Here’s a simple beginner-friendly guide to filing Personal Income Tax in Anambra State without mistakes 👇 Tax Deadline in Anambra State — Step-by-Step Guide (For Beginners) If you live or work in Anambra State, you file your Personal Income Tax with the Anambra State Internal Revenue Service. 📅 ImpoRead more
Here’s a simple beginner-friendly guide to filing Personal Income Tax in Anambra State without mistakes 👇
Tax Deadline in Anambra State — Step-by-Step Guide (For Beginners)
If you live or work in Anambra State, you file your Personal Income Tax with the
Anambra State Internal Revenue Service.
📅 Important Deadline
Annual Tax Filing Deadline: March 31 every year
This is required by Nigerian tax law under the Joint Tax Board guidelines.
Even if you earned little income — you still need to file.
Step-by-Step: How to File Personal Income Tax in Anambra State
Step 1: Know If You Must File
You should file if you are:
✅ Salary earner (private or government worker)
✅ Self-employed / business owner
✅ Freelancer
✅ Investor earning income
✅ Even if you just started work
Even if you earned no income, you still file “Nil Return” (very important ⚠️).
Step 2: Get Your ASIN Number (Tax ID)
ASIN = Anambra State Identification Number
This is your tax number in Anambra State.
You can get it:
Option A (Online)
Visit:
ASIRS website (if available)
Fill registration form
Option B (Easier for beginners)
Go physically to:
Anambra State Internal Revenue Service Office
Bring:
National ID / Voter’s Card / Driver’s License
Phone number
Address
Employer details (if employed)
They will generate your ASIN number.
Step 3: Prepare Your Information
You’ll need:
📌 Full name
📌 Address
📌 Phone number
📌 Employer (if working)
📌 Annual income (salary or business income)
📌 Other income (rent, investments, etc.)
Step 4: Fill Annual Tax Return Form
You’ll be given:
Form A (Personal Income Tax Form)
Don’t panic — it’s simple:
You’ll fill:
Personal Details
Income Details
Deductions (Pension, NHF, etc.)
Signature
Step 5: Submit Your Tax Filing
Submit to:
ASIRS office
OR
Email (if provided)
OR
Online portal (if available)
After submission, you’ll receive:
✅ Acknowledgment
✅ Filing confirmation
Keep this safe 📁
Example (Simple Case)
Let’s say:
You just got employed in January
Salary not yet paid
You still file:
➡️ Nil Return (no income yet)
This helps you:
✅ Avoid penalty
✅ Stay compliant
✅ Build tax record
Common Mistakes to Avoid ❌
❌ Waiting until last minute
❌ Not filing because no income
❌ Using wrong address/state
❌ Not getting ASIN number
❌ Ignoring tax completely
Penalty for Not Filing
Failure to file can lead to:
⚠️ Fine
⚠️ Penalty charges
⚠️ Future tax problems
Better to file early 👍
Easiest Method (Recommended)
If you’re a beginner:
👉 Go physically to Anambra State Internal Revenue Service
Tell them:
“I want to file my personal income tax for the first time”
You're not doing anything wrong. What you're seeing is normal when using the Bamboo from Ghana. Here’s the real explanation 👇 Why You Only See US Stocks on Bamboo (In Ghana) Bamboo is available in Ghana — so your registration is fine. Bamboo supports Nigerian stocks — but not all countries get the sRead more
You’re not doing anything wrong.
What you’re seeing is normal when using the Bamboo from Ghana.
Here’s the real explanation 👇
Why You Only See US Stocks on Bamboo (In Ghana)
Bamboo is available in Ghana — so your registration is fine.
Bamboo supports Nigerian stocks — but not all countries get the same features.
When Bamboo launched in Ghana, it initially allowed mainly US stock access for Ghana users due to regulatory/licensing setup.
So:
🇳🇬 Nigeria users → US stocks + Nigerian stocks
🇬🇭 Ghana users → Mostly US stocks (sometimes limited NG access)
If you haven’t paid any tax before, you can still file a Personal Income Tax (PIT) return — and what you file depends on your situation. Here’s the correct breakdown: 1. If You Had No Income Last Year You file a Nil Return (also called Zero Income Return). This simply means: You had no job No busineRead more
If you haven’t paid any tax before, you can still file a Personal Income Tax (PIT) return — and what you file depends on your situation.
Here’s the correct breakdown:
1. If You Had No Income Last Year
You file a Nil Return (also called Zero Income Return).
This simply means:
You had no job
No business income
No freelance income
No investment income
So you declare ₦0 income.
This is accepted by tax authorities like:
Lagos State Internal Revenue Service
Federal Inland Revenue Service
Filing a Nil Return protects you from future penalties.
2. If You Just Got Employed This Year (But Not Last Year)
Example:
Got job in 2026
Filing for 2025
Then:
You file Nil Return for 2025
Because you had no income in 2025
This is completely normal.
