Blissquare:
For now, invest in treasury bills. You would be paid the interest upfront. Ask at your bank. Withdraw the money and keep in your account or mom's account. Don't be tempted to tell people about it. Face your studies and you would realize that the money is not as much as you think. Don't worry about starting a business with it. None of you are up for it and Naija economy is very funny. Don't ever be tempted to use it for a ponzi scheme or sports betting. Don't be tempted to lend anyone from it. Treasury bills or mutualbfinds is your safest bet even though returns may seem small. I'm a reasonable adult and not a nairaland juvenile troll.

Thanks so much for your contribution.

eseh1:
Like pple have rightly said, start withdrawing that cash gradually or try out atm transfers to transfer the cash gradually to an account you can access... do this as quickly as possible before the account goes dormant, that's if its not already dormant....for most banks, it takes 12mnths of inactivity to make an account dormant...so the earlier the better...when you have the money in your possession you can now decide what you wanna do with it.

Thanks a lot Ma.
I will do as advised.

uzedo1:


You just said everything

In addition, since the course you're studying is too demanding, investing in land currently is better.

Reason being that, you won't be pressured to meet up, your mom will still be focused on her teaching, & the land value will always appreciate.

But do your research, if it's land you eventually want to buy. Please make sure the land is not government owned or a proposed site for future development. E Get Why Government wahala no be child's play.

If you must purchase any land, be very careful. Involve people who know how it's been done, but be smart. You know how most Nigerians are when it comes to money.

When you want purchase the land, don't rush to pay the money. Because when you do, the chances of getting is back is 0.009...

Sorry for your loss

Thanks so much sir for your contribution.

MMotimo:


Just an observation, I don’t have proof of untoward intent and apologies to anyone who is offended but I really don’t care whose ox is gored. Forgive my cynicism but I’ll go with my instincts. My focus is strictly about this young man and his family.

Be wary of that brand new moniker asking to be friends and saying they are same age, same MBBS level. The person might be genuine but know that there are more wolves than sheep. To scammers, a 19 year old with 1.2 million sounds like easy bait. Please don’t let your guard down. A common ploy with predators is to try to build “common ground” by drawing similarities between you and them. Just like with romance scams , the person behind that moniker may be worlds different from who you think it is.

I don’t know how a med student can’t spell “like,” comes up with a moniker that sounds like “nefarious” and just had to register a new name to be friends.

Thanks so very much Ma, I am very grateful to have you here. I am more grateful for your words and concern Ma.
May God bless you and everything that concerns you.
Whatever reason behind his quest, genuine or not isn't even my concern.
He should return to his school and seek friendship from his contemporaries.
Thanks so much Ma.

tensazangetsu20:
Convert the money to foreign currency and keep it at home. Don't keep it in a dorm account o. With the way Nigeria is going I won't be surprised if there's a law passed out tomorrow to seize all the cash in dorm accounts. Another thing would be to make dollar based investments through platforms like risevest. You can also buy shares in American companies too but this requires a bit of self education. Don't invest in any business. There's a 90 percent chance of the business failing and you loosing that money.

Thanks so much for your contribution.

DrNefarius:
Hi Kingsley2001.
1 am 19 years and also studying MBBS just Kike you.
Please I will like us to be friends, please reach out.
Thanks

DrNefarius:

I am in my 3rd year too, what a coincidence.

You don't have a 19-year old in your department to be friends with? Your level even? Or you don't have people in the whole of your school to seek friendship from?
Run along.

Born2Breed:




May his soul rest in peace.

Don't bother investing in businesses you can't monitor properly.

Naira is fast losing value, the best bet is to convert your money into foreign currency and lock it up.

When you are done with school or finally ready to focus on any business in the future the stashed money won't lose value.

Imagine someone that stashed dollars at the rate of 350+/$1 in 2019. The value now is 440+/$1. + interest.

If you stash it now and in 4 or 5yrs when naira is 1000/$1. You won't lose the value of your money and may decide on what to invest it on.

Thanks so much for your contribution sir.

SweetCunt97:
Uhmmmmmm, and you say you are 19 years old? Now u sounding like an old soul... Not all these silly dunce wey full here. That's good... Your father will be proud wherever he is.

Lol.
Thanks tho.

SweetCunt97:
Transfer the money into another account so that u guys won't get locked out when the atm or account becomes dormant. Sha give some to ur siblings, afterall na their papa too.

The first line, thanks. Would do that as advised.
Second, no one is giving any one anything. We aren't sharing wills, we are investing for the benefit of the entire family.

Ibechris2:
First of all,remove all the money and put it in a new account. If u fail to do this and the ATM cards expires,damage as a result of water,fire or get lost,then u are in for a bigger wahala associated with letter of Administration,the waka no be here.

My advice:
It seems u guys are in good financial standing,therefore,use the money to purchase a land since non of u has business knowledge for the time being. At least that alone is a hedge against inflation.
Do not fixed that money because it wouldn't yield any reasonable amount considering the economy situation now.

And if u think up anything better,pls do not forget put into a venture that'll keep ur fathers memory alive.

