₦airaland Forum

Agbalowomeri:
Yeah if I were in such profits I will probably sell and move the money to my bank account so that tax man can see na my money pre-tax law be this

Maybe wait for December rally. I am sure the stockbrokers will shift the January rally back to December. Everywhere go quiet small in January

You will still have to explain how you made the money to the tax man.
Any in flow and out flow that exceed a certain threshold in your account will attract the attention of the tax man.

https://www.thecable.ng/exclusive-pengassan-dissolves-branch-leadership-over-failure-to-shut-down-gas-supply-to-dangote-refinery/

"The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has dissolved the branch executive councils of the Nigeria Gas Infrastructure Company Ltd (NGIC) and the NNPC Gas Marketing Limited (NGML).

The dissolution followed the “inability” of the executives to completely shut down gas supply to Dangote refinery during the association’s strike."

ogawisdom:
25% is too much 15% should have been max though 99% of retail investors won't be affected. We still need the market movers around ie high networth individuals and institutional investors that will be affected.

I am still trying to understand why people didn't spea about the CGT when the bills was before the national assembly. All what we were hearing then was about VAT sharing.

1kinggy:
Senior staff starts from graduate position (GL8 in civil service) to the rank just below management (GL14).

In the Nigerian oil and gas, anyone below graduate will fall in NUPENG. Management staffs are not eligible to join Union but professional societies.

.

Is your last statement applied only to the oil and gas sector?
In my own sector,we have people on GL 15, 16 and 17 equivalent who are active members of unions.
The only thing I know is that if you are part of management you are not expected to participate in industrial action.

Bovis:
While it may be seen as an ego-driven move, this is ultimately a reckless investment and damaging publicity for Access Bank UK

Many of these London mansions have remained unoccupied since the UK government began seizing properties owned by Russian billionaires, alleging ties to President Putin

Consider what £15 million could achieve in a struggling UK economy—it could help provide mortgages for over 50,000 Nigerian families living in the UK

A large Hilton Hotel in Peterborough is currently listed for £11.9 million. Acquiring such a property could create hundreds of jobs for Nigerians and generate substantial profits for the bank

It’s likely that the UK’s Financial Conduct Authority will investigate this transaction thoroughly, and they may determine that it was funded through illicit means.

Is the said property bought in the name/account of the bank or in his own personal account?

GeneralDae:
In a refinery anything can go wrong. In NNPC then, we were provided PPE’s but only the helmet and safety shoes. We weren’t given masks but we inhaled dangerous chemicals sometimes.
Also, at a time while we were all close by, someone failed to control the reactor temperature using the valve as instructed and quickly left because his shift had ended. The guys in the control room had to come out and a little more delay may have eventually led to a fire outbreak. Stuff like that happen all the time in a refinery.
Most importantly, hazardous chemicals inhaled in a refinery kills slowly. The sulphur content leads to dangerous cancers over time. So a refinery job is truly highly hazardous.

My brother, forget those stories about hazard.
It is a privilege to work in those "lucrative sectors" and not because of any extra ordinary skills or level of hazard.

emmanuelewumi:
I don't think that is all inclusive of other allowances.


Even as terrible as it may be, why should anyone who knows his worth, be fighting to be called back.

The union actually went overboard in the action they took against the company and the country but I don't think there is anything wrong in employee seeking a better pay/welfare from the employer.

https://nairametrics.com/2025/10/03/sec-fines-stanbic-ibtc-capital-n50-1-million-over-gtco-public-offer-process/

The fine is 50 million and not 50 billion.

SonofElElyonRet:
Actually e never reach court so lady justice (court) never dey involved.

O da. Mo ti gbo. Let them "tax all taxables" o. spread the tax net to all businesses.. legal and illegal.. kowo wole wa

You are making it sound like the tax authority will be going out to where these set of people operate their businesses and be asking them for tax.
What triggers the NRC into action is when money enters an account that breaches a certain threshold in which they have the mandate to tax.

https://www.vanguardngr.com/2025/10/how-remote-workers-influencers-ll-pay-tax-under-new-law-oyedele/

"He explained that upkeep money or gifts were not taxable, but noted that payment for any service or product attracts tax obligations."

Agbalowomeri:
; D

Enjoy your loot o

I wanted to notify you too before I saw his post.
Now that August and September closed in green, what is your projection for the rest of the year?

faoogoke:
NLC was used by the Pengassan cartel to derail the sale of the refineries.

ThisDay published an article written by the deputy NLC President detailing how NLC was used to derail the sale.

I thought his rite up would ignite protests but nothing happened.

NLC and PENGASSAN dont love Nigerians. They only fight to promote the interest of those who use them.

Yar Adua was lily livered. His decision to revers the sale after NLC threatened nationwide protests pained me.

