₦airaland Forum

Amycanada:
Good morning all, please when is the right time to request for the accrued interest and what's the process of requesting for it?
Thank you.

Which Asset Management company?. I use StanbicIBTC Asset Management as i can collect my interest at anytime by just the 'Redeem' feature on the portal.

.

ironheart:
truth be told, i want to see how this lean ends. Before i take it up with the bank. Its funny what a lot of Nigerians are going through in the hands of the banks. It is one of the reasons we have many loan defaulters. Other countries strive on loan but here in Nigeria, we find it difficult to take loan for projects without running into problems. My reason for bringing this up is to assist others who wish to take a bank loan to check if they can cope with the repayment

He was lured with 7%. In actual fact, the 7% is per month which comes to 84% per annum. 84% will be used for the Reducing Balance calculation.

ironheart:
Hello Friends

I wish to share my experience taking a loan from Diamond bank through the Access More app.

Getting a loan depends on your salary and how much you are eligible to access. The criteria will be left for the bank to decide

Without boring you lets get into the breakdown. I hope the way i will write this can get proper formatting'

please @Seun of Nairaland, I'll like you to look into helping us with code to add excel sheet to Nairaland

Loan amount N509,700.00
Interest to pay N280,717.28
Total amount to be paid 790.417.28

Payment schedule

CO NAME START DATE DUE DATE AMOUNT DUE
MGT_FEE 5/15/2024 5/15/2024 5,097.00
CREDLIF_INS 5/15/2024 5/15/2024 5,097.00
MGT_TAX 5/15/2024 5/15/2024 382.28
MAIN_INT 5/15/2024 6/14/2024 35,679.00
PRINCIPAL 5/15/2024 6/14/2024 42,475.00
PRINCIPAL 6/14/2024 7/14/2024 42,475.00
MAIN_INT 6/14/2024 7/14/2024 32,705.75
PRINCIPAL 7/14/2024 8/14/2024 42,475.00
MAIN_INT 7/14/2024 8/14/2024 29,732.50
MAIN_INT 8/14/2024 9/14/2024 34,404.75
PRINCIPAL 8/14/2024 9/14/2024 42,475.00
MAIN_INT 9/14/2024 10/14/2024 30,582.00
PRINCIPAL 9/14/2024 10/14/2024 42,475.00
MAIN_INT 10/14/2024 11/14/2024 26,759.25
PRINCIPAL 10/14/2024 11/14/2024 42,475.00
MAIN_INT 11/14/2024 12/14/2024 22,936.50
PRINCIPAL 11/14/2024 12/14/2024 42,475.00
MAIN_INT 12/14/2024 1/14/2025 19,113.75
PRINCIPAL 12/14/2024 1/14/2025 42,475.00
MAIN_INT 1/14/2025 2/14/2025 15,291.00
PRINCIPAL 1/14/2025 2/14/2025 42,475.00
MAIN_INT 2/14/2025 3/14/2025 11,468.25
PRINCIPAL 2/14/2025 3/14/2025 42,475.00
MAIN_INT 3/14/2025 4/14/2025 7,645.50
PRINCIPAL 3/14/2025 4/14/2025 42,475.00
MAIN_INT 4/14/2025 5/10/2025 3,822.75
PRINCIPAL 4/14/2025 5/10/2025 42,475.00
790,417.28

The interest rate is 7% reducing balance.
what intrigues me is that reducing balance method being used to calculate in Nigeria is different from other climes. it doesn't favour the customer

@Nairaland mod, kindly share to front page and also add to the right section.

Thank you

Is this 7% per annum or per month?. If it is Per Month, then it means the interest rate is 84%(7 * 12).

emmasoft:
Management fees is charge on Asset under management (AUM) is per annum. What you see as the rate is net of fees.

You can always go through the funds fact sheet sent every month for details.

@emmasoft. My wife don turn your marketer. . She has introduced Stanbic MMF to somebody and i have sent her the link on your profile so that when the person opens using it, it will be through you.

canadaman18:
Asking on behalf of a family member .

Do others find Stanbic asset management customer experience to be poor . We’ve been trying to setup an account for over a month now. Simple tasks like a name update take them weeks. Anyone know any tips to get a hold of them ?

Setting up a Stanbic Asset Management Account is very easy. Using online is even faster once your KYC are fine.

