₦airaland Forum

Youngzedd:
Hello everyone,


How legit is Risevest?
And how long have they been operating?

Meta AI response:
Risevest is considered a legit investment platform, with over 80,000 users and a reputation for providing a safe and secure investment environment ¹. They're registered with the Corporate Affairs Commission in Nigeria and have partnerships with regulated entities in other countries to hold non-Nigerian investments ¹.

Risevest has been operating since 2019, and their platform allows users to invest in dollar-denominated assets, including US stocks, real estate, and Eurobonds ² ¹. They offer a user-friendly interface, low minimum deposit requirements, and a focus on educating their customers on investing and wealth management ³ ².

Some benefits of using Risevest include:

- *Diversified investment options*: Invest in US stocks, real estate, and Eurobonds
- *Low minimum deposit*: Start investing with a relatively small amount
- *User-friendly interface*: Easy to navigate and manage your investments
- *Financial education*: Risevest provides resources to help customers learn about investing and wealth management

However, it's worth noting that Risevest charges management fees, which can eat into your returns ². Additionally, their customer service has received mixed reviews, with some users reporting difficulty in getting assistance ².

Overall, Risevest appears to be a legitimate investment platform with a strong reputation and a user-friendly interface. However, as with any investment platform, it's essential to do your research, understand the fees and risks involved, and make informed decisions about your investments.

emmasoft:
@Babtunz Kindly note that everything is in order.

By SEC rule, all MMF should have the following parties involved:

1. The Fund manager registered with SEC. In your case, it's Stanbic asset management
2. Custodian bank- a bank not affiliated to the fund manager, in your case, the custodian bank is UBA which is not affiliated to Stanbic, others like FBNQuest uses Citibank, Norrenberger uses UBA, Ucap uses Stanbic and so on
3. Trustees which ensure the MOU of the fund and the underlying asset is adhare to, this is always the second Account name seen on the collection account
4. SEC - This is the government representative and incharge of all investment matters in Nigeria. Any investment product or fund manager not approved by SEC is illegal no matter who is involved.

Reason for the above arrangement is to have checks and balances (Good corporate governance). It's one of the reasons we say MMF is a low risk investement, everything likely to be of risk is mitigated against.

Hence when anyone introduces a fund manger to you, check out for all the parties mentioned above. If any or all is missing please keep your money to yourself irrespective of the returns that is promised

let's be well guided.

Hello. Who are all the parties in the Norrenberger Dollar fund?

1. If tomorrow, UBA bank fails like Heritage bank, what happens to all our individual investments in Stanbic MMF since UBA is the custodian bank in possession of the funds?

2. If you have USD in UBA and you invest the USD in a UBA investment, like fixed deposit, etc... What happens if UBA fails or folds up like Heritage bank?

3. NDIC says depositors funds are insured up to a certain amount, what if you have like $35,000 there in the failed UBA and NDIC only repays N5 million?

Please throw more light. Thank you

Joyful365:
Hello. Who are all the parties in the Norrenberger Dollar fund?

1. If tomorrow, UBA bank fails like Heritage bank, what happens to all our individual investments in Stanbic MMF since UBA is the custodian bank in possession of the funds?

2. If you have USD in UBA and you invest the USD in a UBA investment, like fixed deposit, etc... What happens if UBA fails or folds up like Heritage bank?

3. NDIC says depositors funds are insured up to a certain amount, what if you have like $35,000 there in the failed UBA and NDIC only repays N5 million?

Please throw more light. Thank you

Parties to the NDF:
Norrenberger Asset Management Limited: The fund manager
Stanbic IBTC Bank Plc: The custodian
DLM Trust Company Limited: The trustees
SEC: Regulators
Please note all these parties to the fund doesn't hold your cash.

1- Kindly note that investment in mutual funds is not the same as fixed deposit in MDBs. The cash you deposited in the custodian bank/collection account is not kept in the bank but rather invested in TBills primarily. Hence you are made to pay penalty if you decide to withdraw your money in less than 30 days of your deposit and also you don't get cash instantly when you decided to withdraw unlike the case in your regular bank account when you wish to withdraw. Even if UBA go under which is very much unlikely, nothing happns to your investment because you don't have money with them. The only time you should be worried is when the Federal government annouced that they are unable to meet their obligations in local debts (Tbills), this also is very unlikely because at worst FGN can print naira.

There is a reason we advise newbies to start with MMF. You can actually invest and go to sleep with your two eyes closed.

Remember MMF is classified as low risk investment, hence if these senerio you painted is what is obtanable then MMF can't be seen a a low risk investment any more.

2 &3 - Any cash deposited in the bank will be affected by the CBN and NDIC rules and regulations concerning all MDBs

Good evening guys,

I noticed coronation mutual funds in I-invest is about 26% while stanbic mmf is about 21%, can someone help explain why such huge disparity exist between them?

Also, are the underlying assets of both of them the same?

Tnks...

Goód morning.

Again, the stanbicmutualfunds top up I didn't since 27rh hasn't been credited still.

