Connect with us

Savings & Investing

How Well Have You Planned Your Future?



Modern ways of saving money

How Well Have You Planned Your Future?

Once upon a time; I had a boss, his name is Mr. Michael. He is a typical definition of a man with “vision and mission” (that is what I prefer to call him).

…and if you’re patient to read this to the end, I will share the reason to the name.

He is the CEO of Rainbow Concept; at least to the best of my knowledge, he does well in web designs, printing, and graphics. You know how it is, it’s a seasonal job that comes and goes and as far as I can tell, the luxurious life his children live isn’t to be compared with the money inflow.

….hold on I will explain;

He has 4 kids. The first daughter schools at Covenant University and the other three go to one of the most expensive Primary schools in the state. I mean how does he cope with all these expenditures (house rent, office rent, salaries and other miscellaneous) considering the current inflation.

For so long I thought about this; thought about it sooo hard that I decided to man up and ask how he does that. On that fateful Friday morning, I asked him; Boss, how much is the current school fees at Covenant University a friend of mine wants to know? When he told me, my mouth dropped and he smiled.

I could swear he could read through my mind. It was as if he knew the next question but I couldn’t ask so he asked me to sit. He brought out a book from his drawer and showed me a saving plan he activated for his children;

planned your future

…Nnenna, I didn’t have the best of anything during my time. So I swore to give my kids the best at any cost.

I have seen kids turn into something they aren’t proud of because of JAMB and strike frustration. I’ve seen graduates stay home because one of the job specifications is age-dependent. How can a firm want a graduate of 23-25years when at 23 you’re either writing JAMB for the 3rd time or you’re sitting home due to strike.

We might have a bad education system but I can’t allow that affect my kids so the best I can do is help plan their future.

I want the best for my kids…so I drew a plan;

  • I do not have it all but I decided to save from what I have. I save N10000 daily automatically (put the link of autosave here) on a digital savings platform and I also created a mission account for my kids.

    …that is why it’s easier for me to pay their school fees as soon as they resume for the term. 


  • Because I  prefer my kids to attend Private University to attain their Bsc and Federal university for their masters I Fix some funds so I can earn 15% of the amount saved on withdrawal.

    This way, I will promise my kids to either choose traveling abroad for their masters or attending a Federal university. What they do now, is struggling to excel in their studies while I fulfill my promise. Truth is, either way, I’m not bordered. I wouldn’t want to fail as a parent Nnenna. So I’m trying soo hard to do my part. 


This got me thinking all day…and at that moment I made a hard decision to save no matter the little I earn.

“Here again I ask; How Well Have You Planned your Future? 

There is actually no harm in starting up small and earning huge. Don’t forget 90% of rich men today started somewhere; either through saving or investing.

…and if you’re thinking on how to get started, @Sumotrust savings platform (a digital savings platform which enables you to save and invest effortlessly) has the best features for just that.

Go here ===> to create a free account and read more here ===> to guide on account type.

If you fail to plan, you will plan to fail. Have you planned your future or are you waiting to be caught in the craze of survival? Your choice today will make all the difference



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Banks & Banking

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?



Many Nigerians find it hard to differentiate between fixed deposit and treasury bill in Nigeria If you are one of them, then worry no more because in this post I discuss the main difference between fixed deposit and treasury bills in Nigeria.

First, What is a Fixed Deposit (FD)?

A fixed deposit usually abbreviated “FD” is a type of investment account that pays a fixed rate of interest to investors over and until a given date. While the fixed deposit runs, the investor would not be allowed to withdraw his or her funds.

Because of the higher rate of interest when compared with savings account, many people tend to put their monies in fixed deposits. Besides this, fixed deposits provide other advantages like tax benefits, safe investment, flexibility, and liquidity. All these intrigue many investors to prefer using a fixed deposit to an ordinary or augmented savings accounts.

But as we all know, whatever have advantages must have disadvantages and fixed deposit account is no exception. The most known risks that fixed deposit faces are inflation risk, default risk, reinvestment risk, liquidity risk, and interest risk.

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?, fixed deposit and treasury bill

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?

What is a Treasury Bill?

Treasury bills in Nigeria are debt instruments issued by The Central Bank of Nigeria (CBN) and are guaranteed by the government. The central bank of Nigeria (CBN) uses treasury bills as a way to control the money supply in the country’s economy.

These bills are sold bi-weekly by auctions conducted by the Central Bank of Nigeria, and you can buy these bills from any official dealer or through banks’ Treasury bill applications. The Treasury bill is a safe form of investment that is fully backed by the Federal government of Nigeria.

Treasury bills have a lot of investment advantages and upper-hand. Few among them are:

  1. Treasury bills serve as good investment outlets,
  2. are non-taxable,
  3. they can be used as collateral, and
  4. can be converted to cash quickly.

Don’t get too engrossed, we’re talking about the difference between fixed deposit and treasury bill.

The Remarkable Differences Between Fixed Deposit And Treasury Bill In Nigeria

Below are some of the key differences.

