Get to any Stanbic ibtc branch to increase limit as i was able to increase from 1m to 5m daily recently before the pandemic

Akerewe:

Thanks a lot phyde for your undiluted support, I later mail them and I was told that both are genuine both they belongs to different entity within stanbic holdings. While my own belongs to stanbic stockbroker your own belongs to stanbic capital market.
Please how do you guys move huge funds through stanbic internet banking as I think the minimum per day is 1million. How can someone increase the daily limit?
Please how much is the stanbic stockbroker charges on a million for this ongoing sukuk bond?

Nice one. Another perspective on the MMM thing, would never have thought of it that way, but that excuse should be for young people below 25 only.

Tvegas:
Theconglomerate Versus Emmanuelewumi/MrMCjay were saying almost thesame thing but from different perspectives. While Mrmcjay derived his definition of "Commercial" from a C of O which is the root title thus talking from the perpective of a Property Lawyer and justifiably so.

On the other hand,Theconglomerate sees any income generating Property as a commercial venture which is also justifiable since he is an investor. Hence his use of "Commercial" could have been better stated.

However theconglomerate should learn to accomodate other opinion without going aggressive. I was taken aback by those words. I am also surprised at how he scoffs at those doing fixed income investments. You forgot that some people are in their wealth preservation phase of life. Thesame risk i could take at age 27,i may not want to take same at 45. Thats why i dont crucify young people around me who loses money to MMM. Experience is one of the best teachers thats if they are serious students to start with.

On rental Wahala. From my little experience as a realtor ,i only advice clients to rent out residential properties to certain class of customers on certain conditions. Even when all these conditions are meant, nothing is fool proof in Nigeria.

For example, An expatriate approached my firm to lease a duplex we just built in a mini estate. We wrote back to him offering him a medium lease of between 2 to 3 years on the condition that his company stands as his guarantor or the company enters into a direct tenancy agreement with us on behalf of our client. For whatever that is worth that gives us some relative peace. But such opportunities are only available to few locations where you have expatriates clusters in Nigeria. Even if you promise me 20% rental yield,i will never invest in Residential rental properties in many places in Lagos.e.g Egbeda, oshodi, Ogba, lagos island, ajah etc

However i can invest in Commercial rental properties in any of these locations stated above (Egbeda,Oshodi,Ogba,Ajah) as people will rather pay office or shop rent before house rent. So before you build that block of 6 flats for residential letting ,why dont you Consider putting 10 shops for commercial letting on 400sqm. The Commercial land maybe more expensive but the stress is worth it. A friend recently did about 30 shops on Ogudu road Ojota before completion everything was taken.

A second Case Study, A client abroad bought 2 properties from us with the goal of renting out both,my sincere advice to him was this. Put one on rental income, sell the second property at a 10% to 15% profit margin upon completion and put the money in Fixed securities or a Sound and consistent dividend paying stock.

ahiboilandgas:
Been residential dosent stop it from generating income via rents ..it can be a commercial allocation and not generate rents

Boss,
Please ask that your friend that use to get distress sales. I am very much interested in any good one with good ROI. Block of flats for commercial purposes is best.

My 365days T-bills is almost maturing and from the look of things I don't want to tie down capital...

Much regards sir as you have been more than an inspirations and a moving store of investment ideas with proven results. Some information you provide here for free (especially the downstream business) will pass for seminars and workshops we could never afford to pay to attend.

On rental Wahala. From my little experience as a realtor ,i only advice clients to rent out residential properties to certain class of customers on certain conditions.
[/quote]
Though quite saddening, there are even cases where in before renting out his apartment to a Nigerian immigrant, the landlord made sure to contact the former landlord of the prospective tenant in Nigeria, just to ascertain the nature of the person he was renting out to.

Tvegas:
Thanks for highlighting this. When this COVID issue started i told many people around me that they should watch Nigeria, she will manage this well and come out OK. It wont get destroyed like the CNN and the western world predicted death-wise.

I guess The OP has bought so much into the western propaganda to the extent of being dissapointed for not seeing dead bodies littering his/her country. Black man, such a sad story.