3. If You Had Income But No Tax Was Paid
Example:
Freelance work
Business
Side hustle
Rental income
Then you must declare that income even if:
No tax was deducted
No TIN yet
You file:
Income earned
Then tax authority calculates tax
This is required under the Personal Income Tax Act.
4. Who Must File Annual PIT in Nigeria?
You should file if you:
Are employed (public or private)
Run a business
Freelance / side hustle
Just got employed recently (file Nil Return for previous year)
No — the person will NOT file tax yet, and there is NO penalty if he has not started receiving salary. Here is the correct explanation: 1. Government employees are taxed through PAYE (Not by themselves) In Nigeria (including Lagos State), employees are taxed through PAYE (Pay-As-You-Earn). This meanRead more
No — the person will NOT file tax yet, and there is NO penalty if he has not started receiving salary.
Here is the correct explanation:
1. Government employees are taxed through PAYE (Not by themselves)
In Nigeria (including Lagos State), employees are taxed through PAYE (Pay-As-You-Earn). This means:
The employer deducts tax from salary
Then remits it to the tax authority
Employees don’t normally pay tax before salary is earne
So if:
He has not been paid salary
No income yet
There is nothing to tax yet.
Even Lagos State confirms that tax is deducted from employees’ emoluments (salary, wages, bonuses, etc.)
2. No income = No tax
Tax authorities also clearly state:
Income tax is only payable when there is income
If you have no income, you do not pay tax
Since:
He has not received salary
He has not started earning
He cannot be penalized.
3. What should the person do now? (Best practice)
He should simply:
Wait until salary starts
Employer will register him for PAYE
Employer usually helps with Tax ID (TIN)
Tax will automatically start from salary
Most government workers don’t even register themselves — HR department handles it.
4. When does he need to worry?
Only when:
He starts receiving salary
And no tax is being deducted
Or he has other income (side business, investments, etc.)
Then he may need to file annual return (usually before March 3
Final Answer
So your friend should relax — no salary yet = no tax obligation = no penalty.
Yes — Fokona can be listed on the Nigerian Exchange (NGX) in the future, but there is currently NO official announcement that it will be listed. Here’s the clear breakdown: First — What Fokona is today From available information, Fokona is currently a financial knowledge platform where people ask anRead more
Yes — Fokona can be listed on the Nigerian Exchange (NGX) in the future, but there is currently NO official announcement that it will be listed.
Here’s the clear breakdown:
First — What Fokona is today
From available information, Fokona is currently a financial knowledge platform where people ask and answer questions about investing, business, taxes, and money matters across Africa.
It is also described as:
A profit-making company
Registered as a Limited Liability Company in Nigeria
Being built with long-term growth ambitions
So right now, Fokona is still a private company — not listed.
Can Fokona be listed on NGX in the future?
Yes — any private company can eventually list if it meets conditions like:
Requirements to list on NGX
For Fokona to be listed, it must:
Grow large enough (revenue, profits, users)
Become financially stable
Meet corporate governance requirements
Hire auditors & investment banks
Apply for IPO (Initial Public Offering)
If Fokona becomes a multi-billion company as you mentioned, listing becomes very likely.
Examples of companies that did this:
MTN Nigeria
Airtel Africa
Seplat
Dangote Cement
They all started private → later listed.
Important thing (Very interesting 👇)
There is also a statement that:
Fokona is NOT collecting money from the public for now
The public will only invest when the company decides officially
Yes — you can still retrieve your dad's First Bank dividends, even if it's been many years. This is called Unclaimed Dividends, and they never expire in Nigeria — they remain yours until claimed Let me show you exactly what to do 👇 Step-by-Step: How To Retrieve First Bank Dividends Step 1 — Check IfRead more
Yes — you can still retrieve your dad’s First Bank dividends, even if it’s been many years.
This is called Unclaimed Dividends, and they never expire in Nigeria — they remain yours until claimed
Let me show you exactly what to do 👇
Step-by-Step: How To Retrieve First Bank Dividends
Step 1 — Check If Dividends Are Unclaimed
Go to the Nigerian SEC portal and search using your dad’s name:
Securities and Exchange Commission Nigeria
Search for:
Your dad’s full name
Or shareholder account number
This helps confirm whether dividends are waiting.
Step 2 — Contact the Registrar (Very Important)
For First Bank / FBN Holdings, the registrar is:
First Registrars and Investor Services Limited
They handle:
Dividend payments
Share records
Unclaimed dividends
You can also visit:
First Registrars Abuja Office
First Registrars Nigeria Limited
They will guide you through retrieval.
Step 3 — Fill e-Dividend Form
You will be required to:
Fill e-dividend form
Submit to bank or registrar
Dividends paid to bank account
Once approved, payment can take 24–72 hours.
Documents You May Need
Prepare these:
✔️ Share certificate (if available)
✔️ Bank details
✔️ Valid ID (NIN, Passport, etc.)
