₦airaland Forum

kopell:
waithing the make you fear, if the total area of the house no pass 515 SQM[b] he no pass between 2.9 to 3.2 million[/b] including wooden and gutters if you choose to used motopo Aluminum 0.55mm all round. Though this may depends on your roofing hight and design sha.

Which is less than USD10k that he uses to eat burger and hot dogs in a month which is also less than what he uses for his pets in a month.

azimibraun:
Wa o! I actually thought it was possible through road.

Who told you that it is not possible?. It is very possible. Just google 'Driving directions from Lagos, Nigeria to Kigali, Rwanda'.

Is secondary market TB also done at a discount?.

Daboomb:
It is strange that alot of tenants think they are at liberty to run-away with house rent, by just packing out when the landlord is not aware?
I have seen a landlord who went to an escapee Tenants place of work to demand for his rent, after the tenant ran away with over one years rent (just before the court could make a pronunciation on their court case, which is what most do), he created so much scene that the company had o arrange some quick loan for the tenant` and they will deduct such from his pay, installmentally.

Whether matter is in court or not, the law requires you continue to pay your rent.
Quit-notice period is not free-rent period, under the law, unlike what most tenants think and want to practice.

If you destroy a landlords fitting in the house you rent, when moving out, he can get you arrested and prosecuted because wilful damage is a criminal offence under the law.

Landlords need to tighten their signed contract and make sure everything is 'properly worded' to give them liberty to operate, this is best done when the tenant is looking to rent the house. the input of a 'trusted' Lawyer is very necessary at the renting stage
As long as it is not against the law (void), the law recognises and will enforce an agreement entered into by two adult parties.

You think many of them do this?. Why do you think we have all these Landlord vs Tenants issues?. So many people are now agents just as so many people are now builders and many Landlords give such agents their houses because most of them think they can cajole 'excess' rent from the desperate accommodate seeker and such Landlords do not want to pay professional fees to real professionals. Once some Landlords see money, their brains go turn to another side. Iam in a six flat apartment. I was the second to pay. When the 3rd person came, he said that he prefer the one i had already paid for and when told that it was already taken, he said that he was ready to pay double amount to the Landlord so that i can be refunded. The Landlord refused. Iam still in that accommodation but the man that wanted to initially pay double had left. He was given quit notice because he could no longer pay the rent. So imagine if the Landlord had collected the double amount from him initially.

sanerugwei:
I specifically said this works with GTB.
I do not understand First Bank's rationale for withdrawing the whole amount at first then paying back the upfront interest after the bid.
What do you mean by outsmart, you made it sound like some dubious operation. It isn't.

Do not forget that most people go through their branches for NTB. It is the Head office people that do this bidding. I doubt the Head office people will be wasting their time to start calculating and subtracting upfront interest, subtracting charges just because they want to arrive at an amount. Na how much the person dey bid to make head office people to be cracking their heads like that. So i guess it is for your own good that the branch people do that. In addition, most banks require bids to be submitted 2-3 working days before the bid date. If that amount is not debited and a cheque or a withdrawal comes in from another source that the owner probably must have forgotten, it means the bid will fail.

chukzyfcbb:
don't be faster then your shadow bro,lol
you will need to find out the workings of your bank before trying to outsmart them. As with first bank, the moment you submit your bid request, the money will be debited from your account immediately. if the bid was successful, you get your interest paid upfront.
in this case, if you applied this approach with first bank by placing a bid of 1m when u have just 825k in your account, I am sorry to say it would be declined.
However not all banks debit you immediately you submit your request, which is what you should find out from your bank.
I asked this same question a long time ago because I wanted to outsmart them,lol.
so dnt be faster than your shadow

The same with my Bank, Stanbic. When i filled my form at the branch, the guy checked my balance and even saw that the amount in the account was not up to and he pointed it out. I told him that i was on my way to the office to do a transfer from my internet banking to complete the amount. He then told me to ensure that the account is fully funded by Monday because i filled the form on Friday. By Monday, the amount i was bidding for was immediately placed on hold.

