₦airaland Forum

freeman67:
Before, I used to open my app almost everyday except the days I extremely busy. I did that through December and noticed that the interest that was displayed throughout was debited but not credited. My balance was reduced. Thus, I complained to them and they rebuffed my complaint with the claim of mistakenly posting interest to all MMF accounts twice for December so they had to deduct it. Which was false, because I was very sure of what I was saying. That period, I wanted to make a deposit and had to observe to see that all was normal from their December - January end of the year balancing before I deposited to avoid issues.

Also, I noticed that after my complaint they made adjustments to statements on the app. Before, every end of the month, it will be indicated that your interest was debited with the - red sign and credited with green + sign for people that choose reinvestments of interests. Immediately after the complained I noticed that all the debit was removed and the last debit was corrected to credit.
Thus, I insisted on what I believe/observe then they asked me to bring a proof but I couldn't because the one I had was in their hands and they have altered it. So I deliberately decided to start keeping statements.

After the back and forth, I downloaded the Statements for my accounts from Inception from their website reflecting my balance on the 31 of December 2023.

On the 1st of February I open the app and discovered the interest for January has been credited. So, I downloaded the statement again, I wrote out my balance from 31 December 2023, added the amount I deposited and the amount they posted/claimed that they credited as interest. The was no indication that they debited any and it didn't add. I did it with my other account and I discovered it same. The money taken might be significant because the money is small but I hate being scammed by those I entrust funds to.

You can check the attached screenshots for confirmation.

I have never downloaded the statement.

When you first made this complaint, i decided to track mine. So on the morning of January 31, 2024, i took a screen shot of my dashboard and did a mental calculation of the daily interest and the likely figure to be credited. On February 1, i checked again. What was credited was higher than the amount when i took the screen shot which means the one day interest of January 31 was added. Did not bother to start tracking to decimal places because the rate used daily is not always specified.

freeman67:
Apart from that, in TBill you are very sure of the final/quoted rate and charges are clearly spelt out. In some MMF what they claim to add is actually not the case. They take advantage of people not monitoring to post fictitious interest and credit your account with a lesser sum.

I noticed this last December and decided to start keeping statements to follow up and after this January, I can confirm to you that the interest amount they (especially Stanbic) always to post is not complete.

How did you track this?. Interest is posted on the first day after end of month. If you check your statement during the day of the end of month, one day interest is not yet calculated.

emmasoft:
Yes rates are daily valued in MMF but the truth is when Tbills rate is high it affects MMF positively.

MMF also has its advantages
Easy entry and exit without penalty after 30days.This makes MMF very good for emergency fund.
It can be invested in with as little as 5,000
If rate changes upward it affects MMF positively but Tbills is static for the tenor.
Reinvestment ie Compounding is easily done with MMF.

So both Tbills and MMF are good for any conservative investor it depends on what you wish to achieve at any point in time in your investment journey or strategy.

The truth is that there is no one form of investment that can meet all the needs of an investor hence diversification is always encouraged.

I recently did a redemption when i needed emergency fund. The good thing is that it was part of the profit that i redeemed.

freeman67:
Good afternoon House, if you are using Stanbic IBTC Asset Management be sure to regularly keep your records and Statements of account, please. I log in to my app almost every day and I see what happens there always. I checked daily throughout the holiday period because I wanted to add to my subscription but I did not generate and keep the statements.

I discovered my that the interest on my MMF account was debited in on 31 December 2023 but not credited to my account or reinvested. I sent them a mail in that regard but they did not reply so I had to call them.

They picked my call and couldn't tell me anything tangible than it was they credited me twice and this had to debit me. When I informed her that same happened in my other MMF account, she said it happened to all their MMF account. I instead mine was not correct from my observation and she asked for the proof/evidence that I don't have.


Also, last week made a deposit that was to be credited to my MMF account last week, the money was credited to my GIF account instead. That was their mistake not mine. Instead of them to just say sorry and rectify the problem, the kept lying and insisting that I made the payment to GIF collection account that was they credited it there. However, the transaction receipt is with me. On the receipt, my MMF account number is clearly stated in the Narration space and I rightly sent the money to MMF collection account. Mistakes are normal but why would you lie and insist on something you are not sure about instead of just rectifying the mistake.

