₦airaland Forum

KarlTom:
This people sef.

Their diversification no wan get direction...

Too much money

stockish:
Loco, street and others chasing ELLAHLAKES. Some forgot to wear skate , ,

lwkd.i no dey play naija bet in this business. I only played it at initial stage with onado because of Tinubu relationships to wale oh.
That man on tie and suit can never run me street. I am street credible.
I will not learn bet naija at old age oh.i am not just in the business for cash appreciation.I can never pay school fees again in this business.

DeRuggedProff:
Here.

Okay, tantalizers "foodtainment and media conglomerate" in ongoing construction.

Thanks so much.

The bomb will be the arrival of 10 modern trawlers.
I hope that one is still on course because it's overdue by one month now according to the guidance.

According to them, ten trawlers will be only the beginning.
That is the news I'm targeting

For some reasons I see Ellah lakes as a house of cards that will soon crumble down, but then again the market always has a way of outsmarting even the best of us.

Mpeace:
While we were looking elsewhere UACN just did 40% in the less than two weeks

I dey look am in 3D

Why no disclosure yet on who bought the oando of yesterday....20 billion no be beans

Mpeace:
While we were looking elsewhere UACN just did 40% in the less than two weeks

exactly 2 weeks ago, UACN was N34.7 and today it is 40.9

How is that 40% please

Erniemax101:
For some reasons I see Ellah lakes as a house of cards that will soon crumble down, but then again the market always has a way of outsmarting even the best of us.

Pull back will happen just like in every other stock but crumbling is an overstatement, could you give us the data or logical reason that supports your pronoucement.

Thanks.

Agbalowomeri:
There are loopholes in tax laws in all countries. The rich do not pay personal income tax. They do all sorts to avoid PIT especially with the use of debt and they proudly announce these publicly. So, na normal thing

Copying and pasting without understanding is harmful — not just the act of borrowing, but also the mindset behind it. He should make sure to successfully test everything himself before showing off. Otherwise, he may end up like those who were badmouthing EllahLakes based on a single viewpoint. And yet, here we are — the stock keeps rising. Sooner or later, their mouths will go quiet, whether they come from the streets or not.

Erniemax101:
For some reasons I see Ellah lakes as a house of cards that will soon crumble down, but then again the market always has a way of outsmarting even the best of us.

No,they said it will not crumble;and that it's a company with great growth potential without considering the high risk of an agro-allied company without excellent track record.

They also said Ellah lakes will soon get to N100.

Okomu Oil with 2024 full year EPS(earning per share)of about N36 and a consistent dividend is not supposed to be more than N250 ;and someone is expecting Ellah lakes with insignificant EPS to get to N100.

Evaluating Each Strategy:

1. Be a Sole Proprietor; Register Your Business:

Effectiveness: Partially effective. Registering a business is standard. Sole proprietorships are taxed under Personal Income Tax (PIT), which can have different rates than Company Income Tax (CIT). The main point is that business profits are still the individual's income for tax purposes.

2. Borrow to Invest; Use Your Portfolio as Collateral:

Effectiveness: Works for the borrowed amount. You don't pay tax on the principal of a loan. Interest expenses on loans for business purposes can be tax-deductible. However, any income you generate from the investment made with the borrowed funds will be taxable. This strategy helps with the initial capital, but not the eventual profits.

3. Use Your Business to Cover Family's Day-to-Day Expenses & "Business Retreats":

Risk: Extremely High. This is a common red flag for FIRS. While legitimate business expenses (like actual travel for work or professional training) are deductible, claiming personal family expenses or extravagant "retreats" without clear, verifiable business purpose is very risky.

Tax Rule: Expenses must be "wholly, exclusively, necessarily, and reasonably incurred" for the business. Personal expenses typically don't meet this test. FIRS can disallow these deductions, leading to higher tax bills, penalties, and interest. Comparing it to how politicians' expenses are covered is not a valid legal argument for businesses.

4. Furnish Your Home & Office with Business Funds as a Director:

Risk: High. Similar to point 3, while office furnishings are business expenses, claiming personal home furnishings or excessive items without clear business justification is an aggressive move. FIRS will scrutinize the primary purpose of such acquisitions.

5. Offshore Accounts (e.g., Isle of Jersey) or Citizenship by Investment:

Risk: Complex and Under High Scrutiny.

Offshore Accounts: Owning offshore accounts isn't illegal, but Nigerian residents are taxed on their worldwide income. Income earned offshore must be declared to FIRS. Failing to declare it is tax evasion with severe penalties. Global efforts like the Common Reporting Standard (CRS) make it increasingly difficult to hide offshore assets and income.