FastShipping:
You are an habitual liar. Of course you gave him money. The carpenters ran out of wood and you said you bought less wood because my cousin asked for kickbacks from the money I paid you to buy wood and work. You asked me to tell my cousin return the kickbacks you gave him so you can use the money to buy more wood. Hajj, I hope you still remember this. You heard everything he said on the phone but lying about it now. I ended up paying you 166k and 22k to buy more wood and nails. The gable I told you wasn't supposed to be done before for roof that you insisted had to be done was equally torn down. I paid you to do it and it turned out I was right and the gable was torn down.

I repeat, don't push your luck. You will get hurt pushing your luck. You caused me so much pain at that site. There was no single work you did that wasn't torn down.

Now answer these questions:

Were you dismissed from that site?

What was the reason for your dismissal?

Did you become abusive and combative with First Aluminum installers after telling you that you did a bad job and whole work needed to be torn down?

Did you do wood nogging for long span instead of Metcoppo or not?

Did you give me a quote and came back few days later that you made mistake with the quote and needed more after you listened to my cousin to inflate the quote so both of you can share the extra money?

Did you beg me not to expose you on nairaland because you have three kids to feed and wife on nairaland?

Did you raise your voice on me after you learned I spoke to your carpenters who were coming to site for four days without working because they've not been paid after a week of work and you never showed up for four days?

Look at this picture where you did block gables. Did you see the 11ft block gables you did to the entire back side after they finished the roof? Didn't I send you the pictures of the place after they torn down the entire roof and uncalled for gable that you insisted I paid you for before you can finish your wood work?

Just imagine somebody saying the bold.

Sprumbaba:
Segzy, the guy you are advising is a snake. He has rubbished your work when I engaged him claiming to be also be builder.

I can remember him also rubbishing Jonny(who also had his own issues) and scheming to take over the plastering job that Jonny was to do.

sanerugwei:
I gathered that GTB rate was 18% same as they did two weeks ago.
I wonder if they have an auto-robot that does it for them. 18% against 18.558% CBN rate is quite low, unless they are profiting from selling low rates to their customers who went with their bank rate.

Let us see what other banks like IBTC and FirstBank got for theirs.

sanerugwei:
Where was it suggested in the part you highlighted that FGNSB at 13.01% is preferred.
I was only pointing out that it is strange they went to the same rate twice when they could obviously had gone higher. Could it be internal manipulation to sell their own rate in the guise of primary bid?
Can you contemplate an answer to this?

With this new rule by DMO, you cannot rule out manipulation from the Banks if you do not have 50m. The Banks will want to use this new rule to make money. Do not forget that the Banks are really not happy that individuals are investing in NTB because it robs them of some great profit that they make using Demand Deposits (DD) money and Term Deposit money of customers. Moreover, NTB are not taxable. So Banks that are heavily invested in NTBs make a huge profit which is not taxable in their year end result. Check out the profit of the likes of GTB and Zenith and the dividend paid and the tax paid on the profit.

So, if DMO is trying to reduce this by that policy, the option is whether to take what rate the bank offers you or take DMO rate or take Term Deposit rate. That is why i asked if you will prefer the 13.01% FGNSB to the 18% or whatever is offered by the Bank. As for me, iam ready to take a Bank rate that is higher than FGNSB rate of 13.01. In addition, i do not think i want to even tie down my funds for 2 years.

Selena06:
The seller lost #100

#70 bread plus #30 change

Correct.

Marilo:
Now that you have written that (in bold),I rest my case with you.

I thought we were looking at what is morally and legally right, never knew you were looking at "I-must-have-my-way-at-all-cost" approach to resolving landlord/landlady -tenant relationship.

A reminder: Whatever is good for the goose,is also good for the gander. A destructive tenant will equally meet his match someway, somehow and somewhere and the law will take it full course.

