Austine Chinedu

God 📖My Operating System is HolySpirit||Food Technologist|| Entrepreneur|| Nanotechnology,Invention,Innovation|| Blockchain Enthusiast

[email protected]

[Sunil Gurjar, CFTe @sunilgurjar01]

This 4 hour masterclass of Warren Buffett and Charlie Munger will teach you more about investing than a $200,000 MBA from any business school on the planet.

Bookmark this & give it 4 hours this weekend, no matter what. It's the most productive thing you can give your weekend.

[MJ👑 @iam__Jezreel]

She is not your queen. She is your wife.

Modern culture tells men to put their wives on a throne. Scripture tells wives to honor their husbands as their earthly lords.

The Bible never once calls a wife a "queen." But it does point us to Sarah, who "obeyed Abraham, calling him lord" (1 Peter 3:6).
It also describes holy women as those who "were subject to their own husbands" (1 Peter 3:5).

God did not design marriage as two equal rulers negotiating power. He established an order. The husband is called to lead. The wife is called to submit. The husband is the head. The wife is the helper.

For decades, men have been told, "Happy wife, happy life," "Treat her like a queen," and "Worship the ground she walks on." The results speak for themselves. Marriage has not become stronger by abandoning God's design.

A wife flourishes when she gladly follows her husband's leadership, just as a husband flourishes when he leads with wisdom, strength, and sacrificial love.

God's pattern is not outdated.

It is timeless.

[Austine Chinedu @austineziddy]

@TomolaGroup I’M IN

[Mohammed @Mansaah_Musa]

HOW TO DETERMINE THE WORTH OF YOUR COMPANY

There are several ways to determine a company's net worth, depending on the purpose.

1. Simple Method (Book Value)
Net Worth = Total Assets − Total Liabilities

Example:
Cash: ₦50 million
Buildings & Equipment: ₦150 million
Inventory: ₦30 million
Total Assets = ₦230 million

Bank Loans: ₦80 million
Supplier Debts: ₦20 million
Total Liabilities = ₦100 million

Net Worth = ₦230 million − ₦100 million = ₦130 million

2. For a Listed Company
Net Worth (Market Value) = Share Price × Number of Outstanding Shares

Example:
Share price = ₦50
Shares outstanding = 1 billion
Market value = ₦50 billion
This is often called the company's market capitalization.

3. For a Private Company
Investors often use Net assets (book value)
Annual profit
Revenue
Comparable company valuations

For example, if a company earns ₦100 million profit annually and similar businesses sell for 5× earnings:
Estimated Company Value = ₦100 million × 5 = ₦500 million

4. If You Own Part of the Company
Your Net Worth in the Company = Company Value × Your Ownership Percentage

Example:
Company value = ₦500 million
You own 40%
Your stake is worth ₦200 million.

[Ndubuisi Ekekwe @ndekekwe]

Question: “Should I invest in SpaceX IPO”
For my response, I have shared my thesis which I also discussed in Tekedia Capital WhatsApp Group. The summary is this: “…probably not…. SpaceX is a remarkable company. It has transformed the economics of space launch, built a dominant satellite business, and created technological capabilities that few organizations in human history have matched. But a great company does not automatically become a great investment at every price.

Consider the numbers. SpaceX reportedly generated less than US$20 billion in revenue last year. Meanwhile, Nvidia is approaching US$300 billion in annual revenue and is producing extraordinary profits. Yet Nvidia's valuation is around US$5 trillion. Google's parent, Alphabet, is generating about US$400 billion in annual revenue and still trades below that level.

The question therefore is not whether SpaceX is great. The question is whether a company with roughly US$20 billion in revenue can justify a US$1.8 trillion valuation and then compound sufficiently from there to generate venture-style returns.”

Continue reading as it is a long one https://t.co/15Yd9WkFlz

[Olufemi AWOYEMI @OlufemiAwoyemi]

Real Quiet Power...

