₦airaland Forum

Agbalowomeri:
Just take one-month loan equivalent to your needs, pay back on share liquidation. Continue trading forever

This sounds innovative.
Can you clarify please?

Kennitrust:
Hmmm


That means if this people were allowed in those days, Nigeria would have predominantly divided between Nigeria and Ghana as another ethnic group in Nigeria

Ghanaians are not trouble makers
The Nigerians in Ghana in 1969 were more in numbers than the Ghanaians in Nigeria in 1983.
Many Nigerians did not leave Ghana in 1969, and many still travelled to Ghana shortly afterwards.

chopnaira:
There were lots. Especially people from the Ogbomosho area of Oyo state that have intermarried with Ghanaians for over 100 years.

Not only Ognomosho. All the way from Oshogbo area up to Ogbomosho, Ejigbo, Offa and Ilorin axis.
The father of the president of Ghana (John Mahama) was married to a Yoruba woman from Offa in Ghana.
The Yoruba people from those areas really did well and flourished in Ghana before the 1969 incident.

awesomeJ:
No I won't. 😁😁

You cannot dodge it forever.
God Almighty says He will bless you abundantly and mightily so you can ''enter the net'' and pay 20% tax!

Sonnobax15:

So this thing really happened?

Now I understand why an average Ghanaian has so much hatred for Nigerians..

An average Ghanaian has no hatred for Nigerians.
It is the bad attitude, lawlessness and immoral, disrespectful behaviours of many Nigerians abroad that make their citizens to dislike Nigerians.
Work on the attitude first before you complain.

awesomeJ:
Not quite 😁
Every law has a loop hole.
The reinvest clause here works for me 😁😁.
Again scenarios are different.

Some people have expenses that are 20x mine.

What if they didn't include the clause, it wouldn't have been funny at all.

Pay them 20% average tax rate for what?

Don't worry. One day, you go enter the net
Your fortunes, gains, blessings, expenditures, obligations, plans, projects, opportunities, responsibilities, will surely increase and will not be as it is forever. You go enter am, dont worry.

awesomeJ:
Government that you're not even a fan of anyways. Good thing you still have 4 months 😁😁😁

Me and you dey inside together. You never know?

Very soon you will understand my plight and others with similar concerns!
One day, monkey go go market, im leg go hang for basket!

What is calming my nerves for now, is that there are big time investors, multi-billionaires and trillionaires in the NGX, and I don't think they would lie low and allow themselves to be cheated the way I am seeing it, so we wait and see.

chimex38:
Is CIT not the difference between PBT & PAT?

yES

Toluway:
Well.... I trust the billionaires would tackle that .
Dangote has been tackling his.

You too are one of the ''billionaires''. Once you are focused and keep investing wisely, consistently in the NGX, you would be surprised that one stroke of info or luck or events in some particular stocks could make you a billionaire. It may take a few years, but it is very possible.
Talking from experience

Toluway:
Extracted from GPT.

Here’s how it works under the Nigeria Tax Act (NTA), 2025, effective January 1, 2026 :


---

Key Takeaways:

1. Capital Gain Exemption Thresholds

If your proceeds from share disposal are less than ₦150 million, and your chargeable gain is ₦10 million or less, then the gain is exempt from capital gains tax (CGT) for that 12-month period .



2. Marginal Personal Income Tax Rates Apply

If your gain exceeds those thresholds, the gain would be taxed at your personal income tax rate, with a top marginal rate of 25% .



3. In Your Case – ₦1 Million Gain

₦1 million is well within the ₦10 million exemption threshold, and the proceeds are also far below ₦150 million. This means you would not pay any CGT or PIT on that gain.





---

Summary Table

Scenario Tax Payable

Gain: ₦1 million (below ₦10 million), proceeds < ₦150 million 0% — Exempt
Gain exceeding thresholds Personal income tax, up to 25% marginal rate.

