₦airaland Forum

eniorisha:
Good morning everyone. I invested in TB, sec market, using FBN about five weeks ago. The interest already dropped. The issue is i'm yet to obtain my investment certificate. This is because i travelled outta d state 24 hours after d investment. I feel i'll always get it anytime i come to Lagos. I hope my investment is safe? My first TB investment actually.

That certificate /proof is just for you to know the terms and conditions of your contract. Like the rate, duration, charges etc. If not your bank statement and alert should suffice as a proof. You can always walk in there when you return and get it. Just be sure to remember where your investment is. either in primary or secondary market. That's all..

From where na? No form of introduction of either yourself or the entity you represent. You just want people to bring their money to you na so easy...?

The bull seem to be visiting only Fidson in pharmaceutical.... Glaxosmith that should be their leader seem not to be moving while the likes of Evans medical is no where to be found.

Good Morning all, I just woke up to discover that the Whatsapp I used on my phone last night is saying my phone no longer supports it. Anybody experiencing it, anyway to fixit?

jaychubi:
Help help help

Please I did TB via first bank last Thursday @ 9am and up till nw my interest has not been paid ie 48 hrs and counting. Kindly note I received alert of my subscription @ 9am on Thursday and I filled my form rightly with upfront interest payment ticked.


Pls what should I do nw. This is not my first time n all along I get my interest paid in less than 24 hrs

Pls go and check you account balance/ statement. It may have been paid already. Most times they don't give alert.


For the avoidance of doubt TB's either primary or secondary matures on Thursdays. The instances were people get their funds on Fridays may be dues to banks network issues or failure of banks to alert their customers.

Ebenezerk2:
must you have an account with Stanbic before you can buy treasury bill from them? thanks

Yes..

For fruits most Mallams you see selling from wuse,gwarimpa and down to kubwa buy them from Zuba market. The market is behind that Zenith Bank in Zuba.. you can get plantain there too. Zuba Yam market is not far from there too.

For grains.. you can check madalla market.. the main market day there is every Thursday.

For Rice, sachet tomatoes and other packed items/food ingredients. Suleja should serve.

For Fish both fresh, smoked iced and frozen fish, chicken, Turkey etc Kado fish market should serve.

I believe with time you can get the phone numbers of suppliers to start bringing them as you progress.

Ovems:
Pay on delivery option is the best. Won't feel their disappointment because my money is not lost.

They insist their global shipping is prepaid as in pay as you order.

Hmm where I want start from sef...

First I ordered a phone and some of its accessories from them since on the 2nd Dec 2017. The items were from JumiaNigeria global & I was told it would take minimum of 2 and maximum of 20 days. On the 7/12/17 I got a text that my items have been shipped. Then on the 23/12/7 got another text that I should come and pick them from Lagos while I am in Abuja and the my address and required pickup station is clearly showing Abija. I contact their customer care and I was told not to worry that the items would be sent to Abuja. Till this moment I haven't got them. I still got a today to com to Lagos. The worst part is that I tried cancelling my oder but was told I can't because I ordered it from a global store.
Seriously in need of the phone...no money no phone...really in a big mess already by shopping from them.

Another one is that I ordered some shoes/sneakers through them and they sent me some fake shoes. The shoes were made from upholstery material..

The fear of JumiaNigeria is the beginning of funds reservation.

#JumiaNigeria is fraud.

noobody:
It is a well known nd established fact that there is always a price gap btwn the black nd gold xiaomi phones,

Both fones are exactly the same,just difference in price thats all,

Ok...thanks for enlightening me on. I am just knowing it.

Gptech:
You just mentioned same phone, it's known for its marvellous battery life, hence the 'battery king' moniker .

Thanks...I thought as much but in noobody's list the two appeared close to each other with different price... that's why I asked.

Is there any difference between my max 2 battery king and mi max 2 black?

