₦airaland Forum

Mankind2024:
My NCR Nigeria Plc Journey: How N171,564 Invested in 2021 Turned into N3,635,000 by 2025
(A 2,020% return that crushed inflation, real estate, naira devaluation, and every hedge fund in sight)

It wasn’t luck.
It was discipline, patience, and the quiet power of time in the market.

In February 2021, I bought 50,000 units of NCR Nigeria Plc at N3.43 per share — a total of N171,564.
At the time, it was the very definition of a “boring” stock: low price, almost zero daily volume, and four straight years of depressing financial reports. Most investors wouldn’t touch it with a ten-foot pole.

I loved it for exactly those reasons.

I didn’t buy a piece of paper to flip in six months. I bought part ownership in a 130-year-old technology institution that installed the first ATM in Nigeria, services banks, oil companies, and retailers nationwide, and has a footprint no newcomer can replicate overnight. I tactically forgot about the stock and went on with my life.

While others panicked over every negative headline, every delayed result, every illiquid trading day, I slept soundly as a proud part-owner of a real business. Liquidity? I never needed it — because I never planned to sell.

Some members of the old forum mocked the stock’s illiquidity. I smiled.
Life has taught me a hard truth: the smartest investors — the ones with complex models, Bloomberg terminals, and Harvard MBAs — are often the dumbest in the room when it comes to long-term wealth creation. Their trusted formulas blind them. They believe they can predict the future. They scream “bear market” at the first 5% dip and create panic for traders and gamblers.

There is no crystal ball.
There is only a simple, boring, almost childishly stubborn strategy that guarantees success:
Buy a wonderful business at a fair price (or better), do nothing, and let compounding do the heavy lifting.

That is the gospel I kept preaching on the forum — until the rather unkind, herbalist-looking moderator permanently banned me in August 2025. (Yes, this actually happened.)

Fast-forward to today.

The “illiquid trash” of yesterday is now the hottest stock on the NGX.
From N3.43 in 2021 to N72.70 as I write this — a 2,020% return.
Over 70 million units have traded between March and November 2025 alone. The forgotten stock is on track to become the best-performing stock of 2025.

What a turnaround story for a once-rejected stone that is now the chief cornerstone.

With only 108 million shares in issue, a conservative N50 billion market cap (less than $30 million at current rates) is well within reach — that’s another 6–7x from here.
Bonus issues are being whispered about. Dividends? They’re no longer a distant dream.

My original 50,000 units have become my voting right in a company on the verge of joining the big leagues.

I have only two people to thank:
God, for grace, and the late, great Charlie Munger — may his soul rest in perfect peace — who drilled this truth into my head:
“Buy a wonderful business, then have the patience to hold it forever. Never interrupt compounding unnecessarily. Time will do the rest.”

The good days of NCR are still ahead.
What we have seen so far is merely the appetizer.

May your own portfolio experience an NCR-like resurrection.
Stay boring. Stay patient. Stay disciplined.

The market will eventually reward you beyond your wildest imagination.

While some people will find this inspiring. You need to paint the picture accurately.

What did you see in a company with negative shareholders funds and a failling business model that made you lock in?

Why just 170k? That doesn't show confidence? Why not a more substantial stake?

Otherwise this your experience is more of luck than patience with a sound company o.

As even those who bought at the 52 week low are on 18x gains in 1 year compared to 20x that you waited 4-5 years for.


Please give more context on what you saw and how it has now materialized, so that people can be guided.

Here's a business on track to do #150 EPS next year, some people are still waiting for when it will crash to #300.

Continue.

Stocks aren't crypto o.
Add that to your context.

If earnings keep rising and you expect valuations to fall drastically, that wait might be in perpetuity, especially for a market that is trading below 10x earnings multiple.

Loco vs Agba,

I can never get enough!!

Meanwhile, some people in one part of this country pronounce assume as asshume, while in another part, some pronounce shoe as sue. Why don't they just marry each other and balance out?

NSEstudent:
I see

It's funny.

The buyer of this 'right' should buy from the market instead. I mean, that's what I would do.

I think the rights issues would make sense if the price is reasonably lower than the market price.

I find it funny too.
Someone bought presco's rights at 1420 and was even asking how (s)he could buy more, at a time i was buying the shares at 1360 with instant access to the shares.


people always have their reasons.


For large holders for instnace, Rights give them the opprotunity to buy huge volumes without spiking up the share price as would have been the case if they had to acquire such volumes off the trading floor.

For retail holders though, I think it's mostly the bragging right of saying they took their rights, sort of massages the ego.

Otherwise, why pay unnecessary premiums?

NSEstudent:
That's my problem. Since most of them issued are more expensive than the current prices, I chose not to take them up.

But does that right to buy at that price also afford me right to sell it? If yes, is the proceed supposed to be credited to me?

The right to buy is the instrument itself, and that's what you can sell - that right to buy.

