₦airaland Forum

Uzyvicks:
. I lost a nursery school friend with her kid sis on that plane, I never knew dey were dead already not until this year, even after trying to reunite with her on Facebook, so sad wen I heard she was among the dead.

Quite a sad and unfortunate incident. One of the key reasons for the building of Jesuit Memorial college in Port Harcourt by the Jesuits.

MssRose:
it's Friday already and yet to be debited by stanbic bank please who else budded with stanbic? and have you been debited?

Are you based in New Zealand?. . New Zealand is 12 hours ahead of Nigeria. That is the only reason why you could be on a Friday while Nigeria is on a Thursday.

tunene66:
There was a guy who had a TREASURY BILL WORKSHEET sent to the group. However if you send me your email I can send it to you

Thanks. Events have overtaken this a a simple and straight formula has been provided by someone here.

TONY56:
It's like you don't really understand what many of us have been explaining about how to compound your interest with Stanbic.

What we have been explaining is that Stanbic does not allow compounding of interest but you can do your simple arithmetic of what you want yourself and be sure that you have up to the face value of what you will get at the end of your tenor in your account so that when you will be debited, it will only be the discounted amount.

A good example is that of someone who wants to compound his interests on investment of 1,000,000 with the assumption of 18%. After doing his own calculations on compounding, he arrives at N1,220,000 to be collected at the end of the tenor. So, at Stanbic what he needs to do is to leave at least N1,220,000 face value in his account and write same amount on his form for the investment instead of N1,000,000 but when he is to be debited, Stanbic will debit ONLY N1,000,000 and at the end of 364days, he will be credited with N1,220,000 instead of N1,000,000.

I hope this explains it all to you?.

Another good explanation. I have two TBs, one at Gtbank and one at Stanbic maturing this month of August. I have started jugging figures around.

Sterope:
Please speak for yourself

You have no idea the kind of stress they go through everyday.

Iam sure most people think that the school is for ajebotas because of the fees. You cannot see a catholic boarding school that is ajebota. If you like, make your papa be President. You misbehave or you do not obey the strict rules and regulations, you are punished or either suspended or expelled and your President papa cannot do anything.

unite4real:
That formular for NL1960 is perfect. you are so wrong in your calculation.

it should be (1,000,000 * 100)/ (100 - 18)
100,000,000/82 = 1,219,512

This bracketing '(100 - 18)' done here was not in the original post and formular. That was where the confusion came from. It is clear now. Very simple and straight forward formula.

Thanks for sharing.

migeoart:
I have seen graduates from these rich kids schools still in the street,most of them don't really care,cos probably you don't fit into their social status,most of the rich ones tend to help another rich person because of a reward or return favor they are seeking for ! But if you have nothing to offer only God can help you *ispeakoutofexperience*

There is always that occurrence. If you are from the street and you are in such a school, make sure you are good academically. It is even easier these days to easily connect because of internet. *ialsospeakoutofexperience*.

2n2k:
Note that stanbic doesn't debit you until your bid is successful and will only debit you with the discounted amount only.

However, it will freeze the face-value of your bid (though still in your account but not available for withdrawal) a day to the bidding day.

There is really no easy way to re-invest thru stanbic, however, if you have surplus amounts in the account to cover it, you can go like the example below

Let us say, you intend to invest N1m face-value at (estimated) bank rate of 18% with a tenor of 364 days

Fill a form for N1,220,000
This is N1,000,000 + N180,000 (i.e. the discount on N1m) + N40,000 (compounding discount on subsequent re-investments till discount get to zero)

Stanbic will freeze N1,220,000 on your account a day to bidding day without debiting you.

A day after the bidding, your account will only be debited with N1,000,000 and other minor commissions.

At maturity, you will be credited with N1,220,000.

Note that your yield is now 22% and not the 18% discount rate. This is called true yield when you reinvest discount at the same rate and tenor as the principal.

NL1960:
Please can you provide the statistical formula?. I will like to store it for future use.

Desanta:
(Principal x 100)/100 - interest or bid rate.

The above gives you an idea of the amount to have in you account.

Please cross check this your formula.

If we apply this your formula on the example 2n2k gave above, we will arrive at:

(1,000,000 * 100)/100 - 18 = 1,000,000 - 18 = 999,982

This is not what 2n2k is getting with his example above.

migeoart:
I know exactly what am talking about so relax!!

Honestly, I also know what iam talking about.

migeoart:
not all are politicians kids,some are there based on community effort some are also they based on loan! Is those ones am referring to

Have you ever heard of the power of classmates especially classmates that spent 6 good years in the boarding house and also especially in their formative years?. Those that went there based on community efforts or based on loan will be helped by the politicians kids if they cannot get jobs.

