₦airaland Forum

234ng44uk:
Thanks. Kindly recommend broker who can make that purchase. Banks I've spoken with said they don't do Eurobond. Same with some dealers who were advising me to invest in their mutual fund instead.

Investment House, Merchant banks and Asset Mangers like StanbicIBTC Asset Management, Investment One, FBNquest and the likes are the one you should contact.

It seems there is a Morgan Capital Group agent monitoring this thread.. A discussion of service charge just took place here and the next thing I see in my inbox is a mail notifying me of slight increase.. It is either someone is sent to come and fly that topic to sample opinions.

Kellibae:
The guy is so childish,..
Like seriously if truly he posted this kind of stuff then I Dey shame on his behalf.
Like WTF.

causewahala:
So wack. He's an established act for crying out loud. This ain' the days of do me I do you by p-square.

It seems you guys are just getting to know Mr P... Usher has been like his role right from time and he has never been ashamed of dressing and and acting like him.

favoured247:
Just left first bank now. Went to fill tb form for primary market against Wednesday's auction. And wanted to know what d banker thinks is suitable for me to fill as my rate. And he was like "am I not going with the bank rate"? I was shocked because I tot its only in secondary market we go with whatever the bank has to offer. So I told him that I will be fine with the bank rate.
Another thing that surprised me is that I was debited immediately after leaving the bank.
My question is " what does he mean by bank rate in a primary market"? And secondly why was I debited today instead of Wednesday.
Please note.... I have been investing in tbills now for 5years. Both primary and secondary. But today I had a new and different experience. I need explanation please.

Ordinarily bank rate should be the rate the bank bidded for the tenures and succeeded. However, these days it is more like the rate they want to offer their customers.

The possibility of customers bidding for themselves is now limited to those who investing 50m and above.

Speedyconnect15:
This issue is not settled sir. The issue of outcome depending on amount resold is recondite.

You make it seem as if the bank will bring out his 6m and start looking for a buyer of the 6m.

At worst , they can put back in the pool.

At any rate, I am certain he won't lose capital at all given that rates are still the same.

Like I said before it depends on the rate resold by the bank either to themselves (back to the pool) or whoever is interested.

Yes the bank will bring his 6.9 out in the list of what the have to dispose for whoever want to buy. It will only go to the pool if there is no buyer or the rate seem juicy for to buy and resell.

The rate is already shorter than the regular 91 days he bought it.. If you look at the page before the carrying this your message I quoted someone already posted that he was give about 13% for 47day that may be because money is urgently needed.. The buyer was not told rate/tenure the seller initially got it.. It could be higher or lower.

The rate to resell (though within a particular range) is at the banks discretion so the likelihood of quoting 11 or 12% for new buyer instead of the 10.6 he got to make it more attractive to a new buyer is there so also is the likelihood of quoting 9.5-10% for them to gain something off it. Except the same rate is quoted if not, if any of the above happens, he will either loose or gain.


All situations are not the same and that is why I always maintained that it depends on the rate it is resold. I once invested in TB primary market with FBN. Two days to maturity I went and drop a request for it to be terminated at maturity but the person that handles it was not around and my message was not delivered. The Thursday I was to see the proceed in account I didn't so I went to the bank to complain only to be told that it was rolled over. I was furious because apart from the fact that I needed the money at that period, I did was required of me by telling them to terminate it before hand but they failed on their part. So I asked them of what to do next and I was told they will have to resell it and I gave them the go ahead. The next day I saw the alert but the money was short of what was on my proof if it was to be terminated at maturity .. When I enquired, I was told that the rate they sold it was higher that the rate it was rolled over. I took it up by writing firstcontact@firstbanknigeria.com and I was directed to the same branch in kubwa that I did it for resolution . At the end of the day nothing happened all they could do was to pacify me and that was not because they resold it at a higher rate but because I had requested earlier for it to be terminate.

The posted got it at the rate of 10.6% which I am very sure he was told without any option of bargaining /possibility of increasing the rate. The bank is going to sell it at the rate they deem fit. He already entered a contract with terms and conditions. Most times the terms favours the banks more because they say them.. Its only left for you to either accept it or not.

May I also remind you that in every First Bank NTB proof /certificate of investment, it is usually stated that ' In the event that you have to liquidate (this) investment prior to the maturity date indicated (above), a PENAL CHARGE will be applied based on the prevalent market rate'.

After all I have said above, I will conclude by saying that I am not certain if he would loose his capital or not. That would be the prerogative of the bank through which he invested.. That is why I said for any certain statement he should contact his bank.

