₦airaland Forum

We all will witness it soon[/quote].

If i want to write about my displeasure with Stanbic brokers ehn, the volumes of pages would be more than that of the Harry Potter series.

"People rise to their level of incompetence", it seems same applies to organizations.

Like someone rightfully said, Stanbic is victim of its own success. The market would regularize; evaluate it’s level of incompetence and trim the business down to the appropriate size

"Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.” - Warren Buffett

emmaodet:
"Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.” - Warren Buffett

Are you interested in the banking sector now?

nosa2:
Are you interested in the banking sector now?

Tbh, I am not a fan of banking sector for now

emmaodet:
Tbh, I am not a fan of banking sector for now

"Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.” - Warren Buffett

I refer you back to your quote

Lol. Or price manipulation in advance of a large, follow-on private placement or debt raise. Who knows which?

No disrespect, but you are too optimistic about this stock. A little cynicism is a good trait for an investor.

SonofElElyonRet:
I think it's logical to assume that Ellah's PO was fully subscribed until the contrary is proven. The price action shows confidence in the stock by the "more informed" and "privileged insiders"

Which banks will likely acquire FCMB and Sterling Bank?

essentialone:
Which banks will likely acquire FCMB and Sterling Bank?

Acquire kwa??
Haba na.
In a worst case scenario, they would do a license downgrade. I think we're reading too much into this capitalization.


Most of the banks are already over 5x above the threshold, if not for CBN's gymanstics of discounting retained earnings.


Highest Bolaji will do PP via Chapel Hill Denham instead of allowing FCMB to be taken over.

nosa2:
Are you interested in the banking sector now?

Oga Nosa you really rate these banks o

Tax Compliance in Nigeria: A Structural Incentive Problem

One of the most significant challenges facing taxation in Nigeria—particularly voluntary compliance—is the absence of meaningful incentives for taxpayers.

In functional tax systems, compliance is reinforced by visible public benefits. In Nigeria, however, most citizens and businesses privately provide what taxes are ordinarily meant to fund:

Electricity: Businesses and households generate power independently through generators or solar solutions.

Water: Most Nigerians drill boreholes or purchase water privately.

Infrastructure: Roads, drainage, and waste management are largely inadequate or privately funded.

Healthcare: Over 95% of citizens lack effective health insurance, and public hospitals are poorly equipped to handle anything beyond basic ailments.

Security: Individuals and businesses increasingly rely on private security arrangements.

Governance: Persistent corruption and mismanagement undermine confidence that tax revenues are used for public good.

While a 30% corporate tax rate may appear competitive when benchmarked against developed economies, Nigeria itself is not competitive in terms of public service delivery. Tax rates cannot be evaluated in isolation; they must be assessed relative to the value of citizenship and the quality of state-provided services.

In practice, there is little tangible benefit to citizenship that justifies such a tax burden.

The Compliance Dilemma for Professionals
As accountants and tax practitioners, we are positioned as agents of compliance. This role becomes ethically and professionally uncomfortable when compliance cannot be defended on substantive grounds.

In my experience as an accountant in the private sector, even business owners who were financially capable—and who paid taxes in jurisdictions like the United States—often asked a simple question: “Why should I comply in Nigeria?”

The honest answer was usually limited to:
- Avoidance of penalties
- Avoidance of audits and enforcement actions
- Beyond that, there were few credible arguments.

Convincing a business owner who funds 24/7 power, water, security, and healthcare out-of-pocket, or an employee paying PAYE in an environment of high inflation, limited healthcare access, and declining living standards that taxation is “beneficial” is increasingly difficult to justify.

Comparative Framing Is Misleading

Comparisons between Nigeria and countries like the UK are fundamentally flawed.

In the UK:
- Healthcare is universal
- Electricity is stable
- Waste disposal is handled by local councils
- Security and infrastructure are reliable
- Inflation is relatively controlled

A 30% tax rate in such an environment funds services that citizens tangibly experience.
Applying similar rates in Nigeria without equivalent service delivery ignores critical economic and institutional realities.

Reform, Resistance, and Reality
Opposition to recent tax reforms by firms like KPMG and other professionals should not be dismissed as ignorance or resistance to change. Many critics understand the reforms fully but question their practical legitimacy in the Nigerian context.

There is also a growing acknowledgment—rightly or wrongly—that:

The cost of full compliance often exceeds the cost of non-compliance, and

Enforcement remains inconsistent, while public trust remains low.

This creates a system where moral persuasion fails, and compliance becomes purely coercive.

In conclusion, taxation is ultimately a social contract. Where the state persistently fails to deliver basic services, that contract weakens.

Until Nigeria significantly improves governance, transparency, and service delivery, tax reforms alone—no matter how well designed—will continue to face deep resistance.

Professionals cannot sustainably “sell” compliance without believing in the value proposition behind it.


