emmanuelewumi:


I will rather invest in the bond rather than do a fixed deposit of N50 million in the microfinance bank. The fund Invested in the bond is secured and guaranteed by SEC

i rather be fighting with tenates up and down than fix in microfinance bank and teir 2 or teir 3 bank ( unity bank and co)

We have micro businesses who need capital of 50k to N2 million, small businesses who need capital of N5 million to N30 million or thereabout, medium businesses that need capital of N50 million to N1 billion, big businesses that need capital of over N1 billion, super big businesses that new capital of over N10 billion and the classification goes on and on.

It is a microfinance bank for a reason and I don't think it makes sense for me to put my N50 million in that type of bank, when some of the businesses that have accounts with microfinance banks get bigger they usually upgrade to bigger banks.

Does anyone know of any options where one can run a foreign bank account without being a resident of a foreign country? Or a country with not so stringent requirements?

@Nnamz, sholapey, ahiboilandgas, emmanuelewumi , donbrig
Cc: all other knowledgeable parties

emmanuelewumi:



Defunct Oceanic Bank, Intercontinental bank, Bank PHB and others had far more than that before they went under

They went under because of the high amount of Non-performing loans which over time, led to the eroding of their capital...The major reason banks fail is Poor loan management ,Non bank business activities e.g (Depositors funds were invested in Oil sector of the economy)and corruption..Oceanic Bank went under largely due to misappropriation of depositors funds. Management matters a lot when it comes to banking. Lapo Mfb has come a long way. 30 years of existence isn't a fluke. When it come to risk management, we lead the park. Our record is open for all..

For Investment advice check my Signature.

ahiboilandgas:
i rather be fighting with tenates up and down than fix in microfinance bank and teir 2 or teir 3 bank ( unity bank and co)

An investment where you have to fight with tenant just so you get your ROI is a bad one. The only consolation is the physical property which remains no matter what.

emmanuelewumi:


The question was not directed at you, but to the person who wanted to put N50 million in a microfinance bank.

You have not been able to provide any logical reason why investors shouldn't in MFB's. Your only logical narrative is that nothing good can come from the word micro.

ahiboilandgas:
i rather be fighting with tenates up and down than fix in microfinance bank and teir 2 or teir 3 bank ( unity bank and co)

Lol... they have come again oo. My small life savings is at unity bank fixed deposit @5.5% ... should I go take my money and run??. Money wey I suffer gather, I no wan use am play.

fineguy11:
You have not been able to provide any logical reason why investors shouldn't in MFB's. Your only logical narrative is that nothing good can come from the word micro.

Can you pls post a link to where I can download lapo financials result for the past 5years.
I need to see your result before I make my contribution.

fineguy11:
You have not been able to provide any logical reason why investors shouldn't in MFB's. Your only logical narrative is that nothing good can come from the word micro.

Nobody who is informed and worked hard for his money will be so stupid to put his N50 million in a microfinance bank, most especially if the fund is 50% or more of his total liquid fund.

olujaidi:
Does anyone know of any options where one can run a foreign bank account without being a resident of a foreign country? Or a country with not so stringent requirements?

@Nnamz, sholapey, ahiboilandgas, emmanuelewumi , donbrig
Cc: all other knowledgeable parties

Try www.transferwise.com

kristien4:
Lol... they have come again oo. My small life savings is at unity bank fixed deposit @5.5% ... should I go take my money and run??. Money wey I suffer gather, I no wan use am play.

It is advisable to take your funds to Zenith, GTB, UBA, Access, FBN, Stanbic IBTC, and other healthy banks.

Unity has a negative shareholders fund of over N220 billion, could not pay dividend in the last 9 years, becareful of banks, financial institutions, microfinance banks etc who offer outrageous rates on savings that are well beyond the industrial average.

Check out banks that went under, a year or two before they collapsed they were always offering outrageous rates on deposits, history always repeat itself.

emmanuelewumi:



Nobody who is informed and worked hard for his money will be so stupid to put his N50 million in a microfinance bank, most especially if the fund is 50% or more of his total liquid fund.

You should be able to convince with facts and proof not mere personal inclination. Good luck with your endeavors though!

emmanuelewumi:


It is advisable to take your funds to Zenith, GTB, UBA, Access, FBN, Stanbic IBTC, and other healthy banks.

Unity has a negative shareholders fund of over N220 billion, could not pay dividend in the last 9 years, becareful of banks, financial institutions, microfinance banks etc who offer outrageous rates on savings that are well beyond the industrial average.

