igbizen:

I have 500k savings and I need to borrow another 500k. Instead my 500k is given back to me @10% interest and another 500k @10% interest. The smartness there is that digitally you will be seeing ur 500k in ur account which you cannot touch until you have paid the debt completely. They argue that it is in the form of collateral

But in actual sense, the true collateral is tied to ur benefits. The company will pay cooperative first b4 they give you what is left, if you decide to leave the company.

igbizen:

I have 500k savings and I need to borrow another 500k. Instead my 500k is given back to me @10% interest and another 500k @10% interest. The smartness there is that digitally you will be seeing ur 500k in ur account which you cannot touch until you have paid the debt completely. They argue that it is in the form of collateral

But in actual sense, the true collateral is tied to ur benefits. The company will pay cooperative first b4 they give you what is left, if you decide to leave the company.

Boyhood:

But at the end of the financial year, you are paid dividend on the 500k you kept/as seen in your account right? If the dividend is up to 10% of the 500k then you have nothing to lose but if it's not, then the interest on the 1m loan can not be said to be 20% but rather lower than that, though more than the 10% perceived by your colleagues.

Boyhood:

But at the end of the financial year, you are paid dividend on the 500k you kept/as seen in your account right? If the dividend is up to 10% of the 500k then you have nothing to lose but if it's not, then the interest on the 1m loan can not be said to be 20% but rather lower than that, though more than the 10% perceived by your colleagues.

igbizen:

Smartness- but as a knowledgeable guy in finance, you can outsmart them by not falling for it.

The terms were stated clearly 4% per month. So those that are not smart would look at only the 4% not knowing that they are paying 48% per annum(4% * 12months).

The same thing that happens in the cooperative at my place of work. The interest is 10%. But if you want to borrow 1million, you have to have 500k saved in the cooperative. So the 10% is charged on the 1 million you borrowed and you can’t touch the 500k you’ve saved until you pay the 1 million naira completely.

I was trying to educate my colleagues that the interest is actually 20%.

seye4nii:


Thank god my interest has drop after vetting because i was told by my account manager that cbn need to vet my name to be sure have not been taken loan so by 5pm i got the Alart of my interest which means all clear very funny will get ready for another vetting next week one of my TB 364 days will finished end of the month so another vetting time soon LOL thanking yo
u all for the information

ahiboilandgas:
48 percent that arm robbery

prolifik83:
verify information before you comment, go online and see for yourself.

prolifik83:
verify information before you comment, go online and see for yourself.

prolifik83:
verify information before you comment, go online and see for yourself.

Wickedtruths:


Are you sure you have an idea of what you're selling?

Boyhood:

4% per month, multiple by 12months of a year gives 48% per annum. What is there to verify again??

eddyakinrinde:
The attached for further information and clarification. Individuals are not barred from participating in NTB as said in some quarters;

alezzy13:


Which is OMO TB?

partnerbizn4:


I haven't heard about this vetting.

Which bank is saying that shii.?

ahiboilandgas:
currently firm are in neck to neck competition for the small margin left and unsubsidized product ...we currently move around 15m litres of aviation fuel annually .from 6m litres...but this firms borrowed billions to build a huge infastructure with petrol omport/subsidies bussiness as the main cash cow ....now pmb destroy their projection it will be like that for 8 years to come no body planned or predicted it ....some are already out of bussiness with billion in loan hanging with amcon like capital oil,D Jones ,spog etc other with distribution outlets (still surving)...others like falawiyo.rolling outlet with enyo to survive....dangote planing the final burial of the bussiness ...me am divesting into bdc ,tb ,property and a phd to survive the unsult....otedola out already moving to zenon power plant (more reliable),adenuga abandoning conoil to focus on glo ,first bank and beger,ifanyi uba divesting to senate......

crowntoro:
Hello everyone!!!!
I was at first Bank on Friday to invest in the secondary market but I didn't receive any alert so I came to the bank this morning and I was told that they were not able to verify that it seems they don't want people to be investing in T-bills again that there are a lot of rules guiding it now.
How true is this please??

enque:


what exactly are they verifying?
What did they say the challenge was when you got there?

enque:


what exactly are they verifying?
What did they say the challenge was when you got there?

Mills55:
I went to Stanbic this morning and I was told that there's no more secondary market. I tried to inquire, I was told that it's from CBN. that one can only place order for primary market only for now.

Mills55:
I went to Stanbic this morning and I was told that there's no more secondary market. I tried to inquire, I was told that it's from CBN. that one can only place order for primary market only for now.

eddyakinrinde:


So much confusion, the banks sef are not clear on the directives from cbn.

Mills55:
I went to Stanbic this morning and I was told that there's no more secondary market. I tried to inquire, I was told that it's from CBN. that one can only place order for primary market only for now.

zamirikpo:


U r on point, stanbic told me that there are restrictions on secondary market auctions becos the CBN is checkmating illegalities. But I was able to place an order for the primary market.

What I don't understand is, why they will allow us buy at the primary market and not at the secondary.