₦airaland Forum

E be like say Agba follow sell our refineries for scrap.
https://www.nairaland.com/8660504/those-refinery-scraps-paid-not

Agbalowomeri:
Ahh so you don write am

E lọ fi ọkàn balẹ, UBA is àgbò tó fi ẹ̀yìn rìn lọ kò sá, agbára ló lọ mú wá.

stcool:
Investors in UBA should be worried about the growing provisions for bad loans in Q1 which is pointer to challenges business are facing in the economy today.

This should begin to worry any serious investor if it continues into Q2, and is a pointer to what most of the banks will face going forward.

Are we going back to the era of huge non-performing loans threatening shareholders funds

Atije gbese lowo Tinubu... I mean, Gbogbo wa! 😩
Just sitting here thinking about the endless taxes and levies that have come to stay in Naija. Dem no dey tire.
Capital Gains Tax (CGT)
Mandatory insurance for houses and vehicles (no escape)
New road/green tax for vehicles (that 2-4% surcharge on big-engine cars from July 2026)
Vehicle licence/disc renewal
Driver’s licence renewal
Tenement rate
Prepaid electricity (abi na tax too?)
Personal Income Tax (PIT)
Marriage permit and registration fees
Radio and TV licence
VAT (everywhere, on everything)
And for those of us that signed the covenant with NGX (the real wealth club):
SEC fees
NGX fees
VAT (again!)
Brokerage fees
10% Dividend Withholding Tax
10% on Treasury Bills
CSCS-related fees
JAPA people are not spared, as passport fee done skyrocket.
Spiritual taxes
Black taxes
Gbogbo wa! From the moment you wake up till you sleep, dem dey tax your life from every angle. Breathing go soon get levy.
How person go survive this one? Or na just to keep quiet and pay like good pikin?
FIRE is the way out..

@Pa Emmanuel, your portfolio is strong and well positioned to withstand local shocks. You’ve clearly mastered the NGX. However, there is an important and almost sacrosanct need to pursue geographic diversification — for example, by adding exposure to the S&P 500 or NASDAQ100 or BRK.B.
If you review the naira outlook in the newly released UBA Plc 2025 report, the 2026–2028 stress test projections place the worst-case scenario around ₦1,800/$ and the best case near ₦1,600/$. This suggests that, given Nigeria’s heavy debt burden, the current exchange rate could still face further pressure, with the possibility of additional devaluation, particularly in the post-election period.

emmanuelewumi:
The following are the current stocks in my portfolio.


1. Afriland Properties
2. CSCS
3. Aradel
4. GTCO
5. Nahco
6. Presco
7. Unilever
8. United Capital
9. Transcorp Plc
10. Stanbic IBTC Bank
11. Okomu Oil
12. Custodian Investment
13. Zenith Bank

LAGOS STATE SOLAR ENERGY REGULATORY COMMISSION is loading 😎 😎😎😎😎😎😎🤓🤓LAGSEREC

chimex38:
Though the government defended itself saying its only for occupying shared spaces.

Meaning the landlords within the estate are encroaching a space that isn't exclusively theirs and thus violating structural and environmental considerations of the estate design.

Though this your perspective is plausible. Na from clap 👏 dance 💃 dey Start.

it will most likely be an annual charge, although it could eventually become monthly. Between 2023 and 2025, Lagos State explored the idea of introducing monthly rent payments between tenants and landlords, which suggests a broader policy direction toward recurring monthly obligations. This could serve as a precedent.
A friend in the United States once mentioned that he pays monthly charges covering property-related rates, electricity, gas, and water. Lagos State may be attempting to adopt a similar framework. In the same vein, Taiwo Oyedele’s tax reforms reflect the importation of elements of European-style tax administration into Nigeria.
However, unlike these potential monthly charges, the standard vehicle disc remains a yearly payment. Ultimately, the government’s push for new revenue streams is tied to fiscal pressures—Nigeria’s debt obligations must be serviced, or the country risks facing economic instability similar to what has been seen in countries like Bangladesh and Argentina.

emmanuelewumi:
Don't be surprised if the permit will have to be renewed every year

@Ppogba, the government appears to be testing the citizens with this solar permit. There is a strong possibility that it is being piloted within Lagos State–owned estates. It may only be a matter of time before it becomes a legislative issue and a formal solar permit requirement is introduced for all homes seeking solar installations in the state.
Remember, you now need a permit before you can drill a borehole in Lagos State. It started as a rumor, but today it is an offense to dig a borehole in Lagos without a permit.

ppogba:
Someone as enlightened as you are should also have heard that the solar panel tax is to be imposed on residents in Lagos Government owned housing estates and not state wide. It only makes common sense that if one is affected, all you need do is simply pack out. It is always unfortunate when people that are presumed to be knowledgeable join the bandwagon of misinformation.

There is more positive news in the UBA report than many realize. Reactionary investors, who tend to follow crowd sentiment, are hyper-exaggerating the negative aspects—such as the absence of dividend payments and declining profits.