Bottom line

Most tax practitioners only interested in avoiding taxes for their clients in every legal way possible.

If it means exploiting loopholes, fine by me.

Akinwande Deborah Omowunmi
Bsc Msc ACA ACTI CMC

Agbalowomeri:
Oga Nosa you really rate these banks o

Unless the auditors and regulator are complicit/useless, then the numbers for the banks reach for person to rate them

I recall when he was pushing GTCO and many were not interested. He must have cashed out big when it hit N100.

Agbalowomeri:
Oga Nosa you really rate these banks o

Almost 3 months now, and CSCS hasn't sent trade alerts even though they've been charging for it.

Over 15k per month for me.

Maybe they should allow us opt out.

My insight for this week:


https://www.youtube.com/watch?v=n3mbudjcZwY

Naija and its anyhowness...

awesomeJ:
Almost 3 months now, and CSCS hasn't sent trade alerts even though they've been charging for it.

Over 15k per month for me.

Maybe they should allow us opt out.

Raider76:
I recall when he was pushing GTCO and many were not interested. He must have cashed out big when it hit N100.

Hehe. If it is obvious then its probably not as juicy. Shifted from GTCO to Zenith and Ecobank. Got out of GTCO at about 70+ sha and shifted focus to Zenith. The disparity in price for the two banks is illogical. Either GTCO is over-priced or Zenith is under-priced.

I expect GTCO to hover while Zenith catches up. We should eventually see Zenith trade at about N5 below GTCO

Obviously my opinion changes once full year and or Q1 results come out

Stockhunter:
Naija and its anyhowness...

I tried calling them, it just kept on saying "all our agents are currently busy" for nearly 5 minutes.


Since I have code to push, I had to drop off.

I wonder if CSCS customer service is now as busy as banks'

https://www.youtube.com/watch?v=e_LWCu3mIow

A few stocks I'd be watching closely in today's trading session on the NGX.

Abridged version in pidgin English below.

https://open.spotify.com/episode/0Z0VwJb3Yl50OOXDcHiBm7

Another thing for me with the banks is liquidity. I could sell or buy N50m worth of shares in 2 minutes.

nosa2:
Hehe. If it is obvious then its probably not as juicy. Shifted from GTCO to Zenith and Ecobank. Got out of GTCO at about 70+ sha and shifted focus to Zenith. The disparity in price for the two banks is illogical. Either GTCO is over-priced or Zenith is under-priced.

I expect GTCO to hover while Zenith catches up. We should eventually see Zenith trade at about N5 below GTCO

Obviously my opinion changes once full year and or Q1 results come out

Better for the two banks to merge.

essentialone:
Which banks will likely acquire FCMB and Sterling Bank?

Reminds me of Stanbic stockbrokers customer care line.

And when you are lucky to have your call picked, you dont get the help you need.

awesomeJ:
I tried calling them, it just kept on saying "all our agents are currently busy" for nearly 5 minutes.


Since I have code to push, I had to drop off.

I wonder if CSCS customer service is now as busy as banks'

TARGET TECHNICAL ANALYSIS COMMENTS
What is the likely direction/ movement for the all share index today?

Blistering Metals Rally Sends Gold, Silver and Copper to Records
https://www.bloomberg.com/news/articles/2026-01-14/records-tumble-as-silver-and-tin-lead-blistering-metals-rally


BARGAIN HUNTERS TAKE NOTE!!!!

essentialone:
Which banks will likely acquire FCMB and Sterling Bank?

Are they not on track to meet the recapitalisation?

faoogoke:
Reminds me of Stanbic stockbrokers customer care line.

And when you are lucky to have your call picked, you dont get the help you need.

Raider76:
Another thing for me with the banks is liquidity. I could sell or buy N50m worth of shares in 2 minutes.

You no talk 1B sef
Na so most bidders go queue up at the upper bound price unlike the less liquid stocks. People will only buy now for dividend.
What do you think they will pay as final dividend? I think most will just repeat the same thing they paid for last year

Ding

Ding!!

HesInMe:
Lol. Or price manipulation in advance of a large, follow-on private placement or debt raise. Who knows which?

No disrespect, but you are too optimistic about this stock. A little cynicism is a good trait for an investor.

Good bitl, just show me the next likely candidate for manipulation, and show me that early.
Then leave me to suffer the indignity of being 'manipulated' into the wealthy place.

We are not all here with exact same motivations. Some of use are here to amass the loot in the first place, before playing to puritanism and preservation.

For good measure, and by way of introduction, I am a Senior Fellow in the Gambling Division, which is not saying that the NGX floor where I play is a Baba Ijebu tent.

Aradel didn't waste any time in appreciating officially

If you have patient funds buy TANTALIZER before it begins to fly.



A double digit stock.