2n2k:
I think somebody put up a spreadsheet formula here in the past. Don't know whether it was taken down

But a simplified approach is to get the effective interest rate or true yield by dividing your discount amount by the discounted principal multiply by 100. This gives you true yield which will always be higher than the discount rate.

Now apply the formula ((1+(true yield/100))x the investment amount you have in mind, that should give you a new face value that you should bid for to achieve your target.

Thanks.

2n2k:
1. They will freeze before the bidding date and debit you with the discounted principal a day after the bidding date (not maturity date) if you are successful. The discount itself will not be debited. At maturity, you will be credited with the face-value.

2. A long process but shortened there
1st discount reinvestment: 180,000 x 18% = 32,400. New principal =180,000-32,400 = 147,600
2nd discount reinvestment: 147,600 x 18% = 26,570. New principal =147,600-26,570 = 121,030
3rd discount reinvestment: 121,030 x 18% = 21,785. New principal = 121,030-21,785 = 99,245

If you continue with the calculations, the new principal and discounts receivable will continue to decrease till you get zero. At that point, if you add all the discounts, you will get N220,000 in total. If you deduct the initial N180,000 from it, you get N40,000. Of course, in the exam hall, there is statistical formula to shorten the steps, but many people may be put off by that. So that is the lay-man process.

3. Since the whole investment is N1m (after reinvestment of discounts), the face value is no longer N1m but N1m plus the 220,000 interest reinvested, so the face value due at maturity is N1,220,000

Please can you provide the statistical formula?. I will like to store it for future use.

Sterope:
You people like to deceive yourselves. What makes you think that can't face the worst if push to shove?

Quit being jealous. Work hard to be able to afford such for your child.

Do not mind all these people making such noise. It is because they cannot afford it, that is why they are saying this. Let them get a good job that pays a very good salary, you will no longer see them saying this. They will be the first to push their kids to the school.

2n2k:
Note that stanbic doesn't debit you until your bid is successful and will only debit you with the discounted amount only.

However, it will freeze the face-value of your bid (though still in your account but not available for withdrawal) a day to the bidding day.

There is really no easy way to re-invest thru stanbic, however, if you have surplus amounts in the account to cover it, you can go like the example below

Let us say, you intend to invest N1m face-value at (estimated) bank rate of 18% with a tenor of 364 days

Fill a form for N1,220,000
This is N1,000,000 + N180,000 (i.e. the discount on N1m) + N40,000 (compounding discount on subsequent re-investments till discount get to zero)

Stanbic will freeze N1,220,000 on your account a day to bidding day without debiting you.

A day after the bidding, your account will only be debited with N1,000,000 and other minor commissions.

At maturity, you will be credited with N1,220,000.

Note that your yield is now 22% and not the 18% discount rate. This is called true yield when you reinvest discount at the same rate and tenor as the principal.

Nice one. Is there a formula for achieving this such that when you slot in any amount, you arrive at a figure.

chyima:
happy new month alll,Pls I am at stanbic presently to submit .my form and they don't seem to understand the compound interest stuff work,I want the interest to drop but for them to reinvest it cos I don't the upfront interest.how do you guys go about ut

I do not think Stabic has the re-investment option that people talked about. Check the form and if it is not there, it means they do not do it. If it is not there, then after you NTB is done and your discounted amount is debited, you can do another NTB with the upfront interest.

superdokun:
many Nigerian banks have these banking products but the concern is how can one get the monies to grow not the one bank charges will finish the money. compounding interest sort of thing.

There are no charges on kiddies account products. Some give an interest rate that is above the prevailing interest rate for normal savings account. There might be some conditions like withdrawal in a month above a certain number of times will lead to forfeiture of interest for that month.

lPOB:

This is not my kind of issues to address. But let me tell you as a fellow father.

Open an investment, not a bank account.

Funnel the money you want to save into that investment, even if its a barbing salon.

Don't let the banks do business with your money. Use it for her own investment. Pay school fees and every other thing from the proceeds of the business. Do not use it for house feeding.. Be the wiser one.

Do not agree with this. Opening a business requires capital and the OP is not talking like he/she inherited a huge sum of money that he/she wants to put into a savings account for the child.

People normally talk about opening a business as if a business is opened with a zero amount.

Constant and periodic putting of an amount into an account, no matter how small for the kid is the key here.

tundechange:
That's d decision am trying to make. An area that will be easy for me to comprehend knowing fully well that am not a graduate of Computer Science, let's says Networking, software and hardware stuffs.

For software, it means you have to do coding. I know of somebody that did accounting in the university and became a success in coding. You got to enjoy coding to be able to make a success of it.

