₦airaland Forum

Smart investors will be very careful because the devaluation can create losses on their investment.....I think the way can devalued the naira is not good and which means we have not seen the end of a stable naira......I believe that the current can management is not competent compare to the previous governors............

Charpell:
I know how you feel bro, but the truth is that it's nobody's fault. The devaluation of naira was inevitable because we run a mono economy system
It could have happened to any govt

You want your ear to explode...........Maybe you don't know that she is an educated illiterate.............

Funjosh:
This woman enh, please OP I need the Audio of this her speach

Watch out for yourself anyway.......Goodluck!

Damolaskynov:
@ nitrogen,thanks a billion for this information...at least,my account officer will not say that CBN did not offer 364 days tenor like they said last week
@ angelo82,this schedule was exactly what I was requesting for.I do not bother myself anymore with all those statistics prepared by ''professionals" that never comes to pass...moreover,I go with the bank's rate so I don't lose out (half bread is better than chin-chin sometimes)

True......I have another Bills maturing on the 5th of next month.............I thought the guy is requesting research report of possible rates normally published by Meristem but I don't think they have the time now.....Everything is out of control especially the unpredictable exchange rate that keeps jumping up................

Pray well before you go home because I don't want to hear any accident story again...........You know!

Beautiful city...........It was my first city in Milan to visit...That was in 2007 and I was in Milan too.....It was a short trip but I had fun.......

Yes is not bad......But I am going to open a new account with first bank,because they care more about ethics and they help you to improve in terms of investment....The other ones they drag your investment with you................

princeuk21:
its still ok

Reward investment can be very old school but they are very responsible and follows ethics.....There is no way they can manipulate you.....Even though I disagree with their too much ethics tactics but I still have trust in them.........

ogadeolu:
Hello house, pls for the past 2 weeks i have been trying to reach my stock broker "Rewards Investment and services limited", i want to pleas with the house to help me with the number or email of any regulator that i can report the company to. i will really appreciate this. Anyway opening my Morgan trade account soon, will need lots of mentoring...thnx at all. you guyz are wonderful

Obj government was better and very good for employment creation.....I mean real employment that expanded our GDP especially banking/telecomunication sectors........GEJ government is good for entrepreneurs and investors both local and international......The difference is Obj government was more hardworking than GEJ government.........Government needs to know how to hit the ground running but still I think Nigerians deserves better than both governments......Nigerians need perfect government to be able strive and thrive.......

Branch managers are irresponsible pretenders.....They are in the know of all the malpractices going on in their branch and when you talk to them they act like they have no idea..........I really want to solve this problem because twice every year these people upset me and I really want to deal with their issue by finding a better solution that have less issues because you may not find the best solution so far is in Nigeria..........

Chillisauce:
Ok. It's really sad.
The last time I wanted to convert some money from my USD account to Euro because of the oil crisis surge. My banker refused to pick my calls. I sent mail, copied the manager, they didn't respond . I somehow managed to do the transfer myself but it was installment due to some restrictions. After few days, they saw I moved my funds..both of them replied my past mails claiming to be on vacation, meeting...blah blah blah.

I said not to worry, I go soon close the acc.
They just want to hold on as much profit they can get from your money.

This is a useless law that is not well planned and it is an infringement on Nigerians right to open and operate account in their country....You can't just leave your job and travel to Nigeria because of BVN.......Like you can take a free loan with that?.....Travelling is necessary for many reasons and not just to visit your bank........

Akainzo:
Why do Nigerians living outside the country always feel laws on Nigeria should be changed for them? The law is made to be complied with and if you want a BVN, please make yourself available in any of the Nigerian banks in Nigeria. The CBN office is not in UK or US.

By the way, I haven't seen LLoyds Bank or BoA providing means for us in Nigeria to do a verification mandated by UK or US laws. Please, let us respect our country.

I have never had the opportunity to open a first bank account but most of my family members have accounts with first bank and they have no complain.......But I have been investing in shares for very long time and surprised at their professional ethics....They give you not just what is due to you but what you deserve........I am thinking of moving all my account to them too.....They seem to frown more against unprofessional conduct......

