₦airaland Forum

Megiserv:
I invested in TB last year, October 3, 2025 and was paid my interest same day after some tax were deducted as well. Today, February 5, 2026, GTB paid me back my invested capital and deducted WHT of 65,000 naira from my capital (principal). WHT policy of firs took effect from October 28, 2025 and how come an investment that was done before October 28, 2025 will now be affected by the new WHT policy of firs that took effect from October 28, 25. It is like saying all my past transactions above 10,000 should be taxed with new stamp duty tax of 50 naira per transaction under the new tax law of Tinubu regime. This action of GTB is illegal and criminal. Any TB that was done before the commencement of firs new WHT policy should be clearly exempted from WHT. Every y affected person should please keep reporting this illegal, fraudulent and criminal act of GTB to

www.reportgov.ng

helpdesk@nrs.gov.ng

www.nrs.gov.ng/page/withholding-tax

I understand your plight but it seems you left here or stop snoozing around the investment for a while so you didn't get to read when people were complaining earlier.

While it is bad for GTB not to have deducted WHT from your account because it was not in your contract (Stated in your proof of investment), it's good to understand that the WHT did not just start with the new tax law. It has been in existence but was given holiday for some years and the holiday expire earlier like 2-3 years ago, I am not sure again.

Some other financial institutions started collecting WHT from me since 2023. It's banks that started collecting from last year.

KingCassy:
I have a friend who doesn't want to put all his money in Nigeria mmf… does anyone has any foreign mmf one can do. That of any country someone has tried and has good returns.

Tell your friend to open an account with Standard Chartered Bank and download their mobile app. You will see many there. You may also need to have a USD or Pounds account with them as those investments are in either USD or Pounds.

If he is interested he can just mail them sha.

SonofElElyonRet:
Nairametrics - BREAKING! FirstHoldco full year unaudited results decline 71% to N229 billion
Otedola go still dump first bank shares as he did geregu, forte etc
Not financial advice

You can imagine a very strong member of SIB posting this kind of result. I think all the negatives there happened in collusion with the CBN if not what's this?

And they said SIBs are subject to higher capital requirements, stricter, more rigorous, and more frequent supervision, and enhanced liquidity reporting.

The board, majority shareholder and regulators did the minority shareholders dirty. Yes the new Oga say na new headquarters him must build. Is this company worth investing in at this time?

Creditalerts:
may God no let investment carry us waka loss in Jesus name 🙏🏿🙏🏿🙏🏿

Amen ooo.

While trying alternative investments aside what exists here, I did a corporate Sukuk (Taj Sukuk 2) last year. Right now it's about looking like the worst investment I have tried. I have done CP's, PN's and other alternative investments but this Taj Sukuk seems to be the the worst. I complain about FGN Sukuk and bonds proceeds for sometimes taking up to 5 days before being credited but this one is worse.

First of all, it was advertised from June to July 2025. We made payment by July ending and after that, we expected to get the allocation (Proof and terms of investment) immediately to no avail until after like 2 months and a week or so in October. The bi-annual rent payment (coupon payment) was to start in January 2026. However, we got a mail informing us that they have graciously decided to pay us quarterly payment this January 2026 which means they want the investment to start counting from the October when the allocation notice was sent.

Also, we were informed about 2 weeks and 2 days ago that the funds for the payment of rent was ready and that they are waiting for approval from SEC before disbursement. Up till now, nothing.

1. My first question that I would love to ask them is ' who bears the loss of rent on the first lose to 3 months the money spent with them? All the FGN SUKUK, Bonds, Savings bonds, CP's and PN's that I have done before starts counting from the closing date as stated in the advert. In this case, it is 28th July.

2. Payment dates are supposed to be fixed and payment is expected to be made to investors on the fixed days for as long as the the investment last. Which is minimum of 5 years in this case. Going by their 3 months, it starts counting from October 3rd meaning January 3rd was supposed to be their payment date. Yet we were only informed on the 9th of January that the funds is ready but needs SEC approval. It's supposed to be bi-annual payment or even quarterly if we go by their mail. Is this how we will continue to use almost 1 month to wait for SEC approval anytime payment is due or it's just a one off thing.

