Tochex101:

Exactly sir, I struggle to see how that kind of money can be hidden.
Top 3 percentile in Lagos......(billions..)

His business in the South Western state has bank accounts, he has an account officer and the bank manager knows him.

So it will be almost impossible for him to hide, especially when he has a business that he manages. Assuming he was a fixed income or portfolio Investor it is very possible for him to hide and disguise.

Top 3 percentile in Lagos will be among the top 2 percentile in the country and that is huge

Donbrig:
Happy New Month to all fellow investors. Pls lets talk about this new duty stamp charges. 100 naira was debited from my account this morning, but it was 50naira last month, though more money was paid into my account in July.

How much have you paid for duty stamp charges so far?

How is this duty stamp charges calculated?

We have about 80million active bank accounts in Nigeria, Just imagine FG debiting about 50 to 100naira from each account every month. FG could be saving up to 7 to 8bilion naira every month. I keep wondering, if not for corruption and mismanagements, we ought to have enough money to build many of our infrastructures without borrowing or mortgaging the lives of our unborn children for loans from China or IMF or World Bank.

It is not even meant to be deducted monthly because that will create issues. Stamp duty should be charged immediately after the transaction. About 2 months back Access Bank debited all kinds of amount from various account for accumulated Stamp Duty Charge and they were forced to revert it.


Stamp duty is to be charged on any electronic transfer or deposits that is more than N10,000 made from a bank to another bank or by a third party. They may be considerations for business accounts; that I am not sure of. However, for personal accounts it is charged per transaction.

I suspect it was just a sensational way of saying the person is very rich or perhaps wealthy.

emmanuelewumi:



His business in the South Western state has bank accounts, he has an account officer and the bank manager knows him.

So it will be almost impossible for him to hide, especially when he has a business that he manages. Assuming he was a fixed income or portfolio Investor it is very possible for him to hide and disguise.

Top 3 percentile in Lagos will be among the top 2 percentile in the country and that is huge

ojesymsym:
I suspect it was just a sensational way of saying the person is very rich or perhaps wealthy.

You can have N100 million in a fixed income investment without people knowing, but you can't have a business that is worth N100 million and people won't know. As a matter of fact people will think the business is worth more than that.

emmanuelewumi:



You can have N100 million in a fixed income investment without people knowing, but you can't have a business that is worth N100 million and people won't know. As a matter of fact people will think the business is worth more than that.

Very true..! Money in can be more silent in fixed income than in real time business.

Hi.. I have 4m saved up (intended using to buy a c300 but changed my mind. I rather invest and use my leg to walk for now )

Please how best to invest it?.

I can deal with 5 percent interest rate. I just want the capital to leave my hand For a year so I can focus on my business (please don't tell me to invest in my business. I work online and I have enough to fund it)

Please suggest

freeman67:


Very true..! Money in can be more silent in fixed income than real time business.

Some fixed income investors actually do it for security reasons more than for the rate.

ojesymsym:
That entitlement mentality is one I struggle to understand. No attempt to assume responsibility for a lot of people.
Low profile works but money is hard to hide. Even if you hide it what of madam and the kids? Will they comply all the time without losing guard and one day chest beat with _do you know who I am?
Make person non catch an for Lagos one day be dat.
Being rich in a poor area seems to be a big crime in this clime

True, it could be hard to hide money because money speaks. I was in a provisions store, saw an old neighbour's but pretended not to know or see him cos I didn't want to draw attention.

He saw me picking many items because it's a weekly things for the family, he waited outside for me and asked me, are u going to so so place, I said yes, he hopped in and started the praises..oga you have tried today o, you have done well for your family, I was like I don hide reach na. As a matter of fact if I see any known neighbours in a supermarket, I won't shop.. cos people mentality differs plus the fact that I have been robbed before.

Akin3891:


True, it could be hard to hide money because money speaks. I was in a provisions store, saw an old neighbour's but pretended not to know or see him cos I didn't want to draw attention.

He saw me picking many items because it's a weekly things for the family, he waited outside for me and asked me, are u going to so so place, I said yes, he hopped in and started the praises..oga you have tried today o, you have done well for your family, I was like I don hide reach na. As a matter of fact if I see any known neighbours in a supermarket, I won't shop.. cos people mentality differs plus the fact that I have been robbed before.

