₦airaland Forum

[quote author=TONY56 post=66470065]Thank you for your insight on this. My understanding was that the bank would honor my indicated rate and bid within or above it, or return my money, but your explanation makes it so much easier to understand and now gives me a better heads up for future investments. Although I did indicate 13% when filling out the form(I don't reside in Nigeria by the way, so no verbal convo), I scanned the form and emailed it to my account officer, but he never gave me further information. All in all, I think my ROI on the N3m is decent as I look forward to investing same amount in two weeks.

Mr. Tony, or any seasoned guru in the house, would you advise that I bid in the secondary market this time; do I go for 6 months this time or go all in? Thanks in advance...

For your information, since about a year ago, CBN has changed the idea of anybody or individual stating his own bidding rate except for bids involving at least N50million.

So what the banks does is to pull funds from individuals together with theirs and bid on their behalf at their own rate although I understand that few banks excluding GTB allow people to state their own bids and if it's higher than theirs, their bids fails and such money returned back into their accounts after the bidding.

For the last auction, I understand that GTB bidded for 12.5% and stop rate was 13.0422%. So all those who invested below N50m with GTB are alloted at GBT rate of 12.5%.

12.5 % of your N3m is N37,5000 and when transaction charges are deducted, your balance of upfront interest is the N373,972.60. So you have not been cheated at all.

The fact that the stop rate was 13.0422% does not imply that GTB will give you at that rate since their bid was 12.5%.

If you actually stated on their form (not verbally)that you wanted 13%, what they should have done is to return your N3m as "unsuccessful bid" but I guess you didn't[/quote]

Hello house,

I opted in for a 13% bid rate with my account officer at GTBank, prior to the April 4th auction with N3m invested capital FOR 364days. The alert reaching me today, April 5 is that my account has a debited amount of N2,626,027.40, which implies that CBN credited my account with N373,972.60, meanwhile the successful bid rate on CBN website is 13.0422%. Here is where I need the help of the financial gurus in the house:

What is the actual rate on my N3m investment?
Based on the aforementioned info, how much is supposed to be credited to my account, and what will be my True yield upon maturity?
If applied rate is below 13%(My Rate) or 13.044%(CBN rate), are the banks legally allowed to bid below customer's indicated rate?

Thanks guys...

Thank you for the reply, Hajji M. The attached link is really helpful. I am only going to be in Nigeria for about 2 weeks, and due to the time constraint I would like to have the architect be on site with me and discuss possible ideas, then allows me and madam 24 hrs to make our decision. In light of this, we would prefer an architect who works in Asaba or in surrounding areas, I am not sure if BLH studios operates there.

mufutau55:
There is a name and number of the Architect who designed the house you wanted. Why not tell him to do one for you. He is a well known Nairaland Architect and I know him. He can travel to any part of Nigeria to complete your mission and he is affordable too. That is where I think you can start from. Thank you.

This is the guy's thread he is known as "Fippycbk"
https://www.nairaland.com/2080359/architectural-masterpieces-black-lake-house

Sorry if this is not what you meant to hear.

Hajji M.

..

Done!