₦airaland Forum

That rate there (5%) is per annum and not for the 30 days as you are assuming.meaning is for the whole year and will have to be divided by 12 to get the real rate. So if you were to make that investment, what you will get is actually about 0.416 instead, mind you that 10% tax will also be deducted from the interest you will get.

Ty207:
@emmasoft
Pls I have a question, anytime I open my Accessbank app I always see investment that promise 5% months, which is equivalent to 50/60% annually, my question is that why will someone leave such investment and invest in mutual fund that only promise 10/12% annually?? Note I have called Accessbank bank and I was told the investment is risk free and I can withdraw my money anytime even before the maturity day.... so I will want you to enlight me more about the investment

bigiyaro:
Hello there, I have been trying to get a car for e-hailing since last year, I have 500k so far and my rent is coming up in June (200k) I don't want this money just lying around, I have heard of ibtc mutual funds, pls I need more info on how to put this money there. Thanks.

@emmasoft see customer.

Uchetoba:
what is wrong with Morgan platform today?

I am experiencing issues with it too. Was thinking I am the only 1.

desireoge:
Good morning guys. I bought 180days treasury bills that will mature around April 27th @ 8%.
As it's I need the money to buy land, I want to liquidate. What advice do you have for me. Will I loose or gain? 13M involved

As you are already aware, the interest of TBill is paid up front. That means that you would only get your 13 M back complete if you wait till maturity except you reinvested the capital with interest.

Also, resale is subject to prevailing market rate and as you were charged for bid so you will be charged for offering. So all these is supposed to affect it

However, the last primary auction rate was very low so is the prevailing market rate at the secondary market. Thus, putting everything together it should benefit you more if you decide to sell. If you are able to resale at @ 4% or below, you would have benefited @ least half of the rate of the 2 months 7 days left.

kamsy4God:
Please house I need your input in this ...
I was in urgent need for money so I did online redemption from my stanbic money market fund on Thursday 16th Feb 2023 by 8am. I was debited same day from mmf account, but have not been credited. I ve not had this delay in my other redemptions , even though its been a year since the last redemption. Should I be worried. I am in Owerri

Stanbic IBTC Asset Management Limited does not usually delay payment of redeemed funds like this. However, it is very possible with the current happenings in Nigeria.

Thus, you may need to contact them. Before you do that, please be sure from your own end. Try to do the underlisted:

1. Check your MMF account to confirm if the money has been deducted from there or not.

2. Check your SMS and email inbox / spam box to be sure that after you initiated the redemption, it was successful. By confirming you received the TRANSACTION TOKEN and after using same, you received the TRANSACTION RECEIPT of the redemption.

3. Be sure you selected the right destination where the redemption is to be credited. Eg your account.

4. Check your account balance/transaction on either mobile app, internet login or ATM irrespective of whether you were to get the alert or not. Network sometimes may affect the delivery of alerts.

5. When these are checked and all is well on your part, you can just google their customer service number, call and ask to be connected to their Mutual Fund Arm. Then you can make your complain and find out possible reasons for the delay.

emmasoft:
It's also safe, but know that 10% WHT will always be deducted from interest on fixed deposits and the rate remain fixed irrespective of any positive changes in MPR.

This is ok. At least the investor is aware of the withholding tax from the beginning and it will be calculated into his plans. Not like Commercial Papers where the arranger will stylishly put a statement like "Applicable tax shall apply or otherwise exempted" advert sent to you. Then skip the information of whether it is exempted or not from the terms of agreement/contract paper and all after, send you an incomplete proceed with claims that withholdings tax was deducted.


Even on MMF, except you choose to reinvest interest; if otherwise your interest will still be taxed and possibility of having more than 10% interest cumulatively for the year is not there.

emmanuelewumi:
Who is the custodian of your investment? Is it the bank or it appeared in your CSCS statement

It appears on my CSCS statement.

Zabilon007:
You just mentioned the other colleagues of first bank... GT, Zenith? Zenith?.... When ZenithBank and Gtbank show you shege, you go praise first bank!

