₦airaland Forum

IYGEAL:
Banks don't pay upfront interest or they do?

I subscribed via Standard Chartered and I don't think they paid upfront.

Banks pays interest upfront Except you give a contrary instruction.

For StanChart, Except you reinvested your interest by imputing the sum total of your principal and interest while initiating the transaction and or your transaction is yet to be completed. Standard chartered will only remove the principal and return your upfront.

Once the transaction is completed, an email will be sent to you with clear details of the investment.

Just that they take their time in all their processes. Like sending you email alert of transactions after a week when all is settled and no complaints. Also, like sending SMS alert notifying you that a transaction is about to take place on your account once it's initiated allowing you time to react incase it was not authorised by before you will eventually receive the transaction alert.

Odunharry:
yesterday secondary market is up to 25% no let dem whine you.

Rate or yield?

Happyfellow147:
Good morning Seniors
Please I need a contact at Afrinvest or Stanbic Ibtc

Kindly share someone you are using that is responsive please.

The last contact I shared here I was banned and it was removed even though I see people share it always without consequences.

Just Google Afrinvest and you will see their contact there. Their customer service should be more responsive email address. For Stanbic Google Stanbic IBTC Asset Management you will see Thier contacts too. in their case I think calls work more than email because if you email them even on a working day, you are probably going to their response a day or 2 after but calls are instant.

That's your opinion and it's not bad. I think the husband should have his own separate room too. Where he will have his own lone time and arrange his own stuff since he is not clumsy and like his stuff arranged.

The masters bedroom will be like a stadium for match when needed. That way, no one goes to each others room. His own sibling too will not have any reasons to come the masters bedroom.

Whenever he wants his space he can just go there and be on his own. That is what is missing here.

.

David6956:
I did a top up on my investment on Monday and up till today the investment is yet to reflect in my account...have sent mail, called customer service...


They keep saying close of business it will reflect but still yet to reflect

Please who have experienced this or is experiencing such from standic mmf

I have experienced it for about 4 times this year. The last one was last week. before it was finally credited on Tuesday this week after calls too.

emmasoft:
Scenarios that could bring about delays in deposits reflecting in investors' accounts.

- Transfer made from a third party's account whose account name is different from the investor's name
- When the e-account number was not used as narration or description
- Card payment
- System glitch at the time of payment.

For me, I am aware of all these scenarios and try to make sure all is well when ever I am sending money.

Even system glitch that I would have said would have been the problem is not because on about 3 of the 4 situations I have had this year, I called them and they confirmed to have received the money. Their excuse them will be that my bank did not send my e-account but the receipt the bank sent to me had the e-account clearly as intended. Then I said ok, let that not be a hindrance I will call the e-account number and sent them mails immediately with all the details. After which I will get the usual reply 'it will be credited before the close of work'.

So Stanbic needs to wake up.

emmasoft:
@freeman67 I agree with you. Most financial institutions have lost many good hands because of the Japa syndrome. However, the fact that they are big can't be ruled as well. As I said, having at least two firms or more could just be away to avoid being trapped with any firm.

True sha...

emmasoft:
No, they are not the same. GT MMF was formerly Abacus MMF managed by Investment One but was sold to GTB when they became a Holdco. Yes, Axamansard was the former GT Assurance.

I think some of the lapses at Stanbic are because of size. They need to look well to match their customers' needs because their customer base is large.

Sometimes, as an investor, it's advised to have at least two fund managers to achieve optimum satisfaction.

I think it's more of lack of knowledgeable and committed personnel than size. This past week will make it about the 4th time I will pay money to their collection account to be credited to my MMF this year alone and it wont. For God sake, the money is sent from my account and my e-account is boldly written as required but they will claim my bank did not include my e-account. Most of this times before I call to complain, I have already sent mails detailing everything and it will be received without reply.


Then after calling them, I will and through the conversation I will discover they actually received the funds. Let's say my Bank did not send you my e account in the remark as you said. I will also discovered they have received the mail stating my details and all and promised to send inform the department in charge of it but that won't happen till I keep calling and calling. Just to get my account credited ooo. That one of last week has still not been credited after acknowledging that they got the funds and me sending all required details before they even asked.


That's fine though, because it made me adjusted in other things I would have done with them. I had their all in one app and I require and patronise all the services in it. It first started with trying to open a stockbroking account with them and it was hellish till when I was no longer interested then I started getting replies to their mails. Then, someone in their pension arm started marketing me to move my pension there. I no longer fancy any drama with them so I had to pend it. The only thing still keeping me with their Asset Management is just their ease of withdrawal once everything is right. If not I would have been far gone from them.