On the bold, there is no argument on that. It is morally and legally right to abide by a contract of 1 year signed by a tenant but in situations whereby this is not being adhered to, what is to be done?. If you are a Landlord and you have a mix of yearly tenants and monthly tenants all with signed contracts and there is a high rate of default from the yearly tenants, should you not appraise your present position by trying to investigate the cause of the high rate of default of the yearly tenants?. Will you just go to your file cabinet and drag out the 'contract is a contract' document on them?. I hope you know that just showing them the contract does not end there. You still have to give a quit notice which has its own rules and regulations. You might even end up in a court and nothing stops the tenant telling the Magistrate 'My Lord, i know iam in breach of the contract of 1 year because i have only 9 months rent on me. I pray the court to allow me the maximum number of months for quit notice allowed by law for me to get another accommodation'. What do you think the Magistrate will do in such a case?. Tell you to throw him out immediately?.

Marilo:
You have just repeated what I stated. Please take time out to read my post (this time with no emotional overdrive and no sentiment).

1. A contract is a contract if the law of the land gives it backing.

2.You can "restructure" your mode of payment as long as your landlord agrees.

3.Some landlords will not agree (reality or not).

4. You are legally bound by the agreement you sign (the circumstance of the economy notwithstanding).

All of the above is no justification to unilaterally change the payment plan simply because you have the children school fees to pay or because the economy is upside down (cashflow or not).

You think @diordaves that brought up this issue is not aware of this or what?. There are times you have to face realities and unilaterally 'adjust' your own position. I gave an example of a 600k 1 year rent that was refused by an agent because the contract or agreement said 1m for 1 year only for the Landlord to send him back to go and collect it. You think the Landlord does not know about laws of contract. A contract of one year rent is signed and somebody gives you an immediate 6 months and agrees to spread the remaining 6 months over two payments and you refuse. You are very right. He has breached a contract. You give him 6 months quit notice and he leaves. Before he leaves, he intentionally destroys things in the apartment. You then go and take a loan to renovate it so as to rent it to another tenant. A desperate person enters and after one year, the cycle continues. You need to go and ask Landlords what they are facing. Some tenants will tell you to go to court and prove your contract is a contract there.

Marilo:
You cannot offload the country's economic problems on your landlord/landlady. There can be no moral justification for that.

You willingly signed an agreement when you were going to move into your apartment as to the mode of payment (monthly/quarterly or yearly). You must have worked on your cashflow with some assumptions (and this same theory apply to your landlord).If anything go wrong then you should take responsibility for it,don't shift it on your landlord/landlady,that will be morally unfair and financially suicidal.

A roof over your head is/should be number one on your scale of preference.Every other thing (school fees inclusive) is secondary. As it is not easy to save for you as a tenant "in an economy of high inflation",the same applies to your landlord.

Additionally,it takes you an average of 11months to save towards your yearly rent. You see how much time you have to work and rework your cashflow? Shifting the blame and the consequences of economic woes/problems on the landlord is to say the least callous. I don't speak on behalf of no landlord/landlady,I speak as one who has a moral reason to condem what is not fair. I understand some landlords/landlady can be a pain in the A** but many show understanding in relations to what is obtainable in the economy. You can work out a payment plan with an understanding landlord/landlady if s/he is that reasonable if not, rework your cashflow to fit into your circumstance.

I think a yearly rent is the best in Nigeria until such a time when the credit (referencing) system is fully in place in Nigeria. Just like somebody mentioned earlier, BVN offers a step in the right direction if the financial regulatory body takes advantage.

The question is not about contract. The question is on how fair is it?. Iam sure if a statistics, investigation and analysis is done, we might discover that there is a higher rate of rent default in those that pay yearly than those that pay monthly. For yearly rent payment, iam sure you have to give a longer quit notice period as compared to a monthly rent payment.