Citizenship by Investment: Gaining a second citizenship offers benefits like easier travel. However, if its primary aim is to avoid Nigerian tax obligations on income tied to Nigeria, it could be seen as an aggressive avoidance scheme or even evasion if tax laws are broken. Nigeria has rules on tax residency, and a second passport doesn't automatically exempt you from Nigerian taxes if you are considered a resident. The mention of Panama highlights the intense global scrutiny on such arrangements.

6. Employ Family Members for "Non-Taxable Minimum Wage":

Risk: Potentially High Abuse. Employing family members in a legitimate business is fine, but the payments must be for actual work done and at market rates. If the "employment" is fake, or wages are disproportionate to work, FIRS can disallow deductions. While minimum wage earners may be exempt from PAYE (Personal Income Tax) if their total annual income is below a certain threshold (e.g., NGN 70,000/month), the business still needs to justify the expense as legitimate for its operations.

7. Hire a Company Accountant or Bookkeeper:

Effectiveness: ESSENTIAL. This is the only truly sound advice. Accurate and detailed record-keeping by a professional is crucial for defending any deductions and ensuring compliance. Without it, none of the other strategies can be substantiated.

8. Designate a Room in Your House as Your Business Address; Transfer All Domestic Bills to Business:

Effectiveness: Partially works (with strict limits) / High Risk of Abuse.

Home Office Deduction: Nigerian tax law allows for a portion of home expenses (like rent, utilities) to be deducted if a part of your home is genuinely and exclusively used as a business office. This is usually pro-rated (e.g., based on the percentage of space used).

"Transferring all domestic expenditures": This is where it gets problematic. Claiming all electricity, fuel for generators (which power the whole house), etc., without clear separation or pro-ration for actual business use, is an aggressive overclaim and likely illegal. FIRS will disallow the personal portion.

9. Directors Earn Zero Salary; Only "Non-Taxable Allowances" & Aim for Refunds:

Risk: Problematic and Misleading.

"Zero Salary, Non-Taxable Allowances": While some legitimate expense reimbursements are non-taxable, disguising significant payments as "non-taxable allowances" to avoid income tax is a common form of tax manipulation and will likely be challenged as an attempt to hide taxable income. Director's fees are generally taxable.

Refunds from Losses: You only pay tax on profit. If a business genuinely incurs more allowable expenses than income, it reports a loss, and no tax is due. However, if these "losses" are created artificially by claiming personal expenses as business deductions, FIRS will re-assess, disallow the improper deductions, and then tax, along with penalties, will be due. Aiming for consistent annual refunds in such a scenario would trigger deep audits.

10. Year 1: Capital Loss; Year 2: VAT Refunds... "Undertaker Buried":

Risk: Aggressive and Misleading.

Capital Loss: Businesses can genuinely incur capital losses. However, engineering a "capital loss" for tax purposes without a genuine economic reason (or by misclassifying expenses) is a red flag.

VAT Refunds: Businesses can claim back input VAT (paid on purchases) if it exceeds output VAT (charged on sales). This is a standard process if a business is genuinely VAT registered and has legitimate transactions. However, presenting this as a general strategy to "bury" the tax system suggests pushing the boundaries beyond legitimate VAT mechanisms.

Some people trade only for excitement. Some others have different strategies so they do not see what we see. I am only praying that Transcorp and Sunu and UCAP do not move until i have enough funds to load them up. I have not yet bought enough units. The kind of bed that prices of thise stocks have formed ehn, when they finally move, I expect it to be a sprint.

Payunsin:
I am loading Transcorp, close to a million units now and nobody is talking about the COY here.
Am I ok ?

unite4real:
exactly 2 weeks ago, UACN was N34.7 and today it is 40.9

How is that 40% please

Because it has entered 40

July resumed generally on a green note....

Meanwhile, CUTIX is trading at day's high, 3.60 ATM...
Board meeting rescheduled for 9th July, 2025......

NB arriving Km60

Happy New Month @All.

Erniemax101:
For some reasons I see Ellah lakes as a house of cards that will soon crumble down, but then again the market always has a way of outsmarting even the best of us.

ooo we don hear...card that will soon crumble it got to #5,#6,#7 now #8...no problems most of us loaded ellahlakes @sub #3,let the crumble come we have enough shock absorber

Payunsin:
I am loading Transcorp, close to a million units now and nobody is talking about the COY here.
Am I ok ?

That year, I used 320k to buy transcorp and forgot it. It grew to over 3.5m, I have sold over 95% now. It has done it's major move, on to the next

The volumes in NB ehn... Money dey this country

ojeysky:
That year, I used 320k to buy transcorp and forgot it. It grew to over 3.5m, I have sold over 95% now. It has done it's major move, on to the next

Impressive.

to that person who asked why no one is talking about Transcorp......Na only him waka come....every mallam to him kettle ...smile.

