₦airaland Forum

Agbalowomeri:
Oga Osita this has nothing to do with living in a bubble. In my generation when we were starting out about 25 years ago, P&G boys were collecting 300/400k easily as young graduates. They could easily buy an SUV with 1 year savings. Ditto for bankers. Now, 25 years later what's the purchasing power of that same salary? I bet you, 25% will go into transport and 50% into feeding. There is just no way you would have anything left after a whole month of working. So technically, people are being fed enough just to keep them alive to work. That is slavery.

This is not just about Dangote but a general situation in the country. We never start the war against corruption. We are just playing

I agree.

Agbalowomeri:
Whichever way, 400k is a terrible salary

LOL, being in the upper 2% doesn’t mean everyone else is there. Maybe you live in a city or neighborhood surrounded by people like you, they call that a bubble.

Step out into the real streets or the villages and try taking a census; you’ll be surprised to find that ₦400k actually means something. It’s the same reason leaders like Tinubu and others think they’re doing a good job. it’s understandable when you live in a bubble.

emmanuelewumi:
NUPENG don dey lament say Alhaji don register a union for his Truck drivers and they won't be members of NUPENG.

This is a hard one for NUPENG.

Alhaji and his team are good chess players

Lol, the issue of monopoly conveniently disappeared in this letter. Isn’t it monopoly to claim that you are the only union recognized by the government for this purpose?

Dangote took the fight straight to their doorstep. If I were him, I’d push it even further—establish a presence in other facilities, both private and government-owned, where PENGASSAN and NUPENG currently enjoys monopoly.

Aluta Continua...

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Can you leverage the NGX as a developing market and use compound interest to solve money problems down the line? Here’s a proof of concept: you just had a child and your plan is to give her the best education and life possible. You have ₦6 million in cash. You know that won’t go far, so you come to this thread. Unlike many people who want to double or triple their money with huge risks, you have 10 years incubation and want steady, minimal risk.

You start with 35%. It’s not much, but if you can get it consistently year after year, it’s very doable. In the beginning it’s easier, but as your capital grows, you can drop to 30%, then 25%, and eventually 20% per year. After 10 years, you step down to a consistent 15% annually, which can give you a steady ₦10 million every year withdrawal.

Of course, we also pray leaders like Tinubu don’t jack up inflation again. Less stress—simply using fundamental analysis and matching it with information in this space. Don’t have ₦6 million? Then start with ₦3 million. Ten years down the line, you’ll have ₦5 million earning at consistent 15% per year.

emmanuelewumi:
I no get money oo, just telling the next move by the chess players.

Dangote refinery gave PENGASSAN sicky 2, with this reshuffle PENGASSAN was left holding their dïcks in their hands. The anchor for the strike—sacking workers for illegal reasons—got wiped out with a masterstroke.

Did anybody notice that NCR traded more than 60% of its outstanding shares yesterday alone? It looks like their foreign majority holder exited.

Let’s admit the truth: all this gra-gra from PENGASSAN is mainly about what they stand to gain financially. What about all those Indian and South Korean companies in the oil and gas industry that mistreat and sack Nigerians at will—what have they done about that? The NLC leadership will lose credibility if they decide to embark on this senseless campaign.

Streetinvestor2:
I will be waiting. FPI guys that came to cash out because ur rates whr high.How much is interest rate in developed country. They saw 9% when they cannot get 4% in thr country. Abi na TB that was close to 30%
The hot money all rushed in to cash out.
Those two guys handling the economy needs to be sacked if they celebrate this kind of thing as achievement

LOL, that bond situation is crazy if you think about it. You’re issuing bonds in a foreign currency, which means you can’t even print money to solve the problem—unlike the USA, which can always print dollars to offset its debts. And honestly, I’ve never seen the USA issue bonds denominated in naira.

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

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

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

I checked your link, and it seems the inflow is mostly into bonds, as Streetinvestor2 pointed out. But what about the real economy? It may not be a strong sign of health—the quality of the growing FPI also matters. I may be wrong.

Streetinvestor2:
Is the FPI not related to internal borrowing. They have borrowed so much internally using bond,TB ,sukuk etc.It is not like it is not limited to equity

You’re right, not only stocks.

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

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

GeneralDae:
Foreign portfolio investment percentage growth under presidents since 2007

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

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

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

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

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

<NGX>
#TheCableIndex

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



Or are the percentages calculated in dollars?

