₦airaland Forum

OgogoroFreak:
Exactly! Rental is the best, if and only if you would be getting the drivers direct from heaven.

And we all know that heaven will not send drivers to Nigeria because when he gets to Nigeria, he will start behaving like a typical Nigerian driver that is on rental basis.

Lovelygbems:
We can offer you 8% on our FD


07067025384

Stability Assured....

Na for phone number you go offer the 8% on the FD?. Na phone number also be the 'Stability Assured'?.

freeman67:
Nothing like crap there. If you don't understand ask for more explanation. Every business either public or private is out to make money. So it is actually what about what comes with you to the table. Yes they may have a specification required of their staff. However, once something more serious is involved they overlook some rules...

Leave him, He thinks everybody that comes in is through shortlisting and competitive tests and interviews that take months. Iam sure he has not heard of 'if you want the N2Billion Consultancy job, then you have to employ my son or employ my niece or employ my nephew'. A Partner earns according to the business he/she brings to the organization and not by the number of First Class or 2.1s that he employs.

Tobex4realTobex234:
He worked 3 years at PWC as a Financial Analyst baba. Even PWC Nigeria you won't find dummies working there.

Once again, this is not a validation for people to go and put their money on Rise, because I've noticed that people here are waiting for who they will hold if something happens

You think so. If a state governor or somebody at the corridors of federal power makes employing a 'dummy' for PWC to get a lucrative deal, you think PWC will not employ the 'dummy'?.

Olaide1295:
A bank MD mentioned this same thing to me (that there’s an unseen hand). I asked for a hint and he said “Central bank”.

I’m not even sure what it means. Does Central bank invest in companies? Why Otedola?

You can dig further on this unseen 'Central Bank'. If the unseen hand is 'Central Bank' who or which bank will likely be the beneficiary?.

Make we dey watch sha. Still early days. FBNH has come out to say that they are not aware of Otedola acquiring a majority individual stake in the bank.

emmanuelewumi:
I don't think so.


But our banks are dirt cheap sha.


Paying about N30 billion for 7.5% ownership of First Bank

A bank with shareholders fund of over N600 million, Naira deposits of about N40 Trillion and dollar deposits of over $1 billion, 8 million customers a lot of billions of Naira in dormant accounts of dead customers.

Single handedly gave out a loan of $400 million to Kola Aluko and co, loan went bad but the bank is still standing

Let us watch sha. CBN sack the Board of First Bank this year.

emmanuelewumi:
Otedola is a smooth operator, he just acquired 7.5% of First Bank shares making him the largest single shareholder of the bank

Somebody whispered to me that Otedola is just the 'seen' hand and that there is an 'unseen' hand. Do not know how true is that.

AngelicBeing:
Hahaha, lol at the bolded in your post, l was expecting a response like this from any poster on nairaland.com, how about if l tell you that l inherited the wealth of King Solomon and the Queen of Sheba l invested 27 million dollars with IMG , will you call me audio billionaire

No. You will be called audio Naira trillionaire.

Nezzjnr:
Nawa oooo


Audio people just full here sha... Make una dey calm down abeg.

There's no way a Recognised Commercial Bank will eat your Money like that and you'll forget it... Ordinary 10k wey Access Collect from my Mama... She stormed the Bank sharply.. It didn't even take 10 mins... She saw the money in her account.... They knew heads will roll if the Money wasn't sent back.

A lot of people are having issues with Kuda.... Go to their Twitter page and see for Yourself

Real audio o. When @Lazyyouth talk am, dem dey attack am. I did a transfer of a tasere amount this morning from one bank to my account in another bank through Mobile App. I got debit alert immediately but no credit alert. I login to my account and the credit no dey. After waiting 10 minutes, I was about sending a mail to their customer care and also calling them before i see the credit alert. Dem get luck o because wetin happen for 1960 for happen again.

mymadam:
Shocking! This is absolutely unnecessary and a disgrace

Take it down.

Not only take it down, he should apologize to the lady.

[quote author=bushu9 post=106898105][/quote]Wetin concern me with Agropartnerships?. Are you sure you are responding to the right post?.

OgogoroFreak:
Are you the one on your profile?

I go like fvck you. #100k

DM

This is disrespectful. This is TB thread and not romance or sexuality thread.

richforever123:
All their investment has sold out, Agropartnership has a new cycle rolled, but there is none like that on Piggyvest

Typical Nairalander, asking for my age, while having a constructive discussion, you left discussion to ask for my age, so that you can say I am a small boy, while you are the most matured and intelligent, it's okay, I am actually not here for that kind of discussion OgogoroFreak

Why are you bothering yourself on the age question?. When there is an intellectual and constructive investment discusion and argument and somebody starts asking for the age of a contributor, just ignore and move on as it seems the person asking has run out of points.

emmanuelewumi:
The promoter of the business was a former banker with Zenith bank.

