₦airaland Forum

BuchyD:
All investments( MMFs included) gains are subject to 10% Tax as far as I know.

20%.... lands at 18% net
15% . ..13 5
10%.....9%
Etc.

All MMFs are free of WHT; that is one of the advantages of MMFs over fixed deposits. What you have in MMF is gross and net yield.
The gross is yield plus management fees, while the net is yield less management fees.

Most of the fund managers charge between 1 to 1.5%. Check the fund factsheets of the funds to know what your fund managers charge.

By SEC directives, all fund managers are to state their net rate/yield either on their website or in any correspondence with customers; otherwise, the gross is stated with a statement to inform investors that the stated yield is gross.

KBARBIE:
Hi Emma, can one have more than one mmf accounts?

Yes, very possible. Though for me, I prefer using different fund managers instead of having more than one MMF account with the same fund manager.

megawealth01:
You are 💯 right

Dividends always carries feelings of fulfillment when it lands your account anytime.

Hence I always tell folks around me, INVEST because it's the money you invested out of the money you make that is yours, the rest belongs to those who gives you goods and services.

GabbyHonda:
Hello people,
Please we need advise on the most reliable Mutual Funds provider as at now apart from stanbicibtc

We have stanbic already and they are not bad at least.
We want to close our FBNQuest MMF cos we are not getting the necessary support. They never reply ur mails early and even started to ignore subsequent mails.

Please which MMF is very good in terms of rates, reliability, customer support (i.e. good/quick responsiveness to customer's enquiry/requests) and a good self service app.
Please advise from your own experience not hear say. Thanks a lot

From a personal experience as a customer and Rep, Norrenberger or First Ally will be good for you. A dedicated Account manager will be assigned to you for all the support you need, and of course, I'm on ground to also help out when needed. Check my signature to reach out.

INVEST because it's the money you invested out of the money you make that is yours, the rest belongs to those who gives you goods and services.

INVEST because it's the money you invested out of the money you make that is yours, the rest belongs to those who gives you goods and services.

princezzz:
I invested #10,000 each in all the remaining 7 other investments on the app, just to test it out except MMF . I have lost approximately #1000 on about 4 of them. My account in reading #9 thousands something on the different investments. Na only like 2 that has gone beyond the #10,000 I invested. The others na just losses upon losses. But I go leave am like that for now instead of pulling out the funds

I understand what you are trying to do. This is not the best way to see how an investment works; the best thing is to read about it, ask those who have been involved, and then start with what you understand most. Even if everything goes well, as in non depreciated, you will still be ignorant of the investment because you will not know the reason for the outcome. When it comes to investment, know the principles that govern them, and you will be able to invest properly.

If you read about mutual funds, for instance, it will be clear to you that it's the underlying assets that determine how a mutual fund works and the level of risk involved.

Let's be well guided.

You have to learn to earn. The best way is to learn by observation, not from experience, because one may not be there after the experience to use the lesson learnt. In 2008/2009, many who had a bad experience in trying to learn how stock investment works are yet to recover till today; many are no more.

ElectronicMoney:
I need advise on how best to approach this problem.

In June 2007 I made a deposit of N100K to a stockbroking firm for the purchase of shares of Wema Bank.

After the shares were purchased they gave me my CSCS number and the CHN and I had no further contact with the stockbroking firm; this was partly because the market was not doing so well and the price of shares had crashed.

In 2015 or thereabouts I went to the office of the stockbroking firm and learnt that they had moved to another address.

Now early this month when I heard that shares had started going up in price I searched for the company online and was able to get their new address and their phone numbers.

I put a call to them and asked for a copy of my CSCS statement which was sent to me.

When I examined it I was shocked to see that the number of Wema Bank shares was just 1,700 approximately when in actual fact it should be above 20,000.

Let me state categorically that I have never given instruction to sell either verbally or in writing!

Even if there was capital reconstruction by Wema Bank between 2007 and 2025 there is no way shares of N100K which were purchased in 2007 would have reduced to just 1,700.

I need advise on how best to approach this matter because I am very sure that something does not add up.

Wema Bank did a share reconstruction some time ago. Check the ratio. That could be the reason for what you see on your cscs.

https://www.greenwichbankgroup.com/wp-content/uploads/2023/05/Project-Alert-Scheme-Document-Approved-by-the-SEC.pdf

NettyNelly:
PRESCO Div is coming in today.

Payment date for Presco dividend is today.

https://doclib.ngxgroup.com/Financial_NewsDocs/44473_PRESCO_PLC-PRESCO_PLC_-_UPDATED_CORPORATE_ACTION_ANNOUNCEMENT_CORPORATE_ACTIONS_JULY_2025.pdf

Streetinvestor2:
I have put in my names which brought 3 provisions. Then I clicked on download which is not responding.
What could be wrong
Abi is thr something left to do

You are on track, could be network, or pick one of the names at a time to download.