✔️ Passport photograph
✔️ CSCS statement (if available)
If Your Dad Is No Longer Alive (Important Case)
You can still retrieve the dividends, but you’ll need:
Death certificate
Letter of administration / probate
Next-of-kin documents
Don’t worry — it’s still possible.
Why Many People Don’t Receive Dividends
This usually happens because:
Old address
Wrong bank details
Dividend warrants expired
Shares still in paper certificate form
This is very common in Nigeria.
Very Important Tip
Also check if your dad’s shares are still in certificate form.
If yes:
Convert to electronic form (CSCS)
Then dividends become easier
Since you’re already investing in stocks (like MTN), you’re doing the right thing helping your dad recover this
Great questions — these are very important before investing in mutual funds in Nigeria. Let’s break this down clearly. 1. If You Withdraw Before Quarterly Reinvestment — Are You Taxed on Your Capital? No. You are NOT taxed on your initial deposit. In Nigeria: Only the interest (profit) is taxed YourRead more
Great questions — these are very important before investing in mutual funds in Nigeria.
Let’s break this down clearly.
1. If You Withdraw Before Quarterly Reinvestment — Are You Taxed on Your Capital?
No. You are NOT taxed on your initial deposit.
In Nigeria:
Only the interest (profit) is taxed
Your capital is never taxed
Example:
You invest ₦100,000
You earn ₦5,000 interest
You withdraw before reinvestment
Tax applies only to:
₦5,000 (interest)
NOT ₦100,000 (capital)
So:
Your ₦100,000 remains intact
Only interest gets taxed
This rule is set under Nigerian tax laws enforced by
Federal Inland Revenue Service
2. The 10% Tax — Is It Per Year, Quarterly, or Monthly?
The 10% tax is NOT charged per annum.
Instead: 👉 The 10% tax is applied whenever interest is paid to you
This depends on how the fund distributes interest:
Fund Type
When Tax Applies
Daily Accrued Funds
When you withdraw
Monthly Distribution
Monthly
Quarterly Reinvestment
Quarterly
On Withdrawal Funds
When you withdraw
So:
If interest is credited quarterly → tax applied quarterly
If you withdraw before quarter → tax applied at withdrawal
Example (Simple)
You invest: ₦100,000
Interest earned: ₦8,000
Tax (10%) = ₦800
You receive: ₦8,000 − ₦800 = ₦7,200
Total:
Capital = ₦100,000
Interest after tax = ₦7,200
Total withdrawal = ₦107,200
Important (Most People Don’t Know This)
Some Nigerian money market funds already deduct tax automatically.
Examples:
Stanbic IBTC Asset Management
ARM Investment Managers
Meristem Wealth Management
So: You usually don’t need to file anything yourself.
Bonus: Good News (Tax Advantage)
Some mutual funds in Nigeria:
May enjoy reduced tax treatment
Some institutional funds even have tax exemptions
But for most retail investors: 👉 Assume 10% withholding tax on interest
Simple Summary
❌ No tax on capital
✔️ 10% tax on interest only
✔️ Tax applied when interest is credited or withdrawn
Rebranding your VTU website is a smart move — especially if you want to attract more users and grow revenue. The good thing is you don’t always need a lot of money. You just need the right funding strategy. Here are the best ways to get funding for your VTU rebrand 👇 1. Start With Customers (BestRead more
Rebranding your VTU website is a smart move — especially if you want to attract more users and grow revenue. The good thing is you don’t always need a lot of money. You just need the right funding strategy.
Here are the best ways to get funding for your VTU rebrand 👇
1. Start With Customers (Best & Safest Method)
This is called bootstrapping.
Since you already run a VTU business:
Offer discounted data bundles
Run promo campaigns
Offer referral bonuses
Example:
“Recharge ₦5,000 and get ₦100 bonus”
“Refer 3 people, earn free data”
Use the profit from this to fund the rebrand.
This is the safest funding method because:
No debt
No investor pressure
Full control
2. Partner With Someone (Equity Funding)
You can bring in:
A friend
Business partner
Small investor
Example:
You own 80%
Investor owns 20%
Investor funds redesign + marketing
But make sure:
Agreement is written
Profit sharing is clear
3. Apply for Nigerian Startup Grants
You can apply for:
Tony Elumelu Foundation
Bank of Industry
SMEDAN
Lagos State Employment Trust Fund
These grants:
Don’t require repayment
Can fund your website upgrade
Can fund marketing
4. Pre-Launch Funding (Very Powerful Strategy)
Announce: “New VTU platform launching soon”
Offer:
Early users discount
Lifetime cheaper rates
VIP accounts
Example:
Pay ₦10,000 now
Get cheaper data forever
This helps you:
Raise money
Build users
Validate demand
5. Use Small Business Loans (Carefully)
If necessary:
You can try:
Carbon
FairMoney
Branch
But be careful: ⚠️ Only borrow if you already have customers
6. Reduce Cost (Smart Rebrand Strategy)
You don’t need a huge budget.
