₦airaland Forum

Streetinvestor2:
You say u love long dated bond because it is 20% u got now.Tell me how the one I bought 3 yrs at 13% is good thing now.This is 10yrs bond.Then I thought it was wise decision but now I regret it

Sukuk III which was auctioned in 2020 when I first invested was 11.2%, then Sukuk IV auctioned in 2021 was 13%. Sukuk V auction in 2022 was 15.64%. Then Sukuk VI was auctioned in 2023 at 15.75. There was not Sukuk primary auction in 2024. In 2025, it was auctioned at 19.75%.


You are most likely referring to Sukuk IV which was in 2021 and about a year earlier than the 3 years. Yes at that time based on the general market indices, it was a very good decision. Then the MPR was about 11.5%. So there was nothing better in the fixed income space except if you have a good relationship manager that will intimate you on good deals in FG Bonds when they pop up once in a while at the secondary market.

The issue with FGN Bond is that it's not easily accessible like FGN Sukuk and FGN Savings Bond especially at the primary auction and it's also for HNI's and institutions because you will need upto 50M to invest on your own except for maybe other finance houses that helps small investors gather money and invest on their behalf.

Martialfc80:
Good morning helpful minds,

I subscribed for Treasury Bills last year and I just discovered that the maturity date is 11th December, 2025.

Since that was my first time, I don't understand how it's done. When should I be expecting my money, or is there anything I need to do please?

You don't have to do anything. Just wait for them and be checking your account. Normally the money should have been credited to you yesterday but these days things don't usually work as it should will them. So settlement delays sometimes.

opadiya:
Please do you know the operator in charge of the ongoing Mecure Commercial Paper?

Yes. The lead arranger is Codros Advisory Services while the joint arrangers are; Cardinalstone Partners, FSDH Capital, Greenwich Merchant Bank and Aiico Capital.

You can contact any of them for it.

Odunharry:
Reach out to them that you need evidence that WHT was paid on your behalf

I think that's what I will do

Thank you.

emmasoft:
Though I have not done tracking of WHT remittance before now, I believe it can be done from the FIRS end. Actually, by law, the evidence is supposed to be sent to the taxpayer by the institution that did and remitted the tax.

Thanks. Maybe I will start demanding for the evidence now.

emmasoft:
The 10% WHT has not just started; it's actually been in effect since 2022, after the 10-year tax holiday that started in 2012 ended. The issue is that many institutions simply didn’t implement it. It now seems as though the policy begins next year because the new tax laws have placed a stronger emphasis on enforcement and compliance.

From next year, institutions will definitely apply WHT on all applicable investment instruments, regardless of when the investment tenor originally started. The only exceptions remain legally exempt instruments, such as government-issued bonds.

Very true. Infact I have me paying it on CPs since 2023. I have also been paying on areas that had no holidays like bank interests and co.

My only challenge is that I have been deducted up 500k this year but I don't have any means of verifying if it's being remited. Even though they ask for my TIN always and I provide it.

The only area I have proof is my Stanbic IBTC account that will always send me WHT received anytime I have little money in my account and they pay interest. After deducting WHT on the interest, they later send me a receipt within the month for that deduction. However, they use my NIN instead not my TIN.

Any idea on how to track if the TIN is actually going to the appropriate authority in my name?

First of all, I asked myself why this should be on the front page especially because the writer's claims/assumptions are all unverified. He doesn't have enough knowledge and wasn't seeking to. Instead his claims seems to be misleading but then again I said to myself that maybe the MOD just deliberately put it there so that more knowledgeable people can educate the op.

I have seen enough education while reading through. So I do not need to say more. I just hope the poster's ego will let him read through and learn.

For any of us reading through and have the intention of collecting loans, make sure you have the intention and capacity to also pay back the loan and the interest. If you are not wicked you would not go and collect loan while having money money in other accounts and wouldn't want to service/pay back the loan.