The bank's overall risk management disclosures, as outlined in Note 4, highlight a robust and sound internal control environment. Stress testing is well-integrated into both daily and periodic risk monitoring processes, demonstrating proactive oversight.
Importantly, the disclosures contain no red flags. There are no indications of excessive non-performing loans (NPLs) under stress scenarios, liquidity shortfalls, or warnings of capital erosion. This suggests that the bank’s stress tests have not revealed any significant vulnerabilities or failures.

jonnysessy:
I didn't read the report of UBA in detail. But, i have gone through the highlights of the result. What am seeing is very bad. I am no prophet of doom but, I am definitely sure that UBA by Monday will be in fully offer with the maximum 10% loss. I won't sit down and watch my investment go down the drain. I have always said it and I stand by it: I am a dividend investor When a bank and not other companies fails to pay dividend ( not even a small amount), that bank is finished. There is no sugar coating UBA result. I am predicting massive dumping on Monday morning. I am revealing my strategy here because it only has to do with fastest fingers first (fff). Also need i remind you all that the market now opens early as from Monday. If am able to offload all my UBA shares by Monday I will be very happy because I will still be in a profit situation. When the bank gets it acts together I will be back. I used this method for Dangote Sugar and had not regretted it, but if am unable to offload all on Monday, Tuesday is still there and if not I still have Wednesday, provided am still in a profit situation. Let Tony Elumelu have his company back. The only people that will bidding for this stock are those that are not privy to the result ( but, there was ample time enough for all to see this result as it came out over the weekend)

This is just my layman opinion and not an investment advice, please do your due diligence. Thank you.

Lesson learnt: I can't possibly go downwith a company that performs below expectations. I move my funds if i can and try other places, as i am not the owner of the company in the first place. No sentiment attached

The Aba Independent Power Plant is fully privately owned, with significant backing from the Federal Government of Nigeria (FGN). As of now, the Abia State Government has not acquired any equity stake in the project.

SonofElElyonRet:
Why should there be tax on people providing power for themselves where government has failed to do so Lagos is far richer than Abia which is generating power.. that's how we heard of borehole tax sometime ago.. so struggling artisans in government estates will pay solar tax abi? Government should sort out waste disposal.. psp operators in several areas no longer come. After yesterday's sanitation, how will the waste and refuse be evacuated?? It's a peculiar mess.. literally

If Taxman Taiwo Oyedele has his way, the era of easy land banking and unjustified real estate hoarding in Nigeria may soon come to an end.
During a media chat in 2025, he pointed out that Nigerian states are potentially leaving trillions of Naira on the table by not implementing proper property rates and taxes based on the market value of assets. He singled out Lagos State in particular.
This suggests that many states could soon start taxing undeveloped land, properties under development, and fallow land — a move that would make speculative land banking far less attractive.😎😎😎

emmanuelewumi:
By the time they are done with us, we for done hear am

Another key reason I recommend reading the full report is this:
The loans referred to are not personal loans. They are corporate and production facilities granted to industries to drive job creation and economic growth. In Nigeria’s tough operating environment, some businesses can collapse, and the collateral securing these loans may sometimes be insufficient to fully recover the facilities.
This specific risk was properly highlighted and documented in the report.

OsunOriginal:
I still don't understand why CBN would suggest or approve writing off insider debts with shareholders' money. Why should ordinary people be the ones paying off the debts of elites who live in Ikoyi mansions with properties and investments all over the World? This is another case of the elites/rich stealing from the poor. What efforts has the CBN made to get/force them to repay the loans? If this is not checked and stopped, it will become the norm across all banks. The directors will collect huge loans and not pay back... and then get written off with the money that should go to the ordinary shareholders.

May be there is something I don't understand ...

Calm down. E jẹ́ ká fi ọkàn balẹ̀.
and take a moment to read with an open mind.
UBA Plc remains a very strong and resilient financial institution. I recommend you carefully review pages 64 to 96 of the 206-page report, where it is clearly shown that the bank has successfully passed its internal stress tests.
The institution has cleaned up its balance sheet to ensure long-term sustainability and prosperity. It now holds full banking licenses across 24 African countries, with all foreign branches having returned to profitability.
UBA is undoubtedly one of the best and most solid banks in Africa.
The position is clear and unambiguous. Kindly read and digest the entire report rather than zeroing in solely on pages 204–205.

stokfrick:
So what banks now do is to just make provisions for loans from profit available without any effort to recover the loan, and CBN will just facilitate it. While shareholders are the sacrificial lambs.
is that not encouraging corruption?
I don't understand.

UBA’s strategic positioning in financial derivatives is expected to yield substantial profits in the second half of the year. The bank has already taken a conservative approach by fully provisioning for worst-case outcomes.

Mfunkynation:
Uncle , e be like say this UBA kasala "dey sweet you, while e dey pain Us(Uba shell holders)"

A holistic reading of the report—Note 4, 5 and 7 in particular—is essential. It provides management's detailed assurance that robust recovery processes are underway to address and reverse the current impairment charges.

