₦airaland Forum

Mpeace:
I can't login

Seems so. I have switched between 2 network and tried 3 browser in a space of 2 mins to no avail.

teejay5:
Pls help I went to feel a form for treasurybill at Stanbic bank on Monday and d customer care told me dat my money wil be deducted on Thursday or Friday if d bid for 91days is successful but I checked my app dis morning and noticed d money as been moved from my main account to ledger,I only saw some amount dat may probably be d interest in d main account.pls is dis hw it's done cos I haven't received any messages or debit concerning d treasurybill.thks

Yes most times it's like that. They have to restrict you from accessing the money. Till when everything is settled.

That way, you will no go and do another transaction like withdraw, purchase or transfer when you have already requested that they should use the money for investment. If it's not successful, it will be refunded after the auction and if successful, only your interest will be left.

stokfrick:
I just applied for t.bill with zenith bank, they just gave me a form to fill. But they didn't issue any form of document as a prof that I applied for t.bill.
Pls will they send me any mail or document if the purchase goes through?
I asked the lady about these things she just said I will receive a debit alert if the purchase goes through

A proof or certificate is issued after the auction. That's if your bid or the bank's bid is successful. Just applying does not mean the purchase has been made. So you will have to wait till you see alert or like Friday or next week Monday and confirm if it when through before you request for proof.

Depending on the bank you may receive a debit alert as soon as you place the bill like first bank that takes shields the money from your reach once you apply or like like Stanbic that will only debit you after the bid is successful.

KarlTom:
True. Point 12 seems like a loophole...

The loophole will be for only the banks to use in extorting customers. It's only the banks that will benefit from it. Like the stamp duty charge where it was clearly spelt out that customers transfer to own account is exempted and banks kept charging customers without recourse to the exemption.

ernie4life:
Good day bro,

it's gross,

The first discount rate was not accurate so it was corrected.

Ok. Thanks, I appreciate.

ernie4life:
So I heard DLM is net and will close tomorrow

Good day @ernie4life I greet you. Abeg, how far with the just announced Coronation MB CP, Is it net?

They sent out a higher rate for 270 days and later readjusted it. Why na?

RayRay06677:
Please help a brother, why are you avoiding Afrinvest?

Nothing serious sha.

First of all, I did a termed investment with them recently, it matured and my money was not paid complete as stated it was stated on the terms. It was short though for an insignificant amount but that was the first time I have experienced that. They was not reason at all to do that. I complained and there was not tangible response.


Secondly, arbitrary charges on CP'S. I have done several CP's with different firms. The cost of CP is to borne by the issuer just like Primary Market TB and FGN Bond. However, with them it doesn't suffice. They will charge the customer and him they are just stock brokers.

ernie4life:
So I heard DLM is net and will close tomorrow

Wow..Thanks. I tried contacting FBNQUEST and DLM itself about but I didn't get any reply from them and I don't like to do anything of that nature with Afrinvest again.

Mfunkynation:
I haven't received mine

Me too never receive. I mailed them last week about it and I was asked to exercise patience as it is still being processed.

davit:
I need some clarification here great investors. See the attached, is discount rate different from interest rate? The rate they advertised is interest rate. Going by the matured fund, have I been scammed?

The discount rate is truly about 16.82% while the yield abi na interest rate as them call am na about 20.01%.


If it is the 20.01 you saw and thought you invested with na where we fit talk say them scam( Even at that, its not a scam you for seek clarification before the investment) ask afresh or come here browse back small.

TB discount interest is paid upfront so if it was just that way it would have been the 16.82. However, with this, your interest is invested with the principal that's why it will yield that 20.01.


If the discount rate was upto this 20.01, your yield would have around 24%. That 16.82 discount rate is not the sweetest for that tenure considering the present realities but then na secondary market and it's already a done deal. So, make you manage am.

Batman2412:
Attached photo is the reason I asked.

This one na for United Capital Assessment Management na.

Objectivist04:
You are very right about 14140 being dematerialized , there is a mail from Meristern indicating such , I sent the mail to Morgan for interpretation but they overlooked it, so to get my outstanding units what will be the easiest move for me now

Since it's been dematerialized and you said Tranglobe is no longer active, all you have to do is transfer it to an active broker.

I would have said you should just be patient and follow Morgan gently to achieve your aim as they might have began the transfer process after you resent your details lately. However, if you are convinced that they haven't done anything, you can just open an account with another active broker and transfer it there.

I think InvestmentOne has one agent here that usually volunteers to help people on issues like this provided you are opening an account with them.

*** Modified.

I just saw your mention and replied. I didn't know @emmasoft has already replied you. He is the Investment one agent. So you either go with Morgan or port to him.

Objectivist04:
Pls I need to report Morgan capital, somebody should help me on how to go about it.

This is what happened.
I opened account with Morgan capital, after the account opening I requested to move my shares from a dead house to my new account.