You can talk to the guys in the IT department of the bank you presently work and try to find out from them the area that will be easy for you.

skillzbae:
After 8 days once u have his/ her passport taken

Perfect answer.

tundechange:
Hi guys, please I need help with this.

Am a graduate of Business Administration and working in a Bank for quite a while now but would like to become an IT Professional. Where can I really start from?

Your honest opinion is needed.

Thanks

Wanting to become an IT Professional is too broad. The IT field is wide. So what area of IT are you interested in?.

emmanuelewumi:
Bankers can be funny if you not confident and know what you are doing.

I was in my bank this morning to get a loan, the officer first asked of where I work. I told her that I am self employed, then asked for the name of my business which I gave to her.

She then asked for my account number and that of my business, my business and I both have an account with First Bank.

After she saw the turnover on the account she was impressed, asked for the value of loan I needed and duration of the payment.

She then asked for collateral, I didn't want to use my shares, but my Treasury Bill Investment as collateral.

She said for her to ask to proceed with the loan application my Treasury Bill MUST be converted to fixed deposit. Because there was no way she could place a lien on Treasury Bill, since it is in custody of Central Bank.

I reminded her that what I have in NTB is 5 times the value of the loan, and when the TB matures it would be paid back into the account.

I told her to forget about the loan that I was no longer interested, before she spoke to her oga and the man told her that my loan application will fly.

I have applied for the loan, the lady has called me thrice today apologising for her behaviour. The fund should hit the account by next week.

I am not sure if First Bank scrutinizes the guys who took loans of about 200 million dollars which went bad, like the way they scrutinize small guys and businesses who need just N1 million or less.

What is the current interest range for loans there?.

dahddy3:
It's a good investment but I prefer investing on real estate. It has a very high return on investment(RoI). You will only need to invest in genuine lands especially genuine estates. If you need information on how to invest on genuine lands in lekki or to join the real estate business, check my signature.

Which lekki?. Is it the flooded one or the non flooded one?.

chizzy4love:
honestly this is what I am passing through for the past 2 weeks with first bank.
Since I read up about treasury bills here 2 weeks ago and went to the bank to fill up the form asking them to debit me,it's been one story or the other calling me and begging me to be patient.
Yesterday's call was if I can be patient enough to wait for primary market auction next week whereas I clearly filled secondary market.i am really tired of head office this and that. My account with stanbic is dormant,I dint want to go through stress of re - opening it that's why I have been patient.i have given them till 12 noon today and I will make my decision.

What is the stress in re-opening a dormant account?. Will you be required to go and bring the driver's license of your ancestors?. Is it no longer writing a letter to the Branch Manager requesting for a re-opening and accompanying it with a token amount?. Which is now more stressful between writing a letter or going back-and-forth with First Bank for two weeks?.

nowpresence:
Good evenings guys
I am new here. I have been looking for ways to invest my money, till I came across mutual funds and during my research about it I found this thread online.
I don't have the time to go through the whole thread to know all about it.
I will be grateful if someone can explain what the mutual funds is all about, pros and cons and how to get started.
thanks

Let me go and read from the beginning to the end first. When i finished, i will explain to you what i have read.

Donvalentino55:
Good day Nairalanders. I have a baby that'll soon be up to school age and am planning on opening a kiddies account for her. So am soliciting the kind opinions of fellow parents who have more experience in this regard. Please which Nigerian bank operates the best kiddies account?

If possible state the reasons why so as to properly drive home your points. Your kind response will be greatly appreciated. Thanks.

I once had Fidelity SWEETA account for my kids and was operating them steadily because of their advertised end of year party for kids but my kids were never invited. I had to stop operating it and continue with the operation of my CHESS account at StanbicIBTC for them. I have a monthly auto transfer from my current account in the same StanbicIBTC to the CHESS accounts. It has a higher interest rate.

make i pitch my tent for here as Oga skimanski don land for our state.

johnhack:
Most people has been complaining that commenting here is not flexible for them... so we have decided to create a Watapp group.... join us in our Watapp group https:///KgQF3jWplEWATxR6Px5ueR

Who are you?. Whatsapp group ko, Whatsapp group ni.

@op, i took delivery of the books this morning. I have also responded to your mail - Thanks. Mike

bookmarked.

wholesomegrace:
Please go ahead. They are still along same axis. Thanks

You can take a look at Caleb International school(CIS). My kids went there and i have been impressed with them. My son is now in JSS 2 in the secondary school i have always wanted for him after finishing from there while my daughter is in Primary 6 and will be entering JSS 1 in September in the secondary school i have always wanted for her.

wholesomegrace:
I just started peeping here too. How are your wonderful pupils ma? Please would appreciate if you can assist with good schools around Ogudu/gbagada axis. Thanks sis

Do you mind CMD road/Magodo axis?.