₦airaland Forum

heavenisreal18:
Will they pay me for the extra days delay Ed. My t bill matured yesterday ,I have not been paid

I don't know what the guys at DMO/in collaboration are doing with the repayment of coupons and matured investments these days because they hardly pay at the exact maturity days now unlike before. Infact it takes 2/3 -7 days to be paid but for this particular one, I got it earlier I was paid on the 24/5/25 so you may need to contact your bank It could be network issues.

Pierce008:
Goood morning ladies and gentlemen.

Who have idea on how to transfer funds into FBNQuest MMF account? I have been trying to do that via the FBNEdge app by using card, it's just not working..

Contact their Customer Care to get their Citi Bank Account Number. Then transfer the money to that account and make sure you type only FBNQUEST MMF account number on the remarks/reason for payment column.

Esthered:
Please for withdrawal from a Mutual fund (FBNQuest), am I supposed to write a handwritten application or a mail can suffice?

If you have the FBNQuest App, redemption on the app should suffice. If you don't, emailing them with your verified email will suffice. They already have your verified account where they will put it.

Kindheartedd:
Thanks for your reply.

As for the certificate, am not in nigeria and she hasn't asked me to send anyone to pick it up.

Meanwhile, she told me it's done. I'll email her.

Thanks for your reply.

Though they may want you to come and pick it up physically but it's something she can just scan and send to you via email. So ask her to do that.

Heishere:
Since Monday is public holiday when is the best time to apply at the bank?

You can apply tomorrow or First thing Tuesday morning, depending on your branch. If Stanbic or First Bank main branch in your area. Tuesday should fly.

Neurotika:
Maybe that's why my limit increase request is stalled. They've cited network issues for close to 2months now…even after filling several forms then. Something I did in GT on my own in less than 5min without filling any form. I feel the bank arm is dragging the group down sort of…

Increasing limits with Stanbic has always been tedious. Even if there is network, they will give you one contract form full of lengthy and scary terms and conditions to sign. The form will also require a witness to sign too so will need to go along with or announce to other people that you want to increase your limit.

I am not sure, can't remember now but it's someone told me not quite long ago that it can now be done on their app but am have not checked it out.

omotola224:
Hi fam, pls I want to go for primary rate this time
I and my friends have up to 80m to try primary rate however my account officer hasn’t been very helpful
Can someone advise what to do concerning the next auction date which is 23rd of this month

My question what rate should I write in my letter to auction
I am also trying to make sure my bid is successful so I will appreciate all the necessary help from here

Incase the bid fails pls which bank or banks are giving very good rates for secondary market
I use Providus bank and as at today their rate is 17.23% for 323days (I feel this is too low)

Pls help

For your account Officer not helping issues, he/she won't because your funds is tied to his/her. Helping issues will means loosing part of that target and him/her going to get a new customer to cover that which you will remove.

What you can do is you either call their customers care number which will connect you to their HQ and tell them what you want and your challenges and threatening to move your money to other bank which will force your account officer to do as you wish or you visit another branch of your bank and make the request. Also, let them know there that if your request is ignored you will seize to be their customer.

I just reread your message and saw providus bank which is not very common. If you have account on banks like Stanbic and First Bank you can move your money there. After making your enquiries of course.

Thank God you wish to go with your own rate and your funds is upto it. So, if your rate fall within the official stop rate, nobody can lie to you that the rate did not succeed except they refuse to tender your bid.

Going by the previous 2 primary market stop rate of 19.6300 I will choose @ least 19.50 It should not go lower. It may go higher but considering that you careful not to lose out. I will go with that if I were to be the one.

Incase it fails, after all your precautions. You can walk into banks like Stanbic, GTB, UBA or call their customers care and ask of their Secondary Market rates. Any good one can serve. You can also, consider contacting investment houses like Greenwich Merchants Banks and Afrinvest to see if they have. They have good rates sometimes.

Kindheartedd:
Hello guy.

I need help.

First time trying out tbill.

I did that 3 months ago, the money remain in my book balance but the interest is available in my available balance.

Meanwhile, interest and capital equals the total amount. Will my total amount be paid at the end if the tenure?

I also discovered I am earning more interest on the account, is it because all the money remains in the book balance?

Are you sure it TB they did for you?