They asked me to apply for intermember transfer, the forms and other requirements were sent to me via email.

I printed out the forms, filled them, write the letter that was addressed CSCS, went to the bank fto get my account confirmation , attached my proof of ownership and sent them through LIBRA courier services.

A staff called me and informed me that they couldn't find any share in my CSCS account and that he suspects that my shares have been sold. I told him that my shares are not sold, that I do receive my dividend as at when due ..

Then he suggested that we go for Demat, he sent me the forms which I printed out but he told me to only append my signatures where necessary attach my passport and send,

I did as he said and seny the forms through ifex courier

Weeks letter after constant call from me, he informed me that my shares have been successfully linked to my account. He said that he has 3905 units of Fbnh with him. I told him that all the shares were not linked as my total holding is 18045 , the man now directed me to Meristern registrar.

I called Meristern and they told me that is all they can find, I went ahead to show them where they once sent me my total holding on enquiry and they said let them do more search. After disturbing them with calls, they told me that they have seen another 3905, and that l need to do another Demat so it can be linked,

I was so angry and frustrated, my broker asked me to demand for my transaction history from them which I did, lol and behold the response I got from them shows that I have outstanding 18045 units of Fbnh.

I was confused what is the problem, since Meristern have confirmed my holding, why not do the needful , infact they refuse picking my calls because I was calling everyday out of desperation as Fbnh price was galloping and I need to sell and at least make a little profit from 17 years old investment.

Then what broke the camel's back was earlier this week when my broker sent me a message via WhatsApp, informing me that my remaining shares (14140) are with Transglobe.

Well, the information sounds stupid to me because that shouldn't be a news , since I informed him earlier that my former broker is Transglobe, a dead house.

To make things even worse, the man told me that I did not inform him about Transglobe and that if I had done that, he wouldnt have done global search but rather asked for my CSCS acc statement from Transglobe and then go for intermember transfer to move my account to Morgan capital.

I was so shocked by the above statement because (1) I informed him about having my stock with Transglobe
(2). I did intermember transfer which he himself recommend to me via email.
(3) he never spoke anything to me about global search, so I was surprised when he said he did global search.

I started flooding his WhatsApp with proofs that he was aware that Transglobe was my former broker, I also posted the forms I filled for my intermember which he claimed I didn't do.
After the evidence becomes overwhelming, dude stopped responding to me, nor pick my calls.

I have to reach out to one of his colleagues though from different department who volunteered to help me and move my shares to Morgan.

The man sent me requirements after going through it , l was fuming with rage because he simply sent me back to do what l have already done before, like, intermember, KYC, utility bill, banker's account confirmation etc.

Honestly I no do again, Morgan have to compensate me for wasting my time and money since 2022.
Pls I need everyone's advice here, I am ready to answer any question , I can also post some of my proofs here if the need be.

I regret going for a faraway broker while I have many of them around, it is just because of how you guys talk about them on this forum.

Pls I need a professional advice
Thanks

Lot's of people in Nigeria work as if they are being forced to do their Job especially if they are not being tipped and they do not have any personal interest in the case at hand.

There is nothing much you can do in issues like this as it seem to be just an infraction, negligence or just not paying attention to details rather than any criminal offence.

What I thing happened here is that majority of your shares (14140) was already dematerialized with your defunct former broker (Tranglobe) remaining 3905 shares which were still in paper form. So instead of doing the whole share transfer they only dematerialized the one on paper after wasting all your time.

Morgan is not too good in this aspect. Instead of wasting more time looking for who to report them to, just open another account with a more responsive broker in that aspect and do your share transfer to them. With this I am assuming they've not started the transfer process already. The process also requires patience too but 2022 till this time is enough time.

Something similar once happened to me from them. In my case the person handling quit job without handing over the responsibility to anyone but constant calls later resolved it.

ernie4life:
None that am aware but when it's available, I will ensure I share on this thread

Ok, Thanks.

ernie4life:
Yes, withholding tax is applicable to Fidson.

Not much difference considering we are also deploying the funds to infrastructure project to aid bridge the infrastructure challenges we face as country, however, we are consciously avoiding investment in oil and gas projects.

In light of the current high-yield environment, we are aiming for a return of 23% to 24% which represents the yield on a 10 years FGN bond plus 4 percent.

Our coupon payments will be distributed on a semi-annual basis, and we intend to list the fund on both the NGX and FMDQ exchanges.”

Thank you for your reply. Any CP without WHT in the pipeline. I want something better or at least commensurate with the present CP rate considering the risk involved.

ernie4life:
But you can always ask before investing, for example the last johnvents CP, there was no withholding tax

That's true sha. So let me ask. Would they be any tax for FIDSON.

Also, what is the difference before the infrastructure fund you guys are floating with NDIF on currently being traded on NGX. Will your pay quarterly dividends too.?

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

Nope, you can invest through other financial institutions too.

