₦airaland Forum

adetumi:
Good morning house, please I went to a branch of FBN today to apply for TB and the guy sounded uninterested, though he asked me to fill the form but I don't trust him and I really need the TB now. I am planning to go to another branch and fill the form but please what is the implication if the 2 of them eventually process it?

There is no big deal if you have enough money in your account to pay for both.
If not, which ever branch that debits your account first shall be the one that will buy it for you while the other one will not buy since you don't have funds to back the 2nd one up.

You really don't need to do what you did especially if you don't intend to process both. You could have simply gone to another branch where the officer could "sound interested"

whirlwind7:
I know that cost is a factor.
But, if you can try and increase your budget for roofing sheets, its better you buy aluminium instead. There's a reason why developed countries have outrightly banned asbestos due to its health hazard. I realized that asbestos are still commonly used in the SW, including some parts of Lagos.

In Nigeria, we no send, until its too late.
Protect yourself, your family and your environment. Peace!

Thanks but that has not answered my question please.
I did not ask for advice. I asked for prices

Is there any on this thread who sells Nigerite Asbestos roofing sheets?

I need 4ft x 8ft Nigerite Asbestos roofing sheet.
What's the price of 4ft x 8ft?

Or contact me on whatsapp: 07038569000

thotianna:
When does first quater start?

awesomeJ:
It's easy.
If I buy 1m bills at 15% discount. I will be debited 850k. So my actual principal is 850k, will should become 1m if the investment matures.
Now if I decide immediately to terminate for whatever reason, and you want to buy from me at 18% you will only give me 820k, and collect the 1m on maturity, so I'll be losing 30k.
But if the prevailing market rates implies that I sell to you at 12%, then what you'll pay me will be 880k, which to me will be a 30k profit.

Basically, there's a profit when you sell at at a lower discount. And there's a loss when you sell at a higher discount.

To put things in another perspective, let's say you want to retail an item at your local store in Lagos. Item costs $100 per unit. It's year end promo, and Walmart is giving you a 10% discount.
Now when the goods reach Lagos, which will earn you profit-Offering a 5% discount or offering a 15% discount?. Obviously the latter has you selling at $85 while the former implies a $95 retail price. Cost to you is $90. So it's selling at a lower discount (5%) that brings the bucks.

Well done brother for the explanations you have offered Aliko.

Aliko, don't allow it to get you confused. So I advice that you just pick like say N1,000 to work with and see what profit you get at 17.3% for 364days; which is N17.30 inside your pocket.

Then when you now decide just after 63days to sell off, you pay back (364-63)/364 × N17.30 =
N14.3. So you now have only N3 instead of N17.3 in your pocket.

But it's the same N1,000 the bank wants to help you sell off but at 15.6% for 301days. = (N1000 x 15.6)/100 = N15.6. So out of N1000 that the bank is helping you to off load, you are now giving away only N15.6 instead of N17.3 that CBN gave you at 17.3%. You have therefore made a gain of N1.7.

If you equally off loaded at 17.3%, you would have also paid N17.3 to the new investor BUT selling at a lower DISCOUNTED rate than you bought has given you that N1.7 gain.
So your total profit from the transactions is N3 + N1.7 = N4.7 gain before deductions.

I hope with this example, you would have fully understood why you will make profit and not loss for buying at a higher discounted rate, and selling at a lower discounted rate?

The confusion arose because you are mixing up the two terms viz "Selling or buying at a rate" & "Selling or buying at a DISCOUNTED rate"

Partnerbiz:
TONY56

Hmmm lol
You just adverted my mind to a lot of things now.

Thanks.

You are welcome but remember to apologise to WhiteChocolate for being a doubting Thomas

awesomeJ:
Happy Sunday everyone.

One of the main purposes of our interaction here would be to identify available opportunities for getting maximum returns on our investments.
Now for a while after we had the talk on true yield, there has been a number of people who now choose to reinvest their upfront interest.
But this WhiteChocolate's investment has brought something to my attention, and that is the fact that one can "SHORT SELL" this t-bills market to make some more bucks.

He got 460,000 on 8.265m in 63days. Guess what yield that represents a whopping 32.25% p.a. If in doubt, please do the math, and let's see what comes up.

Now, "short selling" in this market is only a once in a while thing, and it will only make sense to investors who do short term bills.

So whenever rates start taking a dip, and you're sure that over the next quarter, there could be up to a 2% cut in rates, then rather than buying a 91-day paper at 14%, you could buy a 364-day paper, and resell after 91 days at lower discount and thus push your returns to about 30% or more.

If any 91-day investor had tried this in q4'15, when rates dipped by about 7% The returns would have been about 40% p.a and peak discount for 91-day bills at that time was about 10.5%

perhaps this is one significant way banks make a portion of their t-bills profit.

So I hope we see the opportunity present in this strategy, and adopt it may be.

P.S By "short selling" I mean taking a bet that yield on t-bills will decline considerably in the near future.

I agree with you but you should have done the Mathematics yourself to prove to the doubting Thomases.