Bluekapon:
Thank you for your response.
I applied on Friday via GTB. Didn't get any debit alert whatsoever throughout Friday. Tried calling the account officer but he wasn't picking my calls. I checked my account balance today being Saturday via ATM and noticed that the entire amount is gone including the interest. Still yet to get any alert sms or email. The account officer is still not answering my calls. I'm just kinda confused here.

This is not unusual. Every bank have the way they operate. While some banks will just deduct the principal and leave the interests for you, others will deduct the whole sum before sending back the interest. Another is that hope you did not tick for the interest to be reinvested with principal? Or hope you are sure it's not FD they sold for you as TB. Once you are sure, by Monday /Tuesday you should see the interest and if you don't, you will have to call them for it.

I was almost going to complain about something like this, Some week ago I made a transfer to First Bank Account for someone. I was expecting instant delivery as some other one I did from same Opay delivered instantly.

Eventually, he wasn't credited after 24 hrs. I now had to contact my bank Opay who told me that me that the transaction has been successful from their end the very minute I made it and asked me to give the Transaction and Session ID of the transfer to the beneficiary to give his bank.

I gave him the transaction details and he contacted first bank. He was told by first bank customer care that nothing was sent to them that he should ask the sender to call request for a refund from the sending bank which is Opay. I reached out to Opay with his feedback and I was told to go get his 3 months statement, and the transaction receipt. I and got and sent the requirements to Opay as that money.

After all the back and forth/suffering and delays, the next day after instead of refunding the money to me it was later sent to the first bank account.

I didn't know something like this was already happening there. Na God go save us for this Naija ooo... Imagine someone trusted with people's money. Not that he borrowed, to use the money and return ooo (which is even ethically wrong too). He diverted the money.

Before the scholar come to give us the perspective from Sunnah and Hadiths. Let me explain somethings that I have observed.


I have used the 3 Islamic Banks I know in Nigeria which are Taj, Jaiz and Lotus. They all operate like the normal commercial banks. The difference I noticed between them is investment in businesses that are halal and not investing in Haram businesses. They all charge customers like normal bank for deposit and withdrawal, you pay to get the ATM cards like normal Nigerian Banks, and pay for SMS charges. However, the between the 3, I prefer Jaiz, Lotus before Taj in that order. Jaiz pays you profit monthly if you have savings there like other bank will pay you interest, Lotus pays you profit once in a while too but Taj will never do such but will charge for everything chargeable.


The only Bank I have used in Nigeria so far that is free of almost all the things most Nigerian Bank charges for except Stamp Duty Charge which is mandated by the government, is Standard Chartered Bank. No transfer charge, No SMS charge, infact my ATM card was sent to me FOC, no payment of waybill sef and on top of that, the ATM they gave me has the highest life span of ATM I have seen since I have been operating banks. I have paid at least twice for another banks ATM since I have been having that and it has not expire.


Ehen, now to your question op, I can't categorically tell if it is acceptable or not. However, I can tell you that though I personally abhor the use of POS, I don't see in the bad light of selling money like some people see it. I see it as rendering of services.

First, the operators get their operating space most being paid for.

Secondly, they get either their shop, kiosk or umbrella, chairs and tables prepared by paying for it.

Thirdly, the POS Machine is being paid for too

Fourthly, for every transaction they do, the operating companies charge them for it too.

Finally, they get cash either by transporting to get from banks or sourcing from other areas to service their customer.

Above is a proof that they have made investments and are not just about reaping people off. Then on the Service part and the reasons why these investment are made, they help people who are in urgent need of cash and can not go all the way to the banks. Our economy is still cash full instead of the cashless the government would have wanted. Thus, they bring cash closer to the people, which also help people save funds.

So with all the above, I think the POS business is just as a normal business of a grain seller bringing grains closer to buyers. The only thing that could be bad in it is overcharging people much more than what it is worth.

Dangote Cement Div just landed.

Odunharry:
I think Banks charges those fees on the transaction.

Investment one only charge the 10% WHT on interest.

All those fees put together is no where near the WHT. I have not done TB for a while so I know may have changed. However, as the time I did, TB was exempted from WHT.

Princkez:
Has anyone received DANGCEM dividend today?

I watched when he said said at the AGM that he likes paying dividends on Friday so that shareholders can enjoy the weekend so payment is on 31/5

Picky1:
Please how about UPDCREIT? Did they declare any dividends, when and how much?
Which Registrar? Thank you!

Yes, they did.

0.22 kobo paid on 24th May 2024.

freemindcity:
Please can somebody explain this to me thought it will be between 170,000 to 180,000 if taxes are remove please enlighten me abeg

just divide that your thoughts by 12 or 366 days as we are presently in a leap year. It should have been 365 days depending on what the firm decided to use. After that, multiply it by the number of days involved. Then minus the withholding tax. You will get the answer you seek.

