₦airaland Forum

Music lesson from Peter! What happen to Paul? It would have been more appropriate if na dance lesson she come...

Winneygirl:
Stanbic was successful at last auction for 91days and 364days at 13.95% and 18.59%.
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This is fair considering that there was no offer for 364days at previous auction and the stop rate for 91days at that auction was 14%. To choose a margin of -0.05% is ok to me. I don't know what they bidded for 182 days, but I am sure the margin will not have been exceedingly higher.
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This is alot of bashing over 1 unsuccessful bid.
Next Week is the next auction date.
Let's see how things go then.

Like I said in my first post ...I made my own when I did not quote my own bid rate because what I had in mind would have sailed through.

I would tell again that I am fully aware it happens bids would not always be successful...

I already stated somewhere that I got pissed when it didn't succeed and all you had to offer was 14.5 for 195 days... haba.

when I know that sometime I deliberately skip primary options because I always get better rate in the secondary...The bashing no plenty I just had to vent my anger...

Winneygirl:
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I don't see how Stanbic might want to frustrate customers.
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I chose their rate at d previous auction. They bidded 17.49% and CBN stop rate was 17.5% for 182 days.
They must've gone a little higher in the hopes that the rates will go up.
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Any bank that wants to frustrate its customers will choose very low rates.
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It didn't work out this week for 182 days. It might at next auction. The bank is run by humans, and there's no telling what the CBN rates will be at next auction.

I understand they are humans too and once in a while things may not work out as calculated. I do both primary and secondary market stuff with them and I know how good their secondary rates have been.. In fact sometimes when stuff matures I go for the secondary market Immediately. However, after the primary didn't succeed, I got a call notifying me then in some 10 mins later got another call from them asking if I would want to subscribe in a secondary market for 195 days or so..at the rate of 14.5% when CBN rate was mor than 17 for 182.

I was really vexed with them that's why I said maybe they want to frustrate customers...because with my Kobo Kobo wey I dinvest with them..I d count myself as customer too...

[quote author=MOBBDEEP post=52745028]On your first question, you just cannot tell. Banks like stanbic are usually fair but some banks forces lower rate on their customers. Those banks will never allow you to bid on your own. So it just for you to have some level of trust or at least be ready to loose a fraction from CBN rate.

I was thinking its only their 182 days only that didn't go through that day..But now it seem to me that they bided higher across board...

Though I was angry that day especially because what they(stanbic) could come up with was a mere 14.5% for 195 for secondary market when CBN offered 17.5 for 182 days. However, if you want to compare them with other banks they are still very.

The next Monday after 5th, which was 9th.I called Diamond Bank and I was told they have 178 days at their secondary market for 16.5. I transferred my money from stanbic down then hurried down to the nearest branch where I was told they had no light at the moment. I was about transferring my funds to another bank through their app when AEDC brought back the light. I wrote the request and it was scanned and sent in my presence but as I am typing nothing has been done about it. I have gone back there, mailed them and even called their Customer care all for nothing. Tomorrow morning I will just transfer my money quietly. I will surely go back to stanbic when my vex reduce but I will never try Diamond Bank for any investment transaction again.

As for bidding with your own rate..If you had given them your rate and it falls within the CBN rate it would have been successful even though their rate is different. It didn't go because you accepted that they should bid for you. Other day you may bid yourself and your bid would not be successful too so its nothing unusual.

Also if you bid e.g 17% rate and the bank bid 18.5 and they succeed, you will only be entitled to your 17% ooo.

The said buyer does not seem to know the moniker of the seller... So the seller came to the thread to identify himself. Rubbish..

Before you start looking for where to pay N6500, make sure you look for an FRSC approved driving school and also make sure you are certified as a driver from there.

That would reduce your expenses.

steams:
haba I didn't mean for it to be this way o. you are taking it too personal. from the pic he uploaded I can tell a lot already. the truth is if you want to help someone do it right. instead of telling him something that he wouldn't understand. I stay in Abuja and I intend visiting the site if he wants me to. This is a very critical moment as whatever he does may either cost him double especially if he takes the wrong step or cost him less. Good engineering is safety and economy.

Sorry if sounds harsh but that's how I feel when I saw that your post. Money is important but then its not a bad idea if once in a while we offer help to those in need the money can still come through it.

happy birthday cute baby..wishing you the good things God has in stock for you.

c3000:
I did. I had 17.5 in mind for 182 but most unlike me I decided to let them have a go - big mistake - they lost woefully and had the temerity to turn around and offer 15% for 195 in the secondary market - I never felt so insulted.