The bank like every corporate organisation has lawyers already on their payroll that will go any length with you if they want to recover their money. So why would you want to waste your money, time and energy in court cases when you can easily avoid collecting the loan in the first place or pay it up according to the contract terms and you wouldn't have issues.

GMs:
Good morning, I’ve just come across your comment and I might have fallen for the same trick. My investment attained maturity yesterday and I reached out to my account offer to go through what the rates are and as well as re investing; he immediately responded;

His job is on the line and there is pressure to close the year well. He pleaded that I delay the investment till early next year or late December. He also mentioned Investment rates are usually lower towards the end of the year. And that he would advise that I invest the money around the end of the month or early January.

Is this a trick; He’s just been assigned as my account officer and yesterday was the first time I communicated with him.

I would appreciate if anyone is able to share their experience so I’d know what I’m getting into!

Thank you

He has opened up to you that you leaving the money there is to help him meet target. So it's now left for you to help him if you wish to. No

jimcykhan:
Hi
Please does anyone know about Standard chartered bank mutual funds, how many types do they have and what's their rates or performance?
Thanks

I have not done any with them so I can't really say but I know they have many. Their Mutual Funds are in USD/EUR/GBP. There are too numerous to mention. I would have screenshot some for you but its not allowing screenshots.

There are about 5 Bouquets of Solutions for which investors are to choose from. Inside each bouquet, you will have Multi Assets, Fixed income and Equity Funds. Wetin dey there too plenty. You have to maybe contact your investment adviser/account officer with them and discuss what you want and what is obtainable.

Nakedman:
Please who knows when Rental payments will be made for this Sukuk. It's 6months now.

The payment is supposed to be on the 23rd which was yesterday. However, yesterday was weekend so they didn't pay. If it's before you will be sure that the payment would not exceed today but these days they do whatever they like so keep your fingers crossed today and tomorrow.

emmasoft:
The truth is, the 10-year (2012 - 2022) tax holiday on withholding tax (WHT) on interest from Tbills and such instruments ended in 2022. I'm really surprised that even institutions are just implementing this now because the law is not new.

That's what I have tried to say earlier. Except they is another holiday or exemption, even if you decided to take it up with them you won't win. Also, whether you collected interest upfront and the money was later deduction from your presumed capital or not, so long as the amount deducted equates to 10% of the supposed interest then it is what it is because the holiday has already expired since.

That said, what I don't like is changing the goal post at the middle of the game. If you didn't communicate it to the investors at the beginning of investment and it wasn't included in the terms and conditions of their contract why bringing it up at the end. It should be clearly stated when the contract was initiated for proper planning. If done that way, whoever is not interested might as well opt out of the investment.

Blackrose71:
Apart from Afrinvest, which other merchant is offering this Daraju cp

Instead of Afrinvest, just contact Coronation Merchant Bank, FBNquest Merchant Bank or Cardinalstone for it. You will be better for it.

ernie4life:
This is offering a floating rate pegged to the yield of 10 years FGN bonds at any point in time plus the premium (1.5% - 3%).

In my opinion is not bad but I will rather buy a savings bonds that offers fixed return through out the life of the investment if am looking at long term but for short term, the CP will pay you better after regulatory deductions.

It is a closed ended fund which will be listed on NGX, when its listed you can trade your holdings if you wish to exit the fund, am not sure of the life span.

Thank you very much for this. That's basically all I wanted to know. So long as rates are floating and not pegged, I wouldn't go for it. I would have gone if it was stable.

Being listed means it will be traded which means it could grow, stagnate and also fall. All flexible but I need something firm.

I sincerely appreciate.

ernie4life:
This is not bad considering where market is right now and the expectations of a rate cut.

Very True.

However, I am contemplating between that and the one below.

When you guys say net yield of 1.5% - 3% of above comparable 10 year FG bond yield. What do you actually mean?