Dupeodus:
To the extent that there is movement of ₦187billion from the retained earnings account to an asset quality reserve which was the primary reason for the inability to pay dividends, there is certainly insider loan. It may be for other purposes other than the acquisition of SEPLAT.

It is a fundamental principle of financial integrity that one must not mischaracterize a transaction to suit a specific narrative—or, as the proverb suggests, "give a dog a bad name just to hang it."
​Regarding the acquisition of the 20.07% stake in Seplat Energy by Heirs Energies, there is no documented evidence or regulatory filing to support the claim that the transaction was financed using UBA Plc funds. Such a move would be contrary to the strict corporate governance and "Related Party Transaction" frameworks that govern Tier-1 financial institutions.
​The acquisition was anchored by major multilateral financial institutions, specifically:
​Afreximbank (African Export-Import Bank): Provided the primary credit facilities and long-term financing necessary for Heirs Energies to expand its portfolio.
​Africa Finance Corporation (AFC): Acted as a key institutional partner, providing the structured capital required for large-scale energy equity acquisitions.

https://businessday.ng/energy/article/heirs-energies-acquires-20-stake-in-seplat-energy-in-500-million-deal/

ogawisdom:
Tony invested your dividend in seplat, make una calm down. I sold off all my UBA and GT bank shares around October last year and put everything in Zenith at average cost of 64 , today that decision is legendary as Zenith has proved its worth. Zenith is my only banking stock. I am not even happy it's flying too fast as I am hoping to buy more sub 100 in May, June or July.

In Defense of UBA Plc – FY 2025

Business is not always a bed of roses, just as life rarely moves in a straight line. In all sincerity, investors have every reason to feel frustrated and to direct strong criticism at the management of UBA Plc and its Group Chairman, Tony Elumelu. Market reactions to financial results can be emotional, especially when expectations are not met.

However, investors should also remember that stock markets are dynamic. The best-performing asset today can become tomorrow’s laggard—and vice versa. Short-term price movements often reflect sentiment rather than long-term value.

One undeniable fact from the financial statements is that UBA Plc remains profitable. That alone does not solve every concern, but it does indicate that the underlying business continues to generate earnings. For those disappointed by the share price reaction, it may be helpful to think in terms of compounding assets. Businesses that continue to grow earnings—despite volatility—can still create long-term value. In such situations, value is not necessarily destroyed; rather, price fluctuations may occur in the near to mid-term due to market sentiment, portfolio rebalancing, or profit-taking by both individual and institutional investors.

Anyone who has attempted real-sector production in challenging operating environments will appreciate how difficult it can be to sustain profitability. As a personal example, I recently explored the feasibility of establishing a 20-ton-per-day cassava processing plant. During the study, the cost of providing reliable 24-hour power for roughly 300 operating days per year effectively erased the projected profit, even under optimistic assumptions. That experience reinforced how operational headwinds—energy costs, infrastructure gaps, financing, and currency risk—can weigh heavily on businesses. Ultimately, I chose to abandon the project and focus instead on equity investing and broader geographic diversification.

Against that backdrop, it is reasonable to expect that UBA, like many companies operating across multiple emerging markets, will face periodic pressure. Yet the institution has demonstrated resilience over time. I believe the bank can strengthen its position and address current concerns through execution and consistent performance. This is not blind optimism, but a view grounded in the long-term nature of banking businesses and compounding earnings.

Short-term investors and speculators often feel the most pain during drawdowns. Long-term investors, on the other hand, may see volatility differently—either as a reason to hold steady or, depending on conviction, as an opportunity to accumulate at lower prices. Personally, I intend to consider adding to my position if valuations become more attractive. Markets can be uncomfortable during declines, but periods of pessimism have historically preceded recoveries for fundamentally sound companies.

When performance improves, sentiment usually follows. Until then, patience, discipline, and a long-term perspective remain essential.

UBA, My View.
https://doclib.ngxgroup.com/Financial_NewsDocs/46757_UNITED_BANK_FOR_AFRICA_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_APRIL_2026.pdf

Decision:
Short-term dividend investors: → SELL
Value investors: → BUY
Long-term holders: → HOLD
My rating: HOLD / ACCUMULATE BELOW ₦50

Strengths:
Undervalued
Strong balance sheet
Growing equity
Pan-African footprint

Weakness:
Profit collapse
Dividend collapse
Dilution
weak EPS growth

Overall: Cheap but not yet a strong buy.


NB
No final dividend has been proposed for the year ended December 31, 2025. The total dividend for the year consists solely of the interim dividend already paid, which amounts to ₦0.25 per share

My Humble Message to All NSEMPA Members.

My dearest wealth builders,
I acknowledge and deeply appreciate your direct and indirect contributions to my growth and development on this wealth-building journey. I am not here to seek attention or to brag about my milestone. None of this would have been possible without the knowledge, insights, and experiences I have gained from all of you.

