₦airaland Forum

GonFreecss1:
Yeah. I understand. Please keep us updated, would really want to know if they allowed you deposit instead of transfer. I know the firm holding the money for their Eurobond fund is Standard Chartered Bank, and that bank is as scarce as they come.

If you want to do anything with Stanbic, I feel their SGIF is far better than their SIMMF, especially with past performance.

If you also have any questions on United Capital, do not hesitate to ask.

I have been operating the two (SGIF & SIMMF). Yes with their past performance records SGIF seem better but in recent times and with what I see about it in my account the growth of SIMMF is more steady. It does not fluctuate like SGIF do in relation to its stock mix and it's only the capital that is guaranteed. So for me, I can rely more on SIMMF because any amount posted would not reduce again.

GonFreecss1:
This one you want to open a dollar fund, you feel our naira is about to misbehave?

Also, I tried opening with Stanbic but their transfer terms didn't make sense at all. Let's assume you want to transfer 1,000 USD with the charges involved, a hung chunk of the annual interest would have gone already.

I will advise you use United Capital, they allow deposits instead of transfers. Though you can ask Stanbic if they allow such, I asked them, they said no though.

No, not really I just want to diversify my investment because you never can tell which one will stand strong when there is need.

About the transfer charge for Stanbic, I just collected their form waiting for the redemption from Investment-One. However, when I was about to go into VDF the transfer charge looks big then too. I was just advised by a banker to deposit the cash into their account instead of transfer.

Though stanbic gave me an account no without telling me the mode of payment but with this your observation now, when my money is ready I will confirm and if it is only by transfer I will consider United Capital too as you said because even with their SIMMF and SGIF you can't deposit money straight.

I have tried very hard not to say anything about the negative vibes I have been getting from investment-one here but the more I tried not the more they push me to want to say something.

After VDF was marketed here, I contacted investment - one and I was given a rep to contact. I contacted the rep and everything went well.. She assisted me where there was need and the subscription was successful. After a while I was sent an Internet login details. I logged in, change my password as required and everything was set but I could not access the VDF through it. I tried sending a mail but no response.

I went to their Abuja office to see a possibility of using the details to access my VDF account (@least to see if it is even growing) but they couldn't do anything. There contacted their lagos office and was told network there isn't good. Then I requested for a statement to my VDF account but they could not give me too.. Again they contacted lagos and Lagos promised that as soon as network is fixed I will get it I said OK and left. Expecting to see it till after a week of not seeing then I contacted the rep that assisted me when opening the account.

She connected me with someone in the department that is responsible but instead of the statement the lady sent me a subscription certificate instead. I complained to her that it is not what I requested for but she still could not give me the statement.

I called the rep that referred me to her again and she apologised. I requested if there is an app or way to see your investment daily but she told me there are still working on that.

I felt uncomfortable with the whole thing... So the next time I was free I dashed to their office to redeem the fund. They gave me a form to fill.. I enquired on how to feel the form and the guy that gave the form explained then I asked if I could mail and he said yes. After filling I was thinking of mailing it then I had the opportunity of going towards their office so I decided to take it there. When I got there I met another person who told me that some info the first man said was not necessary was actually required. (Swift code, correspondent Bank, ABA, no and co.) so I contacted my bank Customers Care and they sent me the info.

The info however came in like 10 different types. So I enquired which one I should use but they didn't have a clue and insisted I still visit my. When I got to the my bank, the bank too didn't know what Investment-one want but they just chose one out of the many corresponding banks given to earlier and printed. Then time was already gone so I left the bank and decided to mail them the redemption form the next day which is yesterday. I mailed it to about the 3 e-mail addresses I got from their office but till this moment I have not gotten any form of acknowledgement.


My concerns are that; investment-one was formerly a GTB subsidiary how come there are this inefficient? I was actually testing them with the minimum amount required what if I had done more...? Even though StanbicIBTC Asset management customer care online response seem to be sluggish there is no day I have gone to their office issues like this are not resolved. Since investment can show me my investment movement record online and in their office how do they expect me to follow/track my investment? How go I know if I am loosing or gaining?

I expect to hear from them soon... Even if they don't acknowledgement my messages all I want is my money in my account let me go and open a dollar mutual fund account with Stanbic.

