Economy
Investment in COVID-19 World: What You Must Know and do
On September 9, 2020, Anchoria Asset Management engaged its followers on LinkedIn and provided answers to key financial investment questions, especially, as it relates to investing in a COVID-19 period.
The Financial Fitness Chat session helped participants understand the principle of how, when, where and what to invest depending on individualist approach and capacity.
In a conversational chat tone, Ms Ete Ogun, MD of Anchoria Asset Management Limited, was able to engage participants on the group and provided bespoke responses during the session:
In the light of the COVID-19 pandemic and its effect on the Nigerian business environment, what alternative investments opportunities exists out there, especially for working-class professionals?
The alternatives are investing in growth companies which means you must have research on their products, people and process
I assume this applies to long term investments. Are there any profitable short-term investment alternatives available at this time?
Short term and profitable don’t actually go hand in hand for investment. Short term can have competitive yields. Competitive yields are returns which outperform current short-term government instruments for instance 91 days treasury bills. This is currently at 1.2 per cent. If you get any return above 2.8 per cent to 3 per cent, then it is competitive.
I know firms (including investment brokers like yours) are affected by this pandemic, what structure or structures do you have in place to help safeguard investor funds and help protect us from the effect this pandemic will have on investments?
Thank you for your question. The structures around safeguarding investors’ funds are diversification and asset allocation. Break down your investment objectives into timelines and invest based on those timelines i.e. short needs money market investment, the medium needs money market/ fixed-term investment and equity funds for longer-tenor objectives. I believe that your funds will be very safe.
Another question from my end, do you have investment plans for Nigerians in the diaspora? Must BVN be subscribed to or my non-Nigerian bank can be used for the transactions?
There is the issue of regulation across jurisdictions. However, we do have investment products for Nigerians in Diaspora in the country. You are at liberty to use a local or foreign bank provided that the documentation for each location is supplied appropriately.
Good day team, I so much appreciate this initiative. It is a way out for most of us in this pandemic period. Please I will like to know how I can invest for my kids?
Thank you for your question, sir. You can invest periodically in the mutual funds especially the Equity Fund because it is a good store of money value. It is also favourable because the initial investment is as low as N5000.00.
You can go to www.anchoriaam.com and get further directions or speak to our Client Relations Officer. The reward is immeasurably especially when you start to keep at the investment plan over time
In view of the current economic uncertainty, is it advisable to hold FX denominated investment in order to hedge against inflation or devaluation?
Thank you for your question, sir. This is a tricky question. I will ask if you have dollar obligations? You won’t have any near term need for the funds in foreign currency? If the answer is no, then it’s not a real investment option for you simply because the returns for these can be lower than Naira and any conversion before the expected deregulation can cause a huge drop in your expected return.
How do we then “research on their financial products, people and process”. I mean for laymen like us who don’t have deep knowledge of the sector. Is that an aspect Anchoria can take care of as well?
It is aspect Anchoria can work with you. The goal is to partner to achieve your financial objectives.
Post COVID-19 Era makes my savings in the bank useless; please what investment can help me out? It can be long-term I don’t mind.
You should diversify your investment holdings. For your immediate needs within one year invest in Anchoria Money Market Fund. For your 1- 3 years need, invest in the Anchoria Fixed Income Fund and your bigger longer tenor objectives say 5-7 years invest in Anchoria Equity Fund.
By Modupe Gbadeyanka
All individual taxpayers in Lagos State have been advised to file their annual tax returns ahead of the March 31 deadline.
This appeal was made by the Lagos State Internal Revenue Service (LIRS) in a statement issued by its Head of Corporate Communications, Mrs Monsurat Amasa-Oyelude.
The notice quoted the chairman of LIRS, Mr Ayodele Subair, as saying that timely filing remains both a constitutional and statutory obligation as well as a civic responsibility.
The statutory filing requirement applies to all taxable persons, including self-employed individuals, business owners, professionals, persons in the informal sector, and employees under the Pay-As-You-Earn (PAYE) scheme.
In accordance with Section 24(f) of the 1999 Constitution of the Federal Republic of Nigeria, Sections 13 &14(3) of the Nigeria Tax Administration Act 2025 (NTAA), every individual with taxable income is required to submit a true and correct return of total income from all sources for the preceding year (January 1 to December 31, 2025) within 90 days of the commencement of a new assessment year.
“Filing of annual tax returns is not optional. It is a legal requirement under the Nigeria Tax Administration Act 2025. We encourage all Lagos residents earning taxable income to file early and accurately.
