₦airaland Forum

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?

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

It looks after recruiting u for the propaganda of failed government. They drafted u to investment thread. U think we are children on this investment thread..lol

mikeapollo:
Please remember to factor-in the impact of currency devaluation.
In 2010, a foreign investor with $1,000 would be able to buy shares worth about N120,000 on NGX
In 2025, the same $1,000 will buy shares worth N1,500,000

So looking at the nominal figures and percentages alone will give deceptive and inaccurate picture.

So why didn’t this same factor work in Buhari’s era against Jonathan. The currency also officially depreciated from 197 to over 300 as at 2017 and was almost 500 in the parallel market at that time (from 216 under Jonathan).
Also in the 8 years of Buhari up to 2023, when the official currency depreciated to 450 and the parallel market 750 (almost 3.5 times depreciation), there wasn’t a better inflow of FPI compared to what was found under Jonathan or Obasanjo.

unite4real:
in fact if one starts with N20 million capital and selling after 10% gain each time, one will need just 6 round trips to surpass the N150 million threshold.

And they want us to believe they are coming for the high net worth guys?

many JIJO traders will hit this figure with little capital, starting with less than 15% of the N150 million threshold.

govt will end up scamming us

How do you treat the issue of reinvestments. Each jijo round is actually a reinvestment and ought to be exempted from tax. I think aggregate in the context of the tax law means total sale from a pool.
Lets say a person with 1million units for Aradel worth 500million, decides to sell N20million units 8 times within a year his aggregate would certainly be N160million.

But another person with total holding of N20million does jijo 8 times. Each jijo is a reinvestment not necessarily an aggregate for tax purposes.

Agbalowomeri:
You can have 20m portfolio and your total sales within a 12month period can gross above 150m

Through transaction turnover

ositadima1:


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?

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.

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.

Mpeace:
How do you treat the issue of reinvestments. Each jijo round is actually a reinvestment and ought to be exempted from tax. I think aggregate in the context of the tax law means total sale from a pool.
Lets say a person with 1million units for Aradel worth 500million, decides to sell N20million units 8 times within a year his aggregate would certainly be N160million.

But another person with total holding of N20million does jijo 8 times. Each jijo is a reinvestment not necessarily an aggregate for tax purposes.

FIRS will have their job all cut out on this matter. They are going to see the total chaos everywhere. they are looking at the cumulative turnover in all shares put together and not what each delivers

Mpeace:
How do you treat the issue of reinvestments. Each jijo round is actually a reinvestment and ought to be exempted from tax. I think aggregate in the context of the tax law means total sale from a pool.
Lets say a person with 1million units for Aradel worth 500million, decides to sell N20million units 8 times within a year his aggregate would certainly be N160million.

But another person with total holding of N20million does jijo 8 times. Each jijo is a reinvestment not necessarily an aggregate for tax purposes.

Exactly!
So after selling the shares, how would govt distinguish or identify reinvestment from withdrawal? Once the shares are sold, the units leave your NGX/CSCS portfolio and funds are warehoused with the trading broker who may reinvest(buy other shares) or transfer cash to the investor bank account
Will govt connect their IT systems to monitor when the investor reinvests (buys other shares) either through the same broker, or through the same CHN number, or when the broker transfers the proceeds of shares sold to investor's bank account?
What happens if the investor uses or transfers his shares to a different trading CHN account, different broker etc

ositadima1:
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.

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

ositadima1:
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.

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/

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:
So why didn’t this same factor work in Buhari’s era against Jonathan. The currency also officially depreciated from 197 to over 300 as at 2017 and was almost 500 in the parallel market at that time (from 216 under Jonathan).
Also in the 8 years of Buhari up to 2023, when the official currency depreciated to 450 and the parallel market 750 (almost 3.5 times depreciation), there wasn’t a better inflow of FPI compared to what was found under Jonathan or Obasanjo.

You have to apply the same principle for all the years, for a fair and balance comparison. That is why we have ''nominal'' and ''real'' growth numbers in Economics. It is not because of any particular govt. But if we don't that, we will be making wrong analysis or comparison.

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.

mikeapollo:
Exactly!
So after selling the shares, how would govt distinguish or identify reinvestment from withdrawal? …
Will govt connect their IT systems to monitor when the investor reinvests (buys other shares) either through the same broker, or through the same CHN number, or when the broker transfers the proceeds of shares sold to investor's bank account?
What happens if the investor uses or transfers his shares to a different trading CHN account, different broker etc

The TIN will sort that out

Streetinvestor2:
whr did u see this line of argument in what he shared. Whr did u see that the 150 million must be in an individual nigeria stock. Abi eye dey pain me.what I saw is aggregate oh

Law dey one kind. It depends on how you read it. But courts often read the law as a whole to understand the intendment of the law maker. I have attached the law as shared by Ositadima.
If you look at the provisor to Section 34 (1)(a) you will notice the law makes reference to "in any Nigerian company"
Go down to 34(1)(a)(iii) which he coloured yellow you will then notice the law talking about acquisition of shares "in the same or other Nigerian companies"

By necessary legal inference "in any Nigerian company" talks about one and the same company, (when the law dealt with disposal)

When the law wanted to bring in other companies in terms of acquisition or reinvestment, it used the phrase "in the same or other Nigerian companies"


We have not seen the interpretation section for more clarity.

