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How to build up your investment knowledge

To build up your investment knowledge is a difficult task, however, if you have a clear plan, develop the right habits and stick to them.

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investor, Steps to investing, Steps to developing a growth plan for your business, Breaking down the biggest misconceptions young people have about investing , Here’s how your business can grow revenue in tough conditions (PART 1), Here are ways to find the right investor for your business, How to build up your investment knowledge, This simple advice could help solve your investment challenges 

The internet has made information on any topic more accessible now than ever. If you’re out in public and look around you, it wouldn’t be difficult to see the eyeballs of people glued to their phone screens. This blessing has also been a curse, as it is very difficult to be focused on the things that matter when we have a flurry of irrelevancies being bombarded at us every second of the day.

Most of us have books or articles that have been bookmarked for years, which we resolved to read, but never did because it is so difficult to keep up in this internet era. Oftentimes, it can be hard to figure out which source of information is reliable.

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To build up your investment knowledge is a difficult task, however, if you have a clear plan, develop the right habits and stick to them over a long period of time you will become a better person.

The brain knowledge compounds gradually if you keep feeding it, but you must understand that temperament alone isn’t enough to succeed; the major thing is for you to maintain a high level of curiosity for a long time.

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Below are steps to help build your investment knowledge:

Read

  • Regular daily/weekly reading of market updates from sensible websites and blogs.
  • Reading of quarterly/annual reports of companies and industries.
  • Reading of business magazines and financial publications. There are lots of reports that can be downloaded from the websites of some financial institutions for free.
  • Read more of source data (primary data) than secondary data.
  • Listen to podcasts that focus on finance and investments.
  • Read books and study the history of investing. Study market bubbles, why markets rise and crash, recessions and depressions and understand the features of those moments.

[READ MORE: How adopting an agile approach can optimize your business outcomes)

Whatever has happened before will happen again, and whatever is happening now has happened before. History helps you notice patterns that will protect you from catastrophes as long as you aren’t affected by herd mentality.

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Study biographies of the greatest investors of all time. Read about Warren Buffett, Charlie Munger, Ray Dalio etc. After you’re done studying them list out the things that make sense to you.

Some people naturally have a business/money mind, however, reading the right thing will help you build the right intellectual framework that can help you decipher things like how to value a business, know when the competitive advantage of a company is durable or fleeting amongst other things.

In summary, read & listen to everything you can and discard what doesn’t resonate with you. The investment landscape is broad and no individual is vast in every area. If you are humble, open-minded and willing to learn nothing can stop you from success.

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Ask Questions

We all know someone or someone who knows someone who works in financial institutions/manages money. Bury your ego and ask for help. You would be surprised at who would be willing to help you.

Some experts can easily be reached through their social media accounts or via email. Do not hesitate to send an email.

One of the most important decisions you can make is being honest with yourself about what you don’t know and getting the right people to ask questions.

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Do

After reading, asking questions and making the necessary research, you will have to test the waters by yourself. You also have to be realistic about where you are financially.

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There are different asset classes and each requires varying amounts of money to invest in, so you may decide to save first before you venture, or invest based on what you can afford.

The fastest way to learn is to start early and build a sizable investment portfolio by making regular investments. This will help you benefit from the magic of compounding.

[READ ALSO: Here are ways to find the right investor for your business)

Bonus: Some books to read for a start

  • Zero to One by Peter Thiel
  • Essays of Warren Buffett by Lawrence Cunningham
  • Sapiens by Yuval Harari
  • Tools of the Titans by Tim Ferriss.

Patricia
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CITN issues rejoinder to ICAN’s claim over court case

The rebuttal claims that there are some ‘critical misinterpretations’ contained in ICAN’s claims concerning the judgment.

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CITN

The Chartered Institute of Taxation of Nigeria (CITN) has issued a rebuttal to the “critical misrepresentations” that are supposedly contained in a notice to members sent out by the Institute of Chartered Accountants of Nigeria (ICAN) over a court case, as reported by Nairametrics.

Recall that ICAN had informed its members that Justice S. A. Onigbanjo of the High Court of Lagos State ruled in their favour by striking out “Suit No. LD/3288GCM/19 – CITN VS ICAN” which was filed by CITN. In the suit, CITN had, among other things, prayed the court to restrain ICAN members from filing tax returns with the Federal Inland Revenue Service (FIRS) unless they have a CITN license.

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CITN’s position: Now, in its rebuttal to ICAN’s claims concerning the court case, a copy of which was sent to Nairametrics, CITN clarified the following points:

  1. The Ruling of the Hon. Justice S. A. Onigbanjo of the 2/7/2020 in LD/3288GCM/19 did not invalidate the MOU and TOS because it did NOT address the issues in the substantive suit, itself. However, since ICAN has resiled from the MoU and ToS it freely entered with CITN, the CITN will not stop ICAN from walking away.
  2. The Judge only struck out the suit based on the Preliminary Objection of ICAN to the effect that the suit was an abuse of court process because the issues in it were the same as the issues in FHC/L/CS/125/2019 – ICAN VS FIRS & 1 OTHER which was earlier decided in favour of CITN.  However, the issues in the two suits are completely different and distinct as has now been explicitly admitted by ICAN in its Notice under reference when it said: “The earlier ruling at the Federal High Court in Suit No. FHC/L/CS/125/2019 did not make pronouncement on the memorandum and terms of settlement between ICAN and CITN.”ICAN having admitted  that the judgment in FHC/L/CS/125/2019 did not make any pronouncement on the MOU and TOS (and this is a fact), how then could issues in that suit be the same as those in LD/3288GCM/2019 (decided by Justice Onigbanjo) which only asked for judicial pronouncement on the MOU and TOS?
  3. Regulation 5 of the Tax Administration (Self-Assessment) Regulations, 2011, was categorically annulled by the Hon. Justice Liman in the judgment delivered in FHC/L/CS/125/2019 on 21/11/2019.  None of the lawyers to the parties (including ICAN) can deny hearing the annulment of Regulation 5 during delivery of the judgment. It is unfortunate that ICAN is jumping the gun in a case with a pending post-judgment application.
  4. In the judgment delivered in FHC/L/CS/1480/2018 – CHIEF IGBAROOLA & OTHERS VS FIRS & OTHERS on 21/5/2019, the Hon. Justice A. O. Faji, declared: “CITN Act is thus superior to ICAN Act on the issue of tax practice.  The Self-Assessment Regulations being in conflict with the CITN Act is null and void.  The Plaintiffs cannot practice as tax agents without first being members of the 2nd Defendant.”
  5. In the Court of Appeal judgement of 2013 between ICAN v. CITN, it was held that the power to regulate and control the tax profession, to the exclusion of any other body, in Nigeria lies with CITN.
  6. It is, therefore, now firmly settled from all the relevant judgements at the Lagos High Court, Federal High Court and the Court of Appeal, which have all upheld the primacy of the CITN Charter, that no member of ICAN can practice taxation without first being a member of CITN.
  7. For the avoidance of doubt, no ICAN member, who is not registered with CITN, has been permitted by any law or court decision to practice taxation. The law has made it clear about the professional body that can regulate tax profession in Nigeria and CITN reserves the right to invoke the relevant provisions against any person that violates the provisions of its charter.

The backstory: The disagreement between ICAN and CITN dates back to 2015 following a misinterpretation of a Memorandum of Understanding (MoU) and Terms of Settlement (ToS) between the two organisations. Due to the disagreement, CITN took legal actions in a bid to basically make the MoU and ToS binding on ICAN members.


You may read CITN’s full rejoinder by clicking here and follow up on ICAN’s notice to its members here.

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UPDATED: Court rules ICAN members do not need CITN license to file tax returns

The suit, which was filed some years ago by CITN, was basically struck out for lacking merit.

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ICAN

Justice S. A. Onigbanjo of the High Court of Lagos State has ruled that members of the Institute of Chartered Accountants of Nigeria (ICAN) do not need to be licensed by the Chartered Institute of Taxation of Nigeria (CITN) before they can file tax returns.

The ruling on July 2nd followed a suit filed by CITN trying to restrain ICAN members from filing tax returns for their clients unless they have a practicing CITN license.

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A notice to ICAN members regarding this development, as seen by Nairametrics, noted that Justice Onigbanjo struck out the suit after describing it as “an abuse of court process and an embarrassment to the judiciary.”

The backstory: Nairametrics understands that the disagreement between ICAN and CITN stemmed from the misinterpretation of a 2015 Memorandum of Understanding (MoU) and Terms of Settlement (ToS) between the two organisations. Consequently, CITN had filed a suit before the High Court of Lagos State, seeking the following:

  • A declaration that the Memorandum of Understanding and Terms of Service both dated February 12, 2015 between the CITN and ICAN are valid, subsisting, and binding on the CITN and ICAN.
  • An injunction restraining ICAN whether by its agents, privies, assigns, or whosoever called, from repudiating, resiling from or acting in any manner or doing anything that is inconsistent with, contrary to or is a violation of the Memorandum of Understanding and the Terms of Settlement dated February 12, 2015, between the CITN and ICAN.
  • Determine whether the Memorandum of Understanding and Terms of Settlement both dated February 12, 2015 between the CITN and ICAN are valid, subsisting, and binding on CITN and the ICAN.

However, last week’s ruling by Justice S. A. Onigbanjo which, by the way, was delivered virtually due to COVID-19, has made it impossible for the CITN to implement the terms of the 2015 MoU and ToS. The ruling also aligned with ICAN’s earlier objection to the MoU and ToS.

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The status quo: In view of this development, ICAN has informed its members that they do not need to obtain any license from the CITN before they can file tax returns for their clients with the Federal Inland Revenue Service, FIRS.

ICAN members were also informed that an earlier ruling by the Federal High Court on the case does not affect the status quo. This is because “the earlier ruling by the Federal High Court in Suit No. FHC/L/CS/125/2019 did not make pronouncement on the memorandum and terms of settlement between ICAN and CITN.” More so, regulation 5 of the FIRS Act was not reflected in the earlier judgment of the Federal High Court.

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China more willing to restructure Africa’s debt than private creditors

Agreements have been easier to reach with Chinese lenders than with private creditors.

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A recent study by John Hopkins University reveals it may be easier for African Nations to raise debt and also get debt relief from China than private creditors.

The report of the study comes a day after China promised to cancel interests from loans to African nations and restructure debt to Africa. The study also revealed that China has restructured $15 billion of African debt and written off $3.4 billion in the past ten years.

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After 1,000 Chinese loans, including restructured Mozambican and Republic of Congo debt, were analysed, the researchers concluded that “the agreements have been easier to reach with Chinese lenders than with private creditors”.

The Paris Club recently agreed to pause debt payment valued at $11 billion for the poorest 73 nations freeing up capital to tackle the coronavirus pandemic. However, not all eligible nations signed up citing fears of default ratings if debt obligations are not met.

The study discovers difficulties in renegotiating terms on International Bonds for African countries due to the disparate ownership structure making private creditors unwilling to grant complete debt relief, citing warnings on rating downgrades.

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China accounts for about 20% of Africa’s external debt and lent over $150 billion to the continent between 2000-2018 the study reveals. Chinese President, Xi Jinping has urged global leaders to be more pragmatic with debt suspension for Africa.

The study says much of the terms of Chinese debt to Africa has not been transparent and the relief negotiations may follow the same path.

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Patricia
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