INVESTING & WEALTH BUILDING
This section answers real questions about investing in Nigeria. Learn how to invest in stocks market, treasury bills, bonds, NIDF, Commecial Papers and other opportunities. Whether you are a beginner or experienced, you will find simple guidance to grow your money.
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What Are the Best Penny Stocks for Long-Term Growth Potential?
With ₦200k and a long-term mindset, you are already thinking like an investor instead of a trader. The biggest mistake many people make with “penny stocks” is chasing cheap prices instead of strong businesses. A ₦5 stock is not automatically cheaper than a ₦500 stock. What matters is: earnings growtRead more
With ₦200k and a long-term mindset, you are already thinking like an investor instead of a trader. The biggest mistake many people make with “penny stocks” is chasing cheap prices instead of strong businesses.
See lessA ₦5 stock is not automatically cheaper than a ₦500 stock. What matters is:
earnings growth
industry future
management quality
ability to survive economic cycles
liquidity on the NGX
long-term expansion potential
For Nigeria specifically, the sectors with the strongest multi-year tailwinds are:
Banking & fintech infrastructure
Telecom/data
Energy/oil & gas
Agriculture/food processing
Healthcare/pharma
Industrial/infrastructure
Analysts and market trackers continue to highlight names like GTCO, Zenith, MTNN, Seplat, Fidelity, and healthcare plays because of earnings growth, digital expansion, and stronger NGX fundamentals heading into 2026.
Instead of putting all ₦200k into one speculative penny stock, I would structure it like this:
Suggested Long-Term Portfolio Structure
Category
Allocation
Goal
Strong compounders
50%
Stability + long-term growth
Mid-tier growth stocks
35%
Higher upside
Speculative penny stocks
15%
High-risk asymmetric bets
That means:
₦100k → quality leaders
₦70k → growth companies
₦30k → true penny/speculative plays
My Preferred Long-Term Picks
Core Compounders (Safer Long-Term Base)
GTCO
One of the strongest long-term Nigerian financial stocks. Why:
strong profitability
consistent dividend culture
digital banking expansion
likely beneficiary of Africa’s financialization trend
Many analysts still rank GTCO among the strongest NGX long-term holdings.
MTNN
This is indirectly a “data economy” investment. Why:
Nigeria’s data consumption keeps rising
fintech/payment ecosystem expansion
strong market dominance
long runway from digital services
MTNN continues to benefit from the shift toward data-led revenues.
ZENITHBANK
Not explosive growth, but extremely strong capital efficiency and dividend profile. Excellent for compounding over 10+ years.
Mid-Tier Growth Stocks (Higher Upside)
FIDELITYBK
This is one of the few mid-tier banks with serious expansion momentum. Why I like it:
improving market perception
aggressive retail growth
recapitalization era could rerate strong banks
still cheaper than tier-1 banks
Several market outlooks now mention Fidelity as a growth-focused banking play.
WEMABANK
High-risk but interesting. ALAT gives them a digital banking angle many investors underestimate.
This is not as safe as GTCO or Zenith, but it has stronger re-rating potential if execution remains good.
FIDSON
Nigeria’s healthcare/pharma sector has long-term structural demand. Why:
population growth
local pharmaceutical manufacturing
FX restrictions encouraging local substitution
Some NGX screeners rank Fidson among stronger growth names recently.
Speculative Penny Stocks (Small Allocation Only)
These can multiply fast — or disappoint badly.
JAIZBANK
Interesting because:
Islamic banking still underpenetrated
growing customer base
expansion runway
But volatility can be brutal.
CUTIX
Industrial/electrical infrastructure exposure. Could benefit if power and infrastructure investments expand over time.
CHAMS
Pure speculation. Digital identity/payment themes give it optional upside, but this is not a “safe” investment.
What I Would Personally Avoid
For long-term wealth building, avoid:
dead companies with no earnings
illiquid stocks nobody trades
hype-driven Telegram/WhatsApp pump stocks
companies with poor governance
stocks that only rise because of speculation
Cheap stocks can remain cheap for 20 years.
A Practical ₦200k Allocation Example
Stock
Amount
GTCO
₦45k
MTNN
₦35k
Zenith
₦20k
Fidelity
₦35k
Wema
₦25k
Fidson
₦20k
Jaiz
₦10k
Cutix/Chams
₦10k
Important Strategy
Your real advantage is not picking one “10x stock.” It is:
buying gradually
reinvesting dividends
holding through cycles
adding consistently for years
Compound growth becomes powerful over time.
For example, compound growth works like this:
Even if your portfolio averages 18–25% annually over a decade, consistent reinvestment can become substantial.
Also, if you want maximum long-term upside, focus more on:
telecom/data
digital banking
energy infrastructure
healthcare
agriculture processing
Those are likely to dominate Nigeria’s next economic cycle.
