Good Morning 😃
How are you doing?
Friday letters are usually dedicated to taking questions from our community. Do you have a question for us? Please feel free to
- send an e-mail to info@themoneyafrica.com; or
- send a DM to any of our social media channels, or
- simply fill out this form. Don’t worry, your responses are kept anonymous.
REGISTER NOW FOR FREE MASTERCLASS
***
Question
I need another means of generating money. What can I invest in?
Answer
Please keep in mind that investing involves risks and it’s essential to conduct thorough research and consider booking a one-on-one session with MoneyAfrica to get personalised professional advice before making any financial decisions. To protect yourself from the potential risk that comes with investing, you should have some sort of financial umbrella like an emergency fund, which requires you to save between 3–6 months of your monthly expenses. Investing is also a long-term game, so the money you’re investing should not be money that you need urgently. Having said all this, here are some potential investment options you can explore:
1. Stocks: Invest in shares of publicly traded companies listed on the Nigerian Stock Exchange (NSE) and any other stock exchange in the world with the advent of online brokerage services in the form of apps.
2. Mutual funds: Consider investing in mutual funds, which pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. Look for reputable fund management companies in Nigeria. Here is a list of some of the reputable fund management companies in Nigeria.
3. Real estate: Nigeria has a growing real estate market, and investing in properties can be a long-term investment strategy. You can buy land, residential or commercial properties, and earn income through rent or capital appreciation. You can also invest in REITs if you don’t want to go through the hassle of “omo onile”. A Real Estate Investment Trust (REIT) is like a company that owns and operates different types of real estate properties, such as apartment buildings, shopping centres, office buildings, or even hotels. When you invest in a REIT, you’re essentially buying shares, just like you would with stocks of a regular company.
4. Bonds: Government and corporate bonds can provide a fixed income stream. Nigerian government bonds (Federal Government of Nigeria Bonds) are relatively low-risk investments. Corporate bonds are issued by companies to raise capital.
5. Small business: Consider starting your own business or investing in small businesses. Identify sectors with potential, assess market demand, and create a solid business plan.
6. Education and skills: Invest in yourself by acquiring new knowledge and skills. Expanding your expertise can lead to better career opportunities or enable you to start a profitable business.
***
Question
I have had ordinary shares in both Union and First Banks in Nigeria since 2006.
Up to date, I have not received dividends in the form of cash and my share bonuses have not been added.
I wrote CSCS and they asked me to contact my stockbroker—City Code Trust & Invest Company Limited.
They couldn’t get the issue sorted out.
How do I reclaim my dividend payout and share bonuses to add up to my original shares?
Answer
Reclaiming your dividend payout and share bonuses will require some follow-up steps. Here’s a general guideline to help you and any other person who would like to claim their dividends:
1. Contact your stockbroker: Since CSCS directed you to contact your stockbroker—City Code Trust & Invest Company Limited—reach out to them again and provide them with all the necessary details regarding your shares in Union and First Banks. Explain the situation and express your concerns about not receiving the dividends and share bonuses. Request their assistance in resolving the issue.
2. Provide supporting documents: Prepare any relevant documentation related to your shares, such as purchase receipts, share certificates, or any correspondence you’ve had with Union and First Banks. These documents will help support your claim and provide evidence of your ownership.
3. Follow up with stockbrokers: If City Code Trust & Invest Company Limited couldn’t resolve the issue initially, it’s important to follow up with them regularly to ensure progress is being made. Maintain open communication with them, provide any additional information they may request, and inquire about the steps they are taking to resolve the matter.
4. Seek legal advice if necessary: If your stockbroker is unable to resolve the issue or if you encounter further difficulties, it may be prudent to consult a legal professional with expertise in securities and investments. They can provide guidance on your rights as a shareholder and advise you on potential legal avenues to pursue.
5. Contact Union and First Banks: If all else fails, you may need to directly contact Union Bank and First Bank in Nigeria. Reach out to their shareholder services or investor relations departments and explain the situation. Provide them with all the relevant details and supporting documents. They should be able to assist you further and provide guidance on how to resolve the issue.
***
Would you like to know the state of your finances?
Take this test to see how you are doing financially
***
Do you know that we have our own podcast? It’s MONEYTALKS!💚
Here’s a link to listen to all the amazing episodes we have!
***
Thank you for reading Money Africa’s Blog.
Please feel free to share it.
MoneyAfrica premium plan
Are you a mid to high-income earner? Do you find communities a bit too busy? You should sign up for our premium plan.
You can learn more about that here.
***
We often get questions regarding how to plan your finances to align with your relocation plans, especially for students seeking to further their studies. As always, we have heard you, and we have put together an e-book to help you navigate this. Follow this link, to get your FREE copy of the e-book: The Japa Encyclopedia.
***
Get our annual subscription and learn more about investing safely and building a solid portfolio in 2023.
Don’t forget to:
- Join our community, if you want to smash your 2023 financial goals. It takes at least 30 days to build great habits that will last you a lifetime. So why not start now? There is a lot you can achieve.
- If you would like to document your financial journey in 2023, then our journal would be an excellent fit for you. It costs ₦7,500 (excluding delivery).
- Get a budget sheet to track your monthly expenses. Click here
- Get an investment tracker to be on top of all your investments. Click here
MoneyAfrica is a financial literacy platform. Our goal is to make everyone better with their finances.
We do this by engagements via our:
– social media handles
– platforms for paid community members (for adults and students)
– webinar sessions with corporate clients
Would you like to join any of the communities? Please click here
Would you like us to hold a webinar for your company’s staff? Please send an email to info@themoneyafrica.com