The post you quoted was made in 2015. Things have changed greatly with all the banks mentioned in the post. Some is for the better while others is for worse. First Bank have improved, Eco is still the same or even getting worse. Zenith has been very poor in their service this period while GT is neither here nor there. Things changes with time I guess.

Investing through stanbic especially anything order than treasury bill is hard. Thank God I have an alternative. I will just transfer my money. The only down side is just that its a secondary market thing but with at least N95,000 you can invest in bond through Standard Chartered. You don't have to call or even mail any relationship manager that will either not pick or reply your call/messages. Once you set up your app by yourself, you can do everything by yourself without contacting anyone.

Wapgod:
I know this is not investment related.
But I am looking for a graduate trainee role at a financial service firm in lagos.
I just finished my NYSC.
My degree is in Information Technology(2nd class upper).

Ok see people looking for you.

sgtponzihater1:
Stanbic now pay interest monthly?, I thought it was quarterly

Before now, it was even every 2 or days.

dustmalik:
The funny thing is, when this policy comes into full effect and people start to see the drawbacks of it, these same people supporting it will be the ones to turn around to blame Tinubu and APC.

The problem we have is lack of foresight. Yesterday alone, two people made transfer to me and I didn't receive their transfer for hours, I didn't get an alert and the value of the transfers also didn't reflect in my bank app. Sometimes it takes unreasonable amount of hours for transfers to reflect.

Imagine you go to a shop to buy something and you make a transfer. The seller says he hasn't receive the transfer. Will you wait for hours?

People are going to experience a lot of drawbacks, including delayed transfers, failed transfers, fake transfer alerts are going to be rampant.

The simple truth is that, the whole system is not ready or prepared for this policy.

There is not draw back to anything for the common man in this. It the politicians, terrorists/bandits, kidnappers and money hoarders that are instigating the complaints and causing in connivance with Banker friends to make the money not available.

With the old money, all you listed as drawbacks and even more were happening and people were already getting used to it and have developed their individual ways of coping.

They is nobody reading this now that will say he/she has never encountered a delayed transfer and failed transfer/transaction or will say he or she has never heard of fake alerts before.

However, with all that, more genuine and successful transactions have been done. Could it have been better, yes but if you look at was was and where we are going, we have really come a long way.

That said, I will like to quickly add that all these are issues with cashless policy whose implementation has commenced long before now and has nothing to do with the new naira notes. The reasons and objectives for changing the notes are very germaine. I just hope they don't succeed in scuttling the efforts.

gfelo:
Business Men and traders will pay the prize for this corrupt politician, is very bad when big men thief the poor suffer for it.

Now people are scared to collect old note, new note not available, how do u sell, and how do you buy, not every business men and traders use POS.

This is when innovation to your business will be key. Businesses can collect a dedicated pos machines for their business. They can also accept transfers too pending when the new notes starts circulating as it should.

If you don't collect old notes, you won't loose anything because your goods will still be there.

JejeIsLife:
Good everyone....we all know that job getting a job in Nigeria is twice the work of a full time employee. The challenges of unemployment and the sapa promax suit that automatically becomes my day wear makes me shoot and apply for any job that comes my way, at least make me sef avoid see finish for area.

To cut the story short I landed a customer support job due to research I made online and I aced the interview...lo and behold I was sent a mail that I should resume on Monday but here I am having a panic attack as I did not know what to do since the job is a social science job but I am a technical person with engineering background. I am accepting the job because of the salary, financial challenge I am currently facing and the job is partly remote.

Please kindly share your experience with me if you ever work in a customer support centre and what software is used.

thanks.

First of all, let me inform you that there is no job you will be employed to do that you will not be trained on how to do it. Except it is an experienced hire.

Secondly, If you don't get any formal training on it, you will at least be put asked to understudy someone. The time for this might be short though.

Thirdly, like some people suggested you can google and also do a YouTube search on what is expected of a customer support job as it relates to the company you were hired.

