₦airaland Forum

emmasoft:
WHT AND TBILLS
There is nowhere in the world where WHT is deducted from capital; it's always from interest earned, whether deducted at the beginning of the tenor or at the end, WHT is always deducted from interest earned. Even the interest earned in your savings is treated the same way.

You invested 100k in TBills. At the start, they collected 90k, which leaves 10k interest in your account.
At maturity, they paid you 99k is the same as paying you 9k at the beginning and giving you 100k at the end. Nothing has touched your capital.

Let's be well guided.

The reason it appears that way is because the thieves applied it to investments done before the implementation.

People who got their interest upfront are getting theirs deducted from capital which is wrong.

Laws should not be retroactive. I wish we have people who can take up the government on this in court.

TemporaryHansel:
Men are trying sha, you'll buy something for someone, and they'll be giving praises to God, instead of you.

Man wey go likely be public figure or get wife for house.

He prefers it that way.

MOM1:
You may need to contact your account officer. It is a always a PDF doc and you will see FIRS stamp on it

This is not true

femiaction:
The problem is:

The document had no stamp or signature from First Bank officials.

Instead, it asked me to sign and return.

This was sent to me directly by my account officer, which makes me very concerned.

If it is on a first bank letter headed paper, with proof of investment followed by a 13 digit number at the top left hand corner then there's nothing wrong with it

Mine has never had any signature or stamp and I have always gotten paid when due

ouzo1:
Na dat time of the year again.....na my birthday o...

Blueray u dey owe me Azul o.

Happy birthday. Long life

Ibime:
He must be what they call iron cameler

Maybe he added some sprints

GrammarNazi1:
This evening.

I felt this one shortly after the workout.

Your average speed is crazy. I have never been able to go beyond 5.0

No matter how fast I walk.

GloriousGbola:
a contractor at that level and at that volume will have direct supply contract with cement suppliers and bulk discount.

this is the execution of multi billion naira contract. looking like work executed on a bungalow for izzou and brothers.

we are overseeing a project in same enugu with a value of 570m and at the barest minimum we have people properly kitted

the guy should have stuck to cosplaying as a developer

Hmmmm

izzou:
[color=royalblue]The fact that the 5 billion given to him first has not produced anything is probably why the Government has not remembered the shady bond issue.

They gave you 5 billion, and you haven't even done anything...

Na that one fit vex the government sef

And 500 million for only the building of the school looks fair. You're not furnishing it. Just the building, and you cannot even deliver 1, out of 22.[/color]

How can a contractor at that level be complaining about cement price when they mobilised you with 50% of funds?

This is why I don't listen to successful Nigerian entrepreneurs. I don't read their books and watch their videos.

When I was a contract staff, the company responsible for our salaries had issues with the parent company and their contract was terminated.

When a new company was brought and they sent offer letters, I noticed my pension had reduced by N9,000.

I called the attention of two other colleagues to it and we engaged them. Initially, they claimed the offer sent to us was based on what the parent company gave them. When we threatened to escalate to the parent company, they quietly sent three of us revised letters and added what they deducted from the pension to our salary.

Imagine one person stealing N9,000 from more than 500 staff across the country every month.

Tomorrow, the MD of the company will write a book, telling us cock and bull stories of how he made it

BlueRayDick:
The bank is guaranteeing he would perform and deliver on the contract as based on the 50% advance he received from the government.

If he fails to deliver, the state government which is the principal will call the bond and the bank that guaranteed the contractor's performance will be held liable to reimburse the government.

The fact that the state government paid Zenith bank instead of jaiz bank that guaranteed the contract shows a lot that is wrong in this country. Somebody on Enugu state government is also complicit. But I don't think that matters now, it seems the government will deal with him with EFCC.

I believe it was Ramdeuter who once said the reason he doesn't take or push for government contracts is because when the shit hits the fan, you will be left alone to face the music.

If Raumdeuter knows this, Suji knows it too.

