DexterousOne:


Its 499 in the platforms people use for foreign stocks

Now many young Nigerians will panic buy into bitcoin
Further dragging the currency down
This Emefiele sef

Omo nawa o

Diyke4rich:
I am not in the country, only banking with first bank currently, i can easily purchase through my account since TB and fix deposit are currently very low.

you can not easily purchase first bank shares through your bank account Sir.

You must open a stock broking account and fund it in other to buy shares.

Try and open with a broker that allows complete control over the Internet.

Example is investment-one.com

Now that's not a good reason to buy first bank shares
Would you like to own an inefficient company as described above by pa emmanuelewumi?

Check Stocks with good dividend payout like zenith, Ucap, updc reit, uba or afriprud
there are many others

Buy them when prices are lower or now at 10 % profit potential from dividends

Rapu first aid bank Jarre

DexterousOne:


Its 499 in the platforms people use for foreign stocks

Now many young Nigerians will panic buy into bitcoin
Further dragging the currency down
This Emefiele sef

Not necessarily bitcoi... An incresing number of Nigerians now save their money in stable coins... They are coins which are pegged to other currencies, most times USD and their price does not fluctuate with bitcoi value. I even saw an advert on nairaland for people to protect their Naira from devaluation by changing it go such
The increase in volume/popularity of such coins has helped to drive the price of bitcoi up.

Fact is most remittance to Nigeria comes in through that means and of course its out of the control of CBN. That's why some remittance companies abroad can offer close to black market rates and not CBNs rates

With a good number of central banks around the world including the Chinese and European CB testing digital currencies... If those come on board, I see many Nigerians going for them

DexterousOne:
I have a very unpopular suggestion

Maybe we should just damn the consequences and bite the bullet
Maybe that is the only way things will change for good in this country
If not for anything
The very high NGN to USD rates will seriously trim our acquirer taste for a lot of non essentials in this country

Though it has a drawback of impoverishment
I'm just thinking out loud

The CBN monopoly on the USD should be broken
Let the BDC and the banks and the street determine the price
I'd wager that remittances inflows into the country will explode
And foreign investments will pour in as well...
Though our neighbours will also be in trouble because of how cheap things will become in Nigeria
In comparison to their own country

There are so many trade offs in the air
And none will give us a favourable short term outcome
So why dont we just bite the bullet

If we refuse to be productive afterwards
Let us suffer for it
Afterall
As we say
He that does not work should not eat

Why will foreign investments pour in?

What would they be investing in?

I repeat, terrible idea.

jajeri3216:


Why will foreign investments pour in?

What would they be investing in?

I repeat, terrible idea.

And like I asked before
Why do you think it is a terrible idea?

We are living on borrowed time
We are just kicking the can further down the road

Nigeria does not deserve the life style its living at the moment, that's a fact.
Economic rents is what is keeping this false facade going.
Is it not better to face the demons now
Than wait for it to go out of control?

DexterousOne:

And like I asked before
Why do you think it is a terrible idea?

We are living on borrowed time
We are just kicking the can further down the road

Nigeria does not deserve the life style its living at the moment, that's a fact.
Economic rents is what is keeping this false facade going.
Is it not better to face the demons now
Than wait for it to go out of control?

You didn't answer the question.

Why would foreigners put their money in a sinking economy?

On what basis really can we use to justify our voracious consumption of all these foreign stuff that we do
Weekly trips to Dubai is fast becoming a norm among certain circles in Nigeria

You are taking so much from the rest of the world, and offering absolutely nothing back (even the crude oil sef; you cannot extract wholesale by yourself, or refine it )

Why then do you want to sustain this asymmetric system

A country like Nigeria has 9 jets
Luxury cars every where
Vacations anyhow
Popping champagne like it's going out of business
High end gadgets
Designer stuff
Expensive appliances

All that
Yet productivity is near zero in the real sense of it

Drastic situation has to be taken
And taken soon
And structural adjustments done
Or else?
Unpalatable outcomes await us

jajeri3216:


You didn't answer the question.