I do not know if stanbic is already getting fed up and want to frustrate customers from investing in TB. CBN rate was very high I do not know how high there bid was that couldn't make it.

It happens sometimes.. ..In every investment you loose money..so do not take it to heart. Secondary Market is operated almost on a daily basis and the percentages they offer changes daily too. You can still contact them on Monday or better still contact diamond bank for the secondary market if interested.

steams:
you are very funny. Am a civil engineer.
who started the building in the first place? so u need a professional advice for free? have you heard of engineering consultants services they give advice at a fee. Go and look for one.

I wonder how some of you think... Someone is in a mess and he is looking for remedy the least you can do is to shut up and pass the thread after reading if you cannot provide solution without a fee.. And who even told you that it is not your likes that caused this mess in the first place...

All you guys know in Abuja is money money money... I believe you do not have a solution to his problems because I see those that have something upstairs already discussing the way forward here not thinking of how to swindle the guy when he is not even sure you are what you call yourself.

Some of you will come here to seek advice when you want to buy car, seek advice on your relationships and marriages, seek advice on buying land, building houses and even do other human activities that I can't remember to add here. You will visit Nairaland to seek free and advice but once it get close to your profession you will start thinking the man looking for advice doesn't want to pay. You think there are not professionals in other fields you seek free advice or you think those professionals offering you free advice went to school for free?

Did anybody submit a bid for 182 day with stanbic that went through?

I applied for 182 days...I ticked the yes option for them to bid on my behalf as against 17.2.% that I had in mind and it didn't go through.

The option they had for secondary was about 195 days for 14.9 which way below what CBN gave out...

Onboard1:
I need help oooo
I learned about NTB here on this thread(not experienced).
I tried my luck at this last auction through DIAMOND BANK
I invested 1m at 13.8% rate for 91days tenor.

I also learned here that the interest is paid upfront.

But I just got alert and was debited #965,594.52 instead of #862,000.00

Will they credit me the difference later or should I contact my branch with complain.
I'm confused, has someone experienced such thing before?.

That's exactly what they should debit. The interest is calculated per annum not just 91days as it is there.

I will calculate ur transaction above like this....

N1,000,000 ÷ 100 x 13.8 ÷ 365
what you get after solving is the correct interest.
You have been paid all.

If you actually took time to read from beginning you shouldn't miss how its calculated.

acorntree:
this is what FCMB customer care sent to me. is this reasonable.

I guess this is was sent in either 2015 or early 2016. If it's not then it seem someone is trying to make you invest in Time Deposit instead of TB.

feelamong:
Dear Feelamong,

Please see below the outcome of the Treasury Bills Primary Auction which held on January 04, 2017:

PRIMARY MARKET AUCTION RESULT

TENOR (DAYS) STOP RATE

91 14.00%

182 17.50%

364 18.685%

The above is the correct rate for this period @ acorntree .
Thanks Oga feelamong.. I just hope my Bank went with something within this range cos I haven't heard from them.

iamoasa:
People!!! Quick question pls, I know that interest is paid upfront in Treasury Bill, if my bid is successful, will the interest be invested together with the capital automatically OR do I need to state that in my letter to the bank that I want both the capital and interest to be invested?

If you are using First Bank, you can actually request for your principal to be invested with interest and it will be done as soon as your bid is successful. I think GT Bank has something similar too but for other banks I can not say.

Mfunkynation:
As anyone recieve alert 4 successful bid via First Bank?

Too early bro,

yak:
thanks for the response. I think d next bid is in 2weeks time. meanwhile, I dnt, operate StanbicIBTC but zenith, WEMA or FidelityBank.

Fidelity should suffice. Yes next auction should be in 2 weeks time e.g on the 19/01/2017 according to the calendar. Meaning if you still intend to get before then, it will be from the secondary market. You can ask your bank if they do.

Onboard1:
How does secondary market work?

What is Primary Market
This is a market where new issues of securities are available for sale. The market for new issues in all government securities is the Issues Office, Central Bank of Nigeria.

What is Secondary Market?
This is the market for the trading of previously issued securities. Hence, tenors of the securities traded are shorter than the original tenors. In the case of treasury bills and treasury certificates which are money market instruments, the market is within and outside the Central Bank of Nigeria. The market in the CBN is located at the Securities Dealing Office and Settlement and Control Office, while the outside markets include Banks, Discount Houses, and Stock - Brokers. Transactions in development stocks in the secondary market are undertaken in Internal Funds Office, Banking Operations Department of the Central Bank of Nigeria through an appointed licensed stock - broker on the Nigerian Stock Exchange. While transactions in the FGN Bonds in the secondary market are to be undertaken on the floor of The Nigerian Stock Exchange through licensed Stock Brokers while Issue Office of Monetary Policy Implementation Divison of CBN serves as the Registrar to the issue. (frequently Asked question on CBN website)

Some people due to one reason or another would sometime want to liquidate part or all of their investment in treasury bills before maturity. It is on the secondary market that it is resold to other buyers.

yak:
please pals, I dnt have upto 1m can I still invest in TB?

