₦airaland Forum

jidobaba:
Finally, what does he intend to use this 415m and counting for? Since he is not using it to chop life(yet).
Is he trying to take over the world?

My brother ask me ooooo. Even his own brothers and sister in-laws have been trying to get him to at least travel small. Dude had never been on a plane until his younger brother forced him to accompany him to China in 2016. My guess is that he doesn't want to risk it in business investments, so would rather keep it with interests. When he goes to the great beyond, na em children go chop am

Nnamz:
Just to highlight your second point, I am the only one in my family that has an idea of how much is in my father's account. He earns 300,000 Naira monthly, or so he says (although his pay slips says the same but anyone can manufacture a pay slip lol). Anyways he gave me his phone the other day and I went through his emails. I was shocked to see the bank alerts he had gotten. Dude has over 415 million in fixed deposits. My point is, he uses this "300,000 thousand" monthly salary as excuse not to satisfy my step mothers excessive want for luxuries. Be wise!

you claimed to see 415M fixed in his account

Nnamz:
Can people read before responding I did not say he had to save his salary to reach that amount. I said he has lands here and there, including one which is now priced at 45M as of last year, and I implied he must have acquired more lands like that over the years. Therefore if he sells x amount of lands that he acquired over the years at say 400-800k each, for say 45M, that's more than enough to make you have 415M in your bank account. Read read please read my post before attacking me

Here you claimed to simply implied if he sells x amount, he will have 415M

Nnamz:
I live in Port Harcourt. As for why he's still working, well, ever heard the saying "do what you love and never have to work"? Although he is now retired, the man no gree retire o. He spinned his company for about 8 years before they finally outsmarted and retired him. And as for how a 400k land in 2004 is now priced at 45m, I'm surprised you're even asking that. Don't you know that an area can develop so much that people would want to offer you even 100 million for your land? (2004 till now is what, 18 years? That's goddamn enough time for huge development to hit an area). That 100 million is nothing to them compared to what they would make should they acquire that land. That's why I emphasized on strategically, in my previous post, when it comes to buying land. Some people (like my dad I must say) just have the eye to know a place that would be well developed in few years time. Okay enough now lol

Peace!

2004 to 2018 is not 18 years pls.


with all these discrepancies, how will i believe this fiction abi nollywood movie script.

Nnamz:
I live in Port Harcourt. As for why he's still working, well, ever heard the saying "do what you love and never have to work"? Although he is now retired, the man no gree retire o. He spinned his company for about 8 years before they finally outsmarted and retired him. And as for how a 400k land in 2004 is now priced at 45m, I'm surprised you're even asking that. Don't you know that an area can develop so much that people would want to offer you even 100 million for your land? (2004 till now is what, 18 years? That's goddamn enough time for huge development to hit an area). That 100 million is nothing to them compared to what they would make should they acquire that land. That's why I emphasized on strategically, in my previous post, when it comes to buying land. Some people (like my dad I must say) just have the eye to know a place that would be well developed in few years time. Okay enough now lol

Peace!

it 14 years 2004 _2018 ...did they discover crude oil on the 400 k land to be price for 45 m ? And all the 400k land where sold for 45 m whoops lucky him ...what area of river state did this growth? If it 400 k to 4.5 m possible within 10 years

jidobaba:
The way you people go on about these mythical ROIs on lands sef.
Unless your family owns swathes of prime land or you're a Surveyor who gets equity? Tread with caution. Been there, done that.

I can't emphasize this enough. Well said sir. From what I can see on this thread and other places, real estate in Nigeria is in a serious bubble.

Nnamz:
My brother ask me ooooo. Even his own brothers and sister in-laws have been trying to get him to at least travel small. Dude had never been on a plane until his younger brother forced him to accompany him to China in 2016. My guess is that he doesn't want to risk it in business investments, so would rather keep it with interests. When he goes to the great beyond, na em children go chop am

luck you which bank gives 18 percent in nigeria cos rate are published on paper ...since u saw the alert tell us the bank ?

vacanci:
you claimed to see 415M fixed in his account



Here you claimed to simply implied if he sells x amount, he will have 415M



2004 to 2018 is not 18 years pls.


with all these discrepancies, how will i believe this fiction abi nollywood movie script.

I guess me having breakfast today depends on you believing me. Ode!

jidobaba:
My gtb accounts officer is trying me. I wrote that I wanted 364 days at best rates. This guy did 358 days at 13.75% or so. And refused to compound/re-invest the upfront interest as I requested.
Are these people doing anyhow because it is secondary market? And obviously there is no way one can reverse it.

I don't know why they are always eager when a customer wants to do fixed deposit but would become reluctant and discouraging when the customer wants to do TBills. I once did a fixed deposit for 1.3m and the interest Zenith bank gave me was a mere 6% when the least one can get with TBills is over 10% yet they still wanted me to continue doing FD with them and I flatly rejected it. Shylock people, they will offer interest of 6% to investors yet will turn around to charge sky-high interest on people that take loan from them.

ahiboilandgas:
luck you which bank gives 18 percent in nigeria cos rate are published on paper ...since u saw the alert tell us the bank ?

Yeah lucky me. My siblings and I are blessed. Unity bank if I recall correctly

ahiboilandgas:
it 14 years 2004 _2018 ...did they discover crude oil on the 400 k land to be price for 45 m ? And all the 400k land where sold for 45 m whoops lucky him ...what area of river state did this growth? If it 400 k to 4.5 m possible within 10 years

No sir! 45 (FORTY FIVE), not 4.5

Nnamz:
I'm gonna guess by wisely investing his monthly 300k. Where there is the will, there is always a way.