I want to stop stressing over this issue as it's beginning to frustrate me. I've sent a mail to frontdest but no responses yet.

Do you think it's a network issue or because I paid using opay; so I can avoid this mistake in future. This is the first time I'm paying with opay.

Did you remember to quote your e-account number? If yes, when did you initiate it on 27th? If past 12pm, you should have received the money the next working day, which in this case was 30th. If all of these conditions are okay, the email sent would suffice. Just give it another working day.

BolaAdetoro:
Goód morning.

Again, the stanbicmutualfunds top up I didn't since 27rh hasn't been credited still.

I want to stop stressing over this issue as it's beginning to frustrate me. I've sent a mail to frontdest but no responses yet.

Do you think it's a network issue or because I paid using opay; so I can avoid this mistake in future. This is the first time I'm paying with opay.

BolaAdetoro:
Goód morning.

Again, the stanbicmutualfunds top up I didn't since 27rh hasn't been credited still.

I want to stop stressing over this issue as it's beginning to frustrate me. I've sent a mail to frontdest but no responses yet.

Do you think it's a network issue or because I paid using opay; so I can avoid this mistake in future. This is the first time I'm paying with opay.

Did you put your E-Account number on the narrative or reference field?.

vanvickie:
Good evening guys,

I noticed coronation mutual funds in I-invest is about 26% while stanbic mmf is about 21%, can someone help explain why such huge disparity exist between them?

Also, are the underlying assets of both of them the same?

Tnks...

Check to be sure it's MMF because other forms of mutual funds particularly balance or equity funds are doing great right now but remember the risk is higher in these funds compare to MMF

BolaAdetoro:
Goód morning.

Again, the stanbicmutualfunds top up I didn't since 27rh hasn't been credited still.

I want to stop stressing over this issue as it's beginning to frustrate me. I've sent a mail to frontdest but no responses yet.

Do you think it's a network issue or because I paid using opay; so I can avoid this mistake in future. This is the first time I'm paying with opay.

For what it's worth, please avoid using Opay to pay them. I have tried it like 3 times and it was all issues and back and forth before I could get them to credit my account. I have to mail and call their customer care severally on each occasion before they were able to do it. Their claims was that the money enter their account without narration even though I clearly wrote my account number and the receipt Opay gave clearly carried it.

Just use other commercial banks like GTB, Stanbic and co. Recently I try to use First Bank too but it will not go but only display error messages

BolaAdetoro:
Goód morning.

Again, the stanbicmutualfunds top up I didn't since 27rh hasn't been credited still.

I want to stop stressing over this issue as it's beginning to frustrate me. I've sent a mail to frontdest but no responses yet.

Do you think it's a network issue or because I paid using opay; so I can avoid this mistake in future. This is the first time I'm paying with opay.

Sorry about that. It's an OPAY issue, they seem to have a Narration/Description issue. The narration you put is never on their receipt, neither does it reflect on the recipient's end. To confirm, generate a transaction receipt and see if you'll find narration there. Just avoid using them to fund your MMF. I hope they fix this issue soon.

emmasoft:
Parties to the NDF:
Norrenberger Asset Management Limited: The fund manager
Stanbic IBTC Bank Plc: The custodian
DLM Trust Company Limited: The trustees
SEC: Regulators
Please note all these parties to the fund doesn't hold your cash.

1- Kindly note that investment in mutual funds is not the same as fixed deposit in MDBs. The cash you deposited in the custodian bank/collection account is not kept in the bank but rather invested in TBills primarily. Hence you are made to pay penalty if you decide to withdraw your money in less than 30 days of your deposit and also you don't get cash instantly when you decided to withdraw unlike the case in your regular bank account when you wish to withdraw. Even if UBA go under which is very much unlikely, nothing happns to your investment because you don't have money with them. The only time you should be worried is when the Federal government annouced that they are unable to meet their obligations in local debts (Tbills), this also is very unlikely because at worst FGN can print naira.

There is a reason we advise newbies to start with MMF. You can actually invest and go to sleep with your two eyes closed.

Remember MMF is classified as low risk investment, hence if these senerio you painted is what is obtanable then MMF can't be seen a a low risk investment any more.

2 &3 - Any cash deposited in the bank will be affected by the CBN and NDIC rules and regulations concerning all MDBs

Hello Boss.
Please how can on invest in index funds like vanguard, fidelity and schwab?

Happy new year great minds.

Do sterling bank have mutual funds?

RonuMiscreant:
Hello Boss.
Please how can on invest in index funds like vanguard, fidelity and schwab?

Index funds are not very popular in Nigeria, moreover, the ones you mentioned are foreign, you will need to play in the US market. I believe there is a thread on nairaland where you can get more information from the investors that play in that clime.
You can do mutual funds particularly balance or equity funds which also have some relationship with the stock market.

RayRay06677:
Happy new year great minds.

Do sterling bank have mutual funds?

