King Q2👑

@FortuneMMXM I can see this as well. Let's see how it goes..

EURUSD Tuesday High of the week

@Ceentorms @Ssaasquatch Smh🥲

@_kingQ2 @Ssaasquatch Not sure we do

🤣🤣😆😃 will never understand how you people trade forex successfully

@Ssaasquatch @Ceentorms I check this out, and it looks interesting. I wonder if we have something like that for Nigeria stocks.

@Ceentorms LEAPS mostly. Commodities sometimes

@Rufyb Thank you. Please, I have a question, boss. Do you just take any share and analyze like this, or there are pointers you look at before you do a deep analysis like this?

In summary, ✑ Jaiz has been good so far. ✑ I am not selling my winner because the company is solid, the valuation is not unreasonable (given my entry price), and the potential to do even more is present. ✑ First-time investors in Jaiz may want to be cautious, as the risk of poor investments is high at current valuation multiples. Selah✌️✌️✌️

When I bought Jaiz Bank shares four months ago, I was convinced it would “smoke,” though I did not expect to see a 133% price gain in such a short timeframe. My entry valuation was 6.6x (see the brief analysis in the quoted tweet). Jaiz is currently valued at ₦489bn, trading at 15.8x trailing P/E and 12.7x forward P/E. What does one do after such a stellar run? My sense when I invested in Jaiz was that it was a really good business growing fast. Over the past five years, gross earnings have grown by 40%+ annually (compounded), while profit after tax grew by 60%+ annually (compounded) over the same period. Total assets grew by 47% every year, while net assets grew by 29% every year. ROA and ROE improved markedly from 2.5% and 16.8% as of FY 2021 to 2.6% and 44.4% as of FY 2025, respectively.

@Rufyb You're absolutely right. Market participation is low because many Nigerians are still looking for quick wins instead of long-term investments. This is mainly due to a lack of financial literacy, which is a gap we definitely need to close.

First, all over the world, more companies are choosing to go private, i.e., a lot of companies are increasingly becoming less convinced about the value-add of being a public company. In the Nigerian context, companies just do not see the value-add of being a publicly listed company, especially when viewed in the context of the costs. The low “value-add” consideration is due to weak liquidity in the Nigerian stock market. For context, the daily average transaction value of the Johannesburg Stock Exchange is estimated at $1.3bn. In Nigeria, it is $25mm.

@SirJarus I just dropped something related to this now.. x.com/i/status/20345…

Listening to this speech for the first time. I know one top banking oga that worked closely with Aig for up to 15 years and I notice he speaks the way Aig speaks here, especially the way he opens speeches. Also, this was just seven years ago and seeing some of the faces here that are now late (Akintola Williams, Christopher Kolade - didn't see Herbert Wigwe but may be there too) tells the story of life and time.

@Rxbremen It's surprising to see the current president and vice president in this garden sitting far apart. Life is truly not scripture.

Aigboje Aig-Imoukhuede speech on Jim Ovia’s book launch 7 years ago. Zenith and Access Bank, no be today 😂😂😂

@Rufyb I just love the way you normally come with facts. It's not easy, but we're optimistic.

