Very good question.
And to be very honest with you, this is one of the reasons why many people don’t understand how powerful holding companies and group structures work in business.

Now let me break this down in the simplest way possible so that even Mama Ngozi that sells tomatoes in the village will understand.

In Nigeria, tax is usually calculated based on EACH company separately…
not the group collectively.
Meaning…
Even if you have:
– 10 subsidiaries
– under 1 holding company

The FIRS now NRS will still treat each subsidiary as an independent legal entity for tax purposes.

Now let me explain with a simple example.
Imagine you own:
– Fokona Media Ltd
– Fokona Properties Ltd
– Fokona Logistics Ltd
Then all of them are owned by:
Fokona Holdings Ltd.

Now…
Even though all these companies belong to one group…
FIRS will still ask each company to:
– file its own tax
– prepare its own financial statement
– declare its own profit
– pay its own Company Income Tax (CIT)
– pay its own VAT obligations
Why?
Because legally…
each subsidiary is treated as a separate company.

Now here is where many people get confused.
A HOLDING COMPANY is not the same thing as one business account.
No.
A holding company is more like a parent.
While the subsidiaries are separate children.
Each child can:
– make profit
– make loss
– owe debt
– own assets
– pay tax independently

Now let me even shock you.
This structure is one of the smartest structures big businesses use globally.
Why?
Because it helps:
– risk management
– asset protection
– tax planning
– easier investment raising
– operational control

For Example…
Let’s assume:
Your logistics company enters serious debt.
If structured properly…
that debt may not automatically destroy your media company or property company.
Why?
Because they are separate legal entities.
That is one major advantage of group structure.

Now as your Financial Literacy Advocate…
Let me tell you another thing many people don’t know…
Even though subsidiaries are taxed separately…
there are still situations where group financial statements are prepared collectively.

This is what we called: “Consolidated Financial Statements.” in Accounting.
Meaning:
The group can prepare one combined report to show:
– total assets
– total liabilities
– total revenue
– total performance of the entire group

But that DOES NOT automatically mean tax is paid collectively.
That is the difference many people don’t understand.

Now as an Accountant and investment Strategist let me also add this…
If transactions are happening between subsidiaries…
The FIRS can still monitor those transactions carefully.
Why?
Because some companies try to shift profit around subsidiaries to reduce tax exposure.
That is why there are rules around:
– transfer pricing
– related party transactions
– intercompany transactions
Especially for large corporations.

Now let me even say something honestly…
Understanding structure is one thing that separates small business owners from real business empires.
Because…
Most small businesses in Nigeria only think about:
“Make money today.”

But wealthy people think about:
– structure
– governance
– sustainability
– taxation
– succession
– asset protection
That is why financial literacy is very important.
Because business is not only about making money.
It is about understanding HOW money, law, structure, and systems work together.

My Name is Iking Ferry,
A Financial Literacy Advocate and Investment Strategist on a mission to build 10 million financially free Nigerians and Africans through Fokona with the right knowledge.

If you are experiencing dividend marked as paid but not credited to your bank account on the Nigerian Stock Exchange (NGX), the issue is usually not that your money is missing, but that the payment has entered a failed or incomplete settlement stage between the registrar, your bank mandate, and the electronic dividend (e-dividend) system in Nigeria. In most cases, “paid” on your dividend history simply means the registrar has processed it, not that your bank has successfully received it.

Oya Calm down…
Let me explain this the way it really works in Nigeria.

Now here is the truth most people don’t understand
When you see “Dividend Paid” on your shareholder portal (like Datamax or any registrar system), it does NOT mean the money has entered your account.

It only means this:
The registrar has instructed the bank to release your dividend
NOT that your bank has successfully credited you.
There is a big gap in between those two steps, and that is where many Nigerians get stuck.

As a Financial Literacy Advocate….
Let me explain this better with a simple story.
Imagine:
Mama Ngozi sells tomatoes in the village market.
A customer tells her:
“I have sent you money.”
But the money is still:
Either in a failed transfer
Or sent to the wrong account
Or stuck in the bank processing system
Mama Ngozi will still not see the alert.
That is exactly what is happening with your dividend.

Now…
Let me tell you Why your dividend is “paid” but not in your bank
In Nigeria, this problem usually comes from one of these hidden issues:
1. E-Dividend Mandate Problem (Most Common)
Your bank details may:
Not be properly verified
Be missing BVN linkage
Have signature mismatch
So the registrar marks it “paid,” but the bank rejects it silently.

