₦airaland Forum

Please house kindly recommend any bank that has met CBN requirement and is also a good bank to do tbill for the next primary market action. I need a bank I can get attractive interest rate. First bank is just not it as they have a way of giving 2% below cut-off rate

PropTrader:
They completed a public offer which was oversubscribed as announced in November 2025 I believe. This was after the 2024 public offer and private placement. They ought to have met the minimum capital requirement.

In December 2025 they got another shareholder approval to raise 400 billion hence the apprehension if they can meet up with the deadline. If no positive news by last week of this month I am porting from fcmb till they sort out the can capital requirements issue.

Any chance FCMB will meet capitalisation requirement before deadline or should one pull out their savings now before they go under? Surprised they're still struggling to meet up even when fidelity has achieved the goal

Agbalowomeri:
Currency gains are not capital gains

I would appreciate more clarity sir. I have tried to research but all results I'm getting is saying cgt will be paid based on acquisition cost and sales value which is confusing.

I have gone through the tax act but what is written there talks about item denominated in foreign currency which doesn't apply here.

I don't want to take decision only to later have issue with the tax people

Please members of the house help me clarify.

Assume I have $1500 in dorm account and it's been there for some years.

Now I want to convert it to Naira to buy stocks or invest in bonds or treasury bills.

If I convert it, will I have to pay capital gains tax?

Also, this $$$ wasn't bought with Naira. Some came from freelance and others through gift from clients.

If I'm to pay CGT, how do I determine what exchange rate to use etc?

I'm wondering if the Naira that will be paid for the dollars will be treated as income hence the taxing.

Mind you, I have been investing in USD fixed deposit for some years and they charge witholding tax normal.

Please help out thanks.

Please house help me clarify.

Assume I have $1500 in dorm account and it's been there for some years.

Now I want to convert it to Naira to buy stocks or invest in bonds or treasury bills.

If I convert it, will I have to pay capital gains tax?

Also, this $$$ wasn't bought with Naira. Some came from freelance and others through gift from clients.

If I'm to pay CGT, how do I determine what exchange rate to use etc?

I'm wondering if the Naira that will be paid for the dollars will be treated as income hence the taxing.

Mind you, I have been investing in USD fixed deposit for some years and they charge witholding tax normal.

Please help out thanks.

Engineerfavour:
Please how do I sell the airtime I mistakenly bought from my opay account.
I wanted to buy 20k,I mistakenly bought 200k
Please which app can I sell the airtime too,I have tried few they scammed me,thank God I didn't send UpTo 2k to them.
Please I need help very urgent

I can buy it for 60% = ₦120,000

2,100,000 bid is available

chimex38:
.
I agree. If that 400k is the gross, it's kind of poor considering the industry at least.
But it's still too early to criticize Dangote and the refinery. They are still at the nascent stage of life, like a baby.

When the refinery stabilizes in 5yrs+. or probably listed on Ngx by then, we can now look at the stable revenue and fight for the staff who aren't even complaining at the moment.

In DIL other companies, there hasn't been a systemic complain of poor pay package and allowances. Even if poor, they are usually more than the Nigerian average.

record has shown he pays more than Nigerian standard.
He pays truck drivers 3X average, at least we know as much.
Why must he be compared to the IOCs pay at this inception stage? Give DR the benefit of doubt, he has earned it at least.


He's buying crude with naira, less than contractual capacity is supplied, spending more to upscale the capacity to 650k or 700k barrels, still buying crude with forex from same IOCs depot overseas at much higher cost. He's still spending from his pockets. Practical learning on the job and understanding other nuances of the business. Banks and other lenders are probably waiting for default to pounce on.

How many startups pay huge salaries and allowances on first 2yrs of operations?
Let him scale first within 3-5yrs and stabilise with NNPCL constant supply(if possible sef).

DR is just starting up. There are so many moving parts to take care of.
lts survival to pay up it's debt is as important as its importance to Nigerian masses at this stage.
If he has had a heart-to-heart discussion with the said staff as human relations ought to from time to time, I believe they would have keyed in to the future prospects without complain just like most other startups do.

Laptop boys
You call People who have been longer than you on this thread laptop boys?
Even much more rich posts and comments than you and I?
Some 've been on the thread alone longer than your moniker has been on the entire Nairaland.

