Sylverly:
Why do people still settle for bank rate, when you can comfortably predict a juicy rate from the last stop rate. Have had a terrible experience with zenith bank,going with their stop rate...not until I took the bull by the horn..Gave my rate of 11.5% for 365 when d stop rate was few fraction higher than my bid , In the early month of march..still waiting for maturity.

Lately GT Bank have been stressing me and have made investments having tenors of 97 and 178 days.
Though I did not specify a stop rate, I asked that my bid to be done in the primary market. Yet I got 12.97% for 97 days when I was expected their rate for 91 days (I specified the tenor). The CBN stop rate turned out to be 14.14%.
I had to get to the bottom of it. One absurd, standout statement my account officer made was that the bank was not successful in the primary market. How could that happen to GT bank, and in Nigeria?
Another shocking thing he said was that he invested my funds in the secondary market because he knows that customers' only concern is to have their money invested, they can't wait for two weeks. I let him know that I'm certainly not that kind of customer. Haste and desperation are not my thing!

I've decided to put in more and clear details and instructions (rates, tenor, primary market, and what to do if they decide not to get me exactly what I'd asked for) in my next application (if I still invest via GT bank) and to follow them up with phone calls (too much stress!) once my application has been sent my account officer.

I'm leaning towards porting to Stanbic IBTC (I prefer forms to letters, always!) or any other primary dealer. I've got 'till end of September.

I submitted bid through GTbank, but till now I have not been debited! what could be the issue?

LuzSp:


Lately GT Bank have been stressing me and have made investments having tenors of 97 and 178 days.
Though I did not specify a stop rate, I asked that my bid to be done in the primary market. Yet I got 12.97% for 97 days when I was expected their rate for 91 days (I specified the tenor). The CBN stop rate turned out to be 14.14%.
I had to get to the bottom of it. One absurd, standout statement my account officer made was that the bank was not successful in the primary market. How could that happen to GT bank, and in Nigeria?
Another shocking thing he said was that he invested my funds in the secondary market because he knows that customers' only concern is to have their money invested, they can't wait for two weeks. I let him know that I'm certainly not that kind of customer. Haste and desperation are not my thing!

I've decided to put in more and clear details and instructions (rates, tenor, primary market, and what to do if they decide not to get me exactly what I'd asked for) in my next application (if I still invest via GT bank) and to follow them up with phone calls (too much stress!) once my application has been sent my account officer.

I'm leaning towards porting to Stanbic IBTC (I prefer forms to letters, always!) or any other primary dealer. I've got 'till end of September.

No mind GTBank....they MIGHT invested your money in this primary NTB auction maybe got 15%, and resold it to you as a secondary market at 12.97%, making a gain of 2.03% without stress...
That is what most banks do....even STANBIC IBTC Bank... But their own is that you have option to bid for yourself and once your bid is successful, they will not tell you stories......The BEST thing is to bid for yourself and take the risk...

Since I understood this, I have been bidding for myself....


For all successful bidders....debitting of your accounts will start today till Friday(tommorrow).... So relax if your account is well funded..

Stanbic ibtc messed up big time .....their bid for 91 and 364 days wasn't successful

ukay2:


No mind GTBank....they MIGHT invested your money in this primary NTB auction maybe got 15%, and resold it to you as a secondary market at 12.97%, making a gain of 2.03% without stress...
That is what most banks do....even STANBIC IBTC Bank... But their own is that you have option to bid for yourself and once your bid is successful, they will not tell you stories......The BEST thing is to bid for yourself and take the risk...

Since I understood this, I have been bidding for myself....


For all successful bidders....debitting of your accounts will start today till Friday(tommorrow).... So relax if your account is well funded..

walahi!! You don sabi these bankers very well!! Kai!!

Anyway...If Mugu no fall...How Guyman go take chop na??

feelamong:


walahi!! You don sabi these bankers very well!! Kai!!

Anyway...If Mugu no fall...How Guyman go take chop na??

My oga, these banks Don show me pepper before I come get sense....my bank manager of STANBIC IBTC no like me again as he no de use my money de chop pepper-soup....nowadays na me the guide myself on investment banking though the wealth of wisdom from this forum gurus like you and others...


Oga feelamong, how this fidelity securities people What special advantage they have over banks in terms of NTB
Please tell us and give us contact so that guys fit port go there if them better pass banks...

