₦airaland Forum

I agree with you. The point I am making is that it is not really just the state of the economy.

Someone here said he would leave his house unrented the other day because of tenant wahala, house that he built with his money. That decision was not made because of the state of the economy.

The bolded is true. Mindset issues.

DexterousOne:
Lmao
These indians coming here seek expansion into new grounds really

They have succeeded elsewhere most of the times


You cant compare the two

Growing up in Nigeria puts you in what I call the "cesspool of negativity" and that is why we are always on "preservation mode" like you have said

To most Nigerians
It's a daily fight out of poverty
And a fight not to return to poverty

That's why we are all playing safe

I domt know if you get me

Very few Nigerians can really do business if you ask me. Those who succeed immediately go into preservation mode which is why we have SUKUK, TB and Bonds oversubscribed.
Then there is also the safe haven of real estate, but when it comes to real production (not trading), only the very brave Nigerians are bold enough to try which is the void that Indians and Lebanese come to fill.

DexterousOne:
FDI inflows into this country has been shrinking seriously

FPI is what still grows to an extent
Cos its easy to pull out

And even at that

All these supposed Lebanese and some of these indians

I no dey rate them

Some come here cos they can get away with sharp practices here

The fear of investing in the real sector of the economy is not really because of the state of the economy, afterall many lebanesse, Indians and FDI still come in. It is beyond that.

DexterousOne:
Sir
Look at the state of the economy

Does it inspire anyone to commit large funds to invest in the real sector

With all the issues that beset the country at the moment?

I am divesting to safe havens abeg....
This is not looking good for us in this country

From the perspective of those of us in this group, this is bad news.
From a government/ CBN perspective this is good news and bad news. Good news before it is easier to manage a 4% interest rate than 18% interest rate. Bad news in the sense that people are still not willing to invest in the real sector.

unite4real:
Treasury Bills today's auction report showed that rates have continued to go down further. Surprisingly as usual, it was Oversubscribed by over 500%.

Yes, a few days to handover, but with the benefit of hindsight, it was for the better as whatever trick he may have had up his sleeves, the cost of TAM since 2007 far outweights it.

NL1960:
That last minute action by OBJ was suspicious. Why did OBJ not do it early in his 8 years?.

Yar a Dua's reversal of the sale of the refinery to me is a treasonable offense.

ahiboilandgas:
he earns about 33m naira per anum......shit hole co....un....try ...

FGN Bonds Primary Market Auction will hold tomorrow, Wednesday, with a total offer of N150.0bn across the 5, 15 and 30 years tenors;

Minimum: above N50 million

N40,000,000,000 - 12.75% FGN APR 2023 (5-Yr Re-opening)*
N50,000,000,000 - 12.50% FGN MAR 2035 (15-Yr Re-opening)*
N60,000,000,000 - 12.98% FGN MAR 2050 (30-Yr Re-opening)*

Towma:
Any minimum deposit for both? And please what were their interest rates last time they advertised?
Thanks

Thank you, If you followed through with that discussion, the main proponent of that line of discussion was challenged immediately. Why that someone would make a blanket statement with so much certainty is beyond me.

chidekings:
due to things i read here that its impossible to withdrew dollars from dorm account,i went to fcmb today and made a dollar withdrawal and process takes less than 10 mins.we should verify our reports before saying them.

What of if we take the advise of Pro full devaluation, how e for come be.

Galactico4ever:
I will still blame buhari and his cabinet

Understood.

pluto09:
If you want to borrow money,one important factor to consider is the ability to pay the loan back.
We have taken too much loan in recent years than what our revenue can cope with.
Before the recent fall in oil price,we were already using more than 50% of our revenue to service our debt. We keep increasing our debt everyday while revenue was not increasing.

To make matter worse, pmb advisers said borrowing in dollars was better than in naira and they kept increasing foreign denominated loans at alarming rate.
With a fall in oil price,we had no option than to devalue our currency.
That official movement of naira to dollar exchange from about 305 to about 360 increased the cost of servicing our dollar denominated loans by about 15%.

I don't know how this will end but I know Nigeria economic situation is in a very bad shape.

But with the price of crude crashing this year being our only major income source why the surprise?
Look at it like this, if crude oil increases the revenue side will increase so that the debt to revenue ratio will also begin to reduce. In my opinion, it was bound to happen being a mini economy.

ahiboilandgas:
inclusive ....total debt position vs revenue ....pmb is a disaster

Wait o, all these debt we are talking about that FG is owing, shey majority of them are all these TB, Sukuk and bonds that FG is buying apart from the IMF and Chinese loans?

ahiboilandgas:
sure i have some holdings too .thank God we are sell in the secondary markets ...we we are not comfortable with pay back abilities

Chaii.. Una too like trouble.
The truth is that he offers a different perspective only spoilt with his manner of delivery, bickering, expert opinion on things not sure of and insults.
If you can somehow overlook those things, you can be fine.

Nigsrdumb:
You're making a lot of sense today. Which ogogoro did you drink

We don de know una small small, for DMO related issues, you seem like the goto man.

unite4real:
The amount of debt for the next quarter will definitely be lowered.