Na Banex na. By the grace of God majority of people wey dey for Abuja go in a way or another reach there to do business.

It is wrong to first of all call soldiers. However, just pray that may you not in this hard economy gather your money to buy stuff you intend to use and at the end you will not get value for.

Mind you, there is a at least a police post there in Banex but customer will rather sort self help because there are already bought over. Moreover, the job of a police man there is only to protect the businesses either right or wrong. It's only in the court the seller may get justice. Yet, if any issue is to take you there, na the billing of your life you go receive. But then, thank God you guys are now acknowledging the responsibilities of the police. Maybe it's time for the soldiers to be called to their barracks and allow the police to handle internal crimes and misbehaviours but then, e go do Una?

That said, I discovered that lots of this Banex urchins are here, filling the thread with Anti-Army posts for correcting what seem to be societal wrong. We see people complain everyday here when Mob action is taken again thieves that were even caught in the act ooo but because it's Army personnel they hate law and order, mob action on them is now a good thing. You filmed, in jubilation and post online where you were mobbing the Army personnel and you think there will not be any consequences. You lie. Even the bandits and terrorists that you are now glorifying as your preferred lords and personal saviours would mostly don't not do that. Committing crime and postings their faces allover the internet at the crime scene.

Anyways, it has happened. My only concern is for other innocent shop owners who may not even be aware of the happenings when it was ongoing that had to have their shops locked up for days. They go don loose money. As for the shop owner, at least e go don learn say; first, selling bad products to customers and thinking all will just take it like that will not always happen. Second, if issues come like that with a product you sold to customers you should always find a better to resolved instead of thinking that nothing will happen.
Thirdly, instigating mob action against Security Agents is bad no matter who is on your side because at the end, na you go carry am. No amount of online instigation and insults on the authorities go solve am. The same energy they used in videoing the mob action is the same energy they'd have used in videoing the quarrels when it started without fight and send it to twitter as they did even if they don't know where to report officially. By now na only the Army Guys for dey in soup but now, they are all in soup together.

And to the urchins in Banex, If Una like make Una continue na small small hand go touch Una. If you cannot go about your normal business without fermenting trouble then do not go and put people's businesses in jeopardy. If you want fight, go learn boxing for National Stadium or go Deidei go learn Dembe, you can also carry that strength try join the Army too no be for business area.

And for all of you wey dey shout tax payers, all government employees na tax payers too. Infcat na them dey pay tax pass sef because the government has access to their salaries and wages and taxes are deducted from it at the source even before it's paid to them. No be business men wey fit manipulate and pay wetin him like.

yeddy99:
good day all.
if i subscribe to a 10 year bond at a 26% rate for example, is the rate locked in for the 10 years or does it fluctuate with current CBN rates?
Thank you.

The rate is locked in. No increase, no decrease but not that the interest is paid bi-annually ( Splitted and paid twice yearly).

WestPB:
Please which app or platform are these screenshot taken?

I-invest.

Odunharry:
Secondary market for a year around Thursday was over 24%. Depending on the bank or house you are using

The secondary market rate you get from banks is very different from what all those apps and other investments houses offers you. With the banks getting anything above 19% is a every serious luck because even the FGN who are the auctioneers have not given more than 20.7 for a while has not given in the Primary Market so getting upto 24% is unrealistic and out of the equation.

Also, with the banks like FBN, you will see the rate clearly stated but with some of those apps especially like Invest, Sewa Run and what have you, what you see there is mostly the yields not rates. With them, their rates will be mostimes far lower than the 19% given by FBN because they will only offer to pay your interest at maturity.

Infact I bank with Standard Chartered where through their bank app you can do everything from checking the availability of rates and investing if you all by yourself if you so desire. I have not seen anything more than 18.3 there recently. Yet their is still better than all those apps that brandish 24%.

With this 19%, if the investor choose to reinvest the interest it will be higher. The pictures attached show what you will get at maturity if you are to invest for example: 5M via I-invest for 362 day at the said 20.4%. If you chose to invest the 5M with First Bank @ 19% with 362 and reinvest the interest to collect it at maturity, the least you be expecting will be about N6,119,736.85 not the N5,991.000 in the screenshot.

balostica:
I am not sure it’s successful because she told me straight this morning I have just called my first bank account officer for secondary auction now and he is saying 19 percent for 349 days . Pls is the rate fair enough because I have not done this before

19% is very ok considering the fact that most of their successful in the primary market have stayed around that rate.

Bluekapon:
I was in GTB today and was told it's from 50m upwards for primary market henceforth and was given the option of secondary market.
First Bank and Zenith told me 1m upwards. Plz, is this the case or was I misinformed?

