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[Born 2be rich]

Stockbrokers Get N22.6bn Write-off on Margin Loans, Articles | THISDAY LIVE

[overload]

Originally Posted by Born 2be rich

Stockbrokers Get N22.6bn Write-off on Margin Loans, Articles | THISDAY LIVE

how would this affect the market?

[overload]

Originally Posted by Born 2be rich

Stockbrokers Get N22.6bn Write-off on Margin Loans, Articles | THISDAY LIVE

I will take this with a pinch of salt...cos like everything in Naija, it will be rigged in favour of the politicians and their cronies in govt!

i doubt if any of the deserving stockbroking firms will get this forbearance money..time will tell sha!

[Born 2be rich]

Originally Posted by overload

how would this affect the market?

It is a way of re-invigorating the activity in the stock market by removing the heavy burden and allow the brokers to re-invest in the market, thus making the market more vibrant.

Also i believe as they write off stamp duties and value added tax (VAT) on stock market transaction fees, the market will be attractive to both local and foriegn investors.

[Born 2be rich]

Originally Posted by overload

I will take this with a pinch of salt...cos like everything in Naija, it will be rigged in favour of the politicians and their cronies in govt!

i doubt if any of the deserving stockbroking firms will get this forbearance money..time will tell sha!

How i wished they mentioned the names of the 84 stock broking firms that will get the N22.6bn debt relief to make it a little transparent...Like you said though only time will tell.

[horlads]

Originally Posted by overload

I will take this with a pinch of salt...cos like everything in Naija, it will be rigged in favour of the politicians and their cronies in govt!

i doubt if any of the deserving stockbroking firms will get this forbearance money..time will tell sha!

Hmnnn...Nigerians and their pessimism.

Moreover, there is no money to be shared...The value of underlying assets was lower than the amount of loans owed and AMCON was meant the recover the balance from the brokerage houses....it is this balance that is being written of by the government....so there is no cash to be shared...

[migiets]

Originally Posted by nosa2

Welcome to the diamond family.

I got some tasere units with my tasere money hoping that it will drop further so that i can get some more tasere units but the thing has refused to come below N4.00. I dey still watch am sha.

[overload]

Originally Posted by horlads

Hmnnn...Nigerians and their pessimism.

Moreover, there is no money to be shared...The value of underlying assets was lower than the amount of loans owed and AMCON was meant the recover the balance from the brokerage houses....it is this balance that is being written of by the government....so there is no cash to be shared...

so basically no difference between half a dozen and six abi? either way these stockbrokers are still between a rock and a hard place!

[yemo]

Current activity. Oracle and Nosa2 still stocking up on booze for Xmas with NB

Omitted FBNH yesterday as was still using old FirstBank code, but it should have been in the top 10/11

[nosa2]

Originally Posted by yemo

Current activity. Oracle and Nosa2 still stocking up on booze for Xmas with NB

Omitted FBNH yesterday as was still using old FirstBank code, but it should have been in the top 10/11

If you add up all the beer that I've taken in my life you probably won't fill a bottle of star.

[Oracle]

Originally Posted by yemo
Current activity. Oracle and Nosa2 still stocking up on booze for Xmas with NB

Omitted FBNH yesterday as was still using old FirstBank code, but it should have been in the top 10/11

Originally Posted by nosa2

If you add up all the beer that I've taken in my life you probably won't fill a bottle of star.

I'm at the third stage of life! Feeding bottle....Coca Cola.... Heineken....Intravenous bag

No shaking!

[nosa2]

Originally Posted by Oracle

I'm at the third stage of life! Feeding bottle....Coca Cola.... Heineken....Intravenous bag

No shaking!

Haha! Na spirits I dey drink and even then na once in a blue moon. I don't think I've gotten tipsy in the last 3 years and I've not gotten drunk in close to 12 years. Alcohol no just dey freak me

[docjuli]

Nigeria Moves To Jumpstart Stock Market, Scraps Fees On Transactions, Others

Nigeria’s Finance Minister and Coordinator of the Economy, Dr. Ngozi Okonjo-Iweala has approved new measures aimed at reviving the Nigerian bourse, which has struggled to bounce back since its crash during the global recession in 2009.

