₦airaland Forum

To your type everything is audio, better go back to your tomato selling.

TransAtlanticEx:
Man weh dey lie all the time no dey know when e talk true...
My brother,19th september 2020...

Yes i bought some usd then with my matured tbills, it escaped my mind to terminate other of my tbills and convert them to usd, now that single mistake is haunting me...

ojesymsym:
But bros, u de here for long na, sometime around December or early this year, Ahib warn everybody to store up in USD especially as TB was becoming low and devaluation was believed to be inevitable.

Yes i did but that was just a chunk of my capital.

Comeandcollect:
But you mentioned sometime ago you were able to beat the devaluation and buy $300k usd at N360/$. What really happened ?

I am just managing 5% in commercial paper and low rates in other investments while waiting for dollars to drop so that i can convert all my naira to dollars, I will never keep more than 10M in naira again once dollar drops and this is the last time i will be caught in naira devaluation, tbills, mmf, cp e.t.c in Nigeria doesn't worth it..once there is a devaluation you will lose all the gains and even some of your capital.

12inchess:
I don't know what is your own with me guy. Are you the one in charge of my savings and investment? You're just mad for nothing but you know what I'm saying is the truth. I started investing in Tbills in 2017. Normally in a regular economy many people will invest for 10 years and feel okay with their low interest rate in other climes but can you do that in Nigeria? Invest in Tbills for 10 years. This is my simple point. If had converted my money even at black market rate to dollars in 2017 and just left it in the bank doing nothing I'd be richer today than all the investment cycles I've done in Tbills because of Naira current devaluation. For over 10 years the naira has continuously fallen. I'm sure if u plot a graph of Naira against dollars since 2010,it would point straight down. I'm now beginning to re-evaluate my investing with naira. Im kind of buying into the idea to invest in dollars because I don't think the next 10 years may be different. There was time when it was 147 then 225 then 345 now its 460. Then next it will go to is 500 and something.

He is saying undiluted truth ofcourse, it is only diaspora Nigerians that will understand him. If i mention how much i have lost because of the recent devaluation you will be suprised.

hustla:
He's saying the truth though

Nigeria is in a big mess and the government is the main culprit in this, i refuse to accept that Nigerians is the problem with Nigeria. When there is no good governance things will always be messed up.

DInkMan:
You are on point. Number 1 issue is insecurity. Just recently a retired US major was kidnapped in his farm factory in a
south western state. How could a nation have food security when there is no safety in the farm settlements, which are
mostly rural areas, that these farms are situated. It is so bizarre and absolute contradiction.

https://punchng.com/breaking-gunmen-kill-one-abduct-ex-us-soldier-in-ekiti/

...similar report like this goes on in the country.

They can be very heartless sometimes, why not unleash the plan B on him.

RayRay06677:
Welcome Sir, tenants and their trouble. One is owing me rent but he is busy buying lands around my neighborhood. I just ignore him, saying nothing so it doesn't seem am an enemy that doesn't want his progress, I will wait till next year.

Welcome back bro, I have been wondering where you have been, still cannot forget that your advise which helped to neutralize my troublesome tenant. Cheers!

RayRay06677:
You are right, just couldn't miss you guys. Reason I left or changed handle, someone mentioned my surname so I felt he must have known me in real life and am busy mentioning millions, Me that is a regular Joe in town. Realized we exchanged mails and he got my name. Reason I wouldn't accept mails. Everything ends here, anything we can't discuss here can wait. Grateful and appreciate everybody here.

My advise to people always saying people are not this or are not that here is to ignore whatever posts that are not relevant to you, we are created differently with different destinies, family background, hustle mentality e.t.c.

If you think there are no billionaires in this thread, well you are on your own.

Never seek for financial advise privately from people you met here and never accept dm from strangers. I will not accept your dm either.

To those that have dm'ed me, please quote me on a death thread (like Emma always say) and i will reply you there.

To only 1 person which i have dm'ed @Nnamz, I only wanted to seek your advise on a goods which i know can be exported from Canada.

Happy chat mates and goodluck to you all.