Can I Have Multiple Brokerage Accounts With Afrinvest and InvestNaija in Nigeria?
Yes, you can legally have multiple brokerage accounts in Nigeria. There is nothing wrong with having accounts with both afrinvest.com and investnaija.com But the key issue here is not the brokerage account itself — it is the CSCS/CHN structure. Here is what is happening technically: Your CHN (CleariRead more
Yes, you can legally have multiple brokerage accounts in Nigeria. There is nothing wrong with having accounts with both afrinvest.com and investnaija.com
See lessBut the key issue here is not the brokerage account itself — it is the CSCS/CHN structure.
Here is what is happening technically:
Your CHN (Clearing House Number) and CSCS account are usually tied to the stockbroker that created them.
Some brokers allow account portability/linking.
Some fintech-style platforms prefer generating and managing their own custody structure internally.
That is why InvestNaija is telling you they cannot use the Afrinvest-generated CHN/CSCS on their platform.
That does not necessarily mean anything fraudulent is happening. It is often a platform architecture/custody limitation.
Now to your real question:
Should You Open Another CSCS Through InvestNaija?
You can, but you need to understand the implications.
If You Create Another CSCS/CHN:
You may end up with:
two brokerage accounts,
two CSCS accounts,
two CHNs,
separate portfolios.
Example:
Zenith shares bought via Afrinvest stay under Afrinvest-linked CSCS.
UBA shares bought later via InvestNaija stay under InvestNaija-linked CSCS.
That is allowed in Nigeria.
But it creates:
more complexity,
more registrar records,
more dividend mandate management,
more reconciliation issues later.
And from your recent dividend experience, you can already see how fragmented records can become stressful.
Important Clarification:
“Is it the same stocks posted on Afrinvest that will be posted on InvestNaija?”
Yes.
Both platforms access the same:
Nigerian Exchange Group market,
same listed companies,
same market prices.
So:
Zenith Bank Plc shares are Zenith shares everywhere.
GTCO Plc is the same stock everywhere.
MTN Nigeria Communications Plc is the same stock everywhere.
The difference is:
platform interface,
fees,
execution speed,
customer support,
settlement efficiency,
research tools,
custody structure,
dividend handling.
Not the actual stocks.
My Practical Recommendation
Given your experience already:
Keep One Main Broker First
At your current stage, it is cleaner operationally to:
choose one primary broker,
maintain one major CSCS/CHN,
centralize dividends and records.
This reduces:
registrar confusion,
e-dividend complications,
forgotten holdings,
account reconciliation stress.
Which One Would I Lean Toward?
Based on what you described:
Afrinvest
Pros:
Established traditional broker
Strong institutional background
Direct market credibility
More mature investment infrastructure
Cons:
Slow onboarding/customer support (your experience confirms this)
InvestNaija
Pros:
Easier modern UI
Faster retail-focused onboarding
More beginner friendly
Cons:
May rely on internal custody/account structures
Support and infrastructure maturity may not match older brokers
What I Would Personally Do In Your Situation
Since Afrinvest already generated your CHN/CSCS:
I would likely:
keep the Afrinvest CSCS as the primary account,
avoid creating another CHN immediately,
test Afrinvest with a small transaction first,
monitor:
trade execution,
statements,
dividend handling,
responsiveness.
Then only open another fully separate CSCS later if:
you want diversification across brokers,
or one broker becomes unreliable.
One Very Important Thing Most Beginners Ignore
The broker itself is less important than:
proper CSCS registration,
accurate registrar records,
correct e-dividend setup,
good documentation,
long-term consistency.
Many Nigerian investors run into problems years later because they opened:
multiple CHNs,
multiple registrar records,
inconsistent names/bank details,
scattered holdings.
Then dividends and bonus shares become difficult to trace.
Your recent Zenith dividend issue is already showing why simplicity matters.
So at this stage:
one solid broker,
one clean CSCS structure,
one properly linked bank mandate,
is usually the cleaner approach.
Why Have I Not Received My Zenith Bank Dividend After Completing e-Dividend Registration?
What you described usually means the dividend payment process was initiated, but something in the bank mandate or shareholder record did not reconcile successfully before final payout. Since your e-dividend status is now “Live,” the mandate itself was probably approved, but the dividend may still haRead more
What you described usually means the dividend payment process was initiated, but something in the bank mandate or shareholder record did not reconcile successfully before final payout. Since your e-dividend status is now “Live,” the mandate itself was probably approved, but the dividend may still have failed due to one of these common issues:
See lessName mismatch between CSCS/BVN/bank account/share certificate records
Wrong CHN or shareholder account linkage
Shares bought through a broker nominee account instead of direct CSCS name
Bank account validation failure during payout
Registrar backlog or unresolved pending mandate synchronization
Dividend payment processed before your mandate became fully active
Shares held on a platform structure where dividends pass through the broker first
Since you already:
bought before qualification date,
completed EDMMS,
received processing emails,
checked unclaimed dividends,
contacted the registrar,
and the status is “Live,”
the next step is no longer ordinary customer support emails. You need escalation and verification.