PETERiCHY:
Edited

I meant to say "though and not thought"

BARGAIN HUNTERS TAKE NOTE!

Amen in Jesus' name

First Registrar is one of the worst Registrar in Nigeria. With 6 Fake phone numbers on their website.

Instead of complaining, let us all sending protest emails to SEC and NGX on the bad practices of First Registrars

https://www.youtube.com/watch?v=vQ_cYr3Nd2Y

Midday Update on the NGX for today's trading session

ositadima1:
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.

He should show us the FDI which is the most important against all this yrs.Let see the true investment they have been able to attract into the country and not just hot money

Streetinvestor2:
I will definitely look for it to buy
No vex u don ever go court go represent/defend someone..lol
Abi na only agent commission u sabi

He doesn't even understand what I said

unite4real:
FIRS will have their job all cut out on this matter. They are going to see the total chaos everywhere. they are looking at the cumulative turnover in all shares put together and not what each delivers

No doubt they will make a demand notice for the aggregate but it is up to you to raise those exemptions.
That is where annual returns will come in.
You all will have to seek services of accountants to make returns for tax purposes or to claim exemptions, if not they will claim tax on both taxable and non taxable profits

Panadee:
The TIN will sort that out

So what happens if I have more than 1 TIN?
Don't tell me it is not possible

SonofElElyonRet:
Amen in Jesus' name

U have an interpretation to make up thr @ Mpeace post
I am still looking for the drugs

mikeapollo:
You have to apply the same principle for all the years, for a fair and balance comparison. That is why we have ''nominal'' and ''real'' growth numbers in Economics. It is not because of any particular govt. But if we don't that, we will be making wrong analysis or comparison.

What principle? I compared 2017 to 2025 for a reason.

GeneralDae:
What principle? I compared 2017 to 2025 for a reason.

The principle of ''nominal'' and ''real'' numbers as two different bases for comparison in Economics.

[3quote author=SonofElElyonRet post=136956878]
He doesn't even understand what I said [/quote]Don't worry I didn't see it as insult or anything else. I saw it as name of drug..lol

mikeapollo:
The principle of ''nominal'' and ''real'' numbers as two different bases for comparison in Economics.

This is the list in dollars if we use Chatgpt:

2016 — −1,709,750,000 (≈ −$1.71 billion).
2017 — −8,509,290,000 (≈ −$8.51 billion).
2018 — −6,105,134,000 (≈ −$6.11 billion) (annual figure shows a very large negative year; CEIC reports the Sep-2018 low of −$6.105bn which dominates 2018).
2019 — −2,059,911,607 (≈ −$2.06 billion).
2020 — −237,417,621 (≈ −$0.24 billion).
2021 — −84,405,392 (≈ −$0.08 billion).
2022 — 1,181,398,385 (≈ $1.18 billion).
2023 — 2,155,553,703 (≈ $2.16 billion).
2024 — 13,350,000,000 (≈ $13.35 billion).

GeneralDae:
This is the list in dollars if we use Chatgpt:

2016 — −1,709,750,000 (≈ −$1.71 billion).
2017 — −8,509,290,000 (≈ −$8.51 billion).
2018 — −6,105,134,000 (≈ −$6.11 billion) (annual figure shows a very large negative year; CEIC reports the Sep-2018 low of −$6.105bn which dominates 2018).
2019 — −2,059,911,607 (≈ −$2.06 billion).
2020 — −237,417,621 (≈ −$0.24 billion).
2021 — −84,405,392 (≈ −$0.08 billion).
2022 — 1,181,398,385 (≈ $1.18 billion).
2023 — 2,155,553,703 (≈ $2.16 billion).
2024 — 13,350,000,000 (≈ $13.35 billion).

This is simply borrowings in naira/ dollars to defend ur naira after devaluation nothing special using short term instruments.
Some will start maturing soon
Show the figures for real investment....FDI

Streetinvestor2:
This is simply borrowings in dollars to defend ur naira after devaluation nothing special using short term instruments.
Some will start maturing soon
Show the figures for real investment....FDI

Okay.

Panadee:
The TIN will sort that out

I totally agree with you. As long as CGT is not treated as WHT which is taken from source, it's only when the money hits the account that you are taxed, reinvested money/aggregate sale will not be taxed until it hits the account.

GeneralDae:
Okay.

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