Abiodun Kolade

Proudly 🇳🇬 made | change agent | Project management | Market Research B2C B2B| Operation and Process management

[Nigeria Stories @NigeriaStories]

“The law does not allow anyone to pay for bail at any police station. If you’re asked to pay for bail, simply walk outside and call the IGP”

~ Nigerian police spokesman says

[Oloye Akin Alabi @akinalabi]

There are no blanket rules. It depends on individual plans and ambition. I’m an investor in the Nigerian stock market and here’s what I think.

1. For transfer of shares (for example, in case you pass), using a company makes sense. The company owns the shares so when you transfer ownership of the company, the beneficiary owns all assets.

2. If you want to borrow against the shares or raise capital, this route makes more sense than personal.

3. For tax purposes, I prefer using personal name. It’s more complex with a company.

4. Management issues: For a company, filing NRS returns, audit etc, it’s cumbersome.

Like I said, there are no hard and fast rules. My general principle is that under N1B, you can still keep in your name.

[Abiodun Kolade @koladeinfo]

@markgoldbridge Working fine here pls

[Mohammed Jammal @whitenigerian]

Sunday Sermon for Married Men. Should we repost far and wide???

[Tuchel @Officially_Kriz]

Tony Elumelu reveals his most regrettable decision.

He says he shouldn't have merged Standard Trust Bank with UBA.

STB was the 5th largest bank while UBA was the 3rd largest bank. So the merger opened a door for another player

And also there were a lot of integration issues.

[Akin Akinwale @mrlurvy]

Kola Oyewo 🕊️

[Kalu Aja @FinPlanKaluAja1]

If you are thinking of buying SpaceX, then please watch the video

Do not buy without watching

[Bruno Fernandes @B_Fernandes8]

how can I assist you? ☕

[Abiodun Kolade @koladeinfo]

@DiianaD_ ❤️

[(fan) Trey @UTDTrey]

Their greatest player is his biggest fan 😂

[Vanguard Newspapers @vanguardngrnews]

5 things to know about the new US Green Card policy

https://t.co/qSimy1y4Ei

[Abiodun Kolade @koladeinfo]

@ManUtd Abiodun 8

[Ndubuisi Ekekwe @ndekekwe]

Good People, I am delighted to share that the Securities and Exchange Commission (SEC) Nigeria has granted my company Approval-in-Principle (AIP) to operate a new securities exchange in Nigeria. This is a full-service exchange (yes, “stock market” lol) designed to support public markets, private markets, and derivatives, covering instruments such as equities, corporate and government bonds, commercial papers, ETFs, and more.

Our mission is anchored on “exchanging prosperity” through the principle of “investment inclusion”, transforming idle money into productive capital that can uplift communities across the nation.  Roughly ₦5 trillion in circulating currency sits outside Nigeria’s banking system, largely idle and earning nothing. If we can channel even 50% of that into simple sovereign instruments, say FGN savings bonds or Treasury Bills at just 10%, that would generate about ₦250 billion in returns for citizens, while also providing the government with capital to fund development.

Extend this across state bonds and other instruments, and the implication becomes clear: Nigeria is not short of money; it is under-mobilized. Contisx aspires to become part of the solution.

We have begun the countdown to launch on our website: https://t.co/mfiGs2rhnY — targeting September 2026. We are inviting stakeholders across Nigeria to participate in this journey. How can we support your business, cooperative, or state to scale through the capital market? (The live buttons on website are not active; those will become active on launch).

I commend the leaders of our nation for the Investments and Securities Act (ISA) 2025, arguably the most consequential economic and business legislation in Nigeria since 1999. It provides the foundation upon which a new era of capital formation can be built. I am confident that the 2030s will become Nigeria’s decade of capital, and I am building with that conviction.

I also extend my appreciation to the leadership of the Securities and Exchange Commission; our Director-General, Dr. Emomotimi Agama, Commissioner Ajomale, Director Mrs. Rufai, and the entire team, for their dedication and excellence in advancing regulatory service.

Good People: “build, list, and trade on Contisx — we’re exchanging prosperity”, not just for the rise of few, but for the rise of ALL. Our flag is up in our headquarters in Owerri (regional centers in Aba, Kano, Ibadan, etc coming); we welcome you to partner with Contisx and ring the bell to prosperity.

Prof. Ndubuisi Ekekwe
Founder, Contisx Securities Exchange Plc

[Kalu Aja @FinPlanKaluAja1]

1. Drink water, put a bottle by your bedside, drink when you wake

2. Ask your friend abroad to buy your multi-vitamins. Take them daily

3. Stop taking soda and “juice”, eat the fruit with the pulp, chew an orange, don't drink orange juice.

4. Slow down on the carbs, garri, jollef and amala, and do more protein. Termites are high in protein if you can't afford beef. ( I didn't stutter)

5. Sleep longer, weekends are for sleep, not just parties and watching football.

6. Take your holidays, do not exchange them for cash and work all year round. Go to a village or slow area for a holiday once in a while to decouple. Travelling to the UK or Dubai to shop in malls and eat a burger is not a holiday

