₦airaland Forum

mikeapollo:
You need to ask them for the modalities:
1. You may request for details of their bank account that you can pay into, if they are the ones to trade for you after you fill and send trade mandates/instructions.
2. You can ask them the procedure if your are to fund your account and trade online by yourself using their online platform

With Cardinal Stone onboarding process, you just fill everything online from the get go and once complete, you are registered and that’s done. They just need a few days to verify your documents after that.
It seems onboarding with Morgan is a little bit more complex but then they make up for it with very low fees though.

Agbalowomeri:
You think what goes on in a government refinery would be permitted in a private business? These people think Dangote refinery is a government entity

You heard the PENGASSAN spokesperson on Channels TV the other day saying Dangote refinery was built with our money because CBN gave Dangote subsidized FX as if that’s Dangote’s crime, or as if CBN didn’t also give overseas students and round trippers subsidized FX

handsomebolanle:
Workers have the right to withdraw their services too. Do you have a problem with that?
Let Dangote go employ people to chevron, shell and servicing Company. Since he can afford to buy a truck and do free delivery.

So how do you expect me as a Nigerian to be in solidarity with your course when you don’t even care about me?
The legislators would have to regulate these unions and strict penalties have to be enforced. Workers belonging to these unions who shut down sensitive operations for every dispute (even dispute with a private company for that matter) would have to be fined or replaced by non union workers. Unions shouldn’t have such powers. It’s not done anywhere.

handsomebolanle:
I will advise not to comment like this.🙂. A lot of intricacies is at play here.

Whatever issue they have, they should sue Dangote to an industrial court and not disrupt production.

Dum20:
Please what is all this nonsense?

This is an investment thread, why are you trying to derail the objectives of this group? Why not go to politics section and be doing your nonsense comparison and bullshit. Please stop all this nonsense.

This is one of the best investment threads you can ever find anywhere in the world and the success is attibuted to the fact that we are all focused here on making money not about doing praise singing for politicians.

Please got to politics section and be doing this nonsense. We do not care if Obasanjo, Buhari, Tinubu, APC, PDP or whateve is better than what.

Just leave this place

Don’t be rude. If you don’t like my posts, scroll and ignore. There are several political views in the mix on this thread, you are only triggered by mine because it’s contrary to your bias.
So like I said before the anti spam bot banned me, just ignore my post and scroll down.

Streetinvestor2:
This is simply borrowings in dollars to defend ur naira after devaluation nothing special using short term instruments.
Some will start maturing soon
Show the figures for real investment....FDI

Okay.

mikeapollo:
The principle of ''nominal'' and ''real'' numbers as two different bases for comparison in Economics.

This is the list in dollars if we use Chatgpt:

2016 — −1,709,750,000 (≈ −$1.71 billion).
2017 — −8,509,290,000 (≈ −$8.51 billion).
2018 — −6,105,134,000 (≈ −$6.11 billion) (annual figure shows a very large negative year; CEIC reports the Sep-2018 low of −$6.105bn which dominates 2018).
2019 — −2,059,911,607 (≈ −$2.06 billion).
2020 — −237,417,621 (≈ −$0.24 billion).
2021 — −84,405,392 (≈ −$0.08 billion).
2022 — 1,181,398,385 (≈ $1.18 billion).
2023 — 2,155,553,703 (≈ $2.16 billion).
2024 — 13,350,000,000 (≈ $13.35 billion).

mikeapollo:
You have to apply the same principle for all the years, for a fair and balance comparison. That is why we have ''nominal'' and ''real'' growth numbers in Economics. It is not because of any particular govt. But if we don't that, we will be making wrong analysis or comparison.

What principle? I compared 2017 to 2025 for a reason.

ositadima1:
Then it would be better to present those numbers directly in dollars to avoid ambiguity. There is no evidence that the figures are in dollars—you’re only rationalizing.

This is daily trust report for 2024 compared to 2023. Check out the percentage increase yourself. Also note that the inflows in Q1 2025 were even better.

