Starting a family trust fund is a smart way to manage wealth for your family’s benefit, protect assets, and plan for long-term financial security. Here’s a clear step-by-step guide tailored to a Nigerian context, though most principles are universal:

1. Define the Purpose of the Trust

Decide why you’re creating it. Common goals:

Provide for children’s education or future.

Protect family assets from creditors or disputes.

Ensure smooth transfer of wealth across generations.

Support family members with special needs.

Be specific: the clearer the purpose, the easier the trust is to structure.

2. Choose the Type of Trust

There are different kinds of trusts:

Type

Description

Typical Use

Revocable Trust

Can be changed or terminated by the grantor

Flexibility during lifetime

Irrevocable Trust

Cannot be changed once created

Asset protection, tax planning

Living Trust (Inter vivos)

Set up while you’re alive

Manage assets and reduce probate hassles

Testamentary Trust

Created via a will, effective after death

Pass wealth to children or heirs

For a family trust, an irrevocable living trust is often preferred for asset protection and long-term security.

3. Identify the Assets

Decide what assets you want to put in the trust:

Cash or investment accounts (stocks, bonds, mutual funds)

Real estate (house, land)

Business interests

Other valuable assets (art, jewelry, vehicles)

💡 Tip: Start with assets you can legally transfer to a trust without penalties.

4. Choose the Trustee

The trustee manages the trust for beneficiaries. Options:

Family member (trusted, responsible)

Professional trustee (bank or trust company, more formal)

Lawyer or accountant (for smaller, simpler trusts)

The trustee must act in the best interest of the beneficiaries and manage assets responsibly.

5. Name the Beneficiaries

Decide who benefits from the trust:

Children

Spouse

Grandchildren

Other family members

You can also set conditions for distribution, e.g., education completion, age milestones, or health needs.

6. Draft the Trust Deed

The trust deed is the legal document that governs the trust. It should include:

Purpose of the trust

Trustee powers and duties

Beneficiaries and their rights

How income or assets are distributed

Rules for adding or removing assets

✅ Always have a lawyer experienced in trusts draft or review this.

7. Fund the Trust

Transfer the chosen assets into the trust. In Nigeria, this may include:

Registering properties in the name of the trust

Transferring bank accounts or investments

Transferring business shares

The trust officially owns these assets, not the individual anymore.

8. Register & Comply

In Nigeria, you may need to register the trust deed with the Corporate Affairs Commission (CAC) if it involves a corporate entity or formal structure.

Keep proper accounting and reporting to avoid disputes or legal issues.

9. Review & Update Periodically

Even if the trust is irrevocable, you may want to:

Adjust distributions if family needs change

Add new assets

Replace trustees if necessary

Practical Tips

Start small: you can begin with investments like mutual funds or stocks for children or family members.

Keep clear records of all contributions.

Ensure trustees understand their responsibilities—this avoids mismanagement.

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No, parents do not need to download separate apps again to open an investment account for their kids on Stanbic IBTC or InvestNaija. They can usually manage this through the existing app by creating a custodial or linked account. Here’s exactly how it works for each platform:

1. Stanbic IBTC Investment App

Key Points:

If you are already a Stanbic IBTC customer with the Stanbic IBTC Mobile App, you can open a kids’ investment or savings account directly from the app.

The bank treats this as a parent/guardian account opening for a minor.

How to Open a Kids’ Account:

Log in to your existing Stanbic IBTC app with your credentials.

Navigate to “Savings & Investment” or “Open an Account” (the exact menu may vary by app version).

Choose the Kids’ Savings/Investment option (e.g., CHESS Account or Investment Account for minors).

Provide your child’s details:

Full name

Date of birth

Birth certificate

Parent/guardian BVN and ID

Complete KYC & Verification:

Upload the required documents using the app’s document upload feature.

Make Initial Deposit (usually a small amount, e.g., ₦1,000–₦5,000).

Confirm & Activate Account. The account is linked to your existing app login, so you can manage both your investments and your child’s from the same app.

✅ No need to install a separate Stanbic app.