GODAKPAN:
Am in this same class, someone please help

Personally what I do as a layman is to calculate the expected upfront of the my initial capital with the rate and tenure already given.... e.g 100,000 @ 13.5% for 364 days (100000/100x13.5 = 13500) I will den do 13500/100x13.5=1822.5 then add both...

Accountants and mathematicians in the house have their separate was sha.

XIcywongh:
Are you on Whatsapp?

Yes, I was before the phone was stolen...but now I have only done welcome back. I never get replacement for the phone..

XFrozen:
send direct message in regards

Good day..Pls help me post an e-mail address where I can send the message or send me a mail. I tried sending you a mail but nairaland system is logging off that I have done send too many anonymous messages which I haven't. I do not know what the thieves have been doing with my phone. I will appreciate your further response. Thanks

XFrozen:
send direct message in regards

I tried sending a direct mail to you but nairaland system is logging me off that I have sent too many anonymous messages. I don't know what the thieves have been doing with my phone. Pls you can post ur e-mail for me to mail you or send me a mail.. Thanks

Good Morning Oga, my infinix note 2 phone was stolen yesterday... is there any way to make useless for the thief? thank in advance..

Pharmtj:
am still learning this Tb stuff. went to fbn today, money has finally been deducted and I was told to wait for my interest. Hope this is normal for primary market ? I tick 91 days, roll over principal, amount invested 670k.

Since you made your request on time and your account was deducted today.... Your interest should be dropped tomorrow.. Again try and check your account..they should drop it before the close of business day.

Gradually you will get to understand it more as continue to invest. Pls do find time to read this thread thoroughly to chech many useful details that have been discussed here already..

Pharmtj:
thanks. Just check my account balance the whole money I invested in the primary market is still in my account

Sorry just checking back now... I've been busy. You should av complained to the bank as soon you saw your balance. In FBN its usually deducted as soon as make your request... But you can still complain to them tomorrow if you check and its still there. If nothing happens you may likely be advised to go for secondary market.

Pharmtj:
please enlighten me more on this secondary market, thanks . can I still opt for secondary market. while my Primary market is still running?

Yes you can. Its not so different from what you did in the primary only that... The secondary market is daily instead of fortnightly... Tenure and rate depends on what is available.... And it is usually know before you invest... A lot has been written here on it already...you can try to read back for more insight..

Pharmtj:
how long does it take for primary market bid to be accepted and interest paid upfront? went to first bank last week Monday. as at then, no rates available, so I opted for primary market.

So used to secondary now that I rarely remember primary market auction date..however, I'm not sure any auction held last week..if there was any (pls house confirm) You will have to check your account balance as FBN seldom give alert after dropping upfront. If there was no auction last week there most likely will be today and there'll be settlement tomorrow after..You should see your upfront tomorrow.

temi4fash:
Can u put in my savings into these

What is the assurance am not going to lose my principal

Yes but make sure its money market fund you subscribe to.

ozymes:
Please, i humbly disagree with this explanation. The Bank needs to pay him interest right from the day his account was debited. The interest to be paid is the value of opportunity cost of denying him access to the fund from 19th October 2017 to 2nd November 2017. He deserved to be paid interest for the days differential; the money would have earned interest in his personal account for those days.

Ok.

TONY56:
It appears you still haven't understood what myself and few others on this forum have been explaining.

Let's assume that the N68,000 upfront paid to him is still intact in his account.

1.For defaulting, Union bank will debit his account with 25% of N68,000 = N17,000.

2.for collecting (in his account) N68,000 for an investment of 170-day tenor instead of N2,400 for 6days (because he is terminating after 6days), Union bank will equally remove N65,600(excess interest paid to his account) also from his account.

3.Assuming the investment is sold at same rate, and that other sundry deductions like tax, C.O.T, commissions, etc amount to N10,000 (may be less).

Total deductions will be N17,000 + N65,600 + N10,000 = N92,000.

