₦airaland Forum

Agbaletu:
Let's maintain decorum here, please. Majority of us are still on Nairaland just because of this thread. Let's respect its sanctity.
I am begging you guys. We should not allow our emotions to get this important topic derailed.
The big guys know how they handle themselves, why getting worked up over this matter?

God bless everyone.

I liked this. Thank you. I would like to think we are all informed here and educated, there is the media and there are facts, it doesn't make sense if you don't know everything about an issue to come here and attack.

Secondly, we are all benefiting from this Tbills just as the Nigerian Government is benefiting from us, I would like to think we all want the country to be better. Tribalistic statements are a no-no, if a man from another tribe had a problem with a bank does it make sense to say people of his tribe should pull out or are right to? Since when did we start bringing tribe into everything including business? We are all educated here, some of us are even abroad, I don't want to believe we still have such mentality, but what do I know? Maybe no matter what Nigerians will always want to play the tribal card. Good luck getting a better country with such mentality.

Barrytone:
Based on the final arbiter, GTB erred and will pay for it. What else do I need to Know? Our opinions doesn't matter. Supreme Court judgement is final. The bank was and is wrong, case closed.

Like I said. You obviously don't know anything about the case, and you are probably tribalistic.

Before you keep going on and on, let us see how things play out this week na? Seems you know all the facts from reading blogs and wikipedia, let's see how that translates to real life.

Barrytone:
Am proudly an ibibio man and not igbo. So no tribalism. I invest was my personal experience were my funds was misused for over 3 weeks without interest. On this issue at hand. A cooperate body To be this dubious is showing the decay in our society. Just read Wikipedia and it's stated that GTB duped innoson. And that's just what it is. You can come again to paint them white.

No! You said Igbos were right to remove their money. That speaks volume. Anybody can write almost anything on wikipedia.


I am not even trying to paint GT white. I am saying it's dangerous to start attacking a party without knowing the full story and it's obvious you don't.

Barrytone:
Innoson Vehicles
@innosonvehicles
·
11h
Replying to
@innosonvehicles
GTB in a Press Statement signed by Erhi Obebeduo claims that “the judgment allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity”.

Innoson Vehicles
@innosonvehicles
·
11h
GTB by this claim is nothing short of being economical with the truth.

The Garnishee order absolute issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd the judgment sum of N2.4 Billion with a 22% interest, per annum,

Innoson Vehicles
@innosonvehicles
·
11h
on the judgment sum until the final liquidation of the judgment.

GTB appealed the Federal High Court’s decision up to the Supreme Court and lost. From the Supreme Court’s decision, you will find that the case was between GTB and Innoson Nigeria Ltd and no other person.

Innoson Vehicles
@innosonvehicles
·
11h
For emphasis, in a garnishee proceeding, once an order of garnishee nisi is made, the garnishee is required by law to set the amount involved aside and will not allow the judgment debtor to withdraw from it; and if the order is made absolute,

Innoson Vehicles
@innosonvehicles
·
11h
the garnishee pays the money to the judgment creditor and incurs no liability for doing that but if the order is not made absolute the garnishee returns the money to the judgment debtor.

Innoson Vehicles
@innosonvehicles
·
11h
In this case, the order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using for its business. It follows that by the time the order was made absolute it was no more the judgment debtor’s money

Innoson Vehicles
@innosonvehicles
·
11h
but rather that of Innoson Nigeria Ltd who is the judgment creditor; if a garnishee refuses to comply with the order, then, it becomes a judgment debtor, as GTB has become in the present case, against whom execution of the order will issue.

Innoson Vehicles
@innosonvehicles
·
11h
Therefore, there is no merit or force in the GTB’s press statement.

Innoson Vehicles
@innosonvehicles
·
11h
Furthermore and interestingly, the Garnishee order absolute was against GTB and no one else; and it is only GTB and no one else that will comply with the order; in the circumstance, the order will be executed against GTB and no one else. Please, be guided accordingly

Innoson Vehicles
@innosonvehicles
·
11h
Cornel Osigwe
Head of Corporate Communications
Innoson Group

You are showing us a statement by Innoson motors? Bro. Let us all calm down and see how all this unfolds. I also have info from GT banks side. Tomorrow is monday, we shall see how things play out. But one sided recant of issues will always be biased.

Barrytone:
Give us the full story. Supreme Court remains final arbiter and all the intimidation from GTB and security agencies came to naught. He was truly the victim. Igbos were right when they threatened to withdraw their monies from the bank. How can I bank with such a fraudulent institution. Oga, give us the full story before I continue.