As we all know, since 2018 till date, our forum has sometimes been characterised by personality attacks and unnecessary conflicts. I must confess that my early days on Nairaland made me an internet warfare veteran, largely due to the tribalism and bullying I encountered. My natural self is very humble and peace-loving. Because of the trolling and bullying, I created and deleted many monikers over the years.

Today, with a sincere heart, I apologise to every member I have directly or indirectly attacked in the past or in recent times. Please find it in your hearts to forgive me. I have grown, and I am truly sorry.
I am full of gratitude to the Almighty God and to every one of you. It should be a thing of joy that one of us has crossed such a critical milestone in a nation often described as the headquarters of poverty.

No one outside this forum knows about my achievement. I am a solitary and secretive person who loves to serve humanity quietly.
Even at this moment, my wife and family are not aware of this milestone. I continue to live my normal, simple life without envy or bitterness towards anyone.

My sincere and powerful prayer for every NSEMPA member:
Heavenly Father, the God who makes all things possible, the One who has brought me this far through the ongoing bull market,
I pray that You answer the earnest prayers and cries of every member in this forum.
Grant them divine wisdom to make excellent investment decisions.
Fill them with unbreakable discipline, uncommon patience, and the spirit of buy-and-hold.
Protect their portfolios from every form of loss, manipulation, and market storm.
Multiply their investments exceedingly and abundantly, far beyond their expectations.
Turn their small beginnings into generational wealth.
Let their dividends flow like rivers, and their capital appreciation be like the rising sun.
Remove every spirit of self-sabotage, fear, greed, and following the crowd.
Bless them with the mind of Christ — peaceful, focused, and strategic.
In this season of bull market and beyond, let their testimonies be greater than mine.
May the same God who surpassed my milestone for me do exceedingly, abundantly above all that they ask or think, according to the power that works in them.
In the mighty name of Jesus Christ, Amen and Amen!

I have always tried my best to encourage members to cultivate the habit of buy and hold with maximum discipline and patience. I was once guilty of self-sabotaging my own investments by following the crowd and chasing short-term gains. Everything changed the day I began to seriously study the true secrets of wealth creation.
If any old member still remembers, in 2019 I posted my CSCS statement showing over 100 different stocks and begged members to help me rebalance it. Instead, I was mocked and heavily trolled. Eventually, I resolved to find my own path and deleted that moniker. Honestly, if I had simply left that portfolio as it was and continued reinvesting the dividends religiously, I would not just be celebrating a single billion naira milestone today — possibly a double-digit billion one. But it is better late than never.

The stock market is a lifelong university where there are no real graduates — just like marriage. You keep learning until your last breath.

The primary reason I shared my milestone was to motivate and inspire others. The first time I read about a billionaire member in this forum was around 2019/2020 when someone mentioned Mr. Agbalowomeri. Another member quickly corrected and described him as a humble billionaire in stocks and real estate. That single testimony motivated me deeply, and I began to invest consistently. It started paying off towards the twilight of the Buhari administration — a difficult period of “all motion with no visible progress.” Listed companies recorded minimal growth and dividends were tiny. I still remember during one Zenith Bank AGM when a shareholder challenged Mr. Jim Ovia on their low dividends compared to GTB. That moment stuck with me.
Overall, it has been a journey of persistence, learning, and grace.
No one on the whole of Nairaland knows my real identity or contact details — all for personal security reasons. I would have deleted this moniker long ago but I no longer have access to the email password associated with it.
To my beloved NSEMPA members, I love you all.
Mr. Loco, Mr. Ositadima, and every other person I may have offended (whose names I cannot readily remember right now), please accept my sincere apology once again.
I am full of gladness and deep gratitude to God. Henceforth, I commit to contributing only constructive, value-adding narratives that highlight the strengths and weaknesses of listed companies to help us all make better decisions.
May the Lord bless and prosper every single one of us in Jesus’ mighty name.
Amen.
With love and gratitude,
Your brother in this wealth journey.

Omoosi, your comments read like a mix of envy, bitterness, and grandiose delusion. Don’t project your insecurities onto me. Labelling someone an attention seeker on a faceless forum doesn’t make your argument stronger — it only exposes the weakness behind it.
Knowledge is useless when it is clouded by resentment. You may disagree with me, but reducing everything to jealousy-driven attacks says more about your mindset than my posts. A million voices repeating the same accusation won’t intimidate me. I’ve engaged in tougher debates than this, and I’m comfortable standing my ground.
If my contributions irritate you that much, use the block button. It exists precisely for situations like this. What doesn’t make sense is hovering around content you claim to dislike while adding nothing of value yourself.
Your tone is unnecessarily combative, and your reasoning lacks substance. Debate the ideas, challenge the analysis, or move on — but the constant hostility only weakens your credibility.

ositadima1:
What exactly does “keeping things simple” mean? Why do you think people in Technical Analysis aren’t making money? Do you have any data or poll to support the claim that TA has never produced outsized returns in the market?