I am posting this here to hear from other investors investors if there is any and to other potential investors of what it entails incase the ever come across and develop interest.

UchihaRhaegar:
Please when will Morgan Capital automate the process of funding your account? The process of funding to their account then sending an email for them to confirm and then transfer to your account is a bit redundant since other platforms offer automated funding.

How Una own dey happen na? Most times I pay into their Wema Bank Account and put my name and CSCS Number or Login username depending on the one I remember and before I know, I will just receive an email that the money has been credited. I can remember calling or mailing them to credit my account ooo.

EquityM:
Living abroad, Nigerian banks charge excessively for SMS charges; only Sterling Bank does not charge at all, and they have a very swift transfer service. I usually transfer my savings to FirstAlly and then transfer it back to my Sterling Bank if I need to withdraw. UBA already charged me like 3k for SMS alerts from the beginning of Jan till now. If not for my dividend payment that usually goes there, I wouldn't mind closing the account.

Sterling just started. I have said it severally, before sterling, the only bank that does not charge you for transfer fee (if you like do 100 transfers in a day), SMS alert charge, ATM issuance fee ( their ATM card is free and lasts longer for about 6 years bar misplacement or damage), ATM card maintenance fee and all sundry charges other Nigerian banks do is Standard Chartered Bank. The likely of getting mints as released from the CBN through their banks and ATM without trading like other banks do.

The only thing they have in common with other Nigerian banks is that they operate here in Nigeria and they will not pay you interest on your savings for the month if you do 4 upto transactions that makes money leave your account.

The down side to them is that their branches are few and you will spend more time if you have any need to visit them.

Calinson2000:
Went to bank to move my money to MMF but no be small thing. Even, I have not been credited to my MMF account. I think because of the huge amount. I want to use Stanbic ibtc.
Still waiting for them, I was told to talk to my account officer for better interest in FD.
I have not experience this kind of thing before.

We have said it here severally, Bankers would not just leave you to move money from your account elsewhere. Be it investment or even other banks because that your money is making someone (your account officer) to meet his/her own target.

What you should do in the scenario that they stand in your way after you have made your findings and you are convinced about your investment is to either go to another branch of that bank to make your request or better still write to their customers care which is usually at their Head office. From their instructions will be given to them.

Another way to go is to be firm with your resolve and if they drag feet you go the confrontational way of either reporting them to their manager or threaten to report to their Head office. This however, usually affects relationships because you may need them some other time for other things.

Calinson2000:
Thanks for your response. Treasury bills in primary market is upto 50M and above which I would not be able to get, and at secondary market will actually be way lesser. Last primary market was about 15% for that tenor.
I did FD but lesser as well but with about 25% penalty charge incase I withdraw qbefore maturity.
Just thought about Money Market Fund because of liquidity and top-up. Although it is the management fee is my worry since I am considering in Stanbic ibtc or through Cowrywise that amount.
Oh yeah, I do know they issue letter for visa application concerning the investment.
Though, I will still ask about the secondary market incase.
In the long run, it seems the Money market fund that is better, as in the future.
I checked your signature. I know about your MFB, but not want to invest at the moment now, maybe in future.

Banks usually collate people's funds and invest for them. So you must not have upto 50M before you can invest in Primary Market. Some banks accept as low as 100k while others starts from 500k or 1m.

The only disadvantage with that, is that you must go with the banks rate. Meaning you don't have the independence of choosing your rate as you would have had it you were to invest 50m.

Coolis:
Una don dey confuse person like this so, l been think say na only court them dey say he who must come to equity must come with a clean hands.

All these equity people, e don reach make una open una own thread. Na Abeg l dey oo, make una leave us with MMF. Equity people,, abeg make una open una own thread, make una leave us with MMF news, story and every other gist that has to do with MMF bikonu

Unfortunately, the thread is named Mutual Funds and the Equity Funds being discussed here is also a Mutual Fund.

EquityM:
I've started an equity investment forum. Anyone who trades equity is welcome to join; let's learn together and make money legally. May God give us wisdom. Thank you, everyone, and goodbye.