Federal government has no maturing Bond for the next one year apart from the paltry savings bond. This will lower the debt service. The next Maturing bond is the 14.5% July 2021 Bond. Only coupons will be paid. I don't think the next 4 quarter reports from April this year will hit 800 Billion

If u observed, DMO is already in favour of long term Bonds.

Please in the name of God, you have made your point known, don't get dragged into a needless argument.
You will soon get soaked in before you realize.

GonFreecss1:
Won’t the money come through banks?

Was it not still you talking about how people couldn’t withdraw certain amount of FX the other day?

And government has not even started defaulting yet.

How do you mix all of this with your profession? Your DR. na Medical doctor or PhD.
You seem so well vasted in various investment instruments and take life a little easy. You cannot come and kill ursef gang.

ukay2:
I lost heavily in bank PHB. ..I see it as school fees payments in NSE and am better now and making more profits now after paying school fees in my early days in NSE.

Some people ran away from NSE then and never came back, but I refused to back out from NSE and am happy now.

Also have equities and Bonds in NYSE via Trove App

I am open to diversification also except that tenant/ landlord issue, it irritates me to no end.

ahiboilandgas:
not really be very diversified......

I like the bolded. It is the an important concept and is the reason why as soon as a financial institution starts having panic withdrawals then their end is imminent.
I have read and heard too many things that sometimes I am no longer able to separate fact from fiction but I do believe I have heard of a concept called paper money used in the context of creating wealth. Very complex phenomenon that I will not attempt to start explaining it.

GonFreecss1:
It’s in the fine print. Banking and even insurance companies all work on the principle that not everyone needs their money or will have a problem at the same time.

That is why you see things like withdrawal limits and transfer limits. This are things put in place to avoid problems. The more scarce the currency the more the restrictions. CC dollars and other FX currency limits.

Trump has even been printing USD since.

GonFreecss1:
Oga ahib. There is a way the economy works.

The NDIC is what again? Are they not the same government?

The insurance you are talking about is just 500K.

If we are also talking about how the long economy works, if majority right now wanted to withdraw their money. NDIC will not even be able to help give at 100K each to the people who have 100K and above.

I think I can compare Nigeria with the US because good economy or not, it’s the same thing. Their debt to GDP is extremely high. If push comes to shove, If they don’t default they will print more dollars. I don’t need to start explaining the problems with that.

You for also hide the amount so that God phone number go rest this evening instead of the calls of "When is my Turn" calls from today.

Sholapey:
Send email to them! My application was successful too.

And one can keep adding or topping up as you will right? What I mean is, assuming I start with 50k in month 1, then in month 2, up to month 6 I can keep adding say 50k as I wish?
When you say 6 months holding period, which does it affect, is it for each deposit? Which implies, I can only take out the first 50k at exactly the sixth month and the others in the same order in which they were invested?

emmasoft:
VGIF- Vantage Guaranteed Income Fund, is a mutual fund in the fixed income category. VGIF guaranteed interest rate (8.5%) is benchmark with SDF- standard deposit facility (rate CBN give to banks for their deposit), hence it changes only when CBN review it upward or downward.

Initial minimum deposit for VGIF is 50k and minimum holding period six months. Interest is earned daily but paid twice in a year. Interest can be paid out or reinvested whatever the investor prefers and mandate can be changed if need arises. Principal can be top up at any interval with any amount convenient with the investor.
Apart from the guaranteed rate there is extra rate that can be earned from the excess gains of the fund.
Investors can operate their account online and monitor their investment on the go.

VGIF is managed by Investment One (Former GTBank Asset Management).
To open account, click on the link on my signature and complete the form online with the following document (kyc) uploaded - passport, acceptable ID Card (any of int'l passport, national ID Card, NIN slip, permanent voters card, or drivers license) and your signature. On completion of the form online, your account details is sent to your email within 48hrs or less especially when there is no kyc issues. You can as well contact me with the number on provided on my earlier post or on my signature.

Could you explain how this VGIF works?

emmasoft:
Now that we know sukuk bond was heavily oversubscribed, I will advice investors look the way of VGIF. As you get your excess cash or return money, channel it to VGIF it's still reasonable at this time with Gurranteed rate of 8.5% and extra 35% of funds gains, it will be a good investment choice.
Call 08181057319 or click link on my signature to open account.

Although everything here is not entirely true, but the ones that are true were so until they came and sold us devaluation in the name of SAP, look at where we are today.