Streetinvestor2:
I don't think this should be the document is what u need I think thr should be a personalised document showing ur details and the units u are qualified to take.This has been what I saw in the past RI I have participated.Abi it is different with chams RI.

Pls if anyone has picked up the RI with chams should clarify

To have the exact right due you ie, a personalized form, use this link https://docs.firstregistrarsapi.com/. Search with either your name, phone number, or your email address that is registered with First Registrars.

You can fill without printing if you have a PDF writer/professional otherwise, you print, fill, and scan back to your stockbroker. You can instruct them to debit your trading account if you already have money with them or credit your trading account.

Please note that most stockbrokers will debit your account a few days to or on the closing date of the offer, hence always leave the amount in your account after you submit the completed form to them.

omowesites:
Good day, everyone,

I understand that FCMB public offer shares have been allotted. How can I check my allotment?

Also, is there any timeline for when Fidelity Bank shares will be allotted?

Both Fidelity and FCMB shares were allotted some months ago.
Send an email to your stockbroker requesting your current CSCS statement.

heavenisreal18:
Thank you once again for putting me through, so I have this question,will I be getting back my capital and interest after 30days automatically in the account or I will have to make withdrawal myself.

If I need money before 30days can I make withdrawal

@heavenisreal18, I advise you to read some earlier pages of this thread; most of your questions will be answered while reading through. It will also help you actually know how MMF works. This is very important so that you will always be well guided.

That being said, MMF is not tenor-based like Tbills or fixed deposit. It's the investor that determines the tenor, ie, your money is in the investment as long as you wish, it can be as short as 30 days or as long as you live.

However, there is a 30-day minimum holding period within which, if you make a withdrawal, you will pay a penalty of 20% of the accrued interest on the amount you are withdrawing; otherwise, you are free to withdraw without any penalty after 30 days.

All funds in and out of your MMF account must be intiated by the investor except if you pick reinvestment of interest then your interest is reinvested automatically, if you pick interest pay out, the interest will also be paid automatically into your bank account at the end of each quarter, outside this, investors must instruct for whatever action to be carried out on your account.

Inflation rate drops to 21.88% The implication

This is actually not a very good news for the fixed income segment.

Ordinarily, lower inflation figures means government expected to pay less for borrowing and the way to do this is to pay less interest in tbills rate, this in turn will reduce the rates MMF offers since the major underlying asset is Tbills

The next MPC meeting may likely reduce the MPR which may further reduce the rates across all the tenors of Tbills.

All things being equal, this is a good news for equity investors because they may begin to channel more funds to equities or equity based funds

However, This is not to say we should stop investing in MMF because every instrument serves its purpose.

Especially for those just starting out (Newbies), the low risk investment terrain is better while you build more confidence before you venture into riskier investment windows.

Remember first consideration is RETURN OF INVESTMENT BEFORE RETURN ON INVESTMENT.

One thing is sure that will land you into your dream portfolio is consistency - never stop investing.

Gotocourt:
Yeah, I just uploaded my DL. I went to invest now which I was given a Stanbic IBTC account number, I credited 5K make I dey observe. I don't if am still on track as the 5k is yet to reflect 🙏

Your fund reflects the next business day (Monday) since it's a weekend. Same applies if you fund during working days after 12pm or on a public holiday. But already existing fund in your account earns interest every day, including weekends and public holidays

KYC Documents and Mutual funds

Please note the following:

For all fund managers and financial institutions generally, any government-issued ID card that bears your address or your bank account statement can serve as proof of address.

You have to maintain the address on the document that serves as your proof of address while filling out your registration form, even if it's not current; otherwise, your application will not go through.

Apart from Stanbic, other fund managers accept a utility bill that bears another person's name, but should not be older than three months.

Ideally, the institution is supposed to visit the address, but they don't, and they also don't correspond with you via physical address; all correspondence with the client is via phone, email, or both.

If you are in diaspora, to avoid notarization, fill out your forms and provide proof of address using all your Nigerian details.

Let's be well guided.

Mkin:
Hi All,
Can people here please confirm which banks or fintech platforms currently or usually have the highest rate for t-bill and also which ones can one operate strictly online via mobile app or website without necessary going to their offices?
Thanks in advance.

Use i-invest

NajibatAde:
Hi everyone! A quick one, pls. In 2009, my father acquired Zenith shares, I think directly from them which he was issued a certificate of proof. He does not have a broker. Does anyone know if I can transfer the said shares into my portfolio, and how I would go about it?

