The event convened regulators, investors, issuers, intermediaries, and policymakers to align understanding and surface implementation concerns.

Unpacking the New CGT Framework

A central point of discussion was the 30% CGT rate on gains from share disposals, which mirrors Nigeria’s corporate income tax.

Stakeholders debated critical details including:

• How to establish base cost (with suggestions to compute from the effective date)
• The tax treatment of cross-listed securities, with cautions about compliance complexity and potential for double taxation

NGX & Policymakers Bridge Market and Policy Perspectives

Alhaji Umaru Kwairanga, Chairman of NGX, emphasized the Exchange’s role as a mediator:

“At NGX, we believe policy shifts must be clearly understood and calibrated to preserve market confidence. Our core function is facilitating engagement so reforms support sustainable growth.”

From the government side, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy & Tax Reform, added that the reforms are meant to foster fairness and transparency—not to deter investment. He noted that platforms like this stakeholder forum help ensure market feedback is reflected in how the law is implemented.

Temi Popoola, NGX’s Group CEO, echoed the need for market resilience:

“Reforms of this scale will raise important questions for issuers and investors. Through structured dialogues, we provide clarity, enable adaptation, and help the capital market remain forward-looking.”

Participants lauded the session as timely, underlining NGX’s growing standing as a bridge between policy architects and industry players

[Source: Leadership News]

In a statement signed by Moses Igbrude, ISAN national coordinator, the group strongly condemned the National Assembly’s decision to pass legislation requiring the transfer of all unclaimed dividends from the company registrar to accounts managed by the Securities and Exchange Commission (SEC), opened by the Debt Management Office in the Central Bank of Nigeria (CBN).

ISAN noted that this move is a violation of ownership rights and a betrayal of investor trust.

It stated:

“Unclaimed dividends are not government revenue. They remain the legal property of individual investors and their heirs, regardless of the time elapsed. The attempt to centralise and manage these funds under SEC control is a form of indirect expropriation.”

It noted that the Nigerian investment landscape must be built on fairness and protection of properties to ensure inclusive growth, rather than impulsive dominance. As it called for reform of the progress of claiming dividends, utilising technology and public education rather than confiscation.

ISAN also highlighted that there was a lack of consultation from relevant stakeholders such as shareholders, registrars, and major players in the capital market before the bill was passed, citing it as a disregard for public governance and due process.

Adding that there is no clear-cut communication on how the SEC intends to manage the funds, what returns will be offered to rightful owners, and how and when claims will be honoured.

MTN’s shareholders will potentially get a dividends payout of 203.5 billion as their share of profits from the financial year 2022.

This is coming after qualified shareholders from the public offer also got incentive shares as promised during the public offer.

In 2022, we significantly increased our shareholder base through the MTN Group’s offer for sale of shares. The offer, which concluded on 31 January 2022, was the first in the series of transactions to increase Nigerian ownership of the company. The qualified investors who held some or all the shares allotted to them for 12 months to 31 January 2023 have received the incentive shares totaling 3,977,418.”

– Karl Olutokun Toriola, MTN Nigeria’s Chief Executive Officer.

For some, it’s a time to catch up on important business matters and network with fellow shareholders. For others, it’s a chance to grab some free refreshments and a comfy chair.

Whatever your reason for attending, one thing is for sure: you’re bound to run into these five types of people.

1. The “I Know Everything” Person

This person has read every report, every memo, and every email related to the AGM. They know every detail about the company and can recite the entire annual report from memory.

They raise their hand for every question and offer lengthy, convoluted opinions on every matter. They’re convinced that their ideas are the best, even if they’re completely impractical.

2. The “I Have a Complaint” Person

This person is here to air their grievances. They’ve been waiting all year for this moment to tell everyone about the problems they’ve encountered with the company. They don’t have any solutions or suggestions; they just want to complain. They’re usually the first to raise their hand for questions and the last to leave the room.

3. The “I’m Here to Network” Person

This person is the ultimate networker. They know everyone in the room and they’re determined to meet everyone they don’t know yet. They’re handing out business cards left and right and making small talk with anyone who will listen. They’re not particularly interested in the AGM itself; they’re just using it as an excuse to make some new connections.

4. The “I’m Too Important to Be Here” Person

This person walks in late, sits in the back, and spends the entire meeting scrolling through their phone. When it’s time for questions, they stand up, ask something completely unrelated to the agenda, and then leave without waiting for an answer.

They’re usually high up in their company, but they have no interest in what’s going on at the AGM. They’re just there to make an appearance and then go back to their busy schedule.

5. The “I’m Here for the Free Food” Person

This person doesn’t care about the agenda, the reports, or the speakers. They’re just here for the free coffee and snacks.

They load up their plate with pastries and fruit and then sit back to enjoy the show. They’re not interested in contributing to the conversation; they’re just happy to have a reason to leave their desk for a while.

Look out for these people at the AGM and if you see any of them, ask them why they bought MTN shares if they won’t be paying any attention.

And there are proud shareholders like us who will not attend the AGM but glued to our phones on April 20th when the alert for dividends payout will start rolling in. That’s how you roll when you invest in a profitable company like MTN.