BlackRock, Vanguard, and State Street Global Advisors (SSGA) are the "Big Three" asset managers controlling over $22 trillion combined, as of 2024, and holding around 20% of S&P 500 company shares. "They are the largest shareholders in 88% of S&P 500 firms, influencing corporate governance in sectors ranging from tech to energy. "

[Austine Chinedu @austineziddy]

@themoneyafrica Yes

[Austine Chinedu @austineziddy]

@themoneyafrica Yes

[Olufemi AWOYEMI @OlufemiAwoyemi]

Tactical Non-Binding Recommendations for Investors

Rotate toward Float-Adjusted Index constituents: The +1.11% WTD performance of the memorandum Proshare Float-Adjusted Index during a week when the broader market declined signals institutional preference for fundamentally weighted stocks. Portfolio managers should increase allocations to counters within this index, which filters for liquidity, governance, and earnings quality.

Maintain overweight positions in Oil & Gas and Banking: With Oil & Gas delivering 52.07% YTD and Banking up 24.82%, these sectors offer the strongest combination of momentum, fundamental catalysts (oil production recovery, recapitalization-driven earnings), and relative valuation support. Short-term pullbacks should be viewed as entry opportunities, not exit signals.

Reduce exposure to speculative Growth stocks: The NGX Growth Index declined 9.74% WTD, reflecting profit-taking in momentum plays and regulatory scrutiny of speculative trading. The Zichis Agro-Allied suspension is a warning that regulatory enforcement will intensify on counters exhibiting price manipulation or weak governance. Avoid low-float, low-liquidity names regardless of near-term momentum.

Use Insurance sector weakness tactically: Despite a 0.62% weekly decline, Insurance remains +14.34% YTD, driven by recapitalization mandates. The sector offers defensive positioning with regulatory tailwinds. Weakness creates entry points into fundamentally sound underwriters with clear capital-raising paths.

Prepare for consolidation, not correction: Market breadth and cumulative YTD returns suggest this is a healthy pause after strong gains, not a structural reversal. Expect range-bound trading in the 190,000-195,000 range on the @ngxgrp ASI, with breakout direction determined by Q1 2026 earnings releases and CBN monetary policy signals. Position for selective accumulation rather than defensive de-risking.

In summary, as profit-taking halts the three-week rally, consolidation, not capitulation, takes over. Look out for the Weekly @cisnigeria 'CMO' Stock Recommendations Update released on Mondays, for information purposes.

READ MORE>>>> https://t.co/5mqlwz7nr5 via @proshare @TheAnalystNG

[TOP G @menscoach1]

Modern marriage is no longer about building together.

Many women want the benefits of marriage, but none of the responsibilities.

They want a wedding, not a marriage.
They want a provider, but they do not want to submit.
They want a loyal man, but they want to keep their options open.

And the worst part is, society teaches men that if the marriage fails, it is always the man’s fault.

Men are told to “do more,” “communicate more,” “pay more,” and “understand her more.”

But nobody tells women to respect, appreciate, and protect the man’s peace.

That is why many men fear marriage today, because they fear being punished for trying.

[Orbion @cryptorbion]

My predictions for the next 3 months:

Feb: Direct U.S. strikes on Iran
Feb: SPY closes the week at 666
Feb: Assassination attempt on Trump
Mar: Gold at $3,850, Silver at $55
Mar: U.S. Congress formally declares war on Iran
Mar: Major equity crash, Black Friday / Black Monday
Apr: Emergency rate cuts below 1 percent + start of QE

Bookmark this and come back in April

[Mex Asher @Thatnsukkaboy_]

A Pastoral Reflection on Alcohol, Sobriety, the Heart, and the Spirit-Filled Life.

Liturgy, at its deepest level, is first a matter of the heart, the spirit, and the soul, before it is ever a matter of the head. It is not a cerebral performance. It is the Church offering herself, heart first, to God. The mind bows, but the soul leads.

The question of alcohol is often framed too narrowly: Is it a sin or not?

