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Nairaland Forum / Nairaland / General / Investment / Treasury Bills In Nigeria (4625285 Views)
Fixed Deposits Or Treasury Bills, Which Is Better? / Fixed Deposit And Treasury Bill Investments From Abroad / I Need Information On Treasury Bills In Nigeria (2) (3) (4)
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Re: Treasury Bills In Nigeria by CompareDBest: 1:09am On Mar 31, 2019 |
Guruindahouse:the dot/fullstop at the end was the problem. Here corrected without the dot: http://comparedbest.com/ng/best-nigerian-treasury-bill-rates.html |
Re: Treasury Bills In Nigeria by Zinny18: 2:34am On Mar 31, 2019 |
Should we withdraw our money and TB from GTB. I don't really understand what's up with them oo |
Re: Treasury Bills In Nigeria by Guruindahouse(m): 5:26am On Mar 31, 2019 |
Thank u. CompareDBest: 1 Like |
Re: Treasury Bills In Nigeria by partnerbizz4: 6:02am On Mar 31, 2019 |
OvaSabi1: I got what you said about institutions. Some institutions, even the federal ones have increased their fees! I just cited those instances to show that inflation does not affect the common man in ALL OCCASIONS the way it's being touted. You saw the example I gave with 300k law school fees. Going by fisher's effect, if inflation is at 10% and you do tbills at 10%, it means you gained nothing. I just showed where it didn't apply as I gained 30k in my account as a common man! Granted, if price of other essential commodities like fuel increased exponentially during the period, it means I could have spent some of the supposedly gained 30k on fuel or transport. At any rate, tbills is good, even if it's just to preserve the value of the capital. 6 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 6:27am On Mar 31, 2019 |
jidobaba: You obviously don't know the full story and you are already attacking GT bank. Lol! The media is a dangerous place to get info. |
Re: Treasury Bills In Nigeria by Nobody: 6:51am On Mar 31, 2019 |
GonFreecss1: Give us the full story. Supreme Court remains final arbiter and all the intimidation from GTB and security agencies came to naught. He was truly the victim. Igbos were right when they threatened to withdraw their monies from the bank. How can I bank with such a fraudulent institution. Oga, give us the full story before I continue. 6 Likes |
Re: Treasury Bills In Nigeria by 234ng44uk(m): 6:54am On Mar 31, 2019 |
jidobaba: jidobaba: You're just all over the place spreading fake news and unnecessary panic. Have you read this? https://www.proshareng.com/news/Frauds---Scandals/GTB-Reacts-To-Purported-Judgement-Awardi/44646 |
Re: Treasury Bills In Nigeria by 234ng44uk(m): 6:57am On Mar 31, 2019 |
Barrytone: Why don't you give us your own story too. Let's have at least a link to your rumour 2 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 7:22am On Mar 31, 2019 |
Barrytone: From your statement, you already have tribalistic sentiments on the issue. This is one issue I will be careful discussing here. I haven't forgotten the USD vs naira, I-invest attacks here. 4 Likes |
Re: Treasury Bills In Nigeria by Nobody: 7:27am On Mar 31, 2019 |
GonFreecss1: Innoson Vehicles @innosonvehicles · 11h Replying to @innosonvehicles GTB in a Press Statement signed by Erhi Obebeduo claims that “the judgment allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity”. Innoson Vehicles @innosonvehicles · 11h GTB by this claim is nothing short of being economical with the truth. The Garnishee order absolute issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd the judgment sum of N2.4 Billion with a 22% interest, per annum, Innoson Vehicles @innosonvehicles · 11h on the judgment sum until the final liquidation of the judgment. GTB appealed the Federal High Court’s decision up to the Supreme Court and lost. From the Supreme Court’s decision, you will find that the case was between GTB and Innoson Nigeria Ltd and no other person. Innoson Vehicles @innosonvehicles · 11h For emphasis, in a garnishee proceeding, once an order of garnishee nisi is made, the garnishee is required by law to set the amount involved aside and will not allow the judgment debtor to withdraw from it; and if the order is made absolute, Innoson Vehicles @innosonvehicles · 11h the garnishee pays the money to the judgment creditor and incurs no liability for doing that but if the order is not made absolute