₦airaland Forum

Aim07:
This what i got from my investment with fbn, does it mean my principal will still be charged for those charges? what does d 0.0 naira interest indicate?

amt invested 105k
tenor 290days
rate 11%
28/05/18 to 14/03/19
principal at maturity 114k
interest #0.00

please note that ur interest on investment is subject to these charges 0.1% custody fee, #100 transaction fee and 5% VAT.

i need answers please

How much was debited from your account?. Was it the 105k invested?.

yanjutomi:
pls put me through FBN and GTB said dey can't give me rate as at now until av been debited and by d end of d day dey will credit me my discount cos dey don't know rate that it flunctuate.......
my account officer in GTB said d last Tbill rate was ( 364 days @ 10.5%) ( 182 days @ 10%) ( 91 days @ 9.9% )

They are right. Primary market is an auction through a bidding process. It is after the end of the auction that a rate is known. Look at this way. It is like telling an auctioneer to give you the price of an item that you are going to bid with other people when the auction has not even taken place. It is only in secondary market that a rate is known immediately.

ImperialCovfefe:
April-May-June are part of second quarter.

TB calendar is not the same thing as January - December calendar. TB first month is not January. A company that operates the April-March accounting cycle for example will not have April-May-June as second quarter.

following.

NL1960:
The first quote on this is:
1.5mm 8red 6black #21000

The second quote is:
1.5mm 10red 8black #27,000

As i said, iam a complete novice in this aspect.

twinskenny:
Sir the owner of the quote what mean by the above... 1.5mm is between 6 to 7000 per bundle. .

Thanks. I will use this to engage him.

The first has 8red 6black while second has 10red 8black.

Can you please educate me if a bundle is a combination of colours. For village, the people quoting no be graduates. Na 'baba electrician'.

skimanski:
Very wrong oo!! 16mm one bundle is 72,000

Thanks. I will use this to engage him.

skimanski:
Haa Except that ooo!!

@NL1960 Please confirm.

Please advise first before i confirm. Na group project which iam heading. Iam to submit the quotes to the Exco. So iam being careful before i do that.

twinskenny:
not only that self..

1.5mm 10 21000

maybe he mean different thing sha

The first quote on this is:
1.5mm 8red 6black #21000

The second quote is:
1.5mm 10red 8black #27,000

As i said, iam a complete novice in this aspect.

skimanski:
Please did they mean a bundle of 16mm is N10,000?

Please your guidance in this area will be highly appreciated before i talk to the person as iam a complete novice. This project is in the village.

The first quote was:
16mm big bundle #10,000

The second quote received was:
16mm big bundle #13,000

twinskenny:
the person that did the initial installation should be asked... unless client didnt pay for complete db initially

There is and there was no initial installation. It is an empty building. The only thing that is there is four walls, a roof, burglary, ceiling noggins, iron doors and windows. This is the first time wiring abi na electrical dem dey call am is to be done. There is even no PHCN connection from electric pole to the place yet.

twinskenny:
Just one question...why d you have db control switch there.?? Suppose to come with the DB originally ?? Suppose to come with db and circuit breaker?

Iam not an expert in electricals. I was sent the quote. It is a building that has just been completed. The second quote i got also has it. One quote for it said 10k while the other said 11k.

yak:
what's the size of the house?

Thanks for your response.

Difficult for me to say. It is a community library project a group is doing for a community. It was done as a DIY. It is just the prices of the materials iam interested in and not the quantity. I can benchmark the quantity later by calling for a different quote.

Please, members here should help me with advise on the prices of these items for electrical wiring.

Description Quantity Unit Cost Total Cost
one and half of PVC pipe 1.5 3,000.00 4,500.00
dropping lampholder 24 200.00 4,800.00
ceiling rose 24 50.00 1,200.00
flat sockets 20 400.00 8,000.00
3 way gang switch 7 300.00 2,100.00
1 way gang switch 8 150.00 1,200.00
knockout box 32 100.00 3,200.00
earth rod 1 1,500.00 1,500.00
D.B control switch big one 1 10,000.00 10,000.00
u-box 20 100.00 2,000.00
u-box bolt 1packet long one 1 400.00 400.00
change over switch 1 3,000.00 3,000.00
2.5mm 6red 6black 1 30,000.00 30,000.00
contact fuse 3 500.00 1,500.00
outside fitting 14 1,500.00 21,000.00
6mm 1bundle 1 12,000.00 12,000.00
fan hook 12 200.00 2,400.00
original flexible wire 1bundle 1 1,500.00 1,500.00
AC socket 1 500.00 500.00
metre board 1 100.00 100.00
screw nail - one packet 1 400.00 400.00
1.5mm 8red 6black 1 21,000.00 21,000.00
knockout box bolt 1packet long one 1 400.00 400.00
16mm big bundle 1 10,000.00 10,000.00
Celletape 1 200.00 200.00