E de pain me to loose 1kobo in this PMB govt..

LuzSp:


Lately GT Bank have been stressing me and have made investments having tenors of 97 and 178 days.
Though I did not specify a stop rate, I asked that my bid to be done in the primary market. Yet I got 12.97% for 97 days when I was expected their rate for 91 days (I specified the tenor). The CBN stop rate turned out to be 14.14%.
I had to get to the bottom of it. One absurd, standout statement my account officer made was that the bank was not successful in the primary market. How could that happen to GT bank, and in Nigeria?
Another shocking thing he said was that he invested my funds in the secondary market because he knows that customers' only concern is to have their money invested, they can't wait for two weeks. I let him know that I'm certainly not that kind of customer. Haste and desperation are not my thing!

I've decided to put in more and clear details and instructions (rates, tenor, primary market, and what to do if they decide not to get me exactly what I'd asked for) in my next application (if I still invest via GT bank) and to follow them up with phone calls (too much stress!) once my application has been sent my account officer.

I'm leaning towards porting to Stanbic IBTC (I prefer forms to letters, always!) or any other primary dealer. I've got 'till end of September.

These banks have been milking us. The most annoying aspect of it is,they claim to have your interest at heart. Just of recent I opened a Diamond account , having in mind not to request for a debit card, just few hours after I got an alert that my account has been debited for the debit card.

adetolanex:
Stanbic ibtc messed up big time .....their bid for 91 and 364 days wasn't successful

Oga Sir, them no mess up, they gave you option to bid for yourself or make them bid for you...you told them to bid for you....
Maybe you go buy from them in their secondary market..

Next time gather muscle and bid for your self using advise stop rate from guys in this forum

Keep learning... Always

feelamong:


walahi!! You don sabi these bankers very well!! Kai!!

Anyway...If Mugu no fall...How Guyman go take chop na??

In my opinion, even Stanbic isn't exempted. Why wait till days later before debiting successful bidders?
Imagine you have 2.501m in your Savings account, gave an instruction that 2.5m be invested at a given rate. Your account is charged maintenance fee of say, N700.. Even though your money was enough at the bid date, it becomes inadequate shortly afterwards and you are disqualified on the ground of funds insufficiency.

ukay2:




My oga, these banks Don show me pepper before I come get sense....my bank manager of STANBIC IBTC no like me again as he no de use my money de chop pepper-soup....nowadays na me the guide myself on investment banking though the wealth of wisdom from this forum gurus like you and others...


Oga feelamong, how this fidelity securities people What special advantage they have over banks in terms of NTB
Please tell us and give us contact so that guys fit port go there if them better pass banks...

E de pain me to loose 1kobo in this PMB govt..

I dont think there`s any difference between investment houses and banks. They are all out there to make the money.

Why not put your money in a very profitable low risk venture. For more info on the global telecoms business, mail me on adekunleowoseni8@gmail.com,thanks.

Xkoba:


often times it's d following day befor ur ACC ll be debited

Stanbicibtc is messed up. Their bid for 91 n 364 didn't go through. I missed on all fronts. Am so so sad. Though they are telling me that I can get it from the secondary market. What does that mean? Is it ideal. Please advise

Etfash:


In my opinion, even Stanbic isn't exempted. Why wait till days later before debiting successful bidders?
Imagine you have 2.501m in your Savings account, gave an instruction that 2.5m be invested at a given rate. Your account is charged maintenance fee of say, N700.. Even though your money was enough at the bid date, it becomes inadequate shortly afterwards and you are disqualified on the ground of funds insufficiency.

That's not how it is done. They will debit ur account after discounting. 2.5M naira will not be debited from your account. For example, 17% of 2.5M is N425,000. The difference which is N2,075,000 is what ur account must have apart from the custody fee and commission which is very very minimal.

Also DMO makes you understand that Auction date and Settlement date is different. Auction day is on Wednesday while settlement day is next day Thursday

unite4real:


That's not how it is done. They will debit ur account after discounting. 2.5M naira will not be debited from your account. For example, 17% of 2.5M is N425,000. The difference which is N2,075,000 is what ur account must have.