You can:
Use affordable UI designer
Use template redesign
Upgrade gradually
Budget Example:
UI Design — ₦50k–₦150k
Website upgrade — ₦100k–₦300k
Marketing — ₦50k–₦200k
You can start small.
My Honest Advice (Based on Your Situation)
Since you’re already business-minded and careful with money: Start with:
The Stanbic IBTC Money Market Fund does not have a fixed interest rate like a bank savings account. Instead, the interest changes based on market conditions (Treasury Bills, fixed deposits, etc.). Current Stanbic IBTC Money Market Fund Interest (Latest) Indicative Yield: about 15.34% per year (recenRead more
The Stanbic IBTC Money Market Fund does not have a fixed interest rate like a bank savings account.
Instead, the interest changes based on market conditions (Treasury Bills, fixed deposits, etc.).
Current Stanbic IBTC Money Market Fund Interest (Latest)
Indicative Yield: about 15.34% per year (recent figure)
2026 Year-to-Date Return: around 19.63%
Recent Annual Yield Range: roughly 15% – 20% per year depending on market conditions
This means:
Some months → 14%
Some months → 17%
Some periods → even close to 20%
Because money market funds change with interest rates in Nigeria.
Example (How Much You Can Earn)
If:
You invest ₦100,000
Average return 16% per year
Estimated yearly return:
₦100,000 × 16% = ₦16,000 per year
Monthly ≈ ₦1,300 (approx)
Why The Interest Changes
The fund invests in:
Treasury Bills
Commercial Papers
Fixed Deposits
So when interest rates in Nigeria go up → your returns go up
When interest rates drop → returns drop
Important Things to Know
Minimum investment: ₦5,000
Risk level: Low (not zero risk)
Withdrawal: usually 1–2 working days
Interest: compounds daily (very important advantage) �
To calculate Mutual Fund returns, you usually use compound interest, because mutual funds grow over time and reinvest profits. The basic formula is: A = P(1 + r)^t Where: A = Final amount P = Your capital (initial investment) r = Interest rate (annual return in decimal) t = Time (in years) Simple ExRead more
To calculate Mutual Fund returns, you usually use compound interest, because mutual funds grow over time and reinvest profits.
The basic formula is:
A = P(1 + r)^t
Where:
A = Final amount
P = Your capital (initial investment)
r = Interest rate (annual return in decimal)
t = Time (in years)
Simple Example
Let’s say:
You invest ₦100,000
Mutual fund return = 12% per year
Time = 3 years
Step-by-step:
Convert 12% to decimal
12% = 0.12
Substitute into formula
A = 100,000 (1 + 0.12)³
Calculate
A = 100,000 × (1.12)³
A = 100,000 × 1.4049
A ≈ ₦140,490
Your Profit
₦140,490 − ₦100,000 = ₦40,490 profit
Quick Shortcut Method (Simple Way)
You can also use this simpler method:
Profit = Capital × Rate × Time
(This is rough estimate, not compounded)
Example: ₦100,000 × 12% × 3
= ₦36,000 (approximate)
But mutual funds use compound growth, so the first method is more accurate.
Tax Deadline in Anambra State – How Can I File My Personal Income Tax Easily Without Mistakes?
Here’s a simple beginner-friendly guide to filing Personal Income Tax in Anambra State without mistakes 👇 Tax Deadline in Anambra State — Step-by-Step Guide (For Beginners) If you live or work in Anambra State, you file your Personal Income Tax with the Anambra State Internal Revenue Service. 📅 ImpoRead more
Here’s a simple beginner-friendly guide to filing Personal Income Tax in Anambra State without mistakes 👇
Tax Deadline in Anambra State — Step-by-Step Guide (For Beginners)
If you live or work in Anambra State, you file your Personal Income Tax with the
Anambra State Internal Revenue Service.
📅 Important Deadline
Annual Tax Filing Deadline: March 31 every year
This is required by Nigerian tax law under the Joint Tax Board guidelines.
Even if you earned little income — you still need to file.
Step-by-Step: How to File Personal Income Tax in Anambra State
Step 1: Know If You Must File
You should file if you are:
✅ Salary earner (private or government worker)
✅ Self-employed / business owner
✅ Freelancer
✅ Investor earning income
✅ Even if you just started work
Even if you earned no income, you still file “Nil Return” (very important ⚠️).
Step 2: Get Your ASIN Number (Tax ID)
ASIN = Anambra State Identification Number
This is your tax number in Anambra State.
You can get it:
Option A (Online)
Visit:
ASIRS website (if available)
Fill registration form
Option B (Easier for beginners)
Go physically to:
Anambra State Internal Revenue Service Office
Bring:
National ID / Voter’s Card / Driver’s License
Phone number
Address
Employer details (if employed)
They will generate your ASIN number.
