₦airaland Forum

It's access bank o. My dear this seems too good to be true that's my fear

freeman67:
The way it's going now, the advantage TB has over Fixed deposit as regards interest is almost eroded. 20% for 3 months FD, TB will not give you that now. Also, another advantage TB had was that it was initially exempted from WHT but now they've started collecting it so the 20% minus 10% WHT on the interest is 18%. I am not sure you will get that from 91 days TB which is about the equivalent of the 3 months Fixed Deposit.

The major advantage TB has generally is the risk free nature of it. Even dough doing Fixed Deposit might carry more risk, the tenure you are looking at is short and it is with a Commercial Bank not a Microfinance Bank.

Based on the above if I am to be the one, I will do the fixed deposit instead.

Hmm But 20%? No WHT, Interest upfront, Even 10, 000 instant bonus? Omo it's too tempting but seems like a dream. I wish I have someone else in access bank to call.
Thank you for your response 🙏

freeman67:
The way it's going now, the advantage TB has over Fixed deposit as regards interest is almost eroded. 20% for 3 months FD, TB will not give you that now. Also, another advantage TB had was that it was initially exempted from WHT but now they've started collecting it so the 20% minus 10% WHT on the interest is 18%. I am not sure you will get that from 91 days TB which is about the equivalent of the 3 months Fixed Deposit.

The major advantage TB has generally is the risk free nature of it. Even dough doing Fixed Deposit might carry more risk, the tenure you are looking at is short and it is with a Commercial Bank not a Microfinance Bank.

Based on the above if I am to be the one, I will do the fixed deposit instead.

Risingcash94:
Exactly o. That's why I brought it here o my bro. 20% as at now for fixed deposit is just too good to be true. I don't know what to think o. She keeps reassuring me that it's true.

I saw about 17% online. That is really strange for a commercial bank.

I will advise that you visit any Access bank branch that is not the one your account officer is working and check the rates displayed on their rates board. You should also ask the customer service officer. Just tell the person that you are making the enquiry for your diaspora friend. If you cannot visit, look for their customer service email and send them an email on rates.

Dear CUSTOMER,



We wish to inform you of a recent publication released by the Federal Inland Revenue Service (FIRS) in relation to investment in short-term securities issued by the Federal Government of Nigeria. The publication sought to educate investors, discount houses, stockbrokers, Corporate Bond Issuers and holders, and the general public of the need to collaborate with the Government to ensure compliance with the tax implications of the investment in securities. Please see attached notice.



The communique covered the following bases:



The reference to the legislation/law that imposes withholding tax (WHT) deduction on the holders of the short-term securities
Application of WHT deduction from interest income earned by both corporate and Individual investor categories
The duty to deduct and remit the taxes to the relevant tax authorities
The tax credit that accrues to the investor whose interest income has been subjected to tax deduction
The exemption of WHT on FG Bonds and OMO bills issued by the Central Bank of Nigeria (CBN) and
The express definition of “ Short-Term Securities” to cover Government Bonds, Treasury Bills, Promissory Notes, Corporate Bonds, Financial papers & Bills of Exchange etc.


Implications :



On the strength of the above, United Bank of Africa (UBA) PLC will be ensuring 100% adherence with this directive. The applicable WHT rate is 10% of the interest (discount) at maturity and the amount so withheld will be remitted to the relevant tax authority as and when due.



We are working with our support teams to ensure that this and other relevant details are embedded in the offer letters to be issued to investors in the nearest future and we will continue to keep you informed of any further regulatory updates that may affect your investments.



With Love,💖

UBA

RayRay06677:
Dear CUSTOMER,



We wish to inform you of a recent publication released by the Federal Inland Revenue Service (FIRS) in relation to investment in short-term securities issued by the Federal Government of Nigeria. The publication sought to educate investors, discount houses, stockbrokers, Corporate Bond Issuers and holders, and the general public of the need to collaborate with the Government to ensure compliance with the tax implications of the investment in securities. Please see attached notice.