Total for Materials 142,900.00

Workmanship 50,000.00

Grand Total (Materials + Workmanship) 192,900.00

dotcomnamename:
Thank you. But i am diversifying to all business. Acres of farmland with cashew & cassava, Uber, Faragon bus, Maruwa, Barbing saloon, dry cleaning and restaurant. They could be dirty biz but my target is to have different source of income . We are determined! I have my personal season for TB.

Shuooooo. Only you?. Make you leave some for others now. Are you trying to be 'small Dangote'?.

dotcomnamename:
Sick of percentage % dropping jor . I'm off to cashew farming... .. See you TB at the right time in Aug 2018.....

Nice one on the bold. cashew is a hot commodity now.

jidobaba:
She tell me say her target na 400m/annum.

As a 'baba' now as in 'jidobaba', you suppose help her meet the target now. For FD at 7% and TB at 11%, 4% difference no too much for a 'baba' like you to 'dash' her now in order for her to meet her target.

jidobaba:
This Access Bank accounts officer thinks batting her eyelashes will make me take FD @7%
Some of them don't even know that the bank has tbills.ng and I can thus circumvent their shenanigans.
Make dem Park well.

Haba, you no wan make she meet her target?. If na your sister and dem talk say dem go sack her if she no meet target, wetin you go do or tell her to do?.

TONY56:
Hmmmmmmmmmmmmmmmmmmmm.
Please! Please!! & Please!!!
Be very very careful about investing your funds in Micro Finance Banks.

It's actually true that you can get 20% for N5m or over BUT you MAY not get your money back at the expiration.

Usually, they come begging you to role over at expiration and if you insist that you must have your money back, then they start telling you stories and give you promises. If at all you will get something back from them, you will be lucky to get only a fraction of your investment and you will be asked to convert whatever you're owed to own share in the company or their board as non sitting director.

This is what a stubborn friend of mine is going through for over 3yrs now and they are owing him over N50m.

So shine your eyes before you leap o and avoid unnecessary suicide because of greed expecially if the money is not yours.

The good thing I know is that you won't come back to tell us here if and when you get your fingers burnt.

Usually, some of them would pay you once or twice to lure you and later come out in their true colours.

That your friend is not serious or he must be one of the 'lazy youths' or 'over lazy adult'. How can he have N50m and he goes to do a FD in a microfinance bank?. The capital base for a unit MFB is N20m.

michellez:
Anyone looking to do FD should approach Micro Finance Banks, some offer as much as 20% for 5M or more.

20% ke?. What do they invest it in to recover the funds and make profit?.

ugreat:
Common sense no common Bros. I appreciate you big time

No forget to tell us the 5k investment that the CFA, CIPM and CIFIAN guru told you offline as i want to also do this 5k investment that beats the double digit inflation rate. Who no like better thing?.

ugreat:
Chai, you gurus ended up confusing a young parent with financial grammars. Abeg make una split this grammar to common man knowledge.

Let me break down in simple way for you what i did. Iam going to use 5k. Mind you, as i have said earlier, inflation rate was of no concern to me. What i was concern with was 'little drops of water making a mighty ocean'.

(1) When any of my kids was born, i immediately opened a child savings account for him/her. You can do like wise and pay in all the monetary gifts given to the child as a starting amount in the account.

(2) I then decided on an amount to be putting inside it every month. To achieve this, i setup an automatic auto transfer on my account that drops every month. I made it automatic so as not to forget.

(3) There are times i do not have money in the account and the transfers fails but i ensure that once i have money, the first thing i do is to pay all the arrears into the account

(4) Let us assume that you have made a commitment of 5k every month and you started in January, this gives you 60k at the end of the year.

