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Nairaland Forum / Nairaland / General / Investment / Treasury Bills In Nigeria (4624259 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 ojesymsym: 11:48am On Jul 13, 2020 |
My error, was someone else, I just checked again. DexterousOne: |
Re: Treasury Bills In Nigeria by ojesymsym: 11:54am On Jul 13, 2020 |
When I gave this a though recently, I realized that our health care and education, especially university education is subsidized compared to many of the countries we admire. No students loan here. I read one guy's comment that he spent one night in a US hospital (probably didn't have health insurance, don't know) and spent an equivalent of almost 3million Nigerian naira. When God puts on his prayer request session, the ones from Nigeria are likely to be full of negativity. ultron12345: 1 Like |
Re: Treasury Bills In Nigeria by fineguy11(m): 11:56am On Jul 13, 2020 |
Adjusted LAPO FD rate...Still lucrative, despite economic challenges we facing currently..Msg me for more info.
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Re: Treasury Bills In Nigeria by ultron12345: 12:08pm On Jul 13, 2020 |
GonFreecss1: I can relate very well with your second paragraph. I run a manufacturing business and a trading business. The biggest challenge in my manufacturing business is not power, or infrastructure, the biggest challenge is getting honest staff. Everyone we hire is appears to be on a mission to steal as much as possible. Inflated invoices, recording less than the actual number of units produced. The worst part of it all is that all the fraud we've uncovered is not done by a single person, it's usually many staff who collude with each other, from production, to sales, to finance, even top management. There was a year I overhauled management 3 times in a year. But I've found a solution sha, I now use Indian management. So competent, so honest and so straightforward. I thought they were expensive at first with all the visa fees, accommodation, house staff, but now that losses due to staff theft have been reduced to a minimum, and efficiency increased, the Indian management has turned out to be cheaper than the previous Nigerian management. Now, all sensitive positions involving money go to Indians. Nigerians are only allowed in non-sensitive positions. I used to criticize companies like Dangote Group that hire so many Indians when there are many unemployed Nigerians, but now, I understand their decision. My biggest challenge in the trading business is the same, getting honest staff. The form of trading occurs in the open market, and involves staff having access to huge sums of money running into a few millions. I know how much I pay to security companies to provide escorts for the staff, not to prevent robbery, but to ensure that the staff go straight to the bank to deposit the money after the day's sales and not disappear with my money. This money spent on security companies is even enough to be declared as profit. We have to spend on CCTV, biometric scanners and other things that wouldn't not be needed if staff weren't looking for the slightest opportunity to steal. It got so bad at a point that my main criteria for employing staff was no longer conpaetency but honesty. At least, competency and skills can be learnt, but once you're dishonest, you're dishonest. We always complain of the economy and how they are no jobs. I know people abroad who would have loved to set up job creating businesses in Nigeria but they can't because they can't get any trustworthy person to run it. I know people in Nigeria with so much money, they want to start factories and other job-creating businesses but they can't because they are occupied elsewhere and can't get any trustworthy person to run the business. So instead of investing in the real sector and creating jobs, they'll just buy treasury bills, while the thieves are shouting no jobs. Many big businesses would have been born in Nigeria if we could engage in partnerships, but we cant because you can't trust anyone. This is one advantage the Indians and Lebanese have over us in Nigeria. They can pull resources together and do mega-business, unlike Nigerians that because only one person must do everything since we can't partner, end up with small, tiny businesses. Start a poultry and they will be stealing your eggs. Some will even go ahead to be killing the chickens so that they'll be allowed to take them home. Start an entertainment/viewing/game center and they'll be pocketing your money. On the days you're around at the business, the money realized will be x10 of the money realized when you're not around. Because they're eating your money. Lease out a vehicle to a driver to use and watch as he'll finish you. Start a restaurant, the same thing will happen. More than half of the total food ingredients will end up in their personal kitchens. Even ordinary provisions shop, they will find a way to steal. You'll see them with that their evil, wicked saying "na where person dey work, na there e dey chop, na e make dem dey callam workchop/workshop"...... Just imagine, justifying theft at work. And you'll see these people point their crooked fingers at politicians when they're not any different. I usually say the reason most Nigerians haven't stolen billions of government money, is simply lack of opportunity. Nigerians are the problem of Nigeria. 85 Likes 16 Shares |
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 12:16pm On Jul 13, 2020 |