Yayira:
why the delay then
Maybe they’ve stopped the T3.. that’s good

The T3 is supposed to be for withdrawal request made from the proceed of that days trading not from money that has been in trading account.

brane:
Could u give examples of equity based mutual funds

Stanbic IBTC Aggressive Fund, Investment -One's Vantage Equity Income Fund, AXA Mansard's Equity Income Mutual Fund, Meristem Equity Market Fund, UBA's United Capital Equity Fund, Sterling Capital Frontier Fund etc are all equity based mutual funds of different investment houses. That is because majority of money invest here are invested in shares.

sbashir10:
it's true sha, some people are really humble, we were in the same class in ABU Zaria , with a female child of David Babachir Lawal, who was then secretary to the federal government, nobody knew the girl is child to a powerful man, not until corruption charges came at him, and she was immediately transferred to Nile University in Abuja.

the most interesting thing is that, she contested and won election as the deputy high commissioner in our department, while I was the director of sports.

the girl was very humble.

This Na IS students ASIS the smell for your post..

Ikmontana1:
Good morning gurus
Pls ma t-bills investment will mature on March 14th, but d next primary auction after 2moro will b on d 13th.
ma question is, can I invest in d primary auction on March 13th wen ma last t-bills investment will mature on March 14th ??
If yes,
How do I go about it ? Tanx.

If it is first bank you used you can contact them for a possible reinvestment before that week. They reinvest for primary market. So I am assuming it should be possible.

flexyrule:
Sir, you ask questions, you don't assume! This convo has been laid to rest. If we were to go by the history of failed banks and businesses, then we'd never invest. I just have this "empathy" towards people who still invest in FD, T-bills and FG bonds etc.
Just like the senator who took a loan from the bank and invested the same money in fixed deposit in the same bank, feeling like a smart ass.
If the bar is above your risk appetite, there's no harm in scrolling up... If everyone was to approach investment with the type of pessimistic mindset you guys have here... We'll have to count the hairs on our head to make a penny.

Like I told you earlier... Let it be that it's only online you are doing this your marketing oooo.... If you market your friends, neighbours and relatives and your employer eventually eventually elopes with your customers money as they normally do.. You will be on you own. You can rant here as much as you can but I believe people here have discerning mind to know what will work for them. Wherever people sense there is money talk on Nairaland people will alway come to market.. Lots of them have come and gone you can ask the Renmoney guy even though what they have to offer was more popular than yours, he was well drilled and when he couldn't stand the heat he ran out of the kitchen so continue to attack.

flexyrule:
If someone can post a physical office address in the heart of Abuja, where you can walk-in and verify the authenticity of a business and take decision whether to invest or not, and you still think it's a scam, then I think you are probably the uneducated one here. I'll understand If your fears are about the business model (which am very sure you know nothing about), but jumping up and down calling someone's business a scam is quite pathetic.

Before you come here and start ranting for the business that you do not know the integrity of the owners.. Since you are in Abuja you can ask people around about Trim Microfinance Bank, Unic Insurance and their likes. Even Hazal and Fortis that seem to have a wider public acceptance back then are gradually going into their shell. Let me just assume you are only marketing to a faceless online community where you are not known.. If you succeed in convincing people close to you in real life to subscribe and the owner disappear with their hard earned money you will bear the brunt.

Like other people said if you feel so confident about the business/investment plan you are marketing, just open a thread and make you whole explanations their then you can drop a link here for people that are interested.

BlackChief01:
i will be retiring from my present job in the next 8years and I have about 3million Naira which I am thinking on investing on one of the MMF for the next 7years.

Some friends are suggest stock market that I have a better chance of doubling my fund, while some say I should go into agriculture. I am confused right now as I can't afford to loose this money.

Need all the advice I can get right now thanks

Like dammybrite suggested below you should diversify. While it is very true that you can double, triple or even quadruple you fund in the stock market if you are well grounded and lucky, it is also very possible to loose everything if you do not have the know how and the luck. You can just divide the money and invest like One Million in TB, One Million in MMF and One Million in Equity based Mutual Fund. You can also divide the money into 2 and invest like half in stock and the rest in mutual fund. If you are good with stock just get a good dividend paying stock that can also appreciate too. I believe at retirement your investment would have appreciated.

Though you may not agree with points sometimes.. It does not mean there might not be true. I do not know the bank you use for TB but I will like to state that banks domesticate their T&C terms and conditions as much as they are free to sometime so you will not get some things as same across board. The picture I attached is a proof of both primary and secondary market TB of firstbank that has the 5% VAT on commission, custody fee and transaction fees where applicable. I have also read on this thread where someone talked about Union bank having penal charges on liquidation of TB.

