₦airaland Forum

eniyanman:
I said you have to be UK-resident or domicile and carry a UK passport. Ha, I no fit afford accountant

If you dont do busines in the UK you probably dont need an accountant. If you are self-employed or you have business in the  UK you need an accountant to do your tax returns for you _{dey no dey joke with that kind thing over there o}as you dont get taxed like those who do 9-5 and for that you  NEED an accountant and i think they charge you about 650-800 annually but if you are not a business person or self-employed then you probably dont need to bother.

But speak to an accountant though i'm sure that mini-consultaion should be FOC

bigjay01:
bros what r u on about, if ojo stop u an d u produce the receipt, they can always run a check on your incoming funds from the a/c and verify if any is questionable. I do it all the time. In 2006 I gave a friend 10k to take home 4 me, he was stopped at LHR and the guy produced the till receipt, the customs guys just query am small pass am.

If you carry cash especially if its above a certain limit through customs i believe you have to declare it by filling in a custom's form at the point of entry

eniyanman:
It depends if you are UK-resident and carry their pali. HMRC go come ask for their share

Not strictly true if you have their 'pali' and and you are non-domiciled which means you dont spend more than 183 days in a year in UK and your main source of income is not in the UK you dont pay taxes in UK. _{i know because i fall into that category}

Do you know how many billionaires are non-domiciled in the UK and they dont pay taxes on their income UK they pay their income taxes elsewhere. There are a lot of American investment bank expats i used to work in the UK and becaue they are classified as non-domiciled they get paid in dollars and dont pay taxes in UK!

Get an accountant to advise you proper by the way.

eniyanman:
@orisebawo, @wanaj0 (patron-saint of long-termers),
that is a new dimension o. the problem is I don't know where to get the certificate. it is unlikely that the customs here will issue one (since no goods are involved and they only deal with imports into the UK). My bank can't also issue one (except maybe an export certificate). That leaves either the receiving bank or the stockbrokers themselves. I no one face money laundering charges. I want this fuds to be tracable with the banking system. I don't want to be held at Her Majesty's pleasure

How easy is it to transfer money from a Nigerian bank account to a foreign account.

I think the problem you have is because you have domiciliary account in Nigeria which means you can transact business on the account in foreign currency so if you need to repatriate the money back to UK you will need the CIC but i'm not sure though this type of account is meant for expatriates who are classified as non-domiciliary and therefore they are not taxed in Nigeria for example.

On the other hand you can open a current account in Nigeria and transfer money anywhere from the world by all means not a problem. I wanted to open a domiciliary account with UBA and they told me if i'm going to be trading stocks on the NSE i have to have a current. i transfer money between my swiss account and UK accounts and also to Nigeria. I only pax taxes in Switzerland because i'm  what they classify as 'non-dom' short for non-domiciliary so regardless of what funds i transfer to the UK i don't pay taxes because i'm taxed on my income in Switzerland (a lot better than in UK by the way if you ask me!)

I 'm non-domiciled in the UK even though i have lived in the UK for yonks because i spend less than 183 days in UK during any calendar year so that is the requirement and therefore i don't pay taxes on my income in UK i prefer to pay in Switzerland since you CANNOT be taxed twice for the same income because there is what is called a 'double taxation treaty' between all these european countries.

I sell properties in UK for example and i pay zilch (CGT) in UK as long as i declare the income in Switzerland no 'wahala'( i beg get an accountant to advise you if u r in the UK) I move money around between my UK and swiss accounts at least wifey and my son go chop now without any ' aggro' just make sure you do it through your bank. How many CIC will i need to collect if i keep moving money around all the bank accounts i operate?

Going back to your question open a current account in Nigeria and do your normal transfer infact UBA have  an online facility that allows you to transfer your dosh but i think the rate is crap but it means any money transferred to your account will be exchanged at the prevailing 'official' rate and credited to your account hope all the 'tory' answers your question!

And if you live in Nigeria it works exactly the reverse way. You pay the naira equivalent into your account in Naira and it is credited into your overseas account using the prevailing official rate of the destination country in which the bank account is

frankiriri:
Hi all.
I know I have been MIA.  Na work pressure and an unfortunate accident way happen towatds the end of last year. My younger brother was gunned down. These issues  has turned me to one of the silent readers.

Very sorry  indeed to hear this.
Somebody actually mentioned you today i think. The Lord will comfort you on every side. The name of the Lord is a strong tower and you are safe in it in Jesus name.