Accept my heartfelt condelence.
Wish u and ur family the best.

Thanks sir for your contribution.

CanadianNaija:


Sorry about your dad.

Transfer the money to your mums account straight from the atm, no need to withdraw cash so you don’t spend it.

Don’t do any business, from what you’ve said you guys won’t have time to watch it and the truth is we are not all business inclined.

So while you figure out what to do with the money, you guys can fix it at a bank. Do mutual funds it’s easier to take it out when you need it, and the money will be earning you something no matter how small. Leaving money in a savings account makes no sense.

While it’s fixed, you guys can take the time to find a reputable real estate company to help you find and buy land without any issues. Hi his way it appreciates in value while you’re in schools and after a few years it will have appreciated enough in time to use it.

Do not embark on any business that you do not understand and lose that money. Good luck!

Thanks sir for your contribution.

Prof0fficial:
Transfer the money to another account. you can do it in bits using the ATM machine let's say, 150k per day because it's a savings account. I'm not sure of the transfer limit.

Advice taken.
Thanks.

Ghostburster:
You had a very good and loving father.
Only God knows how much he loved to save.
From the thrifts to this one and to even the one you said he had in his two other accounts that you spent on him.

Please make sure you don't waste his savings for any reason.
Make his spirit happy.

Thanks so much sir.
I did have a hiid father, the best ever.
Thanks a lot.

MMotimo:


Young man, I like you already for so many reasons. You are smart enough to know you can’t combine the pursuit of a medical degree with street business. You know not to pay mind to PMs, you know to ignore get rich quick schemes. You know your Mom can’t invest the money and you’ve taken charge. Your parents are blessed to have a child like you, so wise beyond your years. Your parents did a great job with you and your siblings. As a parent myself, I can say you are the kind of child a lot of people pray for

The things you have to be careful of are fear and greed. Fear of inflation that could devalue the money, fear of inability to invest profitably and greed that could cause you to risk the money in investments that make questionable claims about returns. Never forget, if it’s too good to be true, it probably is. Sometimes, the best thing you can do with money is nothing. Any rush to invest/turnover the money could lead to mistakes that would make it disappear. With the promise of high returns comes the often unstated expectation that you might lose all the money. Don’t gamble with these funds. Don’t invest in anything that would not make you sleep well at night or that would cause you to risk even 1naira loss. I add my voice to those who have advised you move it into an account you and your Mom can control in case you lose access to your Dad’s account.

With regards to land, I’m not sure of your location but know that in most of Nigeria’s big cities, you can’t buy land and leave it “fallow.” If you don’t start to build on the land fairly quickly, chances are high that the seller(s) will resell to someone else even after pocketing your money or someone, somewhere would come and claim that land, seizing it from your possession. I suppose you could fence the land but that’s not 100% defence and fencing would also cost money. Yes, you could go to court to fight it out but that takes money to do and it takes a loooooonnggg time with no guarantee of victory at the end. I would be very careful about investing in land, despite the potential appreciation in value (depends on location). For that budget , it would probably be land in the “interiors,” purchased from omo oniles with the attendant risks and possible future drama.

I would be more inclined to have the money just “safe” for now since your family can manage without it. If things like treasury bills or fixed deposits that safeguard your principal can keep up with inflation, you could consider that. Safeguarding your principal should be your priority right now and it should be with a proper first class bank not mushroom micro banks that can disappear tomorrow. Whatever you decide, I pray it works for you and your family. May God bless and enrich your family and may His face continue to shine upon you all. Well done!

Wow!
Thanks so much Ma, your words mean a lot.
I greatly appreciate every part of it.
Your advice is appreciated too and everything is noted.
Thanks a lot once again Ma.

nobone:
Move the money to an account you have control over. And fast please as letter of administration and the rest will cut some part of the money, that is when that card expires.
2. You can invest like 25% of it on MBA forex, you can be sure of a little income monthly, till you're sure or what to do with the lump sum

Thanks.
Anything forex is like gambling to me.
So I will just pass.

OralB:

100% profit is guaranteed in the first five months.

I don't get you.

justified007:



Unfortunately , it is not a so good advice economically . Imagine you're taking such an amount on loan will you invest it on land?

Rather think of a good and viable business to invest that money and you can use the proceed on something else

Fortunately, it's my surest bet.
It's not a loan and I can't think of it as such, no need to rush or get overly expectant.
No one was expecting the money, we are just lucky to have come across it.
No viable business can go hand in hand with my study and most importantly, there is no reason deluding myself with the possibility of expecting more than I already have or stand to gain. I will just invest in the landed property as advised and watch it appreciate. It doesn't even have to generate a lot, all I need is the reasonable little it will generate without unnecessary supervisions, further financial obligations and time investment
Thanks so much for your piece anyways.

Blessingisrael:



build hospital ? what type of hospital will that amount build? can you start a groceries ( provision) and drugstore?