Why would foreigners put their money in a sinking economy?

Oww
You asked me those questions to answer?
I thought they were rhetorical
Now that you asked...

I'll say that Nigeria has real potential in the agric and agro processing line, the supply of refined petrol to other neighbours, further growth potential exists in our entertainment and creative space , etc.

Now the biting of the bullet naturally should be followed up with solid policy making
Policy making and exchange rate liberalisation should go hand in hand for there to be success
Poor policy making climate is what is making the economy sink in the first place

The UAE is cracking its head everyday looking for new policies to woo more talent and investment
Same with Rwanda and other countries
We have a dullard here at the helm of affairs
And a dunce as Finance minister and Central Bank Governor
When an economy shows prospects
The investors will come

Grupo:


Just like saying "prevention is better than cure" na. Or are you just trying to be mischievous?

I was trying to push a joke.

like not every time one has to be serious.

speak2lift:
Very true...I used to assume it is due to regulatory requirement.

Every now and then i usually see news report in Nairametrics and other financial section of newspapers whenever Very senior members in a company buy sharesu

Yea
Regulatory changes
A very positive one I must say

please guys do you think it's wise to buy dollars and deposit in bank....I meant sourcing for dollars for my dollar account....I'm just considering how best to keep the value of my money.

Lazyyouth4u:

Good evening, do you think there is a possibility that the Government can default on Bonds issued in previous years?

.

Guru's in the house please it's safe to put my account details and bvn on this site https://www.investment-one.com

Manwarrior55:


You’re right.

Only that when you’re wearing a mask you can stand with you legs but before they consider wearing a ventilator for any human the person must have lost his breath.

Your choice.

Diyke4rich:
Guru's in the house please it's safe to put my account details and bvn on this site https://www.investment-one.com

Yes it's safe! Reasons for bvn:

It's a requirement by SEC for any Investment account to be opened in Nigeria

It's a fight against money laundering

It's to protect your fund to make sure that during partial withdrawal, total liquidation or divided /interest payments funds are paid to the rightful owners and bvn is used for verification

The details you provided is tied with your funds so that any other account number can never be honored in any transaction involving money leaving your fund account except the one you provided during registration and it can only be changed by you incase there is need for that and that request is also verified using your bvn

Kindly note that though you supplied your details it doesn't give access to investment one to your bank account in anyway.

Please to help my ministry as sales Rep use the link on my signature to open the account of any product - VGIF, stockbroking etc with investment one.

Alternatively, if you are still not comfortable with the online registration, I have sent you a PM reply and I can send the offline form for you to complete offline and scan back to customer care or call 08181057319 if you still have any doubt to clear.

Thank you.

Give me your referer code

emmasoft:


Yes it's safe! Reasons for bvn:

It's a requirement by SEC for any Investment account to be opened in Nigeria

It's a fight against money laundering

It's to protect your fund to make sure that during partial withdrawal, total liquidation or divided /interest payments funds are paid to the rightful owners and bvn is used for verification

The details you provided is tied with your funds so that any other account number can never be honored in any transaction involving money leaving your fund account except the one you provided during registration and it can only be changed by you incase there is need for that and that request is also verified using your bvn

Kindly note that though you supplied your details it doesn't give access to investment one to your bank account in anyway.

Please to help my ministry as sales Rep use the link on my signature to open the account of any product - VGIF, stockbroking etc with investment one.

Alternatively, if you are still not comfortable with the online registration, I have sent you a PM reply and I can send the offline form for you to complete offline and scan back to customer care or call 08181057319 if you still have any doubt to clear.

Thank you.

Please be informed that your application has been received for review and you will receive a notification once this process is completed.