(5) You can decide to leave this 60k in the account and continue the process meaning that after two years, you have 120k in the account.

(6) With the 60k, you can decide to buy stocks. When trying to buy stocks for the child, do not look at it that you want to be trading stocks with the money. Look at stocks that have the principle of 'if it does not sh*t, it will v*mit'. Moreover, stock is a long term investment. This means if it does not rise for you to get capital appreciation, it will pay dividends.

(7) If you decide to do (6), look at the particular stocks that are leaders in each sector especially the banking, food and beverage sectors. People must bank. People must chop food. People much drink beverage(beer is classified as beverage).

(8.) For me, when stocks were down and TB rates became high at 18%, i sold some and move the money along what was in the accounts to TB at between 17%-18%. The amount realized could conveniently have paid for the one year contribution to the account but i used it for something else that concerned the child.

(9) You can decide to also buy a land in an undeveloped area but as iam not familiar with land especially in this Lagos, i did not go into that.

(10) You can also look at FG Bonds or FG Savings Bonds. These pay interest quarterly.

(11) You can also approach any of the Asset Management Companies where they do Money Market Fund or Mutual Funds and they allow for periodic deposit of any amount into the account.

(12) If you want quick quick or sharp sharp returns that will beat the current inflation rate, you can put the money in MMM.

Btw, no mind me o. I do not have CPA, CIPM or CIFIAN. Na the common sense wen i use for my own be this.

Farmerforlife:
I have already told you that I do not believe in giving investment advice online without familiarity with the investor and his needs. If you are really interested in being an investment analyst or even a backyard critic, and cannot bother about going through the process of obtaining at least a CFA, CIPM, or CIFIAN qualifications, then seek professional advice, rather than relying on your supposed knowledge. There is much more to sound financial planning than typing out abbreviations like MMF and TBN.

All these grammar and quoting CFA, CIPM or CIFIAN just because somebody says he wants to be putting between 5k to 10k aside every month for his kid?. Several financial institutions have collapsed and they were all manned by people having all these. I always tell people that there was common sense before book. Books that were read to get CFA, CIPM or CIFIAN were written from experiences of people with common sense. Which professional qualifications did Isaac Newton get before discovering his theories or which professional course did Pythagoras get before discovery. Whenever, you take on a so-called Nigeria financial expert, he starts quoting certificates. Several banks that collapsed several years ago were being manned and even audited by people with CFA, ACA, ACIB, CIPM, CIFIAN and yet they could not detect the rot in the books.

Just to tell me how 5k to 10k can be invested monthly to beat the double digit Nigeria inflation or to beat the measly 4% savings interest, you are saying i should go and get CFA, CIPM or CIFIAN.

Farmerforlife:
Please stop creating your own argument points and answering yourself. The person I responded to specifically said 5k to 10k per month, and even the most financially ignorant person should be able to compute that investing is far better way to go than saving for a measly 4% interest return. Also, what your style is, and how you invest is not what was asked here. Even so, you talk about having treasury bills and targetting stocks that pay dividends, yet you are arguing against investment. I do not understand how you seem to be overlooking all the contradictions in your statements.

Iam not arguing against investment. What iam arguing against is 'do not put in savings account because rate is measly but instead invest the small amount'. Invest the small amount on what?.

Farmerforlife:
Please stop creating your own argument points and answering yourself. The person I responded to specifically said 5k to 10k per month, and even the most financially ignorant person should be able to compute that investing is far better way to go than saving for a measly 4% interest return. Also, what your style is, and how you invest is not what was asked here. Even so, you talk about having treasury bills and targetting stocks that pay dividends, yet you are arguing against investment. I do not understand how you seem to be overlooking all the contradictions in your statements.

Can you please educate me on how to invest 5k to 10k on a monthly basis so that the returns will outstrip the current inflation rate or the returns will outstrip the measly 4% savings interest rate?.

The problem with people who say invest the small money instead of saving it is that they do not always give what such a small amount is to be invested on. I have given what i invested mine on after consistently saving to a 'reasonable' amount. Now tell us what to invest the small amount of 5k to 10k on as i want to lean and i also want to be beating the inflation rate on a monthly basis.

