₦airaland Forum

scoobyblogspot:
My colleague resumed the office today complaining very bitterly, so we got talking. He said his elder sister got a property somewhere in Lagos, she stayed there with her husband for a while, had a talent before they both traveled out of the country.
The other tenant also, relocated leaving the house empty; since nobody was now managing the property some hoodlums started breaking into the premises to steal properties bit by bit.

One of the hoodlums was caught and arrested, so my colleague’s brother went to the station as the bale was informed of this act. The police asked him some question which he detailed the them as he was standing in for his elder sister who was far away in London, so they took the criminal to the market where he sold those items, unfortunately know was recovered, the stolen items where valued at about N1,9MILLION naira.

The criminal was taken back to the station and apprehended, so my friends brother was asked to come on Saturday 23rd September for further action, he couldn’t make it to the station due to his work so he went to the station on 25th of September, the police arrested him collected his phones and locked him. Arrested and locked him for what?
They didn’t say anything about it, only for the police to inform the family members that he needs to be granted bill with N150, 0000. Is this a joke?
I’m so confused right now, how can you arrest someone who comes to report an issues and even want him to bail himself with naira.

Please advise

If this your colleague is truthful and serious about it. He should look for FPRO (Prince Muyiwa on twitter and either DM him make a post about it and tag him other prominent twitter handles.

spiceeamiee:
Hi guys, if you have a dollar mutual fund with Stanbic IBTC, how do you find it? Also what bank do they use for it? You know how their naira mutual fund payment is for UBA bank, what bank do they use for their dollar fund?

Funding of dollar mutual fund account right now is not a very easy process except, the CBN relaxes the rules or you look for a mutual fund that will do the exchange for you at their own rate.

emmasoft:
Want dollar mutual fund investment without Dollar?
Norrenberger is the answer
Get in touch for a SEC regulated firm to use.

If I want to get back my investment proceeds in what currency will it be remitted?

Adinije:
Do you have their CS number pls

01 280 1266,
customercare@stanbicibtc.com

Adinije:
How long does it take to get debited for T-bills pls. Stanbic hasn't debited for Sep 13th auction.

Contact them to confirm if their/your bid was successful.

RayRay06677:
Please what are the risk associated with CP?

Though Commercial paper is a senior (unsecured) debt which a company would consider repaying before going out of business if it had to. There is a risk of default even while the business is a going concern, the issuer may not have generated enough fund to settle the investor as and when due.

There could also be liquidity issue. If you want to put it up for sale or recoup your funds before it matures. Some company could als not be attractive to prospective buy if you put up for sale. The acceptability is not as wide but of course, the return is most time higher than what the TB offer.


While TB is backed by the full faith of FGN and can also be easily liquidated especially when rates are good. Sometimes the same bank or investment house through which you invested can just add your investment to their pool and pay you if you want to liquidate.

lalalista:
it's a microfinance bank that's insured by ndic. What's wrong with a microfinance bank?

Forget that NDIC insurance first. Even for commercial bank it's just about 500k that it covers in case of eventuality. However, since the recapitalisation of the commercial banks during Soludo's era they are now well structured with assets and customers bases that will make them to not just liquidate or vanish existence incase of distress like microfinance banks. The worst that can happen to a commercial bank now is either it is acquired, merged or taken over by Assets Management Cooperation of Nigeria (AMCON). it's only the shareholders that will bear the brunt not customers or people that invested through the bank.

Also, the CBN has its eyes more on the commercial banks than the microfinance. I assume their regulation on microfinance banks to be weak. Since that recapitalisation, a lot of microfinance banks have come and gone. Others are barely existing. If you invest a substantial amount with them, stories might come up when it matures.

Majority of the commercial banks are publicly listed on stock exchange. They are also usually in some sort of securities dealings. This double or tipple the regulation on them; meaning aside CBN'S regulation, they are also regulated by Securities and exchange commission and their books/ reports are opened to public scrutiny.

lalalista:
Treasury bills is now trash. Why should I invest to earn 7% per annum when I have a bank that gives me 15% in 6months in fixed deposit

Just make sure it's a commercial bank and not microfinance bank sha... So they won't be stories that touch. I have been out of TB for a while too. I have Concentrated more on CP even though it's riskier.