Kennycyphers:
Interesting comments... Between GTB and FBN, which one is more preferable for Treasury Bills? In terms of return on investment and the rates. Thanks.

Why are you trying to compare "Sleep with death"?

The difference is clear -it's 7up!

FBN is FAR FAR BETTER!!!

opeyemmmy:
Sorry to butt in, this is not impossible.

The bank is selling his investment at the secondary market at a lower yield - 15.6% (because Tbill rates had fallen) compared to when he bought it - 17.388%, which means the holder to maturity will earn less than the initial yield on the bill.

So besides the interest accrued on his investment for the 63 days(?) he held it, he has also made some profit on sale arising from yields dropping by 1.788%.

This, I believe, is what his bank has used in calculating his payout.

YOU ARE ABSOLUTELY CORRECT!!!

Partnerbiz:
This is false.
Not possible to gain upto 460k based on the info above.

My friend,
He has told you what he got at the end of the day as his profit and you're saying it's false because you have not taken the trouble to do a deligent calculation.

I will therefore prove to you now that it's not false:

He invested N10,000,000. @17.388% for 364days and got N1,738,800 as his upfront interest before other deductions. He was debited N8,265,963.8, meaning that he got a profit of N1,734,036.2 after deductions.

For terminating it after just 63days and with NO PENAL CHARGES BY STANBIC BANK, it means N1,738,800 ÷ 364days × (364-63)days =N1,437,853.9 was deducted from what he had collected as upfront interest, leaving him with N300,946.1.

Now, selling it @15.6% instead of the 17.388%he bought it because rates have come down now means he is selling it at a profit of 1.788%.

1.788% of N10,000,000 is N178,800.

Therefore his total gain is N300,946.1(for 63days)
+N178,800 (for selling at a profit)
=N479,746.

So my friend, for @whitechocolate to have told us that he made a profit of N460,063.56, he has told us NOTHING BUT THE ABSOLUTE TRUTH and the difference in my calculation and what he said he got MUST be the transaction costs and other sundry charges which is about N19,682.44.


In view of the trouble you have made me to go through to clinically prove that @whitechocolate NEVER LIED, and the fact that you cast aspersions on his person, I humbly demand that you apologise to him and just say thank you to me.

Pls, what's the current prices of Nigerite Asbestos Roofing Sheets of 4ft x 8ft and Solo?

Also, the price of 20tons .& 30tons of DREDGING SHARP SAND and 10tons plaster Sand to GBERIGBE-IKORODU

Kenerd:
Tony56,,, how far? cleared?.... igbenedion hostel is out of bed space, I tried to apply today. medical and igbenedion are filled..... I got onyearugbulem. Tony56, now I get your point... people that know about this have lobbied and booked down already. Now you're hindered cos you've not been cleared.

Cleared ke? It's still there remaining uncleared

Jumeeeeesal:
Help: mine has been showing clearance request for long. Hope am in safer side?

Which course?

tolajay:
Hello people,

I'd like to terminate my 300k TB portfolio.

How much will I lose for this termination?

Your best bet is to approach your bank because no one knows your bank nor the terms and conditions given to you when you were investing and even if you provide the informations the answers have been provided severally here. You can therefore go back to less than 10 pages back for answer to your question by doing the necessary calculations yourself

WhiteChocolate:
Stanbic IBTC Bank. Thanks for the clarification.

No wonder.
They're the best by my own assessment especially with Primary market while First Bank is next and best in Secondary Market

*BREAKING NEWS*

*HOSTEL PORTAL OPENED*

WhiteChocolate:
I just wanna share the following
I got a NGN 10,000,000 tbills at 17.3880% on the 14/09/2017. The Discount value was NGN 8,265,963.84. I needed money urgently to secure a property so I terminated prematurely on the 17/11/2017. I was told it was gonna be sold on secondary market for 15.6%. I was actually fearful because of the 25% penal charge we have always talked about here; that doesn't exist by the way or maybe I don't get how that works because I was credited with NGN 8,726,027.40. I got a total of NGN 460,063.56. I see no deductions whatsoever anywhere and the head of service support told me the penal charge of 25% did not exist. For those who had experienced that in the past could it be a bank thing? Just thinking aloud

You probably did not follow the story from the beginning and you did not specify your bank which obviously is not UNION BANK.

The "complainant" said he did the investment with UNION BANK and the bank indicated in the transaction papers that if he terminated the Investment before maturity, he would be charged a penal fee of 25% of the upfront interests apart from other fees.

So it's a UNION BANK policy or conditions like when they say "Terms and conditions apply".

And that's why one should endeavour to read all the terms and conditions before doing any business.

You see, he like some others saw it and still went ahead to sign the deal. Some people are dogmatic in nature and will tell you that they are used to banking with a particular bank for many years and would not want to move to better bank.

That's one of the resultant effects. And unfortunately, Union is not among the top 5 banks that gets good bids at the NTB auctions. So why should an investor even do NTB with them in the first place when you can get far better from banks like Stanbic, First, Gtb, Zenith etc.

So it's a UNION BANK policy that does not apply to all banks.