From this expose and my layman's interpretation, less than #150m proceed threshold is exempted from CGT.
Is this not good for the stock market?
Am I mistaken?

So consider when someone should make like N500m gain

KarlTom:
Are you already calculating the tax implications on your OandO loot?

My brother, my potential loot is in several multiples of that amount!
And I cannot possibly understand why I should pay useless huge tax to any govt.
I must sell off some tangible units before Dec 31

ositadima1:
Yes, don’t go and dump your Oando, ooo. I think a possible loophole may be to reinvest the amount in the same year and then sell at a small loss — maybe around 4% (Or less).

I rather sell whatever I have and keep my profit than pay such tax to this kind of govt (let me keep quite for now).

There is a big commotion coming because of this new law unless there is better clarity before Jan 1

But thanks for the great suggestion

Softmirror:
What a shame. Israel couldn't get to rescue this hostage. Still don't understand the whole sophistication of the Israeli intelligence. It just a shame.

Those you say will pay, are people who have been willing to die.

But Israeli hostages dying is a loss to Israel.

Your focus and hogwash is about Israel, not the people who perpetrated the killing and taken people hostage

awesomeJ:
If you make the gain, why am I the one to pay the taxes?? 😁😁😁

Why did you frame the question like that?

LoL
Don't worry, you will make the gain and you will pay the tax. That is when you realize that this is a serious matter.
Hustlers are not smiling ooooo!

ositadima1:
If you reinvest your loot within the same year, you pay nothing — tax is charged only on what you withdraw. I think this will actually work in favor of the NGX rather than against it, as people will think twice before pulling funds out. As for dividends, you already pay tax in the form of withholding tax (WHT).

@Ositadima and everybody in the house: please confirm this for me before I go crazy:
If one should sell shares and make a profit (chargeable gain) of N200m, you pay tax of N47.9m to govt. going by the new tax law?

awesomeJ:
It's not that hard to tell which companies will or will not declare dividends is it?

If I'm hunting for dividends, would I leave GTCO to buy TRANSPOWER?? or a company with negative shareholders funds? Or one with forbearance issues, I mean these things wouldn't really catch you by surprise if you know what you're doing.

Getting 8% dividend yield on the NGX isn't too hard. Even DANGCEM would hit it.

There is one constant factor in investing in equity: uncertainty.
There is no certainty that a company will always pay dividend consistently, every year, without fail, forever
GTCo or any other bank/company for that matter can experience problems and stop paying dividends for some time.
Most of the companies that have folded up used to pay dividends annually at a time, until they started experiencing problems.
But I wish you always continue receiving your dividends as you desire.

awesomeJ:
Few things:
- if you pick the right stocks, the dividends are more like N4m not N2m
- NGX is not my only income stream
- I already have a big house with rental income even

So Yes dividends would do, especially when the capital is more than N50m. Maybe N40m dividend on N500m capital helps you get the perspective 😁😁😁

Anyways, it's not a one-size-fits-all approach.

But it's one that'll certainly work for me.

Yeah, I understand it may be perfect for you.
I am only considering the implications for a wider number of investors who may rely on capital gains for projects and emergency obligations. Paying so much tax to govt would be a disincentive.

Also remember, you cannot ''withdraw'' dividend. You can only receive dividend when the directors decide to declare it. So it is not a certainty. So in a year (or years) that dividend is not declared, what do you do?

crownprince2017:
What is like to be the implications now that the transaction has finally gone through?

I guess tit will benefit existing shareholders of WAPCO.
The new owners may want to buy out existing shareholders (if they agree to a price), and/or they would improve the performance and fortunes of the company for higher profits/dividends.

KarlTom:
Yes!

Every taxable entity (individuals or registered companies) is entitled to Tax Rebates.
At the bolded, I do not think it will be counted as taxable profit IF it is same entity (individual or company) carrying out the transactions.
That is the reason we all need to file tax returns when due...