Step 3: Prepare Your Information
You’ll need:
📌 Full name
📌 Address
📌 Phone number
📌 Employer (if working)
📌 Annual income (salary or business income)
📌 Other income (rent, investments, etc.)
Step 4: Fill Annual Tax Return Form
You’ll be given:
Form A (Personal Income Tax Form)
Don’t panic — it’s simple:
You’ll fill:
Personal Details
Income Details
Deductions (Pension, NHF, etc.)
Signature
Step 5: Submit Your Tax Filing
Submit to:
ASIRS office
OR
Email (if provided)
OR
Online portal (if available)
After submission, you’ll receive:
✅ Acknowledgment
✅ Filing confirmation
Keep this safe 📁
Example (Simple Case)
Let’s say:
You just got employed in January
Salary not yet paid
You still file:
➡️ Nil Return (no income yet)
This helps you:
✅ Avoid penalty
✅ Stay compliant
✅ Build tax record
Common Mistakes to Avoid ❌
❌ Waiting until last minute
❌ Not filing because no income
❌ Using wrong address/state
❌ Not getting ASIN number
❌ Ignoring tax completely
Penalty for Not Filing
Failure to file can lead to:
⚠️ Fine
⚠️ Penalty charges
⚠️ Future tax problems
Better to file early 👍
Easiest Method (Recommended)
If you’re a beginner:
👉 Go physically to Anambra State Internal Revenue Service
Tell them:
“I want to file my personal income tax for the first time”
They will guide you.
Quick Summary
1️⃣ Get ASIN number
2️⃣ Gather your information
3️⃣ Fill Form A
4️⃣ Submit before March 31
5️⃣ Keep acknowledgment
If you’d like, I can also:
Show sample filled form
Explain for salary earners
Explain for business owners
Explain for someone with no income
See lessHow do I use the bamboo app in Ghana to access Nigerian stock ?
You're not doing anything wrong. What you're seeing is normal when using the Bamboo from Ghana. Here’s the real explanation 👇 Why You Only See US Stocks on Bamboo (In Ghana) Bamboo is available in Ghana — so your registration is fine. Bamboo supports Nigerian stocks — but not all countries get the sRead more
You’re not doing anything wrong.
What you’re seeing is normal when using the Bamboo from Ghana.
Here’s the real explanation 👇
Why You Only See US Stocks on Bamboo (In Ghana)
Bamboo is available in Ghana — so your registration is fine.
Bamboo supports Nigerian stocks — but not all countries get the same features.
When Bamboo launched in Ghana, it initially allowed mainly US stock access for Ghana users due to regulatory/licensing setup.
So:
🇳🇬 Nigeria users → US stocks + Nigerian stocks
🇬🇭 Ghana users → Mostly US stocks (sometimes limited NG access)
That’s why you can’t see Nigerian stocks.
Apps You Can Use in Ghana to Buy Nigerian Stocks
Here are better alternatives 👇
1. Best Option: Chaka
Trade Nigerian stocks
Trade US stocks
Works internationally
SEC licensed platform
Access to Nigerian Exchange (NGX)
👉 This is my top recommendation for you in Ghana.
2. Also Good: Trove
Nigerian stocks
US stocks
ETFs
Works for international users
3. Another Option: i‑invest
Direct Nigerian stock access
Trade from anywhere
Nigerian Exchange listed stocks available
My Honest Recommendation (Simple)
If you’re in Ghana:
Try Chaka first (Best for Nigerian stocks)
Then Trove
Keep Bamboo for US stocks
See lessWhat Should I File for Personal Income Tax in Nigeria If I Have Never Paid Tax Before?
If you haven’t paid any tax before, you can still file a Personal Income Tax (PIT) return — and what you file depends on your situation. Here’s the correct breakdown: 1. If You Had No Income Last Year You file a Nil Return (also called Zero Income Return). This simply means: You had no job No busineRead more
If you haven’t paid any tax before, you can still file a Personal Income Tax (PIT) return — and what you file depends on your situation.
Here’s the correct breakdown:
1. If You Had No Income Last Year
You file a Nil Return (also called Zero Income Return).
This simply means:
You had no job
No business income
No freelance income
No investment income
So you declare ₦0 income.
This is accepted by tax authorities like:
Lagos State Internal Revenue Service
Federal Inland Revenue Service
Filing a Nil Return protects you from future penalties.
2. If You Just Got Employed This Year (But Not Last Year)
Example:
Got job in 2026
Filing for 2025
Then:
You file Nil Return for 2025
Because you had no income in 2025
This is completely normal.
3. If You Had Income But No Tax Was Paid
Example:
Freelance work
Business
Side hustle
Rental income
Then you must declare that income even if:
No tax was deducted
No TIN yet
You file:
Income earned
Then tax authority calculates tax
This is required under the Personal Income Tax Act.