He resigned to start the business and it was profitable. If he had stopped as a N500 million to N1 billion business, paying investors 2.5% per month he might have been sustainable.


Your bank account officer or marketer should NOT be your financial adviser. Lai Lai.


The guy made use of account officers and marketers in the banks. These people know customers with huge account balances.

They convinced these customers with huge account balances to invest in IMG..


IMG paid the bankers good referral fees. IMG equally employed some of these bankers offering them 4 times to 5 times of their salaries.

The promoter of IMG also used churches where the upwardly mobile and top middle class attend to market his business.

It appears people stop being rational and logical with their money when they get into churches or religious organizations.

We should know that Nigerians are not nice " when Nigerians start telling you the secrets of their wealth and are inviting you to come and invest, we need to be extremely careful."
Most times it will end in premium tears.


I think those bankers who adviced their customers to invest in IMG should be sacked by their employers.


Many years ago my account officer at First Bank told me to invest in Nospetco, thank God for contentment. That same year my Stockbroker told me to invest in Sefteg, God has a way of protecting His own. The person I loaned the money to did not pay as scheduled, by the time he paid Sefteg and Nospetco had crashed.


When Investing don't just look at the upside, also consider the downside.

Ask questions on how the business or Investment makes money and the sustainability of the money made

Whenever somebody tells me to invest in such high returns companies, i normally ask the person if the company has a crude oil well at its backyard.

https://www.nairaland.com/6808317/bamise-ajetunmobi-wife-elizabeth-accused

Mr Bamise Samson Ajetunmobi And His Image Lenders Story. What I have learned so far:

1) Bamise Samson was a quiet banker who quietly did his job as a Zenith bank staff. He was with the bank for 8 years before he left to start his Image lenders startup in 2016.

Before he joined the bank, he was a graduate of Banking and Finance, from Madonna University Okija.

2) When Bamise set up his business in 2016, his first customers were his former colleagues, he was able to convince his colleagues in the bank to trust him with their funds in lieu of a 10 % monthly ROI payment.

His first investors saw their money paid promptly on time, those investors helped the young alleged scammer to spread the word that there is a new king in town who is trustworthy and a breath of fresh air.

Before one could say, Jack Robinson, Investors started flocking around Bamise with their money in return of a regular monthly payment from his company.

Even branch managers of commercial banks flocked to Bamise with their life savings.

Zenith bank staff were his marketers and foot soldiers.

A lot of them convinced customers that they were managing their account to invest with Bamise.

Because of this headstart of having your former colleagues in Zenith bank brought and convinced customers for your business, Bamise did not invest in media branding neither did he need social media influencers to influence for him online.

This is why his business was not popular on social media, only few people like myself knew about his business before now.

I knew him before now because a zenith bank staff told myself and Ndiya Baykay Eze Eze about him.

Bamise’s phone rang non stop from investors, convinced by his former colleagues in the bank and those callers want to invest their money with him so what is he doing with social media influencers?

3) Seeing that his fortunes and investors money with him have quadrupled, Bamise went to lure his old colleagues at Zenith bank to join him in his new startup.

He poached a lot of Zenith bank staff by offering mouth-watering salaries they could not resist and most times, double of what they earned at Zenith bank.

Because of this, a lot of Zenith bank staff resigned in droves to join Bamise in his wild goose chase and to be fair to them, they did not know what they signed up for.

He needed the validation that Zenith bank staff are working for his startup, to convince investors that he was real.

Boy! Bamise paid crazy salary salaries to his former colleagues who resigned to join him.

Imagine earning 200k per month in Zenith bank only for Bamise to offer to pay you 1 million naira. You don hit gold mine be that.

4) With his consistent monthly payment to his investors, Bamise had this brainwave: why not open Image lenders office abroad to cater for Nigerians in the diaspora who have been making enquiries on how to invest with his business in lieu of monthly ROI payment?

Image Lenders offices in China, Ghana, Dubai, South Africa and London were born and these offices were set up to attend to only Nigerians in diaspora who wish to invest in his business with their funds for monthly payment.

5) As the investor's money with him grew, to an excess of $ 50 million dollars at the last count, the young man knew he had to change his lifestyle to reflect his new status.

He bought a duplex at Ned Okonkwo's Victoria crest project in Lekki Lagos and paid cash up front, he is now a big boy so money is not a problem.

The only problem is how to spend it.

He also bought a house in UK and Dubai, to reflect his new status as a billionaire.