You keep repeating that making billions is possible, did anyone even argue that it isn’t? You describe yourself as a “simple investor,” whatever that means, and it works for you. So why are you constantly attacking people who approach things differently?

We’ve had this argument before, about simple math versus more sophisticated methods. Do you have any real evidence that TA doesn’t work? Don’t bring quotes from Meta AI, that’s one of the least reliable AI. Bring actual proof. If you can’t, stick to what you know and let others operate their own way.

And regarding the person you’re defending, the attention-seeking behavior is obvious.

It’s unfortunate you don’t know the antecedents of Loco. This isn’t his first dramatic exit from the thread, only to resurface later after a period of ghost mode. Over the past year, even minor disagreements have sent him packing, and he has returned under different monikers — locodemy, locotrader, locodemy2, and now STOCKPROMOTER. The pattern is obvious: when liquidity is needed, the marketing campaign begins, and the same stocks are pushed to willing pawns.
As for your intervention, it reflects poor judgment and a lack of basic fairness. My position was simple — he should tone down the aggressive promotion of his so-called “loco insurance index.” Instead of addressing that point, he went on the offensive. I responded accordingly, and he chose to disappear. That was his decision, not mine.
You and a few others, including OmoOsi, seem more interested in personality worship than objective discussion. There’s a mix of envy, defensiveness, and needless belligerence that adds nothing to serious investing. No one has the moral ground to blame his absence on my post. We exchanged words; he opted for silence.
Investment forums are meant for sharing experience, insight, and motivation that can help even one reader think better. They are not platforms for turning individuals into messiahs or shielding aggressive stock promotion from scrutiny.
If my posts about my financial journey bother you, simply use the block button and move on. A faceless forum doesn’t require personal policing. Focus on your investments, apply independent judgment, and leave the theatrics out of it.

leo1234:
Many people silently benefited from Loco's posts on this thread but people hardly drop any word of encouragement when he is been attacked here.
Take a look at the fundamentals not even the price appreciation of all the stocks recommended by Stockpromoter, they did well in terms of growth. Eg chams, champions, NPFMCRFBK etc. He also clearly stated that japaulgold is for Jijo currently


What's the essence of this thread without stock picks and recommendations

I am glad access to information is no longer difficult like before. I get most of the information I need from X, YouTube, discord, WhatsApp etc. Even AIs like chatGpt can help you with analysis.


We are not interested in anyone's personal achievements here except you want to give out donations

No, Nigeria does not have a federal estate tax or inheritance tax.
Nigeria abolished its old Capital Transfer Tax (which covered gifts and inheritances) in 1996, and the recent Nigeria Tax Act (NTA) 2025 (effective from 2026) did not reintroduce any direct estate tax, inheritance tax, or wealth tax on the transfer of assets upon death, but not sure about interstate.

emmanuelewumi:
You can transfer some of your assets to your beneficiaries and dependants while you are here, you can also transfer to a Trust.

Please note that Estate tax at 10% of the value of the assets will be paid to the state government.

Executors of the Will , will also charge 5% to 10%.


The 3% by Stanbic IBTC Trustees is fair enough

Abeg, spare us this emotional sermon about 'ego ruining things on a Monday morning.
The same ego you’re crying about is what made you buy Ecobank at ₦29 and run away like a scared chicken instead of showing patience — the very patience you now claim others lack. But when Loco speaks, suddenly everyone must worship and wait like it's the gospel.
It’s actually funny how some grown men come to NSEMPA hunting for saviours and 'net blessings' like Loco is some messiah. You want secondary validation? Research your damn self! Out of 160+ stocks and ETFs, you can’t even pick and study 5 with conviction? Instead, you dey cry like orphan because one ghost-mode Loco no dey post again.
Warren Buffett and Charlie Munger described exactly your type: people who cannot think for themselves, always looking for stock pickers, insider tips, and market timing shortcuts. They end up bag holders, not wealth builders.
Mr Emmanuel already dropped the truth: consistency, discipline, and patience beat brilliance and TA every single day. But you people no dey hear word. You prefer to stretch threads into four pages of 'who knows more' while waiting for Loco to feed you picks like babies.
Many have come and gone — Mr OGG, Mr Chibukum, Yayira, and others. Nobody cried or wrote emotional essays when they left. But today, because Loco don enter ghost mode, una dey wail like widows.
Wake up, bro. No one is staying here forever. Soldier go, soldier come, barracks remain. Loco don already chop his own from this forum — using hype to offload bags on people who refuse to learn basic independence.
Stop looking for gods among men. Stop begging for picks like it's charity. Learn to do your own research, take responsibility, and stop blaming 'ego', village people, or whoever offended Loco for your inability to build wealth.
This forum is not a welfare scheme for lazy investors. Make una chill with the emotional blackmail.

brotherly:
It’s becoming clearer that ego is the tool the enemy wants to use to ruin things here .

people used 'I Too Know' (ITK) to silence Loco, who was a net blessing to this forum. I repeat — a net blessing. Not all his picks hit the mark, but we have more wins from his recommendations than misses. Even the ones that seemed like misses were often good picks where he simply misjudged the timing.