Is it that at the point of time of each coupon payment yield would be compared with the 10 year FG Bond of that month/period or it is consistently compared to the 10 year FG Bond obtainable around the date of subscription throughout the life of the fund?

Is there an end/expiration/ maturity to the fund or the ownership continues like share holding of company where you can only exit when you sell when you want or your funds is refunded if/when liquidating?

emmanuelewumi:
I always pay to this account.

That's the one I was using till I got the personalised account this year. It's also a UBA account too but for you alone. If you check you mails very well you will see that they may have sent it to you too.

emmanuelewumi:
You can transfer money from from Opay, Palmpay and Moniepoint.


I have never had issues funding my Mutual Fund accounts using Opay, Palmpay and Moniepoint

All the times, I transferred money from my Opay Stanbic IBTC MMF it was not credited on time even though I did it the right way. In fact I had issues with them because they will claim they didn't see the money ab initio or the money came but the narration was not there. Yet my own receipt will carry the Narration. On about 3 occasions it took me serious back and forth call and about 3 days to get my funds credited.

Nobody told anything but I figured it out and after that, I have used almost 4 commercial banks and didn't have any need to call them to credit my account. When I do everything right.

Risingcash94:
Good morning great investors in the house.
Pls with your experiences which one of these following apps or asset managers would you recommend and why?
Pls I also need responses from users not only agents.
Big thanks 🙏

FBN QUEST
Myinvestar
Stanbic Ibtc asset management
Afrinvest
Norrenberger

Bless you all

I will recommend Stanbic IBTC, FBN Quest and another one InvestNow by United Capital.

That's because I use all of them all and to me, they are seamless. If well set up (By well set, I mean the app is well and running on your phone and you can also access their services on their website portal, your, pin and security question are set and you have the correct answers, you have the right account number to make your deposit to and know the right process) and you adhere to their common rules like not depositing money after 12: 00PM, Not depositing money on public holidays and weekends, not transferring money to them from fintechs like Opay and Money points (they won't open up and tell you this, but if you try it you will keep having issues before your money is credited.), being aware of your withdrawal limits on app and on the web portal and working with it. Then you are good to go. You will be transacting seamlessly with out needing to speak with anyone.

Apart from the 2, I chose from your list, another one there that I have used is Afrinvest but I don't like them. With them, you are likely to incur more cost, to mail them back and forth before your request is treated, money going out will be paid to your wallet and you will make request for withdrawal, money going will be paid to the wallet untill you request for it to be credited to your account etc.

I have not used myinvestar and Norrenberger in that regard so I don't have what to say on them.

Risingcash94:
Good morning Sir @freeman67 and my entire investor family.
This is the update on the fixed deposit rates that seemed too good which I talked about earlier.
Hmm, I just realized that the lady I was dealing with via calls and WhatsApp was no longer my account officer for Access bank. I contacted her still thinking that she was with the intent to get the tbills rates. Without informing me that she was no longer with Access bank she proceeded to sell the fixed deposit option to me by citing its juicy rates (20%) which seemed too good to be true. Claiming that she was still my A. officer.
She sent a picture of the list of tenors and rates. She also asked for my details in other to proceed with opening the fixed deposit account ( everything needed to open a new normal account) I sent everything via Whatsapp.
However on closer look at the list she sent me
I realized that it was dated 26th June. Also the the amounts and tenors where confusing as it stated - #5m -10m (20%) then proceeded to list less than #20m at 19%, less than #50m etc instead of more than.
So I received the account number yesterday and it said MUTUAL TRUST. She also asked me to download the mutual trust bank app.
When I asked her about it she said she's been transferred to the mutual trust bank that that's the nature of the job and that she's now a branch manager in this new bank.
She proceeded to send screenshots of other customers' investment receipts and certificates to alleviate my fears. Claiming that they are clients she got from Access bank.
Going through the certificate it clearly included WHT which would be deducted at maturity and with 13% interest rate. Though the amount they invested was far lower than what I intend to invest. But she earlier told me WHT would not be deducted.
As if all these are not crazy enough she sent a cut picture of just an amount of #11,289.089 ( Eleven thousand two hundred and eighty nine naira eighty nine kobo ) as an evidence of #11m investment made by a customer.😂 Unlike the certificate and receipt of the two other clients she sent to me that had both their full names and every detail this one was just the figures . Nothing else to show that it was an investment.
I have brought all this before her and clearly stated my doubts

Now there is some form of dissemination of incorrect information. Personally, I will not rely on this person if I were to be the one taking the decision to invest. To be clear, if I am the one I won't not invest.