Probably, I would have answered some of your qtns, but I don't think you should ask straight forward questions demanding a willing and non-obligatory answer and use block option as a threat.

Abeg Sir/Ma do as you wish.
emotions are part of life.

I'm responding to you because you have elucidated your points to some extent, unlike some here who comment like they have either sold their souls to the devil or never attended the four walls of a good university.

All your points in defence of Dangote are weak and engulfed in same strategy the rich and mighty of third nations and even first nations use to keep the working class perpetually poor.

Everything I have written is in defence of working class Nigerians.

They had the option to take up arms and go into kidnapping and other crimes but they did not.

They give their 50-70 hours working every week, but what do they get in return?

Peanuts and working conditions that make them look like fools compared to those who can simply buy machetes with less than ₦10,000 and earn much more than honest hard-working Nigerians through terror.

Dangote is telling Nigerians that he pays his drivers ₦240,000 ($180) per month, his laptop boys are amplifying it and uninformed Nigerians are clapping for them.

How much does Dangote products costs compared to same products produced in Canada, USA, China, Libya and other countries?

How much is Dangote fuel and Dangote cement in Nigeria versus similar products in other countries?

How much do those drivers and workers in Canada, USA, China, and Iran earn compared to the price of the products of the companies they work in?

Dangote is charging international price for his products in Nigeria.

Dangote speedily increased price of his cement by over 200%, citing naira devaluation, etc.

But how much is he paying his workers?

Did he increase his workers salaries by same percentage?

No!

He is topping Forbes billionaires list but majority of his workers are topping the list of those living in peanury and customers of Bet9ja and Sportybet.

Before Dangote refinery and after full subsidy removal, fuel sold for less than ₦700.

Dangote refinery came online and fuel is selling for ₦1000 across Nigeria.

All his workers can no longer afford to buy fuel to run their generators. They are getting poorer and poorer by the day.

Dangote claims to pay his drivers ₦280,000 monthly. Even though the amount is ridiculous compared to the value of the service those drivers provide, I can tell you for a fact that Dangote and his laptop boys are lying to Nigerians.

I have interviewed hundreds of Dangote truck drivers. Non of them earn up to ₦100,000 as monthly salary.

Even if you add the amount given to drivers as dispatch for each trip (which should cater for their hotel accommodation and feeding on each trip), they still don't get up to the amount Dangote is claiming to pay his drivers.

Dangote should publish the pay slip of his drivers.

Do you think drivers that are well paid and well rested will be all over Nigeria ending the lives of people due to reckless driving?

Those drivers are not well paid.

They're mostly illiterates who sleep in their trucks and stay alert on the wheels through consumption of Fearless and other hard drugs.

Go out there and talk to Dangote drivers. They're all over Nigeria delivering cement and other Dangote products.

It's no coincidence that Dangote truck accidents have been recorded every month in Nigeria over the past 15 years.

That's the most shameful safety record of any company globally but laptop boys have been paid to defend and celebrate it in Nigeria.

If I ever become president of Nigeria, I'll not allow Dangote or any company or business abuse the rights and privileges of Nigerian workers.

They're the foundation of every thriving society. When they're unprotected and vulnerable to the whims and caprices of greedy capitalists aided by ill-gotten monopoly, the society will proceed on a free fall.

Nigeria is on a free fall. I hope this helps you understand one reason why it is so.

Shalom

Mpeace:
Please block me, I want to know how it feels. Dangote refinery is a Nigerian company not a Canadian company.

Done

Mpeace:
He should bring all his money and share to the workers cos they built him the refinery.
If only you guys used this energy to struggle for a better minimum wage (other than N70k) all these arguments would not have arisen.
The abroad you talk of, na minimum wage them dey earn their. You guys should leave dangote alone. The workers knew the pay, but insisted on the work. Even after the sack with continuous pay, they still insist on the job.

Its unfair comparing Dang refinery with Oil exploration/mining companies.
Dang refinery buys oil(sometimes in dollars) refines and sell. The oil mining companies just draw the oil from the ground and sell.
Their operations are different so also their turnover. Compare them.with other refineries.

Have you worked in any Nigerian company? If yes, for how long?

If you had the choice to continue working for the Nigerian company or travel to Canada to work in a similar role for the next ten years, which will you prefer and why?

These are straightforward questions. If you quote me without answering them I'll block you cos I'll believe you are just another uninformed propaganda tool.