6) To also reflect his status as a man of means, a man of Timbre and calibre, Bamise also bought a citizenship passport of Antigua and Barbuda for his wife, himself and his two kids.

He paid over $50,000 to be able to do this, my sauce told me.

7) Bamise loves God as he worships at Sam Adeyemi's Daystar Church.

He was even a worker with the church and does not miss Sunday service except he is not in Lagos.

As a child of God, his monthly tithe runs into millions of naira and was one of the biggest spenders in Sam Adeyemi's church

God has blessed his hustle so he needs to show his gratitude by giving back generously to the church and he did on a scale never seen before.

8 ) Elevation Church in Lekki was one of his investors. Godman Akinlabi, the senior pastor of the church invested over 500 million naira with Bamise in lieu of a 10 % monthly payment.

Bamise was consistent in payment to the pastor and other investors who invested with him till he disappeared last month

9) Bamise was a sweet talker, his innocent looks, his love for God and the fact he has a background in finance influenced his investors to trust him with their money.

10) At the end of the day, the monthly ROI payment was not sustainable and the fact that Bamise was living a luxurious life on Investors funds, so the business with so much promise crashed like a pack of cards, just like other Ponzi businesses before it.

11) Piggyvest has nothing to do this with failed Ponzi scheme business that Bamise ran so I don’t know why some of us are spreading the false news that Piggyvest invested over 2 Billion with Bamise, causing panic for Piggyvest customers. It is not good ooo.

12)Such a sad story. I hope that Bamise and his fleeing wife are tracked down soon so that they can refund the investors the money that they ran away with.

ojesymsym:
Do these guys set up these businesses with an intent to defraud or they just get greedy when they start seeing the gullibility of people?

It is greed and maybe lack of financial education. They always think that cash with them equates to profit. Somebody brings 5m and suddenly they go on a spending spree thinking that it is profit whereas the 5m is a liability. When the person now comes for the 5m plus interest, the 5m is no longer available to be given because it was seen as profit by them and spent.

richforever123:
According to the Lady's Instagram Status, they had a SEC licence and all that, they have the same Model of Business as Branch, personally I never invest in a Husband and Wife Business, it never ends well

Wife is Board Chairman while husband is Managing Director and people are putting millions into it. Very funny.

OgogoroFreak:
Not true at all. Even me wont fall for such img global nonsense. Even the interest rate was a ponzi red flag. 6 - 36% MONTHLY.

I consider it a red flag seeing investment CEOs taking pics with men of God trying to ride on gullible religious people.

Those that invested in such companies, when they talk, you will see pure stupidity in what they say. Like the one below.

I think they always use people like this to draw people into the ponzi scheme. Who in his right senses will go and put 300m in a company without much history?.

skydiver01:
No reference to SEC licence on their website....

https://imaginelenders.com/aboutus/

Domain name has expired is what it is showing.

Afromentalist:
A thread has been opened on this issue.

https://www.nairaland.com/6805076/fraud-alert-bamise-ajetunmobi-investment#106781337

I would be very astonished if true that institutional investors such as GTB could fall for such a cheap scam.

"Imagine Global Solution Limited ". See the company name self, Imagine as in 'imagine your money enter voicemail'.

emmanuelewumi:
Crazy, that is like 120% per annum

They are mainly short term loans. Doubt anybody will take 10% per month for one year.

einsteine:
They lend at an average rate of 10% per month so they should be able to pay 20% annually. The problem occurs when they raise more capital than they can successfully deploy.

Hearing of 10% per month for the first time. Had always thought 6% per month was the highest.

SeaTrade:
If the 10m was just sitting idle with no purpose,I'd say use it.
You somehow forget to see that a loan has something called interest attached to it and also remitting capital and interest in non collateral cases.

It might be idle as you say and it might not be idle. The person taking such a decision knows why. It could be it is being kept for an opportunity that can come out from the blues.

ojesymsym:
lol... There is some logic to it, but would you sell your house or truck to get cash to run a short term business? Wouldn't you rather stake the house as a collateral to get the funding?
That stock, mutual fund and bond is usually viewed with the eyes of a physical asset even though it is liquid so guys would rather bank with it.
It is the same way where an average naija man will not understand why people live above their means in the US using credit card.

Let me add to this your points.

It is like somebody asking why a person having 10m in the bank is taking a loan of 8m to buy a transport vehicle and that why did the person not take 8m out of the 10m as he will still be let with 2m.

Foodempire:
How logical is an asset back loan for a mutual funds investor? You are lending yourself your own money then pay the custodian 15%/24% for nothing but gimmick. If you are so sure of generating profits from whatever you are taking a loan for, why don't you use your funds directly to get things done and earn all profits instead of going through a vigorous means that will shredded you off a whopping 15%/24% of your own sweat.