There actually no need for this because all issues of Funds can Still be discussed here. Equity Funds is also a Mutual Funds. Main Equity as in stock or share is discussed here: https://www.nairaland.com/1131485/nigerian-stock-exchange-market-pick

That there wey we dey for equity update as we dey do am small small for ourselves.

There is something happening about finance in government areas especially with this particular dispensation that I find amusing. Not because it's funny but because anywhere it happens and you want to voice it out, you will see some people thinking you are anti government and want you to keep quiet, sometimes even those affected ooo. Before this present day government, in the organisation where I worked salaries are paid 22-27th monthly. With exception to festive periods where it could be paid earlier depending on the date. It was once paid around 16th because of Salah back then.

Now with this government, in my agency salaries are paid mostly after 30th. Christmas could not even make them pay earlier. As if that's not enough then there is some kind of selective payment. This means that as January is now, some staff and bank will be selected and paid while other will be left complaining till maybe on the 20th or month end and the presently due salary will be released with that of last month. February others new sets of people will be selected and treated same way. We all do not collect salary at the same time anymore. Before all personnel collects their salaries in that salary week. Variations may only occur with day and time in that particular week because of difference in banks. When you complain to your organisation or bank, you would be referred to IPPIS and when you complain to IPPIS you will be referred to either your bank or your organisation. We were discussing in our organisation's WhatsApp group when a senior colleague private chatted that I am not supposed to say it is an APC thing that we should channel the blame to the head of my agency instead.

In his words" The truth remains that political appointees are often the ones aligning themselves with party bigwigs to perpetrate these injustices against workers. What affects you equally affects me. No one here is encouraging mediocrity, but it is also a fact that no political party, whether present or past has been able to effectively monitor the activities of all parastatals and government agencies to ensure probity. Our own leaders- ogas are the ones engaging in unacceptable practices.

As true as his take is, I never experienced under the PDP adminstration. Thank God I didn't gain employment under APC so I have experienced both. Also, all head of agencies are political appointees of the government that are supposed to better represent them to make followers/worker feel their impact and if not be replaced. Yet we are not feeling it. Na only media propaganda they dey run. Lastly, we are not paid directly by our Ogas but by IPPIS which is a central government payment system.

Sorry, I shouldn't do this by bringing this up here but I had to. Why, because I saw some complaints about non payment of matured bond proceeds as and when due on some pages back. In all the former administrations that I have invest in government debt, in fact even under Buhari, the only time I did not get matured proceed of my investment in either FG Bond, FG Savings Bond, Sukuk or TB on the day of maturity is either maybe the maturity date fell on a weekend or pub holiday. The worst that have ever happen to me if I don't see that day, is to wake up to it the next morning. But now, nobody send you. In fact sometimes if could take more than 5 days after maturity. My complaint full TB thread on several non payments as and when due. The last Sukuk that made the guys complain here was due on Monday 29th December 2025 and was later paid on Friday 2 January 2026. So it cuts across this time and that's why it seems to me like an APC system thing from where I am observing. The DMO is another agency entirely, this one sef deals with government borrowing and people's investment. Where Integrity should count most.

Why can't they try and be different. Me na worker, I no get party so I fit talk as e de pain me. Instead of some party faithful and those loyal to Oga at the top to see this as a hate for their party or candidate, kindly help us to push some of this complaints forward and once these things take better shape, people like us will keep quiet and focus on our hustle. I had to pour my mind somewhere before them drive me mad. One of my FG Saving Bond coupon is payment due on 10/1/26. Today na 13/1/26 I never see am and I no dey see sign say them fit pay am today. Na so we go de dey?

Valthegreat:
Thanks for your response, but if this is the case it means CORONATION REGISTARS is pushing their job back to me in the mandate form.
Coronation registrars are the registrars to MTN and also ARADEL, I didn't receive my MTN dividend and when I wrote them they sent me mandate form to fill and in the mandate form they listed all the companies they are registrars to and are expecting me to provide my shareholder's number for each of them that I hold.

There are other information on the form given to you. Just fill those ones. Your CSCS and CHN no, the names and quantities of shares you have etc. once that's done whether you fill the shareholders number or not, they'll have enough information on your form to sort that out themselves.

