₦airaland Forum

Diyke4rich:
Please is firstbank stock advisable to invest N100,000 or which stock is advisable to invest on at this moment.

Below is email from firstbank

Please note that the closing stock price as at 1/13/2020 was N7.25/ share.

Take your question to the right thread.

ibechris:
I joined the banking industry in the year 2012 where I met a colleague who joined from a bigger bank,although I joined as a graduate trainee while he joined as very senior officer.

One blessed day I engaged him in a talk on how we could have side hustle added to our salary,he said everything boils down to Capital for which he had none due to the project he had at hand. I quickly asked like how much are we looking at and he said at least a million naira. And lo and behold,I had just N360,000 as a fresh graduate. He requested I bring the cash and that was how we started,he showed me how to draft the agreement and how to recover funds from customers.

The first cash we gave out happened to be my money and the interest was shared on a 60/40 basis but as time went on,I was reinvesting my interest and the money kept coming.

2016, I resigned my appointment, because the stress was getting out of control and my mentor had already left to join another bank being a professional and very intelligent at his work.

That was how it has been ever since 2012 and currently, i have very solid customers base through referral that I can transact business without going to their offices or even meeting them. To further preserve my capital, I was able to secure about four landed properties in Abuja one in my village.

The loan business is very lucrative,as I have introduced my wife into it and my younger brother is coming on board.
Caveat is; get a mentor and have a targeted market and u will succeed. Do not listen to people as many will talk u down.

Funny enough no one has ever owed me since over 7years.

Knowing that no one has defaulted till now, what strategies do you have in place to recover your funds should someone defaults?
What form(s) of collateral do you accept?
For someone who is not and has never been in banking sector, how do I start getting customers?
Thanks

emmanuelewumi:
Not bad. The real estate, I think you want to buy a plot of land for speculative purposes and a hedge against inflation.

Yes sir.

ibechris:
I joined the banking industry in the year 2012 where I met a colleague who joined from a bigger bank,although I joined as a graduate trainee while he joined as very senior officer.

One blessed day I engaged him in a talk on how we could have side hustle added to our salary,he said everything boils down to Capital for which he had none due to the project he had at hand. I quickly asked like how much are we looking at and he said at least a million naira. And lo and behold,I had just N360,000 as a fresh graduate. He requested I bring the cash and that was how we started,he showed me how to draft the agreement and how to recover funds from customers.

The first cash we gave out happened to be my money and the interest was shared on a 60/40 basis but as time went on,I was reinvesting my interest and the money kept coming.

2016, I resigned my appointment, because the stress was getting out of control and my mentor had already left to join another bank being a professional and very intelligent at his work.

That was how it has been ever since 2012 and currently, i have very solid customers base through referral that I can transact business without going to their offices or even meeting them. To further preserve my capital, I was able to secure about four landed properties in Abuja one in my village.

The loan business is very lucrative,as I have introduced my wife into it and my younger brother is coming on board.
Caveat is; get a mentor and have a targeted market and u will succeed. Do not listen to people as many will talk u down.

Funny enough no one has ever owed me since over 7years.

The biz can thrive mainly in south east or among easterners BC they are biz oriented.

ibechris:
I joined the banking industry in the year 2012 where I met a colleague who joined from a bigger bank,although I joined as a graduate trainee while he joined as very senior officer.

One blessed day I engaged him in a talk on how we could have side hustle added to our salary,he said everything boils down to Capital for which he had none due to the project he had at hand. I quickly asked like how much are we looking at and he said at least a million naira. And lo and behold,I had just N360,000 as a fresh graduate. He requested I bring the cash and that was how we started,he showed me how to draft the agreement and how to recover funds from customers.

The first cash we gave out happened to be my money and the interest was shared on a 60/40 basis but as time went on,I was reinvesting my interest and the money kept coming.

2016, I resigned my appointment, because the stress was getting out of control and my mentor had already left to join another bank being a professional and very intelligent at his work.

That was how it has been ever since 2012 and currently, i have very solid customers base through referral that I can transact business without going to their offices or even meeting them. To further preserve my capital, I was able to secure about four landed properties in Abuja one in my village.

The loan business is very lucrative,as I have introduced my wife into it and my younger brother is coming on board.
Caveat is; get a mentor and have a targeted market and u will succeed. Do not listen to people as many will talk u down.

Funny enough no one has ever owed me since over 7years.

Whao, quite impressive sir, please I want to ask, how did you arrive at the interest rates you charge your customers and is the business run through an app or just simple manual paper processing?

emmanuelewumi:
Buy Eurobond funds, FG bond or mmf.