Do your shopping at ShopRite, Spar or other stores that are far from your residence.

Let Madam do the shopping.

Or

You shop online, for onward delivery to you

emmanuelewumi:



Do your shopping at ShopRite, Spar or other stores that are far from your residence.

Let Madam do the shopping.

Or

You shop online, for onward delivery to you

I do visit icm once in a while but I've got this guy in my vicinity that sell at wholesale to me, hence no need to visit highbrow malls.

I just need to be careful and lie low and eventually change location.. madam do take care of provisions but I've got a large family so sometimes run out of provisions quickly.thanks for your suggestions

But how long are we gonna keep hiding from the unknown? We just have to find a way to make life more secured for everyone. Sometimes, no matter how much you hide or disguise, your life and that of your family will always be in danger, as long you are doing well in life and the majority of your neighbours are in abject poverty.

Akin3891:


True, it could be hard to hide money because money speaks. I was in a provisions store, saw an old neighbour's but pretended not to know or see him cos I didn't want to draw attention.

He saw me picking many items because it's a weekly things for the family, he waited outside for me and asked me, are u going to so so place, I said yes, he hopped in and started the praises..oga you have tried today o, you have done well for your family, I was like I don hide reach na. As a matter of fact if I see any known neighbours in a supermarket, I won't shop.. cos people mentality differs plus the fact that I have been robbed before.

No doubt recurrent expediture is a big problem in Nigeria. With low tbills since last year, FG must have saved billions of naira and reduced some debt burden.

ahiboilandgas:
bulk of revenues accrued to the Nigerian states is consumed by recurrent and debt service...the Nigeria state expends around 200 bn Naira on salaries another 80 bn on debt payments and services(tb,bonds etc)....uncessary things like boko haram wars ,bandits are also consuming over 20bn monthly......

Donbrig:
No doubt recurrent expediture is a big problem in Nigeria. With low tbills since last year, FG must have saved billions of naira and reduced some debt burden.

they anit saving anything, they are expanding recurrent expenditures ....they are doing roll overs , issuing new bonds , borriowing internationally.....soon 100 percent revenue =100 percent debt service .........National oreintation agency has 7000 staffs doing notting , while von that nobody hears and frcn both have over 15000 workers milking the system with zero impact ....

Nigeria is it currently structure is for consumptions and not developments ....774 money sharing points called local govt consumps 23 percents of all resource and they cant even built a standard's culvert....30 state will collapse without faac allocations,the fgn is been sucked dry by meanless Mdas over 602 and another conduit pipe called the National assemble....they the presidency is more of a royal kingship than governance...the presidential airfleets comprise of over 14 aircrafts larger than any private own commercial airline company operating in Nigeria ....each governor has over 30 cars in his convoy that collective over 1000 cars on the move by 36 governor overseening non bankable projects called states ...add dep gov ,speaks chairman minister senator ......

Donbrig:
No doubt recurrent expediture is a big problem in Nigeria. With low tbills since last year, FG must have saved billions of naira and reduced some debt burden.

lagos -ibadan ,2 niger bridge,kano -abuja this 3 roads needs 530bn naira to complete,east west road need 300bn naira , kano -lagos railway need 5 bn dollars ( 2 trillion naira ) ....manbilla hyro need 4 bn dollars ( 1.7 trillion) ...abuja -lokoja ? Lokoja -okene? Okene -opella ? Bida -mokuwa? .Nigeria police?Nigeria civil servant (1 million of them ) .......debt payment 1 trillion annually......total fgn share of income less than 10 bn dollars =4 trillion.....we are in deep shit

A very worrisome situation indeed. During election, every candidate always promise to reduce the costs of governance in Nigeria, but increase the cost after winning elections. Local govts are another burden on our economy, it seems to be hard to find a leader who will turn things around for us in this country. All our leaders had ended up being changed by a system they promised to change.

In Nigeria, our politicians have more money than sense.

ahiboilandgas:
Nigeria is it currently structure is for consumptions and not developments ....774 money sharing points called local govt consumps 23 percents of all resource and they cant even built a standard's culvert....30 state will collapse without faac allocations,the fgn is been sucked dry by meanless Mdas over 602 and another conduit pipe called the National assemble....they the presidency is more of a royal kingship than governance...the presidential airfleets comprise of over 14 aircrafts larger than any private own commercial airline company operating in Nigeria ....each governor has over 30 cars in his convoy that collective over 1000 cars on the move by 36 governor overseening non bankable projects called states ...add dep gov ,speaks chairman minister senator ......