I threw up a question the other day for people to choose between employing, 1. Competent staff but does not have integrity. and 2. Incompetent staff but has integrity. 1 Like |
Re: Treasury Bills In Nigeria by ojesymsym: 12:19pm On Jul 13, 2020 |
This is hard sha. For marketing position perhaps I will go for competence. For admin... I non sure o, because honesty is not enough to successfully manage a business but a dishonest administrator will run your business aground. Every other area, perhaps integrity before competence. emmanuelewumi: 2 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 12:24pm On Jul 13, 2020 |
ultron12345: You have summed up a very significant problem that many overlook. That stealing. My father faced that problem, mother did, many friends abroad face that problem even when their family members run the business. The problem is so rampant I have been thinking if I found a way to create a business that solves that problem I will be richer than Dangote. Yes! Because I will have many clients. 5 Likes |
Re: Treasury Bills In Nigeria by GonFreecss1: 12:25pm On Jul 13, 2020 |
emmanuelewumi: 2 all the way. Even Warren Buffet said he will choose number 2. |
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 12:26pm On Jul 13, 2020 |
ojesymsym: Integrity is key and it is number one. I will consider the ability of the incompetent staff to learn and learn fast.. Incompetence can be improved through training and learning on the job. Integrity can't be learnt 14 Likes |
Re: Treasury Bills In Nigeria by Cyberknight: 12:31pm On Jul 13, 2020 |
ultron12345: This is so true. I had a fairly large farming operation in the east a few years back. They stole me blind, so I closed up and started considering doing something closer to Lagos, maybe in Ogun state, where one could at least drive in on the weekends. Not actualised yet. I also had another business which I gave to my cousin to run. He did it well, then the lure of obodo oyibo called, so I helped send him to Germany. I got someone else to run it and that was the end of the business. In 2016, I went into tbills and stayed there until Emefiele repented last year. I'm still a few years from 50, but am now risk-averse in relation to Nigerian business. Planning to set up another farm with a friend in Ghana. My investment may be small, but at least my small workforce had employment, and cumulatively its a loss to Nigeria. 6 Likes |
Re: Treasury Bills In Nigeria by DigitalMallam: 12:40pm On Jul 13, 2020 |
emmanuelewumi:Hello Emma, I tried opening an account online with United Capital Plc, I got a mail requesting for the following info. Are these the usual information for acct opening and can I oblige. ........ Kindly provide the information below to enable us process his account opening request. Residential Address Gender Name and Address of Next of Kin Bank Account details Employment Details Annual Income Source of Income We will also need the following KYC documents; [Means of Identification- e.g Data Page of International Passport, Drivers Licence, NIN Slip/Card, Voters Card], Proof of Address [e.g- Recent Utility Bill (3 months or less), Drivers Licence, Bank Statement with your address indicated on the front page], Signature specimen and passport photograph. |
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 12:45pm On Jul 13, 2020 |
DigitalMallam: Yes, you don't have to give them you statement of account. Your utility bill, house rent payment receipt, agreement with your landlord etc should be able to show the proof of your residence |
Re: Treasury Bills In Nigeria by AnthonyAnderson: 12:52pm On Jul 13, 2020 |
GonFreecss1: Very brilliant. Ordinary street protests against govt policy you wil see them chicken out. They always love to run down the country at the slightest opportunity. It is a thing of pride. During elections they wont even vote but tell you who will win and lose hence they do not need to come out to vote.... 4 Likes |
Re: Treasury Bills In Nigeria by Ghost01(m): 1:01pm On Jul 13, 2020 |
talk2me2:I got mine this morning. |
Re: Treasury Bills In Nigeria by ahiboilandgas: 1:25pm On Jul 13, 2020 |
ultron12345:very true ...when i started my cement distribution business i forcast that i would have 20 branches after studing several business like kfc with low margins but several units to make good inflow....i ran into problems from the pioneer branch cos of theft of sale proceeds by sale boy....he intentional damage bags so as to sell in mudus , he also collect stock outside and sell in my ware house...the place was generating a net of 180 k monthly and i have capacity to open 19 more ...i was paying salary of 30k and commission....but the Nigerian human resource is an impossible being 16 Likes |
Re: Treasury Bills In Nigeria by CsRockefeller(m): 1:29pm On Jul 13, 2020 |
emmanuelewumi: Integrity any day. What is competence without intergity? That's like Religion without faith. 8 Likes |
Re: Treasury Bills In Nigeria by CsRockefeller(m): 1:33pm On Jul 13, 2020 |
The other day I was telling someone that corruption and fraud especially is ingrained in every Nigerian DNA. What few do is to fight that inbuilt trait, the remaining just live it out. We are such a dishonest people. In an attempt to mask our evil acts we have legalized fraud and corruption into different forms. A Nigerian doesn't even trust his fellow citizen so why should a foreigner do? Look at how high we build our fences like we are guarding against wild animals. 10 Likes |
