What Shows That Am Rich? Nine Popular Investment Apps in Nigeria

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October 9, 2019

What shows that am Rich? Richness is a blessing from above which is achieved by positive thinking, creativity, vision and hardworking for the particular agenda or project. Being rich or wealthy does not mean the money you have in a bank account or the car and cloth you are putting on.

Money does not make you rich and wealthy but it makes you to feel a little “big” of yourself. The word “money” simply means that any thing that is generally acceptable as a means of payment for obligations.

Money is an errand boy to wealth because you can not achieve a particular project without involving money; you send the money to do a particular task for you. Which you can not do at that particular time.

Nowadays many Nigerians feel they are rich or wealthy when they see a particular huge amount of money in their accounts. That money in your account does not makes you rich and wealthy.

The money in your account is your messenger which may fail you at a particular spot and which may lead to the bankruptcy of the individual.

Many Nigerians are after money but they are not after on what to do with it or how to manage it, which can lead to a wealthy zone.

Being after money without looking for the source on how to manage it and utilize it, meaning that the individual is frustrated. The richest man on earth or in the word is not Jeff Bezos and family (U.S.), CEO, Amazon. Also, the richest man in Africa is not, Aliko Dangote, a Nigerian businessman.

The richest man on earth is a man with vision

Now, you have a vision on how to get money but you don’t have a vision on how to manage the money, which means that you can be frustrated within a particular period of time. People will ask how can I manage money which can lead me to the wealthy zone?

Create a budget. …
Understand your expenses. …
Understand your income. …
Consolidate your debt. …
Slash or remove unnecessary expenses. …
Create an emergency fund. …
Save 10 to 15 percent for retirement. …
Review and understand your credit report.
But the main thing there is to save and savings can make you to achieve your dream
Now people will ask how can i save and the platform for saving money?
Record your expenses. The first step to start saving money is to figure out how much you spend. …
Budget for savings. …
Find ways you can cut your spending. …
Decide on your priorities. …
Pick the right tools. …
Make saving automatic. …
Watch your savings grow.

There are many platform on how to save money for future us.

These are 9 popular investment apps in Nigeria that can make your money work for you. The mobile investment apps allow customers or investors to save money with the option of investing in some portfolios such as stocks, bonds, mutual funds, and the agric sector.

Investment apps are growing in Nigeria and millennials are embracing them, moving away from the traditional savings model or securities firms to financial technology-backed platforms. The aim of these applications is to offer a hassle-free investment experience. The mobile investment apps allow individuals – experts and beginners- to save money with the option of investing in securities such as stocks, bonds, mutual funds, and the Agric sector.

While stockbrokers are still available to execute trades on behalf of investors, these apps allow you to take control of trading with your phone. Due to the risk involved in trading securities, you are advised to consult an investment professional before parting with your money.

Whether you want to buy stock in banks, listed telcos, or insurance firms, a few taps on your phone screen can get you on your way.

1. CowryWise – For savings and investment.

CowryWise is a financial technology company that helps people save and invest through a mobile application.

Investment app in Nigeria – cowrywise.

With CowryWise you can invest in low, medium and high-risk investments. Some of these investments include Nigerian Eurobond, Mutual funds and other money market securities provided by third parties.

Saving interest: 10%
Investment interest – varies

2. PiggyVest formerly PiggyBank – for savings and investment

Advancing the old method of savings through piggy or native ‘kolo’, PiggyVest radicalises the form of saving in an online platform with an interest rate on it.

Investment app in Nigeria – Piggyvest

Saving interest: 10%
Investment interest – Savings, Mutual funds, and others

3. Investment One – savings, investment and private banking

Investment One is part of GTB Asset Management wholly-owned subsidiary of Guaranty Trust Bank Plc (GTB).

Investment app in Nigeria – investment one (BellaNaija)

Investment One offers distinctive business in financial services such as asset management, stockbroking, trust and pension fund management services, and others.

Interest rate: Varies
Investments: Savings, Investment banking, and private banking

4. Afrinvest (Afrinvestor) – Investment banking – Stocks, Bonds, and Treasury bills

Afrinvest focuses on West African markets with activities including investment banking, securities trading, asset management, and investment research.

investment apps in Nigeria – Afrinvestor (appadvice)

Interest rate: Varies
Investments: Investment banking, Treasury bills

5. Wema Bank Alat

ALAT is a fully digital bank designed by one of Nigeria’s oldest banks, Wema Bank, to help people save more with certain interest rate. Alat.ng processing automated deposit from your account and allows you to earn as you save. Saving interest: 10% investments: Savings.

