₦airaland Forum

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.

GeeKudi:
What's the definition of your 'integrity' in this context? Does it mean it is unrighteous to make money from a stock when its SP moves based on 'emotions and not logic'?

He did not say it either righteous or unrighteous.

The inrgrity in that context is him knowing that money could be made from that stock but he wouldn't partake in it because it doesn't conform with his ways of doing things. His unwavering and undivided stance in that decision is integrity.

Good day Oga @ernie4life

I got the attached today for NIveah CP. Please is it net WHT or gross please. I am in-between and that of the EUNISELL but the rate of the latter is better if it's with WHT.

chidiebere1999:
Good day, where do i go to buy commercial papers. Is their a broker for it.

You can contact Afrinvest or Codros.. EUNISELL LIMITED CP issue is on now and would close by Friday this week.

Berankis:
Even though, I do not like Dangote. It is clear that these trade Unions are only seeking selfish gains in the name of union dues. They are obviously never after the well being of Nigerians. The last time, the same PENGASSAN head told us the Port Harcourt REFINERY was working, only to later deny saying such.
I also learnt that NUPENG demanded N50,000 as dues on each Dangote truck that lifts fuel. Isn't that crazy?
At this point, Nigerians have no option than to go Dangote way...

The bolded is very true I watched Festus Osifo and co on TV defending it tooth and nail that the union had monitoring team or so that ensured it worked. That where I lost respect for him because it doesn't seem that it's going work. I didn't know they later denied ooo.

[/color]
Dangote cannot invest his money anywhere outside Nigeria and be as successful as he is in Nigeria because no society will take from him what he has been dishing out to Nigerians. No society will permit you to employ a diploma-holding Indian in Nigeria and pay him higher than a master's degree-holding Nigerian and be proud of it because "at least, you are paying more than another company." If you want to do business, play by the books. [/quote]Ogas incase you don't know. He has invested in other African countries and even in the USA and he is successful with them. Also, know that employment is also based on the employee's value, character and productivity not just his paper qualifications. If you like have a PHD, if all you can offer is aluta and plans to destroy investment that your PHD ideas cannot even conceive let alone execute, then you are you better than an Indian with a diploma that's productive?

awesomeJ:
Which hazard can be more than being a soldier in theatres of war in the north east?

Yet how much are those front line soldiers paid?

200k or less?

Yet some politician without conscience will steal billions, and worse stash it completely idly in a foreign land.

Abi they'll be willing to negotiate paying billions to terrorists.

In my opinion, any soldier who goes to the theatre of war in any given month should never be paid less than 1m.

Others who weren't deployed can be at 200k or so.

So let their salaries be 200k, but every time they go to a battle field, they should get at least 500k in battle hazard allowance.


But like you said, life nor balance.

Cos all these oil workers shouting hazards, which hazard is an accountant in Chevron office in Lekki facing, yet they pocket 12m in regular salaries, excluding bonuses.

I wonder ooo. Someone thinks the only Job that requires high level skills is working in the refinery. He doesn't think it requires skill to do anything in the security sector.

Wow..!! See flexing for some jobs in the private sector ooo. Apart from maybe FIRS, CBN and NNPC. Majority of those working in Government establishments can not come close to all these figures I am seeing here at entry or even mid level self ooo. If you talk now them go say hazards but some people in the security sector being exposed to hazardous assignments and even die daily from them but if you see people amongst them earning up to 700k then they are the Ogas at the top on Level 15-16 about 20 year and above done on that Job already.

No wonder things no gree balance for this country.

omonikiba:
Hi everyone, I’ve been silently following this thread, and I’ve learned a lot, and even started investing myself.

Unfortunately, my account officer has been giving me a lot of trouble. I placed an order for T-bills back in January, but by May, I discovered the money was still sitting in my book balance. When I emailed her about it, she insisted the transaction was done. I asked for proof, and instead of providing it, she said she would cancel and redo it. At the time, I overlooked it because I was overwhelmed with other responsibilities.

Now I’ve asked her to release my money at no extra cost, but she’s defaulting again. I know that if I report to the CBN, I have a strong case - she has no reason to keep holding my funds since she already defaulted.

The irony is, I only recently realized I could have been investing from home myself. In fact, the savings I invested in August have already yielded a good return. I honestly wish I was around to walk into that branch and shout it down It's already 10 months, no good interest.

If she fails again tomorrow, I hope I am right to escalate it to the right quarters.

Sometimes relationship matters especially if you are used to calling to get things done over the phone especially because you are not available to do it yourself. However, if you don't consider that a serious issue, you may go ahead and mail her to register your displeasure/disappointment in her/the banks services. Be sure you are precise in your narration then copy all the email addresses of the bank you know and copy CBN too.

That way more people and probably superiors will be aware of the situation. She will also see that you are serious and ready to go out so she will will treat your request promptly.

emmaodet:
I doubt you can have 2 TIN bearing same names.
Even if it is possible, you won't be able to transfer your shares to another broker or CHN using different TIN.
It is just like your stock trading account.
You will only be able to with draw to an account number bearing your name with same BVN, not different

I already have 2 Tin and I am looking for how merge them. The first came immediately workers were migrated to IPPIS and I started seeing it on my payslip. When the jtb website was introduced, I tried to look it Up and with my DOB and NIN and what came out was different.

olig:
Haha! Now I get it, I didn't know that it can not be migrated. Thanks.

It can be made to reflect on your trading account. At least I have done 2 this year with the same Morgan. Afriprud and same Oando bonuses are now part the shares on my trading account after I mailed them and they added it.

Maybe you did not write to any of Morgan's functional e-mail address. Go to their last mail sent to you and pick all the addresses there. Write to their customers service and copy all other emails you know that's related to them.

BKings:
But does it mean that after your money has been debited for the tb, your account statement would not show it , just curious.

If or when your money is debited for TB your account statement will show the debit but not the details of the contract/investment. A certificate or proof categorically states the terms of the contract like: the investment amount and discount value, the rate, the tenure, the charges and commission etc.