Shogunxxxx:
Please, regarding the Stanbic IBTC MMF, can one DIY or it must be done through a bank official?

I was at one of the Stanbic branches today, the way the person in charge there was hustling me eh. He was like I need to make payment to an account(bearing his name), then I will be sent a password blah blah blah.

Asking if I was ready to start immediately, got me a bit scared

@emmasoft

Never you pay money to anybody's account for any investment including MMF. We are no longer in 1914. This is 2024. Real investment companies have online presence that you can open an account directly without involving a third party. Once opened, you will be sent a mail with login id, password and account to pay to.

Grupo:
Nigeria is not breaking up anytime soon.

But I really admire the courage of the people betting on the naira for such long periods.

Because with this high inflation rate, by the time you get your money back in a few years time, it'd be worth next to nothing.

Bought my corolla in 2019 for 1.4m

Today, the same car goes for 7.5m.

There's no amount of compounding that would have turned 1. 4m invested in 2019 to 7.5m in 2024.

So what should people do?. Spend all what they earn or have with no savings?.

EINSTEINUCHE:
This is me my second account
I am currently on Admission in Progress my Aggregate is 83.175

Wa o. Congrats future Medical Doctor.

I told you that you had a great chance as i suspected Merit cut-off this year will be from 82.

grandstar:
My dad had a former driver whose son is now in University of Ibadan. He just gained admission.

His dad has requested that we help pay his son's school.fees. There's no objection to that but we are worried we are being fleeced and taking advantage of.

Can anyone help us with how much will his school fees be and how his weekly upkeep will be.

If we are being fleeced, all funding may cease. The father desperately does not want his son to end up like him.

Help!

We are in technology age. Nobody fleeces anybody these days on school fees. School fees of higher institutions are always on their website. If it is not there, their fees is available on the student portal because all fees have to be paid through the student portal. So check UI website or tell the boy to give you login access to his portal or print the school fees breakdown from his portal and send to you. I pay the University fees of my two nephews. They do not even know when i pay it because i simply login to their portal as i have the details and pay and then send them the payment slip. I do not give money to any of them to pay themselves.

The FG Student loan scheme is not paid to the student but paid directly to the University through the portal. So no student is fleecing the FG.

NoToPile:
Sir, the parents would always have to find a way around it, it's easier as a parent to notice what happens with a child under tour roof than the one you see during midterm only.

It's that simple oo.

Besides we are talking secondary school here, 9- 10years and above I think those children can be self sufficient till their parents come back. And then you have your weekends.

I know the parents can always find a way around it. The issues even start before secondary school if you look deeper. For 6am to 9pm parents and leaving kids with maids, hmmmmmmmmmmmmmmmmmm. By the time children get to 9-10, some damages would have been done. If you really drill down to those that have issues and cause issues in boarding, you will discover that it did not just start from when they got into boarding.

The whole thing is a double edge sword. A parent has to carefully weigh both sides. The society we live in, even in the same compound, children are not allowed to mix up with other children and are kept indoors all the time. It is only in boarding that they get to make real friends during night Prep and weekend Games.

NoToPile:
Day school please, you will use your own korokoro eyes to see changes happening to your child and deal with it immediately.


And with all we are seeing up and down in boarding these days. The closer your child is the better.

Koju ma ri ibi oo.

Let us stretch this further. The man and woman work and leave home by 6am to come back between 9-10pm. How will that work?..

Saao:
my decision and my wife are the same. I and my wife attended day. Based on the informations here, we will make decisions. Thanks alot

I went to boarding while my wife went to day. Naturally, I was for boarding while she was for day. So there was a stalemate. Took me time to convince her. It was made easier because most of my son's primary school classmates were going to boarding as some of them already had seniors and cousins in boarding.

My wife was still not that convinced but eventually gave in. She was not herself all night the day the boy was dropped in school for resumption.

On the first visiting day when we got home, she was crying that the boy had changed and I told her that it was just the normal adjustment. By midterm, there were improvements and more later on. She became an apostle of boarding and started recommending it to people. .

The final decision still rest on you and your wife. It takes a lot to convince women to allow a child go to boarding especially women that did not go to boarding.

Blackmoran:
Both have advantages and disadvantages

The advantages of boarding school is your child will learn self independent and taking responsibility as an early age..
Where as the disadvantage is has a parent you might loose that parental bond with your kid because they might be influence by behavior, experience, you have no power to correct or guide... For me boarding school should be for parent who are too busy with there life that they don't channel much energy to there kids needs ..when u say this I don't mean they don't love or care for there kids.. which is beyond paying the bills..