Scripture, however, asks a deeper and more searching question: What forms the soul, governs the heart, and preserves spiritual alertness?

While the Bible does not present alcohol as inherently sinful, it consistently warns against its power to dull judgment, weaken self-control, and compete with the influence of the Holy Spirit. For this reason, many believers—especially those pursuing depth, discipline, and maturity—wisely choose to steer clear of alcohol altogether.

This choice is not rooted in fear or legalism, but in love for holiness, clarity of conscience, and devotion to Christ.

1. The Bible Condemns Drunkenness, but Calls Us Higher Than a Technical Line
Scripture clearly forbids drunkenness (Eph. 5:18; Gal. 5:21). Yet the Bible’s emphasis is not merely on avoiding excess, but on maintaining sobriety, a state of spiritual alertness, self-possession, and readiness before God.

Repeatedly, believers are exhorted to be:
sober-minded,
watchful,
self-controlled,
alert in prayer.

Drunkenness is not presented as a sudden collapse but as a progressive yielding of control. This means the danger begins before visible impairment. Alcohol does not suddenly seize mastery; it invites it gradually.

Thus, the question is not simply “How much is too much?” but “At what point do I begin to yield influence?”

2. Alcohol Is Designed to Alter the Inner State
Alcohol is a psychoactive substance. Its purpose is not nourishment, but alteration of mood, inhibition, and perception. Even in small amounts, it works by relaxing restraint and dulling alertness.

This raises a sobering pastoral concern:
If a believer drinks for the effect, not merely for taste or custom, then the heart has already crossed a line.

Scripture never commends the pursuit of altered consciousness. Instead, it commands:
“Be filled with the Spirit.”
The contrast is intentional. The believer is not to seek relaxation, courage, joy, or escape from a substance, but from the active presence of God.

3. The Blurred Line Problem: Why “Moderation” Is Spiritually Fragile
Many Christians appeal to moderation, but moderation assumes a line that can be clearly seen and easily held. Alcohol, by its very nature, blurs discernment.

By the time someone feels they are “getting drunk,” something has already shifted internally. Judgment has softened. Restraint has loosened. The will has begun to yield.

This makes alcohol a poor companion for those called to:
watchfulness,
prayer,
moral clarity,
disciplined living.

Wisdom recognizes not only what is permitted, but what is dangerously ambiguous.

4. The Heart Test: Why Intent Matters More Than Quantity
Scripture consistently addresses the why before the how much.

Before a believer ever takes a drink, the heart must be examined:
Is this for enjoyment of taste or for relief, escape, or emotional regulation?,
Would I be disappointed if I felt no effect?,
Could I stop easily, without inner resistance?,
Would I be just as content without it?.

If alcohol begins to serve a role as comforter, stress reliever, social lubricant, it has moved into territory that belongs to God alone.

5. Sobriety Is Not Just Moral—It Is Spiritual

The New Testament repeatedly links sobriety with:
prayer,
spiritual vigilance,
resistance to temptation,
readiness for Christ’s return.

Anything that competes with these realities must be weighed carefully.

The believer’s life is not oriented around personal indulgence, but around availability to God. The question is not, “Can I still function?” but “Am I as spiritually responsive as I could be?”

6. Why Many Believers Choose Abstinence
For these reasons, many Christians, particularly leaders, intercessors, and those pursuing depth, choose abstinence as an act of wisdom.

They abstain because:
Sobriety protects discernment,
The heart is subtle and easily deceived,
Witness matters in a broken world.

Self-control is precious
The Spirit’s influence must not be diluted.
This abstinence is not a badge of superiority. It is an offering of devotion.

[Michael Yaw Antwi @mikeautoplug]

She doesn't sugarcoat!!