The communique covered the following bases:



The reference to the legislation/law that imposes withholding tax (WHT) deduction on the holders of the short-term securities
Application of WHT deduction from interest income earned by both corporate and Individual investor categories
The duty to deduct and remit the taxes to the relevant tax authorities
The tax credit that accrues to the investor whose interest income has been subjected to tax deduction
The exemption of WHT on FG Bonds and OMO bills issued by the Central Bank of Nigeria (CBN) and
The express definition of “ Short-Term Securities” to cover Government Bonds, Treasury Bills, Promissory Notes, Corporate Bonds, Financial papers & Bills of Exchange etc.


Implications :



On the strength of the above, United Bank of Africa (UBA) PLC will be ensuring 100% adherence with this directive. The applicable WHT rate is 10% of the interest (discount) at maturity and the amount so withheld will be remitted to the relevant tax authority as and when due.



We are working with our support teams to ensure that this and other relevant details are embedded in the offer letters to be issued to investors in the nearest future and we will continue to keep you informed of any further regulatory updates that may affect your investments.



With Love,💖

UBA

You didn't escape they waiting at Maturity

Educationalserv:
You didn't escape they waiting at Maturity

This is from UBA, I was referring to first bank. First bank is not indulging.

It's wrong to charge posthumously.

Capital is sacrosanct and should never be touched. Not investors fault that the bank wasn't properly advised by their legal team.

I strongly hope that this is true but I doubt it bro. I'm not saying that you're lying you may just be wrong. Wait till maturity.

RayRay06677:
This is from UBA, I was referring to first bank. First bank is not indulging.

It's wrong to charge posthumously.

Capital is sacrosanct and should never be touched. Not investors fault that the bank wasn't properly advised by their legal team.

My own maturity na till next year oct...I can only hope WHT won't be deducted from capital

This is just it.

RayRay06677:
This is from UBA, I was referring to first bank. First bank is not indulging.

It's wrong to charge posthumously.

Capital is sacrosanct and should never be touched. Not investors fault that the bank wasn't properly advised by their legal team.

Stock Market losses 4.6 trillion due to new CGT introduce by FIRS
Next Fix income Market like Treasury bill will crash too
And Govt will be force to raise rate wiping out all the 10 percent WHT .
are this guy's really Smart or doing try and Error

freeman67:
The way it's going now, the advantage TB has over Fixed deposit as regards interest is almost eroded. 20% for 3 months FD, TB will not give you that now. Also, another advantage TB had was that it was initially exempted from WHT but now they've started collecting it so the 20% minus 10% WHT on the interest is 18%. I am not sure you will get that from 91 days TB which is about the equivalent of the 3 months Fixed Deposit.

The major advantage TB has generally is the risk free nature of it. Even dough doing Fixed Deposit might carry more risk, the tenure you are looking at is short and it is with a Commercial Bank not a Microfinance Bank.

Based on the above if I am to be the one, I will do the fixed deposit instead.

Rightly said. For me fixed deposit over Fd.
Since rates started trending downwards, alot of my clients still call to thank me for introducing them to tbills.

NL1960:
20% on a FD with a commercial bank. Too good to be true. Is the commercial bank cash strapped or is the amount you want to fix so huge?.

MFB/Fintech give that also atimes, slightly above that all depends on volume and tenure.

I know a commercial bank that can do that but the volume will be huge

Headline inflation for October 2025 down 16.84%

Odunharry:
MFB/Fintech give that also atimes, slightly above that all depends on volume and tenure.

I know a commercial bank that can do that but the volume will be huge

Please attach figures to this comments.

How much and which bank?

Kindly drop their possible rates, thanks

Odunharry:
MFB/Fintech give that also atimes, slightly above that all depends on volume and tenure.

I know a commercial bank that can do that but the volume will be huge

I can understand for MFB/Fintech but for a commercial bank like Access, Iam wondering unless the volume is really huge as you said.

RayRay06677:
Please attach figures to this comments.

How much and which bank?

Kindly drop their possible rates, thanks

I can't post somethings because of anti spam will ban. I saw access rate some months when they were mobilizing funds for fd and the rate isn't that bad. But to get as high as 20 with commercial bank, funds has to be around 200m above it depends...