2. Wrong or Old Bank Account
Many investors forget they:
Changed bank
Closed old account
Or submitted outdated details years ago
The system still tries to pay the old account.

3. Failed NIP Transfer (Bank Rejection)
Even when details are correct, Nigerian banks sometimes reject dividend payments due to:
Name mismatch
Dormant account
Technical clearing issues

4. Registrar Has Paid, But Bank Has Not Posted It
This is very common with dividend processors like Datamax and others.
They will show:
“Paid”
But your bank is still holding or rejecting the inflow internally.

5. Unclaimed Dividend Status Confusion
Some dividends are moved into unclaimed dividend pools if they fail after multiple attempts.
Many investors don’t know this and assume it is “lost”.

Now here is what you should do immediately
Don’t just keep sending emails. That is where most people waste time.
Do this step by step:
STEP 1: Confirm your e-dividend mandate status
Go back and check:
Was your BVN linked properly?
Is your bank account still active?
Is your name exactly the same across records?

STEP 2: Contact your registrar again – but be specific
Don’t just say “I didn’t receive dividend.”
Say:
Company name
Dividend year
Account details
Ask: “Was the payment returned or successfully settled by the bank?”
This forces a proper trace.

STEP 3: Visit your bank (very important)
Go physically or escalate digitally and ask:
“Check for inward dividend credit attempts linked to my BVN.”
Banks in Nigeria often have pending inflows not shown on your app.

STEP 4: Check SEC Unclaimed Dividend Portal
Nigeria now centralizes unclaimed dividends under SEC processes.
Your dividend may already be sitting there without your knowledge.
Here is the link SEC Unclaimed Dividend Portal https://eportal.sec.gov.ng/non-mandated

STEP 5: Escalate if no response
If the registrar is silent:
File complaint with SEC Nigeria
Then escalate through NGX investor protection channels
This is not emotional – it is procedural.

Let me tell you The hidden truth most investors learn late
In Nigeria’s stock market system, “Paid” does not mean “Received.”
It only means:
“The system attempted payment.”
Your job as an investor is to always verify the full chain:
From Registrar to Bank, to Account credit
If any one of them breaks, your money will “disappear” temporarily.

Let me be honest…
Most dividend issues in Nigeria are not loss of money, they are data, mandate, or banking routing failures hidden inside the system.
And The investors who win long-term are not the ones who panic…
They are the ones who know how to trace the money step by step until it lands.
That is how the system really works

This is actually a very good question.
And honestly… This is one area where many beginners in the stock market usually get confused.
Because most people think:
“The company with the higher share price must be the bigger company.”

Not true.
As a Financial Literacy Advocate…
Let me explain this in a way that even Mama Ngozi that sells tomatoes in the village will understand.

First of all…
There is a BIG difference between:
• Share Price AND
• Market Capitalization (Market Cap)
Many people think they are the same thing.
They are NOT.

WHAT IS SHARE PRICE?
Share price is simply:
The current price of ONE unit of a company’s shares.
For example:
• Airtel Africa is currently trading around ₦3,021 per share
• MTN Nigeria is trading around ₦870 per share

Now when beginners see this…
They quickly assume:
“Airtel is bigger because the share price is higher.”
No.
That is not how it works.

WHAT IS MARKET CAPITALIZATION?
Market Capitalization (Market Cap) is the TOTAL value of the company on the stock market.
And this is calculated using:
Share Price × Total Outstanding Shares
This is where many people miss the whole point.

Now let us break it down properly.
AIRTEL AFRICA:
Airtel has about: 3.7 billion outstanding shares.
Now multiply:
₦3,021 × 3.7 billion shares
That gives Airtel a market value of around: ₦11.3 trillion.

MTN NIGERIA:
MTN has about: 20.9 billion outstanding shares.
Now multiply:
₦870 × 20.9 billion shares
That gives MTN a market value of around: ₦18.2 trillion.
Now you can see something clearly:
Even though MTN’s share price is CHEAPER…
The company itself is MORE VALUABLE in total market value.

Now let me explain this better using a Simple Story in a way that even Grandma in the Village will nod her head and say: “yes I understand this one”.