Damolaskynov:
Happy weekend guys,
I eventually spoke to the GTBank Investment officer who told me that the bank was unsuccessful with the 364-day bid due wrong bidding. Also made me understand that minimum for secondary market purchase with GTbank is actually 5 million Naira...I never knew as I had always purchased fresh issues at the bank's bid rate from primary market sale.
I'm considering opening a First bank acct before March 5th,all my plans and schemes for this week was just messed up by GT. From the little I've read here,it seems First bank peeps get it right all the time. No time O...

True and thats what I have done several times but I am tired of doing that.............Maybe is better to look for banks with core values concerning money market instruments..............I will be in Nigeria by the 3rd quarter of this year to re-arrange my accounts and put them all in one place......I can't keep troubling myself with banks like am bargaining hard in a local market.........I hope Nigeria will become better and hope CBN will regulate the issue of banks imposing rates on investors......

Chillisauce:
All these banks are the same. Sooner or later they show their true color. How long would you continue moving your funds.

I might consider writing to the branch manager while copying other people.
They sit up when you copy people in such case

I don't get your joke..........My point is that your investment receipt must stipulates all your investment details in full and not just debit on your account.....Princinpal amount,interest agreed,date of investment,maturity,interest amount,charges must reflect in your receipt......And your guys never sign on any investment receipt.......But in Europe,all contractual terms of your deposit will be stipulated....In 2004 when interest on deposit was 10% in Europe,I invested for two years and I was never bothered because they always do things the way it should be done without you asking any question.....I finally solved the issue with the bank and I was given 14.5% for 364days but the funniest part is after calculating all the deductions both bank commissions/custodial fees,I actually got 14% in real terms............

Bamz:
Details? That can be deduced ofcourse. You chose your tenor so that's not even part of it.

Statement of account only reflects amount deducted from your account and not details of your investment like interest,tenor,e.t.c........

Bamz:
LOL common atleast your statement of account reflects it.

Desanta:
Dear xxxxx
We wish to inform you that your bid for a Treasury Bill of xxxxxxxx with reference number 146150200684 was successful. Full details below 

Ref. Code146150200684Principal.xxxxxxx Rate13.45%Tenor182 DaysBid Date2/19/2015Maturity Date8/20/2015

Thank you for choosing FirstBank.

I may have to switch my account to First Bank but their requirement for opening account is too much..........My own bank never send a mail alert for investment in Treasury Bills..............You will have to ask them before you get things done......All because they always do Magomago...........

Sad but true........I am thinking of taking a harsh step,I mean legal step......

unite4real:
Remember when i told you that the bank might frustrate you after they give you a rate that you turned down and i advised that you move your fund to another bank but you declined.

see exerpts below.



unite4real:


please dont accept. they are selling to you from their books. or better still ask them to give you at 14.5% which i think is fantastic deal else, you wait till next auction but the bank may frustrate you during the auction if you peg a bid rate with them.

i will advice you use another bank.

Wrong advice!Maybe you see these people face to face and that might work......I have sent money to account officers many times and they only end up misbehaving like you owe them except one which is a guy that really helped me and he appreciated the gift....I gave him just 40k and he was very happy but one of the girls got him fired....The girls I can't understand them....Once you give them gift so that they can have your interest at heart,they will start misbehaving and may also see you as a fool......So I decided to deal with the banks directly without paying anyone anything.....Thats my own horrible experience from some banksters.........

feelamong:
I always tell people to make friends with their bankers (account officers) lawyers and doctors.....

it will always save you a whole lot of trouble!

I have not had any issue dealing with my account officer...always remember to buy them things too..(chopping alone no dey good)

The bad thing is that this kind of profit is not going to the bank.....They make profit for themselves......Check their receipt sef?