Thank you for choosing Investment One.

emmasoft:


Yes it's safe! Reasons for bvn:

It's a requirement by SEC for any Investment account to be opened in Nigeria

It's a fight against money laundering

It's to protect your fund to make sure that during partial withdrawal, total liquidation or divided n/interest payments funds are paid to the rightful owners and bvn is used for verification

The details you provided is tied with your funds so that any other account number can never be honored in any transaction involving money leaving your fund account except the one you provided during registration and it can only be changed by you incase there is need for that and that request is also verified using your bvn

Kindly note that though you supplied your details it doesn't give access to investment one to your bank account in anyway.

Please to help my ministry as sales Rep use the link on my signature to open the account of any product - VGIF, stockbroking etc with investment one.

Alternatively, if you are still not comfortable with the online registration, I have sent you a PM reply and I can send the offline form for you to complete offline and scan back to customer care or call 08181057319 if you still have any doubt to clear.

Thank you.

Welcome.

Diyke4rich:


Please be informed that your application has been received for review and you will receive a notification once this process is completed.

Thank you for choosing Investment One.

Stanbic, Stanchart have these offerings...And boys are already doing it

DexterousOne:
It will get to a stage where many middle class people will start opening foreign accounts and operating them from here.
Already some banks have their agents here in Nigeria trying to market their offshore banking services

And the interesting thing is that....
The balances are not so high like that...

To compound the matter
Nigeria unlike the USA does not have FATCA
So those Nigerians can operate these accounts devoid of much headache
Let the CBN continue in this act of folly
In due time, their eye go clear

engrjoseph208:
please guys do you think it's wise to buy dollars and deposit in bank....I meant sourcing for dollars for my dollar account....I'm just considering how best to keep the value of my money.

I use PiggyVest to save & invest securely. Sign up with my link and get ₦1,000.00 to start your own savings journey - https://www.piggyvest.com/?newref=1&ref=3c1641fb3f0219


Intrest on their dollar is at 7% pa

They sell at 495

.

Manwarrior55:


You should also take into consideration that FBNH is a holding company and not just for the banking business, while other FUGAZ are just the bank side of their businesses. I believe this could be one of the justifiable reasons for the high cost of administration.

Recently Datamax who is the Registrar for GURANTY contacted shareholders about making Gtbank a holding company too.

Several months ago, I bought the shares of FBNH around N3.80. I studied their financial reports before I invested my money into it. I compared their commercial banking arm with the rest of UGAZ and can confirm where Emma is coming from. Very lazy and wasteful elephant. Even if we compare some juicy arms of the FBNH with Stanbic IBTC's, we will still get the same picture. They are not mates, though.

Manwarrior55:


You should also take into consideration that FBNH is a holding company and not just for the banking business, while other FUGAZ are just the bank side of their businesses. I believe this could be one of the justifiable reasons for the high cost of administration.

Recently Datamax who is the Registrar for GURANTY contacted shareholders about making Gtbank a holding company too.

More reason why it should be more profitable, thank God they have a holding structure with Investment banking, asset management, Insurance, Trustees, Pension Custodian subsidiaries, that was why they have been able to pay dividends in the last 2 to 3 years if not shareholders would have gone home empty handed.


When did you hear that First Bank took debtors to court, seized assets of debtors or asked AMCON to buy their non performing loans? Rather they will use the bank profits and shareholders fund to block the holes caused by these loans. No debtor can try that with GTB or Access


When First Bank lost $100 million in 1999 or thereabout during the failed privatisation of NITEL, the combination of GTB and Zenith could not raise the fund. First Bank lost that type of huge fund at that point in time and the bank did not collapse.

20 years later First Bank is struggling to attain 30% of Zenith Bank and GTB profit. Does that show a business that is growing and well managed.

Without adding a Kobo to their Investments, shareholders of Zenith who got dividend of N1 million in 2006 are now getting N4 million in 2020, whereas shareholders of First Bank who got dividend of N1 million in 2006 now got about 600k in 2020.



NB, I took a speculative position in First bank few months ago when the CEO increased his holdings and I have booked profit at 20% in less than 2 months

The holding structure of GTB is just a strategy by the guy at the top to elongate his stay as the boss. His tenure will expire this year after serving as the CEO for 10 years.