I used to enjoy their services but now, I don't understand what is happening with them now again. This year, I will be downloading my statement at least monthly to avoid all these stories.

@freeman67.

Were you able to resolve this issue and also how was that of this January ending?. Mine was credited for January ending.

skydiver01:
The nominal amount is the value of the bonds you were sold which will be paid at Maturity. The cash amount is the price you paid for each unit of the bond i.e., cN103.07 plus the accrued interest since the last coupon date - in this case the last coupon payment was made on c17 Sept 2023. The accrued interest from 17 Sept 2023 to 31 Jan, 2024 has to be paid by the buyer of the bond. That's what is call the dirty price - in this case being cN109.15. But don't worry about that because you get it all back (the accrued interest) at the next coupon date (in this case March 17, 2024). The dirty price simply includes the accrued to the settlement date of when a bond is bought/purchased. So the cash amount of cN13m is what will be debited from your account sometime today. Hope the above explanation helps.

Great explanation.

Some questions.

If the buyer will be paid N12m at the maturity date of the bond and the buyer's account is now being debited for N13m, that is already a difference or suppose loss of N1m.

Will that amount be recovered by the buyer through the periodic coupon payments?.

emmasoft:
@freeman67, apologies for all the inconvenience. I know you are very objective when it comes posting stuffs here. Actually, from my end, everything seems okay. The reinvestment of interest was done 31st of December, I guess the issue is in some accounts and not general.

However, I will escalate as much as possible though it's a bit difficult because I can't be specific since some of the information I need to be specific can't be shared in a thread like this.

This is true. Mine and that of my wife were effected effective December 31, 2023. Please try to takeup @freeman67 case with Stanbic. He is a strong voice here in Investment.

ogawisdom:
Do they tax interest on MMF?

On the compounding aspect does it mean if i invested 1000000 and it earns 300 daily then after day one the next interest will be calculated on principal of 1000300?

Trying to make a return to MMF with Stanbic, left for fixed income for some time now.

For Stanbic, compounding is done on monthly basis. I doubt there is a financial company that does daily compounding. If daily is 300 on investment of 1,000,000, then a 30-day month will be 9k and month end. So first day of new month calculation will be done with 1,009,000.

Godspeed0:
too poor i was expecting something like 100k risking 1 million for 9k is not encouraging

10% in a month is 120% per annum. Maybe you should try MMM.

brijibs:
Investment Gurus in the house, please help.
If I invest 100k, how much profit should I expect monthly?

If interest rate is 10%, you will get:

Daily Interest = (100,000 * 10 ) / (365 * 100) = 27.62

Then multiply that by number of days in the particular month to get the monthly Interest.

enque:
Bros, SFS rates have finally jumped to 11%.
What a way to end the year

Will interest be calculated backwards?.

emmasoft:
Great! Please ask her to sign in to her account on the web portal at least once before continuing with the app.

She has since done that as i took her through the process. She has even seen her 1-day interest today as the subscription was done yesterday. She don dey shout say she don hammer. She is now waiting for her stock market sales to hit her account so that she can equally move it there. At the rate she wants to go with this MMF, e be like say quantity of food go reduce for house o as she fit begin 'divert' house keeping money to MMF.

emmasoft:
Thank you my Oga.
I'm sure you will get the e-account number by tomorrow.

e-account gotten. First subscription done by her and funds already credited to her MMF.

Indigbo:
Do I still need to send receipt of bank transfer to them by email as proof of my subscription for MMF? I used my MMF E- Account number as reference. Or do you think they it doesn't matter, they will credit it ?

No need to send receipt of bank transfer to them. As far as your e-account was provided as reference or description, you will be credited. Transfer or deposit before 12noon gets credited the same business day while after 12noon, it is the next business day. It is best to always do the transfer or deposit on/before 9am.

emmasoft:
Yes. It's possible. There is a space for a referral code on the form she will be given, she should write L63LJ7GX in that space and let them know that it's the code of the person who referred her. I hope she goes to their office at VI because that is where she can get a prompt response.
If you don't mind I can send you the form with my code already printed on it. I tried to attach it here it's not going through.