The right to sell doesn't yet exist in this market as far as I know.

If you do sell your rights (to buy), say you had 12,000 units on presco on qualification date, you would have rights to 2000 shares, if you sell those at N5 per share, you would get N10,000 in proceeds save any fees. the buyer of such rights would then have the rights to buy 2000 units of presco at 1420 regardless of the market price.

NSEstudent:
Also, when people say they want to sell their rights, it gets me wondering. The rights issue is an offer, which, to be able to sell it, you have to first buy it. Is it possible to sell it if one hasnt bought it? It's not like a bonus share which will just land on your CSCS.

Just like you don't need to buy dividends once you qualify for it, you don't need to buy rights too, you earn it on qualification date. The rights itself is an instrument allowing you purchase shares at a certain price (typically a discounted price). so what you're buying is the shares, the rights are automatically earned on qualification date, and hence sellable.

Also based on the terms agreed at the company's meeting where such rights are approved, those who don't take those rights automaticatically forfeit them, no unclaimed rights as with dividends. the terms often allow for such rights to be taken up by other members of the company.

mikeapollo:
One love!.
Just continue to be ''awesomej' by making the billions and trillions of naira and USD!. That is what we all hope to achieve here in the market!

Yes.
If I was foolish once to speak wrongly,
I won't be foolish a second time by not admitting my wrongdoing.


Let's keep enjoying engagements from everyone in love.

pluto09:
I don't bother myself predicting the direction of the market.
I just know that stock markets operate in a cycle,bull-bear.
We have been experiencing bull for the past 3 years, while it is possible for the bull run to continue,I also know it is possible for the bear to take charge.

Yes sir.
But the stock market also has underlying fundamentals unlike Bitcoin that is showing me shege 😁😁

If companies keep growing their earnings, their valuations can keep rising sustainably hence we can have sustainer bulls.

That's my point.

Except for times when the market gets overpriced and we expect corrections.

But nothing says bulls cannot be perpetual if earnings keep rising.

mikeapollo:
What affects the fortunes and purchasing power of investors is what matters!
Not the English or figures written in a piece of paper.

By the way, just try and make your point and stop using words that denigrate people's intelligence just because they disagree with you.

I'm sorry boss. I was foolish to have sounded like that. Apologies!

pluto09:
Na normal thing.
Bull equals noise and excitement.
Some are already nursing their wounds even though the bear has not yet started.

😀😀😀 True.

7% loss in one month, and bear hasn't started?

How much loss are you expecting?

No be every time market go do wild crash na.

Average PE is still below 10, so these price levels should be sustained or even elevated.


I reiterate that the market will find support above 140k.

mikeapollo:
How much CGT did you PAY from your gains in NGX under the old law?

How hard is it for you to comprehend.

New law is better is the point?

9 pages of NSEMPA comments on August 1st.
December 1st: 3 pages.

Bear has confused all the analyses 😂

mikeapollo:
How could something, a tax, be '' much better'' than something that practically did not exist?
The question is: did you pay anything before now? If the answer is ''no'', then nothing can be ''better'' now.

The old tax law did exist.
The new one is better than it.

Locotrader:
CGT dey give the guy headache like say tomorrow no dey.

He forgets there are so many ways to eat hot yam.

What if I don't like yam?

Why not use plantain in your analogy?


This current CGT is actually much better than the old one if they had implemented it.


Lots of ways to keep your effective tax rate under 5%.

The only reason it looks worse is cos the old one wasn't implemented.

Q3 GDP : +3.98%

essentialone:
Complete List of Companies that have paid Dividend 2 times this year 2025 alone are:

1. Afriprud
2. Aradel
3. GTBank
4. Stanbic Bank
5. Transcorp Hotel
6. Transcorp Plc
7. Transcorp Power
8. UBA Bank
9. UCAP
10. Unilever
11. Zenith Bank


Tony Elemelu Index leads this section. 6 out of the total 11, are his Companies.

Can you really count what those Transcorp trio pay as dividends? if you sum up the two said dividends for any of them is it even up to 2% for the whole year? No one should be considering them if they're interested in dividends o. and it's not so much about the frequency as it it about the weight of the substance.

Agbalowomeri:
Three more months of red

This month will be green.
Next month too.

Red start to the month!

samarine:
Happy new month everyone,

Please I would like to know why everyone is selling Seplat with no bid.

same reason everyone is buying AIRTEL with no offer.

These stocks are dual listed. Their prices in London is more reflective of current sentinments that what NGX with its 100k restriction shows.

SEPLAT is down almost 20% in London over the past month.

Willie2015:
I sold at the peak and re enter at 247.50... .Sincerely.I don't do long term with foreign stocks...my eyes do see shege

I never thought it would go below 280, I mean after 7.5 cents in dividends??

But nothing wrong with being wrong, you just gotta be right more times than you're wrong.