My reasons are:

1. Anywhere I want to invest, I need them to be straightforward with me with the risk everything involved. If I am willing, I will still go ahead. First she was no longer in Access Bank and the investment opportunity is not from Access Bank as you was presented to you or you initially thought it was. Nothing wrong in trying to maintain your old customers as banker even if you have moved to another Bank. However, not coming clean immediately and pretending till it's time you want to commit is a red flag for me.

2. You said the date on the list of tenure sent to you was in June. Rates have gone slightly lower since then but maybe they are still maintaining same rate or maybe because she is looking for customer or has target to meet, so she can convince her bank to give you a better rate. I don't know but that's something that could be discussed anyway but it's not straightforward.

3. Mutual Trust is a Microfinance Bank. I don't know how big it is or what their capital base will look like but personally I don't row with microfinance banks on serious investments. I used the fintechs sha for fast transactions. For investment with them, putting your funds is very easy but getting your funds out at maturity could difficult sometimes depending on which one it is anyway. I prefer not to give myself that headache.

4. Revealing customers details to you is in itself unethical. Though in this case that could be excusable because she will have done that with the belief that you will never know them and she wants to convince you so badly to invest. The other one with the customer details should have been the ideal thing but she should have included the investment details like rates, tenure and co.

In all, its your decision to take eventually. They maybe other reasons you want may want to consider it but for me, I won't.

https://businessday.ng/news/article/nigeria-likely-to-review-capital-gain-tax-edun-says/

Your voices have been heard.

Risingcash94:
Good morning my people. Pls someone help me with this . I need info. I'm not used to fix deposits pls. I find it hard to believe cuz why are people not rushing into it compared to the tbills rates?

The way it's going now, the advantage TB has over Fixed deposit as regards interest is almost eroded. 20% for 3 months FD, TB will not give you that now. Also, another advantage TB had was that it was initially exempted from WHT but now they've started collecting it so the 20% minus 10% WHT on the interest is 18%. I am not sure you will get that from 91 days TB which is about the equivalent of the 3 months Fixed Deposit.

The major advantage TB has generally is the risk free nature of it. Even dough doing Fixed Deposit might carry more risk, the tenure you are looking at is short and it is with a Commercial Bank not a Microfinance Bank.

Based on the above if I am to be the one, I will do the fixed deposit instead.

Ivan18888888888:
Good day everyone, pls I recently bought Treasury Bills through UBA secondary market few week ago …. and now I’m facing some cash flow issues.

I asked uba customer care on phone today to break/liquidate them before maturity, but they said it’s not possible.

Has anyone dealt with this? How accurate is their policy

It's breakable/redeemable before maturity. The only thing is that you may loose some % of your interest.

It may also take a few days before it's resold. Just go to the branch through which you subscribed. I believe it will be easier there.

tundebasic:
Thank you for your insight, but this country is becoming increasingly unbearable. I mean, one cannot even have a concrete plan in this country again. What if the money in TB was borrowed? Imagine losing 200k-500k on a borrowed fund, which wasn't planned?

I am not even saying they shouldn't collect WHT, but shouldn't this govt allow it on new investments going forward?

Moreover, investment in TB nowadays does not mean that the investor is happy doing it. Some people are just trying to recover their losses from naira devaluation and exchange rate unification, now this? 8m as at 2019 converted to USD is about 21.9k. So, one will lose money to exchange rate difference and then another to unplanned taxation because of some people's policies (within the same investment window)? What a country.