2. InvestNaija App

Key Points:

InvestNaija does not offer separate minor accounts under a child’s name.

Parents use their existing adult account and invest on behalf of their children as a custodian.

How to Set Up a Child’s Investment:

Log in to your existing InvestNaija app.

Create a new investment goal specifically for your child. Examples:

“Education Fund”

“Future Savings”

“Gift Investment”

Fund the goal using your linked bank account or wallet.

Track the investment separately in the app.

When the child reaches maturity (usually 18+), you can transfer or redeem the funds for them.

✅ No new app installation required.

✅ This approach uses your existing account as a custodial account for the child.

Summary Table

Platform

Separate App Needed?

How Kids’ Investment Works

Stanbic IBTC

❌ No

Open a kids’ account (e.g., CHESS) within your app. Child has own account linked to parent.

InvestNaija

❌ No

Parent creates an investment goal for the child in their existing account (custodial arrangement).

💡 Tip:

On Stanbic, the child gets their own account number and can earn interest or invest in funds.

On InvestNaija, you control the account but can label it clearly as your child’s goal to keep finances organized.

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Let’s be realistic first:

₦5,000/week (≈ ₦20,000/month) is not enough to “get rich” quickly.

But it is more than enough to build discipline, capital base, and investing skill—which is what actually leads to financial freedom later.

What matters here is how you structure it.

🎯 1. Your Objective (At This Stage)

As a student with stipend:

👉 Your goal is NOT profit

👉 Your goal is:

Build financial discipline

Learn investing practically

Grow small capital consistently

💡 2. The Correct Allocation System (Very Practical)

From ₦5,000 weekly:

Use this split:

₦3,000 → Needs (food, transport, data)

₦1,000 → Savings

₦1,000 → Investment

👉 This is the simplest sustainable structure.

🏦 3. Step 1: Build a Small Emergency Fund

Before serious investing:

Save until you reach: 👉 ₦20k – ₦50k

Use apps like:

Cowrywise

PiggyVest

👉 This protects you from running back to your investment money.

📈 4. Step 2: Start Investing Small (Very Important)

After you hit at least ₦20k savings:

Option A (Best for You Now)

Low-risk:

Money market funds

Treasury bills

👉 Stable + safe

Option B (Learning Stage)

Stocks via:

Bamboo

👉 Use only small money (₦5k–₦10k at a time)

Purpose:

Learn how stocks move

Not to chase profit

🔁 5. Use the “Accumulation Strategy”

Every week:

Invest ₦1,000 consistently

After 1 year: 👉 ₦52,000 invested

Even without big returns: 👉 You now have:

Capital

Experience

Confidence

🧠 6. What Will Actually Make You Rich (Truth)

At your stage:

👉 Investing is NOT your main weapon

👉 Skill development is

Use your time to learn:

Digital skills

Sales

Tech

Writing

Any monetizable skill

Because:

👉 Increasing income beats investing small money

📊 7. Example After 2 Years

If you stay consistent:

Savings + investments ≈ ₦100k – ₦150k

Plus:

You understand markets

You avoid beginner mistakes

You’re ready for bigger money

⚠️ 8. Mistakes to Avoid (Critical)

❌ Putting all ₦5k into stocks

❌ Trying to “flip” money quickly

❌ Following hype or Telegram signals

❌ Ignoring savings

🧭 9. Simple Weekly Routine

Every time you receive ₦5k:

Separate immediately

Save ₦1k

Invest ₦1k

Spend the rest

👉 No thinking, no emotion

🔑 10. The Real Secret

Financial freedom doesn’t start with money.

👉 It starts with:

Consistency

Discipline

Knowledge

If you master these with ₦5k:

👉 You will handle ₦500k correctly later

🧾 Final Breakdown

Action

Amount

Weekly Stipend

₦5,000

Savings

₦1,000

Investment

₦1,000

Expenses

₦3,000

👍 If You Want Next Level Help

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You need to correct one key misunderstanding first:

👉 VAT in Nigeria is NOT filed yearly.

👉 It is filed monthly, and the deadline is the 21st of the next month.

So:

January VAT → due 21st February

February VAT → due 21st March

etc.