Ren..money fixed deposit is slightly higher still depends on volume

Odunharry:
I can't post somethings because of anti spam will ban. I saw access rate some months when they were mobilizing funds for fd and the rate isn't that bad. But to get as high as 20 with commercial bank, funds has to be around 200m above it depends...

Ren..money fixed deposit is slightly higher still depends on volume

Thanks boss

Educationalserv:
Stock Market losses 4.6 trillion due to new CGT introduce by FIRS
Next Fix income Market like Treasury bill will crash too
And Govt will be force to raise rate wiping out all the 10 percent WHT .
are this guy's really Smart or doing try and Error

CGT on market gains is expected and welcome. Its a good way wealth in which from the market is redistributed to all.

What do you mean by 'Treasury bill will crash'?

The CBN largely raises rates in response to inflation

We need TB rates to drop fast so that investment can flow to the real economy. You dont expect local businesses to thrive if they are borrowing at rates of over 20% when businesses in other nations can get loans at sub-5%

jedisco:
CGT on market gains is expected and welcome. Its a good way wealth in which from the market is redistributed to all.

What do you mean by 'Treasury bill will crash'?

The CBN largely raises rates in response to inflation

We need TB rates to drop fast so that investment can flow to the real economy. You dont expect local businesses to thrive if they are borrowing at rates of over 20% when businesses in other nations can get loans at sub-5%

wealth redistributed to who ? Nigeria Politicians? Who have looted /Mismanaged all Form of Incomes earned by the Nigeria state and horrible outcomes= Debt 200 trillion , poverty 90 percent, out of school kids 20m unemployment 60 percent under employment 80 percent , inflation 50 percent , Crime 100 percent . Corruption 100 percent.Kobo will not be redistributed to the poor .more Looting for polithieves .
Treasury bill will crash cos is still tax free with stable currency in several East Africa Nations and Southern.
CBN will be force to raise back rate when offer and not subscribe or under subscribe effectively return back the 10 percent WHT

Good morning Sir @freeman67 and my entire investor family.
This is the update on the fixed deposit rates that seemed too good which I talked about earlier.
Hmm, I just realized that the lady I was dealing with via calls and WhatsApp was no longer my account officer for Access bank. I contacted her still thinking that she was with the intent to get the tbills rates. Without informing me that she was no longer with Access bank she proceeded to sell the fixed deposit option to me by citing its juicy rates (20%) which seemed too good to be true. Claiming that she was still my A. officer.
She sent a picture of the list of tenors and rates. She also asked for my details in other to proceed with opening the fixed deposit account ( everything needed to open a new normal account) I sent everything via Whatsapp.
However on closer look at the list she sent me
I realized that it was dated 26th June. Also the the amounts and tenors where confusing as it stated - #5m -10m (20%) then proceeded to list less than #20m at 19%, less than #50m etc instead of more than.
So I received the account number yesterday and it said MUTUAL TRUST. She also asked me to download the mutual trust bank app.
When I asked her about it she said she's been transferred to the mutual trust bank that that's the nature of the job and that she's now a branch manager in this new bank.
She proceeded to send screenshots of other customers' investment receipts and certificates to alleviate my fears. Claiming that they are clients she got from Access bank.
Going through the certificate it clearly included WHT which would be deducted at maturity and with 13% interest rate. Though the amount they invested was far lower than what I intend to invest. But she earlier told me WHT would not be deducted.
As if all these are not crazy enough she sent a cut picture of just an amount of #11,289.089 ( Eleven thousand two hundred and eighty nine naira eighty nine kobo ) as an evidence of #11m investment made by a customer.😂 Unlike the certificate and receipt of the two other clients she sent to me that had both their full names and every detail this one was just the figures . Nothing else to show that it was an investment.
I have brought all this before her and clearly stated my doubts

freeman67:
The way it's going now, the advantage TB has over Fixed deposit as regards interest is almost eroded. 20% for 3 months FD, TB will not give you that now. Also, another advantage TB had was that it was initially exempted from WHT but now they've started collecting it so the 20% minus 10% WHT on the interest is 18%. I am not sure you will get that from 91 days TB which is about the equivalent of the 3 months Fixed Deposit.