Thesame here, i got 5% from FBN Commercial paper few months ago but im very ok with that. Great Emma opened my eyes about FBN Quest Asset Management, I'm checking with them if i will get a better deal if not i will leave my uninvested funds in my savings account until next year to see if things will improve.

Akin3891:
Yes it's, highly risky. I traded some years ago so I'm talking base on experience, sometimes I could make 1m a day but next day I could lose 1.5m.

This is a trying times for investors and also a time to be extra careful. Ponzi, speculations are not for smart investors. Slow n steady win d race, I was able to buy DANGOTE paper last week for a meagre of 5%, wish u all best of luck.

I will rather use that money for charity instead of ponzi.

RayRay06677:
Being learning a lot here, I personally decides to risk 5m last week on the ponzi. 2m for 50% quarterly, 2m for 15% monthly and 1m for 20%. 3 different forex trading firms in Uyo. I advise against it but I needed to take a risk, have been extra careful in my investment years and I think giving out that chunk is cool. Was even thinking of taking it to 30m but I will wait and see how my 5m crashes. (all 3 firms at once).

I didn't look at it this way.

ojesymsym:
Not exactly so sir.
It will take the worse of events for all 7 banks (in this case) to go down at the same time. The reason I suggested this is to reduce exposure, not to eliminate it. Apart from banks going under, these days when you have hackers looking for accounts, you still have to reduce your exposure so that they dont wipe you out if you have just one account. If the bank that has your 200M goes under, you may still have your 800M across other banks, Anyway, I am only speculating.

As oga Ema has suggested, follow the news of your bank to know their state at each time to avoid stories that touch. But I imagine a bank going through tough times will find it very hard to release your 1B to you, even the 200M go hard them sef.

At the bolded, this amounts to keeping the funds in 7 banks, assuming the 7 banks close you will get 3.5M from SEC, It doesn't worth the stress and i don't count it as reducing the risk for someone getting 3.5M from 1B.

ojesymsym:
200M x 3, 100M x 4.
or 200M in USD, 200M x 2, 100M x 4.

Tell me how you will spread for an example 1B in Nigerian banks to reduce the risk.

ojesymsym:
Why do you say so, I can argue that it is actually more impossible for someone controlling very little cash as it becomes impractical to have them spread across many accounts.

This is almost impossible for someone controlling huge amount of cash.

ojesymsym:
In the alternative, have a maximum for each bank account by having many other accounts to reduce exposure and have risk spread.

You really opened my eyes today, thanks again.

emmanuelewumi:
Same thing happened with my in-law who tied down substantial sum with the private banking of First Bank, until I introduced her to FBN Quest Asset Management money market fund.

Her response was, "FBN and FBN Quest are subsidiaries of FBN Holdings. We don’t offer the same rate on investments". Thanks for all the information shared, it's really helpful i must confess, I have already contacted FBN Quest Asset Management and should switch over to them soon, I just realized that i have been losing a lot of money investing with FBN Private banking.

emmanuelewumi:
What did she tell you?

You guys are enjoying free consultancy here?

You are right, i have confirmed this from my RM.

emmanuelewumi:
FBN, FBN Quest Asset Management, FBN Quest Merchant Bank are related but they offer different products and services.


Rather for him to keep on enjoying low returns, he can talk to them at the Investment Banking subsidiary of FBN, ie FBN Quest Merchant Bank to enjoy better opportunities and rates.

With N40 million thereabout he can have an account with them

Thanks, I will look into it.

talk2tonie:
FBNQuest MMF has never been 3% at any point through the month, not even through this year. I think the lowest was 4.36% and that was 5th of August 2020.
Use this link to check:
https://fbnquest.com/asset-management/historical-funds/

MMF was 4.5% as of yesterday, 3% was what they did through the month though.

emmanuelewumi:
FBN Quest Asset Management and FBN Quest Merchant Banks are fully owned subsidiaries who have their own MD/CEO and board of directors. The salaries structures equally varies. They also have different products. That is why information is key.

A customer can have N20 million with FBN earning interest of 2%, while another can have N1 million in an investment products with FBN Asset Management earning 4.5%.


So what rates are you currently getting from First Bank?