I will give you an example. A land he bought for 400,000 years ago was priced for 45 million last year. He has other lands which not even my step mum knows of, so I'm gonna guess if he bought numerous lands at 400k then, do the maths and see how much he would make by selling those lands at 45M now. He's a very wise land investor.

What, 400k to 45m? They must have discovered crude oil or gold in the land

ahiboilandgas:
it 14 years 2004 _2018 ...did they discover crude oil on the 400 k land to be price for 45 m ? And all the 400k land where sold for 45 m whoops lucky him ...what area of river state did this growth? If it 400 k to 4.5 m possible within 10 years

It is very difficult for me to swallow it too.
I doubt it, even anywhere in Abuja.

Internetboy:
Is it better to reinvest the upfront interest rate, use it to buy dollar or use the upfront interest as daily expenses because you must spend money daily.

Which is more economically wise.

It depends on your needs. I have two TBs running and they are normally in August/September. I use the upfront interest from the two to pay my kids first term school bills. They are in boarding house. My plan is to increase my TBs amount so that FG will start paying my Landlord as my rent falls due in October.

Nnamz:
Believe me I'm thinking of introducing him to this tbills stuff. Although he did get 18% in his fixed deposit, but he should see reason with me once I tell him that even with a lower interest in tbills, he could reinvest that interest, and still reinvest the interest from the reinvested interest. That way he's making more from compounded 14% interest, than just waiting for one year for 18% interest

You are talking about true yield.

The true yield of tbills of 14% will not be upto 18%


Again, I doubt if that 18% will be constant.

Imagine Tbills going as low as 9% like it did few years ago.


So at any rate, he is better off at FD.
I guess the bank will be making money from people like him via lending at say 20% and above.

Network.
Had to modify.

speedyconnect3:
Eiyaa. I laughed when i saw "invest upfront"


No need to bother yourself. See the trick.

Assuming you have 1m want to use same 1m face value at 10%. Interest.

900k will be deducted. But see.

Instead of writing 1m in the tbills form, fill 1.1m


Remember you have a total of 1m in your account.

This will cause them to deduct 990k leaving you with 10k balance.

You have indirectly invested upfront.

Hmm, this is interesting! Have you done it before?

Grupo:
Hmm, this is interesting! Have you done it before?

If only u had read up 20sections of this thread u would have seen practical info on it.

We have handled every angle of TB on this thread, just to read it up is the problem, Nigerians don't read including me.

Does it mean that no one has confirmed if their Tbills investment went through yesterday or what?

BiafraIShere:
Does it mean that no one has confirmed if their Tbills investment went through yesterday or what?

Anyone please...

Alaska90:
Anyone please...

My account officer informed me that Stanbic 364 day tenor was successful yesterday at 14.35%. Accounts will be debited later today or worse case scenario tomorrow morning.

dejiotus:
My account officer informed me that Stanbic 364 day tenor was successful yesterday at 14.35%. Accounts will be debited later today or worse case scenario tomorrow morning.

ok thanks....waiting for info on First bank

Agbaletu:
I wanted to exchange some $$ today, i was hoping to change it at N262, could you believe that it was exchanged at N265. I quickly checked AbokiFX to check the current rate.

See this screenshot from AbokiFX.

Hehehehehe...

First typo error, then a second one?

unite4real:
First typo error, then a second one?

Corrected. I can't just believe it.

Agbaletu:
Corrected. I can't just believe it.

Ok.

I think the mad rush for dollars demand has started. My fear is the crash that may set in when supply suddenly increase.

Aboki is already selling at 370

ahiboilandgas, please what do you have to say about FX at this stage now?
I am just shaking with the latest development.

unite4real:
Ok.

I think the mad rush for dollars demand has started. My fear is the crash that may set in when supply suddenly increase.

Isn't it too early for this? I pray it crashes because CBN can't sustain this.

Agbaletu:
Isn't it too early for this? I pray it crashes because CBN can't sustain this.

Same issue we have been stressing here since, even some ignoramus insulted us becos of. What the cbn would have done if oil prices where not soo low would have been to release some billions of dollars into the system to stabilise it, but now, I doubt if that would happen.


Then I don't know how much the eurobonds thing can sustain our demand for dollars


Let's be optimistic and hope things don't degenerate too much , cos even though I have some dollars stashed away, it may not be enough to hedge against the impending crisis.

zamirikpo:
Same issue we have been stressing here since, even some ignoramus insulted us becos of. What the cbn would have done if oil prices where not soo low would have been to release some billions of dollars into the system to stabilise it, but now, I doubt if that would happen.


Then I don't know how much the eurobonds thing can sustain our demand for dollars


Let's be optimistic and hope things don't degenerate too much , cos even though I have some dollars stashed away, it may not be enough to hedge against the impending crisis.

That is the major issue. I am also thinking aside the price of the crude oil, electioneering is another factor working against FX. My experience in 2015/2016 left a bitter taste in my mouth when CBN pegged the amount of dollars we could withdraw from our domiciliary account.

Nnamz:
Some questions make me go seriously?? How should I know na? All I know is that he says he makes 300k monthly. Full stop.

As for which bank offers 18%, it was Unity bank if I recall correctly. But make sure you go there with 400 million Naira if you want to wine your mouth and dictate for 18%. They might even pay attention to you, small sha o, if you have like 100 mill

Hmmmmm

Agbaletu:
ahiboilandgas, please what do you have to say about FX at this stage now?
I am just shaking with the latest development.

try and have a red line