Chillisauce:
At bolded, of cos they do. But be rest assured all of them are after the profit they will make from your money.
Bankers and politicians are the same. Where do you think they get their profit from if not from their customers

Account officer is the worst....They will blindside you......

kaptinphilz:
please how do I even know my account officer. I think is better to go through them.

I have my suspicion because a day to the auction,I was called from the bank offering me 13.5% for a year and I quizzed why offering me that when I have a bid to buy from the primary market and till now no clue as to what happened to my bid.....I am in talk with another bank and if they offer me something better,I will move my fund and I will completely close my account because I just can't stand a bank sabotaging my interest because they want to make more profit than me....Pre-crisis era its possible for them but everybody serious and clever as regards their finances but this crooks still believe that you will allow them to swindle you as they want......Very pathetic bunch of crooks.....

Chillisauce:
Im sure it was. Actually the new bank officer told me she missed the auction but her colleagues told her to just sell the secondary market to me. She said she couldnt do that but had to call me to tell me.

Im now sure the previous bank officer always give me from secondary market as they made me not to specify on any rate, saying they all use the bank rate.

Very shameful act i tell you

It must be intentional just for the sake of making you to buy from them.......As am writing you now,my account has not been debited and am suspecting the same thing...........I wonder what the excuse would be but if my bid was not placed,I am ready to quit transacting business with them.........I hate lawlessness from Corporations.....Very unethical practice.........

Chillisauce:
Thanks for this.
For some reasons, my Bank officer forgot to place my bid. I wonder what she meant by that. I was so pissed off.
However, i settled for their 183 days secondary market which is same as what the FG gave as discount.

DO they get a bonus by 'forgetting' to place your bid, while giving you two options of waiting for another bid or getting their secondary market?
This is the second time they are doing this. I think they get bonuses from this.

The margin between my bid rate with the successful bid is too wide and I kind of regret not increasing my bid rate.......Since CBN adjusted the exchange rate band of naira to dollars,I supposed to increase my bid to 14.5% for 364days...........How can I get the successful bid as my rate?.....Please share if you have any idea........

I actually bid at 14.15% which is what I will get...............

unite4real:
SO WHAT DID YOU GET FROM YOUR BANK

Ok.I am waiting for mine to debit my account......

feelamong:
Usually my banker debits my account on Thursday evening or Friday mornings..

I bid for 14.1% also just to be on the safe side but 15% could have been a successful deal......Though 14.1% is better than 13 or 13.5% offer from my bank.........

unite4real:
i got 14.1% for 364 days tenor. Diamond Bank. not pleased cos i expected more than that. i actually opted for prevailing market rate rather than a bid rate.

Thanks and when do you think account for successful bid will be debited?...............

feelamong:
Dear XXXXXX,

Please see below the result of the last Primary Market Auction:

PRIMARY MARKET AUCTION RESULT

TENOR (DAYS) STOP RATE

91 10.75%

182 13.70%

364 15.25%



Bidders either won or lost at their own quotes. Therefore, quotes higher than CBN’s stop rates were not successful.

Anyone with info concerning yesterday auction?.........Why is it taking so long?.......

Whats the result of yesterdays auction?I have searched everywhere but couldn't find anything..........

I wouldn't fret over First Bank exposure to Oil sector...............

lol.........You are the funniest guy..........All these scenarios you listed including the actors/actress will fade away but Nigeria will remain intact and T.Bill as an instrument will still be viable investment in Nigeria.......Relax yourself and don't be hypertensive and if you have your own doubt then just invest for short term.....June 12 didn't take Nigeria to war,you think some drunkards will cause war?......

Godside:
Please my fellow investors , i just want to ask this question , is it adviseable to continue investing in Tb with the election tins gettin tougher nd fear of war in the sky . The petrol minister working in hand wit Gej to make sure he wins cuz buhari wil likly jail them if electd , Gej also doin al tins posible to remain thr nd obj tearin is membershp card nd makin sure he shows Gej dt he wx d1 dt brought him in even wen pipu rejectd him .

Pls am sori if i derail , just want to knw if its save to continue wit investin or wait afta election . Thanks