“Nigeria’s economy attracted higher foreign portfolio investment (FPI) inflows totaling $3.48 billion in the first six months of 2024 compared with $756.1 million in the previous year, a report has indicated”.

https://dailytrust.com/how-foreign-portfolio-investment-inflows-hit-3-48bn-in-six-months/

ositadima1:


This is what we call ambush reporting. Did you consider that since they are foreign investors, their dollars are now worth much more than before and can therefore buy more units than previously?



Or are the percentages calculated in dollars?

Yes they are calculated in dollars. They are called FPI’s for a reason and usually spoken of in dollars not converted to naira again.

mikeapollo:
Please remember to factor-in the impact of currency devaluation.
In 2010, a foreign investor with $1,000 would be able to buy shares worth about N120,000 on NGX
In 2025, the same $1,000 will buy shares worth N1,500,000

So looking at the nominal figures and percentages alone will give deceptive and inaccurate picture.

So why didn’t this same factor work in Buhari’s era against Jonathan. The currency also officially depreciated from 197 to over 300 as at 2017 and was almost 500 in the parallel market at that time (from 216 under Jonathan).
Also in the 8 years of Buhari up to 2023, when the official currency depreciated to 450 and the parallel market 750 (almost 3.5 times depreciation), there wasn’t a better inflow of FPI compared to what was found under Jonathan or Obasanjo.

Foreign portfolio investment percentage growth under presidents since 2007

1. Umaru Musa Yar’Adua (2007-2010): -6.22%

2. Goodluck Ebele Jonathan (2010-2015): +77.55%

3. Muhammadu Buhari (2015-2019): -8.0%

4. Muhammadu Buhari (2019-2023): -56.46%

5. Bola Ahmed Tinubu (2023-2025): +253.89%

<NGX>
#TheCableIndex

“The new regime introduces progressive taxation, where gains are taxed based on the payer’s income band, similar to practices in the U.S., U.K., South Africa, Ghana, and Brazil.”

According to Oyedele, the revised system now allows capital gains to be taxed on a net gains-and-losses basis, with reinvestment relief retained to encourage continuous investment in the market”.

https://nairametrics.com/2025/09/27/capital-gains-tax-will-boost-investor-confidence-taiwo-oyedele/

Streetinvestor2:
When some people are just foot soldiers to the oga at the top.They will say he is not aware of what is happening.
Watin give u liver to announce such if u know oga go vex.This is something u know can affect the economy he claims he is trying to build.
Make una leave matter

Oh come on, PENGASSAN have gone on strike several times under this Govt and also gave ultimatum to their members to halt activities over dispute with NNPC at some point.

Are you saying PENGASSAN now works for Tinubu? Really?

https://sweetcrudereports.com/pengassan-shuts-down-oml18-operations-over-labour-dispute-with-nnpcl-subsidiary/

awesomeJ:
Most players aren't just gonna exit na, so we should be good.

Even ACA, If they plug the proceeds back to FIDELITY or SEPLAT, Their gains won't be tax chargeable.

Yeah most big players would likely reinvest and that’s the aim actually.

brotherly:
Capital Gains Tax liability is triggered when an investor's annual portfolio turnover surpasses ₦150 million, generating a net gain in excess of ₦10 million. The tax is assessed on the aggregate net gain of the entire portfolio, rather than on the gains from individual securities.

So I interpret this to mean that first your portfolio must cross 150 million, and then the aggregate net gain must be in excess of 10 million. Meaning both conditions must be true for me to be taxable if I’m interpreting it correctly.

ACA finally exits Aradel

https://guardian.ng/business-services/aca-exits-aradel-holdings-in-n387-4-billion-deal/

Dangote refinery still at 550k bpd for now from a high of 610k bpd in August.

Nigeria’s 650,000 barrels per day Dangote Refinery could play a crucial role in cushioning West Africa from potential supply shocks if Russia goes ahead with a proposed ban on diesel exports, Argus Media has reported.

