians themselves not replicating such business success in droves?
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 5:48am On Jul 21, 2021
creategist:


But why are Nigerians themselves not replicating such business success in droves?


Those Indians and Lebanese are very frugal, they have the right attitudes, their children are expected to work in the family business after receiving the best education from any part of the world thereby sustaining the businesses and taking them to greater heights.

We have some Nigerian traders and business owners who were bigger than these Indian and Lebanese businesses some 80 years ago, but can't couuld not pass the test of time.

We have big European businesses about 80 years ago in Nigeria, that are now a shadow of themselves

6 Likes 1 Share

Re: Treasury Bills In Nigeria by NgHotGirls: 7:35am On Jul 21, 2021
emmanuelewumi:


We have Indians and Lebanese whose great grand parents came to Nigeria over 100 years ago the Aswani, Vaswani, Chellerams families etc.

They came to Lagos, Ibadan, Kano etc many years ago as traders, artisans, technicians etc and have built multi billion dollars Businesses over the years.
Hmmmmm
Re: Treasury Bills In Nigeria by NgHotGirls: 7:37am On Jul 21, 2021
emmanuelewumi:



Those Indians and Lebanese are very frugal, they have the right attitudes, their children are expected to work in the family business after receiving the best education from any part of the world thereby sustaining the businesses and taking them to greater heights.

We have some Nigerian traders and business owners who were bigger than these Indian and Lebanese businesses some 80 years ago, but can't couuld not pass the test of time.
We have big European businesses about 80 years ago in Nigeria, that are now a shadow of themselves
one word corruption
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 8:36am On Jul 21, 2021
NgHotGirls:
one word corruption


Not only corruption.


Read " The making and makers of Nigeria's private enterprise" by Tom Forrest.

Most of the old money men were illiterates, they gave their children the best education outside the country. They believed trading or business was beneath the level of education and exposure of their children. The children became Professors, Judges, Lawyers, Engineers, Accountants, Civil Servants etc and the businesses of their parents died with the founders.

6 Likes 1 Share

Re: Treasury Bills In Nigeria by LordPherule(m): 8:38am On Jul 21, 2021
Don't forget I still buy funds and support with payment solution like Zelle, PayPal, eBay, and Payoneer funds at a sweet rate.
I redeem gift cards and e-code at first-hand rates as the foreign exchanger you give.

Tested and Trusted! Many transactions that many can vouch for me.

Re: Treasury Bills In Nigeria by lavylilly: 8:43am On Jul 21, 2021
Tobex4realTobex234:


And which law are you breaking to get a job and open an account there or register a business and open an account there?

Also MPESA as I suggested isn't illegal. I still have my Kenyan sim with me like this and even though I have not used MPESA in several months, it's not illegal to keep the ownership except there's something you know that I don't know Sir.

I actually wished I opened like 3 bank accounts. I was paying over 100k KES monthly as taxes to that country, and one nigga here is saying it's illegal to open offshore account. Nairaland una no go tire me.
I laugh them. Many foreigners from other African countries have voters cards, NIN slip and drivers licenses and these foreigner have not even lived up to 10yrs in Nigeria. My Gate man is from Niger republic and his name is Mohammed and has both BVN &NIN. Remind me again what requirements is to open an account in Nigeria.
Re: Treasury Bills In Nigeria by lavylilly: 8:45am On Jul 21, 2021
emmanuelewumi:



Not only corruption.


Read " The making and makers of Nigeria's private enterprise" by Tom Forrest.

Most of the old money men were illiterates, they gave their children the best education outside the country. They believed trading or business was beneath the level of education and exposure of their children. The children became Professors, Judges, Lawyers, Engineers, Accountants, Civil Servants etc and the businesses of their parents died with the founders.
The business will die because the children refuse to learn the ropes of the business, the reason many businesses owned by Lebanese and indians continue to grow and outlive their founders.
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 8:54am On Jul 21, 2021
lavylilly:
The business will die because the children refuse to learn the ropes of the business, the reason many businesses owned by Lebanese and indians continue to grow and outlive their founders.


About 80 years ago, the old money men found business or trading demeaning, they believed it was glamorous and prestigious to be the father of a doctor, lawyer, judge, Professor, Engineer than to be the father of a child who is working in the family business.

