Research & Strategies

Research you can act on

Independent analysis of Nigerian and West African capital markets. Built on proprietary data, not consensus.

OutlookJanuary 2026

2026 Nigeria Capital Markets Outlook

Our annual outlook covering Nigerian equities, fixed income, FX, and macro. Key themes, positioning, and the data behind our views for the year ahead.

EquitiesFixed IncomeMacro25 min read

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MediaMar 2026|TheCable

Everyone Is Calculating Nigerian Equity Returns Wrong

Published in TheCable. The All-Share Index ignores every dividend paid by every listed company for 26 years. The gap between price returns and total returns is the difference between N38,000 and N78,000 on a N1,000 investment.

VNG-ETREquities6 min read

MediaMar 2026|BusinessPost

Nigeria's CPI Rebase Broke the Data. Here's What the Unbroken Picture Actually Shows

Published in BusinessPost. Nigeria's CPI rebase dropped headline inflation from 34.80% to 24.48% overnight, creating a statistical break in every backward-looking return calculation. We built a continuous 15-year real return index to bridge the gap.

VNG-CRRInflation10 min read

MediaMar 2026|MarketForces Africa

What Nigeria's CPI Rebase Did to Real Returns Measurement

Published in MarketForces Africa. Coverage of how the NBS rebasing of the Consumer Price Index scrambled every real return calculation in the Nigerian market, and the methodological challenges of measuring inflation-adjusted performance across a base-period change.

VNG-CRRInflation6 min read

MediaMar 2026|Nairametrics

What 15 Years of Data Says About Nigerian Cash Returns

Published in Nairametrics. Fifteen years of Nigerian treasury and money market returns, measured in real terms. The numbers are worse than most investors think.

VNG-CRRFixed Income8 min read

NoteMar 2026

Nigeria Built Payment Rails. It Forgot Measurement Rails.

Billions went into making it easier to move money across Nigeria. Almost nothing went into telling you whether your money actually grew. The data infrastructure gap behind Africa's largest pension system.

InfrastructurePensions7 min read

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