Here is the practical sequence I would follow:
1. Confirm Whether Your Shares Are In Your Direct Name
This is very important.
If you bought through platforms like:
bamboo.app
troveapp.co
chaka.com
the shares may sometimes be held through a nominee structure.
In that case:
dividends may first go to the broker/custodian,
then later be credited to your wallet/account.
But if you bought through a traditional stockbroker with a personal CSCS account, dividends should come directly to your bank account.
Ask your broker specifically:
“Are my Zenith Bank shares held in my direct CSCS name or under a nominee account?”
That single question can solve the mystery quickly.
2. Verify Your CSCS and Registrar Details Match Exactly
Cross-check:
Full name
Bank account name
BVN
CSCS account
CHN
Email
Phone number
Even small differences can cause payout failure.
Example:
“Jeremiah Ochoyoda” vs
“Jeremiah O. Ochoyoda”
can create reconciliation issues.
3. Escalate Beyond Ordinary Customer Care
Instead of repeated generic emails, send:
one formal escalation email,
with evidence attached.
Attach:
EDMMS approval/live status screenshot
CSCS statement showing Zenith shares
Proof of purchase date
Valid ID
Bank details
Previous unanswered emails
Send it to:
the registrar,
copied to Zenith investor relations,
and copied to SEC complaint channels if necessary.
You can use this template:
Email
Subject
Escalation on Unpaid Zenith Bank Dividend Despite Active e-Dividend Mandate
Dear Sir/Madam,
I wish to formally escalate the issue regarding my unpaid dividend for my Zenith Bank shares despite completing the e-dividend registration process through the EDMMS platform several months ago.
I purchased the shares before the qualification date and subsequently completed the e-dividend mandate registration. I also received several automated email updates indicating statuses ranging from “payment pending” to “processing,” and the current status now shows “Live.”
However, up till now, I have not received the dividend payment.
I have made several attempts to contact Veritas Registrars through emails and customer care lines without any successful response. I also contacted Zenith Bank customer care, but the alternative contact provided has equally not responded.
Please find attached the following for verification and urgent resolution:
EDMMS status screenshot
CSCS statement / proof of shareholding
Valid means of identification
Bank account details
Previous correspondence
Kindly investigate this matter urgently and advise on the exact issue preventing payment of my dividend.
Thank you.
Yours faithfully, [Your Full Name] [Phone Number] [CSCS/CHN if available]
4. Escalate to SEC if No Resolution After 5–10 Working Days
If there is still silence, escalate formally to the Nigerian SEC complaint system.
sec.gov.ng
Registrars tend to respond faster once SEC complaints are lodged.
5. Also Check If Dividend Was Paid Into Another Bank Account
This happens surprisingly often.
Especially if:
you changed banks,
changed brokers,
or previously submitted another mandate years ago.
Ask the registrar specifically:
“Please confirm the destination bank account to which the dividend payment instruction was sent.”
6. One Important Possibility: Late Mandate Activation
Sometimes:
shares qualify for dividend,
but the e-dividend mandate becomes fully active after the registrar’s payment processing cutoff.
When this happens:
the dividend may temporarily remain unpaid internally,
even though your status later becomes “Live.”
If that is the case, the registrar usually has to manually reprocess the payment.
That is why direct escalation with documents attached is now the best route.
What Are the Best Data-Driven Investment Opportunities for Future Wealth Creation?
Data has become foundational infrastructure — like electricity, oil, rail, or banking in previous eras. The biggest wealth creation over the next 10–20 years will likely happen around: Data generation Data storage Data movement Data processing Data monetization AI built on top of data The key is undRead more
Data has become foundational infrastructure — like electricity, oil, rail, or banking in previous eras. The biggest wealth creation over the next 10–20 years will likely happen around:
See lessData generation
Data storage
Data movement
Data processing
Data monetization
AI built on top of data
The key is understanding that “data” is not only social media or telecoms. Entire industries are becoming data businesses.
Where the Big Money in Data Is Likely to Be
1. AI Infrastructure (Very Important)
AI is useless without massive datasets and computing power.
The companies supplying the “picks and shovels” are already benefiting heavily.
Major players:
NVIDIA
Advanced Micro Devices
Taiwan Semiconductor Manufacturing Company
Broadcom
These firms benefit because every AI company needs:
GPUs
Servers
Networking chips
Data center infrastructure
This is similar to investing in the people selling drilling equipment during an oil boom.
