Nigeria tax & regs

Profit (or loss) on positions you've actually sold — taxable in Nigeria (at your income-tax band under the Nigeria Tax Act 2025, subject to the share-disposal exemption). Distinct from unrealised P&L, which is paper-only and doesn't yet matter to the tax bill.

Paper gain/loss on positions you still hold. Marked to current price. Becomes Realised P&L only when you sell. Not yet taxable.

Selling losing positions to crystallise a capital loss you can offset against gains, reducing your CGT bill. Re-enter the position later if the thesis still holds. Year-end discipline.

Tax on realised gains from selling shares. Under the Nigeria Tax Act 2025 (from January 2026), individuals pay at their income-tax band (0-25%); share gains are exempt when yearly proceeds stay under ₦150M and gains within ₦10M. The old flat 10% CGT applied through 2025. Only triggered when you sell.

Withholding Tax on interest income — 10% in Nigeria, deducted at source on dividends. T-bill interest was typically exempt before the Oct 2025 FIRS directive; from 28 Oct 2025 it carries 10% WHT at source. FGN bond coupons remain exempt. MMF distributions usually carry 10%.

0.075% NGX duty on the value of a stock trade. Tiny but adds up over a year of active trading.

Companies Income Tax Act — the historical legal source of the "T-bill interest is tax-free" rule (via a 2011 exemption order that lapsed in 2022). Largely superseded by the Nigeria Tax Act 2025; since the Oct 2025 FIRS directive, T-bill interest carries 10% WHT while FGN bond coupons stay exempt.

Personal Income Tax — progressive 0-25% bands under the Nigeria Tax Act 2025 (first ₦800K at 0%, top band 25% above ₦50M). Since 2026, realised capital gains are taxed inside these same bands. Most investors only hit dividend WHT.

Public IPO where new shares are issued. You apply for a number of shares at the offer price; allotment depends on demand vs supply.

How many shares you actually receive from your IPO application. If oversubscribed, you get fewer than you applied for and the excess cash is refunded.

First day the IPO shares trade on the NGX. Price can pop or drop relative to offer; long-term value still depends on the underlying business.

The formal SEC-approved offer document. Discloses use of proceeds, risk factors, financials, ownership, and dilution. Always read at least the "Risk Factors" section before applying.

Window (typically 6-12 months post-IPO) when founders, employees, and pre-IPO investors are barred from selling. Lock-up expiry often triggers a price drop from supply hitting the market.

Day-1 price gain over the IPO offer price. Indicates strong demand; signals the deal was "left money on the table" for the issuing company. Common in hot IPOs.