Chikebrain:
Please to all dorm acct users/owners. Can I do a dorm acct (dollar denominated) transfer to another bank dorm acct with usd cash deposited to my dorm acct?

I don't think that is possible these days except they have changed the rules after Buhari/Emiefele left. Transferring from a dorm account in a Nigeria bank to another dorm account will not sail. You can only withdraw and deposit it. However, can transfer abroad from your Nigerian Dorm Acct.

Foodempire:
What is the name of the instrument per se? Do other investment house offer such? I've been getting only 9-10% from fbnquest mmf, I need something better.

Sometimes investment houses have some of those arrangements that gives more returns. However, it requires more money eg like Afrinvest AAPO which was issued 4 months ago, It was about 17% which is higher than the 8 or 9% TB was issuing. The least amount required I was told is 5M. Also, the risk involved is much more because it not as regulated as TB and MMF. The major assurance sometimes is the track records and guaranty from the issuer which sometimes may not be enough.

RayRay06677:
ALAGBAKA POWER LIMITED
₦4,200,000,000 [19%] FIXED RATE BONDS DUE 2029

The above bond was due yesterday being 13th September but I just can't find the money anywhere.

Just asking if anybody got paid?

Thanks.

Mail the investment house through which the fund was made for confirmation.

Kreos44:
Out of curiosity, why will I buy a N30 million naira savings bond at 8% when FGN bond is going for circa 14% unless of course if she's willing to sell for a lesser amount to improve the yield.

First of all, the tenor of FGN savings bond is shorter than the FGN Bond (2 and 3 years). Thus, it is matures earlier and you can recoup funds earlier than the bond.

Secondly, the amount required to invest directly as an individual in FGN savings bond primary market auction is lesser (from N5,000 to N50,000,000) than that of FGN Bond which is from N50,000,000 and above.


Thirdly, coupon payment for savings bond is quarterly as against the biannual payment for the FGN Bond. So it is you do more regular plans with the coupon of the savings bond.

Also, that rate s/he got it was the prevailing market rate as at the time that investment. Rates were generally low then, even treasury was like between 6-7% for 365 days. Though the FGN Bond rates are usually higher because the tenure is longer and the amount required for investment is higher. The rates of FGN Bond then was not that high too.

Maybe s/he thought she will be able to wait till the end of the 3 years without considering that s/he may need that money for other invest. That said, the rates for this month's savings bond auction was slightly above 11% for 2 years and above 12% for 3 year tenor savings bond.

dapix:
Has anyone gotten the UPDC REIT dividend?

Yep, seen.

hpymoment:
Thanks for your response but Morgan was the first I wanted to download but I didn’t see it on App Store. How do I get it?

Another thing, how do I get a broker to open account for me?

Morgan does not have an app. It's only web portal they have. Just google Morgan Capital Securities Limited and browse through. You will see their contact and how to open an account better still you can just mail their customer requesting to open an account and details of how to go about will be mailed to you.

Kobicove:
Did he register the names under copyright laws?

If he did not then he has no case

Not every should must be under copyright law. There are Valid questions asked already that the bank should provide answers to..

What is the use of BVN...NIN...Valid ID (Int'l Passport, National ID, Driver's Licence or Voter's Card) which must be present and must be verified before accounts are opened. What is the use of utility bill that they ask for in the bank. Except there is a connivance within the bank, request to open such account won't fly.

Peter Okoye or Peter and Okoye are common name but that could be found among a cross section of South East population. However, PSquare is not. So opening account with such names would require a thorough scrutiny.

IconicR:
Nairalanders please is it fair for a mother to suspend her own daughter for fighting her staff?

My friend's mother owns a large company with lots of staff, so she recently completed her nysc program and waiting to be called up for a job so she had to put up at her mum's company as an intern and she was doing her job well to see things done.

Most of the staff do not like to take instructions from her and this has resulted to altercations with most of them, they keep reporting to her mum till a meeting was finally called.