Addressing a press conference inside her Ministry of Finance conference room in Abuja Monday, Okonjo-Iweala listed the elimination of stamp duties and VAT on stock market transaction fees amongst other measures as panacea to the struggling bourse.

“Taxes on stock exchange transactions fees are as high as 12 percent (5 percent in VAT and up to 7 percent in stamp duties) – much higher than in other jurisdictions, and these constitute a major disincentive to invest in the Nigerian capital market. I will like to announce that the Federal Government has consented to: 



“Waive the 0.075 percent stamp duties payable on stock exchange transaction fees; and,

“Exempt from VAT, commissions: (a) earned on traded values of shares, (b) payable to the Securities and Exchange Commission (SEC), and (c) payable to the Nigerian Stock Exchange (NSE) and the Central Securities Clearing System (CSCS); by including these commissions in the list of VAT-exempt goods and services,” the Minister said.

Source: THEWILL - Expanding the National Conversation - Nigeria Moves To Jumpstart Stock Market, Scraps Fees On Transactions, Others

[Oracle]

Originally Posted by docjuli

Nigeria Moves To Jumpstart Stock Market, Scraps Fees On Transactions, Others

Nigeria’s Finance Minister and Coordinator of the Economy, Dr. Ngozi Okonjo-Iweala has approved new measures aimed at reviving the Nigerian bourse, which has struggled to bounce back since its crash during the global recession in 2009.

Addressing a press conference inside her Ministry of Finance conference room in Abuja Monday, Okonjo-Iweala listed the elimination of stamp duties and VAT on stock market transaction fees amongst other measures as panacea to the struggling bourse.

“Taxes on stock exchange transactions fees are as high as 12 percent (5 percent in VAT and up to 7 percent in stamp duties) – much higher than in other jurisdictions, and these constitute a major disincentive to invest in the Nigerian capital market. I will like to announce that the Federal Government has consented to: 



“Waive the 0.075 percent stamp duties payable on stock exchange transaction fees; and,

“Exempt from VAT, commissions: (a) earned on traded values of shares, (b) payable to the Securities and Exchange Commission (SEC), and (c) payable to the Nigerian Stock Exchange (NSE) and the Central Securities Clearing System (CSCS); by including these commissions in the list of VAT-exempt goods and services,” the Minister said.

Source: THEWILL - Expanding the National Conversation - Nigeria Moves To Jumpstart Stock Market, Scraps Fees On Transactions, Others

GEJ don dey strategize for 2015.

In addition, the new tax regime commenced around January 2012 where people will be paying lower taxes.

[nosa2]

Originally Posted by Oracle

GEJ don dey strategize for 2015.

In addition, the new tax regime commenced around January 2012 where people will be paying lower taxes.

I don't support this tax break if anything rich investors need to pay more

[Oracle]

Originally Posted by nosa2

I don't support this tax break if anything rich investors need to pay more

For Isele Ukwu junction abi?

[Dicobody]

Storms in the cloud as Nigerian stocks enter offloading season - Proshare

[Dicobody]

NSE Reduces Transaction Costs - Proshare

[eniyanman]

Originally Posted by Born 2be rich

Stockbrokers Get N22.6bn Write-off on Margin Loans, Articles | THISDAY LIVE

Is ok. Obviously, we can afford the fuel subsidy

The 'bad' guys got rewarded with a write-off while the 'good' guys with manageable debt still have to keep paying. I can understand providing some form of debt forgiveness (coupled with painful restructuring and fmergers) but a total write-off, I no sabi. SEC lists over 700+ brokers so why do we insist on distorting the market for these 84 'invisible' brokers? It's the capital market not the communist market!

#NameTheBrokers