Farmerforlife:
If the intention is to keep it for them long-term, don't do that. Invest the funds for them instead. The inflation rate in Nigeria is much higher than the interest rate on savings. Financially speaking, it is just not worth it, because by the time they are old enough to spend it, whatever money you have saved for them will be worthless. Think of buying blue chip shares instead, or shares that have good future prospects.

kevoh:
Could you explain further, what if the parent does not have the bulk sum for shares but can afford to keep aside 5k to 10k monthly for the child. What do you advise?

Farmerforlife:
You invested in Treasury bills, and are considering more investments in FG bonds, yet you are not a fan of 'why not invest the money for them'? I do not know how long you have been paying in fixed amounts monthly, but compute how much more you would have had if you had invested in treasury bills from the beginning instead of just keeping the money in a savings account. In a country with double digit inflation, you were not 'maintaining the capital' as you seem to believe. Your capital was losing its purchase power throughout the period that you held it in the savings account.

I do not generally like giving specific investment advice in a faceless forum. Different people have different needs, and today's investment might become tomorrow's loss, so it is always preferable to seek professional advice in person, and to have regular contact with your fund manager.

As for the 10k and buying shares, I believe that the questioner asked about investing 10k per month, not a one-off 10k investment as you imply. Nor is it necessary to start off from blue chip company shares. For the long term, and with a good fund manager/ stockbroker, one can gradually build up to them.

This is the trails.

Farmerforlife:
You invested in Treasury bills, and are considering more investments in FG bonds, yet you are not a fan of 'why not invest the money for them'? I do not know how long you have been paying in fixed amounts monthly, but compute how much more you would have had if you had invested in treasury bills from the beginning instead of just keeping the money in a savings account. In a country with double digit inflation, you were not 'maintaining the capital' as you seem to believe. Your capital was losing its purchase power throughout the period that you held it in the savings account.

I do not generally like giving specific investment advice in a faceless forum. Different people have different needs, and today's investment might become tomorrow's loss, so it is always preferable to seek professional advice in person, and to have regular contact with your fund manager.

As for the 10k and buying shares, I believe that the questioner asked about investing 10k per month, not a one-off 10k investment as you imply. Nor is it necessary to start off from blue chip company shares. For the long term, and with a good fund manager/ stockbroker, one can gradually build up to them.

Go and read my post again. I build the amounts gradually in savings before doing the investment and not doing investment instead of saving. People always say why saving the amounts, you should invest and i and somebody else ask if you will be investing the little little amount. This is not the first time iam reading this. There are some people that would have been putting 1k aside in an account for their kids but they are being told of inflation. Who told you that it is only savings that is affected by inflation?. Btw, you mean if i have 10k, i should just dash and buy NTB or dash and buy shares?. That is not my style. I also have some of their funds in shares and i targeted stocks that have good divided paying policy. As for the fund managers, you will be surprised that some of them do not even know jack about fund management. How many fund managers will accept 10k from you to manage for them?. The best you can do with that is MMF and i chose not to do it as i can manage my funds myself.

Farmerforlife:
If the intention is to keep it for them long-term, don't do that. Invest the funds for them instead. The inflation rate in Nigeria is much higher than the interest rate on savings. Financially speaking, it is just not worth it, because by the time they are old enough to spend it, whatever money you have saved for them will be worthless. Think of buying blue chip shares instead, or shares that have good future prospects.

Iam never a fan of this 'why not invest the money for them'. To me, this is just theory. As somebody has asked, what if a parent does not have the bulk money for investment?. Let us take shares for example. How many shares of a blue chip company can 10k buy or you want the person to go and buy shares of companies like DAAR communication and those other companies that came in during the era of the 'dubious' IPO. I have a children savings account for my kids that i put in a fixed amount every month. I have been doing that since they were born. Last year, I moved the money to 364-day NTB and that conveniently paid their school bills. I was more interested in the preservation of the capital and not interest. I could also have been doing MMF but i wanted to have a total control. Once the current build up in the account gets to another reasonable level, i might consider doing an FGN bond so that the quarterly interest payment will self fund the account.

ugreat:
What's the interest rate like?

1% above savings interest rate.

zamirikpo:
So federal govt wants to stop paying my house rent

It is well ooh....

No mind them. They want to stop paying my pikin school fees. Wicked federal govt.

following.