6. PayDay Investor – Savings

PayDay Investor is a product of ARM Investment Managers, a subsidiary of Asset & Resource Management Holding Company (ARM).

investment apps in Nigeria – PayDay Investor.

7. I-invest – Treasury bills

I-invest is a pan African inter-brokerage service firm in partnership with Sterling Bank Plc. The platform helps both new and experienced investors match their investment maturities to their needs.

Investment apps in Nigeria i-invest

The platform also covers West African market with the risk-free treasury bills.

Interest rate: 8 – 11%
Investments: Treasury bills

8. Stanbic IBTC – financial services, pensions and wealth management products, and services.

Stanbic IBTC provides both local and foreign investors various investment packages such as pensions, wealth management products, real estate, traditional loan calls and financial services including mutual funds

Investment app in Nigeria – Stanbic IBTC pension app

Savings interest rate: varies
Investments: Financial services and pensions management.

9. Kolopay: Kolopay helps you easily save little by little towards your goals and you get up to 10% interest,all for free. The platform is totally cashless.

More Taxes As Lagos State Wins “Consumption Tax” Case

By

Samuel Nwite

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October 8, 2019

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The battle of consumption tax has been won, and Lagos State is the victor. The vanquished, hoteliers, event centers and restaurants are sober on the uncertainty the state’s victory will bring upon their businesses.

On the 3rd of October, the Federal High Court delivered its judgement on the case between The Registered Trustees of Hotel Owners and Managers Association of Lagos (RTHMAL), and the (defendants), the Attorney General of Lagos State and the Federal Inland Revenue Services.

The verdict reads that the Hotel Occupancy and Restaurant Consumption (HORC) law is legitimate and must be abided by.

The ruling was based on states’ right to legislate as supported by the second schedule to the constitution of the Federal Republic of Nigeria, which makes tax a residual issue that states can legislate on. Since it does not fall under the exclusive legislative list or the concurrent legislative list.

The schedule to the Taxes and Levies (Approved List for Collection) Act order of 2015, (as amended), includes hotel, restaurant or event center consumption tax as the taxes at the disposal of states to collect.

However, the judgement has thrown further anxiety upon those in the hospitality industry. At a time when businesses are feeling overburdened with multiple taxation in Lagos, experts believe that that the new 5% tax will do more harm than good.

Presently, there are over 24 taxes and levies payable to the states and federal government, and Lagos State is having a high stake. There is company tax, consumption tax, hotel license, personal income tax, parking permits, land use charge, radio and TV permit, wastewater request and VAT. etc.

Although the ruling restricts the Federal Inland Revenue Service (FIRS), from extracting VAT from restaurants, event centers and hotels, operators are worried that there will be little or nothing to show for the taxes collected by the state government.

Victor Edosomwan, founder and CEO of Vicwan Limited, a hospitality and lifestyle consulting firm said:

“The hotels have to provide their own power and evacuate sewage on their own; these should be provided by the government.”

The hospitality industry operators are also concerned that the recent development may likely put many out of business, especially the minor companies in the industry. Their fear is that additional cost to food and services will scare customers away in the business that is already experiencing low patronage.

The interpretation of the judgement also means that FIRS will stay away from VATs emanating from the hospitality industry under states.

Why Africa Is So Poor

By

Chinedu Junior Ihekwoaba

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October 8, 2019

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I was having a conversation with a good friend, Apolline Adiju who lives in Sweden. We talked about poverty in Africa, especially in the way we eat. Mind you, in Africa, if a person eats with a piece of meat, they are regarded as a rich person. If he eats with fish, he belongs to the middle class. If he eats with an egg, he belongs to the lower class. And if he eats with nothing, he is poor.

Isn’t that ridiculous? Because we have all these things in excess. I often the word – Africa is rich. Africa is blessed. Africa is full of milk and honey.

”We often say that Africa is very rich every time but the proof of the facts is very questionable.” – Bruno Kongawoin.

In reality, a very large part of Africa is poor indeed. Even very, very poor. I delve into the cause of poverty in Africa despite having all the natural resources that are enough to make them compete with nations like America, China, Germany and many more developed nations.

Bruno said the poverty is above all “Intellectual“. It is this intellectual poverty that makes a country like Niger, perhaps the world’s largest producer of uranium, sorely lacking an energy industry.