You were not misinformed perse. The official minimum amount for an individual to invest in TB and bid for him/her self through the primary market is 50M. However, banks do collate lower amounts to add to theirs. Meaning you can still invest in the primary market through banks but you will have to go with their own bid.


It just the branches you went to maybe. The last time I checked, you can subscribe Primary Market TB through GT and FBNQUEST from 100k except if it has changed now. The only time I tried zenith back then, I was told it's 1M but that also is still dependent on the branch.

osazsky:
asenal is still worst off .last season they were topping city with 10 points and lost the league .this season they were toping city with 6points and lost also.lost 3 quarter finals in a space of 2 weeks.lost the fa cup and Carling cup too..got beaten by byern and baca in d ucl finals ..they have never won a European cup apart from Emirates pre season cup.they don't know d colour of the club world cup never won a throphy since they moved to Emirates 20years ago..they keep winning throphies next season..na them make mouth pass..the guy and other asenal fans deserve to commit suicide even if they don't kill themselves BP go still kill them..this guy already died of BP he just quickly put rope for neck so that people will blame suicide instead of Bp.he couldn't even manage to Waite and see how city defeats the epl 115 ffp charges

If lie was a person it would be you. Even Arteta that came to meet the Club in the Emirates has won trophies both as a player and a Manager. So from there, I know that it's either you don't anything about football or you are just chasing clouts.

Namaster:
"A viral video seen by our correspondent on X on Saturday showed a multitude of civilians overpowering some soldiers during a free-for-all fight at Banex."

Say what you want about the North, they know how to deal with soldiers and police. Soldiers thought they were in the South where a single soldier can OPPRESS an entire community.

Misbehave in the North and collect your customised VAWULENCE.

You are glorifying a mob of over 40 people gathering just about 3 soldiers that had issues with a phone they bought and came to complain. Well they came back and all those your people of the North that knows how to deal with soldiers did not stand. They all ran away. Plenty go don collect. You lots will be creating issues where innocent people will come and suffer it.

My sympathy is with the main business owners there and the innocent passersby who could be affected by the stupidity of those hoodlums.

tabithababy:
. Please what is the difference between primary and secondary market

According to investpodia, the primary market refers to the market where securities are created and first issued, while the secondary market is one in which they are traded afterward among investors.

teejay5:
Good evening,pls I just noticed that the money as reflected back in my main account,does that means d 91days bide is not successful at Stanbic bank? Pls what else can I do.thks

That means it wasn't successful. However, they ought to have informed you that it was. To clear all doubts you will have to contact them and enquire about it.

After verifying from them that it wasn't successful, You can ask either ask them if they have any one available in the secondary market to subscribe (Note:It starts from 10 -1 or 2 PM and the tenure and rates you get there might not be exactly as intended but you can get something close.) or you can wait for the next Primary Auction.

deharbay:
Can you recommend anyone please?

Personally, I use Morgan Capital Securities Limited as my broker and they are fine by me. Investment One, Meristem, United Capital, Stanbic IBTC Stock Brokers etc are also well talked about here. So you can look them up check whichever one feel comfortable with.

allabouttolu:
Guys so today, I was talking to my dad about how I want to start buying stocks and how I'm still learning about the stock market and he told me about how he bought shares in zenith around 2009 and he collected around 5000 naira as dividend that time through post office and then he goes to the bank to collect the money but I think he stopped and forgot about the stock he bought because according to him he had to go through so much stress for 5000 naira. So I'm sure buy now the money would have increased a lot but we don't know how to access it.

The process is now simplified. All he has to is find a broker with online access and dematerialized the shares if the shares is still in paper form. Then fill e-dividend mandate and be receiving the dividend straight to his bank.

You can check the website posted by @ositadima above first to confirmation then you can also contact Veritas Registrars / CSCS for his details incase it is misplaced.

ernie4life:
Now Open and its net.

Good investment.

Do your due diligence!

Correct.

I just got Dividend alert from SFS REITs now and it seems to be short by 10%. I don't know why. Have they started taxing REITs?

KarlTom:
Can anyone place an order for UBA on Morgan?
It is not available on the dropdown list of equity...

UBA is on premium board. You either select All board or premium to see it.

JB0707:
My husband and I both live in the uk and we join all our money and investments together, all the properties my husband acquired in Nigeria doesn’t have my name on it, at first I wasn’t bothered but now i am bothered because his family is chaotic. I started asking for my name to be included and i am not ok with the response am getting. I feel i am just working and I have nothing in my name. I love him but I don’t trust his family. Should i keep insisting or start my investment separately. I am just confused

All these things are not as hard as people make it seem sometimes. Both of you are engaged and earning money. There's nothing wrong with having your separate investments na.