It is now that successful business people are introducing their children to their businesses

5 Likes 1 Share

Re: Treasury Bills In Nigeria by lavylilly: 8:59am On Jul 21, 2021
emmanuelewumi:



About 80 years ago, the old money men found business or trading demeaning, they believed it was glamorous and prestigious to be the father of a doctor, lawyer, judge, Professor, Engineer than to be the father of a child who is working in the family business.

It is now that successful business people are introducing their children to their businesses
Very few children especially Nigerians want to be in the family business except politics. For indians and Lebanese it's like a tradition or culture for them to be part of the family business.
Re: Treasury Bills In Nigeria by afroxyz: 9:16am On Jul 21, 2021
lavylilly:
The business will die because the children refuse to learn the ropes of the business, the reason many businesses owned by Lebanese and indians continue to grow and outlive their founders.
lavylilly:
Very few children especially Nigerians want to be in the family business except politics. For indians and Lebanese it's like a tradition or culture for them to be part of the family business.

The children refused to learn the ropes or the parents refused to put them through? Is it not parents that would instil the tradition and culture to the children?

7 Likes

Re: Treasury Bills In Nigeria by emmanuelewumi(m): 9:20am On Jul 21, 2021
lavylilly:
Very few children especially Nigerians want to be in the family business except politics. For indians and Lebanese it's like a tradition or culture for them to be part of the family business.

Because we didn't introduce them to it at a young age, if they worked in the family business during holidays and made to realize that it is the business that pays the bills, school fees, vacation etc. They will be interested.


I have a friend in the University, his illiterate mother was a big time textile trader on Lagos Island. His mother did not want him to come near her shops, she wanted him to be a banker. The guy studied Mathematics in the University and graduated with a second class upper

During the ASUU strike of 1993, when Universities in the country were closed down for over a year. Out of boredom the guy decided to go to the shop twice in a week.

He saw how his seniors in the University who are bankers were coming to her mother's business for deposits, the few 8 months he spent during the long holiday opened his eyes to the money making opportunities in the business.

When he graduated the following year, he did his NYSC with one of the new generation banks, he was retained by the bank after NYSC. He worked for just 2 years before he resigned to manage the family business and he has done so well for himself with Investments in real estate in Nigeria and outside the country, stock market and also expanded the business

9 Likes

Re: Treasury Bills In Nigeria by LauraClasikVibe(f): 9:33am On Jul 21, 2021
emmanuelewumi:


Because we didn't introduce them to it at a young age, if they worked in the family business during holidays and made to realize that it is the business that pays the bills, school fees, vacation etc. They will be interested.


I have a friend in the University, his illiterate mother was a big time textile trader on Lagos Island. His mother did not want him to come near her shops, she wanted him to be a banker. The guy studied Mathematics in the University and graduated with a second class upper

During the ASUU strike of 1993, when Universities in the country were closed down for over a year. Out of boredom the guy decided to go to the shop twice in a week.

He saw how his seniors in the University who are bankers were coming to her mother's business for deposits, the few 8 months he spent during the long holiday opened his eyes to the money making opportunities in the business.

When he graduated the following year, he did his NYSC with one of the new generation banks, he was retained by the bank after NYSC. He worked for just 2 years before he resigned to manage the family business and he has done so well for himself with Investments in real estate in Nigeria and outside the country, stock market and also expanded the business
Key word the bolded
Re: Treasury Bills In Nigeria by LauraClasikVibe(f): 9:35am On Jul 21, 2021
afroxyz:



The children refused to learn the ropes or the parents refused to put them through? Is it not parents that would instil the tradition and culture to the children?
I have many friends who their family have a family business, they don't want to be part of it in any form. How many parents in Nigeria would teach their kids spare part business?
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 9:58am On Jul 21, 2021
LauraClasikVibe:
I have many friends who their family have a family business, they don't want to be part of it in any form. How many parents in Nigeria would teach their kids spare part business?


Come to ASPAMDA you will see a lot of graduates selling spare parts. Nduka my classmate in the University is now a big time importer of batteries, that was the business that financed his University education.

Where is the job sef, when you have a family business that is comfortably paying your bills, fueling your cars, paying for your vacation to Dubai, Europe or Asia

6 Likes

Re: Treasury Bills In Nigeria by yazga: 10:18am On Jul 21, 2021
holuwasheyiWGP:

The same branch app that give loan.
Yeah
Re: Treasury Bills In Nigeria by afroxyz: 10:54am On Jul 21, 2021
LauraClasikVibe:
I have many friends who their family have a family business, they don't want to be part of it in any form. How many parents in Nigeria would teach their kids spare part business?