Imagine:
Mama Ngozi sells tomatoes in the village market.
And Mama Ngozi has: 100 baskets of tomatoes.
Each basket costs: ₦2,000
So the total value of her tomatoes is:
100 × ₦2,000 = ₦200,000

Now imagine her neighbor has: 1,000 baskets of tomatoes.
But each basket is selling for only: ₦300
Now calculate:
1,000 × ₦300 = ₦300,000

Now look carefully…
Whose tomato is more expensive per basket?
Mama Ngozi.
But whose total business is bigger?
The neighbor.
That is EXACTLY how market capitalization works in the stock market.

So the reason Airtel’s share price is higher is because:
Airtel has fewer outstanding shares.
While MTN has far MORE shares available in the market.
That is why MTN’s price per share looks cheaper.

Now let me tell you another important thing many beginners don’t know.
A low share price does NOT mean a company is cheap.
And a high share price does NOT mean a company is expensive.

What matters most is:
• The company’s fundamentals
• Revenue
• Profitability
• Growth potential
• Market share
• Debt structure
• Future opportunities
Not just the share price alone.

Now listen carefully….
You may notice that both Airtel and MTN’s share price has increased strongly recently.
Why?
Demand and supply.
More investors are buying the shares.
And whenever demand increases more than supply…
Price goes up.

There is also something we called: Share Split.
This is when a company increases the number of shares available and reduces the price per share so that more investors can afford it more easily.

The opposite can also happen.
A company can reduce the number of shares and increase the share price. (We called this reverse Share Split)

That is why I always tell beginners:
That The stock market is not gambling.
You need to calm down and understand how the system works before putting your money into anything.

And that’s why we have Financial Literacy platform in Nigeria like Fokona
Because many people are buying shares today…
Without even understanding what they are buying.

My name is Iking Ferry.
And one thing I will always do as the Founder of Fokona is simplify finance in a way that normal people can understand clearly.

This is another area where many people get confused in the stock market.
Especially beginners.
Because…
Most people think:
“If a company pays dividends… then I have made free money.”
Not exactly

Oya cam down…
As a Financial Literacy Advocate…
Let me explain this in a way that even Mama Ngozi that sells tomatoes in the village will understand.

Imagine a company’s share price is currently trading at:
₦15 per share
Now…
The company announces:
₦1 dividend per share
Meaning:
For every one share you own…
The company will pay you ₦1 cash.

Now let’s imagine you own:
1,000 shares
What happens?
1,000 × ₦1
That means:
You will receive ₦1,000 as dividend payment.
Simple.

But here is where the technical adjustment happens.
Before dividend payment…
The company will announce what we call:
Qualification Date
And Payment Date

Oya… relax…
Let me explain…
The qualification date is simply:
The deadline that determines who qualifies to receive the dividend.

Now…
Immediately after that qualification date…
Something happens in the market.
The share price adjusts.
So…
if the stock was trading at: ₦15 before qualification date
After the qualification date…
The price will adjust to around:
₦14
Why?
Because the company has removed ₦1 from its balance sheet to pay investors as dividends.

Remember:
Companies do not create dividend money from thin air.
They pay dividends from the money they already have.
Meaning:
Cash is leaving the company.
So the market adjusts the share price to reflect that.

As your Financial Literacy Advocate and an Investment Strategist….
Let me explain this better with a Simple Story in a way that even Grandma in the Village will nod her head and say: “Yes I understand this one”

Imagine Mama Ngozi has:
₦15,000 inside her tomato business
Then she shares:
₦1,000 profit to family members who invested in her tomatoes business.
Now…
Will the business still remain ₦15,000?
No.
The money inside the business has reduced.
That is exactly what happens in the Stock Market during dividend adjustment.

SO….IKING….
WHY DOES THE MARKET ADJUST THE PRICE?
The reason is very simple…
To create fairness.
Because it will not make sense for:
Somebody who already qualified for dividend
And… Somebody who did NOT qualify
To still buy at the exact same price.
So the exchange (NGX) adjusts the stock price accordingly.

As an Investment Strategist…
LET ME TELL YOU A SECRET THAT MOST PEOPLE DON’T KNOW
Smart investors pay attention to this Dividend adjustment carefully.
Why?
Because some investors who missed the qualification date…
Usually buy AFTER the price adjustment.
Especially if:
The company has strong fundamentals
The company is financially healthy
The company has long-term growth potential
Why?
Because the stock may now look cheaper after adjustment.

Let me tell you the truth…
Dividend is not “free money.”
In most cases:
The company is simply giving you part of the value you already own.