Just relax and flow with whatever comes up as you resume. There is always a first to to everything. You can make mistakes at the beginning too but as time goes on, you will get better.

AntiChristian:
So sleeping with your daughter is not criminal?

He didn't sleep with his daughter. He slept with his daughter's friend.

AntiChristian:
In some foolish saner climes, this is becoming a norm!

Tufiakwa!

Let old people marry o!

In the following countries, incest is legal: Belgium, China, France, Japan, Latvia, Portugal, Russia (marriage prohibited), South Korea, Turkey (marriage prohibited). Incest is legal for adults only in Argentina, Israel (over 21), Ivory Coast, the Netherlands (marriage prohibited), the Philippines (marriage prohibited), and Spain. Incest is legal in Brazil if over 14 and in Thailand if over 15; however, most marriages in these countries are disallowed or prohibited. Incest is legal in Italy unless it provokes public scandal.

Let NIGERIA CRIMINALISE THIS ACT LIKE SAME SEX!

LGBTQ+ SHOULD BE CRIMINALISED!
TRANSCANINE, TRANSNONSENSE!

There is nothing like incest in this post except you did not take time to read it before commenting. The offence charge was that the man raped his daughter's underaged (16 Yr old) friend. If proven to be consensual, it will only be sex with an underage. If not, it will rape and sex with an underage.

PrinceOfLagos:
One law for the rich, another law for the poor

Lets not justify armed robbery please. The rich did not tell him to go and robb anybody with arms.

Though the judgement seem very harsh given the amount of money involved, being a an armed robber and a cultist at the same time might have contributed to that. Had the lady refused to part with the money, the possibility of stabbing her to death with the scissors or clubbing her to death with the rod is very high.

debeey87:
Has anyone used the withdrawal option on MorganCapital's itrade platform and how quick was the response

I am not sure if you need that. Just send a mail to their customer care with your correct information and account details. They will do their checks and ask questions if unsatisfied and once you provide them appropriately, they will send the money to your account.

PlsBanMe:
Remain in that hotel job. You may not believe it but you won't earn 100k as salary in ten years working for state government, unless you work for state hospitals management board and I think the ministry of justice.

With your present job, you can land a better job someday either with private companies or with some agencies of the federal government.

What's the essence of a job with security that doesn't pay?

Well, if you don't like money, you can join. I am guessing your salary may not even be up to 50k as a level 8 step 2 state worker. In some states yet to start payment of 30k minimum wage, you won't earn up to 40k.

Think before you leap.

Did you read the post at all.?

First off, he already the state government job is to pay equivalent salary. He is just trying to see which one has more benefits aside salary.

Secondly, the state job is in the Internal Revenue Service which would definitely have more perks than what's obtainable in that hotel.

Finally, above all, he would have personal time off work for himself. He can use that time to arrange a personal hustle for himself. Also, the opportunity to meet and interact with his federal counterparts which lead to transfer of service to the federal arm is there.

Latestreport1:
2million
When I ask him about Fixed deposit and TB he was discouraging me, saying Fixed deposit is less that 3 percent TB 100m above.

Maybe I met the wrong person, because he was trying to convince me to invest on Sanlem insurance with 5% yearly. 100k interest on 2million.

Maybe you met someone from their insurance arm. You know they always hang around within the bank branches looking for who to corner and convince to invest in insurance.

A normal banker would want to convince you too but theirs will be to invest in fixed/term deposit. However, there is an officer usually dedicated for TB and bond matters in First Bank except if things have changed. If it hasn't, that Officer is the one to give you all the right information needed. Including contacting colleagues in other branches and higher offices if he is not sure.

Soleye24:
Can I send a pm sir ?

PM about/on what sir?

Wapgod:
How much do you want to invest?
It might be a definite factor in the way you are treated.
While the above is a factor.
Follow this instruction:
Visit the Firstbank Headquarters on marina street in lagos state and ask about the treasury bills department/unit.
You will be directed there and you can then proceed on your investment transaction

True. If he had about 50M whether cooperate or individual he will be attended as he should.

