mokrak:
Please everyone be watchful of your banks ooo especially first bank,they have started playing hanky panky.my treasury bills was matured and a standing order to pay back the interest and principal in my account was ignored and re-invested.
Now they are telling me they will discount if I want to collect my principal and interest back because it has started already.
A fault of theirs ooo

Controlv:


I thought they were supposed to pay interest upfront

mokrak:
Please everyone be watchful of your banks ooo especially first bank,they have started playing hanky panky.my treasury bills was matured and a standing order to pay back the interest and principal in my account was ignored and re-invested.
Now they are telling me they will discount if I want to collect my principal and interest back because it has started already.
A fault of theirs ooo

olujaidi:


Next time, take a picture of your form or collect your investment letter to confirm the terms.

Also, why are you afraid of discounting? I believe you meant that your initial investment had matured but was rolled over inappropriately. So if you discount it, the rolled over principal and interest will be affected not your initial principal and interest, no? If your initial investment will not be affected, why is that a problem?




I went with my copy of my investment letter showing the date of maturity and amount.
On the issue of discounting,the amount the lady presented to me after discounting was lower than my interest and principal put together.i put 6million to collect 6.690m at a rate 11%. Now she is telling me after discounting I will get 6.48m

mokrak:
I went with my copy of my investment letter showing the date
of maturity and amount.
On the issue of discounting,the amount the lady presented to
me after discounting was lower than my interest and principal
put together.i put 6million to collect 6.690m at a rate 11%. Now
she is telling me after discounting I will get 6.48m

Kayromeo123:
Please, I really need to invest in this, can I get a person to put me through? the person can reach me through my contact number, thou have registered but I don't know how to go about it thanks. 08036816164. ASAP.

RealityShot:

This is terrible!

Why don't you contact First Contact and report the issue?
Also involve the manager of the branch and clearly state that you did not instruct the rollover.

mokrak:
I have resolved it

gaeul:
Did TB with First Bank Secondary market yesterday. Just got a message that it was cancelled that I gave the mandate for it to be cancelled.

I didn't give any kind of mandate. The money has been refunded. I didn't know they refund secondary market cash. Just confused and pissed...

mokrak:
Went to the bank and asked to see the manager

RealityShot:
they do cancel it at their will.

Just go back and ask why, then tell them to do it as you requested before.
They will do it.

I think they do that in order to make the fubds available to them for a period.

Don't give them gap. Go tomorrow

mokrak:
Saw the manager,called the affected staff,told them to refund my money and the affected staff will pay the difference from her salary

faoogoke:

MPC orders CBN to restrict banks’ access to govt securities, retains MPR at 13.5%


May 22, 2019

CBN predicts 12 percent inflation, to keep current MPR




By Ripples Nigeria




The Monetary Policy Committee (MPC) has directed the Central Bank of Nigeria (CBN) to initiate policies and regulations to restrict access of banks to government securities including bonds and treasury bills.

This formed part of the resolution of the meeting of the MPC in Abuja on Tuesday.

The governor of the apex bank, Godwin Emefiele, who spoke after the meeting, said the move was taken to redirect banks’ lending focus to the private sector, noting that this would spur the much needed growth in the economy.

He added that the mechanism would limit the access of Debt Money Banks (DMBs) to government securities.

He said: “In view of the abundant opportunities available to banks for unfettered access to government securities, which tends to crowd out private sector lending, the Committee called on the Bank to provide a mechanism for limiting DMBs access to government securities so as to redirect banks’ lending focus to the private sector, noting that this would spur the much needed growth in the economy. It called on the government to use all machinery at its disposal to increase tax revenue to enable the government fund its budget adequately.

“It is important and expedient that the MPC gives this directive to the management of the Central Bank because this country badly needs growth. For us to achieve growth, those whose primary responsibilities it is to provide credit, who act as intermediaries in providing credit and are accorded as the catalysts to the economy, must be seen to perform that responsibility.

He noted that the CBN was displeased with the DMBs directing liquidity to other sectors of the economy rather than the private sector.

“This is what the MPC frowns at and, therefore, giving the management of Central Bank the power to limit the DMBs’ propensity or their appetite for just going for government securities rather than directing credit to private sector of the economy.

“The truth is that according to our own regulations, there is a particular minimum percentage of treasury bills or government securities that the bank must invest in order to remain liquid. But again, we have observed – and unfortunately too and increasingly so – that the banks, rather than focusing on granting credit to the private sector, they tend to direct their focus to mainly in buying government securities.”

He noted that the MPC also directed the CBN think about administrative, legal and regulatory framework to be put in place to ensure that some of the credit risks that were associated with granting loans to the private sector that ultimately result in Non-Performing Loans (NPLs) be mitigated.

By this, he said, the probability that NPLs would rise would be moderated.

The MPC agreed to develop a proposal for a comprehensive administrative legal and regulatory framework to speed up the recovery of delinquent loan facilities of the banking system.

Emefiele stated that the MPC resolved to retain the Monetary Policy Rate (MPR) at 13.50 per cent; retain the asymmetric corridor of +200/-500 basis points around the MPR; retain the Cash Reserve Ratio (CRR) at 22.5 per cent; and retain the Liquidity Ratio at 30 per cent.

zamirikpo:


This calls for an in-depth analysis of the possible implications of this resolutions whenever it comes into play.

Would this reduce the amount individuals are allowed to invest?

Can individuals with the required 50m minimum buy directly from cbn .? with this restriction on banks.

Generally what does this mean for an average TB investor.

@realityshot @awesomej @ahiboilandgas @others

zamirikpo:


This calls for an in-depth analysis of the possible implications of this resolutions whenever it comes into play.

Would this reduce the amount individuals are allowed to invest?

Can individuals with the required 50m minimum buy directly from cbn .? with this restriction on banks.

Generally what does this mean for an average TB investor.

@realityshot @awesomej @ahiboilandgas @others

zamirikpo:


This calls for an in-depth analysis of the possible implications of this resolutions whenever it comes into play.

Would this reduce the amount individuals are allowed to invest?

Can individuals with the required 50m minimum buy directly from cbn .? with this restriction on banks.

Generally what does this mean for an average TB investor.

@realityshot @awesomej @ahiboilandgas @others

Breadfruit:
Please is it that gtbank bid keeps failing or what? I will put in for the primary market And not get debited? This is like the third time.

Since February that the last one matured?

ahiboilandgas:
I actually feel like retiring .do any body feel the same my investment in bond and tb could be earning me around 800 k monthly ,runing business come with a lot of stress ,couple with Lagos stress some time I feel like just selling my fleet and adding my holding in tb and retire at 40 ...but I don't like boredom , I went on a 1 months vacation and it was not fun after 2 weeks ,or move aboard and enjoy live small in a normal society before my exit...when is the best time to retire?or we will working,investing still we die