The reversal of the sale of the refineries by Yar Adua was one of the decisions taking by a sitting president that really pained me.

Another one was by GEJ when he allowed vested interest to bully prof Barth Nnaji out of the power ministry.

emmanuelewumi:
He had the mind of doing it.


I wrote a paper on the performance of the stock market based on the leaders from Obasanjo to Yar Adua , GEJ.and Buhari

I found out the market went down under Yar Adua, the economy was also comatose under Buhari .

A number of old investors here, made their first million from the stock market when Obasanjo was the president

For me OBJ was the best, GEJ tried but he was just too soft.

emmanuelewumi:
So it is not welfarist when the remaining 49% shares will be sold to Nigerians.

Imagine what the investments would have grown to 18 years after

I am never in support of the decision by Yar Adua to revoke the sale.
My point is that nobody bullied him to take that decision.

awesomeJ:
In other words, if he wasn't already leaning towards the idea, he wouldn't have succumbed.

But there was still pressure na, just that the pressure alone wasn't the whole reason.

So we're all saying the same thing 😁😁

He was a president that wanted to be popular with the populace.
Selling those refineries was not a popular decision albeit the right one.
Majority believed OBJ took that decision to favour his friends.

KarlTom:
Are you sure about the bolded?

Anyway, I don't think he will ban them because conservatively 70% of these unionists/workers are linked to the Niger Delta and he would not want them to 'return to the creeks'...

OBJ tried it with NLC when their problem was too much but he was not successful.
Those unions are creation of the law.
The best he can do is to promote dissent among members and encourage them to register another break away union just like we have in TUC from NLC

emmanuelewumi:
Whereas Blue star that was promoted by Dangote and Otedola bought 51% share of the refineries for almost $1 billion in 2007.

But PENGASSAN said national assets were sold at giveaway prices, whereas the remaining 49% would be sold to Nigerians so they we can also buy at that giveaway price.

They succeeded in bullying Yar Adua to reverse the sale,

I don't think Yar Adua was bullied by anyone. He was more of a welfarist who believed that state assets should not be sold.

emmanuelewumi:
He has the power when they sabotage the economy or become a terrorist.

Stopping gas supply to Dangote Refinery, when NNPC and Dangote Refinery signed a 10 year contract for the supply of 100 million metric feet on a daily basis. This is a breach of a legally binding contract that can cost NNPC a fortune if challenged in the court

What they are doing is definitely wrong.
The problem is their influence on the economy, they know they can call out their members on a strike and that will affect all aspects of our oil industry and revenue.

emmanuelewumi:
NNPC should also get subsidized forex which they can use to make their 3 refineries productive.

Is that so difficult for them to do

Those refineries are better sold.
Refurbishing them is a waste of money, even if they start working,they would probably be running at a lost. We can't run refineries as a government enterprise and expect it to be profitable.

megawealth01:
Ndume To Tinubu: I Don't Mind If You Act Like A Dictator, Dissolve PENGASSAN

https://www.thecable.ng/ndume-to-tinubu-i-dont-mind-if-you-act-like-a-dictator-dissolve-pengassan-if-it-wont-serve-national-interest/

This guys should just be banned joor. I honestly don't like thugs in uniform

Tinubu does not have power to ban the union.
It is a very powerful union and they are ready to fight dirty knowing fully well they have nothing to loose. Even abacha as a military head of state found them difficult to handle.
The earlier the issues are resolved the better for the country, hopefully the president will step in and bring a solution.

https://nairametrics.com/2025/09/28/25-cgt-on-share-sale-gains-if-reinvested-in-fixed-income/

"On the thorny issue of cost determination, Oyedele stated that the purchase price at the time of acquisition remains the reference cost, even if the shares were bought several years ago.

He admitted this creates distortions because inflation makes historical costs “almost unreflective of real value,” while proceeds look bigger in nominal terms.

“We recognize that this looks unfair, but this is a temporary problem due to the adjustment period,” he said."

Agbalowomeri:
Has NGX grown consistently for 15 years in the past 25 years? How much was minimum wage in year 2000? 26k then was more than 50% salary of almost all SENIOR civil servants.

Hypotheses are easier to formulate than practice

Even with the present minimum wage of 70k, how many civil servants can conveniently save 26k in a month for investment.
Not to mention the fact that this same set of people will want to buy car, build house in the course of those years or where will the money for those things come from.
Though not saying it isn't possible but it will be a difficult one.

emmanuelewumi:
I don't want to believe that you have not exceeded that threshold of N150 million

Let forget all the noise about how people mention millions and billions here.
For someone starting out on his own as a salary earners without no inheritance from the parents, achieving a threshold of N150 million is not a joke.