From your statement, you already have tribalistic sentiments on the issue. This is one issue I will be careful discussing here. I haven't forgotten the USD vs naira, I-invest attacks here.

jidobaba:
Great thanks.
But gtbank dropped the ball on this one. What were they thinking? Corporate foolishness.

You obviously don't know the full story and you are already attacking GT bank. Lol! The media is a dangerous place to get info.

stcool:
Corporate willi - willi is when you declare a dividend of 22kobo and turn around in less than 24hrs to post a result with 11kobo dividend
@Fidelity bank... "we keep our words"

Let Access & Diamond continue... brokers will punish access with price depreciation

They will all get what is theirs one day. Lol!

In the financial markets even companies who do well are not spared.

rebekah2011:
There has been massive silence on this insiders dealings. It is a shame that we allow transactions like this to go unpunished. No matter how highly rewarding Access Bank shares may be.
Not going to touch the stock even with a long pole. I will not be surprised if the audited accounts of Access was padded. I have been looking for their investors conference call on their website. Please anyone with the link. I want to listen.
There are just 4 banks in the banking sector. Zenith UBA GTB and Stanbic. Others are just there.

This man. You know and understand a lot. One of this days, we need to rob minds.

234ng44uk:
Do you still maintain this position?

I actually still maintain this position.

I did the average of money market fund rates over the years till date, and Stanbic MMF was the clear winner. This is because they had over 17% in annual Money market rates 2 years in a row (2016 and 2017). Followed closely by FBN quest. United Capital too is quite cool. Their redemption is also fast too.

Also there was once an argument about Stanbic MMF vs GIF, the verdict was GIF right?, we were all wrong! Stanbic MMF has beaten GIF over time, even FBN MMF beat Stanbic GIF over time. Though if you begin to calculate from 2016, it will seem GIF is better, all you have to do is look at years back, there were some years GIF had rates as low as 4%! So those doing GIF should know this and be careful.

Also, there was a year United Capital Bond fund did 28% (2017).

I have used and researched many Mutual funds and MMF, Stanbic, FBN quest and United Capital though have their cons are one of the best out there.

United Capital is so good, you can monitor all your investments in one account, from money market, to euro bond fund, even the stock market (equity), you can even create a will too.

FBN quest has technological issues but their charges are one of the lowest out there.

Stanbic is well Stanbic. A class on their own, best MMF so far hands down, in terms of average annual rate. I will still do my research and all and update you all, but this is it for now.

But best MMF annual rate over time is Stanbic, followed closely by FBN quest, this year will determine if FBN will unseat Stanbic though (I think they actually might as rates seen so far this year).

Mcy56:
Awwww, my amiable bros I sure do, even though I might not have mentioned it before.
You are so knowledgeable and your contributions are always weightier too.
To be honest, there are great minds here and I do appreciate everyone's inputs, including that of my enemy, my police friend and my crush. Lol.

This made me really smile.

You can always have 2 crushes o.

rebekah2011:
Nope. An accountant

Ah! No wonder.

rebekah2011:
Thanks. It is my training oooo. Unfortunately, my over-cautiousness is always robbing me of good stocks to speculate on. The rule one for me is capital preservation.

You an analyst of sorts?

Mcy56:
I like the way you always caution us when going too optimistic here.

What about me?

You don't like how I caution you?

rebekah2011:
20b in loans. A lot in foreign denominated currency. It should be approached with caution.

Exactly!

All it takes is another naira to dollar loss in value, and they are bleeped!

You are quite smart.

Just2endowed2:
but government made it mandatory for workers in established private sector

We are talking of those not mandated.

mendes912:
When Peter turns on his phone and download's Union Diagnostics Report. Am sure he wouldn't be commenting today. Sir Loco will have a fun day today.

Hahahahahahahahahaha.

Mendez no go allow this guy rest today sha...

mendes912:
How much Dividend Sir Peterichy wan chop out of EPS of 2.84k.

LOL.

Hahahahahahahahahahahahahahahahaha

Chai!

RealityShot:
exactly!


they used most of the funds for something and asked the owners to take less or nothing.


then they hope to invest in Tbills and pay the owners part of the proceeds. All the while keeping the capital with them forever!


and that fractional reserve part eh! (are we sure there is even any fraction there?)
REMEMBER THIS :
https://punchng.com/fg-borrows-n5-5tn-from-pension-savings-delays-minimum-payment/

i wish i can open a pension or an insurance firm!!