I listened to an analyst on Channels TV saying we may not even go into a recession as its been widely publicized...I think we do well with pressure!

Theconglomerate:
We don carry you dash Agulu people?
The people from my place that have the kind of power to "dash" me to another clan are not on the internet looking to fix some peasant money for 7% profits per annum out of sheer lack of options and creativity,so honestly that is why I was surprised when you of all powerless people say you dash me to another clan.
The sense you want to knock into my head ehn,use it for yourself to move up the income of whatever investment which I'm sure is not much generates,that way who knows,you might actually get rich enough to be able to afford moving me to another clan.

By the way I also liked your post out of sheer optimism that you someday get to be in the position that will make you rich and powerful enough to move me away from my clan.

The Congo Meat,is it me you are telling all these things?! That I m poor and invest at 7%? chai

but seriously, your attitude is terrible. I m sure this is not the first time you are hearing it. I cant even be angry for long. i dont see anything deserving of my anger. Try and put yourself in the other persons shoes. There can be 2 sides to an argument, none of them wrong.Dont use combative language.

If those are too hard for you,study how ahibo and emmanuel disagree on this thread.
let me bring out my favourite picture

Madam (I hope I am right about the gender), Please let it go for the sake of the thread.

missjekyll:


The Congo Meat,is it me you are telling all these things?! That I m poor and invest at 7%? chai

but seriously, your attitude is terrible. I m sure this is not the first time you are hearing it. I cant even be angry for long. i dont see anything deserving of my anger. Try and put yourself in the other persons shoes. There can be 2 sides to an argument, none of them wrong.Dont use combative language.

If those are too hard for you,study how ahibo and emmanuel disagree on this thread.
let me bring out my favourite picture

XiaoLi:
Thank you for this, this is a lady moving out because other tenants are not in good term with her do to her bad behaviours, instead of her to jejely move out now she is requesting for an extra two months, when the agent tried to persuade her to pay for the two months she started using foul language that she will never do that instead we should serve her a quit notice. Some people are just very wicked and troublesome in Nigeria that will make you to think if they are really human!

is her surname the conglomerate by any chance?

9jatriot:
Madam (I hope I am right about the gender), Please let it go for the sake of the thread.

I m done,promise.

If you want to build a commercial house(block of flats,duplex,shop,etc..) and you've got the means,make sure you build in the right location that very well befits the lower middle class and finish it to a taste that suits people in this class.
This action is a natural selection process for troublesome tenants.
People usually owe rents in suburban houses(block of flats or rickety bungalow inside bush or in a slum or ghetto).
It is very rare to hear that a tenant in some of the places I described are owing rents and are fighting with the landlord.
They are too busy and have a reputation to protect to want to be fighting in the mud with a landlord.
I don't know lagos well but where I stay,there are places where landlords don't even know their tenants yet get paid rents regularly and in time.
If you Bleep up with your rents,he knows that there is an army of middle class people waiting to replace him with cash at hand and the shame that's involved,nobody wants that.
In if you no want problem with tenant and money is not a problem to you,you should know what to do by now.

Some of these so called people with reputation are the ones who study the tenancy law in depth with the intention to frustrate the landlord. Some people are just bad in their heart.

Theconglomerate:
If you want to build a commercial house(block of flats,duplex,shop,etc..) and you've got the means,make sure you build in the right location that very well befits the lower middle class and finish it to a taste that suits people in this class.
This action is a natural selection process for troublesome tenants.
People usually owe rents in suburban houses(block of flats or rickety bungalow inside bush or in a slum or ghetto).
It is very rare to hear that a tenant in some of the places I described are owing rents and are fighting with the landlord.
They are too busy and have a reputation to protect to want to be fighting in the mud with a landlord.
I don't know lagos well but where I stay,there are places where landlords don't even know their tenants yet get paid rents regularly and in time.
If you Bleep up with your rents,he knows that there is an army of middle class people waiting to replace him with cash at hand and the shame that's involved,nobody wants that.
In if you no want problem with tenant and money is not a problem to you,you should know what to do by now.

