samguru:
List of banks that may not pay dividend for financial year end 2017

1. Unity bank
2. Sterling bank
3. FCMB
4. First Bank
5. Diamond bank
6. WEMA bank
7 Access Bank
8. UBA
9.Stanbic IBtc
10.Heritage Bank
11 Skye Bank


So if you have shares in these bank dividends are doubtful

FBNH will definitely pay dividend. They are a holding company and for the past 2yrs have not been paying dividends from their banking arm but from other subsidiaries. Their merchant bank, first registrars, insurance arm etc are very profitable and will continue to contribute to dividends.

Mpeace:
FBNH will definitely pay dividend. They are a holding company and for the past 2yrs have not been paying dividends from their other subsidiaries. Their merchant bank, first registrars, insurance arm etc are very profitable and will continue to contribute to dividends.

This is very correct, if FBNH can't pay dividend then no other Bank will pay.

Coolcash1:


I disagree with you. Let them pay me my dividend before management starts using the funds to create bad loans that will now rack up NPL in their books....To me a bird in hand worth more than billions in the bush...

Nothing has really changed.
There is no bank that pays 50% of its earnings as dividend.
Among the tier 1 banks, FBN is the only one with serious issue with CAR and NPL and those Who understand already know that they Will only pay small dividend.
Diamond has not been paying dividend for some years and anyone expecting dividend from them this year is on false hope.
Fidelity will pay as usual as they seem to be the most heathy of the tier 2 banks .

Agbalowomeri:
Those who transfer directly to their bank account? Who gives them capital importation certificate? Am I missing something?

Maybe Bank will give

samguru:
List of banks that may not pay dividend for financial year end 2017

1. Unity bank
2. Sterling bank
3. FCMB
4. First Bank
5. Diamond bank
6. WEMA bank
7 Access Bank
8. UBA
9.Stanbic IBtc
10.Heritage Bank
11 Skye Bank


So if you have shares in these bank dividends are doubtful

What is the basis for this assumption ?
Access, UBA and stanbic have little problem and they Will pay as usual.
FBN Will pay their tasere dividend.

Mpeace:
FBNH will definitely pay dividend. They are a holding company and for the past 2yrs have not been paying dividends from their banking arm but from other subsidiaries. Their merchant bank, first registrars, insurance arm etc are very profitable and will continue to contribute to dividends.

we shall see

The Capital Adequacy Ratio of most banks is not encouraging going by Q3 2017.

Another guy had been investing for the past 20 years since he started working he lived below his means buying shares and landed property.These investments were made after paying his tax.

3 years ago, some of the areas he bought land are now fully developed and he decided to build an event center on the land which can conveniently give him a weekly income of about 300k every week.

When he wanted to get the approval of the building plan he paid close to N1 million for tax clearance. He sold some of his shares and got a loan to raise a total of about N40 million for the execution of the building.

The property is now generating money to the man, FIRS and Lagos state get about 30k every week as VAT and sales tax on this property, Land use charge, local government levy etc are not included.

Now Lagos state wants this investor to start paying another income tax on this even though his workers working in the event center are paying income tax to LASG.


We all know how FIRS disrupted business activities of Okomu oil last week over a purported N8 billion VAT liability.

samguru:


we shall see

Mr Anthony has given you his fake information again abi?

Monkey CI Leasing Hunter

emmanuelewumi:
Another guy had been investing for the past 20 years since he started, he lived below his means buying shares and landed property.The investment was made after paying his tax.

3 years ago, some the areas he bought land is now fully developed and he decided to build an event center on the land which can conveniently give him a weekly income of about 300k every week.

When he wanted to get the approval of the building plan he paid close to N1 million for tax clearance. He sold some of his shares and got a loan to raise a total of about N40 million for the execution of the building.

The property is now generating money to the man, FIRS and Lagos state get about 30k every week as VAT and sales tax on this property, Land use charge, local government levy etc are not included.

Now Lagos state wants this investor to start paying another income tax on this even though his workers working in the event center are paying income tax to LASG.


We all know how FIRS disrupted business activities of Okomu oil last week over a purported N8 billion VAT liability.

They will only disrupt your activities when you have a known operating address.

Most guys using portfolio companies will not see tax officials until they die.

Nigerian govt is not ready to help this country yet. Once you open shop, they close it with their stu.pid policies.

Ok

Cadillac15:


They will only disrupt your activities when you have a known operating address.

Most guys using portfolio companies will not see tax officials until they die.

Nigerian govt is not ready to help this country yet. Once you open shop, they close it with their stu.pid policies.