4.So What he will get at the end of the day is {N980,000 which is amount invested + N68,000 upfront interest} - (N65,600 which is excess up front interest resulting from his termination after 6days - N17,000 which is penalty for terminating the investment - N10,000 which is the assumed sundry charges which could be less) =

{N980,000 +N68,000} - (N65,600 - N17,000 - N10,000)
=
N1,048,000 - N92,600 = N955,400

There his loss would be N980000 - N955,400 = N24,600.

But if the sundry charges is less, his loss will equally be reduced by the difference, but there is no way he would not lose even if he is paying N0.00 as sundry charges.

If after this very detailed explanation, you're still not convinced, then let's just await a feedback from the concerned person to prove either of us right.

I was actually looking @ the number of days not the entire interest but now I see what you are saying.

TONY56:
PURE LIE!!! his capital will be depleted because he MUST pay back the undeserved interest he earned for the 163days he did not invest.

A trial by him will convince you. I only hope he comes back here to give testimony

If I read the initial complain that brought about this explanation very well. I saw where the writer said the interest paid is still in his account... If the principal is returned to his account after the deduction of what was initially paid to him, he will have his principal intact.

It all depend on the angle anybody look at from anyways... Some of us invest with interest sometimes so we are fully aware that the interest paid upfront is not completely your until your investment matures... Without dubious mind anyone should know that incalling for termination of investment before maturity the days remaining will have to be considered.

The interest earned so far in that transaction is for 6 or 7 days as the case maybe.. The deductions will be based on that. If it is sold @ that same rate he got the day he requested, all he has to do is to just add whatever comes to his account with the initial interest he got. I believe with that he will loose nothing.

He can only loose if it sold or bought higher than what he got it initially.

festobit:
UPDATE ON MY ORDEAL AT FBN TBILL

I was at the bank on Monday and demanded for my proof of investment. The guy in charge told me he would do a memo to head office and I should check back on Tuesday.

I was busy all through the week and called today to find out what was going on. When I got there I was told that interest has been paid into my account.

Here is the strange things I was confronted with
1. My money was deducted on the 19th October 2017 but on the proof of investment form given to me, the effective date was 2nd November 2017.
My question is what happened to my money since 19th October and where was is it kept. Again to the pros in the house, is this normal and if not, what do I do?

2. For the 91days investment, I was given 13% rate. While for the 182days, I was given 15.1% rate. Now my question is I thought the primary rate should be higher and not this ridiculous. I challenged the guy and he said the rate is fixed by CBN, now my worry is do CBN gives different banks different rate for a primary offer?

3. They also wrote on my proof of investment that my interest is subject to the following charges:
a. 0.125% commission
b. 0.10% per transaction per investment
c. 100naira transaction fee per transaction per investment
d. 5% VAT on commission, custody fee and transaction fees.

Please nairalanders pros in the treasury bill, all these ordeals of mine, are they normal? Because deep within me I feel those guys at FirstBank are cheating me and I want to be well advised before I take actions.

I have not done a treasury bill before, this is my first time and I did because of what you guys were posting here. So please do not ignore a brother in need of knowledge. Kindly look at my post and advise via comment.

Thank you

Nothing went wrong with your money. FBN deduct funds immediately you make your request.. Infact if money is not in your account at the point you are making the request, it is as good as void. That said, It seem your request was for primary market.

A request made on the 19/10 was already late for primary market investment the next date was 2/11 which you got. The rates given to you are not bad considering the CBN rates posted here yesterday.

I hope this clear your doubts....

JBM:
Hello house,

I have 2 questions regarding opening stanbic mutual fund.

Even though my name is not on the Nepa bill (because I am not the owner of the house), can I still use it as a proof of address or must my name be on it?

My international passport has expired, can I use it as my ID?

Thank you

So long as it is where you are living and the address on that bill corresponds with the one you fill on the form it would be accepted. Make sure its a paid bill not less than like 3 months.

Pls whatever you decide to do...run away from guys like the one above who move from thread to thread telling people to come and invest in his only God knows what forex...