Also DMO makes you understand that Auction date and Settlement date is different. Auction day is on Wednesday while settlement day is next day Thursday

Your very correct oga united4real

I think the person above with STANBIC IBTC Bank issue should enquire what happened from their head office direct....

unite4real:


That's not how it is done. They will debit ur account after discounting. 2.5M naira will not be debited from your account. For example, 17% of 2.5M is N425,000. The difference which is N2,075,000 is what ur account must have.

Also DMO makes you understand that Auction date and Settlement date is different. Auction day is on Wednesday while settlement day is next day Thursday

Better then. My bank takes the whole money and credit me later.

Etfash:


Better then. My bank takes the whole money and credit me later.

Which bank

Stanbic and GTB debit only the discounted amount and the custody fee...your interest remains in your account...

ukay2:



Which bank

Stanbic and GTB debit only the discounted amount and the custody fee...your interest remains in your account...

That's it. Even Diamond and Access do same. He doesn't even need to have 2.5M in his account. With 2.1M, one can place a bid with 2.5M with the hope that the discounted amount does not exceed 2.1M. This is dependent on the bid rate. At 17% one is sure to not cross the mark but at 20%, the account will be underfunded.

ukay2:



Which bank

Stanbic and GTB debit only the discounted amount and the custody fee...your interest remains in your account...

FBN

Etfash:


FBN

A beg port go STANBIC IBTC Bank or GTB or access or diamond bank...no time for stories in this hard times

ukay2:


Your very correct oga united4real

I think the person above with STANBIC IBTC Bank issue should enquire what happened from their head office direct....

Most times at the branch level, they are usually confused. A direct head office enquiry will be a way to go. I did that with my bank when I started TB years back. There was mild drama in the bank until the head office was consulted and matter was resolved that day. It is shocking to know that only a handful of bankers even know what TB and BONDS are all about. I have personally made money out of tutoring few bankers all to my surprise.

Etfash:


FBN

Don't be afraid. That's how FBN does there own. You'll be debited first, and be credited on thursday. This is because you are not allowed to bid for yourself.
Still waiting for my interest.

ukay2:


A beg port go STANBIC IBTC Bank or GTB or access or diamond bank...no time for stories in this hard times

. Stanbic insist I must open a current account rather than savings for NTB. Pls is that the case for those using Stanbic.

pls oo somebody which is better in tearms of ease and charges dealing with banks or discount houses ??which pls ??

vinnyvinny:
. Stanbic insist I must open a current account rather than savings for NTB. Pls is that the case for those using Stanbic.

No sir ...I use my savings account.

Contact their head office asap

sir, feelamong i don't know how to thank u for openning this thread and the good work ur doing here, pls the securiety house that bid for u is it a discount house or And pls sir can we have thier website if they have any ?? Thank u sir as without u many of us may not have ever know something like this, thank u sir, thank u sir, thank u sir.

You can open a savings account with Stanbic for your TBills and Bond purchases. My account with them is Savings.

vinnyvinny:
. Stanbic insist I must open a current account rather than savings for NTB. Pls is that the case for those using Stanbic.

Jameselias:
sir, feelamong i don't know how to thank u for openning this thread and the good work ur doing here, pls the securiety house that bid for u is it a discount house or And pls sir can we have thier website if they have any ?? Thank u sir as without u many of us may not have ever know something like this, thank u sir, thank u sir, thank u sir.

I have used Fidelity Bank and Gt bank...

I used Fidelity Securities recently cos i had to sell my stocks to invest in Tbills....Usually I move my funds from Tbills to stocks depending on my Investment risk i want to take and horizons

If you were told that by a customer service staff over the phone you need to slap the person

Nothing person no go hear with all these Nigerian operating one chance banks.

vinnyvinny:
. Stanbic insist I must open a current account rather than savings for NTB. Pls is that the case for those using Stanbic.

Omonigeriarere:


I go for 16% in 91 days in GTB today.

I think the rate is risky: may God see me through.

was 16% the bank rate or you were allowed to state your own rate? cos the last time i bidded with GTB u must go with the bank's rate

My NTB for 182 and 364 days didn't fly with First bank, and I went with their bank rate as usual. They just refunded my money

I'm left now with Stanbic, I bidded myself (17% for 182 days and 18% for 364 days) but yet to be debited.

First Bank why?

nobody has said anything about uba...are they dormant in the ntb market?