Iam in a service industry where our agreement and contract says you have to pay one year advance for service. We have had companies who complain of cash flow and ask for monthly or quarterly payments and we have obliged. Do you think such companies did not have 11 months to save for the yearly payment?. I hope you know that when a loan is taken and you cannot meet up with repayment, you can do a restructuring?.

Anyway, what you are saying is just theory. Ask Landlords that are here what they face. It is easy to talk of contract and breach of contract when reality has not set in. My Landlord told his agent to go and collect a 1 rent of 1million from a tenant. The tenant told the agent that he had only 600k presently and that he should take it while he looks for the balance but the agent refused. When the agent told the Landlord, he told him to go back immediately and collect the 600k that is available because according to the Landlord, what if the tenant spends the money before he gets the balance?. You give 6 months quit notice abi and if the man goes to our court that takes endless years to complete, what do you do?.

Obeseke:
If you must know, one of your major priorities, even before education, is accommodation. If you do not have a place to live, everything goes wrong. So don't take advantage of the inefficient system in the country to dupe or cheat your landlord. You will get your reward if you choose to do so. Would you rather that you go on vacation abroad than paying your rent all through the year? Set your priorities right. Property owners are also human and some could be more reasonable. Am sure some will accept part payment if you approach them with it against promises. How do you justify one who was begging the landlord and the managing company and making unfulfilled promises to pay till they move out of the apartment only for the landlord to later be informed by other tenants that that family went on vacation to the USA after he had moved out of the apartment with the unpaid rent? It really takes a lot of discipline to be responsible.

Why are you using a singular action of one person to justify?. How many people have you heard went abroad and did not pay rent?. I hope you also know that there are some Landlords that collect one year rent from you and after six months, they tell you to come and pay another six months even when you earlier 0ne year has not expired and when you ask him why, he will tell you that he just lost a loved one and so need the money for burial. It is not only tenants that are not responsible. Even some of the Landlords are not responsible.

Last year, my Landlord just wrote us a letter with an increment of 100%. We all just started laughing. Mind you, this is an educated and well read Landlord.

sanerugwei:
I gathered that GTB rate was 18% same as they did two weeks ago.
I wonder if they have an auto-robot that does it for them. 18% against 18.558% CBN rate is quite low, unless they are profiting from selling low rates to their customers who went with their bank rate.

Let us see what other banks like IBTC and FirstBank got for theirs.

Would you rather then do the FG Savings Bonds of 2 years at 13.01%?.

Obeseke:
The issue of rent is planning-based, and a matter of priority and discipline. If monthly rent is agreed, you would be amazed how much default you would still have. When you know you would not be able to pay your rent all at once (perhaps because your monthly take home would not be able to accommodate it), why not save the monthly rent due for keeps in the bank ? Sensitive as the issue is, some do not take it serious. It also seems the Lagos State Tenancy Law of 2011 has not helped matters considering the notices landlords are required to give to tenants. Can you imagine a tenant who told the landlord and managing company that he was facing financial difficulty could afford to travel abroad on vacation with the family; he only chose to not pay rent all through the year till he moved out of the apartment!!! And all the while was begging and promising heaven and earth!!! Not until he moved out without paying the rent for a whole year did the landlord hear from other tenants that he did travel with the family on vacation same year he did not pay. It is better we have our priorities right so that we do not run into problems. No doubt, money and the era we are in Nigeria now are hard. But with proper planning and discipline, one should be able to survive.

How easy is it to save in an economy of high inflation and high cost?. Do you know that people prorate their children school fees to be monthl?. Is it lacking of planning that is making not to pay it at once or pay the one year school fees at once?. When you have monthly expenses, after settling them, you live on the reminder.

So it is not a lack of planning that is the cause. You earn monthly and you are required to pay for something for a year in advance. I hope you know that this one year rent payment is in advance and not in arrears. So, if you have not earned the one year salary, where do you get what you are going to save from?.

emmanuelewumi:
Just got an alert of N16350 from First Bank on the 500k investment in NTB for 91days.