For day shcool is a different scenario entirely, I believe if you are a involved parent who cares not only given is kid education, but care about is emotional being, bound between your kid and you. then day school is the best...

In which way in future whatever trait, character, morals, experience. And person a child becomes... It's falls at the door of the parents..

In these days of both parents working or one working while the other operates a shop, that bond is also not really there. I had a neighbour who said she wanted to watch the children like a hawk and refused to send them to boarding even though they could afford it. The man goes to work by 5am and comes back by 9-10pm. The woman drops the children in school and goes to her shop and picks them up, drop them at home and goes back to shop. You need to see what these children do at home when alone.

Saao:
ok my major concerns in boarding school are the security of students, gay or lesbianism, and are children more better of? During your days, did you had any such ugly experience? I think love the missionaries boarding school. I really appreciate help

I went to a Unity school but my children went to Catholic schools.

You cannot rule out those vices but the students are encouraged to report any advances. It also starts from the home as you have to continously drum it into the ears of your children. These days in boarding, year sets stay in the same hostel or dormitory. Security ie not an issue.

It is not only in boarding that you have gay and lebianism. Children these days know all these things through technology. So day students can also be affected.

Saao:
great, thanks for contribution.

Just to add that I also have a bias for missionary schools especially Catholic boarding schools in case that is of any help.

Saao:
Hello please family I need to sample your opinion.
My daughter will soon be going to secondary school so please I need your opinion. day or boarding school which is most preferred? Experienced advice please

Thank you

I have a bias for boarding because I went to boarding and I enjoyed it and it shaped my life. All my children went to boarding.

NL1960:
UNILAG Releases 2024/2025 UTME Merit Admission Cut-Off Marks

https://unilag.edu.ng/?p=42857

Medicine and Surgery
MERIT; 82.125
EKITI: 75.875
LAGOS: 79.125
OGUN: 80.5
ONDO: 76.85
OSUN: 80.5
OYO: 79.225

Doceinstein:
Please I need advice.
I am an mbbs aspirants who scored 339 with 4B3 and 1 A1 currently running JUPEB in unilorin.
But I have an uncle telling me to pick Unilag.But I am scared due to the fact that Unilag mbbs cut off mark was around 86 in 2022,84 in 2023.
And I don't know what it might be in 2024 considering the fact that a lot of people scored 300+ this year.
Unilorin on the other hand has a very slow academic calendar to the extent that the 2023/2024 aspirants haven't been admitted.
I need advice because I don't want to waste 339 this year🙏🙏

NL1960:
First of all, which state are you from?. Unilag catchment areas are the SW states of Lagos, Ogun, Ondo, Oyo, Osun and Ekiti.

Unilag cut off for the past two sessions have been high because admissions were merged in those two sessions. The cut off mark normally ranges between 80 to 82 for merit.

For Unilag calculation:

A1 = 4.0
B2 = 3.6
B3 = 3.2
C4 = 2.8
C5 = 2.4
C6 = 2.0

(1) Your WAEC of 4B3 and 1A1 will give you 16.8/20.

(2) Your JAMB score of 339 will give you 339/8 = 42.375/50

(3) You score before PUTME = 59.175/70.

(4) Unilag PUTME is 30 questions of 30 marks.

(5) So total score will be (3) + (4)

This will give you an idea of the marks yo aim for in (4).

@Doceinstein. What was your final decision on this issue?. Did you chose Unilag?. I was right in my assertion that Unilag Merit cut-off will not get to 84 this year.

UNILAG Releases 2024/2025 UTME Merit Admission Cut-Off Marks

https://unilag.edu.ng/?p=42857

Medicine and Surgery
MERIT: 82.125
EKITI: 75.875
LAGOS: 79.125
OGUN: 80.5
ONDO: 76.85
OSUN: 80.5
OYO: 79.225

Honlucas:
This cutoff is low though compare to other years

Maybe it could be due to the fact that UI is likely not combining two JAMB admission process and also they might have implemented the increase in quota for Medicine. Prior to the increase, UI had a quota of 180.

