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…