It's worrisome seeing how Dangote has employed heärtlėss laptop boys to defend his actions all over social media.

Before you take the word of any faceless person on the internet as truth and people centred, ask the person to mention how many years they have worked under any Nigerian employer and if they would continue such job for the next 10 years or prefer a work visa to Canada to go do the same job.

Their response will reveal their agenda - propaganda agents for Dangote and other wicked capitalists who don't mind énslaving every Nigerian so long they keep topping or getting mentions on Forbes billionaires list

chimex38:
Of you are in Nigeria which I believe you are, you will understand that in the shirt term of 5-6yrs,
DR workers would have little or no reason to complain or go on strike for welfare purposes..
Check out his pay packages and allowances to staff In his other businesses and compare standards.
How many times have they protested..
Those that left, how many have complaining bitterly about the workplace..
No business is perfect but the net-gain always offsets the net-loss of most if not all his workers.

PENGASSEN coming on stream is likely to go on strike on welfarism of other oil and gas companiy workers than on DR workers in the next 1-3yrs and thus they want to drag DR workers along. Crippling the Refinery at its inception!!

This DR situation is peculiar.

DR workers can have a union, it's their right but its best within the DR or better still join the DIL group conglomerate union if any.
It shouldnt have to be with the government which will infiltrate their minds into cunning deals and sabotage the DR while fighting for other companies.

Have you ever worked in any big Nigerian company? If you have then you will not be selling this sort of false hope that workers there will start to feel no need to complain.

Go out and find out from Nigerians working in Banks and other big FMCG companies. Despite these companies increasing the price of their products and services due to inflation and devaluation and raking in billions in profits, they have refused to increase the wages and salaries of their workers, majority of whom they place under contractors so they can avoid paying good wages, compensation and benefits.

These workers cannot cry out because there's high unemployment and they can't join unions or they'll be sacked. So, many just manage the job and then use loans and other unethical means to augment their wages. Think of the policeman who extorts and collects bribe on the road. Think of First Registrars who don't have a functional phone number. I'm sure they're trying to cut cost and they've fired the customer service personnel who should handle such tasks. Think of the electricity worker who will collect bribe and help you bypass meters. All of this problem stems from being poorly paid and compemsated for whatever job you do.

And the result on the overall economy is obvious. People with low purchasing power cannot patronise business at a scale that causes mass growth and development. Nigeria's textile industry has gone comatose because people can't afford to buy new clothes, not necessarily because they're expensive, but because their purchasing power is low relative to price of the clothes, despite the fact that they're working, sometimes 60-80 hours every week.

It's only the oil sector workers that have been a bit insulated from this exploitative habit of Nigerian companies underpaying workers, using them as contract staff and preventing them from joining unions.

Check Total, Chevron, Aradel and the likes. Majority of their employees are doing well. Even an Aradel security employee was buying stocks of the company not too long ago.

Check AEDC, UBA, First Bank, Coca Cola, Dangote Cement and other big non oil companies. Majority of their workers are living from hand to mouth. Many of their workers are chronic debtors to loan apps and many others now place their hope on Bet9ja and Baba Ijebu. These are people who are genuinely working and truly deserve a good life. But they can't because the companies they work in want them to remain poor and controllable.

Those who cannot stomach such conditions jejely arm up and take to real crime. That is why you're seeing an increasing trend in insecurity across Nigeria. Poverty and crime are always positively correlated and the foundation of such poverty is traceable to the situation Dangote is trying to achieve by preventing workers from unionising so that he can later turn them into contract staffs, keep their salaries stationary for years and easily stackable.

No society progresses under such conditions. If Dangote gets his way, other companies will copy him and that will be the end of the Nigerian labour force.

No Nigerian who is patriotic and understand the big picture and interconnectedness of all the situations I have described and more will support what Dangote is doing. Nigeria and the interest of all Nigerians should always be paramount.

The Indians he'll hire to replace those workers will be paid at least $1500 per month. But he'll be happy to pay Nigerians $300 and claim that they're earning well. It just shows you how much he values Nigerians.

So many egg heads on this thread are praising Dangote. It shows why Nigeria is this sick and lacking development.

There's no single country that has developed where the working class has low purchasing power due to poor wages and poor working conditions.