There is a rumour of currency devaluation in the next 4 weeks, Eurobond Fund won't be a bad idea

Or buy shares of companies who earn in dollars eg Seplat, Airtel, Dangote cement earns in dollars from his branches in other African countries

With this wave of devaluation, I know it's better to liquidate my MMF and open eurobond or dollar fund.
But I am still confused on how to fund it.
I called someone at stanbic, her explanation was to open a domiciliary account, then get a bureau de change agent to fund it. Unfortunately I reside outside naija and doesn't have such contact.

What should be my best move?

I must thank you for your immense contributions. Very rich and powerful.

jossy26:
Whao, quite impressive sir, please I want to ask, how did you arrive at the interest rates you charge your customers and is the business run through an app or just simple manual paper processing?

Manual and nothing more!

ndidigood:
The biz can thrive mainly in south east or among easterners BC they are biz oriented.

Not really,I was born in Lagos and had only lived in my state of origin in just 5years of my studentship,and ever since been living in the North where I do work and still do my business.

ndidigood:
The biz can thrive mainly in south east or among easterners BC they are biz oriented.

You will do better working with civil servants. You will have to develop strategies on how to get your money on pay day

Onboard1:
Knowing that no one has defaulted till now, what strategies do you have in place to recover your funds should someone defaults?
What form(s) of collateral do you accept?
For someone who is not and has never been in banking sector, how do I start getting customers?
Thanks

U don't need all the customer,but one trusted person that will refer u to others and surprisingly,that is what actually worked for me. For recovery,very simple.
U must have someone to guarantee the loan for u and often check on ur customers to ensure things are going as promised.

kolagbemi:
Let me say i have read lots of negative feed back as regards this Keke business. At the beginning of 2019, i sat down and did projection on hire purchase and decided to try it out. I was Jobless for close to 2years and was desperate to do something. I got a loanof 2million and put everything into the business. I started mine on hire purchase plan in February 2019 with 3keke at 690k for purchase of New Bajaj and license registration.

My experience is here in Kurudu/Nyanya area of Abuja and I deal only with Hausa guys. I had intention to involve Police and Lawyers at the beginning, also wanted to put comprehensive insurance, with health and life assurance for the hirers but I jettisoned them all one by one due to the fact that I was lucky with the drivers i got.

Next month will be 1year since i begin, though it is not as smooth as i thought it would be, but it is not a bad venture. The Major obstacle to meet up with my projection was even me and not the business performance. I nearly finish my capital myself.

I had a projection of ploughing the money back to acquire more as the repayment of 20k weekly are made and it hit a total amont to buy another one. The first 6months were perfect but then i started to deep and into the capital due to challenges from home front. I should have hit 10 keke by now but I have 6 keke instead.

The hirers performance is close to 80%. One of the first 3 keke has missed just thrice (3weeks 60k) in all the one year. Another which is close to 8months now missed a week payment. Out of the 6keke only 2 are not doi g excellently well which I have retrieve Keke from them and give to another hirer.

I don't call them, i have never had issue with any of them. In fact, one of them, I only saw him yesterday since I gave him keke since February 2019. He came to checkhis balance.

That's my experience here in Abuja. The FCT administration is now limiting the activity of the keke which have now affected my going forward with it. I am now in the process of windingdown the business here.

Interesting!
Necessity they say is the mother of invention. I'm sure your experience will go a long way serving as a guide to would be investors thinking in that direction. Thanks for sharing and may God bless and prosper you.
You should try to have the keke insured to avert risk. It doesn't cost much.
For 3 consecutive yrs, I was paying premium (comprehensive) on my wife's car while my company pays for mine, just last year I decided to do third party insurance. But guess what that was when the car had minor accident which the insurance would have paid for.

emmanuelewumi:
Buy Eurobond funds, FG bond or mmf.

There is a rumour of currency devaluation in the next 4 weeks, Eurobond Fund won't be a bad idea

Or buy shares of companies who earn in dollars eg Seplat, Airtel, Dangote cement earns in dollars from his branches in other African countries

Any stock broker one can start with. I do have share wirh Honeywell. I no dey here or see dividend again over 5 years now.

seyisanya:
Sir, I'll love to be like you when I grow up. Not until then, I'll be monitoring the day-to-day activities on NSE. I knew nothing about stocks prior to August 2019, but now, with the help of your selfless contribution and other gurus on NSEMPA, I've been able to learn and gain a lot.

