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We wrote a piece for @TheCableNG: Nigeria's equity benchmark doesn't count dividends. Over 26 years, that's turned N38,000 into N78,000 of missed return.
N27 trillion in pension assets. Measured wrong.
Full piece below. #Venoble
Frontier isn't emerging.
It means a smaller, thinner market with more friction around access, FX and trading. That's the risk. It's also where local factors can matter more than the global cycle.
Opportunity and friction arrive together.
Photos: Gameli/de Wet, CC BY-SA 3.0.
West Africa's rally isn't a Nigeria-only story.
GSE +72.39% | NGX +56.45% | BRVM +36.47% YTD.
They're local-currency returns, but the regional breadth is hard to dismiss. Now prices have to earn it.
Photo: Emmanuel Dabo/Wikimedia, CC BY-SA 4.0.
Thank you to @thecableng for featuring our analysis.
Venoble remains comitted to empowering Nigerian investors with the facts needed to ensure all investors can make smart decisions about their wealth.
EJ IBHAWOH: "The Nigerian Exchange (NGX) says our equity market is worth ₦129 trillion. That’s the All Share Index (ASI) figure. This is the number your broker quotes, the number pension funds benchmark against, and the number that shows up in every financial headline. It is also wrong by about two-thirds. We spent three years building a database that tracks who actually owns every share on the NGX. Six thousand records across 200+ companies, going back decades. When you strip out the shares locked up by founders, holding companies, and government entities (shares that will never trade on the open market), the investable market drops to roughly ₦45 trillion. The remaining ₦84 trillion exists on paper; it sits in the portfolios of people who have no intention of selling."
thecable.ng/%e2%82%a684trn-o…
VENOBLE retweeted
EJ IBHAWOH: "The Nigerian Exchange (NGX) says our equity market is worth ₦129 trillion. That’s the All Share Index (ASI) figure. This is the number your broker quotes, the number pension funds benchmark against, and the number that shows up in every financial headline. It is also wrong by about two-thirds. We spent three years building a database that tracks who actually owns every share on the NGX. Six thousand records across 200+ companies, going back decades. When you strip out the shares locked up by founders, holding companies, and government entities (shares that will never trade on the open market), the investable market drops to roughly ₦45 trillion. The remaining ₦84 trillion exists on paper; it sits in the portfolios of people who have no intention of selling."
thecable.ng/%e2%82%a684trn-o…
Grateful, @FinancialNG. The headline in one number: ₦1m of Nigerian cash bought back ₦380k in real purchasing power over 17 years. Cash was never risk-free in Nigeria, and now there's a benchmark that proves it. #Venoble
A great analysis of Nigeria's economic and financial market data by Ejiye Jimeta Ibhawoh
financialnigeria.com/bridgin…
VENOBLE retweeted
A great analysis of Nigeria's economic and financial market data by Ejiye Jimeta Ibhawoh
financialnigeria.com/bridgin…
4. There is a recent flip, though. Six of the last six months printed positive real returns; January 2026 came in at +4.39%. It's an inflection, but it is not a reprieve. Half a generation of negative carry does not unwind in two quarters.