Barrytone:
Just did 90 days at 10.6% on the 5th of Jan but I just need to buy a car and wants to terminate, how much am I loosing. Principle was 6.9m at first bank. Thanks

It is dependent on rate that your treasury bill is resold. The ways TB is right now you might not get a buyer for the same rate. Also you might have already been given the upfront. If so, that would be removed before the refund. To get the exact terms, conditions and probably the exact amount it would be resold you will have to contact your bank.

This is serious..! Personally I do not support open confrontation. However, keeping get quiet in issues like this is gradually affecting all of us in this Nigeria already. There is a need to let the management in on it.

Check your channel of communication if the person you are to report to is trust worthy and not an accomplish, You can find a private time to relate it with him/her. If not, look for anonymous ways to get to the management before it gets discovered and it will affect you all.

Barrytone:
ONE HUNDRED THOUSAND NAIRA YOU MEANT

Yes..

dammybrite:
Hi, everyone. I was informed by a Gtbank representative that the minimum amount that can be invested in the secondary market of the bank is 500,000 Naira. Please, which bank allows for lower amounts and has good rates?

Except there is a new policy to that effect.. The minimum for GT, Stanbic IBTC and First Bank for either primary or secondary market is N100,000.

Rori:
Hello everyone, I trust we are all doing fine so far in this New year. Special thanks to the originator of this thread @ feelamong.
I have painstakingly followed this thread from page 1 up till the last page from mid 2017 till this day and I can say that I have learnt a whole lot from here that I might not be able to learn in any conventional school. Knowledge gathered here spured me to be more prudent in my finances and focus on learning how to preserve and grow money in other to secure a good future for myself. Immense gratitude to all who have shared useful insights as regards the subject matter and other relevant information. I have so much knowledge that some of my friends that work in banks ask me how I know so much about treasury bills..
Even though I had a failed attempt at purchasing my first treasury bill today at @gtbank where they said that the secondary market tbill is not available for today(not usually available every day) and could not also transfer my money to another bank because my account was restricted. From the little I could see and as have been confirmed here most staff of some banks have little knowledge as to how tbills work. Armed with the information gathered from this thread I was able to defeat the pessimistic vibe of todays' event and determined to succeed in my attempt next week.
Thank you all for the knowledge shared. I am grateful to you all.

Almost had the same experience with you today. Yesterday 10/11 some of my tasere TB matured.. I always try to reinvest the day it matured if I have the time but unfortunately, First Bank branches around me had network issues. Later in the day I was going through this thread and saw GT rates which were very attractive. So I went back to First Bank and dropped a transfer instruction to move the money to GT which later went through after the close of work.
Early this morning, I went to GT and was told to wait till after 10:00am. When it's time I went back there only to be told that they have not gotten any TB advice today. Immediately I went to their transfer desk and moved my money to Stanbic instantly.

Mizwisdom:
Hi all, I initially did an investment in TBills and it hasn't matured yet but I got a little change now and I want to lock it down in TBills again, is it possible to have two TBillz like this or I have to wait until the first one matures before investing again, thanks

Yes you can.... As a matter of fact last year I used it for my savings throughout so there are periods I had like 7 different tenure of small amount rolling. I save it as it comes.. So long as it's up to the minimum amount required no issues..

91+91 =182
182 +182= 364

Ourown:
Kindly pardon my ignorance regarding the question am about to ask.

70 days gives 13.5% while 357 gives 14.5%

Imagine I got 13.5% after 70 days, I'm thinking I can invest about 4 times (70 days ) in 357 days. And get 4 x 13.5% interests

Am I wrong?

You need TB 101 lectures.. Read the first few pages...

justsmile:
Hello house,

The TB I did with first Bank on the 2nd of July 2018 for 185days, matured on the 3rd of this month. Till now, I have got no alert of my principal amount and interest. This is my first time though. Pls is this normal?

Most times you will not get alert when it is credited to your account. So if you are sure that it expired on the 3rd January, 2019 just go and check your account balance. I believe it will be there in your account.

Majority of what is written there does not apply to Nigerian Banks...

If want to avoid charges here in Nigeria just do the following :

1. Open only savings accounts.

2. Don't collect ATM card for the account .

3. Request for e-mail alerts and monthly e-statement.

4. Request for removal of SMS alert on your account.

5. Request for internet access to the account.

6. Do not request for token.

Note.!

To be able to cope, you will have to patient because all your transactions will be over the counter; you will need time to go to the bank. You also need to have money above the what you can only withdraw ATM.. ( in some banks you can't withdraw less than 50k over the counter while others is 100k). That way, if you have like 55k in the bank and you need to withdraw 5k and the cashier refuse to pay all you have to do is to write a withdrawal request of 55k and deposit of 50k.