Correct.

Portfolio business are the safest when it come to taxation.

Any business with physical address with be subjected to numerous taxes and levies in Lagos.

millo:
For those who trade stock, no problem as long as the initial /additional fund poured into stock is already taxed, remember that your share sale is already taxed. For those that import fund from abroad (like me), no problem as long as your source of fund is already taxed in your country of residence. However, if you are resident in Nigeria and your income is from abroad, then you need to explain or pay tax to Nigeria on the initial fund.

What if you are resident abroad and you also import money to NSE and your country of residence doesn't have income tax.
Any advice for such person?

Cadillac15:


They will only disrupt your activities when you have a known operating address.

Most guys using portfolio companies will not see tax officials until they die.

Nigerian govt is not ready to help this country yet. Once you open shop, they close it with their stu.pid policies.

Ministry of Finance through SEC and NSE may put a lien on your portfolio. Although they may need to review and update the tax laws to do that.

You can't open a corporate account without getting a TIN Tax Identification Number from FIRS.

OBAGADAFFI:


Correct.

Portfolio business are the safest when it come to taxation.

Any business with physical address with be subjected to numerous taxes and levies in Lagos.

Because the companies we invest are paying series of taxes, levies, charges, rates to all tiers of government.

Cadillac15:


They will only disrupt your activities when you have a known operating address.

Most guys using portfolio companies will not see tax officials until they die.

Nigerian govt is not ready to help this country yet. Once you open shop, they close it with their stu.pid policies.

This new tax drive is not a useless policy o.
We need to generate more money from tax.

Jejebaba:


What if you are resident abroad and you also import money to NSE and your country of residence doesn't have income tax.
Any advice for such person?

Answer copied from VAIDS website FAQ:

What about assets that are owned in jurisdictions where there is no tax payable?
The use of Tax Avoidance Schemes is legal but tax evasion is not. If the ultimate beneficial owner of those assets had paid all taxes on the funds prior to their transfer to the tax shelter, then there will be no additional liability except any tax payable on further income earned on those funds. However if the correct amount of tax was not paid prior to transfer, then a liability exists and Government is entitled to trace its tax claim through to those assets and any income that arises from them.

Cadillac15:


They will only disrupt your activities when you have a known operating address.

Most guys using portfolio companies will not see tax officials until they die.

Nigerian govt is not ready to help this country yet. Once you open shop, they close it with their stu.pid policies.

I have insisted that being a briefcase businessman and a portfolio investor will be my business for life!
I understand the taxes and commissions here, at least partially well.
I do not have money to hire lawyers or tax accountants.
They heavily over tax you multiply and senselessly to provide salary to POLICE, SARS, ARMY, VIO, ROAD SAFETY, PRODUCE to wait for you on the roads to exploit you again.
The balance, they use it to buy very big suvs to chase you into the gutters...
When I tried a shop, I was surprised how many different tax agents came around.
Looking at their almost dropping tummies, I knew my business stood no chance.
I am now 100% invested! No room for further experiments, I can't wrestle with a viral spectrum of unproductive tax authorities!
I am either in cash or invested in the market.
Life simplified.

Even Richard Branson could not satisfy them and had to run away...


- https://www.naija.ng/4283.html

I Will Never Do Business In Nigeria Again- Virgin Atlantic Airline Boss Richard Branson

The rich international businessman, Richard Branson, has lambasted the crop of leaders we have in Nigeria for their high level greed which, according to him, is killing big brands wishing to do business with the government of the country, for the growth of Nigeria’s economy.

Below is the revelations by Mr. Branson on his experience in Nigeria… The chairman of Virgin Atlantic said: “we have virgin’s ill-fated footsteps by setting up a new airline in Africa in conjunction with Nigerian government, the details of the doomed attempts to crack the Nigerian market in the 2000s is better imagined.

We put together a very good airline, the first airline in West Africa that was ever IOSA/IATA operational safety audit accredited but unfortunately it got tied down to the politics of the country…we led the airlines for 11 years… “We fought daily battle against government agents who wanted to daily make fortune from us, politicians who saw the government 49% as a meal to seek for all kinds of favour, watchdogs (regulatory body) that didn’t know what to do and persistently asking for bribes at any point. Nigeria people are generally nice but the politicians are very insane…that may be irony because the people make up the politicians.“But those politicians are selfish, we did make N3billion for the federal government of Nigeria during the joint venture, realising that the government didn’t bring nothing to the table/partnership except dubious debts by the previous carrier, Nigeria Airways. The joint venture should have been the biggest African carrier by now if the partnership was allowed to grow, but the politicians KILLED it. Nigeria is a country we SHALL NEVER consider to doing business again..”