I stopped watching his video the point he started to share crocodile tears. He should go and explain himself to EFCC.

GloriousGbola:
https://www.investopedia.com/terms/p/performancebond.asp

tool used when vendors are given advance payment on a project

Thank you.

If I understand, they are saying Jaiz cannot honour the bond because the money went through Zenith signalling his intent to defraud from the start.

Why did they pay to Zenith in the first place when the bond was from Jaiz?

And if Jaiz can still honour the bond, shouldn't they be suing Jaiz bank?

BlueRayDick:
I didn't watch the guy's sobbing videos so I don't know what excuse he gave for failure to deliver on the project but from what I read in the Enugu state government's side of the story, it appears the guy never had intentions of delivering on the project in line with the contract terms.

If the government advenced 50% for the project and upon provision of bank guarantee bond, sijumoto was expected to have achieved major milestone from the funds and at least have on ground equity work that can be assessed to encourage the government to release the balance payment.

To me it juts seem as if the guy has been so used to doing shoddy jobs for government contracts and wasn't expecting the state government to operate strictly on the terms of the contract. He most likely had greased people's palms and was expecting them to give him pass so he can assess the outsnadibg balance while delivery a poor quality job.

The audacity he has to have avoided all meetings with the the state's engineering monitoring team shows he has his trust on the old system of greasing palms and putting up a no-show.

I like how the Enugu state government put a fire to his asss. Now he will have to reimburse them and he will be in serious debt for not doing the right thing and being arrogant while in the wrong.

Does the bond mean that the bank will provide the remaining 50% required to complete the job?

semid4lyfe:
I bin get this small arguement with person yesterday. Accountants and finance people, abeg make una clear me.

Hypothetical figures.

A person applies for N100,000 loan at 5% annual interest. The 5% interest of N5,000 is deducted upfront, and N95,000 is credited to the person's account. The loanee is to pay back N100,000 instead of N95,000 with monthly repayment of N10,000 for 10 months.

Doesn't paying back N100,000 instead of N95,000 amount to an interest rate of 10% since the interest was deducted upfront and only 95,000 was disbursed?

Cc: Ibime. BlueRayDick and other finance people in the house

I don't know the finance maths behind it but does appear correct.

If they had given you N100,000, you'll pay N105,000. They gave you 95k, deducted an initial N5,000 and you'll pay back 100k which brings the total sum to N105,000.

MorataFC:
Abeg,which app be dat?

Pedometer.

Kimbeast:
Would you prefer to trek under a hot sun if you had the means for transport? I don't think so.

That is understandable.

You think Ibime is going to buy Suya under the sun?

Even when the weather is good, no sun and no rain, people just don't make the decision to walk.

Like Ibime, I can no longer count the number of times I've had to make people walk. They just want to flag the next Keke down rather than walk 10-20 minutes.

Amigoss:
Maybe na under scorching sun

Except that 😂

Ibime:
No mind that paper tiger iamoyindamola. Same thing when I'm back home, my cousin won't even want to walk to Junction to buy Suya or whatever, she must hail.Okada, I'm like let's just walk. I also aim for 15k steps but once I hit 10k I'm happy, except on days I go gym. I can drop below or when I'm not wearing my smartwatch. I trekked about 35 kilometres last week according to this, so average of 5 kilometres per day. I try to get 5k steps every lunchbreak when I'm in the office which is 3 times a week, then I make up the rest later.

Nigerians attribute walking with poverty. If you are walking, it is because you don't have 100 naira for keke.

Except when people set out to exercise, it is rare to see a Nigerian who can afford transport or has his own car make a conscious decision to trek.

iamoyindamola:
I always hit 9k walk daily except for weekends because I stay indoors
I use Samsung health app which sync to the watch
All that stops when I switch phone brand
Are you saying normal person should go through this exercise everyday

What caught my attention was saying you almost passed out. If you walk regularly which I encourage everyone to do, 5.7km of walk shouldn't make you feel that way.