MDBs like sterling bank don't do mutual funds. Only fund managers do. A fund manager may be in the same group with a bank but that doesn't make their operations the same or that the mutual funds is powered by the bank. Like Stanbic IBTC bank and Stanbic Asset management the two are in the same group but in reality they are two separate companies with separate operations and interest.

yinkaoke:
Go to Anchoria Assets Mgt at Keffi and let them invest for you and thank me later. Or better still speak to me

please what's their rate

Hi guys, I just woke up and saw a debit of over 280k on my stanbic mutual funds account,
Tagged has withholding tax(wht)
And my total gains/loss is 380k
Whats going on

Me too, what'shappening? Have i lost the money?

Registragsas:
Hi guys, I just woke up and saw a debit of over 280k on my stanbic mutual funds account,
Tagged has withholding tax(wht)
And my total gains/loss is 380k
Whats going on

emmasoft:
Norrenberger Dollar Fund

As you get gifts in dollars during this festive period or you came home with dollars, remember to invest some
wisely so that you have gift that keeps giving.

Invest in the Norrenberger Dollar fund at 10.03%. You have opportunity to reinvest (compound) your interest.

Find the account opening form attached.

how is the dollar fund funded? With naira?

Am so surprised. Like why deduct over 73% of my total gains. They should refund my money

Amycanada:
Me too, what'shappening? Have i lost the money?

Meklex:
how is the dollar fund funded? With naira?

They accept both, depending on the one you have. However, if it's naira, the exchange rate will be Norrenberger's rate at the very day of your investment.

See account opening form attached.

Registragsas:
Am so surprised. Like why deduct over 73% of my total gains. They should refund my money

They took all of mine. All my accumulated interest. I hope it's an error or something, because right now I'm sweating already.

Registragsas:
Hi guys, I just woke up and saw a debit of over 280k on my stanbic mutual funds account,
Tagged has withholding tax(wht)
And my total gains/loss is 380k
Whats going on

Today is a working day. You can call to ask the customer care between 8am and 4pm.
I'm very sure the fund in question is not money market fund if WHT is involved and even at that WHT can be that much.

Registragsas:
Hi guys, I just woke up and saw a debit of over 280k on my stanbic mutual funds account,
Tagged has withholding tax(wht)
And my total gains/loss is 380k
Whats going on

This is much
Kindly update us your findings & what was responsible for this kind of deduction.

I called and it was concisely explained. Upon registration I requested that my annual accrued interest within the last 3months of the year be paid to my bank account. So in the next 5 business days, it will reflect on my account

emmasoft:
Today is a working day. You can call to ask the customer care between 8am and 4pm.
I'm very sure the fund in question is not money market fund if WHT is involved and even at that WHT can be that much.

Registragsas:
I called and it was concisely explained. Upon registration I requested that my annual accrued interest within the last 3months of the year be paid to my bank account. So in the next 5 business days, it will reflect on my account

I thought as much, It was only because you mentioned WHT I made my post.
If you wish to opt out of interest being paid to your bank account at the end of each quarter, you can send a mail requesting for your interest to be reinvested going forward.

Please which one of the investments are you on with Stanbic?

Registragsas:
I called and it was concisely explained. Upon registration I requested that my annual accrued interest within the last 3months of the year be paid to my bank account. So in the next 5 business days, it will reflect on my account

Amycanada:
They took all of mine. All my accumulated interest. I hope it's an error or something, because right now I'm sweating already.

Have you reached out to them to address the issue? Mine is a bit complicated, and I’m not satisfied with the explanation they gave then. I noticed my balance stagnated for several weeks in November, but then it increased significantly at the end of the month. However, it reverted back to its previous state shortly after. They stated it was a system error, yet the same thing happened again yesterday. I suspect that the system didn't apply interest during those days, which is why my balance keeps normalizing and reverting at the end of each month. But they won’t admit that. The difference is over 500k.

Neurotika:
Have you reached out to them to address the issue? Mine is a bit complicated, and I’m not satisfied with the explanation they gave then. I noticed my balance stagnated for several weeks in November, but then it increased significantly at the end of the month. However, it reverted back to its previous state shortly after. They stated it was a system error, yet the same thing happened again yesterday. I suspect that the system didn't apply interest during those days, which is why my balance keeps normalizing and reverting at the end of each month. But they won’t admit that. The difference is over 500k.

Yes, thank you. That was the first thing I did this morning. They assured me the money is safe and would be sent to my main account before 08/01/2025. That my accrued interest is sent out every 3 months. They also said I would experience this again in the next 3 months, so I shouldn't be scared.
It's my first time though, that's why I was so scared and no one explained all these to me.

Amycanada:
Yes, thank you. That was the first thing I did this morning. They assured me the money is safe and would be sent to my main account before 08/01/2025. That my accrued interest is sent out every 3 months. They also said I would experience this again in the next 3 months, so I shouldn't be scared.
It's my first time though, that's why I was so scared and no one explained all these to me.

Ok then…

Please advise which Stanbic Investment I can select.

damiflex:
Please advise which Stanbic Investment I can select.

If you are risk averse, select money market fund and click Buy Now and follow the instruction to fill the online form. Click the first link on my signature to start.