₦airaland Forum

Mpeace:
No need bad mouthing any bank here. All of them are the same. If the so called "those who should know" that gave you the feed back are not CBN fraud monitoring unit, then its best you treat the info as unreliable.
Access bank is one of the largest in the country and has almost the highest customer base, so you would think theirs is the worse.
Proportionately, they are all the same.
Truth be told, most fraud cases these days have some fault of customes, though not all.
Someone calls you claiming to be your customer care agent and you immediately give out all your banking details and pin. Then you blame the bank when your account is cleared.
Or your phone gets lost, you do not immediately block your sim until your account is cleared.
Those guys that hack phones only need your sim card. No matter your bank.
These things happen to all banks so thise banks with more customers will definitely record more cases.

Your argument is valid. A bank with 20million customers is likely to record 20 fraud cases while another bank with just 5million customers records just 5. That's very true.


But it doesn't change the fact that access bank has a vulnerability. I'm am speaking from experience that a debit went through their system without my pin, whereas the same attempt failed at another bank.

No one is badmouthing them.

In programming, it's almost impossible to catch every edge case in your code, a number of bugs only come to light with user feedback.

So what access bank needs to do is investigate cases like mine to see what the issues are, and then safeguard.

One can also argue that your point about them being so large is the more reason they have to make their systems much more robust, cos their largeness means more is at stake.

davit:
I believe you can still move irrespective of the percentage of the holdings.

I used to be like that with Stanbic

I'm not banking with them for now, till I understand more about this issue. I don't want funny surprises.

Thanks again.

davit:
Try 0000 or 1234
1111

Onẹ should do

Thanks boss, I called them.

@davit, what's the default pin on a new MTN sim, i'm trying to set up sim lock, but it asks for pin.

Modified: I called the contact centre.
Default pin is 00000
That's 5 zeros. For anyone else who may want to set it up.

@davit, what's the default pin on a new MTN sim, i'm trying to set up sim lock, but it asks for pin.

davit:
I'm short, AVOID Access Bank!

Funny enough, it's my largest holding. About 34% of my portfolio.

davit:
You would have been saved from this if only you had activated SIM lock. Create sim lock on all your SIMs. That s all.

Great insight.
Thank you.

Itsrm:
I have also asked those who should know and the feedback I've gotten is that they have recorded more fraud cases with access bank than any other bank.

None of them have any idea why it happens. Just means there's a vulnerability with access bank that scammers exploit.

God bless you my brother.
This is exactly what I've been suspecting.

Rizin:
I hope you a not picking up a fight with me because i pretend to be a gentle man
For me, your best bet is to go for the accounts where the money went to and get police to retrieve the BVN and other accounts linked to it including NIN. That you may( because i am not your legal adviser) have a case.

No one is picking any fight with you. The deal is if someone else had posted the question, I wouldn't have commented unless I had some insight on the matter. In your case, you were quick to bring up points that weren't contextual, and made it sound like you were passing any new information. That's what I spoke against. No fight.

Itsrm:
Waste of time. The money went to a POS account. All the POS agent needs to show is evidence that the money was paid out.

POS agents have no means of identifying fraudulent transactions.

I don't mind losing 10x that amount to the fraudsters actually. I give more than that to random strangers anyways. I'm more concerned about the bank allowing a debit to go through without my pin.

Why the assumption that the bank couldn't have had a vulnerability??

Why is it that two banks same pin, one was safe, the other got exposed, and we don't think to hold the bank liable?

Perhaps it's the legal system in this country.

Cos as far as I'm concerned, it's laxity on the part of access bank.

They actually have 11trn in contingent litigations compared to about 600bn for gtb

Omoapena:
Was the money in access transferred or it was used to buy airtime as well, check the description of the transaction...

That's the surprise, it wasn't airtime purchase. NIP transfer. To a moniepoint account I suspect.

Omoapena:
Was the money in access transferred or it was used to buy airtime as well, check the description of the transaction...