4. Who Must File Annual PIT in Nigeria?
You should file if you:
Are employed (public or private)
Run a business
Freelance / side hustle
Just got employed recently (file Nil Return for previous year)
Simple Rule
No income → File Nil Return
Income → File Income Return
Just employed → File Nil Return for previous year
Example (Your Case Scenario)
Someone:
Just employed by Lagos State Government
No salary yet
No previous tax
He should:
File Nil Return for last year
Wait for PAYE once salary starts
No penalty. No stress.
See lessDo New Employees in Lagos State Nigeria Need to File Personal Income Tax Before Receiving Their First Salary?
No — the person will NOT file tax yet, and there is NO penalty if he has not started receiving salary. Here is the correct explanation: 1. Government employees are taxed through PAYE (Not by themselves) In Nigeria (including Lagos State), employees are taxed through PAYE (Pay-As-You-Earn). This meanRead more
No — the person will NOT file tax yet, and there is NO penalty if he has not started receiving salary.
Here is the correct explanation:
1. Government employees are taxed through PAYE (Not by themselves)
In Nigeria (including Lagos State), employees are taxed through PAYE (Pay-As-You-Earn). This means:
The employer deducts tax from salary
Then remits it to the tax authority
Employees don’t normally pay tax before salary is earne
So if:
He has not been paid salary
No income yet
There is nothing to tax yet.
Even Lagos State confirms that tax is deducted from employees’ emoluments (salary, wages, bonuses, etc.)
2. No income = No tax
Tax authorities also clearly state:
Income tax is only payable when there is income
If you have no income, you do not pay tax
Since:
He has not received salary
He has not started earning
He cannot be penalized.
3. What should the person do now? (Best practice)
He should simply:
Wait until salary starts
Employer will register him for PAYE
Employer usually helps with Tax ID (TIN)
Tax will automatically start from salary
Most government workers don’t even register themselves — HR department handles it.
4. When does he need to worry?
Only when:
He starts receiving salary
And no tax is being deducted
Or he has other income (side business, investments, etc.)
Then he may need to file annual return (usually before March 3
Final Answer
So your friend should relax — no salary yet = no tax obligation = no penalty.
This is very common for:
New government workers
NYSC staff
Newly recruited civil servants
See lessCan Fokona Be Listed on the Nigerian Stock Exchange (NGX) in the Future?
Yes — Fokona can be listed on the Nigerian Exchange (NGX) in the future, but there is currently NO official announcement that it will be listed. Here’s the clear breakdown: First — What Fokona is today From available information, Fokona is currently a financial knowledge platform where people ask anRead more
Yes — Fokona can be listed on the Nigerian Exchange (NGX) in the future, but there is currently NO official announcement that it will be listed.
Here’s the clear breakdown:
First — What Fokona is today
From available information, Fokona is currently a financial knowledge platform where people ask and answer questions about investing, business, taxes, and money matters across Africa.
It is also described as:
A profit-making company
Registered as a Limited Liability Company in Nigeria
Being built with long-term growth ambitions
So right now, Fokona is still a private company — not listed.
Can Fokona be listed on NGX in the future?
Yes — any private company can eventually list if it meets conditions like:
Requirements to list on NGX
For Fokona to be listed, it must:
Grow large enough (revenue, profits, users)
Become financially stable
Meet corporate governance requirements
Hire auditors & investment banks
Apply for IPO (Initial Public Offering)
If Fokona becomes a multi-billion company as you mentioned, listing becomes very likely.
Examples of companies that did this:
MTN Nigeria
Airtel Africa
Seplat
Dangote Cement
They all started private → later listed.
Important thing (Very interesting 👇)
There is also a statement that:
Fokona is NOT collecting money from the public for now
The public will only invest when the company decides officially
That suggests:
They may be planning future investment rounds
But not yet open to investors
My honest professional view
If Fokona:
Gains many users
Builds revenue
Expands across Africa
Then listing on NGX becomes very realistic.
But if it remains small or early-stage:
Listing may take 5–10 years
Or may never happen
See lessHow Can I Retrieve Unclaimed Dividends From First Bank Shares in Nigeria?
Yes — you can still retrieve your dad's First Bank dividends, even if it's been many years. This is called Unclaimed Dividends, and they never expire in Nigeria — they remain yours until claimed Let me show you exactly what to do 👇 Step-by-Step: How To Retrieve First Bank Dividends Step 1 — Check IfRead more
Yes — you can still retrieve your dad’s First Bank dividends, even if it’s been many years.
This is called Unclaimed Dividends, and they never expire in Nigeria — they remain yours until claimed
Let me show you exactly what to do 👇
Step-by-Step: How To Retrieve First Bank Dividends
Step 1 — Check If Dividends Are Unclaimed
Go to the Nigerian SEC portal and search using your dad’s name:
Securities and Exchange Commission Nigeria
Search for:
Your dad’s full name
Or shareholder account number
This helps confirm whether dividends are waiting.
