₦airaland Forum

Please for those complaining about Wapco and SFSREIT dividend. You can just check your account and see.

I just checked my account this morning and saw both dividends there. It was after like and hour later that I received the alert for SFSREIT and it's even carrying yesterday's date.

I have not seen Wapco alert but it's in my account already.

Mrajah231:
I place a redemption from Stanbic mutual fund in the morning around 7 and up till now money is yet to enter my account

I placed a redemption request at 6:20 am on Monday and @ about 9:30 am it was credited to my account.

It's sometimes dependent on various variables.

If your 7:00 is am, it's good enough but sometimes the human behind the system could mistakenly omit/skip request.

Also, if it is from their app or web portal and you followed through the process by supplying answer to your security question, the OTP and you received a redemption notification, it should be okay too.

Another thing is that if you have placed a redemption request before and it went. If it's your first time it might be just them applying security measures.



Thus, just check your account to see if the withdrawal was effected and the money has been removed. If not, redo the process and yesterday send them a reminder on their asset management arm email.

NSEstudent:
They should be the same offering, this was the only one I chose the 2-year tenor.

You may be paid today.

I think so. I was later paid that yesterday.

NSEstudent:
Got mine today; almost the time I made that post. I think it's for May 2026.

Congratulations to you. I am yet to get mine. Its for May 2027.

NSEstudent:
In somewhat unrelated news, not only has the FG normalized not paying coupons on the exact maturity dates, they have quietly normalized collecting taxes on previously tax-exempt securities.

Yes ooo. No government investment proceed is paid at maturity anymore. The worst of them all is that FGN Savings Bonds. Imagine they've not deem it fit to pay customers for the coupon due on the 15th of this month yet today is 19th.

Rhyah:
Did anything happen to United Capital?
Haven't been able to login for daysss now...only to log on and my MMF portfolio is at 0. I didn't request withdrawal.

Are they experiencing any challenge, any communication I missed or what?

It happens like that most times during maintenance/updates. Just try it again later. I am sure everything will be fine by then.

Tolu2024:
Which one is CP?
No offense

Why will there be offence when we are all here to learn and better ourselves. @enque has answered you.

Tolu2024:
Just coming back from Ecobank and FBNQUEST to make inquiries about T Bill first:
Ecobank told me the rate is 16% for 365 days and 250 days only .
No 3 months or 6 months .
And the ecobank person told me I can’t use my Tbill to get Loan that I am giving the money to fed not them.
I am looking for options where I can get loan also .


I left there went to FBNQUEST in Port-Harcourt the fine sexy lady I met there told me they don’t do T Bills only MMF that the rate is 20% . But they will pay me quarterly which is for 3 month ,.

The lady told me they don’t give loan or I can not use it for loan too.


Wanted to invest 10m after calculating the interest it was about 450k for 3m month.


Just thinking about it . I was hoping they will pay the interest upfront like T bill.

Please house which investment option pay like T bill ?

Fun fact 🤩
I was already calculating the 20% for 3 months more than enough to pay my rent, dividend the 20% interest into 12 sound funny 😄.

I was hoping

Even some Ponzi no go promise that lucrative interest for 3 months. Rates are calculated per annum as you were rightly told.

Another investment vehicle that could pay you interest upfront is CP but it's riskier than TB and they rarely issue 3 months, Most times they issue 182 and 270 Days and it's really not open to everyone except you have upto the required funds (Which you do) and most be aware to contact them.

I don know of any offer this week sha. All offer I knew about expired last week. FBNQUEST can direct you/guide you through their Merchant Bank/Capital if you ask and anyone is available with them.

rukyboy:
Money market funds vs mutual funds.

Which is better pls?


I'm.a newbie

Money Market Fund is a part of Mutual Funds.

Mutual funds encompasses all of them, be it MMF, Equity Fund, Balanced Fund, Guaranteed Fund, Halal fund and those funds issued out by various Asset Managers.

pafra:
Kindly show me working of TB interest for 500k at 20% for 182 days

My armature style workings:

500,000÷100×20÷365×182
= 49,863.014.

heavenisreal18:
The useless bank didn't give me certificate but I had all evidence of debit and statement of account ,I recached out to the bank I was told to update my account with NIN. I am scared right now this is not my first time of doing it. Pls who can I report to

It does seem it's now bank dependent. Many banks recently asked their customers to update their NIN on their account details before they are able to receive money. Even money usually comes frequently like salary were not paid to those customers until they did the NIN update. Your bank maybe one of such but you didn't notice.

So, you should just do your part and finish the update. Once the update is done and you still don't see your money, then you should write them and copy CSCS and DMO. Their official addresses are on their websites.

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.