Drone strikes push Russian diesel exports to 5-Year Low. 16 of 38 plants were hit since August, cutting >1M barrels/day in capacity.
Moscow is now considering a FULL ban on diesel exports after already halting gasoline sales. Domestic output still exceeds demand by 50%, but the export collapse drains revenues, strains the budget, and sparks talk of oil production cuts.

mikeapollo:
What is progressive in asking individuals to pay almost 25 percent CGT but companies would pay 10 percent?
Who carries higher relative risk burden in the capital market between a company and an individual and who should be rewarded or incentivized more?

CGT rate for companies was raised from 10% to 30% the last I checked while for individuals it’s progressive and ranges from 7% to 25%.

sboga:
i don sleep on dis cgt matter kai dis is serious
so fg wan chop 25% of my profit on top all the fees i don pay
is there no way out of dis lamba?
25%
omo

Let’s all just wait and follow the Taiwo Oyedele meeting. We would summarize the nuances after that.

I entered a twitter space two days ago where tax (as related to the stock market and fixed income market) was being discussed, they invited a tax expert but I entered late and they were almost done. But it seemed the tax guy (guest speaker) did a good job answering most of the questions.

So I believe there would be clarity when more of these guys come out to explain the nuances involved.

I strongly believe they have modelled their system based on the European model but in a little bit more progressive way.

kintus:
I previously mentioned the confusion surrounding CGT and how it is negatively affecting the market, though I was rebutted. I sincerely hope that the FG, CBN, NGX, and all other relevant bodies will come out to clearly explain how these policies will impact the market going forward. Sweeping issues under the carpet is no longer acceptable, as people are now more informed. This is my candid opinion.

I would dig further but I think I have heard Taiwo Oyedele say there are exemptions. The problem with information on this new tax laws generally is that people prefer to listen to influencers and non tax experts and then ignore Taiwo and the FIRS guys who are all over the place answering questions and explaining.

“There is an exemption threshold raised: for sale of shares in Nigerian companies, the gross proceeds threshold is now ₦150 million in any 12 consecutive months. 
Also, gains do not exceed ₦10 million in that period may qualify under the exemption”.
“For individuals, CGT continues but will be taxed at the individual’s applicable income tax rate (“progressive tax band”) rather than a flat 10%”.

awesomeJ:
September should still manage a marginal green close sha.

DANGCEM might also get UPdated soon!

I believe even MTN might rebound before the end of the month.

MTN just scatter everywhere today.

Locotrader:
Never you compare investment one with Morgan Capital again.

LED TV and LCD TV energy consumption are not same.one is low in power consumption while the other is high.Go for LED ooooo.

Be rest assured you will make huge savings with Morgan Capital and Atlas portfolios than when using investment one.
Investment one is LCD with very high brokerage fees and will also restrict you from making huge profit by frustrating your orders not to be executed and disallowing you to trade volumes.
I am telling you the truth from practical experience.Run oooo

Save yourself stress and use Morgan Capital if it is mandatory to choose from the two you mentioned.

What’s your opinion on cardinal stone (if you’ve had experience with it)?

awesomeJ:
Exactly.
My outlook are that they'll get reserves to $45bn soon and move exchange rate below 1400.

At 1400, if Brent stays at current levels, Dangote would cut gantry price to #770

I believe so too. The only threat to that is that from October to December they have maturities and other payments to make but it would be interesting to see how they manage this. I won’t be surprised if the reserves come down for a while in this period due to this but hopefully they are still able to maintain the upward trend of both the reserves and the FX irrespective.

awesomeJ:
Yes. His comments did send the wrong signals too. The impact might have just been 20% or less but I would say it still had an impact.


I just never liked why he made it seem like defending the currency was a bad thing.

It's basically in their mandate to guarantee the value of the legal tender or so.

Yes but you must also remember that at the time (and even till now) when people hear defending, they struggle to differentiate it from what Emiefele was doing.

So he was probably trying to give a signal that he hasn’t abandoned free market principles.