University of Ibadan(UI) releases 2024/2025 admission departmental cut-off marks for Merit, Catchment and ELDS.

https://ui.edu.ng/news/ui-releases-cut-marks-20242025-admission-exercises

Medicine and Surgery
Merit: 78.125
Catchment: 78.125
ELDS: 76.25

Let's see what that of Unilag will be. Uniben is currently doing Post UTME exams.

.

MelaninGemstone:
Hello sir Emmasoft, my uncle transferred some money to the account around 5PM yesterday. How long will it be posted ? Will he have to call them ? Or it’s automatically done

He sure put his e-account number on the Narration/Remarks/Reference

Transfers made before 12noon on a business day reflects same business day while transfers made after 12noon reflects on the next business day. So your uncle's money should reflect later today.

MelaninGemstone:
please what’s the catch

This MMF investment seems too good to be true

21.5% per annum

How come everyone in Nigeria is not doing it ??

Please sir, what are the risks involved

The issue is that it is not everyone in Nigeria that knows about investment. Most people just think that investment is about buying a house or building house. You can see that your uncle's first thought was buying a house.

emmasoft:
There is nothing like rollover investment in mmf.
Your capital is always there, you only do the following: top up, reinvest interest which is automatic, redeem part of your investment or liquidate your balance ie capital and interest at any point in time.

One rule is that any deposit must stay 30 days or more before it can be withdrawn without penalties otherwise you are charged 20% of the accrued interest on d amount you are withdrawing.

Did not know there was a penalty rule for a topup withdrawal that did not stay for 30days.

Fwaz:
Please did you validate her bvn? I have been getting an error message whenever I tried doing so.

Yes. The BVN will bring out the names on the BVN and if they are different from what was filled on the form, it will ask you if it should replace them with what is in the BVN.

kemshade:
Good evening, what is the rate for today in stanbic mmf.
Secondly can I withdraw the fund anytime if need be, thanks

21.13%

https://www.stanbicibtcfundsmanagement.com/invest-now-4ev6leqy/fund/simm

bobojoshua:
Goodday honourable investors.

Please I will like to clarify something on FGN Savings Bond, if should invest 1 million naira for 365days at 10% interest paid quarterly...does it means I will get interest of 400,000 naira in a year?

Please senior investors your contributions on how to calculate the interest amount will be greatly appreciated.

Thanks

Interest = ( Principal * Rate * Tenor ) / ( Days in Year * 100)

Interest = 1,000,000 * 10 * 365 ) / ( 365 * 100 )

Interest = 3,650,000,000 / 36,500

Interest = 100,000

Quarterly Payment = 100,000/4 = 25,000

Ikmontana1:
i have to say this

i had an issue regarding terminating my t bills investment, i posted it here so u guys can inform and help,but no i was ridiculed like i dont know what am doing.

thats not cool, nobody have all knowledge, even d first bank official dat attended to me had to call another branch to ask for information cos he too was surprised wen he saw i was to b charged 236k, even he learned today about been charged on d (prevailing discounted rate) wen a t bills investment is about to be terminated.

i just hope we do better by helping ourselves when we ask for information on what we don't know, thanks

Every bank has systems that do all these things. Just a click and some information entered and the system computes. Most staff will not even know the behind-the-scenes processes because everything is automated. The automation is to prevent staff short changing the bank or short changing the customer.

Ikmontana1:
and i have been doing TB since 2018.

i have done pre mature Termination before, and its not like this

And you do not know that the rate you bought a TB is not the rate that will be used to do a premature termination for you?. The banks are there to make money. Try to do a Fixed Deposit and go and terminate before maturity date. You will be charged a penalty which can be on the interest accrued so far or on the Principal amount.

AngelicBeing:
Termination initiated by you will attract all kinds of hidden & open charges from the bank , banks are happy when you come and terminate an existing agreement / investments with them because it will enable them unleash their banking Koboko laden with chilly pepper to flog you and rip you off

Na so o. The upfront interest dey always sweet people that are new to TBs not knowing that trying to terminate before maturity has some hidden charges. You cannot eat your cake and have it.

Ikmontana1:
i invested 8,950,000 at 19%, 289 days on the 27th of August last month, First Bank.

I went to the bank today for Full Termination of the investment, and i was told i will be paid 8,713,000 in return.

that i was charged based on the current discounted rate

Am really confused.

please help

Was 8,950,000 the amount that was taken from your account?. When you invest in TBs, interest is paid to you upfront.