Aquilapriscilla:
We shouldn't be surprised. We were far more productive in 1980 than we are today
In 1980 the key metric are as follows:
1) we were a net exporter of refined petroleum products. Today we import all our refined petroleum products.
2) We rode in locally assembled cars, buses and trucks. Peugeot cars in Kaduna and Volkswagen cars in Lagos. Leyland in Ibadan and ANAMCO in Enugu produce our buses and trucks. Steyr at Bauchi producing our Agricultural tractors. And it is not just Assembly, we were producing many of the components. Vono products in Lagos producing the seats. Exide in Ibadan producing the batteries, not just for Nigeria but for the entire West Africa. Isoglass and TSG in Ibadan producing the windshields. Ferodo in Ibadan producing the brake pads and disc. Tyres produced by Dunlop in Lagos and Mitchellin in Portharcourt. And I mean tyres produced from rubber plantations located in Rivers State.
3) We were listening to Radio and watching television sets assembled in Ibadan by Sanyo.
4) We were using refrigerators, freezers and Airconditioners produced by Thermocool.
5) We were wearing clothes produced from the UNTL textile mills in Kaduna and Chellarams in Lagos. Not from imported cotton but from cotton grown in Nigeria.
6) Our water were running through pipes produced by Kwalipipe in Kano.
7) Our toilets were were fitted with WC produced at Kano and Abeokuta.
We were cooking with LPG gas stored inside gas cylinders produced at the NGC factory in Ibadan.
9) Our electricity was flowing through cables produced by the Nigerian wire and Cable, Ibadan and Kablemetal in Lagos and Portharcourt.
10) We had Bata and Lennards producing the shoes we were wearing. Not from imported leathers but from locally tanned leather at Kaduna.
11) We were mainly flying our airways, the Nigeria Airways, to most places in the world. The Airways was about the biggest in Africa at that time.
12) Most of the food we ate were being grown or produced in Nigeria.
We were producing all of the above and more in 1980
Today, we import almost everything. There lies the source of the terrible exchange rate we are experiencing today and everybody on this platform has a critical role to play in reversing the ugly trend.
It is not enough for us to complain about the exchange rate or bring out what others are not doing or are failing to do, the key question is what are you producing or what are you planning to produce?


I saw this on a WhatsApp group and decided to share
To me I think, our leaders have the greater part of the work to do in transforming this country
Key areas that need attention in this country are
Infrastructure especially road
Security
Education

FG Bonds and SUKUK work the same. FG tells you before hand what the rate will be. Each is different and determined by FG. SUKUK seem to be higher than FG Bonds at the last offering.

When you buy any of them, you get payments every 6 months until the tenor expires and you get your capital back

Towma:
Thank you

Between fg bonds and sukuk which has higher interest rates?
Assuming I buy fg bonds and sukuk, how will I get my money back? Both the capital and the interest?
Is it periodic deductions or is the money paid after tenure expires?

I see you like privacy.

FG bonds and SUKUK funds get advertised by the government from time to time.

For mutual funds, I suggest you use stanbic iBTC. You can send mail to assetmanagement@stanbicibtc.com, requesting for info to open a mutual funds account. Start with money market.

It doesn't have a fixed interest rate in my experience but it is a good way to turk money away.

Has to be USD. I had challenges transferring into their account pre Covid era coz of CBN restrictions on a lot of local transfer although my account officer said I should have called her when I wanted to do it to guide me on how to do the transfer.
Most local transfers without an intermediary bank do not go through, I expect it to be worse now.

GonFreecss1:
Can the eurobonds be bought with naira? Or it’s USD?

I think since the beginning of the year there has been some restrictions on local transfers. You recall there were some complains here about not been able to fund Stanbic USD funds

Grupo:
Local

They keep improving everyday. They have eurobond and stocks now.
Although I still prefer doing stock with a company like morgan.

Ibrahim505:
I'm really enjoying doing tbills with i-invest. I wish they can come with other investment vehicles like us stocks, commercial papers, fgn bond, sukuk bond etc.

And in response, more than one person said they withdrew today, you then change this blanket statement and said maybe it was *change. So my question is how much is (*not change)?
So please clarify,
a) is it that the banks as at today are not giving USD again,
b) or are giving only to those who request for *change in USD?
If your answer is a, then earlier today, USD was withdraw in cash from the bank.
If your answer is b, what is the maximum banks are now giving?
Those are my simple queries sir.

Theconglomerate:
I said all Nigeria banks will most likely not pay you your dollars now from dorm account.
They'll offer naira or ask you to wait and claim CBN is not selling dollars.
They rather sell the money to aboki themselves than pay you dollar unless it's a very negligible sum.
I did not select,I say all Nigeria commercial banks.

All this grammar is unneccessary, just put a value to it. $2,000, 5,000, $10,000 etc.
Secondly, some asked what bank you were talking about also. Some banks are more Forex friendly than others.

Theconglomerate:
Well,why don't you help out these fine gentlemen who seek nothing more than withdrawal of the dollars they deposited in these banks themselves with the same skillset you used to withdraw yours OTC today at 12;49pm.
Atleast the energy we'll expend on arguing over current reality would be used to help these men get their dollars and you in turn have served a genuine purpose
After all,it's the purpose of the thread,helping others with financial solutions.

How much is (*Not change) as per your definition.

Theconglomerate:
How much?
I repeat,no bank go pay you dollars cash now,unless na change you go withdraw.
So that make you go sell to aboki abi?
Or you think bank no know say they can also sell to aboki?