Panadee:
I believe the CGT is based on profit or loss from your entire portfolio (hence linking TIN to your brokerage account) and not individual stocks, over a consecutive 12-month period.
So, this method may not be feasible but it’s worth the try with impatient funds

No, it is stated clearly in the Nigerian Tax Act, 2025.

unite4real:
Taiwo Oyedele has consistently answered such a question at different fora when asked. He has 3 programmes last week of which i was privilege to attend one.

The videos are all over youtube. If you take the time to watch any till the end, you will hear him answer this.

he even said that taxes have been narrowed down from about 60 or so to 10.

Ok, I checked again. Capital gains tax is not separated from your net earnings, but there is a waiver for CGT on the 150 million turnover and 10 million profit. But, if you exceed either of these thresholds, your capital gains will be combined with your other personal income and taxed as one—there’s no separate scaling for CGT. Except if all your income is from CGT

unite4real:
It is true that Tax is per individual- bur this is for personal income tax

Yes —personal income tax (PIT) in Nigeria is assessed per individual, not per income source.
That means FIRS looks at your total taxable income as a person — not separately for your salary, business, or dividends.

So, if you earn from:

* Salary
* Business/profession (self-employment)
* Rent
* Consultancy
* Royalties

— all these aggregate into one total income under the Personal Income Tax

Yes, Nigeria’s personal income tax uses progressive rates, from 7% up to 24%, depending on income levels.
So, if you earn more, you move into higher tax brackets — and only the extra amount above each bracket limit is taxed at the higher rate.

But here’s where the misunderstanding begins

Your statement assumes all types of income (including dividends, stock gains, and T-bills) are subject to the same unified progressive tax — which is not entirely true under Nigerian tax law.

So, while PIT applies progressively on your total earned income,
other sources like dividends, capital gains, and T-bill interest are treated under different tax laws, often at flat rates and as final taxes.

Therefore, it’s incorrect to lump all income types (salary, dividends, stock profits, etc.) into one cumulative tax base for PIT.


You’re taxed as a person, yes — but Nigeria doesn’t “merge” every income you earn into one single progressive tax.
Some are handled separately through withholding or capital gains tax, and they don’t affect your PIT bracket.

Ok, let’s watch and see if ChatGPT will be right this time or me, lol. I just put it out here so people can keep it in mind.

The tax law seems to provide a loophole specifically for stocks. If you reinvest your earnings within the same tax year, you don’t pay tax on those earnings for that year — tax is only applied to the portion you withdraw without reinvesting.

Another interesting point is that the law doesn’t specify how long you must hold your new investment before selling it again. In many other countries, you typically need to hold the new purchase for at least a year to qualify for tax exemption.

So, the loophole here is this: make profits from those rubbish “jijo” stocks, withdraw the gains, and reinvest them into more liquid and stable stocks like banks, Presco, or BUA Foods. Then, sell those after a week, even if it’s at zero gain, a small profit, or even a small loss.

Sounds almost like money laundering, lol.

Toluway:
Wow!!!
You caught this one and you betrayed your excitement on the strategy with with queen's English.
I caught it too. I read from Agba in one of his posts, but didn't get it then. It's now very clear to me.
This is even much better than the 'getting loans' strategy.
Intelligent!!!!!
Why can't we always beat this Singapore certificate guys in their game? 'Cause we're legit😁

You’re all missing something—at least that’s how I see it, and I may be wrong. Tax is per individual and progressive (by this I mean the various brackets with their cumulative percentages).

Let’s look at this logically. There is no separate tax for each source of income; as an individual, you pay one tax on your total net income, whether it comes from stocks, salary, dividends, or T-bills. That, I believe, was the aim of tax unification.

So, if your salary or business earnings already put you near the boundary of a tax bracket, any additional income will push just that portion into the higher bracket. For example, if you are just below the 25% bracket, any extra ₦2 million in stock income will be taxed at 25%—regardless of whether your total turnover is ₦150 million with a ₦10 million profit.

This is because tax is applied per individual, not based on the specific source of income.

emmanuelewumi:
Most players in the sector will have same issue.

I sold all my Total Energy holdings

Nawao, I think say na only me, I dont port enter Dangcem teh teh, Dangcem most favour me ooo.