2. Cloud Computing & Data Centers
The world is storing unbelievable amounts of information:
Videos
Banking data
AI models
Health records
Business operations
The beneficiaries:
Amazon (AWS)
Microsoft (Azure)
Alphabet (Google Cloud)
Oracle Corporation
Locally in Africa:
Data center REITs and infrastructure operators may become massive over time.
Telecom tower infrastructure may also benefit.
Nigeria is still underpenetrated in:
Cloud infrastructure
Edge computing
Local data hosting
That creates long-term opportunity.
My View on Meta
Meta Platforms is more than Facebook now.
They own:
Facebook
Instagram
WhatsApp
Large advertising data ecosystems
AI initiatives
VR/AR infrastructure
Why Meta is powerful:
They own user attention.
They own behavioral data.
WhatsApp dominance in Africa is enormous.
They are integrating AI aggressively.
Their advertising engine is one of the strongest cash machines globally.
The hidden asset is not social media itself. It is:
consumer behavior data,
digital identity,
ad targeting capability,
communication infrastructure.
The risk:
Regulation
Privacy battles
Ad market slowdowns
Competition from newer platforms
But long-term, Meta still has one of the deepest consumer-data moats globally.
For Africa especially, WhatsApp could become:
payment infrastructure,
commerce infrastructure,
customer-service infrastructure,
AI assistant infrastructure.
That possibility alone is huge.
Local Nigerian Opportunities Around Data
Telecoms
Data consumption in Nigeria is still growing strongly.
Important players:
MTN Nigeria
Airtel Africa
Why telecoms matter:
Every AI system needs internet access.
Every fintech app depends on connectivity.
Streaming, gaming, remote work, AI all increase data usage.
As Nigeria digitizes further, telecom infrastructure becomes more valuable.
Fintech
Fintech companies collect:
transaction data,
spending behavior,
credit patterns.
Data becomes a competitive moat.
Examples:
Flutterwave
Paystack
Moniepoint
The real long-term value is often not fees alone, but financial intelligence.
Fiber & Internet Infrastructure
This area is underrated.
The “roads” of the digital economy are:
fiber optics,
submarine cables,
telecom towers,
internet exchanges.
Companies exposed to this layer may quietly compound for decades.
Areas Beyond Shares
This is where many future African millionaires may emerge.
1. Data Analysis & AI Skills
Owning shares is good. Owning skills in the industry can be transformational.
High-value skills:
Data analytics
AI engineering
Cybersecurity
Cloud engineering
Machine learning
Data governance
These skills are globally exportable.
2. Building Niche Data Businesses
Examples:
Agricultural market data
Logistics tracking
Consumer analytics
Credit scoring
SME business intelligence
Healthcare records systems
In Africa, structured data is still scarce. Whoever organizes fragmented information profitably can build enormous value.
3. Cybersecurity
As data grows, attacks grow too.
Major beneficiaries:
CrowdStrike
Palo Alto Networks
Fortinet
Cybersecurity may become as essential as insurance.
4. AI-Powered Businesses
AI will likely create more billionaires through applications than through the base models themselves.
Examples:
AI for education
AI for law
AI for accounting
AI for agriculture
AI for customer support
Most fortunes may come from applying AI to industries, not merely talking about AI.
Long-Term Strategic Observation
The largest future winners may be companies that control:
Distribution
User behavior data
Infrastructure
AI compute
Payment rails
That is why firms like:
Meta Platforms
Microsoft
Amazon
Alphabet
NVIDIA
remain central to discussions about the future digital economy.
The challenge is not merely identifying trends. It is positioning early enough, consistently enough, and patiently enough.
Why Have I Not Received My Zenith Bank Dividend on Bamboo in Nigeria?
If you bought Zenith Bank Plc shares through investbamboo.com last year and still have not received dividends, the problem is usually not Bamboo itself. In Nigeria, dividends are paid through the company’s registrar — for Zenith Bank, that is Veritas Registrars Limited. The most common reasons are:Read more
If you bought Zenith Bank Plc shares through investbamboo.com last year and still have not received dividends, the problem is usually not Bamboo itself.
See lessIn Nigeria, dividends are paid through the company’s registrar — for Zenith Bank, that is Veritas Registrars Limited.
The most common reasons are:
No e-dividend mandate was completed
Your bank details are wrong or outdated
Name mismatch between:
BVN
CSCS account
bank account
Bamboo/KYC records
Your CSCS account was not properly linked
You bought after the qualification date for that dividend
A very important point: Owning shares on Bamboo does NOT automatically guarantee your dividend setup is complete. Nigerian NGX shares still depend heavily on:
CSCS records
registrar records
e-dividend registration
What You Should Do Immediately
Step 1: Confirm You Qualified
Check:
the exact date you bought Zenith shares
the dividend qualification date
If you bought after the qualification date, you will not receive that particular dividend.