In Abuja the main branch is at Commassie House, Central Area. When I was a regular in TB, that's where I get it easier.

yinkaoke:
Ops- please can you share the details of the DML CP
Thank you

Here is it.

Wakemeup:
Got an email from Afrinvest for commercial paper for daraju investment Ltd. I haven never done CP before only Tbills. Any advice fam?

Got Coronation Merchant Bank on Daraju. Then got for Afrinvest on NB & DLM.

Foodempire:
It's my first time too and i subscribed through fbnquest likewise but yet to receive any acknowledgement from them even after writing them a mail. I checked my CSCS statement today but nothing listed yet. Anyone with info on how this work?

Once the auction date has passed like a week. If you do not see your proof of investment or certificate, you can only come here for allotment confirmation; to be sure they have commenced allotment. The next thing to do after is to start mailing the the issuing house you used requesting for proof that is all.

mickky22:
Goodday honourable investors.

This is my first time investing in CP.

Please I will like to clarify something, if should invest 5m for 90days...those it means I get interest of 650k.

Please senior investors your contributions will be greatly appreciated.

Thanks

You will get about N157,398.75 for the 90days.

Horlartunes:
How do I calculate 182 days treasury bills
Someone should assist
For instance if I’m to invest 2m

2m at what percentage?

This is how I do mine. Let's use 9% for example.

2m ÷ 100 = 20k x 9 = 180k ÷ 364 days (a year) = 494.505495 x182 days = N90,000

sgtponzihater1:
Thanks for sharing your experience. It's really painful losing rather than gaining from an investment. How long did you stay invested for in those fund? Could waiting longer have made things different?

For now most of my mutual fund cash is in MMF and 2022 was not too bad.

Not very long it's for just about 3 months for Stanbic GIF before I remove most of my fund and redirected it to MMF. I still have about a 100k left there sha. For Ucap Balanced Fund it was about after a month and half or so. I only have 1k in my left there now. I had to move everything to Fixed Income/Bond Fund.

I actually could not wait to find out because the loss seem rapid. Stock market do bounces back so I am sure whenever it does Mutual Fund will stock asset will also improve too.

sgtponzihater1:
Any one kind enough to share their personal experience with stock based mutual fund or partly stock based fund? Thanks

I have not done any that is completely stock based or have only stock as its underlying asset but I have done about 2 that has a mix of stock. ( Stanbic IBTC Guaranteed Investment Fund and United Capital Balanced Fund). I can tell you for free that it's not funny with them. At the early stage when I subscribed to both, all were looking fine till the stock market had a hit. It's not funny at all. To be sincere with you, in both cases I ran out of patience and exit with losses.

That's why presently I will only do MMF, Fixed Income or Bond Fund, Sukuk or Islamic/Shari'a Fund and Dollar/Eurobond Fund.

The small issues with the Fixed Income/Bond Fund I observed from personal experience is that it takes longer time to redeem funds from them than MMF.

Then the Dollar/Eurobond Fund too take longer time. Also, now it's very hard to invest in even if you have your dollar with you. Except maybe there are asset managers who will sell the dollar to you at their own rate then go ahead and credit your account ( I am not sure about the existence of this, but I think I have heard people discussing about it though.)

MumEmdy:
Where do I start from, I have been in shock since the incidence, God is indeed faithful and compassionate I return all praises to Him.

After having their hair cut on the 22nd of Dec, my kids requested to visit their great grandma who leaves around that area, but on our way there the terrible accident happened. ( I don't want to go into details how it happened cause everything is still playing in my head)

My son was unconscious with blood all over his head and face, I thought he was death cause he was in the theater for more 1hour before some people rush to me to come and hear my son crying. I kept crying and declaring my son's name Emmanuel God is with you will die no way because Emmanuel is also the reason for this season's celebration (Xmas). Prayers was offered even people I don't know that witness the accident rushed there ready to donate blood in case of necessity.