Personally, I have only liquidated once and on that liquidation, I lost a little from my capital. So I know it could could go either ways depending on circumstances surrounding it. That's why for I will always ask the enquirer to contact the institution he or she used.

https://www.ebay.com/itm/US-Army-Combat-Vietnam-Era-Jungle-Boots-Side-Zip-Military-Panama-Sole-Leather/401518389562?var=671214989758

https://www.ebay.com/itm/JUNGLE-PATROL-COMBAT-BOOTS-BLACK-ARMY-TACTICAL-MILITARY-HIGH-LEG-LEATHER-NYLON/123218672416?var=423626237300

https://www.ebay.com/itm/Funcional-pro-Botas-Cuero-Completo-Combate-Patrulla-Negro-Cadete-Swat-Militar/123544187813?var=424100846586

https://www.ebay.com/itm/VIPER-COVERT-PATROL-BOOT-SWAT-SNEAKER-TRAINER-BOOT-LIGHTWEIGHT-MILITARY-ARMY/302570723690?var=601410227237

https://www.ebay.com/itm/US-ARMY-STYLE-COMBAT-BELT-NEW-QUICK-RELEASE-ASSAULT-WEB-PISTOL-STYLE-SECURITY/291595571008?var=590637400884


Want to get all @ this in Abuja.. What will it cost me?

Cynnny:
Hi Guys,

Please, can anyone direct me on how to make additional subscription on my Stanbic IBTC Money Market Fund account?

Would I make use of the Top-Up section on my dashboard? I am being directed to enter my debit card details and seems I would be charged an extra 100 naira on the 25K I want to transfer. I want to be sure I am using the right means.

Thank you.

Yes if you use the top up section in your app interswitch would charge you N100. Also if you do transfer your and it's not same bank you are using you would be charged transfer fee. With these two you do not have the guarantee that your money will reflect in your account same day.

So for me, I will say if you have the time just stroll the any of their bank branch, collect MMF top-up form fill submit and be sure it treated in your present.. It should reflect at the close of business that day.

NL1960:
Stanbic ??. Maybe they have changed their process or the TB guy that did it for him is not experienced. Stabic normally places a hold of the amount you filled in your form. If your account balance is not up to the amount you filled and a hold of such an amount is placed, it means your available balance is negative. Make Internal Control catch such staff.

No not Stanbic it's GTB said.

alezzy13:
@bolded,I actually tried doing it this last auction, but was told it wasn't possible. Though in my case I wanted to invest the entire account balance so that by the time they withdraw the principal, it will zero balance or close to it.

Was told it wasn't possible, that the full money must be in my account. I just resignedly told them and deduct just d discount as they usually do, and I'll reinvest at next auction.

OK, though it been a while I used GT again. I had to suspend using them when I desperately needed to lock down back then and their bid wasn't successful. Even when I tried to use them again of recent when someone posted some good rates for secondary market here I got to the bank the next business and was told they have not been advised. So I had to transfer my money to Stanbic. As for reinvesting interest with capital, out the 5 banks I have used for TB the only bank that gladly accepts it is FirstBank.

234ng44uk:
Which bank was that please? Freeman67 did it successfully at First and Stanbic.

GTB..

Gavrelino123:
Good day @Freeman,
Does this method really works with GTBANK...?
Remember your interest will be calculated and other charges will be deducted based on your instructions and amount you invested...
Make it clear,how can this be done?....because I'm very much interested..

Back then I wanted to invest both principal and interest but I was told in that branch that they don't do it. So I asked the marketer if it was possible I do it than way and he said yes. I did that like twice back then before I started concentrating on First Bank and Stanbic and there were successful..

To be more explicit I will use numbers..

Assuming I want to invest N100,000 for 364 day at 15%. Before charges are taken my interest is N15,000 So In my form or request/letter I will write to invest N115,000 instead of the N100,000 that I intend invest. What then happens is that instead of them to deduct N85,000 as the discount value, they will deduct N100,000 then at maturity you would be credited with the about N117250.

For the charges I actually had some loose change(not part of what I intended to invest) in my account then that it was taken from. But I believe if you don't want it that way, you can't ask them for the charges and factor it into your calculations.