If yes, were you told it was successful?

If successful did you collect your proof/certificate of investment?

I am asking because if it TB they did for you and it was successful. The money should have been taken into custody since. It should not be reflecting in any of your balances again.

What should reflect is only the interest left there.

I don't understand the interest and capital equals total amount you wrote there. What should be paid to you is the Face value/value of investment at maturity as stipulated in your the terms of the contract/ certificate.

Meaning, if you subscribe for 100,000 TB for 365 days @ 20% and may 80,000 and the charges were deducted from your main account balance leaving let's say 19,000 as you interest in the account. At maturity, the sum of 100,000 is what will repaid to your account.


As for your interest growing more than expected, you really have to check and confirm if it's not some form of Fixed Deposit they did for you or something.

RayRay06677:
I share in your pain, please update when payments is finally paid.

It's finally been paid ooo.

Nakedman:
13th was on Sunday. You will definitely get it during the week. if not today. at most thrusday.. I already studies that trend

Yeah, but payment should be at least the next working day na. Why are they delaying it again.?

RayRay06677:
I share in your pain, please update when payments is finally paid.

Ok. No wahala.

Sukuk rent payments these days na wahala. Payment was due on the 13th and up till now no sign of payment.

inspiredzen:
If this is the wrong place to post this, I apologize in advance.
I would really appreciate some different points of view from anyone who has experience in investing.

I have been reading and trying to work things out in my head.
I currently earn in dollars and I am based in Nigeria.
In the current climate does it make sense to convert at least some of my money to naira to:
- buy t-bills
- invest in money market funds

Or is it better to go with a USD money market fund for example?

I realize that not knowing my entire financial situation makes it more difficult but I would appreciate some thoughts and opinions. I've gone back and been reading this thread and I was getting ready to invest in t-bills but I remembered the adage - " Act in haste, repent at leisure ".

Thank you in advance. I have already learned a lot here.

It depends on the amount. For me I will put about 70% in the USD Mutual Funds and the remaining 30% in Naira investment.

Rhyah:
Anyone experienced this with FBN Quest before?

Redemption alert came from fund manager since afternoon but up till this night, funds are yet to drop into account.
Could something have gone wrong?

You have to be patient. MMF account is not like the regular bank account where everything is instant. If not for competition and advancement, the withdrawal process on the form I signed when opening account between 3 to 5 working days. This, that you got a withdrawal alert from the Fund Manager does not mean it has also been posted immediately.

It will still take a while because, after that withdrawal, they will still have to post it to your bank account. Which is another process that could require another approval and is also network dependent. The good thing is that that debit by the fund manager shows your withdrawal request was successful and will be paid to your account.

bassdow:
Stanbic IBTC does theirs at end of every quarter.

That's end of

March, 
June, 
September, 
December

Not correct. With Stanbic, it's exactly as @emmadot said in the post you quoted.

Standard Chartered Bank has been operating without transfer charges, SMS charges, ATM issuance and maintenance charges etc and nobody knows.

Anyways it's better, GTB, Stanbic, First Bank and should follow suit.

chimex38:
Words on Marble

#biologically superior
#comprehension issues
#sheepishly
#dummies
#appalled
#tomfoolery
#donkey years,
#zig zag thinking
#boy
#dummy-in-chief
#doctorate
#show of shame
#eugenics
#disabusing
#rhetorics
#abyss
#right nutrition
#dumb

Una Good Morning.

You forgot to add the Oga patata of them all...Grit
the only one wey I add to my dictionary sef.

Rhyah:
Need clarity on this:

When they say penalty for early withdrawal is 20 % in income earned for withdrawals under 30 days... I understand it to mean that the full principal amount is not touched....that the fee is deducted from the accrued interest for that period only...

Say if principal is 600k and has accrued say 8k in interest, the fee becomes 20% of 8k but I'd get my 600k in full.

Is my thinking correct?

Is there anyone that has experienced something otherwise?
What %age does your fund manager charge for early withdrawal?

Someone has to be very careful coz na when e happen...them go bring clauses wey your eyes no even see before

Yes, you are correct for MMF.