7. Slow down on salt and sugar, think more of ginger and turmeric

8. Eat suya, eat the vegetables, onions and tomatoes too, all join

9. Slow down on white bread, pasta, etc. Brown rice 👍 is Ofada rice brown? Does anyone know?

10. Have sex regularly. A blow job is not sex

11. Stretch, walk, move. Yoga is good.

12. Be happy, watch comedies, laugh

13. Have an emergency fund. Looking for urgent N10,000 on “Tuesday” will cause hypertension faster than salt.

14. Buy a plant, have a garden, sha touch soil once in a while

15. Be careful with the news you listen to, don't be naive, but don't dwell in the comfort of mockers

16. Fall in love, not mandatory but recommended. Yes, you can love the company of someone, all join.

17. Use deodorant, not Antiperspirants.

18. Guys, change your boxers daily, even if they do not smell. A beard has to be combed and maintained. It's not fallow land

19. Ladies, you also look beautiful without a wig or nail extensions, plus you save money 😉

20. Don't bleach your skin

This is financial advice

[WESTside🇵🇹 @UTDWEST_]

Don’t say anything man United fans
Just repost 🤫❤️

[Abiodun Kolade @koladeinfo]

@_SuperPiz @dondekojo 🤷In Nigeria, real impact often takes a backseat. Making the loudest noise—with or without money—grabs attention, especially from fragile politicians. Substance? Secondary. Why do we reward volume over value? 🤔 #NaijaPolitics #NoiseOverImpact

[Apostle Michael Orokpo @Apostleorokpo]

Two Dimensions To Prosperity - Apostle Michael Orokpo, PhD

[Taiwo Oyedele @taiwoyedele]

𝐅𝐀𝐐𝐬 𝐨𝐧 𝐏𝐨𝐰𝐞𝐫 𝐨𝐟 𝐒𝐮𝐛𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧 𝐢𝐧 𝐓𝐚𝐱 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧

𝑸1: 𝑾𝒉𝒂𝒕 𝒊𝒔 "𝒑𝒐𝒘𝒆𝒓 𝒐𝒇 𝒔𝒖𝒃𝒔𝒕𝒊𝒕𝒖𝒕𝒊𝒐𝒏"?

The power of substitution is a tax recovery mechanism that permits the tax authority to issue a directive to a third party (a 'substitute') to remit funds belonging to a defaulting taxpayer to settle a final, established, and unpaid tax liability. This power is only exercised after all legal and administrative processes, including appeals to the courts, have been exhausted.

𝑸2: 𝑰𝒔 𝒕𝒉𝒆𝒓𝒆 𝒂 𝒓𝒊𝒔𝒌 𝒐𝒇 𝒂𝒓𝒃𝒊𝒕𝒓𝒂𝒓𝒚 𝒖𝒔𝒆 𝒐𝒇 𝒕𝒉𝒊𝒔 𝒑𝒐𝒘𝒆𝒓?

No. The power of substitution is neither arbitrary nor discretionary. Its use is strictly governed by due process and can only be invoked after all established processes involving enquiries, assessments, objections, final notice, and appeals to the courts have been concluded, and the tax liability has become final and conclusive. It serves as a rigorously controlled, last-resort, not a routine administrative action.

𝑸3: 𝑫𝒐𝒆𝒔 𝒕𝒉𝒊𝒔 𝒂𝒇𝒇𝒆𝒄𝒕 𝒍𝒐𝒘-𝒊𝒏𝒄𝒐𝒎𝒆 𝒆𝒂𝒓𝒏𝒆𝒓𝒔 𝒐𝒓 𝒔𝒎𝒂𝒍𝒍 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔?

Individuals earning the national minimum wage or small businesses operating below applicable taxable thresholds are outside the scope of this measure. The power of substitution is only worthwhile where there is a substantial tax liability, which these groups generally do not have under the new tax laws.

𝑸4: 𝑰𝒔 𝒕𝒉𝒆 𝒑𝒐𝒘𝒆𝒓 𝒐𝒇 𝒔𝒖𝒃𝒔𝒕𝒊𝒕𝒖𝒕𝒊𝒐𝒏 𝒂 𝒏𝒆𝒘 𝒑𝒓𝒐𝒗𝒊𝒔𝒊𝒐𝒏 𝒊𝒏 𝑵𝒊𝒈𝒆𝒓𝒊𝒂𝒏 𝒕𝒂𝒙 𝒍𝒂𝒘𝒔?

No. This power is not new. It has been an existing provision of Nigeria’s tax legislation, including section 50 of the repealed Personal Income Tax Act (PITA) and various other tax statutes.

𝑸5: 𝑰𝒔 𝒕𝒉𝒊𝒔 𝒂 𝒈𝒍𝒐𝒃𝒂𝒍𝒍𝒚 𝒂𝒄𝒄𝒆𝒑𝒕𝒆𝒅 𝒑𝒓𝒂𝒄𝒕𝒊𝒄𝒆?

Yes. The use of third-party collection mechanisms is consistent with global best practices in tax administration. Similar powers, such as issuing garnishment or third-party payment notices, are common in tax jurisdictions worldwide to recover confirmed tax debts.