Now the thread will stretch to four pages, and all of it will be arguments about who knows more than whom.

I have my primary sources for getting my picks, but this forum helps me in two ways: it provides secondary validation for some picks, and sometimes it offers options for me to research further.

I bought Ecobank at ₦29 but wasn’t patient enough to wait for the rally. If I had heeded Nosa’s call to re-enter, I know how much I would have made.

Please — we are here to make money. make una chill

A Lesson from Our Ancestors: Breaking the Silence on Generational Wealth in Yoruba Nigeria

In Yoruba culture, discussing personal financial milestones has long been regarded as a near-taboo—something sacred, almost profane to voice aloud. Wealth, like certain family secrets, was to be guarded in silence. Today, that reticence is not only persisting but, in many ways, worsening.

Yesterday, I shared on Nairaland forum, NSEMPA session—my quiet satisfaction at crossing a milestone in liquid paper assets. The response was swift and telling: a chorus of criticism, envy, belligerence, scepticism, and even scam accusations. Barely an hour later, the Sunday Punch of 19 April 2026 carried a stark headline: the Federal Government of Nigeria had borrowed ₦100 billion from unclaimed dividends and dormant bank accounts, converting private wealth into public securities.

https://punchng.com/govt-borrows-n100bn-from-unclaimed-dividends-dormant-accounts/?amp

The parallel was impossible to ignore. Just as many of our forebears toiled in silence and left their paper assets undisclosed to their children, a new generation risks repeating the same tragedy. Under my own roof, my wife knows I am “doing well,” yet I have never sat her down to reveal that I hold more than 6 figure in the US markets and over a 10 figure in the Nigerian stock market. The spirit of frugality that once served our ancestors now inhibits openness—even as modern safeguards such as BVN, NIN, CSCS accounts, probate registries, and next-of-kin provisions on rights issues have made succession far simpler than in their day.

No one should be shocked if a disproportionate share of Nigeria’s swelling pool of unclaimed dividends and dormant funds belongs to Yoruba owners. This is the hidden cost of a culture that prizes family trust yet breeds distrust in practice. Nigeria is still evolving, and the consequences are painful.

Determined to do better, I consulted more than two lawyers about establishing a Family Investment Corporation (FIC) in 2025—a flexible, multi-jurisdictional vehicle common in international estate planning that allows controlled, tax-efficient wealth transfer across borders. Their blank stares revealed how unfamiliar the concept remains in our legal landscape. Traditional trusts fell short of my needs for assets spanning continents. The closest practical option they offered was a traditional will, while i got a proposal for a comprehensive will from Stanbic IBTC Trustees, with an initial setup fee of ₦333,250 plus ongoing charges and executor fees at 3 percent of asset value.

That 3 percent figure stopped me cold. For those of us quietly building substantial portfolios abroad—countries we may never even have visited—the prospect of handing over tens of millions of naira to a corporate executor we have never benefited from in life feels like an unacceptable surrender. I suspect many readers share this instinctive recoil. Hours of YouTube research on FICs only reinforced my doubts about their feasibility within Nigeria’s unique regulatory environment.

Yet glimmers of progress are appearing. The Central Securities Clearing System (CSCS) has just introduced joint accounts and family-linked investment features, offering a simpler, lower-cost way for families to manage and transfer portfolios collaboratively without the heavy hand of corporate trustees. For domestic holdings, this could prove a fair and practical bypass.

https://punchng.com/cscs-launches-joint-account-feature-for-collaborative-investing/

The foreign portfolios, however, remain the greater vulnerability. What becomes of them when “the end of all living beings” arrives? A recent UK government list of unclaimed estates highlighted dozens of Nigerians—many of Yoruba origin—who died intestate, leaving pensions, properties, and savings to be absorbed by the Crown. These were hardworking people who spent lifetimes building wealth only to forfeit it through silence. The same story repeats across the diaspora wherever Yoruba sons and daughters have travelled and prospered

https://www.gov.uk/government/statistical-data-sets/unclaimed-estates-list

This is no longer merely a cultural quirk; it is a generational pattern that must end with us. The Book of Ecclesiastes declares it plainly: “Vanity of vanities, all is vanity.” After a lifetime of toil and sacrifice, what greater pain could there be than watching one’s legacy vanish into government coffers that offered little care in return?

The question I now put to this forum—and to the lawyers and elders among us—is simple yet urgent: Is it truly wise to part with tens or even hundreds of millions in executor fees for structures that feel misaligned with our realities? Or can we, as a people who have always prized education and enterprise, innovate solutions that honour both our cultural roots and the borderless world our children will inherit?