Naijadr:
Haha I bought at that N18.89 and after commissions, its done 21.29%, you are right, next week is time to collect some profit and then get back on board around that March time in anticipation.
I no get volume like u sha, only 10,000 but na so my pocket reach for that one

I have been over-dosing on that one since Sept-Oct last year

Infact i was pitching for that stock around that timehttps://www.nairaland.com/nigeria?topic=52566.msg1552345#msg1552345!

I predicted that the stock will be around N25 by March '08 but looks like the market has gone ahead of me not complaining sha!

My luggage on board is just a bit shy of 65KG

wanaj0:
FBN, na the donkey/ass wey we go ride enter Jerusalem!!!! That one is always on the shopping list come rain come shine (until they get old like UBN)

This your stoic advocacy of FBN i must confess sounds compelling to me! I'm actually shedding all the luggage i get for UBN and i think i might just replace it with FBN

You know that donkey u dey refer to he don tey wey he never waka so the day wey he go enter jerusalem na with style o. He no waka like other donkeys sam sam mba!

wanaj0:
Anyone on board of UNIC Hit the magical 5.00 today


UNTL still dey do the more you look the less you see.

Now who dey pursue NCR now We jsut mention am the stock don start to gain 5%


UBA and DSR still within striking distance.

UNIC: i dey on board sir and all correct and i  struck  UBA not sure it will be any closer

I beg who dey buy UNTL now? even though the factory closed down some months ago Na wa o

easimoni:
Standard Alliance is on TS, Lasaco lists 7B new shares and some peeps bought 170M units of Soveriegn Trust today!   Insurance is a minefield. I'm out.

My only exposure to the insurance stocks is in UNIC and LAW+UNION i think i feel comfortable with those

wanaj0:
Not a liquid stock

I started stocking up on this one when it was N14   ever since they released their Q2 results in Sep/Oct i think and they started telling us they are not relying on Government contracts anymore. Remember they said they had private contracts worth about N5B and they diversified into furniture and interior decoration. They  recently acquired a paints company if my memory serve me right

MyPeace:
mmhn, thank God say l don open a/c, may they will be asking for N10m minimum.

If they are forced to recapitalze to the tune of N1B of course they will definitely extract their pound of flesh or is it blood? from those who would be opening stock brokerage account then

wanaj0:
Costain is on a long haul so enjoy!!!!!!

As not too many n'landers dey on board this one with excess baggage the thing come dey light. Na helele

SavvyLanre:
abeg, my people, i cannot find that spreadsheet with the Quarterly results, Easi, you get that one too?

@Kpineo - I don learn my lesson, i no dey do spreadsheet money again (Ololufemi & Fof2, thanks for that coaching); Remember altitude & descend oh, you fit short and long before March, Oga Windy talk am too na March be koko for PHB Q3, I still see PHB touching N28 before March.

Wetin u dey talk I beg go check the closing price jare the thing don nack N29.50 today or u dey talk about something else?

wanaj0:
Costain is on a long haul so enjoy!!!!!!

na im be say i go upgrade quick quick be dat

MyPeace:
Will there be a kind of Consolidation among them?

Big-time

MyPeace:
But he assured me that they will meet up. And this guy of Philip Consulting is one of their directors. they also have some other money bag guys among them. me think they may meet.

The guy you referred to is quite good well i suppose it cant be that bad though i only need a second broker at least if dey no meet recapitalization requirements i guess they get swallowed up by a bigger stock-broking firm so not an issue really

MyPeace:
you can use citiinvestcaps, they are good, l use them. there is a thread for them on this business section, search for it and get all the contact u need. One of their staff is on that forum, he is actually my account officer and hes good.

I actually spoke with the bobo and asked him what's happening with them as per recapitalzation of stock-broking firms almost 6 months ago i still dey wait for their answer!

Hmnnnnn, Costain i think it came off suspension @N18.89 and by my estimates looks like its done ~28% give or take  in about a week! Well anything above today's closing price and in between now and end next week na jara!

Very small # of deals only 4 and its on net bid of 6.53M Hmnnn, may be i will upgrade to first-class and hang on to the flight little bit later than next week _{did i hear someone say oju kokoro}

The jet engine is turbo-charged!

blingss:
hi everyone
am looking for a good stock broker that accept 100k for initial registration.
thanks

Cashcraft(although their services as far as this forum is concerned is not anything to shout about) and citicapinvest i think they do 100k

Anybody watching Costain or is it on Autopilot? I no sabi as i dey nap for upper class business compartment

I think end of next week will be good to collect profit go do some window shopping and  go dey look for the next jet being fuelled and rejoin Costain before they release FY for April/May

ololufemi:
@ All,

I hail you oh. Its good to be back from the presumed vacation.

Had to take care of some business and I am still on it oh.

I greet everyone and thankss for the concern shown although e no too last oh.