The 31st March deadline you saw is NOT for VAT—it’s for things like:

Company Income Tax (CIT)

Annual Returns (CAC)

1. Who Must File VAT

You must file VAT if:

You run a registered business (individual or company)

You sell goods/services subject to VAT (7.5%)

Even if: 👉 You made no sales, you must still file “NIL return”

2. What You Should Do Right Now (2024 & 2025 Backlog)

Since you haven’t filed:

👉 You likely have outstanding monthly VAT returns

For example:

2024 → 12 months

2025 → Jan till now

3. Step-by-Step: How to File VAT in Nigeria

You file through the tax authority:

👉 Federal Inland Revenue Service

Step 1: Get Your TIN

You need:

Tax Identification Number (TIN)

If you don’t have one:

Register via FIRS or CAC

Step 2: Access the Filing Portal

Use: 👉 TaxPro Max

This is the official system for VAT filing.

Step 3: Prepare Your Records

For each month, calculate:

Output VAT (what you charged customers)

7.5% of your sales

Input VAT (what you paid on purchases)

VAT on expenses

VAT Payable:

👉 Output VAT – Input VAT

Step 4: File Monthly Returns

On TaxPro Max:

Select month (e.g., Jan 2024)

Enter:

Sales

VAT collected

VAT paid

Submit return

Step 5: Pay (If Applicable)

If VAT is payable:

Generate payment reference

Pay via bank or online

4. Penalties You May Face

Since you didn’t file on time:

Late Filing Penalty:

₦50,000 (first month)

₦25,000 for each additional month

Late Payment:

Interest + penalties

5. What If You Didn’t Do Any Business?

Very important:

👉 You STILL must file

Just file:

NIL VAT return

This avoids penalties.

6. Best Practical Approach (Since You’re a Beginner)

Don’t try to fix everything blindly.

Option A (Recommended)

👉 Meet a tax consultant/accountant

They will:

Compute your backlog

File correctly

Reduce errors/penalties

Option B (Do It Yourself – Carefully)

Start with:

2025 (current year)

Then go back to 2024

7. Simple Example

If in January:

Sales = ₦500,000

VAT (7.5%) = ₦37,500

Expenses VAT = ₦10,000

👉 Pay: ₦37,500 – ₦10,000 = ₦27,500

8. Critical Advice (Don’t Ignore This)

Don’t guess figures

Don’t skip months

Don’t ignore penalties (they accumulate)

👉 The earlier you regularize, the cheaper it is.

Bottom Line

VAT is monthly, not yearly

You likely have multiple unfiled months

Use TaxPro Max to file

Consider a professional to clean it up

let’s do this practically and clearly, as if we’re filing one real month together on the FIRS system.

We’ll use a simple example so you can follow and repeat for other months.

✅ What We Are Doing

We will file one month VAT return using:

👉 TaxPro Max

From: Federal Inland Revenue Service

🧾 Step 0: Gather Your Numbers (Before Logging In)

You need 3 things for that month:

1. Total Sales (Revenue)

Example:

₦500,000

2. Output VAT (VAT you charged customers)

👉 7.5% of sales

= ₦37,500

3. Input VAT (VAT you paid on expenses)

Example:

₦10,000

💻 Step 1: Log Into TaxPro Max

Go to TaxPro Max portal

Enter:

TIN

Password

👉 If you don’t have login yet, tell me—I’ll guide you.

📂 Step 2: Start VAT Filing

Inside dashboard:

Click “Returns”

Select “VAT Return”

Choose:

Tax Type → VAT

Period → e.g. January 2024

✍️ Step 3: Fill the VAT Form

You will see fields—fill like this:

A. Total Supplies (Sales)

Enter: 👉 ₦500,000

B. Output VAT

Enter: 👉 ₦37,500

C. Input VAT

Enter: 👉 ₦10,000

D. VAT Payable (Auto or Manual)

Formula: 👉 Output VAT – Input VAT

= ₦27,500

📌 Step 4: Validate & Submit

Click Validate

Confirm figures

Click Submit

👉 At this point: Return is filed

💳 Step 5: Payment (If You Owe VAT)