With these you can avoid lots of the charges but be ready for inconvenience...

chigo4u:
Please guys what investment opportunities are available for USD. I have some USD sitting dormant in my account. No interest. How can I invest without changing to naira

Various investment houses have their dollar based mutual funds/Eurobond where you can invest your Dollar for returns... For more details you can read up this thread https://www.nairaland.com/4667123/eurobond#72089462 .

kenazuu:
Location ?

Mechanic workshop

We keep running around same issue over and over again. The truth is that we can only forecast what is likely to happen but that doesn't it must happen that way. Before 2015 elections USD/NGN exchange rate was $1/ N150,000. After the elections it went high that $1was exchanging for between N480 & N500 people were still buying at that rate in anticipation that it was going to exchange for N1000 later as predicted by some analysts. Then it crashed to later stabilise between N360-N365 in 2016 and since then the exchange rate has remained same. Every investment has its own risk. The higher the risk, the higher the reward and with luck on your side wrong decision can actually turn right.

Those that bought USD to hoard before the election made some gain while those that bought after loose money. The probably of them regaining that money is still 50/50.
While

May God who the has the ability to touch where doctors and medicine can't touch heal all the sick and afflicted around here this morning. Amin

aremso:
Gurus,

please how do i witdraw the proceeds of my shares sales and balance from my account? Am using Morgan capital.

if you want to make withdrawals from your trading account to your bank account, kindly send a mail to info@morgancapitalgroup.com stating the amount you want to withdraw. The account unit would treat your request.

WilliamL:
I've got a reputable nigerian company with an investment package guaranteeing ROI of between 23% to 27% depending on how much is invested. This option is reserved for clients who just want to do a short term investment and make profit for themselves as most monetary and financial instruments like treasury bills and fixed deposit interest are very low at the moment. Please dm me for details. Thank you.

You noticed people exchange advice here and you want them to dm you. If oga feelamong asked everyone to dm him for details and modus operandi of treasury bills lots of us beneficiaries may not have benefitted. If you really believe what you have to offer is genuine, why not post it and let whoever is interested decide or better still create a thread and refer people there if your info does not conform with the thread? If people trust in what you have to offer most times they will be the ones to DM you even without your request.

Jejebabaa:
Thanks for this info. I am just curious cos my wife went to her bank and was told the max limit she can do with transfer form was 1.3M.

Seems the bank don't want her to move the money from there. You can actually transfer more. Though if transaction is upto a certain amount (more than 5m for individual and 10m for company's account) the bank is obliged to info the EFCC especially if its your first transaction of that kind. That said, there is no other legal and cheaper way of moving money in excess of millions from a bank account to another apart from transfer so the maximum can never be just 1.3 for any bank. Except they want you to either withdraw your intended amount over the counter and charge you for any amount more than 500k or they want you to keep withdrawing 500k daily and deposit it in the destination account till you are able complete it.

The next time they tell her that all she has to do is call or mail the customer care centre. Except if her type of account has some restrictions. Nothing should hinder her.

Yem0350:
Stanbic, for instant, it is possible to withdraw all. Just type the exact amount of NAV in the redemption amount.

I have withdrawn all from Stanbic GIF before and the account was left there. No issue except if they have changed rules.

ZKOSOSO:
RIP...!

Can u see how Quota system works in Nigeria..?

All his mates from the Southern parts in Law school are still jumping upandan in CAC offices doing agbero jobs to register coy or others learning charge and bail runs in suburbs...but this guy right here is already positioned to end up as JSC later in life....!

Stop jumping to conclusions on issues you don't know anything about. This guy should be from Edo or Kogi State. Lots of you guys keep fuelling negativity that would later consume you. I wonder what you get buy fuelling hate..

Yayira:
You’ll be insulted, label emotional, your comment will be seen as “cranky” one, some will even Prescribe drugs for you just because see things differently..
The earlier you stop talking about that stock the better for you..

5 page gone already on a news without a source..

Whether this rumor is true or not Nigeria, to me is not a place to have your penny invested!
People talk on Financial matters like it’s a march between ManU and Chelsea..
Blog don’t know the magnitude of such news the post on their blogs..

This is no play! People’s money are in that stock
If you don’t own it good for you! You’ve got nothing to loose just wait to read it from the right source! before you go all out 5 pages.. This shouldn’t be too hard na !

It is already news.. No longer rumours. The people I feel investors should be vexing for are those that run these companies aground living lavish lifestyle with people and giving loans to cronies without any consideration for the ordinary shareholders.

If the owners and managers of the Diamond Bank did not consider their legacy and the plight of minority shareholders.. It is wise for investors to drop emotions from investing in or trading it. None of those talking caused talking here caused the predicament of Diamond Bank. In fact as a Diamond Bank customer, immediately I started hearing those funny news about them I move my tasere money from there even though I am fully aware that depositors fund is protected.