If you try it your money will just vanish like those people that did MMM

emmanuelewumi:
He can't have small change, the interest he would have earned for the 6 days can never be up to 15k. The bank will prorate and debit whatever he earned based on the fact that they believed the investment will run till maturity from what they will pay him.

If not anybody will invest a million for 364 days at 16%. Earning 160k and then terminate after 6 days and lose just 40k which happens to be the 25% of the upfront interest.

Sir, I am talking from the belief that the upfront paid will still form part of his principal when returned because he said he still has it in his account...

His interest for 6 days should be around 2261@ 14% assuming the money is still whole.. The deduction of penal charges should be around 565, withholding tax of 285, I don't know what was charged on commission and transaction fee..but @ the end if it is sold back for @14% he should have @ least about 1k ...that one na change.

realjidejamal:
You are right on the bolded point above. Banks can be a lil cunning sometimes. I won't know what really hit me until I got the credit alert. How I wish!

I also think they should take only 25% on interest earned, since it was stated as the flat charge. But other charges is what I don't know. Aaargh

Can't even sleep cos I have turned to a mathematician doing stupid calculations, but sadly I still have to terminate it, or go for my other options if that is wise enough.

I can still take the 17k but what if?

Thank you sir!

If this your TB is sold back @ the same 14% bought you will not loose money..
Look @ it this way.. You said the upfront given to you is still in your account...So wen sold and added your money will be complete.
The penal charge is 25% of the interest...forget about the total days of 176 you apply you have just invested for 6-7 so interest should be calculated base on that not on the whole 176 day.

Infact you should av some small change on top except the commission, transaction charge, VAT on commission & withholding tax consume am.

However, if your bank decides to sell to other customers or buy from you @ a rate more than was sold to you like say 15-16% then you may loose some amount.

realjidejamal:
Please house I invested in treasury bill secondary market at Union Bank last week, 980,000 for 176days at the rate of 14% but now I am in dire need of a lot of funds right now that's really urgent. On the terms and condition for the proof of investment I got it says( Termination of investment before maturity attracts 25% flat penalty on interest earned ) I only got like 68,000 as my interest. Please what do I stand to loose, how much will they deduct and how soon will I get my money credited back so that I can make use part of the funds and reinvest. Please help all

You didnt mention the exact day of the week you invested so I don't know how many days it is..
Let's say you did it on Monday last week and today is Wednesday So its about 9 days..

So I will say...

Principal N980,000 ÷ 100 × 14% ÷ 364 × 9 days ÷100 × 75= 2544.2308

RealityShot:
Market women re really suffering from lack of info.

do you know that they do contribution and after they pay the trift collector at the end instead of getting something out?

yep.. Say they contribute 10000 to trift.. Collector takes 100 bucks per month. Thats 1200 off!

No interest at all..

i wish its easy to register such collection agency..i will offer market women a progam to earn something instead.

Its not as easy as you see it. Even if they are aware of these info here, they may not be able to benefit from it reasons being that under normal circumstances with a reliable thrift collector consider these benefits below;

Thrift collectors go and meet them at their place of business to collect the money... They do not loose time away from their business by going to the bank.

Also, the security of the money immediately after its been collected from them at the market becomes that of the thrift collector not theirs... Ask anybody you know who moves money from a point to another about the risk involved.

Majority of the market women who uses the thrift system do not always have the minimum deposit required by the various asset management institutions. They also can not keep the money themselves because they may spend it on unforseen circumstances that may happen around them. Their contributions majorly ranges from N50-N1,000 daily depending on their nature of business and the Mutual Fund deposit around is N5,000.

Based on their integrity sometimes the thrift collectors give them loan that could even be more than their savings.. With mutual fund, you do not have that luxury..

With the thrift system they can always beckon on the collector to redeem part of their savings depending on their familiarity and availability but with the mutual fund their is a designed system and agreement that must be follow.

The thrift system is more of a saving than an investment.

So its easier for them with thrift than Mutual Fund..they can only collect their savings from thrift and invest it in mutual funds when it has grown