-Word

[PaulsCorner-VerseQuest @TNTJohn1717]

🚨‼️If you pay attention to the Pastoral Epistles, you will notice that Paul never once asked Timothy to update the gospel to make it more palatable to the Greek mind or less offensive to the Jewish conscience. He did not send Timothy to buy candles, fog machines, or marketing packages. He sent him with doctrine. And doctrine, when preached straight, does not charm the flesh; it crucifies it. That is why most churches today have substituted personality for preaching and ambience for authority. They are terrified of being offensive, even though the Book says the preaching of the cross is a stumbling block and foolishness to the world (1 Corinthians 1:18 to 23). Paul never apologized for that.

One of the most terrifying verses in the Pastoral Epistles is not about the Devil but about Christians. “They will not endure sound doctrine” (2 Timothy 4:3). He did not say they would not endure heresy, bad music, or long services. He said they would not endure sound doctrine. In other words, the problem in the last days would not be the absence of churches but the absence of appetite. People will still assemble, but not to hear truth. They will gather teachers who sanctify their appetites, soothe their egos, and validate their sins. It is possible to be religious, moral, busy, sincere, and completely allergic to Scripture. That is a strange disease, but it is epidemic.

The reason doctrine matters is not because Christians need more information but because men are saved, sanctified, stabilized, and steered by truth, not feelings. Churches that trade doctrine for vibes produce spiritual toddlers, easily manipulated by anything with a Bible verse and a smile. Paul told Timothy to take heed to the doctrine, “for in doing this thou shalt both save thyself, and them that hear thee” (1 Timothy 4:16). Doctrine saves the minister from error, the congregation from deception, and the gospel from mutation. When doctrine collapses, everything collapses, worship, holiness, evangelism, marriage, and conscience. It is the backbone of the Christian life. Remove the bones and all you have left is a puddle.

The irony is that the devil does not care if you believe the Bible is true as long as you never preach it with authority. He does not mind Bible studies that turn into therapy sessions or expositions that turn into motivational speeches. He does not mind churches as long as they produce no soldiers, no preachers, no missionaries, no martyrs, and no discernment. That is why the Pastoral Epistles are so violent to the modern religious spirit. They demand clarity where we demand ambiguity. They demand holiness where we demand tolerance. They demand endurance where we demand convenience. And in doing so, they remind us that the church was never designed to impress the world but to rebuke it and rescue men from it.

[Olufemi AWOYEMI @OlufemiAwoyemi]

SEC Clarifies AUM-Based Capital Rule for Fund Managers, Revises Threshold to 0.1%, and Other Concerns

@SECNigeria has clarified that fund and portfolio managers are required to hold regulatory capital equivalent to 0.1 per cent of their Assets Under Management (AUM), correcting an earlier interpretation of its Revised Minimum Capital (MC) framework issued on January 16, 2026.

SEC stated that the previously inferred 10 per cent AUM-based capital requirement does not apply. According to the SEC, “the applicable capital requirement for fund and portfolio managers with assets above the prescribed threshold is 0.1 per cent of Assets Under Management (AUM), and not 10 per cent.”

The clarification follows feedback from industry stakeholders (See other concerns below) who warned that a 10 per cent capital requirement would have imposed an excessive and impractical burden on asset managers, potentially distorting portfolio economics and restricting market growth.

The update relates specifically to provisions referenced in SEC Circular Number 26-1 on revised minimum capital requirements for regulated capital market entities. All other elements of the circular, including fixed capital increases for brokers, issuing houses, market infrastructure institutions, and digital asset service providers, remain unchanged.

The adjustment also reduces the risk of forced restructuring or capital misallocation within Nigeria’s asset management industry, while preserving the SEC’s broader objective of strengthening market stability. Yet, there remain concerns from other trade groups, including custodians, registrars, trustees and rating agencies.

Concerns and Matters Requiring Clarifications

Proshare's analysis of the full circular text identifies key clarifications on scope boundaries, compliance mechanics, and enforcement posture that operators must now factor into recapitalisation strategies. Here, we highlight a few that immediately jump out:

Scalable Capital Provisions for Large Asset Managers
A critical detail overlooked in our initial coverage is the circular's scalable capital formula for large fund and portfolio managers.