Step 2: Check If Your E-Dividend Is Active
Zenith dividends are normally paid electronically now.
If you never completed e-dividend registration, your dividend may now be sitting as “unclaimed dividend.”
Step 3: Contact Bamboo Support
Ask them specifically:
Is my CSCS account correctly linked?
Has my CHN been activated?
Is my e-dividend mandate active for Zenith Bank shares?
Do not just say:
“I did not receive dividend.”
Ask those exact operational questions.
Step 4: Contact the Registrar Directly
For Zenith Bank shares, contact: Veritas Registrars Limited
You will likely need:
CHN number
BVN
valid ID
bank details
CSCS statement or contract note
Their records ultimately control the dividend payment process.
Another Possibility
If you recently changed:
bank account
phone number
surname
BVN details
the dividend payment may have failed because of verification mismatch. This is extremely common in Nigeria’s e-dividend system.
Important
Do not panic yet.
In most cases, the dividend is recoverable once:
the registrar updates your records
your e-dividend gets validated
your bank details match properly
Many investors eventually receive theirs after registrar correction or bank revalidation. Community discussions around delayed dividends often end with payment arriving after verification fixes.
How Can I Invest in Telecom Stocks Like MTN in Nigeria?
If you believe “data is the new oil,” then telecoms are one of the closest ways to invest in that thesis in Nigeria. The two major telecom-related stocks on the Nigerian Exchange are: MTN Nigeria Communications Plc (Ticker: MTNN) Airtel Africa Plc (Ticker: AIRTELAFRI) These companies make money fromRead more
If you believe “data is the new oil,” then telecoms are one of the closest ways to invest in that thesis in Nigeria.
See lessThe two major telecom-related stocks on the Nigerian Exchange are:
MTN Nigeria Communications Plc (Ticker: MTNN)
Airtel Africa Plc (Ticker: AIRTELAFRI)
These companies make money from:
Mobile data subscriptions
Voice calls
Mobile money/payment services
Fibre broadband
4G/5G expansion
Enterprise and cloud services
As more Nigerians use smartphones, streaming, AI tools, fintech apps, and remote work, data demand keeps rising.
Here is what makes telecom stocks attractive:
Why Investors Like Telecom Stocks
Recurring income: People buy data every week/month.
Essential service: Even during hard times, people still buy airtime and data.
High barriers to entry: It is expensive to build telecom infrastructure.
Mobile money growth: Especially important for future African banking.
Dividend potential: Telecoms can pay decent dividends when profitable.
For example:
MTN Nigeria Communications Plc has grown strongly in revenue and profit recently, and continues to expand data and fintech services.
Airtel Africa Plc is growing across many African countries and has strong exposure to mobile money.
You can also visually track MTN’s market performance here:
How To Invest in Telecom Stocks in Nigeria
Step 1: Open a Stockbroking Account
You need a licensed Nigerian stockbroker.
Examples include:
meristemng.com
cardinalstone.com
stanbicibtc.com
arm.com.ng
coronationng.com
Most now allow online onboarding using:
BVN
NIN
Passport photo
Utility bill
Step 2: Fund Your Brokerage Account
Transfer money into the brokerage cash account.
Step 3: Buy Shares
Search for:
MTNN
AIRTELAFRI
Then place a buy order.
You do not need millions before starting. Even small consistent buying matters.
Which Telecom Stock Is Better?
Factor
MTN Nigeria Communications Plc
Airtel Africa Plc
Main Focus
Nigeria
Multiple African countries
Data Business
Very strong
Very strong
Mobile Money
Growing
Extremely important growth driver
Dividend Reputation
Improving
Consistent
Liquidity on NGX
Higher
Lower
Currency Risk
Mostly Naira
Multiple African currencies
Growth Style
Domestic giant
Pan-African expansion
Important Risks You Should Understand
Telecom stocks are powerful, but not risk-free.
Major risks include:
Government regulation
FX/naira depreciation
Heavy infrastructure costs
Competition
SIM registration policies
Tax and tariff changes
For example, Airtel investors often discuss African currency risks and regulation concerns in investment communities. �
Reddit +1
A Smarter Way To Think About Telecom Investing
Instead of asking:
“Will data continue growing?”
Ask:
“Which companies can convert data demand into long-term free cash flow and shareholder returns?”
That is the real investment question.
Because many companies benefit from data growth indirectly:
Banks
Data centers
Fibre infrastructure firms
Tower companies
Fintech firms
Cloud and AI companies
Telecoms are simply one layer of the digital economy.