𝑸6: 𝑾𝒉𝒚 𝒊𝒔 𝒕𝒉𝒊𝒔 𝒑𝒐𝒘𝒆𝒓 𝒏𝒆𝒄𝒆𝒔𝒔𝒂𝒓𝒚?

This power is essential for maintaining fairness within the tax system. Without effective enforcement tools, compliant taxpayers are unfairly burdened, tax evasion is inadvertently encouraged, and government finances face undue pressure, which can lead to higher tax rates for all.

𝑸7: 𝑼𝒏𝒅𝒆𝒓 𝒘𝒉𝒂𝒕 𝒄𝒐𝒏𝒅𝒊𝒕𝒊𝒐𝒏𝒔 𝒄𝒂𝒏 𝒕𝒉𝒆 𝒕𝒂𝒙 𝒂𝒖𝒕𝒉𝒐𝒓𝒊𝒕𝒚 𝒆𝒙𝒆𝒓𝒄𝒊𝒔𝒆 𝒕𝒉𝒊𝒔 𝒑𝒐𝒘𝒆𝒓?

The power of substitution is strictly a last-resort measure and requires the simultaneous fulfillment of the following three conditions:

Exhausted process - the entire process for establishing a tax liability (enquiries, assessment, objection, final notice, and appeal involving the court) has been concluded.

Final liability - the taxpayer has a confirmed, final tax liability that is legally due and payable.

Refusal to pay - the taxpayer has failed, neglected, or refused to pay the debt within the written period specified by the tax authority.

𝑸8: 𝑾𝒉𝒐 𝒄𝒂𝒏 𝒃𝒆 𝒂𝒑𝒑𝒐𝒊𝒏𝒕𝒆𝒅 𝒂𝒔 𝒂 '𝒔𝒖𝒃𝒔𝒕𝒊𝒕𝒖𝒕𝒆' 𝒐𝒇 𝒂 𝒅𝒆𝒇𝒂𝒖𝒍𝒕𝒊𝒏𝒈 𝒕𝒂𝒙𝒑𝒂𝒚𝒆𝒓?

The tax authority can issue a notice of substitution to any person who holds funds belonging to, or owes sums of money due to the defaulting taxpayer.

𝑸9: 𝑾𝒉𝒂𝒕 𝒂𝒓𝒆 𝒕𝒉𝒆 𝒐𝒃𝒍𝒊𝒈𝒂𝒕𝒊𝒐𝒏𝒔 𝒐𝒇 𝒂 𝒔𝒖𝒃𝒔𝒕𝒊𝒕𝒖𝒕𝒆, 𝒂𝒏𝒅 𝒄𝒂𝒏 𝒔𝒖𝒄𝒉 𝒂 𝒑𝒆𝒓𝒔𝒐𝒏 𝒅𝒆𝒄𝒍𝒊𝒏𝒆 𝒕𝒉𝒆 𝒂𝒑𝒑𝒐𝒊𝒏𝒕𝒎𝒆𝒏𝒕?

Upon receiving a notice of substitution, the appointed party is statutorily obligated to either comply or formally object in writing within 30 days. The objection must specify the grounds for refusal. The legal provisions for appealing tax assessments are also applicable to the substitution notice.

𝑸10: 𝑾𝒉𝒂𝒕 𝒂𝒓𝒆 𝒕𝒉𝒆 𝒔𝒑𝒆𝒄𝒊𝒇𝒊𝒄 𝒔𝒂𝒇𝒆𝒈𝒖𝒂𝒓𝒅𝒔 𝒕𝒐 𝒑𝒓𝒆𝒗𝒆𝒏𝒕 𝒕𝒉𝒆 𝒂𝒃𝒖𝒔𝒆 𝒐𝒇 𝒕𝒉𝒊𝒔 𝒑𝒐𝒘𝒆𝒓?

Various legal and administrative safeguards exist to ensure the power is controlled, subject to review, and accountable including:

Due process - a mandatory due process for establishing the final tax assessment.

Right to object - a statutory right for the substitute to object in writing within 30 days.

Appeal rights - comprehensive appeal rights under the established tax dispute resolution framework.

Taxpayer rights - protection for the taxpayer or appointed agent by the Office of the Tax Ombud.

𝐂𝐨𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐌𝐞𝐬𝐬𝐚𝐠𝐞

The power of substitution, including its framework under the new tax laws, is a carefully controlled mechanism designed to ensure equity in the tax system. It is not punitive, arbitrary, or intended for routine administration, which is why its use has been historically rare. It exists to ensure that confirmed and lawful tax debts are ultimately paid by those who may choose to ignore their statutory obligations.

-𝘗𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘍𝘪𝘴𝘤𝘢𝘭 𝘗𝘰𝘭𝘪𝘤𝘺 & 𝘛𝘢𝘹 𝘙𝘦𝘧𝘰𝘳𝘮𝘴 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦

[Kalu Aja @FinPlanKaluAja1]

Interesting

[Abiodun Kolade @koladeinfo]

@wealthcoachomi Predict