The major advantage TB has generally is the risk free nature of it. Even dough doing Fixed Deposit might carry more risk, the tenure you are looking at is short and it is with a Commercial Bank not a Microfinance Bank.

Based on the above if I am to be the one, I will do the fixed deposit instead.

Educationalserv:
wealth redistributed to who ? Nigeria Politicians? Who have looted /Mismanaged all Form of Incomes earned by the Nigeria state and horrible outcomes= Debt 200 trillion , poverty 90 percent, out of school kids 20m unemployment 60 percent under employment 80 percent , inflation 50 percent , Crime 100 percent . Corruption 100 percent.Kobo will not be redistributed to the poor .more Looting for polithieves .
Treasury bill will crash cos is still tax free with stable currency in several East Africa Nations and Southern.
CBN will be force to raise back rate when offer and not subscribe or under subscribe effectively return back the 10 percent WHT

Ahib, Wetin be this

Risingcash94:
Good morning Sir @freeman67 and my entire investor family.
This is the update on the fixed deposit rates that seemed too good which I talked about earlier.
Hmm, I just realized that the lady I was dealing with via calls and WhatsApp was no longer my account officer for Access bank. I contacted her still thinking that she was with the intent to get the tbills rates. Without informing me that she was no longer with Access bank she proceeded to sell the fixed deposit option to me by citing its juicy rates (20%) which seemed too good to be true. Claiming that she was still my A. officer.
She sent a picture of the list of tenors and rates. She also asked for my details in other to proceed with opening the fixed deposit account ( everything needed to open a new normal account) I sent everything via Whatsapp.
However on closer look at the list she sent me
I realized that it was dated 26th June. Also the the amounts and tenors where confusing as it stated - #5m -10m (20%) then proceeded to list less than #20m at 19%, less than #50m etc instead of more than.
So I received the account number yesterday and it said MUTUAL TRUST. She also asked me to download the mutual trust bank app.
When I asked her about it she said she's been transferred to the mutual trust bank that that's the nature of the job and that she's now a branch manager in this new bank.
She proceeded to send screenshots of other customers' investment receipts and certificates to alleviate my fears. Claiming that they are clients she got from Access bank.
Going through the certificate it clearly included WHT which would be deducted at maturity and with 13% interest rate. Though the amount they invested was far lower than what I intend to invest. But she earlier told me WHT would not be deducted.
As if all these are not crazy enough she sent a cut picture of just an amount of #11,289.089 ( Eleven thousand two hundred and eighty nine naira eighty nine kobo ) as an evidence of #11m investment made by a customer.😂 Unlike the certificate and receipt of the two other clients she sent to me that had both their full names and every detail this one was just the figures . Nothing else to show that it was an investment.
I have brought all this before her and clearly stated my doubts

Now there is some form of dissemination of incorrect information. Personally, I will not rely on this person if I were to be the one taking the decision to invest. To be clear, if I am the one I won't not invest.

My reasons are:

1. Anywhere I want to invest, I need them to be straightforward with me with the risk everything involved. If I am willing, I will still go ahead. First she was no longer in Access Bank and the investment opportunity is not from Access Bank as you was presented to you or you initially thought it was. Nothing wrong in trying to maintain your old customers as banker even if you have moved to another Bank. However, not coming clean immediately and pretending till it's time you want to commit is a red flag for me.

2. You said the date on the list of tenure sent to you was in June. Rates have gone slightly lower since then but maybe they are still maintaining same rate or maybe because she is looking for customer or has target to meet, so she can convince her bank to give you a better rate. I don't know but that's something that could be discussed anyway but it's not straightforward.

3. Mutual Trust is a Microfinance Bank. I don't know how big it is or what their capital base will look like but personally I don't row with microfinance banks on serious investments. I used the fintechs sha for fast transactions. For investment with them, putting your funds is very easy but getting your funds out at maturity could difficult sometimes depending on which one it is anyway. I prefer not to give myself that headache.