By God’s grace and mercy, I intend to reach more milestone status before I exit this world. When that day comes, I refuse to let my life’s work become another cautionary tale. The lesson from our parents must be learned—not repeated.

What are your thoughts? Lawyers, elders, fellow wealth-builders—how do we protect what we have built for those who come after us? The silence has cost us enough. It is time to speak.

I simply ignored this faceless individual called Nosa.
He even went as far as sending an email request, which I never responded to — not because I was avoiding him, but because I no longer have access to the email associated with this moniker.
Firstly, it is purely selfish and self-centred ambition for anyone to divert NSEMPA members to their private forum. That kind of myopic behaviour speaks volumes.
It is extremely shortsighted and dishonest of you, Nosa, to indirectly paint my posts and real-life experiences as possible bait to scam members.
Up till this very day, I have never had a single private conversation with any passive or active member here. I value my security and fiercely protect my growing wealth. I practice absolute solitude — no one who knows me in real life is aware of my paper assets. You will never find my image or real identity on any social media platform.
I have never scammed any human being — dead or alive.
I have been a prolific writer since my high school days. You don’t have to believe my story. Feel free to hit the block button.
Nothing — and I mean nothing — would ever make me visit your private forum.
I will continue to contribute knowledge and experience openly in NSEMPA for as long as I choose.
Time will eventually reveal the true identity and motives of you and your likes — those who are busy using NSEMPA members as nothing but liquidity pawns.

nosa2:
I have noticed that none of these super profitable moves are posted the day they are made. Why tell us you bought something and it did 10x when you didn't tell us the day you bought it and for the price you bought it.

For me the philosophy behind all this audio trades is fraud. They are looking for people to come and meet them to manage money for them.

I believe myself to be an above average analyst when it comes to picking out investments, I post my trades the day I make them. I don't do it so I can manage money for anybody (If you give me your money I will use it to eat suya). I post my trades here because I intend to show what is possible with good analysis, then I intend to stop posting here and post exclusively on www.ngxforum.com . If you want to keep having the discussions like that you are free to come and meet me there.

To all the people who know how to post historical super trades congrats. But if you want people to believe that you know what you are doing, post what you do the day you do it. If you cant do that then you are no different from Bernie


P.S I know two people on this thread who are billionaires, one has a portfolio of about N7b the other about N2b. none of them will come and be announcing themselves for security reasons

These are the exact messages I have consistently stood for and preached on this forum for years — messages that some unfortunate copium-filled members unfortunately labelled as suspected scams or attention-seeking behaviour.
I had never read this particular book before, but it feels like the author wrote it specifically for me. The closest books in spirit to this one are The Millionaire Next Door and The Simple Path to Wealth. I even shared the link to it back when www.pdfdrive.com was still functional. Yet, even then, some accused me of having ulterior motives for simply sharing the resource.

emmanuelewumi:
Read the book " ordinary people extraordinary wealth" by Ric Edelman.

Below is the summary of the book by chatgpt

While outright scamming is relatively rare on this thread, manipulation is unfortunately quite common.
In over 16 years of active participation, I had never come across any reports of NSEMPA member being a victim of a scam — until now.
What these heartless and faceless manipulators do is identify stocks clearly headed for delisting, aggressively hype them through coordinated campaigns, and then dump their bags on unsuspecting retail investors. These investors often skip basic due diligence, such as reviewing the balance sheet, preferring instead to chase handouts and hot tips.
In other words, they treat these people as mere liquidity pawns before quietly exiting the very stocks they were promoting as 'the next best gold producer in the world.

emmanuelewumi:
Those that have been scammed would have called them out

Thanks for your honest response. I thought there might be something you knew that the rest of us were not aware of.
May you continue to enjoy your wealth in good health and prosperity.🙏

emmanuelewumi:
I can't be every where?

Used to have over 60 stocks in my portfolio.


I now have about 18 stocks on NGX, 2 stocks on NASD and 8 tranches of FGN bonds

Making 28 securities in the portfolio.

I bought Presco, Nahco, Aradel and Zenith with the proceeds and they are doing well

Ideally, I should ignore you. We have never been friends. This is a faceless forum, for goodness’ sake—what kind of attention would I be seeking from opium-copium comments like yours?

For the record, I never knew about the existence of T212 until someone introduced it to us in 2019/20 during the U.S. stocks pick alert session on Nairaland. Many people, including me, registered successfully, while others were rejected. It was widely discussed at the time.

Later, in 2023, I tried to register my wife, and that was when I realized Nigeria had been removed. T212 still requests my address and bank statements yearly.

I avoid you like a plague. You believe brilliance and sophisticated knowledge of TA are the secrets of success in the market. Time has proven you wrong—consistency beats brilliance.

I have never exchanged private messages with any living or dead members on this forum, except for one fellow member in 2016. I have created and deleted many monikers because of bullies like you. These days, I prefer to mellow down—as a father and with growing wisdom.