While Tier 1 managers face a baseline ₦5 billion requirement, Section 4 includes a note with significant implications: "Any Fund and Portfolio Manager with NAV/AuM of more than ₦100.00 billion should have a minimum of 10% of the NAV/AuM as capital."

This provision means that asset managers with portfolios exceeding ₦100bn face capital requirements that scale proportionally. This formula translates to capital requirements far beyond the baseline figure and creates recapitalisation challenges on par with Tier-1 commercial banks. This has now been responsibly reduced to a regulatory capital equivalent to 0.1 per cent of their Assets Under Management (AUM).

Tier 2 Fund Managers: Scope Constraints and Growth Ceilings
The circular's Tier 2 fund manager category, requiring ₦2 billion in capital, contains a critical operational constraint that limits growth potential: "Management of CIS with limited pooled fund creation of not more than 10 times the required capital (₦20.00 bn) on Net Asset Value (NAV)."

This provision caps Tier 2 managers at ₦20bn in collective investment scheme assets, regardless of market demand or operational performance. Fund managers whose CIS portfolios approach or exceed ₦20bn must either upgrade to Tier 1 (requiring ₦5bn capital) or cease growth, a binary choice with profound strategic implications.

The growth ceiling creates a "regulatory cliff" where successful Tier 2 managers face forced recapitalisation to continue expanding. This mechanism appears designed to prevent undercapitalised operators from accumulating systemic portfolios, but it also constrains mid-tier operators' ability to compete with larger peers without substantial equity infusions.

Non-Bank Custodians: Formula-Based Capital Calculation
The circular introduces a novel formula-based capital requirement for non-bank custodians, departing from fixed minimum capital thresholds used for other operator categories, and this formula establishes a ₦50bn baseline capital requirement, the highest fixed threshold in the entire circular, plus an incremental 0.1% of total assets under custody.

This mechanism ensures that custodial capacity cannot outpace financial resilience, a safeguard that prevents undercapitalised custodians from concentrating excessive systemic risk. Yet, it may not be as clear-cut.

The ₦50bn baseline effectively restricts non-bank custodial services to well-capitalised financial institutions or dedicated custodial platforms backed by substantial equity. Smaller operators cannot enter this segment, concentrating custodial services among a narrow set of institutions, a structure consistent with global custody models where market concentration is accepted as the cost of systemic safety.

Category Discontinuations: Receiving Bankers and Regulatory Evolution
The circular lists "Receiving Banker (Banker to an Issue)" under Section 4(H) with a 2015 minimum capital of ₦200m but designates the revised requirement as "N/A." This notation suggests the Commission may be phasing out or consolidating this licensing category, potentially folding receiving-banker functions into issuing-house or underwriter licenses.

The SEC needs to come out and say which one it is – further guidance on whether existing receiving banker licenses will be grandfathered, allowed to lapse, or converted to alternative categories is required.

Transitional Relief: Case-by-Case Discretion Without Guaranteed Outcomes

READ MORE>>> https://t.co/WcFv4YiuAs via @proshare @TheAnalystNG

[SparkED @Afghan_Engineer]

Every fuse in your car might be small, but it plays a huge role in protecting your wiring, sensors, actuators, and ECU from dangerous electrical surges. When a short circuit happens, the fuse “takes the hit” so your electronics don’t have to.

[Stocks World @anandchokshi19]

Top 10 Global Monopoly Stocks:

1️⃣ NVIDIA (NVDA) → The “brain” of AI
2️⃣ Palantir (PLTR) → The world’s data brain
3️⃣ Meta (META) → The social universe
4️⃣ Google (GOOGL) → The gateway to knowledge
5️⃣ Axon (AXON) → Security technology
6️⃣ Tesla (TSLA) → AI driving the real world
7️⃣ Amazon (AMZN) → The backbone of global logistics
8️⃣ ASML (ASML) → The key to chip manufacturing
9️⃣ TSMC (TSM) → The factory that builds the world’s brains
🔟 Microsoft (MSFT) → The enterprise software empire