As a contrarian wey I be, let me inform us that equity funds is only sweet when NGX is in bull season such as this present period oooo. It's not always like this every time. It is the most risky mutual fund of all the funds managed by asset managers. So if you are looking at the returns just bear the risk in mind too.

With MMF which is the least risky of all funds, interest earned today remains even if TB rate reduce to 2%. The interest will never come below what's earned unless you withdraw. Equity funds however does not have regards for interest earned ooo unless it's withdrawn. If serious bear show na so e go tell on the funds too ooo.

It's said that the higher the risk, the higher the reward but for balance and better investment risk management we should just learn to diversify.

orriyomi33:
Good evening.
I'm still awaiting mine, don't know if it's been credited to my CSCS account.

How do one access a CSCS account, I'm finding it difficult creating one.

Two ways.

1. You can your broker to generate and print you CSCS for you. If your right is credited, even if it's not in your brokerage account with your broker, it will be in your CSCS account.

2. The other way is to subscribe for the CSCS access yourself directly from CSCS for a fee. If you want to do this, it's not automatically online as it seems. The process of subscription is still semi analogue. You will have to send a mail to contact.cscs.ng and informing them of your intention to subscribe. They'll then reply you with the subscription types, amount and account to pay to. After which you would be asked to forward your brokerage account details and evidence of payment. Then as soon as the account is created your login details will be forwarded to you.

Oyibopepe2000:
Ok. But l let me ask although I asked this question elsewhere but I'm still slightly confused.
How about the money we already have in our accounts before this tax law. What happens to it say we don't invest it . Will it be taxed by the end of the year.

Also let's say one invested in tbills or mutual funds via one of these fund managers and their app and you finally want to withdrawx your capital or just the gains back to your bank account, will the money (capital or gains) be taxed? If yes what narrative can one use to avoid that?

Most times, it's just fear of the unknown that makes people carry unverified rumours. There's no way your saving will be taxed.

Also, your principal/capital will not be taxed. If you check your proof of payment, WHT are usually only placed/deducted from interests/profits or gains not capital.

Iamblessed88:
Please who knows where i can get a will done? I was in a turbulent flight yesterday and it got me thinking, so all this my mutual fund money will just go like that?

Does stanbic offer such services?

You can contact United Capital Trustees Limited or Meristem Registrars and Probate Services for more on it.

vanvickie:
Please someone should respond to this...

This government get as e b. Before they'll classify it as an income hence, it needs to be taxed at prevailing rates...

The question was answer immediately after your post.

It's not your capital that is taxed. It's your gain or interest that is tax. If they tax you further after the deduction of WHT it will amount to double taxation.

The taxation for investments like CP's, TB's and corporate bonds (Shot Term Debt) is Withholding Tax (WHT) and it's on interest/profit made. In fact even the Capital Gains Tax (CGT) which has capital in its name focus more on gains or profits made, not the capital invested.

Nakedman:
Has anyone received coupon payment for 2031 bond which is supposed to be paid on the 30th December?

People just dey do anyhow for this administration and nobody to caution them. Even Sukuk IV rent/coupon payment that was due on 29th of December have not been paid.

As far as I know, these things doesn't used to be like this before this present. Even workers are owed salaries for additional one month within their organisation and nobody can say anything.

drealj:
Sukuk 3 enjoy ur day

After delaying for 2 day? True DMO no dey try at all. Always lagging behind since 2023.

Streetinvestor2:
They keep saying the inflation is coming down and I wonder how.Then I remember u people say it has nothing to do with Current price and

of goods and services in the market. I hope many of you are doing shopping for your families and other things for the festive period. I hope u are really buying quality things at cheap prices as inflation is coming down.Personal I always go for quality in things I buy for myself or anyone otherwise I don't buy if I don't have enough cash. Even the rice they say is cheap is not really cheap if u are going for good brand like redbull by chivita. Go check the price of red rice for 25kg.How much are children cloth India or Turkey. Maybe chinko ones are cheap. How much are quality foot wears.whr really is this Inflation coming down

I follow complaint bitterly when things were going up perpetually and prices didn't even want to stabilise let alone come down but now I am seeing reductions in prices of some items especially food items. Not fashion, electronic or other imported items ooo. Some food items are now getting cheaper especially in the North and around Abuja. I don't know about the entire south and middle belt because things are usually more expensive in Kogi state that's very close to Abuja than Abuja itself.

