₦airaland Forum

bassdow:
LAND, GOLD, SILVER, Foreign currencies, etc are the real places they keep their wealth.

Dondav:
I use FCMB's Legacy MMF too .. and I tend to get the accrued interest added at night everyday.

heavenisreal18:
What is happening to economy T.bill 15percent, MMF Stanbic at 16.85. Any explanation from the expert in finance here

emmasoft:
Read through my previous posts. This is the low-rate regime era.

Don't panic. Nothing is wrong; actually, it's a sign of better economic indices, especially a low inflation regime. Rates are reacting to the economic situations of the country and policies of the government via the CBN. We had a time when the rate was as low as 3% in Tbills, and we have also had a time when it went as high as 28%.

Don't stop investing; you can always change strategy.

ernie4life:
Hello House,

I don't know if this has been discussed here but I will like to hear from the fund managers, will there be tax on my money market mutual funds dividend from next year based on the new tax law?

Kabawhat:
It's great to see someone on this platform using the legacy MMF! I wanted to ask, how do you access your account through the web or the app? I've noticed that they rarely update interest on weekends, and even during the weekdays it sometimes during midnight as you said. Also, could you share how you fund your account and how long it takes for the money to reflect? Thank you!

ernie4life:
Hello House,

I don't know if this has been discussed here but I will like to hear from the fund managers, will there be tax on my money market mutual funds dividend from next year based on the new tax law?

ernie4life:
Hello House,

I don't know if this has been discussed here but I will like to hear from the fund managers, will there be tax on my money market mutual funds dividend from next year based on the new tax law?

emmasoft:
I’ve asked the same question to a few top fund managers, and most of them only talked about handling the WHT on the underlying assets (T-Bills). None of them clearly addressed what happens to the interest paid to investors. A few said they’ll provide more clarity on that by next year.

Personally, I know the introduction of WHT on TBills will affect returns on MMFs, as it will mean more fees on the underlying assets and a reduction in the net returns paid to investors.

For now, fingers crossed.

bassdow:
Seems we're in same boat as when I ask, they either tell me what I already know, or try to rephrase my questtion BUT the reality of things is, a lot of stakeHolders really don't have the final picture hence the professional thing they often say is - we would communicate that in due time

Samchi4christ:
I don't know how my life would have turned to financially, if not the life saver: Stanbicibtcmutual funds . Feel my signature everywhere 💪

chukzyfcbb:
.
Yes they do keep wealth in these places but it doesn't consistutes majority of their wealth. Bulk of their wealth lies in equity.

It's their middle class who has bulk of their total assets consisting of land and properties.

Mixology:
Good morning guys.
It seems there’s a problem oh. 10 percent will be withdrawn from interest at the point of payout. This is not nice at all. This government is going crazy.

Mixology:
Good morning guys.
It seems there’s a problem oh. 10 percent will be withdrawn from interest at the point of payout. This is not nice at all. This government is going crazy.

nickydof:
Does anyone have an experience with FBN asset management? Are they the same as FBNQuest?

nnewsnjobs:
Investment gurus in the house, kindly advise how someone can convincely invest 50M and will be smiling home with interest of between 1M and 1.2M every month.

As investing 50M with only Mutual funds will only give interest of between 625k and 750k per month using 15% and 18%. This is possible only if the interest rate doesn't go below 15% as inflation is currently easing down.

Kindly advise on the best way to invest 50M and be sure of interest between 1M and 1.2M every month.

Thanks

emmasoft:
Don't worry yourself, as an investor, no matter the deduction, when you invest and the economy is in good shape, it's always a win-win.
As I always advise, change strategy if necessary.

Fixed income fund, which has mostly federal government bonds as the underlying asset, will be a good alternative at this time since federal government-issued bonds are free from WHT.

Main, while Norrengerger Money market fund is doing great. 18.54% as of today.

Click the second link in my signature to register or talk to me.

nickydof:
Does anyone have an experience with FBN asset management? Are they the same as FBNQuest?

nnewsnjobs:
Investment gurus in the house, kindly advise how someone can convincely invest 50M and will be smiling home with interest of between 1M and 1.2M every month.

As investing 50M with only Mutual funds will only give interest of between 625k and 750k per month using 15% and 18%. This is possible only if the interest rate doesn't go below 15% as inflation is currently easing down.

Kindly advise on the best way to invest 50M and be sure of interest between 1M and 1.2M every month.

Thanks

bassdow:
except you willing to take RISK(s), which means you could loose the actual capital, would suggest you either double that money so investment vehicles such as MMF could give you what you desire or allow the 50-million naira to compound for a while to get to that stage.

As per rates going lower, now might be time to go for FGN bonds or Treasury bills especially at the Primary market. That way, even if rates goes lower, you already locked yours down hence not affected. MMF's rates doesn't lock down to what it is when you subscribed

Neurotika:
I’m worried some funds may exploit the obvious loopholes here. A large part of their portfolios sits in FGN and municipal bonds, which are exempt. The taxable bonds they hold have already suffered WHT at source through the trading platforms. So when they charge subscribers, how exactly will they break down that mix and show the actual tax each fund truly suffered?

The bigger issue is the fact that they will still go back to claim WHT credit on the tax already withheld at source, yet they can’t realistically remit the extra amounts they deduct from subscribers. Doing so would mean remitting twice on the same income. That gap creates room for customer exploitation. Hopefully these grey areas will be properly addressed by the tax reform committee as time goes on….

emmasoft:
Don't worry yourself, as an investor, no matter the deduction, when you invest and the economy is in good shape, it's always a win-win.
As I always advise, change strategy if necessary.

Fixed income fund, which has mostly federal government bonds as the underlying asset, will be a good alternative at this time since federal government-issued bonds are free from WHT.

Main, while Norrengerger Money market fund is doing great. 18.54% as of today.

Click the second link in my signature to register or talk to me.

Risingcash94:
How will they do anything when nobody is speaking up. Nigerians we like to suffer in silence. To me this 10% especially for individuals

Risingcash94:
Pls when is the next fgn bond sale?