₦airaland Forum

Akinlot:
If it is on a first bank letter headed paper, with proof of investment followed by a 13 digit number at the top left hand corner then there's nothing wrong with it

Mine has never had any signature or stamp and I have always gotten paid when due

Thanks, Akin. My concern is that my account is a Diaspora account. I have attached the letter I did 2M for 91 and was successful, but now I have increased the amount for 364 days. I want to be sure that I did purchase the TB, not that one account officer will use the money for another thing and resign. I am following one case involving 10M with one First Bank staff, FB sacked the staff, but the customer hasn't been refunded his money.

freeman67:
Is been a while I have done TB but with the knowledge of what I used to do. I will say the contents of this your post is actually what first bank's TB certificate of investment contains.

However, your worries are germaine. Usually, after this; (Your faithfully For: First Bank of Nigeria) There is always an (authorised Signatory column above which the signature of the officer (s) assigned with the responsibility signs) in majority of the branches, it will carry 2 signatories one on the left and another on the right but some branches will carry only one. Also, some branches will Stamp it with a stamp that has inscriptions like;Team Lead Finance or that bears the name of the branch, some will also go as far as affixing postage stamp on it while others will not bother putting any stamp but in all thereis always a signature for the bank.

Also, they always print two copy and ask you to write original collected by me on the duplicate that will be left with them.

You should have asked them why the document was not signed by their any of their rep. That's not normal. They must be at least a signature.

But does it mean that after your money has been debited for the tb, your account statement would not show it , just curious.

femiaction:
Thanks, Akin. My concern is that my account is a Diaspora account. I have attached the letter I did 2M for 91 and was successful, but now I have increased the amount for 364 days. I want to be sure that I did purchase the TB, not that one account officer will use the money for another thing and resign. I am following one case involving 10M with one First Bank staff, FB sacked the staff, but the customer hasn't been refunded his money.

Wow! Things are happening in Nigeria o. Why have they not refunded him, is it not showing in his account that money was debited for tb

BKings:
But does it mean that after your money has been debited for the tb, your account statement would not show it , just curious.

If or when your money is debited for TB your account statement will show the debit but not the details of the contract/investment. A certificate or proof categorically states the terms of the contract like: the investment amount and discount value, the rate, the tenure, the charges and commission etc.

femiaction:
Thanks, Akin. My concern is that my account is a Diaspora account. I have attached the letter I did 2M for 91 and was successful, but now I have increased the amount for 364 days. I want to be sure that I did purchase the TB, not that one account officer will use the money for another thing and resign. I am following one case involving 10M with one First Bank staff, FB sacked the staff, but the customer hasn't been refunded his money.

I understand your worries, contact first bank head office via phone to verify if a treasurybill transaction occurred on your account, with this you should be okay. I also followed that news regarding a fixed deposit scam, henceforth I will contact or visit another first bank branch to confirm my treasurybill.

Pls who has today's auction result?

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vanvickie:
Pls who has today's auction result?

enque:
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Tnks a lot

enque:
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Well done. Rate dropped across all tenure

For secondary tbills, is interest paid upfront too?

Yes

kristien4:
For secondary tbills, is interest paid upfront too?

18 March 2036 FGN bond coupon payment received on time. The benefits of patience and compounding

skydiver01:
18 March 2036 FGN bond coupon payment received on time. The benefits of patience and compounding

Enjoy the loot chief

Good day everyone.

To those that understand this new tax requirement very well. From next year, willl the new tax reform affect our TB and MMF? Lot of misinformation online.

I will try

Odunharry:
Enjoy the loot chief

squad1:
Good day everyone.

To those that understand this new tax requirement very well. From next year, willl the new tax reform affect our TB and MMF? Lot of misinformation online.

I thought tax is already being paid by the % deducted from the profits. Any other deduction will be double taxation.

Monies transferred must be well NARRATED and possibly safer when invested into these including bonds and fixed deposits.

Is there auction this week

Aside the tax u are paying On Treasury bill and fixed deposits,u are not bound to pay additional tax.

Read below for better understanding.



Home Financial Literacy
How Nigeria’s 2026 Tax Reforms affect your income, business and Crypto
Kalu Aja by Kalu Aja September 21, 2025

Company tax
Nigeria has passed a comprehensive review of taxes, which will take effect on January 1st 2026. In this post, I will highlight a few changes on the personal side, the implications and how you can get tax relief.

Just so you know, this information is provided for educational purposes only and should not be considered tax or financial advice. Please consult your tax or professional adviser.

If you earn personal income below N800,000, you pay zero income tax. Your company has a turnover below N50m, and you pay zero corporate income tax. The significant change under this tax law is that you have to invest or make certain purchases to avoid taxes.

Tax avoidance is legal, tax evasion is illegal
Under current law (until December 31, 2025), you receive 20% of your gross income, plus a N200k or 1% of your gross income, whichever is higher, as tax relief automatically. The new law does not make this automatic; instead, you must make an investment to claim a deduction.

Invest in what?
Open and contribute to a Retirement Savings Account
Buy life insurance for you and your spouse
Open and contribute to the National Health Insurance Scheme
Open and contribute to the national housing fund
 ⁠If you pay rent, you get 20% relief on rent paid, subject to a cap of N500,000
Scenarios
I am currently unemployed, but my uncle in the US sends me $100, which is paid into my Nigerian bank account.