MrMcJay:


I'm advising that he cuts his losses and moves on. If you decide to bring an action to recover unpaid rent and recover possession, how much would you spend on legal fees and for how long are you ready to drag it?
Now, calculate her unpaid rent for 2 months and decide which is easier to forgo.

Bad tenants can ruin an otherwise profitable investment. I have a client who is selling his 13 units of terraced duplexes at Magodo just because of tenants wahala. Prospective tenants are willing to pay 4M per year per duplex but he has refused, he's stuck to selling.

Would you mind sharing more details, is he selling units or as a whole?

9jatriot:
Some of these so called people with reputation are the ones who study the tenancy law in depth with the intention to frustrate the landlord. Some people are just bad in their heart.

The chances of meeting such people in this particular social class is very minimal.
They have a lot to lose and honestly they make good money to want to be dragging house rent money with landlord.
Just maybe 4% of people in this class will be troublesome.
I know very well what I'm saying.
When next you hear landlord and tenant wahala,please go and look at the house,the social class the tenant belong and the location of the property.
93% of the time will tick those boxes I listed above.

Maybe I did not get the definition correctly. Can we use occupation to describe it. Maybe a definition like "Bankers" so that we are at least on the same terms with what you mean by the middle class you are trying to describe.

Theconglomerate:
The chances of meeting such people in this particular social class is very minimal.
They have a lot to lose and honestly they make good money to want to be dragging house rent money with landlord.
Just maybe 4% of people in this class will be troublesome.
I know very well what I'm saying.
When next you hear landlord and tenant wahala,please go and look at the house,the social class the tenant belong and the location of the property.
93% of the time will tick those boxes I listed above.

9jatriot:
Maybe I did not get the definition correctly. Can we use occupation to describe it. Maybe a definition like "Bankers" so that we are at least on the same terms with what you mean by the middle class you are trying to describe.

Banker get level.
There are still a lot of dirt poor people in banking.No offense but it's the truth.
I won't use profession,rather income range since class is complicated like you say.
A person earning 4.8m naira a year will hardly owe 800k rent.Very very rare situation.
You have to build houses that will fulfill the taste of people according to their income range and you won't have problems.

The kasala reach my side self , bought half plot last year ,paid and settled with owner but to my disbelief,am being notified by Coca cola thru their lawyers and the estate resident association to pay a ratification fee of 1.5m after doing survey fee of 700k making a total of 2.2m for ratification of it .

MrMcJay:


For those buying properties in that Lekki area, particularly between Ikota and Sangotedo, there are a lot of Agric C of Os given for 20 or 30 years which are close to termination. In fact, there is one Budo Farm C of O that faced something similar. The problem is that those who held the Agric C of Os have resold to other persons who have now built. Because they saw C of O, they just bought the land and built, not knowing the difference between Agric C of O and other types.

Unfortunately, the government is not renewing these Agric C of Os, instead they are giving the parcels of land to new allottees which would now be residential C of Os. The new allottees are not those who bought from those with Agric C of Os, but the original landowners who the holders of the Agric CofO bought from. Those who bought and built with Agric C of Os would now have to face those issued new C of Os by the government.

In the end, they would be forced to pay Ratification fees to the holders of the new C of O. Ratification which would run into Millions of Naira.

Yes you are right about income being a good way to grade. Although your statement about bankers different from working in the bank may also be correct.
4.8M, That is like 400k per month. Ideally they should not owe, the problem is that rather than stay in a house of 500k - 800k, many of them will upgrade to a serviced estate where just service charge is around 300k or more. Before you know it, they will start to owe. There are people who enter hard times and find that they are no longer able to meet obligations, but my grouse is still with those people who deliberately opt not to pay their landlords. Let me shock you, there are some parents in this class you just mentioned who don't pay school fees of their kids.

How do they do it, they will drive their exotic cars to the school, pay for that term, speak polished English, intimidate the principal and school owner with their clean outlook so that when they do not pay the remaining part of the session, you will just believe it is only a matter of time. By the time the school realize that this is a bad debt, they could have done 2 sessions. When the school decide to do rigorous school fees drive and prevent the kids from coming to school again, they will use that same way to approach a new school, pay first term and leave again.