First, your dad needs to open a stock/cscs account with a broker. To make the transfer easy, you can also open an account with the same broker. Then, send the share certificate to the stockbroker for the demat process. Demat is the process of digitalizing the paper certificate and also other holdings that the certificate may not be available will all be deposited in his cscs account. With that done, he can do a transfer/a cross deal with you for you to have the shares in your cscs account.

Click the 3rd link on my signature to open cscs account for free with Investment One Stockbrokers.

Jeoma2024:
I already have mmf account with stannic, let me just continue with that

Thank you sir

That is good, but you can have another one dedicated and used as your personal pension scheme.

The current one can be used for other purposes. Just my suggestion,
otherwise you can continue the current one as you pointed out.

heavenisreal18:
Good Afternoon
I had to be at the bank physically yesterday,so I got the e-account in my mail today but doesn't come with a password.
Secondly I am trying to bind my phone with the app but is just bouncing back
Lastly, will I just transfer directly from my account to the E - account help a newbie. Thanks for your previous assistance

Your password will be sent once you fund your account.

Hold on, once your password has been sent, you login and change it, you can download stanbic 3.0 and login using your password.

Your e-account number is not an account number to deposit money into. it's more of a your unique identity on the stanbic platform. E- account should be used as narration when you wish to use stanbic collection account ie UBA to fund your MMF

alexokeke325:
Thanks it have appeared, but this delay fit cause person hbp

Okay. There is nothing like delay, actually that is how MMF funding works. It's a matter of rule.

There are many processes that goes behind the scene and all is for investors, to make sure their money is safe.

When you hear that an investment type is low risk, and SEC regulated, many things are put in place to make it happen and to remain as low risk.

Know this, any money you invest in MMF as capital is guaranteed. No worries.

If you talk of stocks I can say you have a lot to worry about and hence it's considered high risk investment.

Jeoma2024:
Something came to my mind and I said let me ask the group if it is really possible

As an individual, doing business in Nigeria not working with any organisation or government

Is it possible to get pension account

Like open pension account with one of the pension companies and be contributing monthly

If possible then I will need a guide on how to go about it

What is the interest rate like?


Does it really make sense?

Why not open an MMF instead and call it your personal pension scheme, because the PFA themselves put your money in Tbills and sometimes MMF. Invest your money in MMF and pick reinvest interest as an option, and top up each time you have funds to invest. Read my earlier post on this thread - How investors put MMF to work for a guide. I'm sure MMF will have better returns compared to the pension scheme.

alexokeke325:
Pls I need answers , I transfered money from my wallet to my mmf account since 3:am today and till now it have not appeared in my mmf acc

You don't need to worry. By COB today, it will appear and by tomorrow you will see the interest for today.

Let's remember once again, MMF is not handled the way MDB handles cash.

Fund managers and Fintechs

Please, folks, don't let's compare fintech and fund managers.

Fintechs are not fund managers; rather, they help to sell fund managers' products.

The fintechs themselves are investors in money market funds and other instruments like Tbills. Money invested or saved with fintechs also ends up in the hands of fund managers and other financial institutions.

Most times, fintechs make available platforms to get through to fund managers seamlessly and more conveniently.

Similarly, Fund managers are not actually the institution that sells T-bills; it's the federal government that sells T-bills, but the fund managers help to sell government products - Tbills using their platforms.

It will not be completely right to compare a fintech with a fund manager; their method of approach will also differ.

bassdow:
Hello House
Just created a rough calculator to help in calculation

Still rough BUT kindly help me test to see if it's giving correct figures

https://cpanel.baconsol.com/tools/calculate-compound-interest.php

@A305 , @emmasoft

@bassdow, good job. It's simple and clear. However, when it comes to the mutual fund business MMF in particular, you will always have plus or minus at the final figures you get, but what you have done is commendable.

However, one thing I have done over the years to keep and maintain good mental health about my mutual fund investment is to just have faith in the system and believe they will do or are doing as stated in their fact sheets.

I was doing a lot of calculations and comparing rates a lot, but after some time, I just decided otherwise before a low-risk investment would begin to give me sleepless nights.

It's even better now. During the analogue days, everything was just by faith and trust.

By the way, for those using Stanbic and, by extension, other apps, understand that the app is just a window to view your investment account at the backend. What you see on the web portal/app is just representing your investment. Even if the app crashes, it has nothing to do with your investment; what simply happened is that one of the windows through which you view your account is having an issue, not your investment. Your investment is intact. What you see when you check your account online is not cash like your bank account.