News continues after this ad

Do I pay income tax? On N100,000 paid into my account? No, below N800,000, but I pay other taxes like VAT, electronic transfer
I buy BTC with my N100,000, sell for N200,000, make N100,000 profit, do I pay income tax on N100,000? No, below N800,000, but I pay other taxes like VAT, electronic transfer
I buy BTC with my N100,000, sell for N2,000,000, and make N1,900,000 profit. Do I pay income tax on N1,900,000 profit? Yes, income above N800,000, plus  I pay other taxes like VAT, and electronic transfer
 ⁠I buy BTC with my N100,000, but under my company name, sell for N2,000,000, and make N1,900,000 profit. Do I pay income tax on N1,900,000 profit? No, profit made under the company name, but I pay other taxes like VAT, and electronic transfer.
Does my business pay tax on N1,900,000 profit? No, turnover less than N50m, but the company pays other taxes like VAT, electronic transfer
Do you have a registered company?
You are taxed on the income you earn, not on the assets you own.

Let’s also review investment vehicles.

Crypto Assets: If you own 1 BTC, you pay no tax. If you sell 1 BTC at a loss, no tax is due. If you sell 1 BTC at a profit, you pay tax. Staking BTC? Yes, income from staking is taxable.


Bank Accounts: if you have N1m in your current account earning no interest, there is no taxable income. What if that N1m is moved to your savings account, and you earn 10%? Then you pay tax on the 10% interest earned, not on the N1m.

What if someone transfers cash to your account? This creates a transaction record. Will you pay tax? If the cash moves into your interest-bearing account, yes, on the interest earned. I believe your bank will report the interest earned to NRS.

Are all transfers to and from your account subject to tax? Tax is not solely assessed on your bank balance; authorities will review your transactions to identify taxable activities. Your transactions may be used as a basis for an assessment based on best judgment. Translation? Please don’t deposit non-business checks into your account.

Bonds? FGN bonds are tax-exempt, meaning interest earned is tax-free.

Insurance? Premium payments are tax-free when you purchase a policy and pay premiums.

Retirement savings account? Contributions are tax-free, growth is tax-free, and withdrawals are also tax-free.

Rent? You are entitled to a relief of 20% of the tax paid, subject to a maximum of N500,000.

Stocks? Holding? No tax.Selling at a profit? Pay tax on the profit.

What if it’s a gift or inheritance? Generally, no tax.

What should you do next?
Get tax advice. Gather your friends, contribute money, and hire a tax professional to speak to your “club” and pay the fees. Hire an accountant

Businesspersons should keep receipts and documentation, scan them, and file them. Use more cards and fewer cash transactions to create an audit trail. Hire an accountant.

Remember, it is the income generated that is taxable, not the asset itself.

Emzedz:
Is there auction this week

Next week

Outcome of the MPC meeting

STRATEGY TO WIN DURING LOW RATE REGIME

Low rate in the fixed income space should not translate to no investment.

The truth is that a low-interest-rate regime is actually beneficial for the economy, as long as inflation continues to decline.

How do you win during a low-rate regime?

If you must invest in fixed income, opt for mutual funds that have bonds as their underlying assets. The rate of bonds is still much better than short-term instruments like treasury bills during a low-rate regime.

If you decide to stick to MMF, try to have at least two fund managers; this will help you have an average of two different rates combined. The fund that has a more consistent upward trend in rate takes a larger chunk of your investable funds, all other things being equal.

Consider investment in stocks. Though stocks are considered risky when compared with MMF, stock investment has great returns in three ways:
1. price appreciation - buy low, sell high
2. cash dividend payment, sometimes as regular as twice or even quarterly in some stocks
3. Bonuses, ie, payment of dividend using shares instead of cash, this in turn increases your holdings without additional cash commitment from your pocket.

When you buy fundamentally sound and regular dividend-paying stocks, you are sure of your returns and able to beat inflation, hence a real return is achievable.

Also consider a Real Estate Investment Trust (REIT); there are a few in Nigeria - SFSREIT, UPDCREIT, and UHOMREIT. If you don't have huge funds to buy physical property, a REIT is the best way to go if you want to enjoy rental income without owning a property.

Instead of the MDBs, use MMF to keep your cash; it will always have a better rate than a savings account.

Try a business if you can and are available. There are more business activities during a low rate regime because the currency seems to have higher purchasing power, and businesses can borrow cheaply compared to a high inflation and high rate regime.

Remember, it's better to have a low rate, which results in low interest and keep investing, than no investment, which means no interest at all.

For more on investment matters (mutual funds and stocks), reach out to me.

I wish you all a productive week ahead.

Why is this place so silent?

Helinuss:
Why is this place so silent?

People are busy making and counting their money

Helinuss:
Why is this place so silent?

Lol rate shopping. Decline in Tbills rate compared to last year and early this year etc

Our renowned thread founder has aptly responded

feelamong:
People are busy making and counting their money

Odunharry:
Lol rate shopping. Decline in Tbills rate compared to last year and early this year etc

yeah, the rate decline is something else, i just hope it goes up a little before year end

Does anyone know when the next Treasury Bill auction is scheduled to take place?

TopKol:
Does anyone know when the next Treasury Bill auction is scheduled to take place?

2nd Oct,

Good morning, my people.

Please I sent a mail to stanbic to invest in treasury bills like I used to do in the past.

They sent me this link - https://treasurybillsqsp.stanbicibtc.com/#/investment.

Please has anyone invested via that link before and how was the experience?

Please I need opinions.