If VAT payable = ₦27,500:

Click Generate Payment Reference (RRR)

Pay via:

Bank

Online (Remita)

🟢 If You Had No Business (Important Case)

If:

No sales

No VAT

Then:

Enter:

Sales → 0

Output VAT → 0

Input VAT → 0

👉 Submit as NIL return

⚠️ Common Mistakes to Avoid

❌ Entering sales INCLUDING VAT (wrong)

❌ Forgetting to file months with zero activity

❌ Guessing numbers

❌ Skipping validation

🧠 Simple Way to Always Remember

Think:

Sales → what you earned

Output VAT → what you collected

Input VAT → what you paid

Pay the difference

📊 Quick Recap Example

Item

Amount

Sales

₦500,000

Output VAT

₦37,500

Input VAT

₦10,000

VAT Payable

₦27,500

👍 What You Should Do Next

Try filing one real month now

Start with:

The most recent month (e.g., Jan or Feb 2025)

Then move backward

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Here is a clear, practical guide to help you do two things:

Buy shares and IPOs on the Nigerian stock market

Access free stock investing education

I’ll keep it simple and realistic for Nigeria. According to our mentor Iking Ferry so that even mama Ngozi can understand.

1. How to Buy Shares on the Nigerian Stock Market

The stock market is run by the Nigerian Exchange Group.

To buy shares there are two main ways.

Method 1 — Through a Stockbroker (Most Common)

This is the standard way Nigerians invest.

Step-by-step:

Choose a licensed stockbroker

Open a brokerage account

Your broker creates a CSCS account for you (this holds your shares)

Fund your account

Place a buy order for the stock

You will need:

BVN

Valid ID

Passport photo

Bank account

The CSCS system records and settles all trades on the exchange after your broker executes them. �

Okay News +1

2. How to Buy IPOs in Nigeria (Important)

IPO = Initial Public Offer (first time a company sells shares to the public).

In Nigeria now, there is a newer method.

Method 1 — NGX Invest Portal

You can apply directly online.

Steps:

Register on NGX Invest

Complete KYC verification

Link your CSCS account

Subscribe when an IPO opens

Retail investors across Nigeria can apply online when the offer is announced. �

Villpress

Method 2 — Through a Stockbroker

This is still common.

Your broker:

Sends you the IPO form

You subscribe for units

Shares are allocated after the offer closes. �

Businessday NG

3. Important Reality About IPOs

Many beginners don’t know this:

IPOs do not happen frequently in Nigeria

Some years have only 1–2 major offers

Upcoming or expected IPOs often include:

Energy

Telecom

Infrastructure companies

So most investing happens in the secondary market (regular stocks).

4. Free Stock Investing Education (Best Options)

1. NGX Investment Education

You should start here.

NGX X-Academy

Free courses on investing

Market structure

Portfolio management

The program was created to improve financial literacy among Nigerians. �

Pulse Nigeria

2. Coronation Investment Academy

Coronation Wealth Academy

Free online learning modules

Investment basics

Wealth management

Thousands of Nigerians already use it. �

Pulse Nigeria

3. Free Youth Financial Training

Investonaire Academy

Free financial education programs

Bootcamps for young investors

Sponsored training for beginners. �

investonaire.org

5. The Smart Way to Start Investing in NGX

This is what experienced investors do:

Phase 1 — Learn

Understand dividends

Learn how to read financial statements

Understand risk

Phase 2 — Start Small

Example: ₦20k – ₦100k portfolio

Buy:

One bank stock

One telecom stock

One consumer goods stock

Phase 3 — Watch IPO Opportunities

Subscribe when good companies list.

6. Beginner Mistake I See Often

Since you already bought a stock earlier on Bamboo, this is important:

Many people:

Buy randomly

Don’t know when to sell

Don’t understand dividends

That’s why education first is powerful.

7. If You Really Want to Do This Properly

These are the first 3 things I would recommend you do this week:

Open a local NGX brokerage account

Register on NGX Invest (for IPO access)

Start learning from NGX X-Academy.

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