At what rate?.

diordaves:
But don't you think the yearly collection has increased the stress? Do you sincerely believe a tenant will be putting aside money monthly to meet up the yearly payment? If you sincerely hope that tenants will be putting money aside to match when their rent is due, why not have them pay that money into your account as monthly payments?

A bad tenant is a bad tenant, but where the tenant is good, can landlords/ladies make it easier for tenants​ to meet their commitment in terms of timely rent payment by reducing the hefty burden of yearly payment?

I've looked at this yearly payment method, the more I look at it, the more it doesn't make sense. Am I missing something?

Gbam. My Landlord collects yearly rent from me. The rent falls due on early October. Imagine after being broke from paying school fees for a new term in September, a Landlord expects me to immediately cough up a year's rent. If i was paying monthly, i would have been able to immediately pay the one month after paying school fees.

diordaves:
House rent collection is obviously a problem in Nigeria. A good number of tenants don't pay their rent as at when due. It's a well known fact that this has created friction between a number of tenants and landlords and landladies.

So guys apart from the normal referencing process, what can be done to find some harmony between tenants and landlords/ladies?

I recommend we abandon yearly subsequent rent payment and resort to monthly or three monthly or six monthly and give the tenant the option to decide which of the options resonates with their cash-flow. So after the initial payment of one year rent, subsequent payments should be from the above option.

The main reason for delayed or non payment of rent has to do with cash-flow miss-match. So a tenant receives income monthly and we expect them to pay rent yearly.

What do you guys think? I'm looking to experimenting this for three years. What is wrong with this option?

Good one there.

This has been my argument all along. Does not really know why Landlords in Lagos want a 1 year rent. It is killing. You collect salary monthly and you are expected to save 1 year rent in this recession.

One thing that the Landlords do not know is that when rent is collected monthly, they will end up making more money. Why do i say so?. If you tell me to pay N500,000.00 for instance for a 3-bedroom flat, i will likely argue and we go back and forth negotiating but if you tell me to pay N50,000.00 monthly, i will likely not argue as i see it as being affordable by me. At the end of one year, i would have paid N600,000.00 which is more. I pay for DSTV monthly which i do not feel. Imagine if DSTV has told me to pay the one year amount once, i will hesitate in paying.

Paramount01:
Which bank now have the highest interest rate

See freeman67 response above.

Paramount01:
Is it that you can't fix your interest rate or treasure bills as been cancel i

If you have your 50m and above, then you can fix your rate otherwise you will have follow bank rate. It is as simple as that.

mufutau55:
Very nice plastering job Oga Rotecch. Keep it up Sir.

Hajji M.

Hajji, at the rate Oga Rotecch is going, very soon, kobo kobo people like me and you will no longer be able to afford him o.

@Oga Rotecch. Well done. Very neat and impressive job

Bism:
I dont know why females think that all or most men are pervert. From my observation recently i also fear women on issue of sexuality because they have very shocking desires that they hide from people. After all when i was at college women do wash our convience and no incidence was ever recorded during my stay there

There is a difference between college and creche. In addition, there is also a difference between washing of convience in a college and taking care of a creche of 2 year old female kids. Were the women washing the convience in your college also bathing you or cleaning you up when you poopoo?. Btw, how old were those women that were washing your college convience?.

OP, raise this issue with the management and if they refuse to replace the male teacher, i will advise you look for another creche. There are certain jobs that are better handled by females and there are certain jobs that are better handled by males. Even if you are told that he has been replaced, you will need to pay another unscheduled visit to the creche to confirm.

People saying that there is nothing wrong with it are like saying that there is nothing wrong in a male being the boarding house master of a girls boarding school or girls boarding hostel and vice versa.

Sir QC1, congrats. It has turned out very well.