Re: Treasury Bills In Nigeria by Nezzjnr: 1:39pm On Jul 13, 2020 |
Cyberknight:Sir please Farming business isn't a weekend work... Please I'm begging you.... Don't try this.... Hence you'll be scammed again You've to be on ground full time to monitor everything that's going on... You can take 2 days off a week to rest or even a day I'm begging you again sa.... You have to be on ground full time even if your Farm manager is honest 1 Like |
Re: Treasury Bills In Nigeria by seankafor(m): 1:43pm On Jul 13, 2020 |
ultron12345:lol you are even going too far. To bring it down to a lay mans understanding.. Just try and order something online maybe from online sellers here in nairaland or FB or Twitter.. then come back and tell the tales.. ![]() Corruption and fraud is automatically wired in every Nigerian.. Politicians aren't the problem.. we are the problem.. because if they should step aside and we enter there..na our own go even worse pass ![]() 6 Likes |
Re: Treasury Bills In Nigeria by emmanuelewumi(m): 1:46pm On Jul 13, 2020 |
Nezzjnr: You now see the reason why busy executives are okay with portfolio Investments that will conveniently give them between 15% to 20% per annum and they will be okay on the long run 10 Likes |
Re: Treasury Bills In Nigeria by Cyberknight: 1:53pm On Jul 13, 2020 |
Nezzjnr: Lol. I know that is what obtains in Nigeria. In the 80s, my father operated a farm in the east. We would travel down every so often. People were still human beings then, and with all the incentives, (some sharecropping, etc.), the farm was showing a profit. Until some time in the 90s, when it wasn't. I was in university in the east and I used to go there to check up from time time. They kill your birds, claim they died, sell off your eggs, harvest your plantains and pineapples, etc. My cousin is farming in Ghana, and I have people in Kenya invested in cooperatives into commercial farming as well. One of them will probably receive some of my investment monies. 3 Likes |
Re: Treasury Bills In Nigeria by Nezzjnr: 1:55pm On Jul 13, 2020 |
emmanuelewumi:Farming no be weekend hustle I think we've discussed that here this past week |
Re: Treasury Bills In Nigeria by Nezzjnr: 1:58pm On Jul 13, 2020 |
Cyberknight:That was then I was discussing with a friend few days back... He was lamenting how His Farm manager is draining him.. Go to Agric section and see how people have put up their Poultry farms up for sale |
Re: Treasury Bills In Nigeria by Cyberknight: 1:59pm On Jul 13, 2020 |
Nezzjnr: The Nigerian factor. I have someone who is/was cultivating rice in Plateau state. He had no labour complaints though. Or at least at that time. |
Re: Treasury Bills In Nigeria by Nezzjnr: 2:01pm On Jul 13, 2020 |
Cyberknight:When was that |
Re: Treasury Bills In Nigeria by Cyberknight: 2:04pm On Jul 13, 2020 |
Re: Treasury Bills In Nigeria by kintus(m): 2:04pm On Jul 13, 2020 |
ultron12345: I like your submission Sir. Speaking out of well nourished experience. A lot to learn from. In contrast to some of your views, I know within me that we still have some good Nigerians out there. I am a good Nigerian and I know a few others who wouldn't spoil their names and value for money. Sometimes, we need to be on the other side of the table to see the true picture. The same Indians we come here to praise and glorify also have been convicted and found wanting in some Nigerian firms for advanced frauds. Having a good employee is a gift and that is what I tell most people. Keep asking God to give you a good person. Also, one important factor most employers miss out is - how they treat their employees. Some employers can be so wicked with zero empathy. I need job Sir. Thank you. 6 Likes |
Re: Treasury Bills In Nigeria by Ghost01(m): 2:06pm On Jul 13, 2020 |
ultron12345: Apt. 1. Nigeria has a pervasive culture of individual irresponsibility. The average Nigerian spends his or her pastime blaming the government and everyone else, but himself or herself, for everything that's wrong with the country. The same ones who drop styrofoam inside drainages would be the loudest critics of government when there's flooding in the rainy season. The same ones who wouldn't do their jobs unless they are generously tipped would turn around to blame senior public office holders for embezzling our common wealth. The most saddening part is that the majority of us are somehow able to justify the atrocities we commit in our own little corners without seeing the link between what we do and the rot in the society. 2. I've read accounts of Nigerians who spend two weeks in Kigali and return to curse Nigeria. I've also read accounts by Nigerians who travelled beyond Kigali in Rwanda and tell stories of how Ikorodu is more developed than the other parts of Rwanda. In addition, I've read the lamentations of a Ghanaian who was berating his country's leaders after visiting Abuja. So whenever anyone who claims to have visited Rwanda starts comparing Rwanda to Nigeria, I know s/he never went beyond Kigali. 3. Many Nigerians have a way of exhibiting the same (mis)behaviour many of our leaders are guilty of. I'm currently participating in a programme for West Africans and most of, if not the only, participants who are fond of breaking the rules there, despite repeated pleas and admonitions, are my compatriots. Yet when you visit the online fora, the pages are littered with tales of woes about how bad Nigeria is and how unfortunate Nigerian leaders are. Agreed, the country is bad and could use some turnaround but things will not get better if we aren't even ready to acknowledge our respective roles in bringing Nigeria to its current state, not to talk of remedying our individual missteps. 15 Likes |