Back in the days of Goodluck Jonathan, when I was a veteran in online warfare, you would not have dared me. My archive is loaded with GB52-level ordinance words for the likes of you.

ositadima1:
I don’t think this particular person is a scammer; I see him more as an attention-seeking, ego-boosting fellow, lol. I remember one of his many posts where he was praising U.S. stocks, what he called the “Magnificent 7” or something, and the Trading 212 brokerage.

Right after that, someone asked how they could start using Trading 212, and his response was that they had stopped registering Nigerians for years. So what was the bloody point of writing a long epistle praising Trading 212 when it’s almost useless to anyone who might want to go down that path?

The U.S. market requires utmost patience. It often does not respect technical analysis (TA) or even fundamentals (FA) in the short term, as prices are largely driven by economic news and sentiment. A company can report massive profits and still get battered by Wall Street reactions. Likewise, a company may perform strongly on fundamentals but suffer simply because it is not doing well in the Chinese market—just ask Tesla, Nvidia, and Apple.

In the U.S. market, I built my portfolio around strong index funds so that even if I leave it untouched for five years without adding new investments, it can rebalance itself. At the same time, the app I use makes it possible to group different stocks together and invest in them simultaneously. This is called a “pie.” If I invest $2,000, the pie automatically distributes the funds across the constituent companies based on the allocation I set.

Back home on the NGX, we have fewer than 160 listed companies. Within sectors, there are long-standing rivalries, and companies often move in line with similar fundamentals. All you need to do is select the companies that match your long-term goals and remain consistent. Ignore the heavy promotion around stocks like Royalex, Japaul, Omatek, and others in that category.

You can also consider some frontier companies that are not currently in the spotlight but have strong long-term potential. Above all, management statements often provide useful hints about the direction a company is heading.

NSEstudent:
Thanks for sharing and the opportunity to ask questions.

1. What do you use to determine the stocks you buy? I suppose it's FA metrics, what specific metrics?
2. Do you use the same metrics across NGX and the US market?
3. Do you pay strict attention to macroeconomic factors?
4. When do you exit your positions and why?

@Seniorman Paemmanuel,
I would like to understand why you removed NGX Group from your portfolio, as indicated in your rebalancing post few months back. The decision regarding AccessCorp is understandable.
However, I am of the view that NGX Group could start minting money like the CBN once the Dangote Refinery is fully onboarded.

emmanuelewumi:
Do you know that N1 million invest in Nahco in April 2021 is now equivalent to about N120 million in April 2026.

I know ordinary people with over 4 million units of Nahco and it is just one of the stocks in their portfolio.

If you make wise investment into the stock market from your business cash flow, building a portfolio of N1 billion is very possible in 10 years

May we not become slaves to frugality.
Congratulations on your milestone. Perhaps if you had shared your narrative earlier, it would have motivated many members to follow suit. You may not realize the indirect impact of Mr. Emmanuel’s posts, which I often read while shaping my own strategies. Though we differ on a few issues—he is cautious about the overheated U.S. market, while I have long been an advocate of geographical diversification—his perspectives have been valuable.
Time flies; it feels like just yesterday. I supported your post on the AIICO narrative that year, and at the time I couldn’t even boast of a ₦50 million portfolio.
Indeed, God is helping ordinary people achieve extraordinary things.

Dupeodus:
No worries, brother. You used the phrase, 'extreme frugality' and I got the picture of a person I know with 6 brand new terraces at Lekki phase one but still drives a rickety car abroad where he resides. I am glad you mentioned my posts on AIICO. I should let you know that I exited the position to three big bangs just before the run up in insurance companies because I felt the banks were in the position AIICO was when I started to accumulate it, added to higher dividend potential. I do not have any regrets though as the current bull market has pushed the portfolio beyond the ₦1 billion mark and I believe there is still a long runway for growth for the banks. Over the 10 years or so focus on AIICO with less than 15% of the portfolio on UBA and Zenith, I cannot say that I put in more than , ₦100 million.

My faceless brother, calm down.
I owe you no explanation, and you certainly don’t owe me blind belief. You’re free to doubt, just as I’m free to share my journey.
Gone are the days when I used to be a veteran in online warfare in the political section of Nairaland. Today, I simply ignore the comments of opium and copium addicts like you.
I have grown. I no longer release the “GB56 Massive Ordinance” stone words on faceless critics who contribute nothing but negativity.
If you find my stories incoherent and illogical, that’s fine. Scroll past. No one is forcing you to read or believe anything.
I’m not trying to be the “Nigerian Warren Buffett” or the “Oracle of Lagos.” I’m just an ordinary enterpreneur sharing my real investing experiences — the wins, the lessons, and the discipline behind them.
If that bothers you so much, the block button is still working perfectly.
Stay blessed.

Afromentalist:
He owes nobody an explanation, and I do not owe him blind belief in the name of inspiration. He is the one trying hard to portray himself as a nigerian warren buffet, which is his right. If he desperately wants people to believe him as the oracle of lagos, he should bring forward coherent and logical stories.