Step 2 — Contact the Registrar (Very Important)
For First Bank / FBN Holdings, the registrar is:
First Registrars and Investor Services Limited
They handle:
Dividend payments
Share records
Unclaimed dividends
You can also visit:
First Registrars Abuja Office
First Registrars Nigeria Limited
They will guide you through retrieval.
Step 3 — Fill e-Dividend Form
You will be required to:
Fill e-dividend form
Submit to bank or registrar
Dividends paid to bank account
Once approved, payment can take 24–72 hours.
Documents You May Need
Prepare these:
✔️ Share certificate (if available)
✔️ Bank details
✔️ Valid ID (NIN, Passport, etc.)
✔️ Passport photograph
✔️ CSCS statement (if available)
If Your Dad Is No Longer Alive (Important Case)
You can still retrieve the dividends, but you’ll need:
Death certificate
Letter of administration / probate
Next-of-kin documents
Don’t worry — it’s still possible.
Why Many People Don’t Receive Dividends
This usually happens because:
Old address
Wrong bank details
Dividend warrants expired
Shares still in paper certificate form
This is very common in Nigeria.
Very Important Tip
Also check if your dad’s shares are still in certificate form.
If yes:
Convert to electronic form (CSCS)
Then dividends become easier
Since you’re already investing in stocks (like MTN), you’re doing the right thing helping your dad recover this
See lessHow Is Tax Applied on Mutual Fund Interest in Nigeria When Earnings Are Reinvested Quarterly?
Great questions — these are very important before investing in mutual funds in Nigeria. Let’s break this down clearly. 1. If You Withdraw Before Quarterly Reinvestment — Are You Taxed on Your Capital? No. You are NOT taxed on your initial deposit. In Nigeria: Only the interest (profit) is taxed YourRead more
Great questions — these are very important before investing in mutual funds in Nigeria.
Let’s break this down clearly.
1. If You Withdraw Before Quarterly Reinvestment — Are You Taxed on Your Capital?
No. You are NOT taxed on your initial deposit.
In Nigeria:
Only the interest (profit) is taxed
Your capital is never taxed
Example:
You invest ₦100,000
You earn ₦5,000 interest
You withdraw before reinvestment
Tax applies only to:
₦5,000 (interest)
NOT ₦100,000 (capital)
So:
Your ₦100,000 remains intact
Only interest gets taxed
This rule is set under Nigerian tax laws enforced by
Federal Inland Revenue Service
2. The 10% Tax — Is It Per Year, Quarterly, or Monthly?
The 10% tax is NOT charged per annum.
Instead: 👉 The 10% tax is applied whenever interest is paid to you
This depends on how the fund distributes interest:
Fund Type
When Tax Applies
Daily Accrued Funds
When you withdraw
Monthly Distribution
Monthly
Quarterly Reinvestment
Quarterly
On Withdrawal Funds
When you withdraw
So:
If interest is credited quarterly → tax applied quarterly
If you withdraw before quarter → tax applied at withdrawal
Example (Simple)
You invest: ₦100,000
Interest earned: ₦8,000
Tax (10%) = ₦800
You receive: ₦8,000 − ₦800 = ₦7,200
Total:
Capital = ₦100,000
Interest after tax = ₦7,200
Total withdrawal = ₦107,200
Important (Most People Don’t Know This)
Some Nigerian money market funds already deduct tax automatically.
Examples:
Stanbic IBTC Asset Management
ARM Investment Managers
Meristem Wealth Management
So: You usually don’t need to file anything yourself.
Bonus: Good News (Tax Advantage)
Some mutual funds in Nigeria:
May enjoy reduced tax treatment
Some institutional funds even have tax exemptions
But for most retail investors: 👉 Assume 10% withholding tax on interest
Simple Summary
❌ No tax on capital
✔️ 10% tax on interest only
✔️ Tax applied when interest is credited or withdrawn
✔️ Usually deducted automatically
See lessHow Can I Get Funding to Rebrand My VTU Business in Nigeria?
Rebranding your VTU website is a smart move — especially if you want to attract more users and grow revenue. The good thing is you don’t always need a lot of money. You just need the right funding strategy. Here are the best ways to get funding for your VTU rebrand 👇 1. Start With Customers (BestRead more
Rebranding your VTU website is a smart move — especially if you want to attract more users and grow revenue. The good thing is you don’t always need a lot of money. You just need the right funding strategy.
Here are the best ways to get funding for your VTU rebrand 👇
1. Start With Customers (Best & Safest Method)
This is called bootstrapping.
Since you already run a VTU business:
Offer discounted data bundles
Run promo campaigns
Offer referral bonuses
Example:
“Recharge ₦5,000 and get ₦100 bonus”
“Refer 3 people, earn free data”
Use the profit from this to fund the rebrand.