the garnishee returns the money to the judgment debtor. Innoson Vehicles @innosonvehicles · 11h In this case, the order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using for its business. It follows that by the time the order was made absolute it was no more the judgment debtor’s money Innoson Vehicles @innosonvehicles · 11h but rather that of Innoson Nigeria Ltd who is the judgment creditor; if a garnishee refuses to comply with the order, then, it becomes a judgment debtor, as GTB has become in the present case, against whom execution of the order will issue. Innoson Vehicles @innosonvehicles · 11h Therefore, there is no merit or force in the GTB’s press statement. Innoson Vehicles @innosonvehicles · 11h Furthermore and interestingly, the Garnishee order absolute was against GTB and no one else; and it is only GTB and no one else that will comply with the order; in the circumstance, the order will be executed against GTB and no one else. Please, be guided accordingly Innoson Vehicles @innosonvehicles · 11h Cornel Osigwe Head of Corporate Communications Innoson Group 2 Likes |
Re: Treasury Bills In Nigeria by Nobody: 7:28am On Mar 31, 2019 |
234ng44uk: Innoson Vehicles @innosonvehicles · 11h Replying to @innosonvehicles GTB in a Press Statement signed by Erhi Obebeduo claims that “the judgment allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity”. Innoson Vehicles @innosonvehicles · 11h GTB by this claim is nothing short of being economical with the truth. The Garnishee order absolute issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd the judgment sum of N2.4 Billion with a 22% interest, per annum, Innoson Vehicles @innosonvehicles · 11h on the judgment sum until the final liquidation of the judgment. GTB appealed the Federal High Court’s decision up to the Supreme Court and lost. From the Supreme Court’s decision, you will find that the case was between GTB and Innoson Nigeria Ltd and no other person. Innoson Vehicles @innosonvehicles · 11h For emphasis, in a garnishee proceeding, once an order of garnishee nisi is made, the garnishee is required by law to set the amount involved aside and will not allow the judgment debtor to withdraw from it; and if the order is made absolute, Innoson Vehicles @innosonvehicles · 11h the garnishee pays the money to the judgment creditor and incurs no liability for doing that but if the order is not made absolute the garnishee returns the money to the judgment debtor. Innoson Vehicles @innosonvehicles · 11h In this case, the order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using for its business. It follows that by the time the order was made absolute it was no more the judgment debtor’s money Innoson Vehicles @innosonvehicles · 11h but rather that of Innoson Nigeria Ltd who is the judgment creditor; if a garnishee refuses to comply with the order, then, it becomes a judgment debtor, as GTB has become in the present case, against whom execution of the order will issue. Innoson Vehicles @innosonvehicles · 11h Therefore, there is no merit or force in the GTB’s press statement. Innoson Vehicles @innosonvehicles · 11h Furthermore and interestingly, the Garnishee order absolute was against GTB and no one else; and it is only GTB and no one else that will comply with the order; in the circumstance, the order will be executed against GTB and no one else. Please, be guided accordingly Innoson Vehicles @innosonvehicles · 11h Cornel Osigwe Head of Corporate Communications Innoson Group |
Re: Treasury Bills In Nigeria by Nobody: 7:35am On Mar 31, 2019 |
GonFreecss1: Am proudly an ibibio man and not igbo. So no tribalism. I invest was my personal experience were my funds was misused for over 3 weeks without interest. On this issue at hand. A cooperate body To be this dubious is showing the decay in our society. Just read Wikipedia and it's stated that GTB duped innoson. And that's just what it is. You can come again to paint them white. 6 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 7:39am On Mar 31, 2019 |
Barrytone: You are showing us a statement by Innoson motors? Bro. Let us all calm down and see how all this unfolds. I also have info from GT banks side. Tomorrow is monday, we shall see how things play out. But one sided recant of issues will always be biased. 1 Like |
Re: Treasury Bills In Nigeria by Nobody: 7:42am On Mar 31, 2019 |