The staff seems to have connived against her and without even bothering to hear her side of the story her mum said she knows what she can do and she won't allow her to cause problems in her company, so she immediately suspended her and ask her to leave and go home.

The staff were happy with this judgement and some made some snide remarks while she was leaving.

This thing has really troubled her recently and she's thinking maybe her mom doesn't like her as she stated that if it were her brother she won't give such judgement.

Was she wrong in trying to put things in order which resulted to most of those fights with the staff?

Was the mum right to have passed such kind of judgement before her staff ?

My friend's mom told her to go resume next week on the condition that she'll behave well but my friend told her mum she's not stepping foot in her company again.

Nairalanders please without being biased who is at fault here?

Sometimes people don't see things from same lense. That said, your friend should be aware that experience matters and really counts.

1. You do not expect to resume work and start bossing everyone around in the name of trying to put 'things in order' without first of understanding your position and role in that company other than I am the bosses daughter.


2. She is expecting to get a job other than this particular one and was going to work in another environment where her mom does not call the shots. She needs to learn how to work with People.

3. Everybody must not like you, but if everybody hate you then something is not right. The whole of the staff can not be rejoicing and making snide remarks if she is at least respectful while doing her job. Respect begets respect.

4. As a daughter of the CEO that has unfettered access to her, She was supposed to consult with and seek guidance from her on issues as they come up. This is because, her personal way of resolving issues might be different from that of the company and maybe considered too rigid. She allowed all other staff to pile up issues/complaints against her and she was just expecting her mother to side her..Just like that. No, issues at work place are not judge based on familiarities and relationship but on rules.


5. There is no sign of hate here. It's more of though love and just about teaching her how to accommodate and build a healthy working relationship with other staff even if there are her subordinates. Also, she has to wait for her brother to be placed in same circumstance and act in the same way to see her mom's decision before she can come up with the rhetoric of 'she loves him more than me.'

Until then, I feel her mum is just teaching her how to be level headed so that she won't frustrate and sack the workers for no just course if she assumes the CEO tomorrow. Abeg make she use the weekend think of her actions so far, and see where she could have done better. Let her also not forget to go with an apology letter. She should relax her shoulder pad first, make she learn and earn respect before she go begin form boss.

Like I said here not quite long, lots of second hand and fairly used phones sold in Nigeria are stolen phones. Lot more are faulty phones the owner wants to do away with the stress. Very few are from genuine owners who wants to upgrade.

Except for those that genuinely import foreign used phones whose IMEI are boldly written on for sale and maybe people who feel they need another, most of the phones you see them market here and on jiji especially without chargers and packs are stolen phones.

I said so because I know so. I have seen several cases of it and I was also a victim of phone snatching/theft after serious stabs.

I bought the Xiaomi phone brand new here on and it was way billed through an escrow from Lagos then, to my abode. So you guys should be careful as the end user might be the recipient of the Venom of the owner's bite.

seyisanya:
In the case of liquidation of investment, does it imply that one can only liquidate into an offshore account? Thanks!

I only liquidated once back in the days when everything was still ok to my dorm account. I don't think anything would have changed sha.

DestinyToRule:
Rate too high shai

Ok, keep looking around. You may see something cheaper.

aameyah:
Hello guys,

This is a little off topic. Please what agency can I copy in an email to my bank? I have been trying to get them to resolve an issue, and the last email I sent (which was strongly worded) they didn't acknowledge or respond to it.

I am not active on twitter and also due to privacy, would not be able to resort to social media. Thanks guys.

Be sure the banks email you are sending messages is actually the right one. Then you can add these.

cpd@ cbn.gov.ng, contactcbn@cbn.gov.ng &
contact@fccpc.gov.ng

DestinyToRule:
Good morning xiaomites. kindly, I need a good sure app that they use for selling and buying airtime.

You can use www (dot) husmodata (dot) com

Do your own due diligence too ooo

seyisanya:
The emboldened is non-existent with United Capital. To invest in the Eurobond fund of any of the investment houses suggested above, including UNITED CAPITAL, you have to source for your own USD.

In addition, the USD is to be transferred from an off shore account as there is restriction on transfer from one Nigeria Dorm Account to another. Also, cash deposits into an investment accounts is not allow.