Thanks for remembering me. It's appreciated and not taken for granted.

Online account opening through your link done. Now waiting for e-account so that funds can be transferred.

emmasoft:
Yes. It's possible. There is a space for a referral code on the form she will be given, she should write L63LJ7GX in that space and let them know that it's the code of the person who referred her. I hope she goes to their office at VI because that is where she can get a prompt response.
If you don't mind I can send you the form with my code already printed on it. I tried to attach it here it's not going through.

Thanks for remembering me. It's appreciated and not taken for granted.

Noted. I might also use your link to fill it online for her.

emmasoft:
Go with Norrenberger especially if you don't have dollar. They accept naira but their conversion rate is always slightly above black market rate on any of the day you are investing.

Contact me if you decide to go with them.

@emmasoft. Good that you posted as i totally forgot about you. My wife wants to join me in StanbicIBTC MMF. If she goes to their office to open the account, i will want her to link it to you. Is that possible?.

emmasoft:
Let your Detty December money make some money for you before it gets Detty.

MMF Rate is responding to High Tbills rates as earlier noted. The MMF rate is on the way up try and go up with it.
By tomorrow it will be December, take advantage of increasing MMF rates and make more money this December.
I will advise folks to take this opportunity and drop your funds for the festive period and January 2024 in MMF to have better returns.

Click the link on my signature to start investing in the Stanbic MMF or contact me.

If we drop it in this December period, what are we going to use to buy rice and chicken or travel to the village?.

emmasoft:
Let your Detty December money make some money for you before it gets Detty.

MMF Rate is responding to High Tbills rates as earlier noted. The MMF rate is on the way up try and go up with it.
By tomorrow it will be December, take advantage of increasing MMF rates and make more money this December.
I will advise folks to take this opportunity and drop your funds for the festive period and January 2024 in MMF to have better returns.

Click the link on my signature to start investing in the Stanbic MMF or contact me.

If we drop it in this December period, what are we going to use to buy rice and chicken or travel to the village?.

VeeVeeMyLuv:
Okay thanks

Good that somebody has clarified my statement.

Chikebrain:
This is fairmoney interest rate. How is this rate possible. I'm almost tempted by it

Risky but possible. The Microfinance banks change interest per month and it is on flat basis and not on reducing balance basis. Some change as high as 6% per month. 6% per month is 72% P.A.

Rolandq:
Yes, I used two sittings and I don't think it's such a good idea for them to reduce candidates' marks just because they used one or two sittings. The number of sittings used won't affect the scores, will it?

Which University is this?.

egojeny1:
Stanbic MMF rate today 10.70%

I am happy

Not only you o.

I added to mine yesterday. Will go and add more this afternoon.

DrImmaculate:
Honestly sorry for her plight.
Actually (1) is the best option for her IMO. For (2), no no no! You don't get to switch to Medicine in 200l here in UNIBEN (I'm a med student there). Don't let anyone deceive you.

(3) possible, if she wouldn't give up along the line. But still slim chances. For UnibenMED, your surest bet is through UTME though.

I learnt the North's been ruled out. I understand her parents perfectly. But if she'd want to go with route (1), and for UNIBEN again, there are very good lecture houses here in Benin (eg Gifted Hands) with tested proofs and great results that she can attend. If she can't stay for both UTME and PUTME, no problem. I believe she can get just about the same Utme score, and even better. Once she does that, let her not waste time but start preparing for the Putme, and a best way for that would be attending a good lecture house here. The choice is hers though. I must also let you know that Unilag isn't any easier than Uniben.

I wish her all the best!

Thanks.

She was transferred to Physiotherapy which she has accepted. She will retake JAMB if she is still interested in going for Medicine.

Tohmey:
With that there cheap rate(below 10%)

That is why it is every month. Check the power of compounding. Others pay every quarter.

emmanuelewumi:
Treasury Bill does not pay every month. I told you to buy bonds so that you can get income twice in a year, 2 tranches of bond investment will give you income 4 times in a year, 3 tranches of bond will give you income 6 times in a year


You can buy Money Market Fund and get your dividends every quarter, March, June, September and December

StabicIBTC MMF pays every month. So he can withdraw the interedt every month.