[Taiwo Oyedele @taiwoyedele]

𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞 𝐭𝐨 𝐊𝐏𝐌𝐆: 𝐎𝐛𝐬𝐞𝐫𝐯𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐧 𝐍𝐢𝐠𝐞𝐫𝐢𝐚’𝐬 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐋𝐚𝐰𝐬

---𝘉𝘺 𝘗𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘍𝘪𝘴𝘤𝘢𝘭 𝘗𝘰𝘭𝘪𝘤𝘺 𝘢𝘯𝘥 𝘛𝘢𝘹 𝘙𝘦𝘧𝘰𝘳𝘮𝘴 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦

We welcome all perspectives that contribute to a shared understanding and successful implementation of the new tax laws. We acknowledge that a few points raised by KPMG are useful, particularly where they relate to implementation risks and clerical or cross-referencing issues. However, the majority of the publication reflected a misunderstanding of the policy intent, a mischaracterisation of deliberate policy choices, and, in several instances, repetitions and presentation of opinion and preferences as facts.

𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐨𝐛𝐬𝐞𝐫𝐯𝐚𝐭𝐢𝐨𝐧𝐬

A significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either:

- the firm’s own errors and invalid conclusions,
- issues not properly understood by the firm,
- missed context on broader reforms objectives,
- areas where KPMG prefer different outcomes than the choices deliberately made in the new tax laws, and
- obvious clerical and editorial matters already identified internally.

While it is legitimate to disagree with policy direction, disagreements should not be framed as errors or gaps. KPMG would have been more effective if the firm adopted a similar approach like other professional firms who engaged directly providing the opportunity for clarifications and mutual-learning.

It is equally important to distinguish between policy choices designed to achieve the reform objectives and proposals that merely represent a firm's preference.

𝐏𝐨𝐥𝐢𝐜𝐲 𝐂𝐡𝐨𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐂𝐥𝐚𝐫𝐢𝐭𝐲 𝐨𝐧 𝐑𝐞𝐟𝐨𝐫𝐦𝐬

1. Taxation of Shares and the Stock Market

Contrary to the presumption that the new tax provisions on chargeable gains would trigger a sell-off on the stock market, the fact is that the applicable tax rate on share gains is not a flat 30%. The tax framework is structured from 0% to a maximum of 30%, which is set to reduce to 25%. Furthermore, a significant majority of investors (99%) are entitled to unconditional exemption, with others qualifying subject to reinvestment.

The market's performance, which is at an all-time high with increased investment flow, demonstrates investors understanding that the tax changes will enhance the fundamentals of firms both in terms of profitability and cash flows. The sell-off narrative is unsubstantiated as any disposals in December 2025 would have benefited from the re-investment exemption or enhanced deductions under the new law.

2. Commencement Date and Transition

The suggestion to set the commencement date as the start of an accounting period (e.g., 1 January 2026) takes a narrow view of the complex transition issues. A wholesale reform affects myriad issues beyond the accounting period, spanning multiple periods, different bases of assessment (preceding year, actual year), as well as issues related to audit, deductions, credits, and penalties. Limiting the commencement to a single date for accounting periods would fail to address the intricacies of continuous transactions and other transition matters. KPMG’s proposal is therefore not a “gold standard” to be applied to all new laws as suggested.

3. Indirect Transfer of Shares

The new provision to tax indirect transfer of shares is a policy choice aligned with global best practices and BEPS initiatives. Its objective is to block a long-exploited tax loophole by multinationals and other investors, not to affect competitiveness. This is a common provision in international tax, and the assertion that it may affect the country's economic stability is disingenuous.

4. VAT Exemption on Insurance Premium

KPMG's point regarding a specific VAT exemption on insurance premium is technically unnecessary, as an insurance premium is not a "taxable supply" defined under the Nigeria Tax Act. Insurance relates to risk transfer, not the supply of goods or services subject to VAT. As this has always been the administrative and legal position, a specific amendment for exemption is academic. If it is not broken, don’t fix it.