Gosh! That was me being sarcastic.
I typed that because for the umteenth time I have explained it's impossible to juggle most available businesses with my course of study.
Thanks

Vinayesh:
Don't [s]you know where to spend your money? You can buy a Franchise and [url=https://ifpnews.com/telf-ag-concept-of-franchise-and-basic-principles-of-franchising-by-kondrashov]do your own business [[/s]/url]

You couldn't even post this your nonsense with your main account.
Have a good day.

Brio984:

everything is possible if u set ur mind to it... well u can use part of the morning to acquire skills (high income generating skills) or u can invest in something relating to ur field of study...

Thanks bros.
I will build a hospital with it or buy syringe and invest.

Brio984:
1. first thing to do is to move the money to another account u have control over because the ATM card can get expired any time or worst case scenario get bad or swallow up by any ATM... because it will be alot difficult to get the money from the bank without the ATM.

2. you are not too young to start a business... but If u must start a business and it is important u start the business because Cash at bank has no value..

3. avoid ponzi scheme and betting..

4. think of business with high return over investment

Just seeing this.
Thanks for this piece.
Advice taken.
About the first line of item 2.
It isn't about the age alone, it's about my academics majorly.
Regardless of my level of brilliance, there is no way I can juggle business with my course.
It isn't just possible.

Realshay:
May his soul rest in perfect peace
This is awful.
*firstly, withdraw the money to an account you have control of please to avoid hurtful experience.. this issue has happened to my friend before.
*secondly,I am as well an 100 level medical student of 17 years old and I have some skills like digital marketing, graphic design, video Animations,web development, photo editing, video editting,etc that makes me huge money..
so I see nothing stopping you to learn a skill as well..
you can find somewhere to learn it or even enrol in online training.
it won't cost you much money and you would be earning big

Thanks so much Sist.
About the skills, it's late already for that.
I am in my third year. MBBS isn't a course you can run with some other things.
The higher you climb the harder it becomes.
I am glad you have those skills already obviously before getting admission coupled with this break.
I am happy for you, with time you will know how almost impossible it is to juggle MBBS with hustles. Thanks so much again.

annayawchee:
Transfer that money before the bank notice it's dormant cos they might place it on PND and you will see bank wahala...

U go find letter of administration
Death certificate
And all the Waka wey dey involve..

U go tire....

Better move it while you still can.

Thanks sir.

vickyfrancis1:



That's why a lawyer and also a guarantor or referee is needed.
a document will be signed and once they misbehave or reneged on the agreement, you know what to do. don't look at yourself as being too young or busy for a business or investment.

Thanks so much.
Noted.

excellence44:

Listen to that guy. Withdraw the money to another account which you have control over. You may loss the card, it may be swallowed by the atm, or even expire. in any case, you can not work into the bank and complain as this will require a different process on it's own.
Your best bet is to buy a piece of land and watch it grow that is if you have other sources to cater for your living and schooling expenses.

Thanks a lot sir.
I will start with withdrawing little by little then.
We do have other source of livelihood, mom is a teacher and my sister is on scholarship while I attend a federal institution with a very affordable tuition.
All to say her salary can scale us through whatever comes.
Thanks

Bj5all:
since you are still young and probably not business oriented, doing regular business in Nigeria is not easy, you don't have security/assurance that the business won't fold up and the money wasted.

This is your father's money and he will be happy the money is well spent wherever he is.

i would suggest you buy a landed property with the money, look for a good estate within your state and buy a land. please be careful with community land, look for an estate. Preferably use the service of a recognised estate surveyor or Agent.

This way, the land will appreciate and your family will be happy. the land can also be used as collateral should any member of your family wants to do serious legit business.


And you can decide to sell the land later and make more profits from it and buy more lands.

Wish you and your family best of Luck

Thanks so much sir for your contribution.
I so much appreciate you.

vickyfrancis1:
why not buy a commercial bus or tricycle and give it out as hired purchase. let them be remitting weekly to you and in turn you put it in an account without easy withdrawal access.

Thanks sir for this piece but I am not sure i can handle the dramas that come with the driver and cyclist besides I know for a fact that they wil rough handle the bus or tricycle as it isn't theirs.
I may end up not having a say too.
Cc
Lalasticlala.

Queenyprinxex:
Sorry on the death of your Dad.
You have just one option considering your academics and all.
Look around you, locate a promising area, get a/some parcel(s) of land depending on how much your money can afford.
Watch it appreciate over time having to do nothing.
Just ensure you bought from a secured and trusted buyer and make sure you involve another trusted person around you who has bought lands on occasions and knows what and what to consider before getting one. Tell the person to put you through and thank me later.
Lastly, beware of scammers both here and outside here and those idiots that would ask you to do shit all in the name of being funny.

Thanks so much for this piece.
I will consider it.
Although I'm still open for more advice.
Thank you greatly.

Asquare84:
Better withdraw the money before the ATM expired, if not it become difficult to have access to the money in the account

It's expiration date is till next year.
Thanks.

MikeMicheal:
Always live like today is the last, because you dont know when death will come.
in other words, LAVISH IT!

To hell with you and your advice.

Cc lalasticlala
Mynd44