Innoson Group vs GTBank fraud case Read in another language Watch this page Edit Innoson Vehicle Manufacturing|Innoson Motors]] was involved in a ₦ multi billion case, in which Guaranty Trust Bank (GT Bank) duped Innoson motors of 8.9 billion Naira. The case became public in 2017 but GT has been stalling the case with fabricated claims. Recently, however, the Nigerian Supreme Court ruled in favor of Innoson and the company is due to take over GT Bank in leu of its money. Like most banks in Nigeria, GT is a fraudulent bank duping customers of their savings.url=http://saharareporters.com/2017/12/23/innoson-vs-gt-bank-how-industrialist-defrauded-bank-and-bullied-efcc-police-and-courts%7Caccessdate=31 March 2018}}</ref> The scandal received publicity after the arrest of the Innonson chairman by the Economic and Financial Crimes Commission. Innoson took the dispute to social media, with hashtags such as #BewareOfGTBank and #WhatIsWrongWithGTBank. In a TVC News interview, Innocent Chukwuma said that he had obtained an ₦8 billion judgement against the bank.[1] In 2009, GTBank extended credit to Innoson; under loan terms agreed to by Chukwuma on behalf of Innoson, proprietary interest in imported goods was exclusively that of the bank. The original shipping documents were in the bank's custody, and ownership could only be transferred to Innoson (or any other third party) by the bank when the conditions of the agreement were fulfilled.[1] Chukwuma approached the bank on behalf of Innoson for the documents, and was refused due to Innoson's failure to meet the agreed conditions; however, the bank noticed in June 2011 that the imported goods had been procured by Innoson without their consent. The bank’s endorsement of the bills of lading to the shipping line had been forged. GTBank reported the forgery to the Nigeria Police Force, who began an investigation. After a forensic examination of the disputed signatures, the police established that the signatures of the bank’s staff were forged and the imported goods were fraudulently cleared from the Nigerian Ports Authority.[1] According to a 10 November 2017 Innoson Group press release, the company was a GTBank customer. The issue dated back to 2012, when the bank "arbitrarily imposed and debited [their] current account in excessive and unlawful charges".[full citation needed] Innoson sued GTBank, and several judgements were appealed by both sides. In 2013/2014, GTBank owed Innoson Motors up to ₦8.5 billion.[2] Innoson's claims on the judgement were debunked in media reports, with journalists covering the story confirming that the company's only judgement against Guaranty Trust Bank was obtained at the Federal High Court in Awka (which controversially awarded Innoson ₦4.7 billion). Its appeal has been pending at the Court of Appeal in Enugu for several years, due to Innoson's efforts to block the hearing.[3] A 25 December 2017 Innoson press release stated that GTBank had never granted Innoson a ₦2.4 billion 2009 loan, but a ₦500 million loan in an offer letter dated 17 December 2009; their last loan transaction was in 2011. The principal terms and security for the loan were: legal/tripartite legal mortgage over Innoson’s properties, valued at ₦1.1 billion in 2010 by GTB-appointed appraisers; a 25-percent equity contribution by Innoson on each letter-of-credit (LC) transaction, and shipping documents worth ₦500 million could be released at any time to Innoson.[4] On 13 June 2018, Innoson admitted distorting the Supreme Court directive in its case with GTBank[5] and apologised for misleading the public with their false claim of a Supreme Court Order against Guaranty Trust Bank.[6] |
Re: Treasury Bills In Nigeria by GonFreecss1: 7:43am On Mar 31, 2019 |
Barrytone: No! You said Igbos were right to remove their money. That speaks volume. Anybody can write almost anything on wikipedia. I am not even trying to paint GT white. I am saying it's dangerous to start attacking a party without knowing the full story and it's obvious you don't. 2 Likes |
Re: Treasury Bills In Nigeria by Nobody: 7:51am On Mar 31, 2019 |
GonFreecss1: Based on the final arbiter, GTB erred and will pay for it. What else do I need to Know? Our opinions doesn't matter. Supreme Court judgement is final. The bank was and is wrong, case closed. 6 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 7:56am On Mar 31, 2019 |