For Long-Term Investors
If your horizon is 10–20 years, telecom stocks can fit well into a diversified Nigerian portfolio alongside:
Banking stocks
Consumer goods
Energy stocks
REITs
Mutual funds
Especially if you reinvest dividends consistently.
One important thing: Telecom stocks can be volatile. Do not chase hype after big rallies. Build gradually and focus on quality businesses with strong cash generation.
Why Do Nigerian Investors Believe GTCO and Zenith Bank Are the Best Dividend Stocks on the NGX?
Many Nigerian investors talk about Guaranty Trust Holding Company Plc and Zenith Bank Plc as “dividend kings” because of their long record of relatively consistent profitability, strong cash generation, and regular dividend payments. But it is not accurate to say they are the only companies capableRead more
Many Nigerian investors talk about Guaranty Trust Holding Company Plc and Zenith Bank Plc as “dividend kings” because of their long record of relatively consistent profitability, strong cash generation, and regular dividend payments. But it is not accurate to say they are the only companies capable of paying dividends in Nigeria.
See lessOther companies with decent dividend histories include:
United Bank for Africa Plc
Stanbic IBTC Holdings Plc
Nestlé Nigeria Plc
Seplat Energy Plc
Presco Plc
Okomu Oil Palm Plc
The reason GTCO and Zenith are especially respected is because:
They usually maintain high profits.
They have strong capital buffers.
Their management culture historically favors shareholder returns.
They tend to survive economic shocks better than weaker banks.
Their dividend yield is often attractive relative to inflation and treasury bills.
However, dividend investing should not be based only on past glory. A company can pay high dividends today and struggle tomorrow if earnings weaken.
On your question about Sterling Financial Holdings Company Plc and why tax jumped sharply:
If a company’s tax expense rises significantly while profit also rises, several things may be happening:
Higher taxable profit
More profit naturally means more corporate tax.
Deferred tax adjustments
Sometimes previous tax credits or losses expire.
Accounting adjustments can suddenly increase reported tax expense.
Windfall or special levies
Nigerian financial institutions occasionally face special regulatory or fiscal charges.
Reduced tax reliefs
If previous exemptions or incentives ended, tax expense rises faster than profit.
Foreign exchange gains becoming taxable
Some banks made large FX-related gains after naira devaluation.
Parts of those gains can increase taxable income.
A 76% jump in tax does not automatically mean something bad happened. In many cases, it simply reflects higher profitability or changes in accounting treatment.
Regarding the comment about a US stock moving from 156 to 200:
When people discuss US stocks, prices are almost always quoted in US dollars, not naira.
So if someone says:
“I bought at 156 and it is now 200,” they usually mean:
Bought at $156
Current price is $200
For example:
Apple Inc. shares trade in dollars.
NVIDIA Corporation shares trade in dollars.
And yes, many US stocks pay dividends, though not all.
Examples of strong dividend-paying US companies:
Coca-Cola Company
Johnson & Johnson
Procter & Gamble
But many growth companies either pay very small dividends or none at all because they reinvest profits into expansion.
Examples:
Amazon.com Inc. historically paid no dividend for many years.
Tesla Inc. currently does not pay dividends.
On whether it is advisable to buy a stock because a public figure believes in it:
That alone is not a sufficient reason.
A public figure may:
Have access to information you do not have.
Have a different risk tolerance.
Be investing for influence or strategic reasons.
Be able to absorb losses more easily than ordinary investors.
Instead of following personalities blindly, examine:
Revenue growth
Profit consistency
Debt level
Cash flow
Dividend history
Industry position
Management quality
Valuation
For example, if a respected investor buys a stock, treat it as:
“A signal to investigate further,”
not
“automatic proof the stock will succeed.”
Many investors lost money historically by blindly following famous names into overhyped companies.
A good principle is:
Understand why you are buying a stock before buying it.
Which Money Market Mutual Fund Platform Pays the Highest Interest Rate in Nigeria?
Right now in Nigeria, the MMMF (Money Market Mutual Fund) space is very competitive because Treasury Bill and short-term interest rates are high. Based on recent 2026 yield reports, these are among the higher-yielding money market funds currently: Fund Approx Recent Yield RT Briscoe Savings & InRead more
Right now in Nigeria, the MMMF (Money Market Mutual Fund) space is very competitive because Treasury Bill and short-term interest rates are high.
See lessBased on recent 2026 yield reports, these are among the higher-yielding money market funds currently:
Fund
Approx Recent Yield
RT Briscoe Savings & Investment Fund
~24.3%
Page Money Market Fund
~21.0%
STL Money Market Fund
~20.2%
DLM Money Market Fund
~19.7%
TrustBanc Money Market Fund
~19.5%
CardinalStone Money Market Fund
~18.4%
Stanbic IBTC Money Market Fund
~19.2%
ARM Money Market Fund
~20.8%
Meristem Money Market Fund
~20.3%
Important:
these yields are NOT fixed,
they fluctuate with interest rates,
today’s 20% can become 14% next year.