Before I even asked, I studied the pattern of how the various banks I use deduct money from my account whenever I apply. In First Bank even if I am applying for an auction that is due to take place in 10 days time, once I apply and my application is treated/considered my money will be taken out of your reach. I will either get my whole money back if unsuccessful or my interest back if successful ( or nothing significant back in my account if I request for reinvestment of interest) after settlement. For Stanbic, I will be seeing my money till the auction time then said amount (face value) I intend to invest is deducted and all after the interest is refunded back to my account. For GT my money is left till auction is successful then the discount rate is deducted. GT does not deduct the whole investment sum first before returning my interest. They only take what's for them and leave mine there for me unlike other banks that will take all first before returning my own.

I hope this explains it better.

Grupo:
I heard some banks will allow you do that.

Yes first bank allows reinvestment of interest with principal/capital when applying.. I think for GT what you have to do is to calculate what should be your interest if the percentage is known then add it to the face value and use that figure to apply for the investment. That way, what is supposed to be dropped as interest for you would no longer be dropped because it has been reinvested.

[quote author=moneywoman74 post=75321999][/quote]I am at work right now and do not have the proof around me as evidence to post here for your final conviction. like I said before, let them know you intend to mail firstcontact@firstbanknigeria.com for assistance and you will narrate what the transpired between you and them quoting them. If they are aware and still insist. You have the option of visiting another branch. However, if you in an environment where you can not easily access another branch your best bet would be to send a mail to that address explaining what you want and how those particular persons insisted that if you do not have a particular they call you should do another type of investment against your wish even though you are fully aware that what you have is acceptable by the bank for TB. I believe someone will contact you and resolve the matter.

Some first bank staff are fond of doing things like that either because they don't know or because they have other motive. We were in one first bank branch not quite long to collect statement of account for personal use (just to confirm a deposit someone insisted she made but didn't reflect in the account). The statement came in just a page with other 2pages carrying their promotional item.. A page of statement as approved by CBN is now N20. Instantly, we got a debit alert of N120 for the statement not even N60 so we can assume we paid for those 2 useless pages they added without our request. In trying to get explanation from the customer care staff that printed it.. She snapped at us. N100 is now a very small money to overlook but as usual their thoughts that all customers can not do anything or do not know what to do and so do not have any right to be treated right got me irritated. A mail was sent to that address.. Instantly it was addressed and the N100 was refunded. I am saying you should let those people know because the next time we visited we were told that it is usually the whole branch that bear the brunt of any inappropriate actions reported from that branch that we should have tried to resolve within the bank before leaving even when the person that misbehaved was the person that is supposed to be in charge.

So I believe firstcontact@firstbanknigeria.com is very responsive and would treat your issues.

post=75311644:
Benue/Anambra?!
Get your facts TOGETHER OP!

What a sad incident!

About the op getting facts right.. It seem you hastily read the post so you didn't grab it in entirety. The op meant they hail from Anambra but work in Gboko Benue state.

The situation is actually a sad one.

moneywoman74:
First Bank said that their minimum
amount for treasury bill is #1m, was there this morning.

That's not true except they change it between last week and now. I have small amount between 100k- 240k severally in different branches around Abuja. Infact that last one was last week. So its either the particular person you asked is Ignorant or s/he is being deceptive for personal gains. Next time you could be mischievous too by asking the staff his/her name. After that, tell him/her you will contact firstcontact@firstbanknigeria.com and quote his/her statement.

IdisuleOurOwn:
The opportunist shouldn't worry, come December he's returning to his transport business.

Stupiid Ebira bastaard.

How sure are you he is Ebira? Rumour has it that they migrated there from Agatha land that is why most of his businesses are in Bennett.

GboyegaD:
What I don't understand is the fuss he made about 88 doctors leaving the state service in 3 years. Was he expecting anyone who accepts to work for the state to remain with the state forever? Did NMA not publish a large number of turnover of doctors leaving the shores of the country? The governor should pay them their entitlements since they worked for it however, trying to use the number of turnover to gain public sympathy and the kinds of comments I am reading is uncalled for.

Oga who no go no go know... If you are a kogite or relate to anyone that is appointed by the state you will know the state needs God's intervention now more than ever. If you think the messenger is trying to gain public sympathy by that message then you are oblivious of the truth of happenings in that state. A state that the whole judiciary has not been paid since 8 months ago even as they went on strike about a month ago and nobody cares.. The way it is now Only God can redeem the state because the kogites seems helpless.

Good Morning House,

Please lots of discussion has come up around me about an employee leaving his or her salary in the salary account for as long as he or she want (eg for 3 years) without withdrawing a dime from it just for the sake of it.