For your investment to be converted to cash, the fund manager, custodian bank, and the trustees must be involved, unlike a debit on your bank account, where the money leaves your account immediately based on your instruction.

This is the reason why it takes a few hours before you get a credit alert when you make a withdrawal. If you check the original document, you will see redemption of most MMFs is stated as 2 to 3 working days - analogue days, but improved technology has made things easier.

Even at that, it's still part of the process in the industry that a call be put through to the investor depending on the amount involved in the withdrawal process. A voice recording is part of the process; it's also the reason for the request of your BVN during registration to be sure any cash leaving your investment account is going to the right investor. Changing this registered bank account also has a process to pass through.



All the traditional fund managers still have the first principle way of fund withdrawal, ie, using the redemption form, even when there is no website or app, investors will still get their money.

I just say the above to allay our fears concerning some experiences with the app/web portal of Stanbic Asset Management over this weekend.

Let's not panic, your investments are safe and remain a low-risk investment with your capital and varied returns guaranteed.

[quote author=Enyinne post=136401164][/quote]@Enyinne, please understand that stanbic ibtc bank is not the entity that act as a manager rather it's stanbic asset management. Stanbic bank is a MDB and not a fund manager.

It's true stanbic asset management as a fund manager is in the same holding company as the bank but that doesn't not make your money safer.

They are not related as per function, operations and regulations hence you will notice that the collection account for their dollar fund can never be stanbic bank as required by the regulators.

Norrenberger is not a bank but a fund manager just like stanbic asset management they are both regulated by SEC not CBN. Some folks here use them as their fund managers.

Infact the dollar collection account for Norrenberger is Stanbic bank.

All dollar fund has the same characteristics and level of risk. In the industry, dollar fund is classified as medium risk investment irrespective of the fund manager.

Understand this, any fund that has the following parties:

A fund manager
Custodian bank
Trustees
SEC regulated

Is all you need to do business with, whether they have been in business for 20 years or just starting out, your money is safe.

By the way all dollar funds have same underlying assets basically and that is eurobonds irrespective of the fund manager.

So, any fund manager you use, your money is actually invested in the same instrument.

However, please go with the fund manager you are comfortable with.

I just do the above post to enlighten you more about dollar fund.

You can also open a dollar fund account with stanbic by clicking the first link on my signature, pick dollar fund and filled the online form.

Check earlier pages of this thread you will read my posts to help you further.

Enyinne:
Pls ,where bank accept dollar funds .Any idea of the rate ? Pls share with me . The funds is for future use so I can be advised appropriately.

Note : on further reading,I can deduce that stanbic ibtc has dollar dominated funding. I don't know if it's still in existence.

You can use Norrenberger for your dollar fund.

Two reasons for picking them

Rate is higher compared to others current it's 9%

They accept dollar cash deposit into their dollar collection account which is stanbic ibtc bank.

Find account opening form attached.

You can also reach out, my number is on my signature

synoble:
Hi Franklyex

Please where did you fetch this rates from.
It appears to be different from what is seen on my blunest app when I navigate to the 'fund price' section.

For Aug 1, 4 & 5 I'm seeing 20.01, 20.01 & 19.65 respectively.

Could it be that these asset managers are maintaining different rates for their clients depending on their capital. I hope not.

Cc: emmasoft

@synoble rates of mutual funds particularly MMF doesn't depend on the amount invested and don't vary from client to client. Whatever is displayed applies to all irrespective of the amount invested and the rate is daily valued depending largely on the underlying asset

Jane111:
Please which of the mutual fund managers is the best?

The word best is relative.

Most people choose fund managers base on some criteria apart from rate. So it depends on what is your priority. Many investors consider:

Customer care service
Easy of navigating their app or portal and user friendliness
Prompt redemption and ease of deposit.
Some consider bank affiliation etc.

From experience it will be difficult to have a manager that will be perfect, so Most times I advise that once you have a good rate at least within the industrial range, all the parties to the fund is confirmed and you are able to deposit/redeem with minimal or no hiccups, you are good to go.

Check the links on my signature to go with stanbic or First Ally you will be fine. You can as well get in touch.

Payunsin:
The qualification date for Chams right issue is June 16. I have about 6m units of Chams before June 16 out of which I sold 2.5m afterwards.
I currently have about 3.5m units, my question is, am I qualified for 6m units pre June 16 or present 3.5m for my right.
ThatN1.7 I think is give away don’t want to miss a single unit

Qualified for 6m if you sold after June 16, even if you sold all the 6m, any investor who bought after June 16, irrespective of the number of units, is not qualified.

Whenever you hear a qualification date for rights issue, dividend etc what it means is that the registrars read the register of shareholders from that date backward. Any name or holdings after that date are not considered.