  1. Fixed deposits are fixed for an allotted period and are sold daily by banks to their customers while treasury bills are sold bi-weekly.
  2. Fixed deposits are primarily sold and managed by small banks while treasury bills are managed only by the Central Bank of Nigeria although you can buy them through commercial banks in the country.
  3. In a fixed deposit, depositors invest their money with a bank and will be given interest at a given time. In Treasury Bills, an investor borrows money to the Central Bank of Nigeria (CBN) for an allotted period in exchange for interest.
  4. While fixed deposits are done for one month, six months, or a year, treasury bills are usually for a period of 91 days, 182 days, or a year.
  5. Fixed deposits are fully taxable while treasury bills are non-taxable; you only pay a bank fee for the rendered service.
  6. The interest gained in treasury bills is far higher than the one offered by banks in fixed deposits.
  7. Treasury bills allow more liquidity than fixed deposits because they are done for the short, semi-long and long term.
  8. Treasury bills are regarded as the safest and risk-free investments because the government can never run out of funds while fixed deposits are only secured as long as the bank is functioning.
  9. The Central Bank of Nigeria (CBN) always puts a limit to the number of treasury bills it will sell while there is no limit to the fixed deposits that are sold by banks.
  10. Treasury bills money are used by the Central Bank of Nigeria to control the supply of income in the economy while fixed deposits are used by banks for investments.
  11. Fixed deposits can be rolled over by banks as it is a way of saving and investing at the same time while treasury bills cannot be rolled over.
  12. The flexibility in fixed deposits is far more than the one in treasury bills. Because in fixed deposits, you can easily get your cash anytime you want it and you will get the interest you earned for that time, while in treasury bills if you have wanted to withdraw your money before the allotted time, you have to sell the rights of the treasury bills to another person or a bank.
  13. Treasury bills are accepted by all banks in Nigeria as collateral because they are considered risk-free while some banks do not accept fixed deposits as collateral because they do not consider the other banks as strong ones.


Both fixed deposit and treasury bill are good forms of investing. While fixed deposits allow you to withdraw your money at any time, treasure bills do not allow that, but they are considered safer because the government cannot go out of funds. While there is a high possibility of a bank going out of funds thereby dissolving your money in fixed deposits that is not the case with Treasury bills! So, if you are cautious of risks, then you should opt for treasury bills over fixed deposits.



Continue Reading


6 Modern Ways Of Saving Money In Nigeria



Modern ways of saving money



Continue Reading


How To Invest 1 Million Naira In Nigeria – Best 3 Places to Invest



how to invest in nigeria

While so many people are searching for the best Nigerian investment companies that pay weekly and investment with monthly returns in Nigeria, this article is a short breakdown on how you can invest 1 million Naira in Nigeria and be sure of a good return of investment in a matter of months.

So, if you still have the question of ‘Where should I invest in Nigeria come 2021?’Below are 3 solid recommended investment moves you can make without regrets;

How To Invest 1 Million Naira In Nigeria

  • Invest on SHIFDA on Sumotrust

Sumotrust is a secure savings and investment platform popularly known with a good reputation for helping customers save and invest money. Investing with Sumotrust is already recommended and one of the best investment options in Nigeria. They offer a secure hedge fund program called SHIFDA for high net worth investors with a 24% return on investment per annum.

The minimum investment is 500,000 Naira and you can invest as much as 100 Million Naira.

SHIFDA means Sumotrust high interest fixed deposit account which works like a fixed deposit with a minimum of 6 months maturity and can last as much as 10 years.

To get started with SHIFDA by Sumotrust; 

  • Kindly visit and create a free savings and investment account.
  • Login to your account and navigate to the ‘SHIFDA Wallet’ tab from the menu section.
  • Read through the details and follow the instructions given to invest.
  • Once your Investment request has been approved, go ahead and create a ‘Fixed Savings’ in your account, you will see a notification about your account qualifying for SHIFDA. Kindly fill-up the form and complete the process.
  • On the maturity date, your capital and interest will be automatically released into your Kick wallet where you can withdraw instantly to your Bank.

There are lots of invest-earn-daily on Nigeria platforms, but for the purpose of security; I can’t recommend any of them. However, If you’re looking for where to invest money in Nigeria; Sumotrust should be your best choice because it is trusted and has maintained a good reputation over the years as one of the reputable investment companies in Nigeria.

Related: How to Invest 5 Million Naira in Nigeria.

  • Invest in Cryptocurrency

Cryptocurrency investment is known to be the best investment of the last decade as seen on CNN. However, investing into cryptocurrency can be tricky and will cause you to lose money if you don’t know the right portfolios to hold.

If you’re just getting started, definitely, Bitcoin is one if not the only cryptocurrency to hold onto until you gain deeper knowledge and understanding of investing into cryptocurrency.

With platforms like Truzact, investing in cryptocurrency in Nigeria will never be a problem for you; as you can easily make Naira deposits using your Naira debit card or the virtual account number is given to you and instantly convert it to Bitcoin.

The platform (Truzact) also allows you to save in cryptocurrencies and earn interest on your savings. To start investing into cryptocurrencies in Nigeria, kindly visit and create an account, fund your wallet, and instantly swap it to your favorite cryptocurrency.

  •  Invest in Foreign Stocks or Buy Eurobond.

The Nigerian stock market haven’t performed really well when compared to the foreign stocks for some reasons like inflation against the Naira and other factors. 

However, investors are resorting to putting their money in foreign stocks where they get to bypass the adverse sides of inflation on the Naira. You can download the InvestBamboo app from Google Playstore or Apple store, fund your account with Naira and buy US stocks directly from the App. 

Understand that the performance of your foreign stock investment is also determined by fundamental and technical analysis just like investing into bitcoin in Nigeria, so you will also need to do your due diligence before making your decision.

Looking at the 3 investment options in Nigeria listed here on how to invest 1 million Naira, Only investing with SHIFDA on Sumotrust promises secure investment and less risk management.

Still have the question of ‘where to invest my money in Nigeria’? Kindly check out the list of top investment opportunities in Nigeria.



Continue Reading