@ the bolded is one of the reasons I kept crying on these thread just a while back because I don't know how to appropriately seek redress. It made me not to re-enter some TB position when I planned to. Also my Savings Bond that I intended to do monthly through out the year stoped at 3 months because of that. Apart, from the reckless application of taxation as it is right, one other bad thing is non payment of investment proceed as at when due. This will happen and they won't be any compensation or apologies for it. How will receive investment proceed of a so call fixed income about 5 days later? And gradually it became normal to them. After observing that pattern for about 3 - 4 months, I discovered that it's the pattern the present dispensation has decided to adopt so for my peace of mind I had to make some adjustments.

I was madder than you when I first got the news of the deduction. The worst part is that unlike TB that they are issuing notices now, the Merchant Banks and co that help arrange Commercial Papers where I lean on more now did issue any special notice. The highest they will is while issuing CP advert/notice, they will just include a phrase like "This investment is subject to WHT except otherwise exempted" and that's all.

On your allocation notice which is your proof/certificate of investment, you will not see any WHT in your breakdown. They'll only request for your TIN afterwards if they don't have it and immediately that happens you should be rest assured that your profit/interest as indicated on the proof will be short by 10%.

I don't complain tire as I fit. It didn't change so I have to leave with that.

Like @Educationalserv said above we can tag the Tax man for him to know how we feel especially about the retrospective application of it and hope he sees reasons with our plight to strengthen things. If not you try and develop your own personal mechanism of coping if it doesn't work.

Educationalserv:
This civil servant are just mean and just want to impress Tinibu laws should have a clear start date after expiration and it cannot be backwards or at the fancy of busy body Adedeji .and co .
Borrowed 10m to invest
Everything amount to 12.2m
Am paying back 12m which make 20 percent
Leaving me with a profit of 200k
But Ayodele and Adejeji Civil servant now backrack a so called 10 wht 220,000 which am supposed to pay affecting wipe out my profit and creating loss of 20k .
Is Treasury bill not supposed to be and investment!
Is Treasury bill not supposed to used for Liquidity management
Is Treasury bill not supposed to attract FPI For Fx .
Capital invested has cost .it didn't fall from the sky or looted from public treasury
The Tax reform Chairman claims to be brilliant
But brilliance on paper I guess
Not in real investment cycles and enterprise

Sorry about this. That's what I don't like about the whole issue. Terms and conditions should be clear from beginning and followed through till the end. Addition of rules at the end destabilises plans.

FineUsername:
My take!

But WHT is not supposed to be retrospective. It should only apply from the effective date onward, not to investments made before the new rule started.

For example, if someone invests in June and a circular is issued in July mandating WHT deductions, it should not affect those June investors.

If you received interest upfront on a June investment and the bank still deducts WHT on your principal at maturity, that action is highly questionable; it may even amount to a criminal or unlawful deduction.

At the end of the day, the courts will give the proper interpretation of these kinds of policy issues.

The exemption has expired since 2024. It's just that it was not widely communicated to investors and it's implementation did not begin immediately after the expiration in TB.

Another issue is that which individual investor or group of individuals investors will have the time, mind and resources to take the government to court. The bank are just the medium being used to collect the interest even the CBN will eventually tell you the money is being collected for FIRS.. wetin be that their new name sef.

Risingcash94:
Thanks. Mine just matured and dropped and I immediately transferred it to another account with nothing left in the account.😂
Have I escaped it?
It's GTB

Except you are in the class of people still exempted like cooperative societies and co, or you intend not to use the account again, that move is not a wise one. Maybe if investors collectively complain about the rules being applied retrogressively which shouldn't be, the authority might listen and become progressive instead or suspend everything altogether if that didn't happen, be sure to know that the bank will never loose.