If you use this same energy used in typing all these in abid to pressure struggling and poor citizens, to force our politicians to stop embezzling public funds first, I think you would not need to convince citizens to pay tax.
Talk of putting the cart before the horse.
Except you're somehow directly or indirectly benefiting from the ongoing rip-off

ositadima1:
Evaluating Each Strategy:

1. Be a Sole Proprietor; Register Your Business:

Effectiveness: Partially effective. Registering a business is standard. Sole proprietorships are taxed under Personal Income Tax (PIT), which can have different rates than Company Income Tax (CIT). The main point is that business profits are still the individual's income for tax purposes.

2. Borrow to Invest; Use Your Portfolio as Collateral:

Effectiveness: Works for the borrowed amount. You don't pay tax on the principal of a loan. Interest expenses on loans for business purposes can be tax-deductible. However, any income you generate from the investment made with the borrowed funds will be taxable. This strategy helps with the initial capital, but not the eventual profits.

3. Use Your Business to Cover Family's Day-to-Day Expenses & "Business Retreats":

Risk: Extremely High. This is a common red flag for FIRS. While legitimate business expenses (like actual travel for work or professional training) are deductible, claiming personal family expenses or extravagant "retreats" without clear, verifiable business purpose is very risky.

Tax Rule: Expenses must be "wholly, exclusively, necessarily, and reasonably incurred" for the business. Personal expenses typically don't meet this test. FIRS can disallow these deductions, leading to higher tax bills, penalties, and interest. Comparing it to how politicians' expenses are covered is not a valid legal argument for businesses.

4. Furnish Your Home & Office with Business Funds as a Director:

Risk: High. Similar to point 3, while office furnishings are business expenses, claiming personal home furnishings or excessive items without clear business justification is an aggressive move. FIRS will scrutinize the primary purpose of such acquisitions.

5. Offshore Accounts (e.g., Isle of Jersey) or Citizenship by Investment:

Risk: Complex and Under High Scrutiny.

Offshore Accounts: Owning offshore accounts isn't illegal, but Nigerian residents are taxed on their worldwide income. Income earned offshore must be declared to FIRS. Failing to declare it is tax evasion with severe penalties. Global efforts like the Common Reporting Standard (CRS) make it increasingly difficult to hide offshore assets and income.

Citizenship by Investment: Gaining a second citizenship offers benefits like easier travel. However, if its primary aim is to avoid Nigerian tax obligations on income tied to Nigeria, it could be seen as an aggressive avoidance scheme or even evasion if tax laws are broken. Nigeria has rules on tax residency, and a second passport doesn't automatically exempt you from Nigerian taxes if you are considered a resident. The mention of Panama highlights the intense global scrutiny on such arrangements.

6. Employ Family Members for "Non-Taxable Minimum Wage":

Risk: Potentially High Abuse. Employing family members in a legitimate business is fine, but the payments must be for actual work done and at market rates. If the "employment" is fake, or wages are disproportionate to work, FIRS can disallow deductions. While minimum wage earners may be exempt from PAYE (Personal Income Tax) if their total annual income is below a certain threshold (e.g., NGN 70,000/month), the business still needs to justify the expense as legitimate for its operations.

7. Hire a Company Accountant or Bookkeeper:

Effectiveness: ESSENTIAL. This is the only truly sound advice. Accurate and detailed record-keeping by a professional is crucial for defending any deductions and ensuring compliance. Without it, none of the other strategies can be substantiated.

8. Designate a Room in Your House as Your Business Address; Transfer All Domestic Bills to Business:

Effectiveness: Partially works (with strict limits) / High Risk of Abuse.

Home Office Deduction: Nigerian tax law allows for a portion of home expenses (like rent, utilities) to be deducted if a part of your home is genuinely and exclusively used as a business office. This is usually pro-rated (e.g., based on the percentage of space used).

"Transferring all domestic expenditures": This is where it gets problematic. Claiming all electricity, fuel for generators (which power the whole house), etc., without clear separation or pro-ration for actual business use, is an aggressive overclaim and likely illegal. FIRS will disallow the personal portion.

9. Directors Earn Zero Salary; Only "Non-Taxable Allowances" & Aim for Refunds:

Risk: Problematic and Misleading.

"Zero Salary, Non-Taxable Allowances": While some legitimate expense reimbursements are non-taxable, disguising significant payments as "non-taxable allowances" to avoid income tax is a common form of tax manipulation and will likely be challenged as an attempt to hide taxable income. Director's fees are generally taxable.