This is the safest funding method because:
No debt
No investor pressure
Full control
2. Partner With Someone (Equity Funding)
You can bring in:
A friend
Business partner
Small investor
Example:
You own 80%
Investor owns 20%
Investor funds redesign + marketing
But make sure:
Agreement is written
Profit sharing is clear
3. Apply for Nigerian Startup Grants
You can apply for:
Tony Elumelu Foundation
Bank of Industry
SMEDAN
Lagos State Employment Trust Fund
These grants:
Don’t require repayment
Can fund your website upgrade
Can fund marketing
4. Pre-Launch Funding (Very Powerful Strategy)
Announce: “New VTU platform launching soon”
Offer:
Early users discount
Lifetime cheaper rates
VIP accounts
Example:
Pay ₦10,000 now
Get cheaper data forever
This helps you:
Raise money
Build users
Validate demand
5. Use Small Business Loans (Carefully)
If necessary:
You can try:
Carbon
FairMoney
Branch
But be careful: ⚠️ Only borrow if you already have customers
6. Reduce Cost (Smart Rebrand Strategy)
You don’t need a huge budget.
You can:
Use affordable UI designer
Use template redesign
Upgrade gradually
Budget Example:
UI Design — ₦50k–₦150k
Website upgrade — ₦100k–₦300k
Marketing — ₦50k–₦200k
You can start small.
My Honest Advice (Based on Your Situation)
Since you’re already business-minded and careful with money: Start with:
Use profit from current users
Pre-launch promotion
Small partner if needed
Avoid:
Big loans
Giving away too much equity
See lessWhat is the interest rate of Stanbic Ibtc Money Market mutual funds?
The Stanbic IBTC Money Market Fund does not have a fixed interest rate like a bank savings account. Instead, the interest changes based on market conditions (Treasury Bills, fixed deposits, etc.). Current Stanbic IBTC Money Market Fund Interest (Latest) Indicative Yield: about 15.34% per year (recenRead more
The Stanbic IBTC Money Market Fund does not have a fixed interest rate like a bank savings account.
Instead, the interest changes based on market conditions (Treasury Bills, fixed deposits, etc.).
Current Stanbic IBTC Money Market Fund Interest (Latest)
Indicative Yield: about 15.34% per year (recent figure)
2026 Year-to-Date Return: around 19.63%
Recent Annual Yield Range: roughly 15% – 20% per year depending on market conditions
This means:
Some months → 14%
Some months → 17%
Some periods → even close to 20%
Because money market funds change with interest rates in Nigeria.
Example (How Much You Can Earn)
If:
You invest ₦100,000
Average return 16% per year
Estimated yearly return:
₦100,000 × 16% = ₦16,000 per year
Monthly ≈ ₦1,300 (approx)
Why The Interest Changes
The fund invests in:
Treasury Bills
Commercial Papers
Fixed Deposits
So when interest rates in Nigeria go up → your returns go up
When interest rates drop → returns drop
Important Things to Know
Minimum investment: ₦5,000
Risk level: Low (not zero risk)
Withdrawal: usually 1–2 working days
Interest: compounds daily (very important advantage) �
stanbicibtccapital.com
My Honest Take
Stanbic IBTC Money Market Fund is:
✔️ Good for beginners
✔️ Better than savings account
✔️ Good for emergency funds
✔️ Good for short-term investing
See lessHow Do I Calculate Mutual Fund Returns and Interest Based on My Capital in Nigeria?
To calculate Mutual Fund returns, you usually use compound interest, because mutual funds grow over time and reinvest profits. The basic formula is: A = P(1 + r)^t Where: A = Final amount P = Your capital (initial investment) r = Interest rate (annual return in decimal) t = Time (in years) Simple ExRead more
To calculate Mutual Fund returns, you usually use compound interest, because mutual funds grow over time and reinvest profits.
The basic formula is:
A = P(1 + r)^t
Where:
A = Final amount
P = Your capital (initial investment)
r = Interest rate (annual return in decimal)
t = Time (in years)
Simple Example
Let’s say:
You invest ₦100,000
Mutual fund return = 12% per year
Time = 3 years
Step-by-step:
Convert 12% to decimal
12% = 0.12
Substitute into formula
A = 100,000 (1 + 0.12)³
Calculate
A = 100,000 × (1.12)³
A = 100,000 × 1.4049
A ≈ ₦140,490
Your Profit
₦140,490 − ₦100,000 = ₦40,490 profit
Quick Shortcut Method (Simple Way)
You can also use this simpler method:
Profit = Capital × Rate × Time
(This is rough estimate, not compounded)
Example: ₦100,000 × 12% × 3
= ₦36,000 (approximate)
But mutual funds use compound growth, so the first method is more accurate.
Typical Mutual Fund Returns in Nigeria (Average)
Money Market Fund → 8% – 15%
Bond Fund → 10% – 18%
Equity Fund → 15% – 25% (but riskier)
Example Table
Capital
10%
12%
15%
₦50,000
₦55,000
₦56,000
₦57,500
₦100,000
₦110,000
₦112,000
₦115,000
₦500,000
₦550,000
₦560,000
₦575,000
(After 1 year)
See less