Yes you can... but that will be for next auction but if you operate an account with stanbic IBTC you can verify if they have at the secondary market.

Houstency:
For Stanbic IBTC
Dear .....,


Thank you for your mail.

Kindly find below the interest as the last bidding.

91days – 13.9900%
182days- 17.4000%
364days- 18.7000%

Also kindly provide us with your mobile number to enable contact and advise you further.

Best regards

Please let us know today's interest when the bidding is done..Thank you

This boy jazz need renewal ooo. Many wrong deal he did started hunting him at once. I do not know how he was able to hold on for this long sha...Somehow him cup don finally full.

[quote author=dirtymoney post=52421583][/quote]I see your post as encouraging negativity.

It is true that not every deal done could be successful and it is also true that he might not be well educated enough to type a very convincing post in self defense but looking at the pattern of about 6 complains in Nairaland auto section and about 1 or 2 persons in between this thread that would rather nurse their wound in private, you would see that he is into shady deals and has perfected the art of selling dead cars as good grades to his customer.


Trust they say is a burden... If you can't carry the burden, do not build it. Displaying his name and pictures everywhere seem to a tactic to convince people.

Using Jumia as an example, I can tell you that it is not everyone trust. Even at that once issue in business is escalating and the customer is not ready forget they find a way of appeasing the customer to protect their brand.

In this mans case, evidences on the threads opened against him shows that he is not ready for any solution apart from trying to delay them from returning the car then turn around to say they been enjoying it.. that they should instead come and keep it till he sees a buyer..Even at that he would want to sell them very exorbitant.

His Jazz has refused to work on the first man that opened the thread and very soon he may be arrested for it.. If he truly want to see peace and deal in that his shop peacefully,
He should either make refund or share loss where possible...Cityhood is not suppose to be bank of no return.

@op Sorry for your predicament! Thank God it has been resolved.
To make matters worst these days all the banks now have a way of bullying and possibly frustrating bully resistant customers on the use of this their so called cashless Banking. Either the charge you or they outrightly refuse to pay if you want to do transactions below 100 or 50k depending on the branch.

I will like to say that I personally feel Nairaland Mods were fully aware of this complain from the beginning but I guess the management have to seek the consent of the two giant Organisations involved and also verify on their own if the claim by the op is genuine, reason being that;

1. They are both advertisers on this forum and they make their images on this forum so why will the forum horridly put a complain that can instantly put dents on their images on the front/cover page.

2. The Forum generate income from them and it is only a foolish man that will bite a finger that feeds him.

That said, Nairaland Management needed to appease the op and other Nairalanders too as they form the traffic that brings those orgainsations to advertise here. That I feel was not not duly considered. After confirming that his claims were genuine they did not have to wait till it is resolved in order to portray their benefactor as responsive before bringing to the thread to Front Page.
It is still a good thing though that it finally came because others will learn from it.

Incase it dare happen again to anyone immediately you complain to their customer care and there is any sluggish movement, your next move should be to mail them and copy CBNcpd, EFCC, NCC since Teleco is involved and Anti fraud units of all security agencies.

I think we all take this as a lesson and be mindful of our usage of that GTB USSD thing till it is proven that something tangible is done on it.

@Topgainer if you go through this post carefully you would see that op stated somewhere that he discovered Cityhood has started removing parts from the car..He got to know that from the friends he send there.

@op Boasting of a Colonel, That's a Very Senior Army Officer...when fight like this gets dirty he would not want to stain his career and reputation built over the years for fraud of another man. even if na him twin brother Cityhood be.

It's unfortunate that trust is becoming more scarce in our society today. I use to have great respect for that moniker Cityhood on this auto section hoping that one day I will strike a deal with him.

That does not mean we are not to trust. I have been doing business with someone that advertised a business in business/investment section here since 2013 without issues. we have not met before we just communicate through bbm and calls. I send him the money and he sends my goods after discussing what I want and sometimes when it doesn't go as I want he will look for ways to make amends.


As for some of us saying the banning would not cost him anything, that's not true. I see lots of his advert post on the front page of auto-section if he is not ban others may still fall victim to the same kind of issue.