My strategy, for now, is short/mid-term investing. And my focus is on capital appreciation for now. Not until I hit a certain target, no attention will be given to dividend yield but it's part of my long term investment goals. I've been able to grow my capital in NSE(both trading account balance and portfolio balance) by 50% in just 5 months with plenty of room for growth.

Thanks for sharing your wealth of experience on this thread and NSEMPA!

Hi bro, can I have word with you?

My email address is francmichaels@yahoo.com

Grupo:
Hmm. Sounds interesting.

My uncle, a lecturer told me to go into this business in 2017. I was scared.

He is a lecturer and told me that his colleagues would be my first clients as their salaries are never enough in this economy.

Maybe I should think again.

U don't mean it, that was ur best opportunity.
In fact,in this business u don't need to open a shop,u just need to work from home.
That is what I do and for instance i am in my village right now,but the business is moving because i no longer needed to be around for me to make my money.
Finally,when u eventually starts,pls do not put up greed,as in trying to make so much from little. Wish u the best.

ozymes:
How do your recover your money from recalcitrant/dubious borrowers?

When u give out loan,be ready to have someone issue u cheque on behalf of the fellow whom u are loaning money to. That is,let the borrower provide u with a creditable and trust worthy guarantor.
The guys that stand as my guarantors can fight my case out. Reason is because they don't want anything that will affect theirs.

Bros you are point straight and concise.

emmanuelewumi:
Treasury Bill, bonds, Eurobond, money market funds, real estate, personal business, stock market, jobs are all Investment vehicles and none is superior to the other because they serve different purposes.

To move from point A to B, we have bicycles, motor bikes, cars, truck, lorry, boat, trailer, train, aeroplane, ship. What will determine our mode of transportation from point A to point B is the distance, terrain, sizes of our luggage etc. None of the vehicles is better than the other because they have different purposes, their suitability is determined by circumstantial variables.


Same with the various Investments and asset classes.

9galen217:
Pls do you mind sharing the contact of the Nairalander. You can PM the details if it makes you comfortable. I equally have a pending project for a 5 bedroom duplex at Abuja, but the figures the contractors are calling just sinks my heart...18M seems reasonable. By finish; do you mean tiles, P.O.P e.t.c?

I am a quantity Surveyor I can come up with an estimate for you thats my job

DigitalMallam:
Interesting!
Necessity they say is the mother of invention. I'm sure your experience will go a long way serving as a guide to would be investors thinking in that direction. Thanks for sharing and may God bless and prosper you.
You should try to have the keke insured to avert risk. It doesn't cost much.
For 3 consecutive yrs, I was paying premium (comprehensive) on my wife's car while my company pays for mine, just last year I decided to do third party insurance. But guess what that was when the car had minor accident which the insurance would have paid for.

Well I really hope it will encourage someone.

For the insurance....majority of the insurance company doesn't provide comprehensive insurance for commercial keke except the keke is for delivery purpose and not full commercial activities. I went to 10 insurance companies only one does comprehensive. Had to settle for 3rd party.

emmanuelewumi:
Send a pm

Good day sir.

This FBN quest guys are really confusing.

Just 2 weeks ago, their staff told me I didn't need a domicillary account to run the eurobond.

On getting to the bank today, after wasting hours, he now told me I need to make the transfer from my domicillary account into their beneficiary accounts.

Please is that how you got yours?

yomi007k:
Good day sir.

This FBN quest guys are really confusing.

Just 2 weeks ago, their staff told me I didn't need a domicillary account to run the eurobond.

On getting to the bank today, after wasting hours, he now told me I need to make the transfer from my domicillary account into their beneficiary accounts.

Please is that how you got yours?

You need a dom account to transfer your money to their offshore account.

IamR:
You need a dom account to transfer your money to their offshore account.

Thank you sir.

I would have opened that since 2 weeks ago.

One of their FBN quest staff told me that I didn't need a domicillary account.

It's so pathetic.

yomi007k:
Good day sir.

This FBN quest guys are really confusing.

Just 2 weeks ago, their staff told me I didn't need a domicillary account to run the eurobond.

On getting to the bank today, after wasting hours, he now told me I need to make the transfer from my domicillary account into their beneficiary accounts.

Please is that how you got yours?

Some of the workers have limited knowledge about their company's products and operations.

emmanuelewumi:
Some of the workers have limited knowledge about their company's products and operations.

It's sad.