Unions are there to enforce the right of workers, especially in a capitalist environment fueled by greed and a corrupt, incompetent government.

Nigeria is where it is today because 80% of the working class are underpaid and ill-treated - whether in the private sector or in the public sector.

Don't let the greed of what you stand to gain by purchasing Dangote refinery shares make you turn a blind eye to the bad and greedy behaviour of the capitalist.

Whatever you will gain, whatever wealth you will build, you won't have the security and peace to enjoy it in a society where majority of the working class is living from hand to mouth and engaging in unethical conducts to make ends meet.

There's no hiding place for any of you.

And I like the fact that the west is tightening its visa laws and making it harder for you to run there after supporting nonsense in your country. You will stay back here to enjoy the monster you all create because of greed and shortsightedness.

You heard of the Arise TV lady whose life has been taken in the president's own FCT. Criminals like those who did this act are created because of the hopelessness created by greedy monopolists and capitalists who take advantage of the unemployment situation in a country to underpay workers and make them work under unfavorable conditions.

There's no hiding place for anyone, innocent or not, if you continue to support a society fueled by greed and economic deprivation of majority.

You won't enjoy your wealth in peace. You can not enjoy your wealth in peace in such environment.

GeeKudi:
OANDO? Filling stations? Your fear is fuelled by outdated info. Oando no longer operate downstream.

Thanks for the update. But oando still a big red flag. If Tinubu losses in 2027, the stock is going to fall down to N20 per share.

megawealth01:
I've covered up my Oando bags to 85% of what I offloaded back then... Now 85% loaded in Oando. 15% to go... All monies still OANDO own oooooo. I never touch scratch the loots well well sef

WALE thanks for the opportunity 😄

Bagwa thanks for the update too. If we go lower I will load fully the remaining 15% then I will be back to my normal OANDO volume HELD as in the beginning

This oando you are hyping is like Union Bank and unity bank. OandO value is based on political patronage. God save the stock if Tinubu losses in 2027. Meanwhile the business seems to be declining in real life. Most of their filling stations around our location has been bought or rebranded to NNPC. I won't be surprised if the stock hovers around + or - 20% of its current value pending when Tinubu's chances in 2027 is certified

Aradel surges in early morning trading.

Highest volume and value ever traded on NGX since 2024 has just been recorded by Aradel - 41 million+ units at around ₦525 per share

Current price - 530
Previous close - 511

handsomebolanle:
I wanted to get into Ellah at 10 but wasn’t able to.
I understand fundamentals but whatever the investor that spent over a billion naira @ 12.5 saw, one need not to climb the mountain to see it. The information is common sense to say something major is coming. Those privy to the information have and are still taking position. Time will reveal and the game is the game.

The person who spent a billion at 12.5 already has assurance that he's getting at least 300% return on part of the 6 billion shady loan approved by the BOD at the EGM, so he can afford to set a support level at that price until the new 2 billion shares are issued to them at ₦3

SonofElElyonRet:

EDUECO siamese
Na so Otuocha say Ellah crash don dey happen but the price don recover. You wan talk say you dey "see' pass Oando prophet abi? When fabulous news hits the market you'll see what'll happen. Sell offs won't stop Ellah

How old are you? Why can't you make your points based on facts and common sense?

Was ₦6 billion loan received and approved within 48 hours of EGM?
Is the ₦6 billion loan to be converted to shares at ₦3 per share?
What is the current price of Ellah Lakes?
Is there incentive for those who will get nearly 2 billion Ellah Lakes shares to sell at current price?

2 billion Ellah Lakes shares is currently worth 28 billion+

You gave loan of ₦6 billion and in less than 3 months the loan value has grown to ₦28 billion. Why won't they sell and why won't they even borrow more money to prop up the price?

NGX is corrupt and inefficient. Let them allow short selling of stocks and remove the cap on maximum percentage price movement of stocks daily. Ellah Lakes will drop to ₦5 today.

egojeny1:
AIICO, ELLAH, PZ no gree this morning

ELLAH is being manipulated.

Those who got loan approval of ₦6 billion to be converted to shares at ₦3 have recruited teams to keep buying the shares to ensure the price stays up until they're ready to sell.

Stay away from Ellah Lakes if you don't want to get roasted. The price is going to crash massively once the shares gets into the hands of those who gave the company such loan under shady circumstances.

crownprince2017:
Is everything about dividend in investing?