But @Ositadima has a contrary view.
He says T. Bills and Bonds are not covered under the reliefs.

The govt needs to do serious mass education on this new tax law.

KarlTom:
Okay. Let me correct myself" most countries worldwide.

Nigeria is a West African State
PS: don't misconstrue my point here. The 'double taxation' debate that has been raging for decades but government are not likely to stop it because it means less funds for them

But it is still not done (yet) in Nigeria, West Africa. (you catch me, I dodge you)

awesomeJ:
I'll withdraw it as dividends and pay just 10% 😁😁

Dividends are enough to cover my bills.

Are you joking?
A person has a stocks worth 50m; he receives dividends of 2m per year. He needs 20m to buy a house or settle an emergency obligation.
This thing can affect majority of people in the NGX

There is potential confusion looming.

awesomeJ:
I agree 100%
It isn't double taxation in the Financial sense, where the company and the owners are separate entities. But it is in the real sense, cos the company's owners actually make the company, abi na company dey wear suit sit down for.board room??.😁

If you're an HNI, does a company shield you from WHT though? Isn't it payable by all entities?

It is even ''triple taxation'':
You pay PAYE on income; plus
1. CIT on company tax,
2. WHT on dividend from PAT;
3. and CGT on traded shares of the same company

KarlTom:
That's how it's done worldwide...

How many countries in the ''worldwide''? Because I am not sure this is done in West African states

ositadima1:
if your stock sales exceed N150,000,000 but you reinvest all the proceeds within the same tax year, you will generally not pay any capital gains tax on those gains, according to the Nigeria Tax Act, 2025.

Thanks for this.
I know a professor when I see or feel one. I was right, after all.

But I foresee some tsunami and commotion in NGX next year!

awesomeJ:
Yes.
The reinvest clause they added is the sweet spot.

As long as I'm only selling GTCO to buy buacement then to Berger paints.

Which is largely what I do, I'm good 😊

One day, you will need to withdraw your cash e.g. for a major project or to pay for your child's school fees abroad.
Then the govt comes to collect a whooping tax on it?

KarlTom:
it is not double taxation in the Financial Sense

The listed company and the investor are two seperate entities...
That's the reason why HNI will always use their personal company(ies) to reduce your tax burden...

We go remove the ''veil'' and see the human beings behind the companies....
Eeyan lo wa ni di oro t' oro fi s'oro (it is a human being speaking behind the voice of a masquerade)

ositadima1:
If you reinvest your loot within the same year, you pay nothing — tax is charged only on what you withdraw. I think this will actually work in favor of the NGX rather than against it, as people will think twice before pulling funds out. As for dividends, you already pay tax in the form of withholding tax (WHT).

Okay. I get the dividends side.
I am only concerned with the tax on gains. What happens when I sell and incur losses; any concessions or credits from govt for losses?
I think this could make people sell their huge gains (and cash out) in December, then wait and see how the tax operates in 2026 before they re-enter the market.

What about reinvestment in the fixed income market i.e. selling shares and using proceeds to buy bonds or T bills? Will that be considered in lieu of reinvestment in the NGX?

ositadima1:
Taxation for Investors and Traders in the Nigerian Stock Market (2026)
As a resident individual in Nigeria, dividends and capital gains from stocks are taxed under the Nigeria Tax Act, 2025. Here’s how it works, and strategies to legally reduce your tax burden.
________________________________________
1. Tax on Dividends
• What counts as dividends?
Any distribution by a Nigerian company before deductions (gross amount).