Barrytone: Like I said. You obviously don't know anything about the case, and you are probably tribalistic. Before you keep going on and on, let us see how things play out this week na? Seems you know all the facts from reading blogs and wikipedia, let's see how that translates to real life. 1 Like |
Re: Treasury Bills In Nigeria by Agbaletu: 7:58am On Mar 31, 2019 |
Let's maintain decorum here, please. Majority of us are still on Nairaland just because of this thread. Let's respect its sanctity. I am begging you guys. We should not allow our emotions to get this important topic derailed. The big guys know how they handle themselves, why getting worked up over this matter? God bless everyone. 12 Likes 1 Share |
Re: Treasury Bills In Nigeria by GonFreecss1: 8:12am On Mar 31, 2019 |
Agbaletu: I liked this. Thank you. I would like to think we are all informed here and educated, there is the media and there are facts, it doesn't make sense if you don't know everything about an issue to come here and attack. Secondly, we are all benefiting from this Tbills just as the Nigerian Government is benefiting from us, I would like to think we all want the country to be better. Tribalistic statements are a no-no, if a man from another tribe had a problem with a bank does it make sense to say people of his tribe should pull out or are right to? Since when did we start bringing tribe into everything including business? We are all educated here, some of us are even abroad, I don't want to believe we still have such mentality, but what do I know? Maybe no matter what Nigerians will always want to play the tribal card. Good luck getting a better country with such mentality. 1 Like |
Re: Treasury Bills In Nigeria by Nobody: 8:14am On Mar 31, 2019 |
Unfortunately, the online Tribalists have come here to derail the beautiful thread. Won ti fi se awon Ibo ati Yoruba yi sa. You guys should drag yourself to politics section for God sakes and start your Igbo Innoson VS Yoruba GTBANK there please. This thread is for Tbills and Tbills alone. Take your pathetic self to Politics section. Bunch of educated dolts. 1 Like |
Re: Treasury Bills In Nigeria by Nobody: 8:15am On Mar 31, 2019 |
GonFreecss1: Are we expecting Supreme Court to vacate their judgment? Or you intend appealing Supreme Court judgement in court of appeal? Nutty gritty is of no consequences for now, Supreme Court says unison was and is right and will take over the bank where they fail to pay up. I pray they pay up as nobody will be interested in the dubious bank. 6 Likes |
Re: Treasury Bills In Nigeria by ahiboilandgas: 8:25am On Mar 31, 2019 |
GonFreecss1:will ibo staffs resigned from GT or be sacked ![]() 4 Likes |
Re: Treasury Bills In Nigeria by Nobody: 8:37am On Mar 31, 2019 |
My understanding is that we discuss anything that affect TBills or it's customers. If Supreme Court is giving innoson ownership of a bank tha trades on TBills for its customers and an educated man(as claimed) will tell us that we should wait till following week or we need to know the particles of what happened before taking steps to secure our money. Are we expecting the president to intervene in favour of the bank or the Supreme Court will vacate it's position. If you are GTB customer, expect a new owner or a payment that will shake the banks foundation. Supreme Court judgement are not debatable. In sane climes, the customer would have pull out long ago. How do I entrust my money to a dubious entity as confirmed by Supreme Court. I don't care about tribe, am a Nigerian that love the truth. Am only speaking now because Supreme Court has taken a stand so don't play the tribal card here. 9 Likes |
Re: Treasury Bills In Nigeria by ahiboilandgas: 8:46am On Mar 31, 2019 |
Barrytone:are u for real or jocking.....supreme court handed over the bank to a rag tag assembling plant for 8 bn ......innosa is on Amcon list with 40 bn naira debt ....gt share holder funds is over 500 bn...gt customer deposits is excess of 800 bn ,gt makes a profit of 100 bn yearly ....8 bn can not collapse unity bank talkless of gt with 7 million customer ....first bank lost 10 bn during nitel /pentascope saga pls get real 7 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 8:49am On Mar 31, 2019 |
ahiboilandgas: Hahahahahahahahhahahahaha. Funny people saying they should remove their money are not saying anything about others resigning from their jobs because their bosses are a different tribe. When you begin to play the tribal card, it's dangerous because there is no limit to how far it can go. 4 Likes |