At this time last year big bull was about 95k going to 100k in markets around here but now it's about 58k, brown and honey beans was around 2,800 to 3,200 per mudus but it's now around 750-1k, white garri was around 1,000-1200 now it's 400-550 per mudu, Golden penny spag was around 23k - 24k now it around 19k-20k, Golden penny oil 4lt sold around 15,500 early this year has gone back to about 13,500. Tubers of yam (10 per set) bought about 20k - 25k last year is now around 15k. In fact basket of Tomatoes bought around 65k late last month around here is selling for about 25k presently. However, proteins like beef, mutton and fish have soared above where it was. It's only chicken that reduced slightly since then but Christmas may inflate the price again


So while we cannot say everything has come down, we can say that somethings are actually coming down.

temi4fash:
Hello,

Please how do you top up on FBNQ?

Had a bad experience with them one time when it took about 3 days to acknowledge and book my payment.

Looking forward to your kind response

If you do it appropriately you shouldn't encounter issues. It will be done same day.

First is to transfer the money to that their citi bank MMF collection account.

secondly, make sure that while doing the transfer you will indicate your MMF account number and name only on the remark/reason for payment column/space.

Thirdly, make sure it's done early, no matter what before 12:00 PM. Also, don't do it on weekends and public holidays.

With the above, you will be fine.

Streetinvestor2:
You say u love long dated bond because it is 20% u got now.Tell me how the one I bought 3 yrs at 13% is good thing now.This is 10yrs bond.Then I thought it was wise decision but now I regret it

Sukuk III which was auctioned in 2020 when I first invested was 11.2%, then Sukuk IV auctioned in 2021 was 13%. Sukuk V auction in 2022 was 15.64%. Then Sukuk VI was auctioned in 2023 at 15.75. There was not Sukuk primary auction in 2024. In 2025, it was auctioned at 19.75%.


You are most likely referring to Sukuk IV which was in 2021 and about a year earlier than the 3 years. Yes at that time based on the general market indices, it was a very good decision. Then the MPR was about 11.5%. So there was nothing better in the fixed income space except if you have a good relationship manager that will intimate you on good deals in FG Bonds when they pop up once in a while at the secondary market.

The issue with FGN Bond is that it's not easily accessible like FGN Sukuk and FGN Savings Bond especially at the primary auction and it's also for HNI's and institutions because you will need upto 50M to invest on your own except for maybe other finance houses that helps small investors gather money and invest on their behalf.

Martialfc80:
Good morning helpful minds,

I subscribed for Treasury Bills last year and I just discovered that the maturity date is 11th December, 2025.

Since that was my first time, I don't understand how it's done. When should I be expecting my money, or is there anything I need to do please?

You don't have to do anything. Just wait for them and be checking your account. Normally the money should have been credited to you yesterday but these days things don't usually work as it should will them. So settlement delays sometimes.

opadiya:
Please do you know the operator in charge of the ongoing Mecure Commercial Paper?

Yes. The lead arranger is Codros Advisory Services while the joint arrangers are; Cardinalstone Partners, FSDH Capital, Greenwich Merchant Bank and Aiico Capital.

You can contact any of them for it.

Odunharry:
Reach out to them that you need evidence that WHT was paid on your behalf

I think that's what I will do

Thank you.

emmasoft:
Though I have not done tracking of WHT remittance before now, I believe it can be done from the FIRS end. Actually, by law, the evidence is supposed to be sent to the taxpayer by the institution that did and remitted the tax.

Thanks. Maybe I will start demanding for the evidence now.

emmasoft:
The 10% WHT has not just started; it's actually been in effect since 2022, after the 10-year tax holiday that started in 2012 ended. The issue is that many institutions simply didn’t implement it. It now seems as though the policy begins next year because the new tax laws have placed a stronger emphasis on enforcement and compliance.