Wasted alot of time. Time is money.

kolagbemi:
I am now trying to check other options of earning income from the proceeds of the business.

I recently got a Job with FG paramilitary....onenof my colleagues introduced me to a business here that gives monthly 20% interest here in abuja. They are called Famzhi limited, while we were in training he use to show me his interest monthly. The business idea look so strange to me up till now. I have gone to the office saw whay they do but how can they afford to pay 20% monthly? They are into all kinds Poultry, Pure and table water, Farming etc.

I have decided to put 300k to test it while I continue to study the model.

Please experience guyz here should please advice on Famzhi limited.

See their office....

Please kindly check the Facebook page to learn about them so you can advice us better.

https://www.facebook.com/Famzhi-Investment-Business-111553143603860/

My capital is small but that's all I've got.. I can't afford to lose it.

Thanks

That ugly looking building is the office of a company giving 20% monthly on your capital? Smh

Also, people listening to money lending stories should thread carefully o. Don't give anyone your hard-earned money to help you loan out in order to share profit o. There are "sharks" out there that feed on peoples sweat waiting to devour your investment.

Onboard1:
With this wave of devaluation, I know it's better to liquidate my MMF and open eurobond or dollar fund.
But I am still confused on how to fund it.
I called someone at stanbic, her explanation was to open a domiciliary account, then get a bureau de change agent to fund it. Unfortunately I reside outside naija and doesn't have such contact.

What should be my best move?

I must thank you for your immense contributions. Very rich and powerful.

You can try Everdon BDC. I reside in Abuja and they are located in Lagos. I have never been to their office before and I have used then severally in the last 1 year.

Contact them using the details on their website everdonbdc.com and once you complete your kyc documentation all you need to do is credit their naira Account and they will credit your dorm account with the dollars.

9galen217:
Pls do you mind sharing the contact of the Nairalander. You can PM the details if it makes you comfortable. I equally have a pending project for a 5 bedroom duplex at Abuja, but the figures the contractors are calling just sinks my heart...18M seems reasonable. By finish; do you mean tiles, P.O.P e.t.c?

Kindly chat me up let's talk, I am Architect by profession,....Even If won't be the one to help you manage the project I can advise you on that. I am based in Abuja.
Chat me on 07068225930.

unite4real:
CBN has instructed the bank that for every 100 Naira deposit, the bank must give out at least 65 Naira as loans to the real sector, leaving at most 35 Naira for other activities. Failure to meet up with this, CBN sanctions the banks by deducting their money from the deposit they have with the CBN.

Interest rate on loan is high and people are not coming forward as much as depositors are dropping the money in the banks. The money they are depositing is higher than the money being requested as loans. So they want to discourage this much money in order to avoid sanction due to their inability to meet up the 65% of the money as loans to the real sector. because of this, the deposit interest is reduced to as low as 2% to make it unattractive to depositors.

In all this policies, the banks end up winners. Na we dey suffer the thing.

Lol. They should drop the lending rates naa. People will come forward

Infinitisi:
You can try Everdon BDC. I reside in Abuja and they are located in Lagos. I have never been to their office before.

Contact them using the details on their website everdonbdc.com and once you complete your kyc documentation all you need to do is credit their naira Account and they will credit your dorm account with the dollars.

Yeah. I can vouch for this. I don't know them from Adam, but have used them severally.

bjtinz:
Lol. They should drop the lending rates naa. People will come forward

Don't mind them. Always going for the kill.

This thing between interest/lending rates and inflation work like a roller coaster. If lending rates are very high which mean high borrowing cost, there will be less spending. If the rates are low, people spend alot. Each of these scenarios have effect on the inflation rate. Na so e go dey move like pot upon the Nile.

Infinitisi:
You can try Everdon BDC. I reside in Abuja and they are located in Lagos. I have never been to their office before and I have used then severally in the last 1 year.

Contact them using the details on their website everdonbdc.com and once you complete your kyc documentation all you need to do is credit their naira Account and they will credit your dorm account with the dollars.

Yes they are reliable. Their office is in the lagos island part of lagos. I use them severally

OgogoroFreak:
The thing dey surprise me sef o. I built my house in ajah for about 55M and it's not even bigger than this.

bros some greedy contractor can make one spend allot am also a contractor but I don't over charge I was able to build a 4flat for my brother in US 2flat down and two flat up with good finishing for 27m and cost of land is inclusive the 27m am also currently working for my cousin in canada a 3bedroom bungalow have spend 6m the house is at the finishing level.so bros that your 55m is much oo.

Here you go guys