Btw, i hope you are not trying to give one google based builder HBP with these fine pictures?.

Zaronxpanol:
Who read THE WEEPING UNDERGRADUATE and ANTHILL OF THE SAVANNAH ?

I read it.

Did you read TALES OUT SCHOOL and MORE TALES OUT OF SCHOOL?.

gustavo440:
if i invest 100k for 91 days tenor at say 13.% please can someone help me calculate roughly how much am expecting .thanks

I = PTR/(100 * 365)

Where: I = Interest, P = Principal, T = Time, R = Rate

I = 100,000 * 91 * 13 / 36500

I = 118300000 / 36500

I = 3241

So you should be debited with: 100,000 - 3241 = 96,759 which is the discounted value because the interest is paid upfront.

gabbytabby:
This was why when I built from diaspora, I only pay 2-3weeks before I land 9ja and Installation has to be done before I leave.

Also I learnt a thing or 2 from the old folks. If you hear say an artisan wan marriage, just born or somebody close to am like him child born or him person die or ileya(muslim festival when them kill ram) no send am money cos na scrap and off cuts them go take make things for you. Na money way dey ground them go take celebrate or commiserate.

Also I try an avoid January, April and September. I just help them by removing temptation so as to make a success of my project. Always thinking of the 9ja factor.

This is also not really a safe bet. Due to the recession, most schools now allow for part payment of school fees. Some even allow a carry-over of payment of school fees to the next term. Some will just withhold the child's result until you complete payment and doing this can be in February, March, May, June, July, August, October, November, December. So, which month is left out that you will now choose from?.

Muyesky:
Many thanks sir. The minor adjustments/corrections required on the job were done and completed the very next day after this issue just like I had promised. I am however waiting for madam's confirmation to that effect here . Like I earlier wrote, I don't like having issues with my ogas dem. Its not easy to path with money to someone you have not met. All we require is a little understanding. I really do appreciate her patronage and won't mess with that. Thank you madam, I am highly honored to have worked for you

@Muyesky. Good one.

@marylandcakes. Madam, this your house over fine o and you never even paint am self. Make you no forget to call us o when you wan open am. Na non-alcoholic Hennessy i dey take.

bmdflo:
you can contact the customer care, I was initially debit the face value, now I've gotten the interest upfront. patiently waiting for maturity. though it's a small interest but far better than ponzi scheme, thanks to everyone that has contributed to this thread so far , hope to learn more.....

I have posted before this your post that i have gotten alert for the debit. I went with bank rate. I was debited the discounted amount as my face value was initially placed on hold. From my Simple Interest knowledge, iam calculating a rate of 17.14 for 182 days tenor. Not bad.

Houstency:
Has anyone been debited for 364days tenor with Stanbic bank? I went with bank rate. Would just wait till close of work on Friday and check them up on Monday if no debit and credit alert.

I just got a debit alert for my 182 days tenor from Stanbic. I went with bank rate.

chukzyfcbb:
Do you think the banks are happy that retail investors are pulling out funds from f.deposit to go and invest in tbills??

with this limitation set, most of the t.bills players will either be forced to buy from the banks excess which is the secondary market or surrender to fixed deposit.
Treasury bills has never been a strong recommendation from the banks to customers so now is the time they have to preach to all and sundry about FIXED DEPOSIT, lool
As for the name Savings bond, anything that has the word savings in 9ja always come with low interest rate, so don't expect impressive rates from it.
Now we are at the mercy of banks, they can bid at 18% and now resell to us at 12 or even 10%. that way we will be forced to choose thier alternative which would be Fixed deposit ofcourse. #shalom :-)

We have an ex-banker as CBN governor. So he will be looking for ways to favour his former constituency. Did you see how he resurrected COT in the name of 'Account Maintenance Charge'?. What i know of account maintenance charge in other places is a fixed amount charged on your account at the end of every month and not a percentage charge on any debit that goes into the account.