If you build a house, you'd hope for the price to appreciate (land and house). But in the meantime, you'll need rent to maintain the house and also do one or two things. If the rent isn't coming in then the house is useless. You're better off putting your money in a long term government bond where you get at least 17% annually.

If you are a good business person or financially smart, you can deploy that funds into a venture that will get you at least 50% annually (above inflation rate).

Stocks that don't pay good dividend are like houses that don't give you rent or money you put in a savings account in Nigeria. Inflation will wipe off the value of your money. God help you if the company is poorly managed and goes bankrupt. Your capital is gone. Good and consistent dividend paying stocks will ALWAYS appreciate in price over time. Stocks that don't pay dividend or pay poor dividend MAY appreciate. The wise person will go for ALWAYS.

nex:
AFOLAYAN SAMUEL OLAJIDE, a substantial shareholder at The Initiates Plc (TIP) is doing the same thing again right now. He is selling off large chunks of his old stocks in order to buy new ones.

Let me try to explain within my limited knowledge of the stock market and trading, which I have been studying for decades, but just started practising in 2025.

T.I.P is about to do a rights issue, which will allow current holders of their ordinary shares the right to buy more new shares at a discounted price. The price of TIP shares today is N11.60 so let's say shareholders are offered the right to buy one new share at N5 for every old share they already have.

If this man has 10 million shares, he can decide to sell off 5 million of his shares in order to get enough cash for him to buy up new 10 million shares, making his total shares 15 million. Of course, share price will dip during the period of transaction, but he seems sure that the price will rise back above N10 per share, or even higher.

The Initiates Plc is the only waste management company listed on the Nigerian Stock Exchange, NGX.

There's nothing good about a company that pays a dividend of 1% when actual inflation and interest rate is close to 30%. If you didn't buy the stock when it's price was ₦2, avoid it. Downside risk is not a joke.

ProphetUtuocha:
1. Commercial Papers (CPs): Is the quoted interest prorated?

Yes , in virtually all markets (Nigeria inclusive), the quoted yield (e.g. 21.15%) is an annualized rate, not the exact return for that tenor.

To get the actual interest you earn for a shorter tenor (say 270 days), you have to prorate.

Exception: Some CPs are issued on a discount basis (i.e., sold below face value and redeemed at par). In that case, the quoted discount rate already embeds the time tenor. But if you see a "quoted yield" as in your example, it’s annualized and must be prorated.

Are CPs subject to withholding tax (WHT)?

Yes. Interest income on CPs attracts 10% withholding tax in Nigeria (deducted at source before payment).

This is the final tax (you don’t pay additional tax on that income again).

Other fees on CPs?
Typically no additional fees charged to investors. The issuing company may pay arrangers, trustees, issuing houses, etc., but those fees are on the issuer’s side, not the subscriber’s.

As an investor, what you see (net of WHT) is what you get.

2. Money Market Funds (MMFs)

How are fees charged?

MMF managers charge a management fee (often 1% – 2% per annum) and sometimes a trustee/custodian fee (tiny, usually <0.3%).

These fees are charged on the fund’s total assets under management (AUM), not just on the interest earned.

The fees are deducted from the fund’s gross returns before you see your NAV/unit price increase.

So in your example:
Invest ₦10 million.Suppose the gross return on investments = 10% (₦1m).

If management fee = 1.5% of AUM, that’s ₦150,000 deducted.
Net distributable return to you = ₦850,000 (an effective yield of 8.5%).

What happens if the fund makes no return (or negative return)?

Yes, fees still apply. Managers deduct them from AUM regardless. However, in practice, most MMFs are invested in safe, short-term instruments (T-bills, CPs, repos, bank placements), so negative returns are rare. But your capital can erode slowly if returns are very low and fees still get deducted.

Remember:
Commercial Papers: Quoted yield is annualized, prorate to tenor. Subject to 10% WHT. No investor-side fees.

Money Market Funds: Fees are on AUM, deducted before declaring returns. Even if returns are low, fees are still taken.

Thank you for the information.