Lol!

I do hope people shine their eyes. Their system is not transparent enough, it doesn't make sense.

freeman67:
You never know those people... If I talk now.. It will seem that I want to run down their business but we have to still say it for others to learn... I had to make one wrong comment on one of their post on twitter before they agree to release my VDF last week after two weeks ooo.. Then all I got as interest for on $1,000 for over 8 months of that investment was $1.8....

1.8? Jixox! Nawa o.

All this investment banks sha.

Valueinvestor:
I don enter one chance here o, although not a bad a result, I actually bought with the hope that a dividend declaration after recovery would push the price up. Anyway I don't see it being unduly punished.
Lessons learnt - NEVER buy stocks on hope

Very important.

Hope is never a strategy.

RealityShot:
exactly.


now that they are spreading their bad idea to non-civil servants like us, i think it's best everyone is aware of what they are getting into.


but, alas, the pencom website is vague!


i know someone who just got gratuity this month after 5 years of waiting.


guess what, pencom first said last year january, she would get an amount;
by december, they changed it to quarter of the initial amount.


she tried to complain nd she was vehemently refuted.

Nawa o! On top her own money?

I can bet they are employing a form of fractional reserve i.e. Legal Government Backed Ponzi Scheme.

RealityShot:
well, this will be great news for those who have access to Bank loans naa...& hopefully they will drop prices of what they import!!!


btw...see this..


Micro Pension Plan
https://www.pencom.gov.ng/micro-pension/


see how scanty the info on pencom's site is? What does that tell you?


well, i will tell you something;
it is better you contribute part of your income (no matter how small) to money market fund and/or Treasury bills..


than to give pencom your life's savings.


why?
well, when it is time to collect, they will show you you no longer OWN the money; it is they who will make all the decisions and give you WHATEVER they deem fit, WHEN they like!!!


BEWARNED.

My brother thank you for this, please say this louder and warn them. Let them hear!

ImperialCovfefe:
For offshore transfers, I think GTB is 0.5% of amount + $25 offshore charge + N6000 telex.

TBH this is quite expensive, and it might probably be among the cheapest relative to other banks. Nawa!

unite4real:
The SUKUK bond is not monthly. It's once a year. As soon as the content of the 2019 budget is unwrapped layer by layer, we will get an early signal. However, the yearly SUKUK sale may not happen in the months of March, June, September and December this year because of coupons cycle. Look out for months outside of these or watch this space for early information. This is for the lockdown guys. I must tell you that it's extremely easy to sell it on the exchange but difficult to buy as most holders are adamant to sell including me.

Hahahahahaha. Sell for boys na...

Agbaletu:
Unite4real is a Prophet, he saw it all, but we thought he had made a mistake by locking up his funds in Sukuk.

Real sharp Guy.

awesomeJ:
spiritually.

Hahahahahahahha

Nice one.

mayorteeny:
For anyone converting foreign currency to naira to invest in Treasury bills, how are you mitigating the risk of possible devaluation of the naira by the time your treasury bill investment matures?

Is there away to invest in Nigerian treasury bills in another currency (USD, GBP, EUR) other than naira?

Eurobond funds

MCeemajesty:
It's real bro. Stanbic MMF is the real deal at the moment!

They were probably loosing people. I am very sure if it.

Agbalowomeri:
They will make this money difficult to collect
Fixed deposit for the boys

You are actually right.

ernie4life:
MPR has been adjusted to 13.5% from 14% ,
Implication is that treasury bills rate will decline further, whatever that affects treasury bill will affect money market funds.

Yep. Though Money Market funds are currently enjoying higher rates, probably because they locked in longer tenures from last year.

awesomeJ:
Realityshot, I forgot to mention.

I want Emefiele to get a second term. I'd like for him to yet be there while we have the transition from an importer to an exporter of refined petroleum products.

Some folks had oil above $100 a barrel, there wasn't much they saved from it. instead we heard reports that as much as $20bn wasn't remitted by the NNPC.

these guys have done quite well with a $70 price regime. so i'd like to see what he'll do with the exchange rate, when fuel imports are no longer in the picture.

It's very likely he gets another term as I am trying to influence things in that direction.

You must be very powerful. How would you influence things in that direction?

needful:
Pls is it advisable to put huge amount of money on mmf like Axamansard, stanbic mutual funds?, what organisation regulates this investment houses. I browsed it but couldn't get anything on it. Urgent answer needed pls.

Of course. They are regulated by the NSE and SEC themselves. You have nothing to fear.