𝐈𝐬𝐬𝐮𝐞𝐬 𝐑𝐞𝐟𝐥𝐞𝐜𝐭𝐢𝐧𝐠 𝐌𝐢𝐬𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐁𝐲 𝐊𝐏𝐌𝐆

5. Inclusion of 'Community' in Definition

The concern about the inclusion of “community” in the definition of a ‘person’ but its omission from the charging section does not constitute a gap or ambiguity. In statutory interpretation, definitions provided in the law apply wherever the defined term appears, unless the context requires otherwise. Hence, ‘person’ and ‘taxable person’ are used in the charging section, and both definitions include ‘community.’ This approach is consistent with modern legislative drafting principles, which use comprehensive definitions to streamline operative provisions and avoid redundancy. This is similar to the inclusion of partnerships and executors in the definition but not under the charging section. The use of the word “includes” further signifies that the list of taxable persons is not exhaustive.

6. Joint Revenue Board (JRB) Composition

The composition and mandate of the Joint Revenue Board (JRB) are intentional. Its policy advisory role is specifically to provide a subnational tax and revenue perspective that complements the fiscal policy mandate of the Ministry of Finance. Its membership is appropriately limited to revenue-focused agencies, which is why it is called the Joint Revenue Board. This is a similar composition under which the former JTB operated effectively, and its functions remain consistent with the need for inter-agency coordination.

7. Distinction in Dividend Treatment

KPMG's analysis appears to mix the distinction between a foreign-controlled company and a foreign operation of a Nigerian company. Dividends distributed by a foreign company cannot be "franked" since no Nigerian Withholding Tax (WHT) would have been deducted. Section 162(1)(s) confers exemption on dividend, interest, rent, or royalty derived from outside Nigeria and brought into Nigeria through approved channels. The choice to treat dividends distributed by Nigerian companies differently from foreign companies is a deliberate policy choice, as they are fundamentally different for tax purposes.

8. Non-Resident Registration and Final Tax

The view that a payment subject to deduction as final tax should automatically exempt the non-resident recipient from tax registration misses a critical distinction. While the law conditionally exempts passive income from registration, the deduction of tax on non-passive income is not synonymous with an exemption from registration or filing of returns. The same way that residents are required to file returns on income such as interest (in the case of individuals) and dividend where WHT is final. Returns serve a broader purpose beyond solely generating tax revenue.

𝐊𝐏𝐌𝐆’𝐬 𝐏𝐫𝐨𝐩𝐨𝐬𝐚𝐥𝐬 𝐓𝐡𝐚𝐭 𝐖𝐨𝐮𝐥𝐝 𝐔𝐧𝐝𝐞𝐫𝐦𝐢𝐧𝐞 𝐊𝐞𝐲 𝐑𝐞𝐟𝐨𝐫𝐦 𝐎𝐛𝐣𝐞𝐜𝐭𝐢𝐯𝐞𝐬

9. Tax on Foreign Insurance Premiums

The proposal to exempt foreign insurance companies from tax on premiums from insurance written in Nigeria to deepen penetration, while local insurance companies continue to pay tax, would be detrimental to the domestic insurance sector. This would create an unfair and harmful competitive disadvantage for local firms in their own market. The current policy is designed to protect and promote local industry and ensure a level playing field.

10. Parallel Market Forex Deduction

The new law disallows tax deduction for the difference where a business buys foreign exchange in the parallel market at a premium over the official rate. This is a critical fiscal policy choice designed to complement monetary policy, strengthen, and stabilise the Naira. By removing the tax subsidy for patronage of the parallel market, the policy aims to reduce incentives for round-tripping and redirect legitimate FX demands to the official market. This is policy congruence, not an error.