For those asking why the op brought the issue here instead of going to the police, I will say 1. the transaction started from nairaland here. 2. According to him he did it to prevent other Nairalanders from falling for cityhood. 3. He has tried other civil ways of resolving it to no avail. I believe he saving Police and Litigation option for the last.

For those arguing that he can change moniker, fine..! He should then go ahead and change his real name, real house address/location, his face and that of his wife or girlfriend because it has all been displayed here already. His phone no is here. we should alsoremember too that Account No's now have BVN and the one attached to that his account alone could be used to fish him out when its time. I believe op just intended to resolve this issue quietly but Oga cityhood did not yield.

Another thing is that because he is into this kind of shady business over the years, he would have made friends with some security personnel that are beating drum for him but he is forgetting that when people decide to handle his matter the personnel or agents that would pick him may not be from his vicinity.

Because MMM is the ring leader. If you want to quell a riot you have to take out the leader because the credit of excelling or being suppressed goes to the people that champion the cause. Moreover those other one do not have a significant no of subscribers as MMM.

@op first of all you said you are neither Pro or Anti-MMM but if anybody take time to read this your post, s/he will see where your bias lies. You are subconsciously for MMM. That said, Ordinarily people like me would be seen by you as a nay sayer or an anti-mmm person because I am not in consonance with that way of making money. I have everything it required to take. At least even if it is the required amount and funny enough some pple like me were market at the early but then it doesn't matter like I told my family and friends ' if that's the only way to get rich I'ld rather remain poor'. Call it investment, help or whatever it was not built on anything... That does not make it look as if it will not later crash even though I don't believe it has crashed yet.

Secondly, The category I fall in your list of people at fault is D. The none participants. When you have family and friends that their action affect you either directly or indirectly you would caution them when making wrong moves. I am not in anyway Ignorant of the scheme neither am I jealous so I will not lie to people ..for what na! why would I be jealous of what I decided not to be part of. As a matter of fact I have and may still have to let some cash out to cushion the effect of the scheme around me if by Jan it does not normalise for my people in it to cash out.Not all of that didn't agree with it are lagging at the participant.
To briefly comment on ur E. part..I think Nairaland actually helped in publicising them more because when I started getting their SMS early Feb 2016, It was from a post on Nairaland that I later got who to make verifications from and even went on to add a guilder on my what'sapp. But all could not genuinely answer my questions so its good let Nairalanders know what is coming out from other posters too.

Thirdly, Banks are far far better than the MMM. Infact there is no room for comparison. 1. Banks have so many branches nationwide its only people that are in area where their bank braches are few that experienced the freeze if only they are in area where the banks have many branches it would have been OK bit in MMMs case what other option do there have than to keep looking at their personal office on computer.?
2.Banks did not freeze the money for almost one month, its only for about 3 days and all that would disappear Immediately after Christmas. Infact it was not even a total freeze because some of the branches affected were still giving out monies till they were exhausted not MMM that promised to increase 20% interest in order to lure people then after gathering people Christmas and wedding monies the guilders and old members cashed out at the expense of new comers and started preaching to them. 3. Let's pray it does not turn out the way of other countries MMM if not na reduction of mavro GH to 10% subject to new member PH oooo. 4. Banks do not give outrageous interest to people for doing nothing instead they make use peoples money for realtime investment and businesses and use their profit to run their business. 5. Banks have physical address and even contact person/customer care that we can call and vent your anger but MMM has none. So you cannot compare them.

For every pyramid scheme there will be a time it will get saturated. So no matter how members try when GH request frequently becomes more than PH request it will eventually happen. I just pray it comes back so that my loved ones can cash out finally even though I tried to desuade them to no avail. Let us as a nation work on our get rich quick syndrome and greed that seem to be engulfing our Nation.

@op don't know if you are the one that typed it or you lifted it as it were..but that Pasta is called SPAGHETTI... not Supergety. pls take note

Houstency:
@Freeman.. thanks plenty.. Showed their agreement letter with my lawyer, and he did say I had a good case. But planning on meeting up with the head office on Monday for clarifications, before taking action.

Most times Lawyers will only push you to a direction they'll benefit. Have u seen a Lawyer making refund of fees charged after loosing a case? You will only hear things like law school is not free.

40manlappy:
I suggest that you contact their customer service centre and register your complaint. Going forward, make copies of your application letter/executed form.
Before you take any action, request for a new copy of the form that you filled and read the "fine prints" very well. Banks tend to prepare themselves well for scenarios like these. You might have signed away your rights!
By the way, which bank is this?
cc: freeman67

Thanks @40manIappy I even forgot to add this for him.

