₦airaland Forum

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.

ositadima1:
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.

We can't even use the senate figures to judge MTN.
It would have been better if we can lay our hand on their audited account for those years.
I personally don't believe all those stories about bogus earnings before the company was listed. Might just be one of those fabricated news.

Streetinvestor2:
Beer
Full goat
Ex Books
Malaria tables
Paracetamol
Milk
Washing soaps
Data
Engine oil
Many tokunbo car parts

These are based on last Yr price not last month

Malaria drugs.
Paracetamol
Washing soap.
Milk.
Engine oil.
My tokunbo part.

These ones have not increased more than 20% since December last year.
It will even interest you to know that the price of some antibiotics have even come down compared to what they were last year .

GeneralDae:
Inflation should even be less than 20% now. The reasons we still have it this high are due to stuff like rent/real estate prices which are up by more than 40% in places like Lagos compared to 2024 and then restaurants still have their items increasing with a rate of increase above 20% YOY. Basic food in the market and perishable goods (which are 44% of the total basket) from my view have only slightly increased since September 2024.
Some have reduced, others stable. Fuel at this time last year was 865/900 and it’s around thesame price today. Inflation rate should be around 15% - 18% to end this year.

Many don't understand how inflation rates are calculated.

chimex38:
Thought CIT was way less @ 10%
Next year it's gonna be about 30% if I am not mistaken..
Why 52%?
Does he have accruals?
It's gonna be brutal for him next yr with this new Tax act if old tax rate is sucking him like this.

Where do you people get your information?
Where did you see CIT of 10%?
The new tax law doesn't increase CIT so nothing like it will be brutal for him next year.

MeezPat:
If we already pay taxes as workers to our state of residence tax boards and have the state TIN, in this case, LIRS. please do we still need TIN. Thought this should have been harmonized

It is already harmonized, you don't need another TIN.

You can use this link to check if you already have a TIN
https://tinverification.jtb.gov.ng/

And if you don't have one you can register here.
https://tin.jtb.gov.ng/

GeneralDae:
I think 1200 at this time would be a good balance for the economy. But anything less than 1000 in 2025 may affect the economy negatively by increasing imports (because the purchasing power level is already above 900 at least). FAAC would also be severely affected and exporters of cocoa and cashew may lose interest. So 1200 would be very good for 2025, and then maybe have it stabilised at 950/1000 in 2026.

This is my wishful thinking though and what I estimate would make a good balance for the economy 🤣.

Ghanaians recently had cedis suddenly appreciate from 16 cedis to 10 cedis in Q2 (due to high gold prices from Trump’s unpredictability) and it affected them. Remittances dropped sharply and imports increased. Cedis could not take that pressure and it’s back to 12 cedis/$ despite the record high gold prices we still have now.

I can't see the naira appreciating significantly in the short to medium term.
What is important for us now is a relative stability and ability to grow the reserves. A plus/minus 5% around 1550 should just be ok.

zendi:
I am not cheering them. They:re doing "global best" policies, in other words copy-cat policies, without global best governance and accountability.

I agree they could end up chasing off participation and liquidity, thereby crashing the market with these extreme policies.

But if they insist on it, they may be levies and charges on foreign in investors before they can repatriate their loot to make for the tax requirement.

You can't stop a government when desperate to force through any policy.

Nigeria is not the only country in the world that will ask foreigners to pay tax so I don't see any big deal in the issue.
I am in Nigeria and I have had occasions to transact business with foreign countries and paid different kinds of taxes to their government.
If the underlying businesses of quoted companies are doing well,I can't see any problem with temporary fluctuations in price, anyone that wants to sell so as not to pay CGT can as well do that before January 2026.

Panadee:
Really? Please share a link or source for this information with us; it will help to reduce all the confusion.

https://www.thisdaylive.com/2025/09/11/oyedele-savings-from-subsidy-removal-not-enough-to-transform-nigerias-economy/

According to him, “We are not creating another layer of bureaucracy. What we have done is to harmonise identification. If you already have a National Identification Number (NIN) or Bank Verification Number (BVN), you need not worry. These will serve as tax IDs. The objective is simplification, not complication.”