Lastly, many who followed the story must have learnt a lesson from his ordeal and that's one of the objectives of this beautiful thread

I understand that if it shows "Clearance started" it means there is an issue with your details and the clearance officer would have given you the details of the issue for you to address.

One of the common issues is that your scratch card number you provided is not valid. Meaning that it has been used 5 times and all you need do is buy another scratch card for checking the result you uploaded and give your clearance officer the pin numbers so that he can verify your results.

I have a strong conviction that the non clearance has to do with our clearance officer for English language and that's why I have been looking for any English newbie like me who has been cleared and I am yet to find one.

Until I see one, I am concluding that non of us has been cleared.and that's very bad because they said that the Hostel portal would be opened 12 noon yesterday thereby putting some of us at a disadvantage.

Swittzz0054:
Has ur clearance status ever shown anything like "Clearance Started"?

NEVER.

Swittzz0054:
According to a lecturer, he said those yet to be cleared within a week after acceptance then the clearing officer Is not satisfied with ur application details (probably because some data don't tally or some other criteria ) hence they ask to upload ur original documents for investigation then validations and then u will be cleared and this process takes time and that is why some people are automatically cleared after acceptance fee while others go through extra process....... I wish everyone the best of luck and hope everybody gets cleared without complications

Those who fall into that category must have been informed and asked to upload their originals as you said but I haven't been informed of any discrepancies in my application details and that's why I have been asking everyone here if they know of any English fresher who has been cleared

collinometricx:
Lectures have started for law and medicine students
Old and freshers

That's not true.
It's only for old students please.

Kenerd:
The blue save/submit button after filling clearance data is what I'm referring to. when you click Clearance data you shouldn't be able to edit it if you've submitted. once it's done, don't worry some people had this issue last year; they were cleared late.

Thanks for responding.
I have just gone back there now and I can't edit my details except email and phone number. So I think I did submit successfully.

Then what's the problem that they have not cleared me after two weeks?

Please ALL,
Does anyone know any English fresher that has been cleared? If you do, Pls let me know cause I am worried that I have not been cleared after paying acceptance fees since 9th November 2017- over two weeks ago

Kenerd:
Oh sorry, hope you submitted your forms sha and didn't just save.... don't worry you'll get cleared.

Kenerd,
Pls i just remembered now that when I saved my forms, there was nothing like submit.
So how did you submit?
Can you Pls explain so that I can go back to do that to see if that is the reason why I have not been cleared

Cms38:
After payment of acceptance fee it took two days

What's your course pls?

Please, is there any English fresher that has been cleared?

I am wondering cause even those who paid acceptance fees two days ago have been cleared whereas I paid about a week ago

Kenerd:
Oh sorry, hope you submitted your forms sha and didn't just save.... don't worry you'll get cleared.

Yes I did.
I am made to believe that no English student had been cleared. Whether that is true or not, I don't know.
According to my source, the man in charge of English is slow

Kenerd:
where you been since na? I'm hoping to pay school fees this week or next.

I got tired of all these suspense and decided not to post.
You are lucky that you have been cleared. I keep checking 3, 4 times daily and up till now, it's still showing not cleared and those who have been cleared are now going to be at an advantage to get good hostel since they have been cleared and would be able to apply for hostel after paying the fees which I understand will open this Friday 24th November 2017

I wish you well in the payments

remi1444:
Mmmm, you seem not to understand yet, the person behind
that moniker lizzydonald "could" be a mom not just an ordinary mom but a "social platform wise mom" she is getting information for her wards who seek admission in AAU.
It doesn't add up for someone to apply to science related course last year and return the next and apply for law.
I wont say (s)he inflated the last years score, the process last year favoured those with Alpha scores even with slightly high score.

I don't believe that.
It appears you know her and just trying to cover up.
You said you met her on campus last year. She is a complete liar.

At any rate, I won't discuss this issue again. I merely wanted to prove her inconsistencies and I won't react to your defence of her again.

Have a beautiful day

Kenerd:
Tony56

Talk now

remi1444:
She was admitted into MBBS though, i met her during their lectures in college, but i decided not to introduce myself probably because my illushi demon was fully fledged in my head....lolx
My intuition tells me the moniker is operated by their mom, her brother(son) is a law aspirant!

@remi1444, hope you remember posting above in respect of lizzydonald.
If what you wrote is true, how come she is now saying that she has now been given English instead of law? See her post below.

But you said she was offered MBBS last year. I guess she lied about the admission last year and seeking for law this year. She is not a truthful girl as I saw everything that happened last year when she claimed to have gotten the best putme result but bluntly refused to uplod the screen shot. Earlier on this thread, when reminded that she claimed to have been offered admission last year, she responded that this year''s is for her brother but she has probably forgotten and on this page, she is saying that she has just been given English instead of Law.

You can now see that she is a LIAR -she was not admitted last year. See her recent post below

lizzydonald:
The kind vex wey l dey now, fire fighter together with extinguisher no go fit quench am. I was given BA.English, despite my score of 72. Please someone should l advise me, l need my LAW o.