Re: Treasury Bills In Nigeria by ahiboilandgas: 8:54am On Mar 31, 2019 |
GonFreecss1:I tire ooh gt will be worried when the like of dangote group ,Nigeria breweries conoil ,forte oil are moving their accounts not alaba trader that Hardly leave money in the account ..buying and selling....the real money in Nigeria is with the northerner and southwesterner ....recheck the forbe list again 3 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 8:55am On Mar 31, 2019 |
Barrytone: You played the tribal card when you said a tribe was right to pull out. In this day and age, that was all shades of wrong. This is business not even politics (which tribal cards are also wrong for) As for the supreme court verdict and claims, I am telling you what you are seeing on social media is not the full story. You are accusing GT bank of being fraudulent when you have not even heard their part. 8 billion naira is not anything that can rock GT banks foundation. The question you should be asking is if it's too small for them why have they not paid? The answer is simple, many people don't know the actual story. I still stand by the fact that you are tribalistic. 3 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 8:57am On Mar 31, 2019 |
ahiboilandgas: When someone doesn't have all the facts and he keeps attacking and labeling a business as fraudulent, then goes on to bring tribe in it. It can only mean a few things. There was no need for you to mention all this facts sef, we should have let him keep showing us that he doesn't know anything about GT bank as a company nor their financial capability. Hence my point that he is biased. We will all be here to see how things unfold. Lol! 2 Likes |
Re: Treasury Bills In Nigeria by Nobody: 9:07am On Mar 31, 2019 |
Now I know I actually know nothing, please can you all help me out here. So is innoson going to pay GTB, what was Supreme Court verdict. Is GTB right or wrong based on Supreme Court judgement. Is the aforementioned payment as a result of GTB's uprightness or dubious dealings. I want to unlearn the little Iearnt. The last time I checked, we had a kidnapper with billions in his account. A thief is a thief, no matter how worth. 1 Like |
Re: Treasury Bills In Nigeria by Tabuse20: 9:21am On Mar 31, 2019 |
I believe we are all educated and civil minded people. It is interesting to note that when this topic was briefly raised in the stock market thread, it did not raise any emotions. Unless there is another authority greater than the supreme court, gtb will pay innoson. Whether rag tag assembly plant or alaba trader, it makes little difference, our great forbes billionaires like dangote, adenuga etc also owe. You all both shared information from both parties - gtb's statement via proshare, and sahara reporters as well as innoson's take. What we should have been discussing here, as we have often done in the past is how more people should start holding our banks accountable for fraudulent acts. God bless us all. 5 Likes |
Re: Treasury Bills In Nigeria by OgogoroFreak(m): 9:31am On Mar 31, 2019 |
Barrytone:Well, you need to understand how Wikipedia gets their information... Anyone, even me can contribute to Wikipedia and the person that made that contribution quoted mostly Sahara reporters. 1 Like |
Re: Treasury Bills In Nigeria by ahiboilandgas: 9:35am On Mar 31, 2019 |
Why didn't the ibo move their money to daimond bank to rescue it or fidelity buying it....no be their all of them they bank ...ibo like playing the ethnic victim card always and it very silly of this group ...how will a whole tribe say they want to move their accounts ...gross stupidity ....how much did innosa give u inside the loan ....when intercontinal was sieze did u hear Yoruba people treating to move account to first bank or why didn't dangote keep all his money in unity bank ....this thinking pattern is responsible for failures that why no other ethnic group build bussiness in east ....during capital oil bomb 99 percent of all staff where from the east including cleaners ,visit dangote group staff strength very diverse ....ibo majorly voted pdp ....now pdp lost they want senate president,want sgf ...want biafra ,want Lagos 4 Likes |
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