Remember how Bloomberg and Nairametrics made the topic of defending a hot one then especially with dwindling reserves at the time that dwindled by $2 Billion in one month. Maybe he didn’t communicate very clearly and that might have contributed.

awesomeJ:
However, I do agree that allowing it get to 1500 was perhaps not the best they could have done.


There was a time in April 2024 when it gained significantly to the 1000 - 1100


The Cardoso went on an interview to say CBN had no interest whatsoever in defending the currency, and that sent a terrible signal to the market, triggering another crash.

Why would you ask a CBN ever say you have no interest defending your currency, then what's your purpose? What's your benefit to the citizens, is it to be wearing suit and speaking English while your citizens lose purchasing power on a daily basis.

If you can't guarantee (defend) the value of a currency, why issue it?

You might be correct but I don’t think that was the major reason for the crash (might have been part of it). The FPI’s just cashed out at the time as they usually do in such situations. It appreciated way too suddenly from 1625 to 1078 in 1 month yet reserves were declining and no one was sure of net reserves. Foreign investors who bought naira at 1625, only had to buy back their dollars with 1078 (almost 600 naira gain). This in itself was not a problem but for the fact that Cardoso didn’t have the net reserves at the time to steady the ship.

ositadima1:
If that’s the case, we should see the exchange rate drop significantly—after all, it’s a free float, just like how stocks fall when someone is dumping.

I agree but our foreign debt servicing has increased so much. This year alone, we are to spend over $5 Billion on debt servicing. So many things changed since 2022 when the developed world began to hike their rates.
Hopefully, with the growing reserves and drop in inflation, the naira appreciates significantly.

ositadima1:
While you look at the data presented by the government, let me approach it logically. There’s no way we could have the minimal reduction you claim and still see the price holding at ₦1,500 for this long. The whole idea behind floating is to raise prices to limit demand. If the same quantity is being maintained as before, the price will keep climbing until demand falls to a level the CBN can manage. It’s the same principle with everything else—if the demand for bread is too high, bakers will raise prices to discourage some buyers until demand becomes manageable. The only exception would be if significantly more dollars were coming in, enough to cushion the old level of demand.

True, you answered it in your last paragraph. More dollars have come in through FPI’s in 2025 that imitates the 2014/2015 levels. Only 2019 comes close in the last 10 years.

ositadima1:
I don’t think your comparison is correct. Unlike now, when we have fuel in abundance, dollars are still scarce. What’s really happening is that the high price has reduced demand—there’s less appetite for it because of the cost. The other argument, that floating allows the price to find its true level, also has its problems. As stock traders, we know that the price of a stock is rarely its true value; it’s either overshooting or undershooting and mostly depends on how it’s presented. So, floating may not necessarily lead to true value discovery.

I also don’t buy the argument that floating allows a currency determine its true value. So called true value is what marketers and investors are willing to price it at at that time and must not necessarily be determined because you floated or did not float. Governments float however, in order not to drain their reserves because like in the filling station example, people no longer see the need to queue at filling stations when the price at black market is thesame and you are likely to get it faster.

My analogy may not be 100% similar but I used it to highlight the similar market forces at play.

You are right that demand for dollars reduced because it’s high but when I view our trade data, it hasn’t been that significant. For instance, compare imports of manufactured goods and raw materials in Q1 2023 to Q2 2025 or even Q4 2022 (Q4’s generally see increased imports) to Q2 2025. I don’t see that significant drop in imports but I would do the calculation for you.

In Q4 2022, imports of manufactured goods valued at 2.447 trillion naira (2447.76 bn in screenshot below) was $5.44 Billion (using 450/$) as at Q4 2022

In Q2 2025, import of manufactured goods valued at 7.88 trillion naira (7883 bn in screenshot below) was $4.92 Billion (using 1600/$ for Q2 2025).

Q4 2022 - $5.44 Billion
Q2 2025 - $4.92 Billion

Not so much difference despite the fact that Q4 normally see increased imports of manufactured goods than other quarters due to festivities.