Re: Treasury Bills In Nigeria by Nezzjnr: 2:08pm On Jul 13, 2020 |
Cyberknight:Even if he was seeing his profit... His workers will still be cutting corners Some workers dey build houses for Oga head ![]() That's why Most Farm owners go for Cotonou workers or villagers residing in the farm location 1 Like |
Re: Treasury Bills In Nigeria by ahiboilandgas: 2:13pm On Jul 13, 2020 |
seankafor:currently a Nigeria in the us sent 300k to a guy to do p.o.p ....no where to be found for 2 weeks 1 Like |
Re: Treasury Bills In Nigeria by DexterousOne(m): 2:35pm On Jul 13, 2020 |
emmanuelewumi: These two are not mutually exclusive So I cant choose 1 Like |
Re: Treasury Bills In Nigeria by Tobex4realTobex234(m): 2:52pm On Jul 13, 2020 |
Nigerians are problematic people. Even outside Nigeria, Nigerians still get issue. I found an analysis on Quora this morning, it answers up to 3 different questions we have had on this thread in the past one week: - Attitude of Nigerians (even outside the country) - Failure of Nigerian owned businesses to thrive beyond generations when compared to Indian/Lebanese - The Expectation of the Western World Musa, a Nigerian, with PhD in Chemical Engineering, works for a high-end manufacturing company in Michigan. He joined the company as a junior engineer before he went for his PhD at University of Michigan. After completion, he was employed to work in the research arm of the same company and was on a six figure annual income. Then the economy went into recession. As a senior member of staff, he was well briefed about the company’s fortunes. Then there was, again, this happy Indian foreman who did his daily routine joyfully as if everything was OK! Musa called him one day and asked if he was aware that the company had less than six months of work left and would be folded up. Rajiv (let’s call him by that name) smiled and told Musa he was fully aware of the state of the company. Then why was he so joyful? Musa had the shock of his life when Rajiv explained that he already knew the company was not doing well two years previously. He had already made a down-payment for a 7–11 store that he was ready to move to and operate. Surprisingly, he found he could continue to work for nine more months, he therefore put his brother at that particular store while he was earning the income to work for the down-payment of another store! Instead of him running a single store with his brother, each will run a store and will help each other to complete payment! The examples here are about certificate-piling Nigerian immigrants under performing compared to lower educated Asians. When you now bring in highly educated Indians - that are by the way multiple of times the number of Nigerians, the story becomes even more interesting. Nigerians, abroad, often do not cooperate as easily as Asians do. Four or more Pakistani IT workers can be so helpful to one another, share apartment and contribute to sustain an unemployed member until they all move ahead in Western society. Nigerians in the same situation are more likely to engage in unhealthy competition. The Koreans, Vietnamese, Thai, Indonesians etc., move into middle class much faster than Nigerians do no matter how fast we start. If there is an Olympic medal for the number of degrees acquired, Nigeria will win! If it is a matter of entrepreneurship, upward mobility, social integration, etc., it is a different game! When a Chinese sets up a restaurant, he aims, not only at other Chinese people, but the entire Western population. The same can be said about Thai, Vietnamese, Koreans, etc. The few Nigerians who set up Bukas are targeting other Nigerians or Africans like themselves - 0.1 - 2% of the population! We already failed in the competition from inception! Conclusion. There are opportunities in the Western countries for Nigerians and many have done well. There are also hundreds or thousands of Nigerians (doctors, engineers, lawyers, other professionals) living at the margins of those societies but will NEVER tell the truth to their families and friends at home. This can mislead many who get to know the truth too late and simply add to the number. Nigeria, (for several reasons: poor infrastructure, safety, opportunities, etc. ) is a difficult place to live. The Western nations that look attractive to us are also (for a different set of reasons: competition, culture, weather, etc.) difficult places to live. The effort required to succeed in these countries can easily be as great as the effort needed to succeed in Nigeria. In fact, it is my private opinion that, if you are not an “Okada” or “Maruwa” driver in a Nigerian city, your effort to succeed in most of these countries will be sufficient to make you succeed in Nigeria also. It is with stunning perplexity I hear about young Nigerians with very good jobs, some even already owning their own homes, selling off and going to start at the end of the queue in Canada or America! I still cannot understand what they really think they will get over there! The fact is that you are probably more highly motivated to work when you are abroad than you would have been willing to work here in Nigeria. That is just my personal opinion! 16 Likes 1 Share |
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