That is why smart investors don’t chase dividends blindly.
They study:
The company’s fundamentals
Cash flow
Long-term growth
Sustainability of the dividend
Because…
A company paying high dividends today…
Can still become a bad investment tomorrow if the business itself is weak.

My Name is Iking Ferry, a Nigeria Financial Literacy Advocate and Investment Strategist on a Mission to Build 10 million Financially Free Nigerians and Africans.

Alright… relax first.
Because this is where many people get confused and miss opportunity.
You see: ₦10,000 per share
₦1,000 per share

And the first thing that comes to your mind is:
“This one of ₦10,000 must be bigger.”
No.
That is where the mistake starts.

FIRST – LET ME CORRECT ONE THING
Share price is NOT value.
Let me say it again…
Price is what you see
Value is what actually exists

Let me explain this better with a Simple Story…
Imagine:
Mama Ngozi has a tomato business worth ₦1,000,000
Now she wants people to invest in her business.
She has two options:
OPTION 1
She divides the business into:
100 parts
Each part = ₦10,000

OPTION 2
She divides the business into:
1,000 parts
Each part = ₦1,000

Now answer me…
Is one business bigger than the other?
No.
Same business
Same value
Different structure

THIS IS THE SECRET
Share Price = Total Company Value ÷ Number of Shares
That’s all.
Nothing more. Nothing less.

NOW LET ME ANSWER YOUR QUESTION…
You asked:
“If one company adjusts price… will the other adjust?”
No.
Because each company controls its own structure.
And they don’t randomly “add ₦100” like you think.
There is a proper system.
And This Is Where “SHARE SPLIT” comes in

Oya… calm down.
Let me break it down simply.
In Financial Accounting…. There’s What we called “FORWARD SHARE SPLIT” and “REVERSE SHARE SPLIT”

Chieeee…..
Iking ooooooh?
Wetin Bring Accounting Again for this Small Question Na?

Oya… Relax…
Let me Explain this in a way that even Grandma in the Village will nod her head and say: “Yes my Pikin, I understand this one”

1. FORWARD SHARE SPLIT
(Simply means Making the price of a STOCK cheaper)

This is when a company says:
“Let’s make our shares more affordable”

For Example:
₦1,000 per share = becomes ₦500
What happens?
Numbers of Outstanding Shares DOUBLE
And the Price reduces
But the…..
Value remains the same

While….

2. REVERSE SHARE SPLIT
(Simply means Making the Share price higher)
This is when a company says:
“Let’s increase the price per share”

For Example:
₦1,000 per share before = becomes ₦2,000 now.
What happens?
The Numbers of outstanding Shares reduce
While the Price per Share increases
But… The…
Value remains the same

Now….
Listen carefully…
Share split does NOT make you richer.
YES…
If you had ₦100,000 before…
You still have ₦100,000 after.
Just arranged differently.

But….IKING OOH!
WHY DO COMPANIES DO THIS?

Now this is the part most people don’t understand…
Let me tell you the hidden game in finance

First….
IS TO ATTRACT MORE INVESTORS
Because….
Many people think:
₦50 = cheap
₦5,000 = expensive
Even when they don’t understand the company.
So companies reduce price to attract more buyers.

Second….
IS TO INCREASE LIQUIDITY
Because….
More shares = more people can trade
And when trading increases…
Market becomes active
And Price movement improves

Third…..
IS TO CONTROL PERCEPTION
Yes… This one self Na hidden Secret oooh.
Because…
Some companies want to look:
Affordable to (retail investors)
And Premium to (big investors)
So they adjust structure accordingly.

As your Financial Literacy Advocate….
Let me tell you The Biggest Mistake People Make…
You go to NGX…
You see:
₦10,000 share = “Too expensive”
₦50 share = “Cheap, let me buy”

That is how people lose money.
Because…
Cheap price does not mean cheap value.
So…
Before you ask:
“How much is this share?”
Ask:
“What is this company worth?”

Because…
Smart investors buy VALUE.
While….
Average investors chase PRICE.

If you truly understand what I just explained…
You will never look at stocks the same way again.
Because…..
Most people miss opportunity not because they don’t have money…
But because they don’t understand what they are looking at.

My name is Iking Ferry, a Financial Literacy Advocate and Investment Strategist On a mission to build 10 million financially free Nigerians and Africans Through the right knowledge.