Streetinvestor2:
I no get strength to fight ..lol.My question has been same concerning mtn since it became lissted. Why was mtn making big margins in profit before it got listed with all u wrote thr and was sending heavy money back to SA.
What changed after listing that the profit magin dropped seriously .It can not just be the effect of new OS.I believe the management is seriously short changing Nigerians since they became shareholders in the business via accounting engineering..lol.I no they whr forced to list on ngx

I am not sure that they were "making huge margins before and that margins have now dropped significantly after listing to the ngx". Sometimes, we hold beliefs that may be incorrect and then use them as the basis of our arguments.

Now, let’s look at the facts and some estimations:
MTNN was listed on the NGX in May 2019. I checked their financials prior to that, since the NGX portal usually keeps at least one financial year before listing. In 2018, they made about ₦1 trillion in revenue, ₦140 billion in profit, and had about ₦200 billion in shareholders’ equity. Debt was also relatively low at about ₦140 billion. This doesn’t reflect the kind of drastic margin changes you are claiming.

Then there’s the issue of the repatriation of funds, which the Senate at the time claimed was $13.9 billion between 2006 and 2016 (an accumulated figure over those years), later narrowed down to $8.1 billion. Assuming an average exchange rate of ₦170/$ during that period (a conservative estimate, since the actual average was lower), $13.9 billion converts to about ₦2.36 trillion. Dividing that across the 11 years (2006–2016) gives an average of roughly ₦214 billion per year. Again, this does not suggest drastic margin changes.

Earning about ₦214 billion per year with low borrowing—especially in the early years before Glo entered the market, when MTNN enjoyed higher rates and aggressive charging patterns—indicates they were consistently profitable. In light of this, I don’t think MTNN is manipulating their books as you are insinuating. But if you have facts or clear assumptions that suggest otherwise, feel free to bring them forward.

awesomeJ:
When you don't know to ignore posts that aren't directed at you, that's the real dumbness.

It’s painful to read, over and over again. It just dumbs me down.

awesomeJ:
Sometimes I feel like they try to reclaim that hefty $5bn fine.

They seem to make their PBT intentionally low so that while DANGOTE is paying hundreds of billions as taxes on similar revenue size, they can just pay a tiny fraction cos they see that fine as FG don already collect what's due them.

I may be wrong though.

But for running costs, no be only diesel??

Doesn't ZENITHBANK burn the same diesel to power all those ACs in hundreds of branches.

Yet they made hundreds of billions even after doing a hefty loan write off.


This MTN matter doesn't look like clear eye to me.
Being on their payroll seems way more lucrative than being on their shareholders register.

You keep going on with this fuel talk, which is actually dumb. Why don’t you look at their latest financials and do some proper research? Did you see the ₦2 trillion in borrowing? How much do you think they’re paying in interest? What about the high-tech equipment that needs replacement? Do you really think a Zenith Bank manager earns anywhere near a certified specialist engineer? You think MTNN is the main source of communication? Don’t you know they pay service providers as roaming costs, plus all the licenses they have to offset, etc.? Even before the forex wahala, MTNN’s equity in the business was about ₦300 billion — most of what you see is debt-driven.

Your case is different. The 2% monthly margin you claim to make comes with high risk. Please, since you’re hyping your gains, also let us know when you eventually hit huge losses that will force you into becoming a long-term investor.

awesomeJ:
Look at the assymetric corridor as mentioned.

It's effectively a 300 bps cut.

If you don't think that's significant from a single meeting, you're probably trading in a theoretical world.

Look at my response to that post

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

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

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

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

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

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

GeneralDae:
There is supply now for CBN and banks which means majority of people who normally get from official sources do not have to depend on aboki.
Just like we don’t have fuel scarcity at the moment, the black market guys are now more passive currently because no queues at filling stations (official channels).

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

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chimex38:
Bulk of GTCOs 1Trillion PBT H1-2024 came from forex unrealised gains of ₦630bn shown below. Ballooing non cash-backed EPS.
So this years EPS is cash backed in comparison.

They improved as much as ₦28bn on other Fixed-income traded instruments and Forex gains from a previous loss position!
That's efficiency in portfolio reallignment.

Yeah, this is what emotional players don’t see. Their approach is to simply look at EPS, conclude that it’s several times lower than last year, and bam—label it poor—without looking any deeper. Anyway, let them drag it down; that’s allowed.

unite4real:
have you looked at the Asymmetric corridor?. that is where the headline lies

Yeah, it says the MPR is between 29.5% and 24.5%. Banks can borrow at 29.5% while they lend to the CBN at 24.5%. So what?