Do you know which of the banks one can easily walk into or use their online platform to get commercial papers and the steps to follow? My cousin's account officer is frustrating her.

awesomeJ:
-> CP discounts are prorated, so yes for 270 days, you'll get the 15.64% discount, your actual yield would be around 18.5%
-> Yes, CPs are subject to 10% WHT. Then you also pay fees to the bank or finance house through which you buy. Fees should be under 1%, less than 0.5% if you find efficient folks like StanbicIBTC

-> MMF management fees is a portion of the earnings ALONE! Except your MMF is invested in Germany or some other negative interest rate markets, MMF will always make returns.

Thank you

mikeapollo:
CPs are discount instrument, hence for a 20% discount rate, you remove the discount value (e.g. N200) from the par or face value (e.g. N1,000) and pay the net amount (N800) to the company borrowing. At the end of the tenure, the company pays you the gross face value (N1,000) less WHT on the discount. If the tenure is less than 365 days (1 year), then you have to pro-rate accordingly.

Thank you

mikeapollo:
CPs are discount instrument, hence for a 20% discount rate, you remove the discount value (e.g. N200) from the par or face value (e.g. N1,000) and pay the net amount (N800) to the company borrowing. At the end of the tenure, the company pays you the gross face value (N1,000) less WHT on the discount. If the tenure is less than 365 days (1 year), then you have to pro-rate accordingly.

Thank you.

Please house clarify these grey areas on commercial papers and money market funds if you have the experience.

For commercial papers, is the interest rate quoted prorated? For example, if 21.15% is quoted for 270 days tenure, is the 21.15% indicated for one year interest rate, meaning to prorate it to 270 days you do 21.15%/365 * 270 = 15.64%? Meaning it is 15.64% that will be paid for the commercial paper of 270 days tenure? Or the 21.15% will be paid for the 270 days CP tenure? Also, are CPs subject to witholding tax? What other fees are charged on CPs?

On money market funds, what are the fees charged and are they charged on the interest earned or charged on the total sum under management? For example, if you put ₦10 million in a money market fund and it earns 10% (1 million) in one year, will the fees be charged on the 1 million earned or the entire 11 million? If on the entire 11 million, what happens when the fund managers don't make any returns? Will they still continue to remove their management fees from your capital?

Odunharry:
Can someone confirm if there will be a Primary Market Auction this week?

In other news, Dangote Cp.

Please clarify something about commercial papers and money market funds:

For commercial papers, is the interest rate quoted prorated? For example, if 21.15% is quoted for 270 days tenure, is the 21.15% indicated for one year interest rate, meaning to prorate it to 270 days you do 21.15%/365 * 270 = 15.64%? Meaning it is 15.64% that will be paid for the commercial paper of 270 days tenure? Or the 21.15% will be paid for the 270 days CP tenure? Also, are CPs subject to witholding tax? What other fees are charged on CPs?

On money market funds, what are the fees charged and are they charged on the interest earned or charged on the total sum under management? For example, if you put ₦10 million in a money market fund and it earns 10% (1 million) in one year, will the fees be charged on the 1 million earned or the entire 11 million? If on the entire 11 million, what happens when the fund managers don't make any returns? Will they still continue to remove their management fees from your capital?

rakish:
The SEC rules particularly Rule 1.11 mandates that acquisition of shares of minority shareholders by the majority must be atleast the highest price traded in the last 6 months before the Court Ordered Meeting. The Majority Shareholders cannot just give whatever they want as the scheme for delisting from the stock exchange will have to be sanctioned by the Federal High Court and also approved by atleast 70% minority shareholders at a Court Ordered Meeting. In a nutshell, the buyout price per share will be contingent upon the highest share price 6months before the COM, court sanction and minority shareholders approval at the meeting.

These conditions are easy for the company to fulfill being that this is Nigeria where anything goes. The company will offer to pay the highest price at the COM and they'll get the 70% to agree. They have seen that it is a lucrative sector and they want to go fully private so they can challenge Dangote and BUA without divulging their records to the public which is required to participate in NGX. I pray they succeed so they can get to work and focus on their business and crash price of cement. If government keeps on the path of constructing concrete roads, they'll partner with CCECC NL and make a ton of money that will flow back to their country like MTN is doing. If you have money, better start a good business now and keep detailed records so you can reap the rewards when time is right.

Zee0007:
Lafarg looks like it will get a better shape in the coming month due to its Chinese purchase.

The new owners are planning to go 100% private. They'll buy all shares then delist from NGX.

bastardson:
Access at N20 you are a joker right?

Do the maths yourself using dividend discount model.