Who does that, you sold your Investment banking and asset management subsidiaries which is now known as Investment One Financial Services, sold your Insurance subsidiary which is now known as Axa Mansard Insurance, the CEO sold them because he wanted to focus solely on banking.

First Bank, FCMB and Stanbic IBTC adopted the holding structure

7 years after the sale of those subsidiaries, you are now looking for Insurance companies, Investment banking firms, asset management firms, pension fund management companies to buy.

GTB will definitely buy such businesses at a very huge premium, because they won't want to start another one a fresh it will be better to buy existing ones

speak2lift:
Stanbic, Stanchart have these offerings...And boys are already doing it

We even have some reps from some of these island countries here as well.
The process is simplified to open the accounts

And you can operate this fron offshore without even stepping foot there (maybe you need to do so one time, but that's about it )
Does the goat at the CBN understand the consequence of this?
To make matters worse
We dont have our equivalent of the US FATCA
So these banks are under NO OBLIGATION to reveal their customers who are Nigerian citizens to the Nigerian government
And even if we hurriedly put something up like that, the banks will ignore because Nigeria is a weak country and a nuisance, who has zero power in penalizing them
Long story short
Nigeria is not the USA.

So more Nigerians having foreign accounts
And lodging their earnings there
Wouldn't that worsen our already bad position?
I keep saying that this man knows nothing
But people keep defending him

DexterousOne:

Oww
You asked me those questions to answer?
I thought they were rhetorical
Now that you asked...

I'll say that Nigeria has real potential in the agric and agro processing line, the supply of refined petrol to other neighbours, further growth potential exists in our entertainment and creative space , etc.

Now the biting of the bullet naturally should be followed up with solid policy making
Policy making and exchange rate liberalisation should go hand in hand for there to be success
Poor policy making climate is what is making the economy sink in the first place

The UAE is cracking its head everyday looking for new policies to woo more talent and investment
Same with Rwanda and other countries
We have a dullard here at the helm of affairs
And a dunce as Finance minister and Central Bank Governor
When an economy shows prospects
The investors will come

Hian, wetin Buhari and APC do you, Remember that Buhari is a rtd army general, with 7 PhD's from Harvard and Yale University and one of the best economic gurus in the world

How does this work? What's the minimum investment? How safe?

speak2lift:
Stanbic, Stanchart have these offerings...And boys are already doing it

richforever123:


Good evening, do you think there is a possibility that the Government can default on Bonds issued in previous years?

On Naira bonds? Very unlikely. Worst case they will just over tax Nigerians and print more money. I would be more worried about how inflation and devaluation will eat into the returns and principal.

Oga Emmanuel what are your thoughts?

Lazyyouth4u:

On Naira bonds? Very unlikely. Worst case they will just over tax Nigerians and print more money. I would be more worried about how inflation and devaluation will eat into the returns and principal.

Oga Emmanuel what are your thoughts?

Cc: Emmanuelewumi

You are correct, very unlikely. Even bonds issued by State government are secured.

Osun State had issues about 4 years ago during the last recession of 2016,income from Abuja reduced and bond repayment was about 80% of the State's revenue.

The professional advisers to the bond got an irrevocable order from the court which asked the accountant general of the federation to debit coupons and bond repayment at source from Ministry of Finance and CBN

How many Nigerian companies will pay your salary into a foreign account? If you get paid in Naira and live in Nigeria and transfer all your money to a foreign account, do you know the challenges of constantly moving your money to Nigerian accounts when you need to spend and back abroad when you want to save? By the time fees and devaluation chop all your money, you go start to praise Emefiele.

By the way, it’s not that easy for the average Nigerian to open an account in a country that you are not a resident of. Most times you will need to show proof of residency to open an account abroad. In the olden days, it was very easy. Not today.

Banks may be helping businesses to open offshore accounts for business purposes but it is very doubtful that the common man can benefit from these products.

The guy making that suggestion na fresh graduate with no experience. He knows nothing and only a fool will take him seriously.