I believe this type of loans are for stranded people and a mutual funds investor shouldn't subscribe to such, as you can liquidate your investment anytime deemed fit to cater for aspiring businesses

emmanuelewumi:
It appears you are not business minded or Investment savvy


If you are a business man, you are eating your cake and having it.

A trader or business man with N22 million worth of mutual fund, can get a loan of N20 million.

If he got for 6 months, his total interest will be N1.5 million.

He used the N20 million to import goods and sold within 6 months, making profit of N5 million.

Paid interest of N1.5 million to the lender, meanwhile he has also earned dividend of N1 million from his mutual fund used as collateral within the 6 months of this transaction

Gbam. This can be liken to what @jedisco was saying. The rich keep getting richer because they understand the secret of money.

I have heard of a transporter who buys his buses on lease even though the cash is available to do 'cash down'. A new bus, all things being equal doing Lagos-Benin for 6 days a week can balance the money in 18 months.

emmanuelewumi:
Well I don't do business with microfinance banks.

Since it is monthly interest, nothing stops the customer from paying the interests every month and pay the principal repayment to a separate money market fund on a monthly basis at the end of the 5th month liquidate the money market fund me pay back the principal

If the Microfinance bank customers were this financial savvy, they would not have accepted this 'Flat' method in the first place. If the MFB customers are given a repayment schedule that has different repayment amount on a monthly basis, they get confused. They want to be told 'oga/madam, by month end, you go dey pay us xxxxxxx amount as Principal and xxxx as Interest' instead of 'oga/madam, for first month, na xxxx and xx. for second month na yyy and zzz, for third month na aaa and bbb'. A Keke Napep or Bus Driver with a Keke or Bus on a lease wants to just know how much he/she is to deliver on a daily basis.

emmanuelewumi:
This is the correct payment, they ought to use reducing balance. Since principal was reduced by 100k every month the borrower should not be paying N107,500 every month

They ought to but that is not what they do. They do 'Flat'. Interest remain the same throughout the duration.

emmanuelewumi:
If that is the case, pay your monthly interest and pay back the principal at maturity which is 5 months

The MFBs will not allow you to do this unless you are a Special customer. That is why i put 'NB' there. The MFBs use 'Flat' method and not 'Reducing Balancing' method.

Youngzedd:
It's 18%


1.50% per month multiple multiple by 6 = 18%


I was approached by account officer to take the loan by the 6 months is too short.

If you take a loan of 500k for 5 months for instance, this will be the calculation:

Principal Repayment = Loan Amount/Duration = 500,000/5 = 100,000/month

Interest Repayment = Loan Amount * (Interest Rate/100) = 500,000 * (1.5/100 ) = 7,500.

Total Monthly Repayment = Principal Repayment + Interest Repayment = 100,000 + 7,500 = 107,500.

NB: Microfinance Banks charge per flat per month

jedisco:
Talking about credit, I'd give an example of two Nigerians who arrive a Western nation.

Mr A comes in and gets a good job. He has heard alot about negatives of 'credit' and only wants to pay for what he can afford which to him means paying for everything in cash.. He does not get a credit card as he wants to avoid temptation. Of course he does that and is happy he is prudent. 10 years down the line, Mr A saves up, wants to buy a house, he approaches the bank asking for hundreds of thousands as mortgage... Of course he wouldn't be given or get a smaller sum at a high rate.

Mr B gets same job but on the other hand accepts a credit card from his bank when given. Spends from it and pays back fully when due. He buys item's weighing these sensibly against his earnings e.g a phone, car on credit and pays monthly even though he may pay higher eventually and can afford those items in cash. He is able to build up a good bank balance quicker while living a comfortable life. He approaches his bank yo aid with a mortgage, they look at his credit history and his balance and lend him an appropriate sum at a sensible rate as he has a good record. Few years down the line, he is able to raise some bulk sum again, places his initial house on rent and gets another mortgage. Now, his bank can lend him bigger sums at much lower rates (1.5%). In a few years, he has 2-3 houses on his name... Tenants in his rented houses are practically paying off his mortgage. He is able to build a good standing for his kids

Meanwhile, Mr A has just settled into his first home cos it took him years to understand how the system works....

I have seen this play out a number of times...

My summary is all about leveraging what the society gives and doing that within ones ability... Credit can be a double edged sword... It can make and also mar

Great insights. What you just described here happened exactly to an India who was working in a UK branch of a company that a friend works. He was recruited in India to work in the UK branch. He thought he was being credit worthy by not 'borrowing'.

Congrats for a job well done.