Phyde:

I have been trying to redeem part of my MMF with stanbic since May 25, balance still the same and got a message of daily limit exceeded by 1m when I tried again today. I want to believe it's because the muslim holiday. I hope there won't be traffic when banks resume on Wednesday.

Stanbic IBTC daily online limit by default is N1 million. The maximum you can increase it to is N2.5 million. It is only when you increase it either by yourself on their app/web or go in the bank to before you can do a transaction more. 25 May is just yesterday and it is a public holiday not a working day. Be informed that MMF accout is not like your regular bank/savings account. Also note that they clearly state it on their forms that getting proceeds of withdrawal is between 3-5 working days.

Their app is not programmed to automatically carry out some requests like normal bank apps. After your request, it will take human efforts/imput to verify then credit your account. Unfortunately, those humans are entitled to public holidays too.

For your subsequent transactions with them, these are processes you should follow for ease of transaction and reduced anxiety:

1. May sure you do your request on week days excluding public holidays.

2. Make sure your withdrawal request is done early; before 12.00 pm of the day you make the request.

3. Be sure to have upgraded your minimum withdrawal before that day if you have in mind to go beyond the Limit.

Phyde:

My first attempt was 2m on June 24 which didn't go through until I reduced the amount to 1m before it went but didn't get processing SMS, only OTP code. I tried again on June 25 and I kept getting daily limit exceeded by 1m.

Were u still trying 2M the next day or 1M

freeman67:


Stanbic IBTC daily online limit by default is N1 million. The maximum you can increase it to is N2.5 million. It is only when you increase it either by yourself on their app/web or go in the bank to before you can do a transaction more. 25 May is just yesterday and it is a public holiday not a working day. Be informed that MMF accout is not like your regular bank/savings account. Also note that they clearly state it on their forms that getting proceeds of withdrawal is between 3-5 working days.

Their app is not programmed to automatically carry out some requests like normal bank apps. After your request, it will take human efforts/imput to verify then credit your account. Unfortunately, those humans are entitled to public holidays too.

For your subsequent transactions with them, these are processes you should follow for ease of transaction and reduced anxiety:

1. May sure you do your request on week days excluding public holidays.

2. Make sure your withdrawal request is done early; before 12.00 pm of the day you make the request.

3. Be sure to have upgraded your minimum withdrawal before that day if you have in mind to go beyond the Limit.

Thanks boss, I have done redemption before and got credited within 2 hours. I will chill till wednesday.

freeman67:


Stanbic IBTC daily online limit by default is N1 million. The maximum you can increase it to is N2.5 million. It is only when you increase it either by yourself on their app/web or go in the bank to before you can do a transaction more. 25 May is just yesterday and it is a public holiday not a working day. Be informed that MMF accout is not like your regular bank/savings account. Also note that they clearly state it on their forms that getting proceeds of withdrawal is between 3-5 working days.

Their app is not programmed to automatically carry out some requests like normal bank apps. After your request, it will take human efforts/imput to verify then credit your account. Unfortunately, those humans are entitled to public holidays too.

For your subsequent transactions with them, these are processes you should follow for ease of transaction and reduced anxiety:

1. May sure you do your request on week days excluding public holidays.

2. Make sure your withdrawal request is done early; before 12.00 pm of the day you make the request.

3. Be sure to have upgraded your minimum withdrawal before that day if you have in mind to go beyond the Limit.

Personally never done any weekend or public holiday redemption before.

A quick question please.

If phyde redeemed 1M on first day of holiday and another 1M on second day of holiday, will he get both treated by next work day and have 2M credited to his account in 1M per time?

Sholapey:
It may be due to the holiday. Give them a call first thing in the morning on Wednesday I believe they will sort it out for you immediately.

Thanks madam

unite4real:

Did u get an SMS from mutualfund that your redemption request is being processed when u did the first one? And how much did u redeem first and attempt to redeem later
I know that their daily online redemption limit is N2.5 Million. Once u exceed that, u can't go any further

Thanks boss

unite4real:


Were u still trying 2M the next day or 1M

I still tried 1m this morning and got the same message and balance never change. I believe everything will be sorted out tomorrow.

Phyde:

Thanks boss, I have done redemption before and got credited within 2 hours. I will chill till wednesday.