That's the surprise, it wasn't airtime purchase. NIP transfer to a moniepoint account I suspect.

Rizin:
Never you pick a fight that you can not win.
Do not forget that you signed indemnity form.
What saved you on gtb may be your dob. Because if you request some transaction, it will request for your dob.
As for the recharge, it went through because it's your number and will not require pin.
As precautions, always have a small phone where you banking line is and ensure the sim card pin and phone lock pin is activated.

Anyone that has access to your sim card and phone has access to over 90% of your bank.

I do not agree with you on this.
I've been using bank accounts for decades.
Your point about date of birth at GTB would have been valid if they moved any money at all.

Self recharge requires no authorization. That's well known. DOB or last digits of ATM card only become relevant when you're transferring above 20k, so if your argument was valid, they would have been able to move at least 20k per day, but they couldn't, only self recharge which requires no authorization.

I have 5 bank accounts, yet only access had the vulnerability.

The insight I seek is for someone who may know something meaningful that I may be missing, not this doB talk that's out of context.

Guys, please who can explain this situation:
I lost my phone 3 days ago, I had 8k in my access bank account, and 600k in my gtb.

I use the same USSD pin for both banks.

When I got a new phone 2 days ago, I noticed all the money in access was gone, but only 6k was missing from gtb. The 6k missing from gtb was used to recharge my line, so the airtime remained on my line.

I'm trying to build a case against access bank that they have a vulnerability, cos if the fraudsters had known my USSD code, they would have been able to move money from my GTBank as well, since it's same pin, and gtb had more money.

Who has an idea on what I might be missing
Thanks.

RayRay06677:
Thanks boss, that's Wednesday. the 8th of may?

Yes sir.

RayRay06677:
Please when is the next treasury bills primary auction?

Thanks

In 5 days.

ojesymsym:
lol... Based on this your explanation, failure rate go high.

ositadima1:
Now, pay attention to my mini masterclass in personal finance.

You invested 100,000 in Treasury Bills at a 16% discount rate. They pay 16,000 upfront (that is, at the start of the tenure, they return 16,000 to you). Effectively, they collected 84,000 from you, and at the end of the tenure, they pay you 100,000 (they call this the face value).

Now, pay attention very carefully, I am about to say something very important.

Yield is the extra money you get divided by initial investment. You invested 84,000 for the tenure and got an extra 16,000. The yield should be 19%, while the discount rate is 16%.

There will be a final exam on Monday.

AOC sir

Good morning guys, please who has information about this new Elephant(Lafarge) water shield cement, it's price, effectiveness and curbing water seepage, and where to buy, I haven't been seeing it around yet.

Thanks.

Seun:
It's called consensus decision making. It breaks down in large groups, but it works if the group is small. A marriage consisting of a man and a woman is small enough for consensus decision making to work as long as each party is reasonable and wants the other party to also succeed. For the sake of harmony, the husband's wishes take priority in some areas and the wife's wishes take priority in other areas.

It's nice when you speak like this. Objective analysis. Cool.

Please, who knows anything about Opay's numbers?: number of customers, total assets, gross/net earnings, total equity etc?

I'm assuming all those are fractions of Access Bank, but they have a $2.7bn compared to $450m for Access

In terms of sustainability, it looks like one of the duo can just be taken out by a single announcement while the other may be too big to fail??
Is going public bad for business??

Seun:
"The husband is the head of his family. He should strive to be wiser, smarter, & wealthier than his wife. But in any case, a wife must defer to her husband's authority as her leader. He should listen to her, but after he listens, she must accept his decisions. He's in charge."

This is the traditional and religious view of marriage. Do you agree with it? I subscribe to the modern view but I worry about its practicality.

My view is that every couple has a different dynamic and their families should be ruled by consensus, but the partner who is more competent in a particular area should be deferred to more often when dealing with issues in that area. If the wife is an accountant, she'll control finances.