Mfunkynation:
I did a transfer to stanbic mmf account with my e-account as narrative since 5am today, but checking my online account I have not seen the cash reflect in my account..
What is the issue?

Just give it till the end of today and see. Too early for the complain. Though they are seriously messing big time these days in that regard.

Dave2011:
Hello,
Which MMF will you advise someone with N30m readily available to go for and the investment house with the best rates?
The whole aim is to have the fund there while I wait for stock prices to fall considerably, then liquidate the fund and invest in the stock market.
I can wait for as long as it takes the Nigerian stocks to fall.
Emmasoft, Ewumi et al, kindly assist.

Thanks

For ease of withdrawal, I will suggest you do MMF with it. I use Stanbic, United Capital and FBNQuest. There are all good.

IYGEAL:
Please I would like to know, if one buys FGN Bonds from SC, will such investment be shown on CSCS?

Also, is it possible to automatically reinvest the coupons, or they get paid into one's bank account?

Finally, is the bank (SC) also the medium through which one sells at the 'secondary' market in case of need for liquidity?

Thanks in advance.

For your first question, it does not show on my CSCS account. The truth is that I just opened a bank account with them through the app and discovered they are efficient, reliable and have investment products I could subscribed to if interested; Like Bonds, TBs and Mutual funds local/int'l. So it's not that I actually opened an investment account where I was required to get a CSCS account or provide 1.

On if you can automatically reinvest coupon, I have not done back before because I have not had a need to so I cannot be certain. However, I think that will be subject to availability of the bond and the willingness of the subscriber to accept the prevailing market rate if available.

On your final question, that is an easy yes. The same page houses the buy and sell options. It is left for you to select the one you want. That said I also feel this is subject to availability of bids and offers too.

Modified

I think Oga Emma has dealt the question effectively. That should allay whatever fears you might have.

Very true, I just sent messages and all of them are hanging.

Olaide1295:
InvestmentOne is a disappointment, and I can't keep waiting.
Does anyone know any app to buy long dated FGN bonds (either primary or secondary market) or commercial papers?
I don't want to have to visit bank branches.

Standard Chartered Bank Mobile App.

Something seem to be terribly wrong with Stanbic IBTC these days. I read where someone complained about his/her her deposit not been credited to his/her mutual fund account last week and I thought it was just a glitch that'll soon be resolved.

Can you imagine that I made a transfer to their collection account before 9:00AM on Monday morning but till today, Friday my account is yet to be credited? I sent a mail to them about it on Tuesday they received but did not act on it. Then I had to call the lady acknowledged and promised to forward it but up till now my account has not been credited.

Na too much customer dey worry them so ooo?

debeey87:
I got this offer for a commercial paper from my stock broker. I haven't done CP before so I will appreciate contributions in understanding how it works. I have the following questions.

1. Are yields usually not stated as seen in the picture?
2. If the discount rate isn't the yield, why them was it included in the offer.
3. Can one extrapolate what the yield will be based on current yield for similar bonds with same tenor of 270days or 9-months.

Thank you.

Now that the picture is here, we can now see what we are discussing.

1. Yes, yields are usually stated the way it is there. However, I think it should not have been stated. Why? because the yield should precede the discount rate.

2. The discount rate is not yield. It was not included probably because they are yet to concluded on it. As you can see, TBC (To be Confirmed or so) is written against the discount rate column.

3. Yes, it is possible but I am not sure you will get any 9 months bond with this high yield even if it's corporate. Bonds are usually of longer tenures so any one seen at 9 months should be at it's final phase to maturity and thus, would have a much lesser yield. The appropriate instrument of comparison with CP is TB where similar tenures exists.

amordi:
Check

There is a mistake on the maturity. They forgot to edit that part. The year should be 2024. Please info them.

[img][/img]

amordi:
Who has tried these guys before. What do you think?

I have and they are very good. Good enough they are the lead arranger and not some stock broker so you won't pay service charge or commission. However, your interest may be taxed if it is not exempted.

If you are fine with the discount rate then you can give it a try. There's usually a link attached to the mail sent to where you can view their financial reports and ratings for your due diligence.