FBN Quest Asset Management and FBN Private banking all belongs to FBN, FBN Private banking is for FBN priority customers who does not have the time/does not wish to deal with other FBN affiliates.

In other words whatever rate you got at FBN Quest Asset Management you will also get thesame in all FBN affiliates. My RM at FBN Private banking confirmed that MMF rate for September 10th was 4.5%.

emmanuelewumi:
Do you have money market fund Investment with FBN Quest Asset Management?


You can get the right answer from your account officer at FBN Quest Asset Management


I guess what you got from your RM is for a product from First Bank

My RM at first bank private banking said rate was 3% as of yesterday, does it mean the rate increased today or are they playing some games?

emmanuelewumi:
Current rates for money market funds


FBN Quest Asset Management 4.5%

FSDH Asset Management 4%

United Capital Asset Management 4.57%

Not really, investing as more than an average investor.

ahiboilandgas:
what big organisation? U are coming in as a company abi?

I was just informed by my RM that individuals are not allowed to bid in OMO but only big organizations.

ahiboilandgas:
not very sure think is over 200m ..

At the bolded, what is the minimum amount required for this

ahiboilandgas:
see ? ( billionare talking) if i have access to 1 bn to invest i will be speaking to jim ovia directly but since your are abroad why not come in as a fpi ( so u will be protected ) from currency devaluations and can invest in omo with better rates...

Why not go for First bank commercial paper instead of tbills, this is the rate as of yesterday 09/09/2020
3% for 182 days, 3.5% for 273 days and 4% for 364 days. The rate can be increased for 200M and above.

Stocktrader:
I want to know if possible that you can use a company to invest in Tbills in Nigeria, Minimum of 1B, I will appreciate house.

Taking a loan for a personal thing which is not going to earn you any money is a bad idea.

Kendumazy:
I read the part where he said he doesn't have a need for it too sir. It's how you sounded as if even if there's a need for it, loan isn't a good idea to source for funds that made me responded that way.
Sorry for the misunderstanding sir. Do have a good day.

Thesame here, i am getting 3-5% interest from First Bank private banking but i am ok with that rather than investing with high yield investment firms which i don't know how secure they are. #The preservation of my capital remains my top priority.

Akin3891:
Thanks. The last time I asked of a bond funds from fbnquest, the interest is high but capital isn't guaranteed, so I presume it will be same with United capital, is it?

And that VGIF thing, I understand it's being run by investments one but I don't know how secured and reliable it is, I don't want to lose a bit of my capital because I'm investing huge funds, hence I'm looking for a secured investment eventhough the return is low.

You bought dollars 472 for business or to keep?..sounds strange you bought 472 and sold 465

iamadonis2:
Anyone here knows current black market rates for the dollar? It’s the Monday we’ve been waiting for. Painfully, I was forced to quickly resell dollars I bought for 472 at a measly 465 Friday afternoon.

This is common sense.

Grupo:
A bit of homogeneity has to be in place for something like that to work.

Rwanda, to the best of my knowledge has like two ethnic groups. Nigeria has close to 500 both major and minor.

From which ethnic group is this so called good dictator going to come from?

If he comes from X ethnic group, those from Y will start sabotaging his efforts and vice versa.

You took it out from my mouth!

delawal:
all,it takes to,crash dollar price is just scare. even now down here in d east alot of us dt buys dollar for impirts have stopped and re sitting on d sidelines watching d development. a small policy of cbn can crash rates in,48hours. i dont know how u sound so sure abt ur assumptions. what if d cbn decides to inject more usd to achieve their aim will u go to stop them. let me tell u once there is an indication dt it might happen demand for usd will drop and rate will do,so, many people hoarding will rush to sell at once, stop,those ur arguments anything,can happen.w

It is one of the reasons we are on this forum, to learn how to increase our earnings and not to make mistakes that the past generation made.

omakay:
The last few days here has being on unclaimed dividends. And the trend am seeing is something like this, ''i checked the list and saw my late dad's name''

Is it that the past generation was secretive about their assets and investments?

If this is the case, then i begin to wonder how many peoples' assets and investments have disappeared into the wind after their death because the next generation know nothing about them.