If the the present status quo remains they'll put a PND on your account or do negative debit and once another money enters the account they'll carry all or remove part of it depending on what the interest was and the amount that entered. It's you that can be left stranded. You can't leave them stranded.

tundebasic:
Maybe it's tunnel vision or whatever crappy word that can be used to describe this. What I am insisting is that at maturity, WHT will be deducted.

How about people who received their interest upfront since last year and the WHT was not deducted at the time?

First let me tell you that I am also not happy loosing any money from money I am trying to make more on especially when it was not part of our initial agreement but then it's the government, we just have to comply and maybe complain to the appropriate authority if not pleased.

"Due to the need for immediate implementation, a 10% Withholding Tax will be deducted from the interest earned on Treasury Bills maturing on 06 November 2025. This deduction will also apply to all subsequent maturities going forward.

If you read the excerpts of the notice above especially the bolded you will see that it captures everything. "Interest earned on the TB maturing on 06" includes those paid upfront or deferred till maturity and the only way they would collect it, is from the principal for those that have collected interest upfront or from the interest for those collecting at maturity.


This is the same thing I started having issues about with Commercial Paper in 2024. It was not properly communicated before hand. I just discovered that after a particular CP I did was about to mature I was asked to send my TIN which I did and the next thing I saw was that my proceed was 10% short. It was when I queried it that I was told that the exemption has expired. So, TB even enjoyed like 1 year of non implementation.

But then, why apply rules backwards.? Investment as a contract have terms, why including new terms to your own favour at maturity. That's what I don't like about it. Everything should be stated at the beginning. People already have plans for these funds so bringing new rules at the end of it will only destabilise their plans. The rule have some categories of people exempted anyways. So, if you fall in that category you can ask them to refund but individual investors are no longer exempted so if you use your name and personal account to subscribe it will be deducted except it's later suspended.

tundebasic:
There is nowhere in this report that says WHT will be from the interest. It says WHT will be deducted at maturity. Isn't this what I'm seeing?

Are you sure you read it well or you get tunnel vision?

heavenisreal18:
Pls next bid is Wednesday my investment will matured on Thursday, is the money I am expecting from my last bid I want to use again,my question is can I go and fill the form down .Or I will have to wait till another two week to bid

It's only possible if you subscribe via secondary market.

Reasons why I think it will not be possible through the Primary Market Auction are:

1. You are expected to submit you investment request latest on Tuesday which is today not on the auction day.

2. On submission, your account is vetted to ensure the availability of the required funds immediately. Some banks like FBN will take it even further by taking the money into custody immediately.

3. The probability that the maturing funds will drop on that day of maturity is not 100% these days. Sometimes it could still take about 1 or 2 extra days before the funds drop so.

So there is not way the bank can put you in their plan for that auction. Your best bet will be to reinvest at the secondary market. The only disadvantage is that the rates will be a bit lower and the tenures might not be up to your desired tenure.

Odunharry:
Expect WHT on short term investment.
I will look for detailed info and share once I have it

WHT wey they don dey collect for CP siiiiiiiiinnnnce.

heavenisreal18:
Good evening, pls my investment matured yesterday and I got the money credited into my account yesterday, this evening I noticed they deducted 11k from my account calling it WHT T bill,this has never happened to me before .Help me

Maybe they started acting before informing customers. I got that attached mail from their fund managers. Maybe it extends to all their subsidiary.

ernie4life:
Its gross that means WHT will apply

Thank you very much for your reply, my Oga.

I truly appreciate.

Akanmbi:
Please help explain. I got way less than what i was expecting from Zenith. I own 5k units which should have translated to c.7k. Is dividend payment in batches? Thanks

I don't know how much you got that you think it's way less. Your 7k expectation is based on maybe false calculation. 5k units of Zenith is supposed to give N6,250. If now minus withholding tax (WHT) of 10% from that amount, what will be left is N5,625.

If N5,625 is what you got then it's the right amount but if it lesser then you should contact them to balance you.