I do it through Stanbic IBTC and Morgan Capital group. There are many other firms that you can use too. You only just ask/indicate interest and you will start getting the info.

RayRay06677:
WHT at 10%

And service charge from the entity carrying out the transaction for u but likely in the range of 0.075% or thereabout.

If you deal directly with the arrangers most times you would not pay any service charge. It's only stock brokers like Afrinvest that usually charges for their service. Service charge is usually borne by the issuer.

The problem I have about WHT on CP is that they don't usually state whether a particular CP is exempted or not till when it is close to maturity.

Mfunkynation:
Morgan capital stock recommendation is sh!t... are there really current with the current price of shares!
or na just copy and paste

Maybe they done hear you sha. They've send a revised copy.

IYGEAL:
I don ask them and they don delete am.

But I was on the neck of GTL registrars due to how they handled that notorious 17.42; so I believe they will remit what's due to me to me or else...

Once, I collect this 1 Naira now I go ask them to delete am.

Hedgefunds:
N1 per share.

Ok. Na to contact GTL be that na cos me I never see.

Hedgefunds:
yes

When was that please? Like how much per share?

I never see anything after the initial payment ooo. That is even the reason I have not ask Morgan to delete it from my stock list.

Gabrielclint:
Good morning guys,
I called my account officer in Fidelity bank and he told me that there is a new policy from CBN that one can only invest from 50 million naira in treasury bill. I find that difficult to believe . Please can anyone confirm this information please?

It's not new so it's no news. It has been like that for a while now for those bidding by themselves. However, if you are to go with the banks bid, you can do that from either 100k, 500k or 1M depending on the bank.

Be aware that most accounts officers would rather want you to collect loan, leave your money in the account so they can meet target or do a mortgage where they could get percentage. They somehow abhor investment that's of no benefit to them. So, if you notice something like this, just go and initiate it from another branch or your bank or move your money to a more investment friendly one.

freeman67:
Ehen.... That rental payment date fell on a Saturday so I thought the payment will just be done today but nothing has been done so far.

The sukuk rental just dropped this morning. As we complain when we never see. Make we clear the air say we don see.

Ibrahim505:
It's due time for rental payments!
Has anyone here subscribed to 2023 Sukuk Bond received his coupon?

Ehen.... That rental payment date fell on a Saturday so I thought the payment will just be done today but nothing has been done so far.

debostar:
Does Morgan capital group do treasury bill

The last time I checked, the only ones they are FGN Savings Bond and SUKUK. No Treasury Bill and FG Bond.

VeeInsider:
Hello everyone. How do I open a FBN Quest account? I've tried via the app and it doesn't work for me.

Go to their office if you are in a city where they have one.

dipoolowoo:
GSK Begins Payment of N17.42 Per Share to Minority Investors
https://businesspost.ng/economy/gsk-begins-payment-of-n17-42-per-share-to-minority-investors/

NGX Group CEO Temi Popoola Emerges New CSCS Chairman
https://businesspost.ng/jobs/ngx-group-ceo-temi-popoola-emerges-new-cscs-chairman/

Unlisted Securities Market Grows 0.39% in Week 14
https://businesspost.ng/economy/unlisted-securities-market-grows-0-39-in-week-14/

Popoola Joins Ethiopian Securities Exchange Board After NGX Group Investment
https://businesspost.ng/economy/popoola-joins-ethiopian-securities-exchange-board-after-ngx-group-investment/

NNPC Owes Oil Marketers $3bn Fuel Subsidy Payments
https://businesspost.ng/economy/nnpc-owes-oil-marketers-3bn-fuel-subsidy-payments/

This first one about GSK na old news ooo. We don chop that money finish since dey wait to see if another will follow. It came as dividend 48, so this may be addition.

Bennycollins:
Hi forumites.
Please someone should clarify me, I started getting involved in Tbills a couple of yrs ago, but have never done the primary market. I opted for the PMA on advice of my bank official,ZBN, and I completed the form against this week bidding round.
I just discovered the quoted principal has already been removed from my account. Does this mean the bid is already done and successful? Or it is the practice to first remove the bid sum?
Thanks for anticipated feedback.

The money has been taken into custody from where you can access in case your hand scratch you. If your bidding successful, they will just drop your interest in your. If unsuccessful, they will drop your whole fund after auction.

Tracyy122:
Abeg o, it's past 4pm on Tuesday and the money is yet to reflect. Should l be worried?

I have actually called them about mine today and I was told that maybe the money didn't drop before the end of Thursday that's why it wasn't credited that I should wait till the end of the day. So I am in same situation as you. No cause for alarm. Just that about 5 days interest is what they are stylishly chopping off.

enque:
if the credit was done after 12pm, then you'd get value on Tuesday morning.
cut-off time for same day settlement of stanbic mmf is 12noon, any payments after 12 reflect on the next working day.

I did before 10:00. Infact, same thing happened to me in December.