My broda, some people have deleted shame from their dictionary

Theconglomerate:
Banker get level.
There are still a lot of dirt poor people in banking.No offense but it's the truth.
I won't use profession,rather income range since class is complicated like you say.
A person earning 4.8m naira a year will hardly owe 800k rent.Very very rare situation.
You have to build houses that will fulfill the taste of people according to their income range and you won't have problems.

9jatriot:
Yes you are right about income being a good way to grade. Although your statement about bankers different from working in the bank may also be correct.
4.8M, That is like 400k per month. Ideally they should not owe, the problem is that rather than stay in a house of 500k - 800k, many of them will upgrade to a serviced estate where just service charge is around 300k or more. Before you know it, they will start to owe. There are people who enter hard times and find that they are no longer able to meet obligations, but my grouse is still with those people who deliberately opt not to pay their landlords. Let me shock you, there are some parents in this class you just mentioned who don't pay school fees of their kids.

How do they do it, they will drive their exotic cars to the school, pay for that term, speak polished English, intimidate the principal and school owner with their clean outlook so that when they do not pay the remaining part of the session, you will just believe it is only a matter of time. By the time the school realize that this is a bad debt, they could have done 2 sessions. When the school decide to do rigorous school fees drive and prevent the kids from coming to school again, they will use that same way to approach a new school, pay first term and leave again.

My broda, some people have deleted shame from their dictionary

I am not talking about fast life people.
There is a difference of having 5m at your disposal and having an income of 5m PA.
Someone that lives a fast life can have 5m,agreed.But is it consistent?No.
Now someone with an income knows that he can plan on saving 800k in a year with no worries.
These are 2 different categories of people and as someone that was able to afford that kind of property for these kind of clients,differentiating fast life people and consistent people shouldn't be difficult.
People don't skip payment for lack of shame,rather lack of money.Anyhow you look at it,it boils down to lack of money,not shame.

Salliet:

Would you mind sharing more details, is he selling units or as a whole?

Yeah, not a problem. He's selling in units, not as a whole. Some are 2 bed terrace duplexes and some are 3 bedroom terraces. They are in Magodo Phase 2, that's the main Magodo.

Tenant income is everything so far as property is concerned.
Even building shops is still not safe.
If you buy anyhow land and build shop,you will hardly have people to rent it,let alone be consistent with rent because of poor location leading to poor tenant that generates poor income
Poor is to poor is to poor ratio=better debt owed by tenant.
But if you buy better land weh dey for site and build shops there that the tenant make good sales and turnover,do you think the tenant will ever want to owe you?never!!
So that make you collect the shop from am give another person?lie lie.
I have a small shed where I sell up to 10 baskets of tomatoes in 2 days all retail that can make me 10k a week.
Do you think I will ever owe my landlord's 3k monthly rent?impossible.
What if i had a backwater located shed instead that i barely sell 2 baskets a week,do you think i will be prompt with rents?

Enyinne:
The kasala reach my side self , bought half plot last year ,paid and settled with owner but to my disbelief,am being notified by Coca cola thru their lawyers and the estate resident association to pay a ratification fee of 1.5m after doing survey fee of 700k making a total of 2.2m for ratification of it .

This is very rampant in those areas. Even some of the real estate companies in Ibeju-Lekki axis who bought land falling under Lekki Coastal and Epe Lagoon are facing this problem too. Buy land for 1.5M, 2 years later they are asking you to ratify with 2.5M. It's rubbish.

But I believe proper due diligence before purchase can prevent all these.

Theconglomerate:
Banker get level.
There are still a lot of dirt poor people in banking.No offense but it's the truth.
I won't use profession,rather income range since class is complicated like you say.
A person earning 4.8m naira a year will hardly owe 800k rent.Very very rare situation.
You have to build houses that will fulfill the taste of people according to their income range and you won't have problems.