Yes, even less than an hour if it is done on a working day and before 12. However, it will only call for concern if not treated after 3 working days. I believe your first request is already registered and will be treated on Wednesday.

unite4real:


Personally never done any weekend or public holiday redemption before.

A quick question please.

If phyde redeemed 1M on first day of holiday and another 1M on second day of holiday, will he get both treated by next work day and have 2M credited to his account in 1M per time?

I have tried it once. The proceeds were not credited to my account at once. Though I got them the same day but it was hours apart.

emmaodet:


yes, that is why i said under normal condition - That is, if you give a business savy/inclined person the money, he will use it well.

Check this -

*SHINA PETERS VS JIM OVIA*

In 1990, Shina Peters built a house with N20 million naira; the same year Jim Ovia started Zenith Bank with the same amount.

Today, you and I don't have a room in Shina's house but I have an account in Jim's bank and probably you do too.

Shina's house was built in Iju Lagos and remains there till date.
Jim's bank started in a corner and now has over 500 branches in Nigeria, and many international branches.

Millions upon millions transact business in Jim's bank daily.
Shina's house is becoming dilapidated...in 2015, he SPENT more money to renovate the house and bought a Nissan Pathfinder with N10 million...additional liability, while in the same 2015, Jim's bank MADE a profit of N105.7 billion.

Zenith bank employs hundreds of thousands, and feeds their families

https://www.facebook.com/172843013174155/posts/shina-peters-vs-jim-oviain-1990-shina-peters-built-a-house-with-n20-million-nair/461049824353471/

Probability of a Jim Ovia to the general population is about 1 for every 200.


How many people will have a credit of N400 million in their account and maintain their lifestyle, car, accommodation, taste for the next one year until when they get the first returns on investment of the fund

Donbrig:


I think those who invested in Sukuk will know if they are successful or not by next week Wednesday/Thursday. Those with recent happenings with sukuk should pls update us.

Please note: Your status in primary offers like this sukuk bonds, shares, Tbills, etc. will be known at the end of the exercise. All subscribers has equal right irrespective of the date you submit your application form whether the opening date or closing date.

emmasoft:


Please note: Your status in primary offers like this sukuk bonds, shares, Tbills, etc. will be known at the end of the exercise. All subscribers has equal right irrespective of the date you submit your application form whether the opening date or closing date.

Yes. That's true.

The race is not to the swift

I do not know why you are so generous. My own belief is that if you give an average Nigerian 400M today, I strongly believe that more than 90% will reduce that amount to less than 100Million in two years and not the 10 years you stated.

By the time they finish buying Gwagon, big house in Lekki or Asokoro, wertin come remain? Then they start all the pepper dem gang activities. This your generous 10 years will reduce to less than 5 years.

emmanuelewumi:




If given N400 million today the average Nigerian will turn it to N2 billion in 10 years, that is a fallacious statement. It is not possible. Nigerians who can do that are less than 2% of the population

85% will turn the money to less than N100 million or go broke in 10 years, 10% will turn the money to N200 million, 3% are just there they are so conservative and turn the money to just N500 million , 2% of the people will turn the money to N1 billion and above.

michealekene:


Thanks madam, I didn't consider this perspective. And we are still even on holiday ...

You're most welcome sir.

Phyde:

Thanks madam

You're most welcome sir.

Good day bosses and to the boss ladies in the house, I have been following the thread quietly for while now, I have come for your advise on a financial decision I am about to make.

I have 4m in my account and I am still trying to save it up to 10m to be used for a specific project in 2 years time.

While I am still hustling, I would love to put the 4m in a risk free investment that can earn interest from now to 2 years time.

What would you advise me to do? And based on your knowledge in the financial system where would you advise me to invest the money?

Thanks in advance �

LegitBitcoinBuy:
Good day bosses and to the boss ladies in the house, I have been following the thread quietly for while now, I have come for your advise on a financial decision I am about to make.

I have 4m in my account and I am still trying to save it up to 10m to be used for a specific project in 2 years time.

While I am still hustling, I would love to put the 4m in a risk free investment that can earn interest from now to 2 years time.

What would you advise me to do? And based on your knowledge in the financial system where would you advise me to invest the money?

Thanks in advance �

No disrespect but if you've been following, you should know the answer already.

I mean, you're on a thread which has a risk free investment as it's subject. Another one has been discussed in the last few pages, discussions are still going on for that particular one. But you still want to be spoon fed.