Ibime:
This thread made me laugh. The guy said he walks 2km per day and is worried the trekking will affect him in old age.

How Nigerians consider 2km trekking always makes me laugh. 4km trekking (10,000 steps) is the recommended daily steps and most people I know here cover that everyday and even up to 6km

https://www.nairaland.com/8507851/trek-alot-should-worried-old

The other day when Iamoyindamola said he trekked during cash scarcity and almost passed out, I checked the distance he trekked and was laughing.

I try to hit an average of 15k steps daily which usually comes to a distance of 10km. This is how far I've gone this month.

akwesenana:
Thanks sir, please how can I get the CHN number?

Since you have a stock broking account then you have it already. Run through the mails or documents you were given when the account was opened.

PS: I'm just seeing it's for your late dad. Others have provided useful information.

Filling the e-dividend mandate form can only work without the hassle of proving his death if his ATM card is still active and you have access to it.

BlueRayDick:
Link:sec.gov.ng/non-mandated/

Easy Steps:

1. Click the link
2. Type your surname/last name in the search box
3. Click search
4. Review the results for your name
5. Click on your name to view the company and outstanding dividend

Next Step:

If you find your name, contact a registered stockbroker to help you track and claim your lost dividends.

Once he finds his name, he should click the registrar name and fill an e dividend mandate form.

He will need a CHN number.

akwesenana:
High profile examples?

Does this count as high profile?

It will be difficult to pull out in major leagues.

Amigoss:
They sponsor football and sports club teams too so conspiracies that they throw away matches as part of the deals they sign are not far from the truth..

I asked grok. The result won't come as a surprise to you

raumdeuter:
The thought that even if 100 lose, I might be the winner. E fit be you oh

Then maybe they should extend the thought to the fact that they will chase the next "high", continue gambling, join the next 100 and lose everything back.

The point being that, there is no winning those bookies. Even when you get lucky and win, everything goes right back to them.

BlueRayDick:
India bans gambling, online sports betting and the likes.

Reason: Over $2.3 billion is lost annually to betting.

Sooner or later Nigeria may have to adopt this going by the tales of woes of Gamblers we read almost everyday in this country.

There's something that bothers me about gamblers. How does a sensible person think that a bet company will pay the Nigerian government 52m naira for application and license, set up a website, buy very expensive softwares, pay the likes of betradar for odds, hire staff, pay criminal twitter influencers and pay for adverts just so they can dash you money.

In what world does this makes sense to a right thinking person?

Unfortunately, this government is looking for money wherever they can get it from. I don't see them taking a cue from India. Certainty not under Tinubu.

raumdeuter:
He was actively contesting for governor in 2019 and 2023. which was consuming money

I wasn't expecting you to answer the question 😂

raumdeuter:
He has started that project a long time. This guy is the grandson of Adegoke Adelabu

Some said he was supposed to be First Bank CEO before he started looking at politics when Ajimobi and Tinubu told him he was being tapped for Oyo state governor
His friend Sola Adeduntan another Ibadan guy was later made First Bank CEO (some said based on Adelabu's recommendation)

If someone with this type of profile cannot own that type of house, then who in Nigeria should own it. Someone that contested for State governor twice and most likely will be contesting again in 2027

Are there things you can afford to do now but putting on hold?

Do you think being minister of power will make it easier for you to do them and in record time?

raumdeuter:
If they don't then they need to question their personal finance and investment choices. If the CFO of one of the biggest Banks as far back as 15 yrs ago cannot build that type of house

Then he needs to ask himself questions
If person with this profile cannot afford this type of house then who can?

I have it on good authority from a family member of his that he started this project a long time ago and was only able to complete it after he became minister. 😂

kodded:
as long as she put it on flight mode they have no ground to harrass her

Now you know thats not why she was harassed. A lot of people don't turn off their phones.

Ibom air claims she physically assaulted their staff and was prevented from coming down when they landed.

Seeing how badly behaved she was on camera, the explanation by Ibom air makes more sense to me.