₦airaland Forum

Chrisfaco:
Please i am new to MMF., can someone explain to me. I Invested 4,010,000 naira in Stanbic Money market fund on the 4th of Nov. I was getting an interest of about 1880 naira daily only for me to check the app now and realised that I was credit additional 49,000 as interest for the month. Is the 49,000 naira an error since I was getting interest daily already. I now have a total sum of 4,109,000 in my balance.

peleson1:
150k a year ?

Then divide that by 12

Will be

12,500 naira a month .

If 5m

62,500 naira a month.


Kai


Naija

emmatony:
Please, I would like to seek some advice. I own a twin two-bedroom flat. After calculating the potential returns from selling the house and investing the money in a money market fund (MMF), I realized it would yield much better returns than the rent I currently receive. Do you think it’s advisable to sell the house and invest the money instead, so I can have peace of mind and avoid tenant issues?

digitalinvestor:
Going by the fake news being peddle by some bloggers, the new tax regime as it pertain PIT is as follows.

For personal income, the newly proposed tax rate is a progressive system, which means higher earners will pay more taxes while low income earners pay less or none as the case may be.

The rates are broken down below

- First N800,000: 0% tax rate, which means individuals earning below this threshold are exempted from paying personal income tax.
- Next N2.2 million: 15% tax rate
- Next N9 million: 18% tax rate
- Next N13 million: 21% tax rate
- Next N25 million: 23% tax rate
- Above N50 million: 25% tax rate.

The new tax system aims to reduce the tax burden on low-income earners and ensure fairness in wealth distribution.

For companies income tax, currently you start paying CIT as long as you have an annual turnover of N25million. However, the new tax bill has raised this to N50million to ensure that small businesses grow efficiently before they start paying tax.

As President Tinubu stated, there is no need to tax the seed anymore in Nigeria, the fruit which has reached maturity is the goal.

The overall goal of the new tax bill is to ensure that low income earners are appropriately protected while high income earners pay their dues accordingly thereby redistributing wealth proportionately to accelerate growth, reduce inequality and bring down inflation.

Also important to note that the era of multiple taxation will be coming to an end as tens of taxes which citizens pay across different levels of government have now been reduced drastically to a single unit thereby reducing the burden of unnecessary and excessive taxation.

The withholding tax on T-Bills remain. Gov't Bond remain tax exempt.

iamL:
Thanks. I went to FBN for inquiries about their TB those people pride is something else, I later went to zenith the staff I met there discouraged me from TB instead they were introducing me to their personal investment scheme I just left till further notice when I am chanced.

Sent pm.

Shalom428:
Today's auction results . The money in circulation is huge. Rate might trend lower in coming days.

Shalom428:
Today's auction results . The money in circulation is huge. Rate might trend lower in coming days.

Wotowotoman:
They are targeting USD accounts and it is 50 naira per deposit that they will use to discourage people from keeping dollars? Something that still applies to NGN accounts?

Please just stop posting about what you don’t know. You wey don jakpa go siddon for your small room wey you dey cack after hustling from morning to night and then dey write crap about Naija to put fear in people minds. Guy just shut the hell up!!!

Wotowotoman:
Guy you wrote this hopeless epistle because of N50 per deposit? Money wey dem go also collect from Naira account. And you go think say you sound very smart. Na wa o.

Wotowotoman:
Guy you wrote this hopeless epistle because of N50 per deposit? Money wey dem go also collect from Naira account. And you go think say you sound very smart. Na wa o.

kolamilan:
Hello house, I saw this notice in my mailbox.

Allboiz:
Good day everyone

I invested 25k in ucap equity fund last Thursday to test the waters since the interest rate for their equity fund is 44.53%.

I opened the account today and saw 24800, which is loss.

Would you advise I withdraw my remaining fund or be patient?

Hamachi:
I noticed a consistent behavioural pattern among Nigerian billionaires who run big businesses.

This behaviour is pronounced more among Mike Adenuga of Glo Brand and Aliko Dangote.

The behaviour is this: these business owners hardly hire Nigerians as business executives to run their businesses.

They prefer to travel as far as Pakistan, India, or Lebanon to hire their nationals to come to Nigeria to run their business.

Dangote's top executives are mainly from India and then Lebanese, while Mike prefers hiring Pakistan nationals to run Glo for him with his daughter Bella.

Dangote started hiring Indians business executives when he was a trader and since he transitioned into an industrialist, he has not looked back as he has doubled down in hiring them.

Hiring these guys comes at a steep price.

Most Dangote Group executives are Lebanese or Indian, and their annual salaries are up to 300 million naira per annum when converted to our local currency.

Aside from the high cost that they charge as salaries, you provide a duplex accommodation in Ikoyi or Banana Island with an SUV for them.

You also provide Hilux vehicle with policemen protecting them against kidnappers since they are endangered specie because of their white complexion.

Devakumar V. G. Edwin is one of Dangote's trusted lieutenants, as Aliko does not joke with him.

He has been with him since 1992, when he joined the business as a general manager.

At that time, Dangote was still a mega importer and a trader.

Edwin helped to transition the Dangote group into the industrial behomth that it is today from a trading company.

He is the one supervising the refinary project in Lekki for Dangote as Dangote trusted him so much, having supervised the building of the cement plants for the group all over Africa.

When you convert what Devakumar V. G. Edwin earns into Naira because he is paid in dollars by the Dangote group, the man earns more than 350 million naira salary per year.

Just like the rest of Dangote's top executives, he is an Indian national, and it is the same story across the whole gamut of Dangote's executives. .

The CEO Of Dangote sugar, RAVINDRA SINGH is an Indian national.

The same with the CEO of Dangote Cement.

Now I want to understand:

Why, despite the high cost of hiring them, are these Forbes billionaires more comfortable hiring Pakistanis, Indians, or Lebanese than Nigerians to manage their businesses in Nigeria?

Are they more ruthlessly efficient than their Nigerian business executives?

Is there any reason why this is so?

RayRay06677:
You might be right, greater percentage here stop doing TB about 3yrs or more ago.

When we don't have express answer, must we lie or ASSUME with wrong answers to make us happy. Better left unanswered than passing wrong information. My thoughts though.

In general, folks here are doing just great, a deviation from an average Nigerian or nairalanders. They attempt all questions and that ain't bad.

You would have answered without scolding members as nobody is paid to answer questions. I only beg for answers when I ask, not my inalienable right to get answers.

Now the real problem with nigerians is the ENTITLEMENT mentality.

cutedharmee:
Good day everyone. Pls when is the next treasury bill Investment Sir's/Ma's

unite4real:
The auction was held on Friday because Wednesday and Thursday were public holidays.

skydiver01:
Kindly find below the NTB Auction results for 30 June, 2023.

aieromon:
This is for Sukuk IV.