11. VAT Compliance-Linked Deductibility

The non-tax deduction for taxable transactions on which VAT has not been charged is a necessary anti-avoidance measure. It removes the advantage that some taxpayers previously enjoyed by patronising suppliers who evade VAT. This is a matter of fairness and is squarely within the control of a business to manage, especially given the provision for the self-charge of VAT. It also ensures that responsible businesses play their part in promoting voluntary tax compliance across the ecosystem.

12. Progressive Personal Income Tax

While KPMG acknowledges the reform objective of fairness and progressivity, the firm disagrees with a top marginal tax rate of 25% for the highest earners. In reality, the effective tax rate can be as low as 22% for an individual earning billions a year simply by contributing 10% to pension. This rate is competitive when compared to many other countries, including Angola 25%, Egypt 27.5%, Ghana 35%, Kenya 35%, the U.S. (Federal) 37%, South Africa 45%, and the U.K. 45%. So, the rate is not “oppressive” or one that will negatively affect economic growth as claimed, rather it ensures progressivity without compromising competitiveness. From a broader policy objective perspective, the increase in top marginal rate for high income earners and the reduction in corporate tax rate is designed to address the existing higher tax burden associated with business formalisation.

𝐅𝐚𝐥𝐬𝐞 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐅𝐚𝐜𝐭𝐮𝐚𝐥 𝐄𝐫𝐫𝐨𝐫 𝐛𝐲 𝐊𝐏𝐌𝐆

13. Police Trust Fund

The Police Trust Fund was signed into law on May 24, 2019, with a six-year lifespan under section 2(2) of the Act, which ended in June 2025. Therefore, KPMG's point that the new tax law should be amended to repeal the taxing section of the Police Trust Fund Act is needless, as the provision no longer exists.

14. Small Company Verification

The analysis concerning the tax exemptions for small companies affecting large companies' obligations is not a new issue or an inconsistency in the new law. The small business threshold was introduced via the Finance Act 2021. This issue pre-dates the current tax laws and should not be presented as an error or omission simply by virtue of a higher tax exemption threshold under the new law.

𝐖𝐡𝐚𝐭 𝐊𝐏𝐌𝐆 𝐋𝐞𝐟𝐭 𝐎𝐮𝐭

While acknowledging the objectives of the reform, KPMG could have highlighted the major structural improvements under the new laws, including:
- simplification and tax harmonisation,
- the scope for reduction in corporate tax rate from 30% to 25%,
- expanded input VAT credits for businesses,
- tax exemption for low-income earners and small businesses,
- elimination of minimum tax on turnover and capital, and
- improved investment incentives for priority sectors.

A balanced assessment would have recognised these transformative elements, among others.

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐖𝐚𝐲 𝐅𝐨𝐫𝐰𝐚𝐫𝐝

The tax reform is the result of an extensive consultation with various stakeholder groups in addition to the legislative process that included widely publicised public hearings, avenues intended for all stakeholders including international firms to provide technical expertise at the formative stage.

In any comprehensive overhaul of a nation’s tax framework, clerical inconsistencies or cross-referencing gaps may occur, and these are already being identified within the government. The tax reform represents a bold step toward a self-sustaining and competitive Nigeria.

An effective review needs to connect identified gaps to clear policy intents and the reality of modern-day tax systems within the context of economic development and global competitiveness.

At this stage, the effectiveness of the tax law depends on administrative guidance, clarifications from the tax authority, and regulations to complement precise statutory provisions where necessary pending future amendments.

We urge all stakeholders to pivot from a static critique to a dynamic engagement model, which allows for clarifications and a productive partnership in the implementation of the new tax laws.

[Matt Wallace @MattWallace888]

Pretty amazing! Here is how the United States captured the President of one of the largest countries on earth 👀

[Shubham @aShubhamz]

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6) Parkinson's Law: It implies that if more time is given to complete a task, it will likely consume that entire time, often resulting in less efficiency.

7) Pareto Principle (80/20 Rule): This principle suggests that in many situations, 80% of the effects come from 20% of the causes.