I say humbly today, The sky is the limit for a bountiful harvest year for us all.

About the N40 million

The money is small when the NSE is concerned.
Please make una no criticise fatherof2 or I go come fight una.

If the guy took the facility and invested in  Oceanic around December and Sold at N39. Sold everything and plunged into the seesaw insurance sector, he for dey smile now and for dey close to write off that loan with interest. He will now trade that off and move into FCMB or Oceanic, The guy for just resign from work later this year.

Abi,

Ride on Fatherof2.  I dey your back solidly.

My N40 million guy, believe and keep faith and you shall achieve.

Welcome back on board! easimoni  tell us say u go count your millions somewhere we no go see your rear-light so i presume say u don finish now.

Anyway i beg make sure my seat on AIR PHB no dey occupied by anybody i go check say Costain get enough fuel wey go reach for FY due in March and in between dey look for terminal where GTB jet dey. You fit keep my seat on PHB warm i go reconnect before Q3 in March definitely and  hope to have a safe landing  and also planning to reconnect before FY in June-July. I need to segment my flights so the whole journey no go become one long-haul boring flight.  Ha! Ha! Ha!

Dem talk am say if you stay too long inside economy class u fit get economy class syndrome disease and as i no dey fly economy class i no sabi wetin that one be. Over to you the medicos in the house

A beg how uncle Jim now? and wetin he dey plan for visafone now as he don get UAS license. I hear say Mubadala(major shareholder in EMTS and investment agency from UAE) and Etisslat the Telecomms operator also from UAE are planning a 70% shareholding in EMTS(the Nigerian telcomms operator) and the rest 30% will be held by nigerians so me dey wait for that one o!

So wetin oga Jim dey do for visafone as he don dey newspaper say them go dey roll out  their services starting January abi he wan do another MTN for us?

wanaj0:
I no like UBA but for LONG term, they are well position provided cowboy Tony does not land them in EFCC or CBN wahala. The guy has a penchant for breaking all banking rules. Other bankers fear him!!!

Well i suppose if the guy no take am easy the new 'oga' at EFCC will soon be extending an invitation to him. Was he in charge when UBA was fined about $3M in NY for money-laundering scam a while ago?

wanaj0:
And you still get mouth to complain about Access??

Bought UBN at 18.00, got 1 for 3 many times. the initial quantity that I bought and still have almost double the initial quantity left. That said, they are wack now so dispose fast.

I no like UBA but for LONG term, they are well position provided cowboy Tony does not land them in EFCC or CBN wahala. The guy has a penchant for breaking all banking rules. Other bankers fear him!!!


Well, Nigeria will rather own 100% of nothing than 10% of something. Still got some Savannah bank shares wey I fit dash you as my beloved one

UBA is short-term play for me anyday!

There is still the matter of 25KG excess baggage of WEMA i still dey carry after sheddding a lot of weight  them no gree make i carry am on board WEMA train can you imagine?_{dey never reach the level to dey fly jet} so i fit exchange that one for your savannah the sticky issue is in what ratio should we exchange

wanaj0:
If not you go get another Savannah Bank for hand

Well as Tribune don talk am say Yar adua wan buy savananah for him people so as to re-balance the 'perceived' inequality the dead may rise again

wanaj0:
Abeg commot UBN from that list. It has done me well but right now, na NFA them be. No Future Ambition!!!!! If not you go get another Savannah Bank for hand. The mangement put excellence on ineptitude. Planninga core investor when CBN has said, foreign control of the top 10 banks or so will not be allowed.

ACCESS and UBN are coming off that list for defo. Bought ACCESS for N1.65 and UBN N20_{Oluwa seun!} i'm about 350KG in weight for both stocks so wetin i go buy again?

wanaj0:
ha ha ha.

No cement company, no conglomerate, no petroleum marketing? na wa OOOOOO That's too much exposure to a particular sector long time.

I still have stocks in the Conglomerate, Food, cement and Petroleum marketing. However, I am hadrly in love with any (apart from FBN and GTB). For the others, once you are considered OVER value, na strigh away SELL instruction. If you like hit moon after that, na your own be that. Must always lock in profit nad rebalance my portfolio.

I get hand for a lot of other sectors but those are short-term 0-3 months and everything else in between good for CICO and RO-RO_again! for ACCESS, ZENITH,OCEANIC, INTERCONT,UBN i no dey touch those ones they are 'sacred' cows

I dey on board PHB, DIAMOND fully and eyeing SKYE bank and i'm seriously on board  with Costain with one leg inside GTB _{still dey wait for that one sha}and Ikeja Hotels etc etc make i continue? but all those ones  are short-term play for me. Make i mention CI Leasing or is it UBA?