Please what is the ruling on boarding vehicles, planes, car and motorcycles? I also want to know the ruling on using the technologies of phones, laptops and cameras since all these are innovations of this present generation and were not used during the days of the Prophet (SAW).

handsomebolanle:
The name is mutual benefit assurance... Usually with a green logo...i tire

You see what I said... Na insurance abi assurance company.. They will package nice lies to come and tell you to get money from you then when it's time to get your money back you will not get complete especially if you did not complete the tenure.

Mutual fund I.e the one this thread is about is done in investment houses. You can be able to withdraw between 1-6 months with out any penalty on the accrued interest depending on the class/type you choose. Though the ones invest in stock has a very high risk, I do not think a 50k investment since 2013 would would still be down to 37k even after all the increase in share price at the beginning of 2018.

handsomebolanle:
Guys... Please I need a quick advice and I will appreciate your contributions..

My mother invested in mutual benefit 2013 (I guess most of us around my family weren't enlighten by then)...
In summary she was to pay 5k per month... She was only able to to 10months out of 60months... She tried terminating it but they said it wasn't adviceable..
Fowrad to today... We went last week and we were told that we will be sent a voucher of our payment...

On seeing the voucher now.. What we had is 37k.. Please what kind of investment is this??.. Any help or advice... ..

Your topic of discussion sound like what all these insurance company package for people ooo. I said so because mutual fund though encourage people to save and continue saving. It is mostly not tenured like the others. You can leave money there like the savings account.. Even though some invest in stock which is very volatile I don't think it would have gone down that way even if that what they invested... What is the company's name...?

dotcomnamename:
Thank you bro.

Check this.

Application submitted on 21/11/2018
Acknowledged on the same day 21/11/2018
Another acknowledgment received on 21/11/2018

I sent a reminder yesterday 28/11/2018 and i stated my bid 14.4500

Shortly after i sent a reminder, i discovered that the amount invested was debited on 26/11/2018, which means they debited my account on 26/11/2018 before i send a reminder yesterday on 28/11/2018. That means if their bid is successful and much more lesser than my stated bid they could play the game and claim that i informed them my bid late? Or is there a way they could trick and claim they actually bid sucessfully on 26/11/208 when auction is actually 28/11/2018 worst case today 29/11/2018? What do you think?

So long as it is primary market, First Bank normally debit and put it into custody as soon you apply and the money is ready in your account I have not heard or experienced anything contrary for now. Maybe why they delayed before even deducting it on the 26 was because they couldn't not treat the day you applied.

I think that not minding the rate you wrote.. These days if your money is not upto 50m you cannot bid on your own. The rate you will get is what First Bank bidded and succeeded.

They will not claim anything it is either they have bidded for you at their own rate because it is primary market and your money is not upto 50M or they will return your money back to you. In this case since you stated earlier that you have seen the N808. 00 interest it means it has already been invested for you @ first bank bid rate.

Anyways you can only know the true position of things when you get your proof of investment..

dotcomnamename:
Same here. Debited on 26th November. I received credit alert Interest of N808. 00, isn't shocking? I did not request for upfront because I reinvest interest. I don't just understand what's wrong with First Bank. Ordinary acknowledgment of the % they successfully bid for me in the primary market they didn't acknowledge . I have sent an email to my relationship manager.

The N808.00 you got is the remaining balance not up to N1,000 for reinvestment after the whole calculations... You know? Because TB is done in 1,000's not hundreds (multiples of N1,000).

Odufaikhimalo:
i bought a 6 month tbills of 200,000 with first bank on the 7th of November. i requested for roll over after investment period (this is my first time of requesting for roll over). i was credited with 307.26 naira on the 15th. i felt i should have received more than what i was credited with. I would really appreciate clarifications. Thanks.

It seem you requested for rollover with interest. TB is done in multiples of N1000 the 307.26 you got is what you have left that could not be invested because it was not upto N1,000 for better understanding, just go to the bank and collect a proof of investment.

eagleeye2:
To the gurus in the house, I have a nagging question.
What happens if I have a yet to mature T.bills still running and an event such as death occur. How can my dependents get my money when it reverts back to my account?

Another approach I see as answer to this your question is that, if the investment option is not to rollover at maturity, an active ATM can fix the issue. Ensure there is an active ATM that the PIN is known to your NOK, incase your fund is considerably huge you can increase the transferable amount by ATM to the highest available. So in case of such eventuality, what there will do is to gradually transfer the money. That way, they will be no need of paying the 10%, the lawyer and court bills too will be out of it.

However, you most ensure your next of kin or who ever it is that have access to that card and pin is a very trusted and reliable person. You should also ensure the person has done a related transaction with such card before. Then finally be sure your cards is not close to expiration and the secret is well kept from scammers and fraudster.

All this is to be incase will be incase such happens as you ask not if it had already happened ooo.