LegitBitcoinBuy:
Good day bosses and to the boss ladies in the house, I have been following the thread quietly for while now, I have come for your advise on a financial decision I am about to make.

I have 4m in my account and I am still trying to save it up to 10m to be used for a specific project in 2 years time.

While I am still hustling, I would love to put the 4m in a risk free investment that can earn interest from now to 2 years time.

What would you advise me to do? And based on your knowledge in the financial system where would you advise me to invest the money?

Thanks in advance �

Are you sure you have been following for a while now? All the while that you have been following do you mean you didn't pick any idea of a risk free investment?

Lol... Na this kind thing make oga 1kinggy vex the other day when he non know when he vex type his frustration at some annoying questions.

olujaidi:


No disrespect but if you've been following, you should know the answer already.

I mean, you're on a thread which has a risk free investment as it's subject. Another one has been discussed in the last few pages, discussions are still going on for that particular one. But you still want to be spoon fed.

Emmaesty:
Assets Oya send me a PM

I am on my way...

LegitBitcoinBuy:
Good day bosses and to the boss ladies in the house, I have been following the thread quietly for while now, I have come for your advise on a financial decision I am about to make.

I have 4m in my account and I am still trying to save it up to 10m to be used for a specific project in 2 years time.

While I am still hustling, I would love to put the 4m in a risk free investment that can earn interest from now to 2 years time.

What would you advise me to do? And based on your knowledge in the financial system where would you advise me to invest the money?

Thanks in advance �

You can invest in money market funds, the interest rate is about 5% at the moment.

Emmaesty:
Assets Oya send me a PM

After running for 100KM non-stop and several bond rates research later, I have sent the PM, awaiting your reply.

GonFreecss1:



After running for 100KM non-stop and several bond rates research later, I have sent the PM, awaiting your reply.

Finally, welcome to investment one sir.

LegitBitcoinBuy:
Good day bosses and to the boss ladies in the house, I have been following the thread quietly for while now, I have come for your advise on a financial decision I am about to make.

I have 4m in my account and I am still trying to save it up to 10m to be used for a specific project in 2 years time.

While I am still hustling, I would love to put the 4m in a risk free investment that can earn interest from now to 2 years time.

What would you advise me to do? And based on your knowledge in the financial system where would you advise me to invest the money?

Thanks in advance �

Kindly sow it into the life of your spiritual father, that is your Pastor, Imam, Rabbi or Priest.


It should end in praises in 2 years time.




Don't mind me ooo, buy money market fund

GonFreecss1:



After running for 100KM non-stop and several bond rates research later, I have sent the PM, awaiting your reply.

emmaodet:


Nigeria started using naira in 1973 and #2 = 1 pounds then.
As at 1944, 76 years ago, $1 = 0.25 pounds
76 years ago you compared Warren Buffet investing #1m equivalent to make #1.4B by 2020 will make him a stupid investor if he does because atleast, #1m in 1944 is not less than 400m in 2020 equivalent and after 73 years of investing and one can only come out to show #1b profit to me is ridiculous for that amount of money.
If given 400m now, an average nigerian should be able to turn the money into noting less than #2B in 10 years not to talk of 73 years under normal condition.
As at 1944, the richest nigerians were millionaires and brand new mercedes was around #300 then. A man with #1m then will be in the class of adenugas and co now bro.
cc
theconglomerate

One of the things I always pray for is good communication skills so people understand what I say and good comprehension skills so I understand what people are trying to say.

Comprehension wise, I understand what you are trying to say.

But I apologise in advance because it seems you didn’t understand my point. My reply was in relation to the Person you Cc’d who made some remarks against people who invest in Low risk instruments. It had nothing to do with Business acumen to multiply money in a short period of time. All I was pointing out was what 10% compounded annually with 1 million naira will make you. This is not a business, nor does it involve you running around. No. Just you leaving 1 million lying around will net you that.

Now unto the business, why are you talking as if all business endeavour are successful? Hence again, why that point still doesn’t apply here.