Jeoma2024:
Why does fintech give more interest than traditional bank

Fintech interest are always high but I am scare of investing with them

How safe is fintech in term of treasury bill

Fintechs carries more risks than the traditional commercial banks. Fintechs are under microfinance banks. So their interest have to be high to attract investors because of the risk involved.


That said, they have all it takes to fulfill their obligations if they so desire because unlike the conventional commercial or microfinance bank, Fintechs can work effectively with limited staff strength thereby saving huge from personnel and management cost.

Most of them also have loan outlet/section that give out quick loans with higher interest than even the conventional banks. Some of them charge as high as 7-10 % on monthly loans. Person go just collect like 50k early in the month to pay back 55k by month end. That's 10% right there and it might not even be upto a month. If you annualised it, you will have like 120%.

They have lots of customers that they cater for online but do not have lots branch building being paid for. That's another angle they save money.

So they should be a to take care of that loan without issues.

IyaTola:
Check your mail, a 8 digit number was sent to you or call the on the email

Ok... Will do that.

Thank you.

NL1960:
Must have been recent. I left them long ago. I still stayed after they took over Investment One but had to move on when any little thing is by phone call or email

Even that web portal is not it. We will pat them on the back for trying but there are no where near there yet.

I think it is for those just trying opening account with them for the first time.

I have tried to link it to my existing account to no avail.

genius43:
Download mod version of players or pay for players like Poweramp, Black player Ex, Retro music player, musicolet and Stellio player to name a few

Ok, Thanks.

Will try that out.

Good afternoon Xaiomites. Please I am having issues playing music continuously on any music app on my Xiaomi redmi note 12 pro +5.

Also, I can't even play one full music without adverts disturbing me.

Please any fee music app without adverts and can play smoothly on the phone?

skydiver01:
18 March 2036 FGN bond coupon payment received on time

Wow..! This is good. I just hope payments continues this way.

Rhyah:
I want to redeem from FBN Quest on the app but it's asking for PIN...I can't remember setting up any PIN at the onset.

Can this redemption be effected via email too?
Does email work for GTB as well?

They should be a provision to set up security pin if not it won't require that from you now. You can still mail them that you have forgotten your security pin and a reset will be done for you.

Yes, email sure does work for them but it takes more time than the self service online. Redemption via email could sometimes take between 3 to 5 working days.

easysunny:
Good day house. Pls what's the update on Flourmills of Nigeria Plc delisting? I learned it has been delisted from NGX daily official list.
What happens to our shares? I've some units of shares in my stock portfolio. What next?

They have paid shareholders for it. If you haven't gotten yours, Contact their registrar for it.

shonyboi:
I believe they have moved from there , they are currently staying at BOI Tower CBD

Okay, thanks @faoogoke please take note

faoogoke:
Please anyone with Abuja office address of GTL Registrar or phone numbers.

The one I came across online is not working.

Thank you

There are in Central Business District.. Same building housing Coscharis Motors, near grand square super market.

nicestlady:
Thanks for your response but I'm still confused. How much will I get at maturity? 964k at 17.1% for 364 days. Interest reinvested

I don't know how much much charges (Commission , Custodian fee and VAT) removed you should be having about 1.160M or there about. Next week just ask them to give you your proof/certificate of investment it should be ready by then. The exact amount you are to receive, the charges deducted etc and other terms and conditions of the investment will be stated there

Risingcash94:
Also pls which bank accepts less than 50m for tbills primary market. I have been managing secondary market but with the rates now I would love to go for p. Market. GTB insists on 50m. Thanks

Try Stanbic IBTC and First Bank. You can also try another branch of GTB. Sometimes, some branches especially your main branch where your account officer is cancelled frustrate you to leave your so that he or she can meet target. Just try a new branch to be sure it's a bank wide policy.

nicestlady:
Please can someone help me understand how first bank calculated my interest? Did the primary market for 964k at 17.1% rate for 364 days. I selected to reinvest the interest and found interest of 199.65 credited to me today. How come?

The transaction is done in multiple of N1,000 so any remaining balance on it that is not upto that N1,000 is refunded to your account.

Your money is of 964k is multiple of 1k.

Amycanada:
Guys, please how long does a top up take to reflect?
I made the transfer via my stanbic mobile app at 11:26am today.

It's before 12:00 PM so it should be credited today if all is well. So, you should wait till later in the night or tomorrow morning to check it.