Refunds from Losses: You only pay tax on profit. If a business genuinely incurs more allowable expenses than income, it reports a loss, and no tax is due. However, if these "losses" are created artificially by claiming personal expenses as business deductions, FIRS will re-assess, disallow the improper deductions, and then tax, along with penalties, will be due. Aiming for consistent annual refunds in such a scenario would trigger deep audits.

10. Year 1: Capital Loss; Year 2: VAT Refunds... "Undertaker Buried":

Risk: Aggressive and Misleading.

Capital Loss: Businesses can genuinely incur capital losses. However, engineering a "capital loss" for tax purposes without a genuine economic reason (or by misclassifying expenses) is a red flag.

VAT Refunds: Businesses can claim back input VAT (paid on purchases) if it exceeds output VAT (charged on sales). This is a standard process if a business is genuinely VAT registered and has legitimate transactions. However, presenting this as a general strategy to "bury" the tax system suggests pushing the boundaries beyond legitimate VAT mechanisms.

If you use this same energy used in typing all these in abid to pressure struggling and poor citizens, to force our politicians to stop embezzling public funds first, I think you would not need to convince citizens to pay tax.
Talk of putting the cart before the horse.
Except you're somehow directly or indirectly benefiting from the ongoing rip-off

Omoh, I have lost about 300k on CILEASING and counting, should I sell and cut my loss?

I need to invest in my education before continuing to participate in the stock market. So I can decide for myself and stop following what people are saying here.

God abeg

yMcy56:
July resumed generally on a green note....

Meanwhile, CUTIX is trading at day's high, 3.60 ATM...
Board meeting rescheduled for 9th July, 2025......

NB arriving Km60

Happy New Month @All.

I know you are not part of those that speak in parables here. You have a very good record on this platform. Please i need to know what you mean by this statement " Cutix is trading at day3 high 3.6 ATM....." thanks

Neimeth is doing very well. Impressive movement over the last few weeks. This stock market can be sweet o

Ginalex:
The volumes in NB ehn... Money dey this country

You don catch "insect eye"

As your Yoruba friends to translate for you

Agbalowomeri:
You don catch "insect eye"

As your Yoruba friends to translate for you

Okay. @Oga Agba epp me to translate it

Ourown:
Omoh, I have lost about 300k on CILEASING and counting, should I sell and cut my loss?

I need to invest in my education before continuing to participate in the stock market. So I can decide for myself and stop following what people are saying here.

God abeg

Hold your nerves

When an athlete gets up from the bed, you need some time to warm up before you sprint...

djo120920:
Some people trade only for excitement. Some others have different strategies so they do not see what we see. I am only praying that Transcorp and Sunu and UCAP do not move until i have enough funds to load them up. I have not yet bought enough units. The kind of bed that prices of thise stocks have formed ehn, when they finally move, I expect it to be a sprint.

Ourown:
Omoh, I have lost about 300k on CILEASING and counting, should I sell and cut my loss?

I need to invest in my education before continuing to participate in the stock market. So I can decide for myself and stop following what people are saying here.

God abeg

which education, is better to be in the market than timing the market wait it out, that way you are also learning , patience, enderances to build a better emotional tolerance . My two cent , loss is also winning . you dont loss until you sell

PETERiCHY:
Another Crossdeal of 50m units was done on JAPAULGOLD this morning @t #2.15k.

LOCO abeg don't bother joining this SHIP 🚢

BARGAIN HUNTERS TAKE NOTE!

Like ELLAHFLAKES like JAPAULGOLD,

SMART Traders DON'T be LEFT OUT,

BARGAIN HUNTERS TAKE NOTE!

jonnysessy:
I know you are not part of those that speak in parables here. You have a very good record on this platform. Please i need to know what you mean by this statement " Cutix is trading at day3 high 3.6 ATM....." thanks

That is, it's trading at highest price in the market for today's trading......(ATM means At The Moment)

Trade band for each day is: plus or minus 10% from previous closing price.
* So today, highest price it can trade is 3.60......and it's trading at N3.60

Last closing price: 3.28
Today's 10%: 3.28 x 10% = 0.328
* Lowest price for today: 3.28-0.32 = N2.96
Highest price for today: 3.28+0.32 = N3.60

** It's currently on full bid @3.60

stokfrick:
If you use this same energy used in typing all these in abid to pressure struggling and poor citizens, to force our politicians to stop embezzling public funds first, I think you would not need to convince citizens to pay tax.
Talk of putting the cart before the horse.
Except you're somehow directly or indirectly benefiting from the ongoing rip-off

In China,embezzlement of public funds is a more severe crime than armed robbery; but in Nigeria, armed robbery is more severe than embezzlement of public funds.

Nigeria can never attain its full potential without the severe criminalization of treasury looting.

Ginalex:
Okay. @Oga Agba epp me to translate it

I am not competent. I be Calabar man