• How are dividends taxed?
They are treated as part of your total income and taxed at the individual income tax rates:

Tax Band (₦) Rate
First 800,000 0%
Next 2,200,000 15%
Next 9,000,000 18%
Next 13,000,000 21%
Next 25,000,000 23%
Above 50,000,000 25%

• Tax already deducted at source?
If dividends fall under Section 51 (final withholding tax), then the deduction at source is final, and you don’t need to include them in your income tax return. Otherwise, they are part of your assessable income.
________________________________________
2. Tax on Capital Gains (Share Sales)
• What is taxed?
Profit from selling shares, options, or rights.
Formula: Sale Proceeds – (Acquisition Cost + Disposal Costs) = Chargeable Gain.
• Tax rate: Same individual income tax rates as above.
________________________________________
3. How to Reduce Your Tax Burden
A. On Dividends
• Authorized Collective Investment Schemes (CIS): Dividends from CIS are tax-exempt.
• Export-Oriented Businesses: Dividends from these businesses are tax-exempt.
• Real Estate Investment Companies (REITs):
o REIT income itself is exempt if 75% is distributed within 12 months.
o However, once you receive the dividend from the REIT, you are taxed at normal income tax rates.

• Foreign Dividends: Dividends brought into Nigeria through approved channels are exempt.

B. On Capital Gains from Shares
• Threshold Exemption: No tax if BOTH apply in a 12-month period:
o Total sale proceeds < ₦150m, AND
o Chargeable gains < ₦10m.

• Reinvestment Rule: Reinvesting sale proceeds (within the same tax year) into Nigerian shares reduces taxable gain. Only the non-reinvested portion is taxable.

• Deduct Costs: Always deduct brokerage fees and other disposal-related expenses.

C. General Individual Deductions
(These reduce your total taxable income):
• National Housing Fund (NHF) contributions.
• National Health Insurance Scheme (NHIS) contributions.
• Pension contributions under the Pension Reform Act.
• Interest on loans for an owner-occupied home.
• Life insurance or annuity premiums (for you or your spouse).
• Rent relief: 20% of annual rent (max ₦500,000) with proper documentation.
________________________________________
4. Key Considerations
• Record Keeping: Keep details of share purchases, sales, costs, and dividends received.
• Compliance: File returns even if your income is exempt.
• Seek Professional Advice: Tax rules can be complex and exemptions depend on your specific case.

Thanks for this.
Would these taxes not affect the NGX negatively, to the benefit of the fixed income market?
I cannot imagine paying such taxes on my gains in NGX when T. Bills and Bonds would only cost me WHT at 10%.
Or am I missing something?

PuristForest:
Guys, didn't read all the fine prints, when will the shares from the Chams rights issue be available on my platform....??
Update...Seen...guys hope this is accurate!
Typical Total Timeline

From announcement to trading: about 4–6 weeks

2–4 weeks: subscription period

1–2 weeks: allotment and crediting

1–3 days: shares start trading

Generally speaking, the first two timeliness are fairly accurate.
But the 3rd (and therefore 4th) timeline may be affected/determined by regulatory processes i.e the allotment can only be done after SEC/NGX are satisfied with compliance with all processes/rules.

awesomeJ:
FPIs have been playing more in the debt market.

They're only about 21% for the year on the NGX, THEY WERE JUST 8% in July when the exchange traded one of the largest volumes ever.

We retail traders have been more active too.
Doing over 30% of the market.

I do about 0.1% of all retail trades!!!
That's exciting considering that number of CSCS accounts opened this year alone are over 100k.

Wow, thanks for this.

Elusive001:
Israeli strike on Yemen said to kill Houthi prime minister, other top officials

Iran-backed group’s defense minister, chief of staff reportedly among top officials targeted in separate attack Thursday on Sanaa apartment, while gathered to watch leader’s TV speech

By Nurit Yohanan Follow
and ToI Staff
Today, 10:26 am

The prime minister of the Iran-backed Houthi group in Yemen was reportedly killed during Israel’s airstrikes on Thursday in the capital city of Sanaa.

Yemen’s Al-Jumhuriya channel and the Aden Al-Ghad newspaper reported that Houthi prime minister Ahmed al-Rahawi was killed in an Israeli attack on an apartment, with the latter reporting that several of his companions were killed as well.

