Founder and portfolio manager @ObidileCapital. Views are my own.
Joined July 2025
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Last week, starlink made a public announcement Of getting into Mobile carrier services and competing with traditional companies like Verizon and T-Mobile.
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emmanuelobidile.substack.com…
Broad Market indices ended lower for the week With the NASDAQ index having it's worst week since April of 2025 which if we remember was the period of uncertainty with the new Trump tariffs.
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emmanuelobidile.substack.com…
The Nigerian market isn't entirely a dead end it just requires exceptional stock picking and fundamental analysis.
Passive investing in the broad Nigerian market has historically been a losing battle against currency devaluation.
The stock market is one of the few places where ordinary people can build wealth alongside billionaires.
I understand why many older Nigerians are pessimistic about investing.
A few days ago, I spoke with a woman in her 40s who told me how she started buying shares decades ago after seeing people discuss investments in newspapers. She invested in banks, consumer companies and other Nigerian stocks, expecting dividends and long term wealth.
Instead, many of the companies disappeared, merged, consolidated, stopped paying meaningful dividends or simply failed to live up to expectations. Some of her investments became almost worthless. The frustration in her voice was real.
Seeing this tweet reminds me that many Nigerians didn't become skeptical of investing for no reason. Their skepticism was earned through experience.
But I also think we should separate two different issues.
The first is poor company performance, corporate failures, weak investor communication and the paper based investment system of the past.
The second is currency risk.
Personally, my biggest concern with Nigerian assets is not necessarily Nigerian companies themselves. There are quality businesses on the NGX that have delivered respectable returns over time.
My concern is that those returns are denominated in naira.
If inflation is high and the naira keeps losing value, investors can make money on paper while losing purchasing power in reality.
That changes the investment equation completely.
Many of the horror stories from the past happened in an era of paper certificates, missing records, forgotten accounts and poor market infrastructure. Today, investing is far more accessible, transparent and efficient than it was decades ago.
The real question is not whether Nigerians can build wealth through Nigerian assets.
The real question is whether Nigeria can build an economy strong enough to support a stable currency and give investors confidence that the wealth they create today will still hold value tomorrow.
That's the challenge. Not investing itself. The currency. The economy. The confidence behind it.
I bought these shares from Honeywell Flour Mills in 2006 when I left secondary school. I paid ₦50k for some thousand units through Bank PHB. It was their IPO.
I was investing in my future. I thought that when I entered university, I wouldn't have to ask my parents for money because of the dividends that were going to come. Do you know that those guys haven't paid me up to ₦5,000 since then?
I haven't heard from them in two years now. They last paid me ₦306.00 for the year 2024.
The reality for many homes in Nigeria is Investing still feels like a ‘rich people thing’ to a lot of people.
The barrier to investing has never been lower. You can buy ownership in some of the greatest businesses ever built with a few taps on your phone. Most people still won't.