Check out banks that went under, a year or two before they collapsed they were always offering outrageous rates on deposits, history always repeat itself.

Healthy institution aren't just synonymous with DMB's alone. The likes of Oceanic,intercontinental, Diamond banks comes to mind.. The proper advice would be to carry out due diligence.

pluto09:



Can you pls post a link to where I can download lapo financials result for the past 5years.
I need to see your result before I make my contribution.

please check my Signature!

fineguy11:
You should be able to convince with facts and proof not mere personal inclination. Good luck with your endeavors though!

Can you share the audited financial report of your institution for the past 5 years?

What you have on signature are not the audited financial reports.

emmanuelewumi:


It is advisable to take your funds to Zenith, GTB, UBA, Access, FBN, Stanbic IBTC, and other healthy banks.

Unity has a negative shareholders fund of over N220 billion, could not pay dividend in the last 9 years, becareful of banks, financial institutions, microfinance banks etc who offer outrageous rates on savings that are well beyond the industrial average.

Check out banks that went under, a year or two before they collapsed they were always offering outrageous rates on deposits, history always repeat itself.

Wow.. I'm stopping over at unity bank first thing tomorrow morning. I hope I can sleep well tonight.. make the bank no go close up before tomorrow morning..��

kristien4:
Wow.. I'm stopping over at unity bank first thing tomorrow morning. I hope I can sleep well tonight.. make the bank no go close up before tomorrow morning..��

Lol.

IamR:

Lol.

Am not joking oo... I'm really afraid. life savings.

kristien4:
Wow.. I'm stopping over at unity bank first thing tomorrow morning. I hope I can sleep well tonight.. make the bank no go close up before tomorrow morning..��

Nothing will happen to it, it is Bank of the North . Government will do everything possible to keep the bank running until power changes.

Skye Bank, Oceanic Bank, Intercontinental bank did not experience half of the problem seen at Unity bank before CBN stepped in. I wonder why CBN is sluggish in taking appropriate actions against Unity bank

kristien4:
Am not joking oo... I'm really afraid. life savings.

Your life savings should be entrusted with strong financial institutions

fineguy11:
please check my Signature!

What you have there are not the exact audited reports.

However, I can find some useful information from the review by the rating agency up to 2017( no report for 2018 and 2019)
If what we have there are true reflection of the bank operation performance, I will like to say that lapo is doing well.

You will do well if you can post more of your bank financial reports as this will help many to form an opinion devoid of sentiment and generalization...

emmanuelewumi:



Your life savings should be entrusted with strong financial institutions

5.5% they offered no let me think straight. Stanbic offered 0.5% hence the reason I jumped ship. I will rectify the anomaly tomorrow. Better safe than sorry. Thanks.

I love this thread

Life changing info free of charge.

pluto09:



What you have there are not the exact audited reports.

However, I can find some useful information from the review by the rating agency up to 2017( no report for 2018 and 2019)
If what we have there are true reflection of the bank operation performance, I will like to say that lapo is doing well.

You will do well if you can post more of your bank financial reports as this will help many to form an opinion devoid of sentiment and generalization...

Will send you the report via mail latest Tuesday..

kristien4:
5.5% they offered no let me think straight. Stanbic offered 0.5% hence the reason I jumped ship. I will rectify the anomaly tomorrow. Better safe than sorry. Thanks.

Money market fund should give you something higher than that

emmanuelewumi:



Can you share the audited financial report of your institution for the past 5 years?

What you have on signature are not the audited financial reports.

Will forward the report to you soonest!

kristien4:
Lol... they have come again oo. My small life savings is at unity bank fixed deposit @5.5% ... should I go take my money and run??. Money wey I suffer gather, I no wan use am play.

the bank dey negative 200bn ....try and study where u keep u funds

fineguy11:
Will send you the report via mail latest Tuesday..

Good.

Unity bank have a lot of properties they should divest some to increase their capital like union bank did

ahiboilandgas:
Unity bank have a lot of properties they should divest some to increase their capital like union bank did

How much will they realise from the sales of the property, before they start building up their capital and retained earnings. The bank will need a minimum of N350 billion. It is on life support courtesy of CBN, FG and Northern States governments

emmanuelewumi:



How much will they realise from the sales of the property, before they start building up their capital and retained earnings. The bank will need a minimum of N350 billion. It is on life support courtesy of CBN, FG and Northern States governments

the bank is a dead bank.I wonder what people go there to do. This a bank that has a maximum of two branch in every state of the federation. I believe that bank is mostly used to carry out illegal activities by northern politicians.