A real “survival of the fittest”. I once lived like this (commuting from Agbado-Ijaiye to Ikoyi everyday). Covid was yet to happen, so it was 100% onsite. I see a train in the clip, but during my experience, it was just BRT (that were yet to be fully active). The Oshodi-Ikeja-Iyana Ipaja road was still under construction at the time. The Abule-Egba jubilee bridge was also under construction at the time. There was a real difference between leaving the house by 5:00am and leaving the house by 5:05am. The former (i.e., 5:00am) meant that you could easily get a direct Obalende bus from your bus stop, and you get to work as early as 6:30am. The latter meant that you could get to work by 9:00am (yes, that five minutes difference is a big, big deal. Once you missed the direct Obalende bus, you are finished). But that’s by the way. How does one get out of this routine? Very clearly, one of the possible reasons why you commute from such a long distance is because you cannot afford to rent an apartment that is close by. Your salary can not stomach it yet. If there are no short-term measures like squatting with a friend, you gotta actively work towards changing your job to another one that pays really well. Like really well. Let all the days of hustle and serious sacrifice count for something, but you gotta change that job. You gotta raise your income level, and you do so by finding your way to the high-paying jobs (bruh, even if you gotta change you career). Now here is the dilemma. The relatively high-paying jobs are not common. They are few. And you have hundreds of people hustling for those same jobs. This means you have to be super competitive. You have to “figagbaga” (re: folks in school, don’t forget to take your grades seriously. That is where it starts from). With the right information and skillset (both of which you gotta work very had to get), you can move up the ladder a bit. A good accommodation and a good car are necessary - especially a good car. Even if it is a small Kia (maybe those Kia Picanto), it has become a “necessity” in Lagos. We looked at the numbers at Cowrywise some months back, and we arrived at a conclusion that owning a car is the cheapest transportation means (in the long run). The initial expense is high but it evens out in the long run (read more here: firebasestorage.googleapis.com/v0/b/cowrywise…) Sadly, given the current situation in Nigeria, you may need to earn around ₦1mm+ monthly to afford and maintain one. Staff loan, savings, other borrowings can help you to purchase the car. The country is hard, and we just gotta forge our path in one way or another.

@Kingchuksnurse @ADUOLUWATOPE You just made me remember this GRE WORD. Inimical 🤣

@ADUOLUWATOPE Your last concluding paragraph sums it up. Until the exchange rate is stable over a very long period, sustainable growth remains inimical!

THE IMPACT OF NAIRA DEVALUATION AND INFLATION ON A NAIRA-DENOMINATED PORTFOLIO I recently stumbled on one of my 2017 portfolios before I consolidated my holdings. The portfolio’s value today, including NASD positions, stands at approximately ₦362 million. However, my current positioning and composition by volume have changed significantly over the period, as I no longer hold many of the companies that were originally in the portfolio. Here is where it gets interesting: Portfolio value in 2017 (USD terms): $300,000 Portfolio value today (USD terms): $261,000 (Exclusive of dividends, which still would not push it above $300,000.) Exchange rates: 2017: ₦350/$ 2026: ₦1,385/$ THE LESSON In nominal naira terms, the portfolio has appreciated by 244% to date. The compound annual growth rate (CAGR) over the period is approximately 14.8–15% per annum. That means the portfolio compounded at roughly 15% annually for 9 years; a strong long-term performance by equity market standards. Let's plug in inflation figures: Nigeria Headline CPI – NBS Data 2017: 15.37% 2018: 11.44% 2019: 11.98% 2020: 15.75% 2021: 15.63% 2022: 21.34% 2023: 28.92% 2024: 34.80% 2025: 15.15% Average inflation over the period ranges between 18–20% per year, which is materially higher than the portfolio’s 14.8% CAGR. Real Return: Purchasing power adjusted When adjusted for inflation, the portfolio did not keep pace with rising prices. In real terms, the investment’s value either barely grew or declined once inflation is factored in. The portfolio underperformed inflation by roughly 5% per year in real terms. Despite strong nominal performance, inflation compounded faster over the same 9-year window. COMPARISON WITH S&P 500 Between 2017 and 2025, the S&P 500 delivered a cumulative return of approximately 206% (price index basis), equivalent to roughly 10–11% annualized over a similar period. My 2017 portfolio’s 14.8% annualized return outperformed the S&P 500’s historical annualized return over that timeframe. In relative equity performance terms, the portfolio beat a major global benchmark. However, in dollar terms, the portfolio lost approximately 13% of its value, reflecting negative USD growth due to naira devaluation. FX IMPACT: THE CRITICAL VARIABLE If the portfolio had been USD-denominated or FX-hedged, the outcome would have been significantly different. The same $300,000 invested in an S&P 500 index fund over that period would be worth over $900,000 today. In naira terms: ₦105 million (at ₦350/$ in 2017) invested in the S&P 500 index fund nine years ago would be worth over ₦1.2 billion today. The same ₦105 million invested in NGX equities over the same period is worth about ₦362 million, without adjusting for inflation. The difference is driven primarily by currency stability and real return preservation. CONCLUSION The U.S. equity market remains the ultimate destination for investors seeking sustainable real returns, even though the NGX has delivered an exceptional run over the past three years. That said, this narrative could change in the future if Nigeria achieves and maintains long-term exchange rate stability. Currency stability is the foundational variable that determines whether nominal equity gains translate into real wealth preservation.