Houstency:
@Gurus in the house..
If you instructed your bank to bid for 365-days (1-year) tenor on your behalf, and instead they bidded for 182-days (6 -months) tenor without your consent, can one take legal action against them if upon request to terminate the investment they do not return the original amount invested??

Please, anyone with idea and experience on Treasury Bills should kindly help with suggestions on how to tackle such scenario. Thanks in anticipation

Easy ooo before you shoot yourself on the leg.
1. The banks I know around here does not give you any evidence (a copy of the form you fill or request later for the treasury bill after the request) what they give is either an investment advice or confirmation of investment letter which is to notify you of an investment already made.

2. As for your investment instruction not properly carried out. You would have written to the banks customer care to seek remedy. It is still possible if you were not the person that gave them a written instruction to sell. However, if you gave them the instruction to sell and they did you, may not have any strong point to argue for refund.

Like majority of the subscribers are saying it is not the business of none subscribers. Ordinarily it should not hurt the economy if only the participants know themselves and are very sure somebody somewhere is not repatriating this monies somehow to another economy. It means the money will still be in the system.


That said, it is not similar to banks. We should not in a bid to convince people try to twist truth. Banks invest in businesses and services...I.e
They loan customers money and get interests,
They fund business ideas and share profits,
They invest in treasury bills and bonds of the FGN and even that of other countries,
They engage directly in businesses like Vending recharge cards, Paid TV subscription, Electricity and water bill collection, NECO and WAEC registration card vending etc.,
Banks also finance buying and selling of houses and cars between their customers etc and a host of other things.

In all these, they make profits and generate interest though the profit may not all be distributed for customers whose monies are ivestrd but the money is put into something we can relate with. That's how they make money.

What does MMM do to generate the interest it gives people? How does it make its extra funds?

Banks though operate websites but also have physical presence/addresses. They have operational offices around us. In most cases the people that work there are the people we know that leave around us. We know them and they know us..Some time if the banks is in distress at least we get hints from our account officers and marketers or staff of the banks.

where is the office of MMM even if It is just an Office? who are their staff?.. its not just enough to have people hiding behind their keyboards pushing information through social media without a known address. All the people I hear about are the investors or participants in the scheme who are their workers? who are their directors..? At leads people know Mr Akingbola and Mrs Cecilia Ibru as the CEOs of Intercontinental and Oceanic Bank. who is to be held responsible if something happens with MMM?

My cousin was telling me about her friend that invested 1million naira and got 1.3 or 1.39 million Naira. Instead of her to at least remove the capital or even the reward as the faithfuls call it. She reinvested all. To her, this is her route to riches. she is busy gathering the money there. should anything happen she will be on her own.
Liberty Reserve don open my own eyes oooo.


Like a lot of the subscribers are arguing the website is not even hosted in Nigeria. In the event that it eventually shot down what will happen?


The government is warning against it because should in case the promoters are repatriating the monies in any form, it will hurt the economy of Nigeria.

Also in case of any eventualities, it is usually the first to be blamed. So in order to avoid it citizen from a potential large scale scam. It has the responsibilities to create awareness among its citizens.

Some times some girls/ladies would have these fantasies and would wish it is real.

A friend once told me about how his supposed no 1. who put up this attitude was dethrone by a side Chic. The supposed main babe as a policy maker will come with painted nails for just servicing while the other chic was the one preparing the stew and soups she eats from the fridge though she was not aware its another chic doing the cooking at d end of d day she was substituted when it mattered.

Another one accepted d policy and played along ...Though he likes cooking and d babes enjoyed his cooking then but after marriage he does not go near the kitchen at all. And she kept wondering if that is not d same guy. Sometimes na una d use una hand tie una self.

Food wey ordinary friends the cook for their male friends naim person babe go d contemplate.?

Some times some girls/ladies would have these fantasies and would wish it is real.

A friend once told me about how his supposed no 1. who put up this attitude was dethrone by a side Chic. The supposed main babe as a policy maker will come with painted nails for just servicing while the other chic was the one preparing the stew and soups she eats from the fridge though she was not aware its another chic doing the cooking at d end of d day she was substituted when it mattered.

Another one accepted d policy and played along ...Though he likes cooking and d babes enjoyed his cooking then but after marriage he does not go near the kitchen at all. And she kept wondering if that is not d same guy. Sometimes na una d use una hand tie una self.

Food wey ordinary friends the cook for their male friends naim person babe go d contemplate.

michael03:
Dis shuld not be tru ooo cos is low,i bided 18 for 364 days nd 17 for 182 days ooo

That's why I posted it with source so that anybody with contrary authentic info will disprove it.