Nice2023:
If I tell that guys how I started this life with a meagre sum of 300k and what it has become today,it will shock him.

The message is,don't under-estimate the power of starting small.

Please share your story for us to learn.

Acecube:
She can accept it.

And still take jamb if she really has the passion.

16 is still young though. Though there's no harm in getting into school early.

Some questions I feel "she/you" should be able to answer.

Does she have someone that tells her the nitty-gritty of Uniben putme, how to pass it, what text to read ?

How was her Utme ?
Coz her foundation (utme) has to be strong

Is she based in Benin ? There are some lecture houses churning out great scores year in year out.

Maybe she should attend one and put in more effort.

Truth is, many persons take courses with the intention of switching and end up graduating like that

Some lose the zeal along the way coz why try ? When they are already in Uni ?

So many questions begging answers...

Caveat: I'm asking all these with the assumption she has a passion for medicine.

Physiotherapy isn't bad.

Thanks for your insights.

(1) She has a passion for Medicine.

(2) She is based in Lagos and not Benin but has somebody in Benin

(3) She will accept the Physiotherapy and then do JAMB again.

(4) This Uniben PUTME is an eye opener for her. She initially thought that Uniben PUTME was based on JAMB but this year's was an eye opener as Uniben can change things without notice.

(5) Her UTME was strong. She got 299.

(6) She will study hard and start preparing for next JAMB as Uniben is not likely to resume till March/April

(7) If in the next JAMB, she scores high, she might consider Unilag as Unilag combines JAMB, WAEC and PUTME and her WAEC is very good.

(8 ) She will now study extra hard as she now knows that entering Medicine in any University is not easy and very competitive.

Cardiojosh:
Radiography
Physiotherapy
MLS

These are all professional medical courses too.

Thanks. I will tell her to accept it then.

Cardiojosh:
You know, physiotherapy is also called medical Rehabilitation.

Do not know much about it. She needs to take a decision if to accept or reject it. Most students just know about Medicine and Pharmacy and then a little about Optometry.

NL1960:
Please i need some advise here. I have a 16year old relation who got 65 aggregate for Uniben Medicine. She is from Edo.

Iam looking at some options for her.

(1) Retake JAMB next year.

(2) Take any 4year science course and try to switch to Medicine in 200Lvl. What 4year science will be appropriate for this?.

(3) If (2) is not possible, complete the 4year course and use it to gain entry to 200Lvl Medicine.

Please urgent replies are needed as she has been crying as the PUTME result was a great shock. There was total chaos in Uniben PUTME this year especially for those that wrote on the first day. Some students even fainted.

Goodday All,

A quick update on this issue.

She is being transferred to Physiotherapy. Is Physiotherapy a Medical course or a Science course?. What are your thoughts?. To Accept or to Reject?.

ejehijustice:
The North is not as bad as we from the South see it or are made to believe. Yes, there is insecurity in the North but truth is insecurity is in every region of the country. Even in the North the insecurities are more prominent in the outskirts.

Usmanu Danfodio University, Sokoto is in the heart of the city and I can tell you it is relatively peaceful - more peaceful than a lot of Southern cities.

That score is too good to throw away. Being female and young should not be a barrier. There are younger ladies here as well and trust me all she needs is to join CMDA and she would be well groomed and cultured.

The environment here makes it a bit difficult to turn wayward.

Yes, the weather is extreme - she will adapt. The road is far - surely she will cope. It is the seat of the caliphate - all she needs to do is to mind her business and she will do just fine.

However, if Sokoto is too far, then Unijos could be an option.

Thanks. Still weighing the various options.

Keeon:
hey with this JAMB score, I'd advice she changes to UDUS (Usmanu Danfodio University, Sokoto) I school there and it is a federal University. In fact, her quota is 150. If she so likes, her cut off for MBBS last year was 280

Thanks.

I have heard so much about UDUS even Unimaid. The security challenge is the issue. Too risky for a 16year old girl that spent all of her time in a closed guided catholic boarding school. It is easier and faster for a boy to toughen up and adjust in such environment. The parents have alreafy ruled out certain regions.