For Nigeria state to have meanful developments the country need to earn around 100bn dollars annually from exports accrued to the fgn exclusively for development with mimimal corruption and competent leaders in all positions....for now it impossible for 10 bn dollar annual income to develop Nigeria and provide meanful life to 200m people......

ahiboilandgas:
Nigeria is it currently structure is for consumptions and not developments ....774 money sharing points called local govt consumps 23 percents of all resource and they cant even built a standard's culvert....30 state will collapse without faac allocations,the fgn is been sucked dry by meanless Mdas over 602 and another conduit pipe called the National assemble....they the presidency is more of a royal kingship than governance...the presidential airfleets comprise of over 14 aircrafts larger than any private own commercial airline company operating in Nigeria ....each governor has over 30 cars in his convoy that collective over 1000 cars on the move by 36 governor overseening non bankable projects called states ...add dep gov ,speaks chairman minister senator ......

The only option left is for them to continue taxing the private sector.

I learnt the budget of CBN is over N1 Trillion, NNPC is operating at a loss

What happened at NDDC is the normal thing in almost all the MDAs from CBN to NNPC, NPA, FAAN, FIRS, JAMB, INEC etc.

3% of the profits of oil companies are used to fund NDDC, what stops the government from allowing the oil companies to carry out projects and development in Niger Delta.

Thank God for the tax credit given to Dangote and others which enabled them to use what they would have paid as taxes to be used by them to develop critical infrastructures at Apapa axis

Donbrig:
A very worrisome situation indeed. During election, every candidate always promise to reduce the costs of governance in Nigeria, but increase the cost after winning elections. Local govts are another burden on our economy, it seems to be hard to find a leader who will turn things around for us in this country. All our leaders had ended up being changed by a system they promised to change.

In Nigeria, our politicians have more money than sense.

i have friends in lga that dont go to office more than 12 time in a years for the past 20 years ......a tvc documentary on a lg in enugu ...the hq has been abandon for 7 years and all staff and executive operate remotely from enugu town and ABUJA.....even the ceded bakassi still get monthly allocation from faac..

emmanuelewumi:



The only option left is for them to continue taxing the private sector.

I learnt the budget of CBN is over N1 Trillion, NNPC is operating at a loss

What happened at NDDC is the normal thing in almost all the MDAs from CBN to NNPC, NPA, FAAN, FIRS, JAMB, INEC etc.

3% of the profits of oil companies are used to fund NDDC, what stops the government from allowing the oil companies to carry out projects and development in Niger Delta.

Thank God for the tax credit given to Dangote and others which enabled them to use what they would have paid as taxes to be used by them to develop critical infrastructures at Apapa axis

once your over tax the private sector they pass the burdens to consumers or relocate out of Nigeria or bribe firs official .......Nigeria is been run by the very resilient private sector .....i travel over 2000km recently in Nigeria after 10 years of not travelling by road ....99 percent of truck accidents are caused by horrible roads ,no roads or over stress of gully roads ....

ahiboilandgas:
once your over tax the private sector they pass the burdens to consumers or relocate out of Nigeria or bribe firs official .......Nigeria is been run by the very resilient private sector .....i travel over 2000km recently in Nigeria after 10 years of not travelling by road ....99 percent of truck accidents are caused by horrible roads ,no roads or over stress of gully roads ....

Better to give big businesses the opportunity to use their taxes for the development of infrastructures.

The road constructed by Dangote on the Apapa Oshodi axis will have a life span of over 20 years before any maintenance on the road

emmanuelewumi:



Better to give big businesses the opportunity to use their taxes for the development of infrastructures.

The road constructed by Dangote on the Apapa Oshodi axis will have a life span of over 20 years before any maintenance on the road

he saved the warf -ijora part ...already ...less than 7 km the Nigeria state could not fix for 5 years ...the most important commercial route to the so called largest economic and derange gaint .....

ahiboilandgas:
he saved the warf -ijora part ...already ...less than 7 km the Nigeria state could not fix for 5 years ...the most important commercial route to the so called largest economic and derange gaint .....