My Practical Breakdown for You
1. If You Want Highest Yield
The aggressive/high-yield MMMFs recently include:
RT Briscoe
Page
STL
ARM
Meristem
But higher yield sometimes means:
smaller fund size,
less liquidity depth,
more concentration risk.
So don’t chase yield blindly.
2. If You Want Stability + Long-Term Trust
This is where many experienced investors prefer:
Safer “institutional” names
stanbicibtcassetmanagement.com
arm.com.ng
meristemng.com
cardinalstone.com
unitedcapitalplcgroup.com
Why? Because:
stronger reputation,
larger AUM (assets under management),
institutional clients,
better operational history.
For a 10–30 year wealth-building journey, many people value:
safety + consistency over temporarily highest yield.
3. Platforms vs Actual Fund Managers
Another important thing many beginners misunderstand:
Cowrywise / PiggyVest are mostly platforms
They distribute funds.
The actual fund managers are firms like:
ARM
Stanbic
Meristem
TrustBanc
United Capital
Example: You may buy:
ARM Money Market Fund through:
Cowrywise app.
So:
your risk is more tied to the fund manager/custodian, not mainly the app interface.
4. My Opinion on the Better MMMF Choices
For Conservative Long-Term Saver
Good balance of:
trust,
liquidity,
decent yield.
Options:
ARM MMMF
Stanbic IBTC MMMF
Meristem MMMF
For More Aggressive Yield Chasing
Options:
RT Briscoe
STL
Page Fund
DLM
But monitor them closely.
5. What Experienced Investors Often Do
Instead of putting ₦10m into ONE MMMF:
They split.
Example:
Fund
Allocation
ARM
40%
Stanbic
30%
Meristem
20%
Aggressive smaller fund
10%
Reason:
diversification,
platform risk reduction,
liquidity flexibility.
6. One More Important Reality
MMMF is excellent for:
emergency funds,
rent savings,
preserving capital,
short-to-medium-term compounding.
But for true long-term wealth creation (15–30 years): many investors gradually combine it with:
dividend stocks,
equity funds,
dollar assets,
bonds.
Because MMMFs usually follow interest-rate cycles.
If Nigerian rates later fall from 20% to 8–10%: MMMF returns will also drop.
7. The Most Important Thing to Check Before Investing
Not just interest rate.
Check:
SEC registration,
fund size,
liquidity,
withdrawal speed,
custodian bank,
transparency,
audited reports,
historical consistency.
That matters more than chasing an extra 1–2%.
You can explore registered mutual funds through:
cowrywise.com
cowrywise.com
cowrywise.com
cowrywise.com
UACN vs Unilever: Which Stock Has Better Profitability and Dividend Potential?
You are not necessarily wrong for buying Unilever Nigeria Plc first. But the truth is that UAC of Nigeria Plc and Unilever are currently two very different investment stories. Here’s a practical comparison based on the areas you mentioned: Factor Unilever Nigeria Plc UAC of Nigeria Plc Core BusinessRead more
You are not necessarily wrong for buying Unilever Nigeria Plc first.
See lessBut the truth is that UAC of Nigeria Plc and Unilever are currently two very different investment stories.
Here’s a practical comparison based on the areas you mentioned:
Factor
Unilever Nigeria Plc
UAC of Nigeria Plc
Core Business
FMCG/consumer products (Knorr, CloseUp, Vaseline, etc.)
Diversified conglomerate (animal feeds, paints, snacks, QSR, packaged foods)
Revenue Strength
Strong and improving
Explosive growth recently
Profitability Quality
Higher-quality earnings and margins
Revenue growing faster, but earnings quality more cyclical
Dividend Profile
More consistent and shareholder-friendly
Lower yield currently
Liquidity
Moderate liquidity
Better trading activity/liquidity
Free Float
Relatively tighter float
Better market float and participation
Stability
More defensive business
More aggressive growth profile
Volatility
Lower beta and steadier
More volatile/speculative
Valuation Sentiment
Premium quality stock
Growth/re-rating stock
1. Profitability
Unilever
Unilever’s profitability has improved massively over the last 2 years.
FY2025 revenue rose above ₦214 billion while profit after tax more than doubled.
Key thing:
Strong brands
Better pricing power
Cleaner balance sheet
More predictable earnings
This is the kind of company institutional investors usually prefer during inflationary periods.
UACN
UACN’s revenue growth has actually been faster.
Revenue jumped to over ₦340 billion in FY2025.
But:
UACN’s earnings are less stable
Conglomerates can become harder to analyze
Some businesses inside UACN may perform differently at different economic cycles
So:
UACN = stronger growth story
Unilever = cleaner profitability story
2. Free Float
This is where many investors overlook an important detail.