4. Revealing customers details to you is in itself unethical. Though in this case that could be excusable because she will have done that with the belief that you will never know them and she wants to convince you so badly to invest. The other one with the customer details should have been the ideal thing but she should have included the investment details like rates, tenure and co.

In all, its your decision to take eventually. They maybe other reasons you want may want to consider it but for me, I won't.

Thank you @freeman67
You are kind for taking your time to explain in detail. Bless you 🙏

freeman67:
Now there is some form of dissemination of incorrect information. Personally, I will not rely on this person if I were to be the one taking the decision to invest. To be clear, if I am the one I won't not invest.

My reasons are:

1. Anywhere I want to invest, I need them to be straightforward with me with the risk everything involved. If I am willing, I will still go ahead. First she was no longer in Access Bank and the investment opportunity is not from Access Bank as you was presented to you or you initially thought it was. Nothing wrong in trying to maintain your old customers as banker even if you have moved to another Bank. However, not coming clean immediately and pretending till it's time you want to commit is a red flag for me.

2. You said the date on the list of tenure sent to you was in June. Rates have gone slightly lower since then but maybe they are still maintaining same rate or maybe because she is looking for customer or has target to meet, so she can convince her bank to give you a better rate. I don't know but that's something that could be discussed anyway but it's not straightforward.

3. Mutual Trust is a Microfinance Bank. I don't know how big it is or what their capital base will look like but personally I don't row with microfinance banks on serious investments. I used the fintechs sha for fast transactions. For investment with them, putting your funds is very easy but getting your funds out at maturity could difficult sometimes depending on which one it is anyway. I prefer not to give myself that headache.

4. Revealing customers details to you is in itself unethical. Though in this case that could be excusable because she will have done that with the belief that you will never know them and she wants to convince you so badly to invest. The other one with the customer details should have been the ideal thing but she should have included the investment details like rates, tenure and co.

In all, its your decision to take eventually. They maybe other reasons you want may want to consider it but for me, I won't.

Hello guys, when is the next TB primary market issue?

Meanwhile the debit notice I got from GTBANK yesterday on WIT is still a shock to me!

Do you guys think this will change anytime soon?

Gavrelino123:
Hello guys, when is the next TB primary market issue?

Meanwhile the debit notice I got from GTBANK yesterday on WIT is still a shock to me!

Do you guys think this will change anytime soon?

Debit Notice on former investment or going forward.
It mIght change
30 percent CGT suspended
15 percent fuel levy suspended
It remain 10 WHT on Fixed income

Risingcash94:
Thank you @freeman67
You are kind for taking your time to explain in detail. Bless you 🙏

Freeman has said everything, in her desperation, she sent confidential information to a third party which isn't suppose to be.
Let's talk fixed deposit outside here. Ren..Money though.

Anti spaaam might strike again like it did two days ago

Educationalserv:
Debit Notice on former investment or going forward.
It mIght change
30 percent CGT suspended
15 percent fuel levy suspended
It remain 10 WHT on Fixed income

Not all fixed income though. Short term like treasury bills, CPs etc.
I think tax man stated again that FGN And state bonds are tax exempt

osyexcel longest time.

Odunharry:
osyexcel longest time.

My oga🙌🏾

Educationalserv:
Debit Notice on former investment or going forward.
It mIght change
30 percent CGT suspended
15 percent fuel levy suspended
It remain 10 WHT on Fixed income

A matured TB that i invested 2024.

Got the capital.

Them got another debit described as WIT.

This is so wrong tampering with people's capital. It's just not fair. If they must do this then it should be at the time of investing. Also I feel this 10% on WTH especially for individuals is too much. Individuals should either be exempt or the percentage be reduced to 5%or even less if it must stand.

Gavrelino123:
A matured TB that i invested 2024.

Got the capital.

Them got another debit described as WIT.

Gavrelino123:
A matured TB that i invested 2024.

Got the capital.

Them got another debit described as WIT.

some persons transfered the capital out before the WHT debit
Leaving the account - for Tinubu