Source: Naija.ng Read more: https://www.naija.ng/4283.html

Nigeria will be better off without the executive arm of govt. We should keep only the legislature and judiciary
.Govt is our number one enemy in this country. At the end of the day they will carry all the money and dump into the account of olitical godfathers

Cadillac15:


They will only disrupt your activities when you have a known operating address.

Most guys using portfolio companies will not see tax officials until they die.

Nigerian govt is not ready to help this country yet. Once you open shop, they close it with their stu.pid policies.

pluto09:



This new tax drive is not a useless policy o.
We need to generate more money from tax.

Money that snakes will still swallow...

pluto09:



This new tax drive is not a useless policy o.
We need to generate more money from tax.

so that they will loot the proceeds as usual. This govt to me has no moral ground to collect tax. We pay for everything in this country. When crime is committed we pay the police to investigate, when we fall sick the govt hospitals cannot really help us, bad roads everywhere except in daura. Payment of tax in Nigeria is just a waste of money. It is not justified.

Someone should give us the highlights of livestock result na

Zhirinovsky:
Nigeria will be better off without the executive arm of govt. We should keep only the legislature and judiciary
.Govt is our number one enemy in this country. At the end of the day they will carry all the money and dump into the account of olitical godfathers

In my state, the money DANGOTE alone pays will send jitters down your spine.
The money has NEVER been put to any good use.
I personally know the politicians, by name, who share it.
How I wish there was a way the masses can get DANGOTE to be constructing concrete roads in the state in place of putting the money directly into the politicians accounts in the name of tax.

Mpeace:
so that they will loot the proceeds as usual. This govt to me has no moral ground to collect tax. We pay for everything in this country. When crime is committed we pay the police to investigate, when we fall sick the govt hospitals cannot really help us, bad roads everywhere except in daura. Payment of tax in Nigeria is just a waste of money. It is not justified.

Exactly

Mpeace:
so that they will loot the proceeds as usual. This govt to me has no moral ground to collect tax. We pay for everything in this country. When crime is committed we pay the police to investigate, when we fall sick the govt hospitals cannot really help us, bad roads everywhere except in daura. Payment of tax in Nigeria is just a waste of money. It is not justified.

Portfolio investors are paying taxes both directly and indirectly.

wanaj0:


Thanks. I am not sure what you disagree with though. In terms of disclosure, my average holding cost for UCAP is 77kobo. It constitute almost 10% of my portfolio. Mind you I don't like Tony Elumelu's companies!

That said, [b]when I am doing my valuation, I always discount extra ordinary income because such is not sustainable. [/b]Same applies to Dangote Flour. You need to discount the profit from the sales of their noodles section.,

Absolutely.

emmanuelewumi:






Portfolio investors are paying taxes both directly and indirectly.

But with highly reduced multiplicity and no harassment...

emmanuelewumi:



Ministry of Finance through SEC and NSE may put a lien on your portfolio. Although they may need to review and update the tax laws to do that.

You can't open a corporate account without getting a TIN Tax Identification Number from FIRS.

With this no registered company can escape from FIRS.

emmanuelewumi:



Because the companies we invest are paying series of taxes, levies, charges, rates to all tiers of government.

True,

But some taxes are deducted from every transition/s with our Brokers.

IchimokuPilot:


But with highly reduced multiplicity and no harassment...

Expect harassment with the VAID, you have to explain how you were able to make a fortune from your portfolio.

You sell your shares to buy a car, you have to explain how you made the money.

In Lagos we have TAMA, Tax Audit and Monitoring Agents. They work with Lagos state on commission basis, they are mainly jobless Accountants, tax professionals and Lawyers. They have areas allocated to them, these are the guys who give ridiculous Tax assessment.

Imagine an assessment of N10 million and at the end of the day about 5% of the assessment was finally paid.

Sometimes I just weak for this country.

IchimokuPilot:


In my state, the money DANGOTE alone pays will send jitters down your spine.
The money has NEVER been put to any good use.
I personally know the politicians, by name, who share it.
How I wish there was a way the masses can get DANGOTE to be constructing concrete roads in the state in place of putting the money directly into the politicians accounts in the name of tax.

IchimokuPilot:


Money that snakes will still swallow...

Not exactly.
We have two major problems in the country.
What we generate as revenue is too low and we misappropriate the little that we generate.
It is not only about politicians /executive, we are all involved.