Unilever
Unilever has a relatively tighter float. Available public float was reported around 1.38 billion shares out of 5.75 billion shares outstanding.
Implication:
Price can move sharply upward during accumulation
But liquidity can sometimes become thinner
UACN
UACN generally has broader market participation and better tradability.
Implication:
Easier entry and exit
Better for larger-volume trading
More active speculative participation
If you are a long-term investor, tight float is not always bad.
In fact, quality companies with limited float sometimes appreciate faster when institutions accumulate.
3. Liquidity
This is where UACN currently has advantage.
Average trading volume:
UACN ≈ 2.3 million shares daily
Unilever ≈ 1.7 million shares daily
Meaning:
UACN is easier to buy/sell quickly
Unilever may sometimes have wider spreads
For a retail investor with modest capital, this may not matter much unless you plan active trading.
4. Dividend Profile
This is where Unilever is clearly stronger.
Unilever
Recent annual dividend around ₦3.75/share
Semi-annual payout
Better payout consistency
Better earnings coverage
UACN
Dividend yield currently lower
More growth-focused than income-focused
Less attractive for dividend investors right now
If your goal is:
passive income,
long-term compounding,
dividend reinvestment,
then Unilever is probably superior.
5. Which One Has Better Future Potential?
Depends on the type of investor you are.
Choose Unilever if you want:
Stability
Brand power
Dividend consistency
Lower operational risk
Long-term compounding
Choose UACN if you want:
Faster growth potential
Higher speculative upside
More aggressive re-rating
Better liquidity for trading
My assessment from current NGX positioning
Right now:
Unilever Nigeria Plc looks like a quality compounder
UAC of Nigeria Plc looks like a growth/recovery play
So buying Unilever was not a bad decision at all.
The only caution is: Unilever has already rerated strongly recently, so upside may become slower unless earnings keep accelerating.
UACN may still have more “market excitement” momentum because investors are repricing its turnaround story.
A balanced approach many NGX investors use is:
Hold Unilever for quality/dividends
Hold UACN for growth exposure
That way you are not relying on only one market narrative.
Can I Use the Same CHN and CSCS Number Across Different Stockbrokers?
Yes, you can legally have more than one CSCS/CHN account in Nigeria, because each stockbroker can open a separate CSCS account for a client. So what InvestNaija told you is not entirely unusual operationally. However, your concern is valid: having multiple CHN/CSCS numbers can create management compRead more
Yes, you can legally have more than one CSCS/CHN account in Nigeria, because each stockbroker can open a separate CSCS account for a client. So what InvestNaija told you is not entirely unusual operationally.
See lessHowever, your concern is valid: having multiple CHN/CSCS numbers can create management complications if not handled properly.
The key distinction is this:
CHN (Clearing House Number) = your investor identity under a particular CSCS account.
CSCS account = where your shares are warehoused.
You can have:
one investor,
multiple brokers,
multiple CSCS accounts.
The problems usually arise when:
your names differ slightly across accounts,
your bank details differ,
your e-dividend mandate is incomplete on one account,
or you forget where certain shares are held.
That can affect:
dividend tracking,
bonus shares,
rights issues,
portfolio visibility,
and probate/verification later.
Now regarding Bamboo specifically:
Bamboo primarily focuses on U.S. equities and partners with local institutions differently from traditional NGX stockbrokers. Some Nigerian brokers may not accept an externally created CHN if:
they cannot verify it directly,
it was created under another custodial structure,
or their onboarding system only supports internally generated CSCS accounts.
So InvestNaija asking you to create another CSCS through them is operationally common.
My recommendation:
If you intend to actively use InvestNaija for Nigerian stocks, it is reasonable to allow them create their own CSCS/CHN for you, BUT:
Ensure your name format is identical everywhere Example:
Jeremiah Ochoyoda not:
Jeremiah O. Ochoyoda on one platform and full name on another.
Use the same:
phone number,
email,
bank account,
BVN,
and NIN details.
Register e-dividend properly for ALL accounts.
Keep a personal record of:
which shares are in which CSCS account,
the broker attached,
and the CHN numbers.
If later you want consolidation, you can transfer shares between brokers/CSCS accounts through stock transfer processes.
Many experienced Nigerian investors actually maintain:
one broker for long-term holdings,
another for trading,
another for foreign stocks.
So multiple CHNs themselves are not the real danger; poor record management is.
One more important thing: If InvestNaija told you your Bamboo CHN “does not exist,” it may simply mean:
it is not visible within their integration system,
not necessarily that the CHN is fake or invalid.
You can independently confirm your CSCS details directly with Central Securities Clearing System or through the originating broker.