There was no immediate confirmation by Israel.

It appeared from the reports to have been a separate strike from the one on Thursday that was said to have targeted 10 senior Houthi ministers as they gathered in a location outside of the capital to hear a speech by the group’s leader, Abdul Malik al-Houthi.

The outcome of that strike has yet to be fully determined, although political sources cited Thursday by Israel’s Channel 13 news claimed that “the direction [of the assessments] is positive, it seems the attack succeeded,” and Ynet reported that “the assessment that the entire military and governmental elite of the Houthis was eliminated in the attack is growing.”

Israeli intelligence provided real-time details of the gathering, enabling the strike, which was carried out despite heavy air defenses in the area, reports said.

As al-Houthi delivered his address, Israel reportedly monitored it to see whether he realized senior officials were being targeted, and he gave no indication of being aware, the reports said.

Among the Houthi officials targeted were the Houthis’ defense minister and military chief of staff.

The defense minister, Muhammad Nasser al-Attafi, has been in his role since 2016, and is considered the senior-most official in the organization’s military establishment, according to Channel 12.

He was said to have established a close relationship with Iran’s Revolutionary Guards and with Hezbollah, and to be directly involved in operations against Israel.

Also targeted was Houthi chief of staff Muhammad Al-Ghamari, who was reportedly seriously hurt, but not killed, by an Israeli strike in Yemen in June, carried out while the war against Iran was ongoing.

? UPDATE:

The strike In Yemen, happened during the speech of Houthi leader Abdul Malik after Israel received intelligence that the top military leadership of the Houthis and the Chief of Staff are meeting in a secret building in Sana'a.

Looks like a “Red Wedding” type strike.. https:///0tDDIO5qsH pic.twitter.com/2Yjj9g3AEa

An unnamed senior official told Channel 12 on Thursday that Israel had been ready to target Houthi leadership as part of a different strike on Sanaa on Sunday, but ultimately waited until Thursday.

Officials have cast the strike in dramatic terms. Previous Israeli actions in Yemen have failed to halt the Houthis’ continued drone and missile attacks during the ongoing war, though the earlier attacks usually targeted infrastructure, rather than hitting specific officials based on precise intelligence.

A source from the Houthi defense ministry denied that any members of the group had been targeted in the attack, and insisted that Israel was attacking “civilian targets and the Yemeni people because of their positions supporting Gaza.”

Thursday’s strikes marked the 16th time that Israel has attacked the Iran-backed rebel group in Yemen, located some 1,800 kilometers (1,100 miles) away.

The Houthis — whose slogan calls for “Death to America, Death to Israel, [and] a Curse on the Jews” — began attacking Israel and maritime traffic in November 2023, a month after the October 7 Hamas massacre in southern Israel.

The Houthis held their fire when a ceasefire was reached between Israel and Hamas in January 2025. By that point, they had launched over 40 ballistic missiles and dozens of attack drones and cruise missiles at Israel, including one that killed a civilian and wounded several others in Tel Aviv in July, prompting Israel’s first strike in Yemen.

Since March 18, when the IDF resumed its offensive against Hamas in the Gaza Strip, the Houthis in Yemen have launched 72 ballistic missiles and at least 23 drones at Israel. Several missiles have fallen short

In response to the Houthi attacks, Israel and a United States-led coalition bombarded rebel-held areas in Yemen, including Sanaa and the strategic coastal city of Hodeida. Israeli strikes knocked the Sanaa airport out of service in May.

US President Donald Trump’s administration in May announced a deal with the Houthis to end the airstrikes in return for an end to attacks on shipping. The terror group, however, said the agreement did not include halting attacks on targets it believed were aligned with Israel.


https://www.timesofisrael.com/israeli-strike-on-yemen-said-to-kill-houthi-prime-minister-other-top-officials/

These people would not leave Israel alone and are causing deaths to their people!
Avoid Israel's trouble, but you refuse to listen!