A trader making an annual profit of N10 million will deliberately owe bouse rent of N1 million. But won't owe his shop rent of N1 million

Landlords avoid traders and businessmen in Lagos

XiaoLi:
According to the agent that manages the house, he said that Nigerian law favours the tenanats, now that she is not ready to move out..assuming we give her a quit notice the quit notice will elapse in the next 3 months according to the Nigerian law, so if we give her quit notice now it means we are offering her 3 months free rent (extra 1 month from her initial request).
I think this is the reason she didn't accept to pay for the extra 2 months but rather yelling we should give her quit notice if we cannot accept her request, you see how troublesome she is?

what if she request for the quit notice after the 2months elapse?

MrMcJay:


Yeah, not a problem. He's selling in units, not as a whole. Some are 2 bed terrace duplexes and some are 3 bedroom terraces. They are in Magodo Phase 2, that's the main Magodo.

Are you willing to share here or we take it offline? no pun intended

emmanuelewumi:



A trader making an annual profit of N10 million will deliberately owe rent of N1 million.

Landlords avoid traders and businessmen in Lagos

People avoid traders because it is hard to know their income range in the first place,so how do you know that the trader made 10m in the first place?

Salliet:
Are you willing to share here or we take it offline? no pun intended

Not a problem. I don't know if personal info are allowed on this section though. You can send me a PM anytime. Will get the pictures and mail them to you and arrange an inspection if you are interested.

Theconglomerate:
Tenant income is everything so far as property is concerned.
Even building shops is still not safe.
If you buy anyhow land and build shop,you will hardly have people to rent it,let alone be consistent with rent because of poor location leading to poor tenant that generates poor income
Poor is to poor is to poor ratio=better debt owed by tenant.
But if you buy better land weh dey for site and build shops there that the tenant make good sales and turnover,do you think the tenant will ever want to owe you?never!!
So that make you collect the shop from am give another person?lie lie.
I have a small shed where I sell up to 10 baskets of tomatoes in 2 days all retail that can make me 10k a week.
Do you think I will ever owe my landlord's 3k monthly rent?impossible.
What if i had a backwater located shed instead that i barely sell 2 baskets a week,do you think i will be prompt with rents?

that mean you are keying in to my policy....SELL TO THE RICH..TO BECOME RICH

ahiboilandgas:
that mean you are keying in to my policy....SELL TO THE RICH..TO BECOME RICH

Is someone making 4.8m a year rich?I was under the impression that these are comfortable people,not rich sha.
A rich person won't even rent an 800k PA house to start with,unless he isn't in his comfort zone.
This one na just social strata positioning o.

Theconglomerate:
Is someone making 4.8m a year rich?
A rich person won't even rent an 800k PA house to start with.
This one na just social strata positioning o.

been rich is relative.....persons earning 400k in Nigeria are middle class people in Nigeria that the salary of a professor...

ahiboilandgas:
been rich is relative.....persons earning 400k in Nigeria are middle class people in Nigeria that the salary of a professor...

Shey you know there is lower and upper middle class.
Besides,you said rich the last time and in no way refer to middle class.
Leave job title,let's talk and classify with income.
One of the worst places to use as an example for income is the teaching industry
The reward for people in this industry is in heaven,no offense
Some of my professors way back that were rich are businessmen.

MrMcJay:


Not a problem. I don't know if personal info are allowed on this section though. You can send me a PM anytime. Will get the pictures and mail them to you and arrange an inspection if you are interested.

Or you could share them here in a general thread and mention me so we are not found derailing...

https://www.nairaland.com/2550211/general-topic-thread-to-discuss-anything

olujaidi:


That's not correct. A sukuk is the non-interest version of a bond (with a few other differences). Maybe you should quote your source text for clarity

Thanks for your response.

Please see the first link on differences btw Sukuk and regular bonds I googled(See section on repurchasing at maturity), the second link to the prospectus of the 2017 Sukuk, page 10/11- Limited Recourse.

https://www.dummies.com/personal-finance/islamic-finance/how-sukuk-islamic-bonds-differ-from-conventional-bonds/

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.fmdqgroup.com/wp-content/uploads/2018/02/FGN-Sukuk_Prospectus-Execution-version_051017.pdf&ved=2ahUKEwjE-umuzd7pAhX9BGMBHRMQAaMQFjAAegQIAhAB&usg=AOvVaw3Sdg6eeB8Du36aaML_NooZ