Some say so long as you can defend your other source of income and it is not against your work rules and regulations you are fine.

Others especially the civil servant are saying that it is expected for you to be spending out of your Salary as the rules does not permit you to engage in business.

What is the lawful position please?

Thanks Oga Onegentleguy for finding the time to get our concern to them and feeding us back. I was personally so pained that Morgan could have increased the charge but they chose the next day the house had a heavy discussion on how cheap their rates was to increase it. The discussions was to be a plus for them because any new person would have been interested in them so also are other people using other brokers who would come across the discussion. One would think the alacrity which they used in increasing that would have been used for their other areas of mess ups too like..

Severally they has been discussions how bad their customer service was and the speed to fix it was not that fast..

Severally people complained on the psychologically unfit bank they use here.. There are yet to do anything about it.

Even though you have all your data with them at the time of opening the account, if someone deposit money in that sky/polarise you will have to support your mail with calls before your account is credited which is an additional expenses.

For the only one withdrawal I have done with them so far which was in 2018. Which was to be urgent took more than three days because they asked me to send almost all the documents I already sent when opening the account and I was no where close to the documents that day.

Though It is actually their prerogative so I believe if I can't cope I would find a way.

Yes Morgan is cheap but if you leave money in Morgan even if you do not transact in a year you would be charged N2500 for operating an account.. sometimes even when your account is empty it would be put in debit by their charge meanwhile my other broker gives monthly interest for money unused in your account .. Money left in brokerage account is credited with interests you are not charged anything for operating an account with them.

A lot of thread has already been created on the current political happening on Nairaland and it open to all of us here.. Why littering this post with political argument again?

zamirikpo:
So buhari has suspended ononghen and the Niger Delta boys warned there could b grave consequence, I know this is not a political thread but I think we can analyse the effect.

1. I pray this doesn't lead to social instability because the judiciary is threatening strike, the southern governors have warned against this decision.
2. What does this do to the availability of forex and foreign direct investment viz a vis liquidity.

Personally I hope and pray peace and order is maintained ooh. I don't understand this buhari man.

I see you already told us this is not a political thread but you still went on to post controversial political issue on it. It would have been better if you open a thread for then invite those who are interested in the discussion...

lilmax:
lol

is xiaomi ready to make substandard products?

because Africans like LOW products not quality

The standard and quality phones they make are more affordable than than even some substandard one around here.

Kashif:
If this is all, then it is clean

Sometimes una go just dey deceive una sef think say na the public una dey deceive... The poster know it's an accidented vehicle and lied that it is accident free.. You are coming now to say if this is all then it is clean.. Una no dey shame?

Yem0350:
No
Instead, if you urgently need 30 days tenor, try money market funds of 13% and above. Minimum holding period is 30 days.

In treasury bill calendar what I see is 91,182 and 364 days.. here many people use 365 days but I have never seen that in any TB calender and it doesn't even go in sync with 91 days as a quarter and 182 days as a half respectively. I just left a bank where I went to collect a proof of investment for TB and they were telling me that their calculator is set to rate percentage based 365 days when they should know better.

silentone:
Thanks a lot.. I got debited and I found that I was given an interest of 11.06% as against the 14.15. I went to complain, and the account officer said they had technical issues that the rate I was given was for 275 days.. So I said why didn't you call me?? Instead they now invested my funds at 11.06% for 275 days.. I told the lady straight up that I can't go with the rate.. She then told me they would try to rectify it but I have the option of liquidating or allow her try to rectify it.. Am like so what happens to the safe keeping fee and transaction fee that was debited and she couldn't answer but she begged to give her till tomorrow to try sort things out.. So confused right now.. What can I do please?? So I liquidate??

Human error do happen sometimes. The difficulty there is knowing if it was actually an honest mistake or mischief from a dishonest staff. That I can't say. For the liquidation, the one time I tried it in a situation similar but not same as yours I lost a little from my capital. I related it in one of my post above. So if you don't mind that, you can go with that.

However, I will say that since she asked you to give her till tomorrow to sort out things, tomorrow is already here and I assume since you did not indicate that you asked her to liquidate before leaving she would try and rectify it. You can check her today to see if she has rectified it first before going for the other option if she did not.

silentone:
[color=#006600][/color]

170 days from today Tuesday 15/01/2018 will be Thursday 04/07/2018. Please note that tomorrow the tenure you got today as 170days if still available will become 169days.