@Rufyb Now I can recognize you anywhere. Thanks for everything you do on the TL

@keemdreams @neehyeehwah Most people don't know this, and the NGX ASI gets cooled off for 30 minutes after gaining 5%. Then the market continues after until it reaches 10%, which is the cap per day.

@neehyeehwah Doesn't exist. Even the move upwards or downwards are capped at a max of 10% a day.

Where can someone trade Nigerian stocks with leverage? 🤔

@semilogojohn @Rufyb He's my only source for anything nigeria fundamental once I'm in Twitter for that

@Rufyb Always enjoying your nuggets😭

But volatility has an antidote called “liquidity”. Take for instance that in the second year when your investment value drops to ₦75, you then added another ₦100 to make the total investment to be ₦175…. Earning 50% in the third year will take your investment to ₦262.5. You invested ₦200 and effectively gained ₦62.5 or 31% within three gears. Whereas, the market delivered 12.5% in the same period. This is one of the reasons why Warren Buffet is often unfazed when the market tumbles. In fact, he is always happy. I am also a net buyer in the market and I am always unbothered when the market tanks. I left the U.S. market few years ago. With the recent gbasgbos happening there, I am already eyeing it. That’s why I say that for you to enjoy typically volatile assets (like stocks), you need liquidity (here: x.com/rufyb/status/1…). They are wealth compounders.

@oluwadamisi I will save this here.. tradingview.com/x/Ru9bu7X0

This, 💯

@barisukafx Creator.🙏

Learn how to write. Read the quoted post below Learn how to make video content. I wrote an 80-page e-book and have given it out to over 2,000 people for FREE. A lot of people have followed it and they're now getting their first 1k-100k views. Comment "Creator", follow me, and I'll DM you the e-book.

@WizAnubis @Choji_ES They will not tell us the truth nah😂🤣😂

@Choji_ES E no easy to earn o

@Rufyb This is a nice read. Thanks for sharing.. Hopefully they use it well

A friend shared an update with me this morning about the upcoming FG's Eurobond issuance. The estimated size of the Eurobond is put at $2.25bn. It is an interesting move, considering the recent gbasgbos between Donald Trump and the Nigerian government. Eurobonds are issued in the international capital market, where the participants are mainly foreign investors (with emerging market exposure/bias). Given the ongoing spat, it would be interesting to see how the Eurobond will perform. My sense is that it will do well, regardless of the issues. The ongoing ‘fiscal reforms’ and credit rating improvements will support our outing. Also, I am seeing some 9%-10% interest rate. Those yields are super attractive – especially when you contextualise them with recent Fed rate cuts. But that’s not where I am going...

@KingNobleBanks Please which time zone is this 1am?

How to kickoff your day? Wake up, look for 1am H4 OLHC Press buy. Set alert. Wait for Sellstops. GBPUSD illegality confirmed 🫰 Buystops - sellstops.

@dead_Eye_9 @Im_Speculator Thank you

@_kingQ2 @Im_Speculator It's EURUSD

The only trade that met my system’s criteria this week clean, logical, and fully aligned.

@Tradesbyvee @Romeotpt @kingyoshi01 Pdf