{ Your view is perfect;
I love you;
Jesus loves you more}

These are true!!!

ojesymsym:
I do not think there will be need for any future devaluation because the official rate is now just a little below the black market rate. That means they now move together

But he is right sha that if these politicians don't put themselves in check, we may just be postponing the evil days. Almost $1m that could have been used to do rice farming for instance, or dairy farming and save us like $2m in import bill. Imagine $2m saved from 1000 corrupt politics, it becomes significant.

aremso:
Welcome bamboo will charge you $ 1 minimum irrespective of the volumes you are buying and how many times you are buying it.
1k is a very big money ooo I have a friend that started with 442 and account depleted to 192 so I adviced to sell and book the loss then started afresh at 192 and currently the account is 535 and with the current stock holding am almost certainly certain that the money will double in a few months time. So 1k na big money ooo u can grow it to several thousands of dollars if know what u are doing.

Wow...
Thank you boss.
I appreciate.

Good evening guys, I'm new here. I tried in the past to open a trading account with brokers in the U.S, But I encountered these two main issues:

1. Most of them wouldn't provide services to Nigerian residents.

2. Most of them seem to charge a flat amount per trade (like $2 per trade) compared to NGX where brokers just take like 1% of value traded. So if I put in an order to buy shares worth $100, and it takes 10 trades to get filled, would they charge me $2 ten times? ($20 total?)


Kindly help with insights.

Also would you say $1000 isn't too lean to test the waters with?

@aremso, I remember you from our investment threads in 2018 thereabouts.

@yok, I remember you from the NGX thread too.

Between January and March this year, Dangote cement sold 4.6m tonnes to Nigerians at about 453bn, that's like 98,000 per ton, they sold 2.4m tonnes to the rest of Africa for about 382bn. That's like 159,000 per tonne.

I think the Dangote group is becoming beneficiary to our economy.

I wonder though why the average cost of cement was 200,000 per ton (10k per bag) in that period.

sanerugwei:
Someone pls explain the discounted rate vs Implied Yield thingy seeing its not up to 365 days period? Will the rates be pro-rated?

1m invested for 180 days, discount rate is 19.85%,
Your upfront interest is 1000000 * (19.85/100) * (180/366)= 97,600.
Since you're getting the interest upfront, it means you didn't actually invest 1m, but rather only 902,400.
So the 97,600 is the return on just 902400.
97600 as a percentage of 902400 gives 10.816% yield in 180 days, you annualize it by multiplying by 366/180 to get 22%.

When you discount WHT, it really becomes just 19.8%.


1m invested for 270 days, discount rate is 21.46%,
Your upfront interest is 1000000 * (21.46/100) * (270/366)= 158,300.
Since you're getting the interest upfront, it means you didn't actually invest 1m, but rather only 841,700.
So the 158,300 is the return on just 841700.
158300 as a percentage of 841700 gives 18.81% yield in 270 days, you annualize it by multiplying by 366/270 to get 25.5%.

When you discount WHT, it really becomes just 22.95%.

emdeeCreativeW:
Hello Everyone, This thread have been helpful. I stumbled on it during my google search on Treasury bill in Feburary.
After the back and forth with Gtbank, i was debited on the 27th of March for 1 year Tenor. The interest rate was almost 19%.

Please ooo, Is it only Afrinvest one can invest with for the FGN savings bonds?
It seems one cannot invest with Banks

You can try Investment One or a stock broking firm. I'm not sure banks are among the authorized dealers for the instrument.

RayRay06677:
Luckily, i have being broke since January hence missing all these groovy rates.

Have they changed the meaning of "Luckily"? 😁😁

Agbalowomeri:
Oga please interpret

He means you guys should stop calling us -millennials and younger - "lazy youths", AI, COVID, and two recessions have shown us shege 😁😁😁, whereas some of you enjoyed full chicken meals at OAU.

P.S he didn't actually add the chicken part, but it seems fair to mention.

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