At what age did their parents try to introduce them to the family business? It is not when the child graduates and has his own view of the world that you want to introduce him to the family business, it wont work.

10 Likes

Re: Treasury Bills In Nigeria by Lazyyouth4u: 11:13am On Jul 21, 2021
lavylilly:
I laugh them. Many foreigners from other African countries have voters cards, NIN slip and drivers licenses and these foreigner have not even lived up to 10yrs in Nigeria. My Gate man is from Niger republic and his name is Mohammed and has both BVN &NIN. Remind me again what requirements is to open an account in Nigeria.

I don’t know what all the fuss is about. Cyberknight is right. You need to have permanent residency or proof of business in the country to open an account outside your country of citizenship. You can’t just walk into any bank in a foreign country and open an account without these.

This is part of the KYC process of banks in every country and it has to do with taxation and anti money laundering and terrorism financing regulations. In the past, it was possible but today it is almost impossible in most countries. It still doesn’t mean that some people don’t find a way to do it illegally. Especially in corrupt countries lipsrsealed

High net worth individuals are able to open offshore bank accounts in certain countries but this is very complex and not for the common man sad

4 Likes

Re: Treasury Bills In Nigeria by emmanuelewumi(m): 11:25am On Jul 21, 2021
afroxyz:



The children refused to learn the ropes or the parents refused to put them through? Is it not parents that would instil the tradition and culture to the children?


Correct
Re: Treasury Bills In Nigeria by ukay2: 12:09pm On Jul 21, 2021
emmanuelewumi:


Because we didn't introduce them to it at a young age, if they worked in the family business during holidays and made to realize that it is the business that pays the bills, school fees, vacation etc. They will be interested.


I have a friend in the University, his illiterate mother was a big time textile trader on Lagos Island. His mother did not want him to come near her shops, she wanted him to be a banker. The guy studied Mathematics in the University and graduated with a second class upper

During the ASUU strike of 1993, when Universities in the country were closed down for over a year. Out of boredom the guy decided to go to the shop twice in a week.

He saw how his seniors in the University who are bankers were coming to her mother's business for deposits, the few 8 months he spent during the long holiday opened his eyes to the money making opportunities in the business.

When he graduated the following year, he did his NYSC with one of the new generation banks, he was retained by the bank after NYSC. He worked for just 2 years before he resigned to manage the family business and he has done so well for himself with Investments in real estate in Nigeria and outside the country, stock market and also expanded the business

Brilliant......

Like stories like this
Re: Treasury Bills In Nigeria by ukay2: 12:13pm On Jul 21, 2021
LauraClasikVibe:
Key word the bolded

Very true.
Re: Treasury Bills In Nigeria by seunpinky(m): 12:31pm On Jul 21, 2021
This scenario played out with a family friend. The father was a very big and successful biz man, infact was a major supplier of security doors for banks in Nigeria.

The man tried so hard to convince his son to leave the UK to take over the biz, the son refused and stayed put. The father died some years ago and now the son is back to take over the biz, guess what, d biz has not been d same ever since.. he missed d opportunity to learn directly under his father and their competitors have seized control of their market share.

emmanuelewumi:



Come to ASPAMDA you will see a lot of graduates selling spare parts. Nduka my classmate in the University is now a big time importer of batteries, that was the business that financed his University education.

Where is the job sef, when you have a family business that is comfortably paying your bills, fueling your cars, paying for your vacation to Dubai, Europe or Asia

8 Likes 1 Share

Re: Treasury Bills In Nigeria by DaBogu: 12:34pm On Jul 21, 2021
seunpinky:
This scenario played out with a family friend. The father was a very big and successful biz man, infact was a major supplier of security doors for banks in Nigeria.

The man tried so hard to convince his son to leave the UK to take over the biz, the son refused and stayed put. The father died some years ago and now the son is back to take over the biz, guess what, d biz has not been d same ever since.. he missed d opportunity to learn directly under his father and their competitors have seized control of their market share.

He made the mistake of coming back, he should have just stayed in the UK.

1 Like

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