It is corruption, they make money repairing the roads every year rather than finding a lasting solution to the company.

since all models have failed, perhaps this is the best model to consider, just that Naija factor will enter again and those companies will neither do the jobs non pay the tax.
But then, it has the advantage that the tax companies pay stay in the area where they generate the funds rather than go and give other states that should not be states in the first place.
Nigeria does not need more than 12 states if you ask me.

emmanuelewumi:



Better to give big businesses the opportunity to use their taxes for the development of infrastructures.

The road constructed by Dangote on the Apapa Oshodi axis will have a life span of over 20 years before any maintenance on the road

Pls kindly weigh in.
3.5m for half plot.
Location is Ajah Badore and will need sandfilling. Is it a good price pls. I'm d intended buyer not d seller

ojesymsym:
since all models have failed, perhaps this is the best model to consider, just that Naija factor will enter again and those companies will neither do the jobs non pay the tax.
But then, it has the advantage that the tax companies pay stay in the area where they generate the funds rather than go and give other states that should not be states in the first place.
Nigeria does not need more than 12 states if you ask me.

It is just a short term solution. A Dangote cement can't be paying a corporate tax of about N70 billion, withholding tax of N30 billion on dividends by shareholders and N3 billion PAYE tax by the workers of the company.

And yet the roads are not good or maintained for the ease of transporting the company's products from one part of the country to the other.

Exactly, I like your sense of reasoning. Nigeria is not supposed to have more than 10 to 12 states, but because every village wants to directly have access to FG allocation, it was IBB who started this nonsense. Even in my Edo State, some agitators are already making plans to have their own state, they just need to have someone from their village in top political office on federal level and everything will fall in place.

What a country called Nigeria.

ojesymsym:
since all models have failed, perhaps this is the best model to consider, just that Naija factor will enter again and those companies will neither do the jobs non pay the tax.
But then, it has the advantage that the tax companies pay stay in the area where they generate the funds rather than go and give other states that should not be states in the first place.
Nigeria does not need more than 12 states if you ask me.

I think Dangote owe Nigeria more than Nigeria owe Dangote, because most of his trucks are too heavy for our roads and shortens the life span of our roads, most of his goods are supposed to be transported by train if we had done our home work properly.

emmanuelewumi:


It is just a short term solution. A Dangote cement can't be paying a corporate tax of about N70 billion, withholding tax of N30 billion on dividends by shareholders and N3 billion PAYE tax by the workers of the company.

And yet the roads are not good or maintained for the ease of transporting the company's products from one part of the country to the other.

Donbrig:
I think Dangote owe Nigeria more than Nigeria owe Dangote, because most of his trucks are too heavy for our roads and shortens the life span of our roads, most of his goods are supposed to be transported by train if we had done our home work properly.

The roads he is constructing have iron rods for reinforcement, concretes and cements are used for the roads and they have a minimum life span of 20 years before they will need repairs.

Who is responsible for the construction of the railways?

If government cant construct them, why cant they handover to the private sector and the state governments, so that there will be less pressure on the roads.

The group has taken the bull by the horns, I learnt they will enjoy tax benefits for about 5 years, hopefully they will be involved in the construction of more roads ..

It is a win win for Nigerians, the government, shareholders of Dangote cement, Lafarge cement, BUA cement and Julius Berger, Flour Mills of Nigeria

Supported.

Donbrig:
Exactly. That is why it is safer to live in one bedroom flat in Ikoyi than live in a palacial mansion in Ikorodu.

emmanuelewumi:



His business in the South Western state has bank accounts, he has an account officer and the bank manager knows him.

So it will be almost impossible for him to hide, especially when he has a business that he manages. Assuming he was a fixed income or portfolio Investor it is very possible for him to hide and disguise.

Top 3 percentile in Lagos will be among the top 2 percentile in the country and that is huge

Top 3 % in lagos should be 600k people , top 2 % in the country is 4 million

I reckon if you have a net worth of 1 to 2 billion naira , you should be among both , might even be lower , considering what net worth will put you in the top 5-10 % in the usa

Now that to me is not huge , and the original poster might be correct

Would be interesting knowing what he does sha