Finally, the 76 years on Warren Buffet, again! You failed to get my point. I didn’t imply Warren Buffet should/would/must have invested 1 million naira and made 1.4 billion naira. Nope! I said Warren Buffet has been investing since the age of 13 and subtracted that from his current age to get 76 years. Then I went on to show that if a Nigerian had a million naira to invest in at a 10% annual rate for the same span of investing years of 76, that is how much he or she will make. This was to buttress the point that Warren Buffet didn’t become rich by being a genius and making 200-1000% gains at a go, he made it by continuously investing apparently from a very long time.

emmanuelewumi:




If given N400 million today the average Nigerian will turn it to N2 billion in 10 years, that is a fallacious statement. It is not possible. Nigerians who can do that are less than 2% of the population

85% will turn the money to less than N100 million or go broke in 10 years, 10% will turn the money to N200 million, 3% are just there they are so conservative and turn the money to just N500 million , 2% of the people will turn the money to N1 billion and above.

I wish to one day meet you and have a sit-down With drinks, this wisdom you always emanate in your posts is not something one gets in a day.

emmaodet:


yes, that is why i said under normal condition - That is, if you give a business savy/inclined person the money, he will use it well.

Check this -

*SHINA PETERS VS JIM OVIA*

In 1990, Shina Peters built a house with N20 million naira; the same year Jim Ovia started Zenith Bank with the same amount.

Today, you and I don't have a room in Shina's house but I have an account in Jim's bank and probably you do too.

Shina's house was built in Iju Lagos and remains there till date.
Jim's bank started in a corner and now has over 500 branches in Nigeria, and many international branches.

Millions upon millions transact business in Jim's bank daily.
Shina's house is becoming dilapidated...in 2015, he SPENT more money to renovate the house and bought a Nissan Pathfinder with N10 million...additional liability, while in the same 2015, Jim's bank MADE a profit of N105.7 billion.

Zenith bank employs hundreds of thousands, and feeds their families

https://www.facebook.com/172843013174155/posts/shina-peters-vs-jim-oviain-1990-shina-peters-built-a-house-with-n20-million-nair/461049824353471/

Another thing boss, you talk as if all business saavy smart people make it. Nope! A very few of them do. There are many smart business saavy people out there, and you know why many do not make it?

Because of timing and luck! Forget timing, luck plays a very huge role!

The same problem I see in many financial analysts is what I can see with your point being, a lot of them attribute their making money to their intelligence and skillset, but allude their losses to bad luck!


That is cognitive dissonance at it’s best!

Thank you ma’am

Ma I thought about it too my only concern was that the regular interest rate for a savings account is 4.05% (and it is compounding) while the MMF is usually fluctuating and it’s currently around 5-6% across all the asset management companies, I thought that after transaction costs it won’t be much difference between MMF and bank savings it’s why i didn’t consider it in the first place.

What do you think ? Is there any other option you can advise me on?

Sholapey:
You can invest in money market funds, the interest rate is about 5% at the moment.

Thank you sir

Sir I also refer the question about to you

emmanuelewumi:



Kindly sow it into the life of your spiritual father, that is your Pastor, Imam, Rabbi or Priest.


It should end in praises in 2 years time.




Don't mind me ooo, buy money market fund

Sholapey:
Finally, welcome to investments one sir.

Abeg o! What is investments one? �

LegitBitcoinBuy:
Thank you ma’am

Ma I thought about it too my only concern was that the regular interest rate for a savings account is 4.05% (and it is compounding) while the MMF is usually fluctuating and it’s currently around 5-6% across all the asset management companies, I thought that after transaction costs it won’t be much difference between MMF and bank savings it’s why i didn’t consider it in the first place.

What do you think ? Is there any other option you can advise me on?



Thank you sir

Sir I also refer the question about to you

Why don’t you do the investment one VGIF fund for now? Since it’s giving over 8% or so? And won’t tie your funds down like bonds till when you need the money in 2 years time?

[quote author=LegitBitcoinBuy post=89975936]Thank you ma’am

Ma I thought about it too my only concern was that the regular interest rate for a savings account is 4.05% (and it is compounding) while the MMF is usually fluctuating and it’s currently around 5-6% across all the asset management companies, I thought that after transaction costs it won’t be much difference between MMF and bank savings it’s why i didn’t consider it in the first place.



I can suggest as usual to go for VGIF managed by investment one. The guaranteed rate is 8.5% with extra 35% of funds profit and WHT free. You also have the opportunity of compounding, free entry and exit after the first six months. check my signature for contact and link to open account.