Let them even just start converting these Mobil asset licenses and have more reasonable tax rates.

Does anyone have any info on the timeline for the conversions?

BuchyD:
Portfolio down by 6% this month.... December better be good.

We move!

SEPLAT showed some of us shege. Down 17% in November. It was my heaviest holding.

I reread your post @mikeapollo and saw that you were referring to the N3000 per share price.

I was already laughing say, wetin concern GDP and bear again now o.

Small downside of Seun hiding long quotes (highlights might be hidden)

Anyways, the common man who thinks N3000 is too high unfortunately doesn't have the N300m it'll take to just move the stock price.

And even if he does and decides to manipulate a N60trn stock with his N300m, it will only mean his village people have finally gotten him 😂😂

mikeapollo:
God dey. This is reason there will always be bear in the market, pulling priced down to a level that the ''Son of Man'' can be able to buy

Baba, how bear take enter here again na? 😁😁😂

Alhaji says he wants DIL to be a $100bn revenue company in the next 5 years.

That would make DIL the 10th largest economy in Africa if it were a country.

I expect the refinery to list at a $40bn valuation.

20bn shares at about N3000 per share.

It's now becoming the largest refinery in the world without any qualifier (no need for single train, multi train, nothing)


A single entity having revenues above 25% of its country's GDP would be fun to see.

Kereokwu:
@Oga Awesome sir, abeg make you dey drop summary of how you dey take run na m.

To all those holding it down here God bless us all

My sister, you're probably better off waiting o.
If you follow some people's calls here and patiently waiting to make your 200-1000% in 2-3 years, we'll probably end up with the same growth rate in that period.

If the market was in a bull where guys were making 100% in a month, my 10% wouldn't count for much 😁😁😁

In such seasons I never make up to 50% on any stock. Yet some people make 1000%. I used to be pained reading about such huge returns, now I understand that life na turn by turn and I'm contented with my small but consistent returns.

SonofElElyonRet:
All because it doesn't yet affect y'all.. the military is compromised and if you pretend not to know this, it's quite unfortunate. Trump isn't coming to wage war against Nigeria but to carry out technology aided precision strikes against terrorists.. government should cooperate with Trump in order for the operation to be seamless and not heed the advice of terrorists godfather Gumi

You're right.

Sometimes I wonder sef, when the govt is unable to provide sufficient healthcare, they are happy to accept interventions from DFID, and USAID of blessed memory, they don't brag about their sovereignty then.

Why not also calm down and accept help in this very critical area they're failing at. Is there anything in Trump's statement that suggests Nigeria will get anything other than gains from such military operations? Why is the bragging about yeye sovereignty so important?

True it's good if they operate in alliance with the local forces, but even if they don't,(especially since there could be potential sabotage) as long as the terrorists are wiped out, why should we really care.

I woke up to see my SEPLAT dividends.

All 4, none delayed. Sweet!


P. S SEPLAT paid two, I qualified through 2 accounts, hence the 4!

The confusing part for me in all these is: when was the exploration even done?

If before PRESCO was granted occupancy, then why grant it? If recently? How did PRESCO allow the explorers on their premises? 😁😁

SonofElElyonRet:
If you think $10 net per barrel is all there is to be gained, that's fine.. Shalom! I have debated this matter enough. E ma pa mi

Someone cannot learn from you again??

Na wah o.

PRESCO has grown too big and is itself now a core national interest imo.

Employment, taxes to government, FX earnings, food security etc. are all benefits the company has on our economy.

Oyel that they will drill for $48 sell for $60 and still steal from the $12 margins.

Abi what kind of company makes N45trn revenue but only N5.4 trn in profits some of which could you even still be paper profits.

It's because of such inefficient company that we should now disrupt PRESCO?

That's my perspective o. I don't rate yours any less

SonofElElyonRet:
Your analysis is myopic and ignores issues/benefits far beyond your $10 net per barrel hypothesis, Mr Mathematician!!!

Issues like what?

Oil pollution? That's what you think is desirable?

Bring your lens to fix the myopia.

SonofElElyonRet:
Hypothetically speaking, you are saying Nigeria should've lost 2 oil wells if the story had been true Happy to know it ain't but full compensation, allocation of another suitable/similar parcel of land and enough time to harvest and relocate is what would've been fair . Not a country foregoing 2 oil wells!

Is it just about there being oil wells or the reserves in the well?

If it's only 100k barrels that are in the wells, you're saying a $1bn business should be disrupted because of potential $1m?

What kind of maths is that?

Note that this current Nigeria hardly makes more than $10 net per barrel.

Doesn't PRESCO already pay way more than $1m in annual taxes?

We need to embrace maths more in our analyses abeg.

Agbalowomeri:
So ACCESS will use 3 decades on acquisition
When will the shareholders enjoy the dividend of their labour bayi

Rewards of teachers are in heaven.
Maybe access thinks their shareholders should be as noble too.