“Early and accurate filing not only ensures full adherence with statutory requirements, but supports effective monitoring and forecasting, which are critical to Lagos State’s fiscal planning and long-term sustainability,” Mr Subair stated.
He further noted that failure to file returns by the statutory deadline attracts administrative penalties, interest, and other enforcement measures as prescribed by law.
To enhance convenience and efficiency, all individual tax returns must be submitted electronically via the LIRS eTax portal at https://etax.lirs.net. The platform enables taxpayers to register, file returns, upload supporting documents, and manage their tax profiles securely from anywhere.
In keeping with global best practices, Mr Subair reiterated that LIRS continues to prioritise digital tax administration and taxpayer support services. He affirmed that the LIRS eTax platform is secure and accessible worldwide. Taxpayers requiring assistance may visit any of the LIRS offices or other channels.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has said the Gas Master Plan 2026 targets over 230 per cent scale-up of Liquefied Petroleum Gas (LPG) supply from 1.5 million tonnes per annum (MTPA) to 5 MTPA this year.
The Executive Vice President for Gas, Power and New Energy at NNPC, Mr Olalekan Ogunleye, unveiled the strategic direction of the NNPC Gas Master Plan 2026, outlining an aggressive expansion drive to position Nigeria as a regional and global gas powerhouse.
Mr Ogunleye delivered the keynote address at the 2026 Lagos Energy Week, organised by the Society of Petroleum Engineers (SPE), where he detailed plans to accelerate gas development, deepen infrastructure and significantly scale domestic supply.
According to him, the Gas Master Plan targets a scale-up of LPG or cooking gas supply from 1.5 MTPA to 5 MTPA, alongside expanded feedstock for Mini-LNG and Compressed Natural Gas (CNG) projects.
“The NNPC Gas Master Plan 2026 is a blueprint to unlock Nigeria’s vast gas potential and translate it into tangible economic value,” Mr Ogunleye said.
He added that the strategy would also drive exponential growth in Gas-Based Industries, GBIs, strengthening local manufacturing, fertiliser production and power generation.
“Our renewed focus is on turning abundant gas resources into inclusive economic growth and improved quality of life for Nigerians,” he stated.
Mr Ogunleye said the plan aligns with the Federal Government’s Decade of Gas initiative and the presidential production targets of achieving 10 billion cubic feet per day by 2027 and 12 BCF/D by 2030.
Industry leaders at the event, including executives from Chevron Corporation, Esso Exploration and Production Nigeria Limited, Midwestern Oil and Gas Company Limited, Abuja Gas Processing Company and Shell Nigeria Gas, commended the plan and praised Ogunleye’s leadership in driving implementation excellence.
The new blueprint signals NNPC’s determination to anchor Nigeria’s energy transition on gas, leveraging infrastructure expansion and domestic utilisation to consolidate the country’s status as Africa’s largest gas reserve holder.
By Adedapo Adesanya
Vice President Kashim Shettima has attributed the Naira’s recent depreciation to the intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market, stating that the currency could have strengthened to around N1,000 per Dollar within weeks if the apex bank had allowed market forces to prevail.
The local currency has dropped over N8.37 on the Dollar in the last week, as it closed at N1,355.37/$1 on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), after it went on a spree late last month and into the early weeks of February.
However, speaking on Tuesday at the Progressive Governors’ Forum (PGF), Renewed Hope Ambassadors Strategic Summit in Abuja, the Nigerian VP said the intervention was to ensure stability.
“In fact, if not for the interventions by the Central Bank of Nigeria yesterday, the 1,000 Naira to a Dollar we are going to attain in weeks, not in months. But for the purpose of market stability, the CBN generously intervened yesterday.
“So, for some of my friends, especially one of our party leaders who takes delight in stockpiling dollars, it is a wake-up call,” the vice president said.
He was alluding to CBN buying US Dollars from the market to slow down the rapid rise of the Naira.
Latest information showed that last week, the apex bank bought about $189.80 million to reduce excess Dollar supply and control how fast the Naira was gaining value.
The move was aimed at preventing foreign portfolio investors from exiting Nigeria’s fixed-income market, as large-scale sell-offs could heighten demand for US Dollars, intensify capital flight, and exert further pressure on the exchange rate.
Amid this, speaking after the 304th meeting of the monetary policy committee (MPC) of the CBN on Tuesday, Governor of the central bank, Mr Yemi Cardoso, said Nigeria’s gross external reserves have risen to $50.45 billion, the highest level in 13 years.
This strengthens the country’s foreign exchange buffers, enhances the apex bank’s capacity to defend the Naira when needed, and boosts investor confidence in the stability of the Nigerian FX market.
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