This is rampant in Africa. A country like Nigeria exports raw materials like crude oil to other countries still, her citizens buy it expensive while the importing nation sells it cheaper to her citizens.

”It is this intellectual poverty that causes some African countries to export logs and to import furniture made from wood waste at a cost of gold.” – Bruno Kongawoin.

It is this intellectual poverty that pushes some Africans to the extreme of hostility or maintains a certain inferiority complex. Africans feel inferior when it comes to using their own products.

The evil of ignorance is so deep that today we Africans have become the first defenders of our alienation. From kindergarten, we are taught dogmatism and not to ask questions. A good student is the one who recites his lessons better.

We are therefore subjected to the thought of others. A lecturer will fail you if you don’t give him the answer according to his material or what he taught you in class. This is also common in our religious beliefs. Something I would save for another day.

”For if you have all the riches of the world in your hands and you are intellectually limited, you will remain poor.” – Bruno Kongawoin.

Africa Wake Up!

The Copy Copy Style in our Educational System is NOT Helping Our Young People

By

Chinedu Junior Ihekwoaba

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October 8, 2019

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The la cramme, la pour in our educational system has killed our graduates thinking and dynamism.

I once had a lecturer at the Federal Polytechnic Ede, Osun, who will tell you never to write down your ideas for him. He told us, ”when I ask you questions in the exam or quiz, give it back to me the way I have taught you. Give me back my note.”

That was really a disgusting teaching scope. Turning graduates into a photocopier machine. Graduates never bother reading to understand, instead, they read to master the notes, in order to give the answer back to the lecturers.

Education is meant to pass information and facilitate understanding for genuine application into real life problems. How do our graduates apply what they’ve learned when they were made to copy and paste?

The ability to think critically and act logically has been killed. Isn’t that the reason why we have graduates that would sit and wait for the government to provide everything they want?

Common, use your head! Look around you and see. There are many things around you that can help you find an income. Think! Think!! Think!!!

These have contributed immensely to the poverty rate in Africa. We are intellectually poor. But for one, most African Leaders, Teachers, Lecturers, Religious Leaders studied abroad, returning to the continent with Doctorate qualifications in many disciplines (political science, economics, finance etc…) but yet we’re incapable of solving our own problems. They simply can’t offer anything except for their selfish interests.

”The reluctance of many African regimes to unlearn archaic ideas that seem to keep Africa “stuck”, relearn innovative ideas and invite youthful forward thinkers to policy making sessions continue to keep Africa at a disadvantage.” – Nonye Aghanya.

Our lecturers acquire certificates overseas to oppress. That’s what we do best in Africa. We oppress ourselves with little affluence. That has actually made us more greedy. We want to acquire wealth for ourselves in order to be seen as relevant and an important figure. Whereas the main purpose of acquiring wealth is to lift others up.

Until we eradicate the copy copy mentality in our educational system that has affected our lifestyle, I don’t see Africa progressing in the nearest future.

Africa – Which way?

Ndubuisi Ekekwe Will Deliver 2019 FUTO Convocation Lecture

By

Ndubuisi Ekekwe

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October 8, 2019

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futo-tab-01-Scaled_tab-1024x518 — FUTO is a top technical university in Nigeria

Few minutes ago, I accepted the invitation of the Senate of the Federal University of Technology Owerri (FUTO), my undergraduate alma mater, to deliver the Convocation Lecture during the 2019 convocation ceremony scheduled Dec 6-7, 2019.

To re-engineer and re-position the Federal University of Technology to be a truly world class university through recreating, nurturing and developing uniquely promising students and exceptional staff in Science, Technology and enterprise to the benefit of our globalized world.

To our Vice Chancellor (Prof Eze), the Governing Council, the Senate, the Committee of Deans, our Professors, the leaders of our alumni association, the FUTO alumni anywhere, and the very best – current FUTO students, I am truly honoured. Selecting who speaks to graduating students is an academic ritual, and to be invited to mount that podium is a moment.

Reading the letter, tears dropped from my eyes. Please believe in the promise of tomorrow; it is unbounded and unconstrained.

What Shows That Am Rich? Nine Popular Investment Apps in Nigeria

The richest man on earth is a man with vision

There are many platform on how to save money for future us.

1. CowryWise – For savings and investment.

2. PiggyVest formerly PiggyBank – for savings and investment

3. Investment One – savings, investment and private banking