Got the gist?

wanaj0:
Nestle issued bonus for year end Dec 2002 and Dec 2006. 1 for 4 in both instances.

They normally do it partly to correct the price. Due to sentiments and emotions, it is easier for a 1.00 stock to gain 5% than for a N200.00 stock. You know peoples perception is that a N200.00 stock is more expensive than a N10.00stock especially when we are in the same sector. Imagine First Bank @ N40.00 and Unity Bank @ N100.00 due to share reconstruction. What do you think will happen to Unity bank shares. That's why I love Soludo's plan to knock of some zeros from the naira. That way, things 'look' cheap all over again.

What you have just said corroborates the point i was trying to make they have only issued bonus twice in 4 years! i wouldnt mind that at all.

If you realise that 5% of N200  gives you N40 is a lot more tangible than 5% of 10N which is 50k. If i bought a stock for N200 and for every N1.00 i spent buying that stock i'm getting 20k appreciation i think it makes a lot more sense than 5k i will be getting for every N1.00 i have spent buying the N10 stock. Until we still divest ourselves of the mentality on the NSE that the more you cut a cake into pieces  the bigger is what comes to you i think all these issues with share construction/reconstruction will not go away!  

If your analogy with FBN and Unity bank by some fluke happens to hold true then i suppose Unity bank would probably not exist as we know it today that comparison na helele

pumping777:
@wanajo

Ha. You just touched on my point. I am not "complaining" that the banking stocks are losing value. I am just looking at it that it may not be the right time to dive deeper into the sector pending when the sentiments change. So if the price of the banking stocks will be these way until the next batch of results I want to put my money to work elsewhere.

My trading portfolio has very limited banking stocks. Despite the volumes and capitalization, I have realized that I don't get significant gains from banking stocks short term.

In my little experiece so far, my non-banking stocks have consistently outperformed banking stocks in the short term. Yes, my long term portfolio has about 40% banking stocks but that is a different kettle of fish.

The only stocks in my long-term portfolio are banking stocks and everything else is in the trading portfolio short-term from 0-3 months and everything else in between to borrow FO2 catch-phrase good  for CICO or RO-RO. Come to think of it ACCESS might have to go in the trading portfolio now as things now stand and UBN dont see an upside there anymore!

wanaj0:
Not looked at the market closely so was not focussing on those little little stocks. You can however check Aluminium Extrusion. But if everyone on Nairaland placed an order, too bad!!! Today na only two deals of 4,750 units were done.

NCR don commot for ground so I no dey track that one again. I look for small companies whose products are in high demand or being turned around.

If you can get Thomas Wyatt also, na money be that!!!

I'm sure FO2 don clear NCR commot for ground i remember him mentioning it a while ago! As for Thomas Wyatt anybody wey  get pls give us a shout.

Deap capital i chase am so tey no show so wetin person go do now?

easimoni:
It's a case of pick your poison; do you want a stock with a high nominal price or a stock with 20B shares. I prefer the high nominal price. I believe as the market gets more sophisticated, people will see that the cake does not get bigger as you cut it into more pieces (borrowing Wanaj0 phrase). They should all reverse split jo! The march to the 100s is inevitable.

I suppose it is only on the NSE that people believe that the more you cut the cake into pieces the bigger it becomes. That is 'trickle-down' economics in my book

easimoni:
It's a case of pick your poison; do you want a stock with a high nominal price or a stock with 20B shares. I prefer the high nominal price. I believe as the market gets more sophisticated, people will see that the cake does not get bigger as you cut it into more pieces (borrowing Wanaj0 phrase). They should all reverse split jo! The march to the 100s is inevitable.

That would be fine if they are not going to be issuing  bonuses left right and center. Look at Nestle it has a high nominal price but i cant remember the last time they issued a bonus and it is a good quality stock any day steady growth with no unnecessary stock dilution which adds value to the stock and shareholding.

The penchant for issuing  'bonus' with a view to artificially inflating  the share price is the problem i have with all these coys

pumping777:
Insurance is neutral. Ups and downs evenly spread. There are even 5% gains.

These bank stocks are slowly but steadily losing value. The interest in the sector is just not holding despite all the "good" results we have seen so far.

For most peeps on the NSE banking stocks will be about ~30-40% of their portfolio so i suppose this is inevitable

wanaj0:
Inter was the first to hint of share reconstruction. Not sure how that will help the share price going forward!!!

Yeah if that is true that will not help the share price at all. This is one of the life-long stocks in my portfolio. The question for me is do i want to be left holding a stock priced N80? that's assuming they do a 2:1 reverse split