From next year, institutions will definitely apply WHT on all applicable investment instruments, regardless of when the investment tenor originally started. The only exceptions remain legally exempt instruments, such as government-issued bonds.

Very true. Infact I have me paying it on CPs since 2023. I have also been paying on areas that had no holidays like bank interests and co.

My only challenge is that I have been deducted up 500k this year but I don't have any means of verifying if it's being remited. Even though they ask for my TIN always and I provide it.

The only area I have proof is my Stanbic IBTC account that will always send me WHT received anytime I have little money in my account and they pay interest. After deducting WHT on the interest, they later send me a receipt within the month for that deduction. However, they use my NIN instead not my TIN.

Any idea on how to track if the TIN is actually going to the appropriate authority in my name?

First of all, I asked myself why this should be on the front page especially because the writer's claims/assumptions are all unverified. He doesn't have enough knowledge and wasn't seeking to. Instead his claims seems to be misleading but then again I said to myself that maybe the MOD just deliberately put it there so that more knowledgeable people can educate the op.

I have seen enough education while reading through. So I do not need to say more. I just hope the poster's ego will let him read through and learn.

For any of us reading through and have the intention of collecting loans, make sure you have the intention and capacity to also pay back the loan and the interest. If you are not wicked you would not go and collect loan while having money money in other accounts and wouldn't want to service/pay back the loan.

The bank like every corporate organisation has lawyers already on their payroll that will go any length with you if they want to recover their money. So why would you want to waste your money, time and energy in court cases when you can easily avoid collecting the loan in the first place or pay it up according to the contract terms and you wouldn't have issues.

GMs:
Good morning, I’ve just come across your comment and I might have fallen for the same trick. My investment attained maturity yesterday and I reached out to my account offer to go through what the rates are and as well as re investing; he immediately responded;

His job is on the line and there is pressure to close the year well. He pleaded that I delay the investment till early next year or late December. He also mentioned Investment rates are usually lower towards the end of the year. And that he would advise that I invest the money around the end of the month or early January.

Is this a trick; He’s just been assigned as my account officer and yesterday was the first time I communicated with him.

I would appreciate if anyone is able to share their experience so I’d know what I’m getting into!

Thank you

He has opened up to you that you leaving the money there is to help him meet target. So it's now left for you to help him if you wish to. No

jimcykhan:
Hi
Please does anyone know about Standard chartered bank mutual funds, how many types do they have and what's their rates or performance?
Thanks

I have not done any with them so I can't really say but I know they have many. Their Mutual Funds are in USD/EUR/GBP. There are too numerous to mention. I would have screenshot some for you but its not allowing screenshots.

There are about 5 Bouquets of Solutions for which investors are to choose from. Inside each bouquet, you will have Multi Assets, Fixed income and Equity Funds. Wetin dey there too plenty. You have to maybe contact your investment adviser/account officer with them and discuss what you want and what is obtainable.

Nakedman:
Please who knows when Rental payments will be made for this Sukuk. It's 6months now.

The payment is supposed to be on the 23rd which was yesterday. However, yesterday was weekend so they didn't pay. If it's before you will be sure that the payment would not exceed today but these days they do whatever they like so keep your fingers crossed today and tomorrow.

emmasoft:
The truth is, the 10-year (2012 - 2022) tax holiday on withholding tax (WHT) on interest from Tbills and such instruments ended in 2022. I'm really surprised that even institutions are just implementing this now because the law is not new.

That's what I have tried to say earlier. Except they is another holiday or exemption, even if you decided to take it up with them you won't win. Also, whether you collected interest upfront and the money was later deduction from your presumed capital or not, so long as the amount deducted equates to 10% of the supposed interest then it is what it is because the holiday has already expired since.

That said, what I don't like is changing the goal post at the middle of the game. If you didn't communicate it to the investors at the beginning of investment and it wasn't included in the terms and conditions of their contract why bringing it up at the end. It should be clearly stated when the contract was initiated for proper planning. If done that way, whoever is not interested might as well opt out of the investment.