I want to use this medium to once again thank especially the Doctor that God use to work and stitch his scalp and face together, he was actually going to his place of work saw the nature of the accident and decide to follow the bike men to the hospital where my son was rush to, we later got to know that he works in a different hospital but a specialist in such cases., to the people that rushed my son to that hospital God will reward them accordingly ( I don't even know them I would have gone to their various home to thank them and to all d nurses and staff of Good Shepherd Medical Center Ayingba kogi State, thank you all and I pray God will always come through for you all in Jesus name.

An accident that claim 3 of my son's teeth, the devil came to late, we give God the praise

Nairalander please wish us speed recovery, we have been discharged from the hospital.

Mod please push to the appropriate section

Thank God for you and your family for saving the situation and restoring the young boys life.

I want to also join you to thank all the people that helped in that situation. They shall be blessed in multiple fold.

To the Doctor, may God bless bless him richly for not only staying to give back to his country but for this particular selfless act. He shall never lack in any area of his life. His needs shall be met before he even think of them and the reward of his good deeds shall be reap by him and his family members even where he is not present.

3310adeb:
Compliment Of The Season To All Nairalanders.

I Worked As A Valet Attendant In One Of The Night Club At V.I And Guess What,I received Alert Of Unexpected 600k This Morning,

Valet Attendant Is Someone That Take Cars From The Quest That Comes To A Particular Places, Parked It And Hold Unto The Key Till They Are Living, And This Mostly Come With Tips And Some Other Kindness,

So Right Now, I have Several Customers, (Dignitaries) That Have Took My Account Number And Promise To Make Me And My Family Smile, But I'm Confused Because #600,000 Is Not A Joke

ThereFore, My People I need Your Advice

Both Constructive And Insultive Ones Are Welcome Because I understand The Tradition In Nairaland
Thanks

The best thing to do would have been to just go and report to your bank about it immediately since you are not certain about the source of that money. However, since you said you have a lot of dignitaries as customers and some of them promised to send you money, you may slow down on that while waiting for the sender to call.

That said, you will now have to be disciplined enough not to touch at all. You will leave the money there intact till you ascertain the real source of it. If it was wrongly sent, I am very sure the sender will soon discover and contact his bank who will inturn either contact you for refund.

If you go along and spend a dime out of that money and it is later discovered it was wrongly sent to you, your account might be blocked for it.

If it is discovered that it was sent as a/from a proceed of crime. So long as you don't touch and have no link with the sender, you are good to go but if you dare pinch am small, OYO is your case.

Epicji:
I recently apply for stoppage of bill. In a month,we have light for about 10 time and they will bring bill of 20k. This shows l was paying for darkness instead of light.

I just got myself fairly used solar panel n bat3 with small moni.

Enjoying light 24 hrs

First of all, there is no small money for anything solar. Secondly, nothing beats NEPA (as we call it) light. The closest is diesel Generator but the diesel is no longer cheap and even with soundproof it still have some level of noise.

That said, the Disco Staff/agents are the ones frustrating people and forcing them to pay for what they don't consume because we clearly do not have alternatives. They just give targets like bank staff and distribute the target amount for all customers to pay not minding whether there is light or not. They leave in the same society and will surely reap what they sow. If they no reap am for tailor, them go reap am for mechanic, if not then go reap am for hospital. What goes around comes around.

Then we also have a lot of crooks as countrymen around masquerading as religious people. Imagine the number of people saying the op should not even dare talk about his neighbour using free light.

So if the Disco servicing them is assuming that it's only the ops account that is serving the whole compound and as such are billing him exorbitantly based on that, he should just keep quite.

That's why everything keep getting worse and the end doesn't seem to be near. What is wrong in someone paying for what he consumes for God sake?

You will see broad day scam/robbery called yahoo everyone will say mind your business. You see thief, mind your business, everyone will keep minding their business and everything keep getting bad. At the end it will get to everyone in a way or another. No matter how smart or how good you are in minding your business, the ills you see and turn the other eye will surely affect you one day.