Nigeria’s equity market has transformed into a global outlier, with the benchmark index surpassing the ₦100 trillion ($72 billion) market cap in early 2026. Up 35% in dollar terms YTD, the NGX is currently the world’s third-best performing gauge, trailing only Ghana and Oman.
This rally, fueled by Governor Olayemi Cardoso’s “orthodox” monetary tilt and President Tinubu’s fiscal reforms, has created a high-yield environment that is forcing investors to rethink their strategies. Bloomberg consulted three of Nigeria’s top financial minds on how to allocate ₦100 million today.
The Experts’ Portfolios at a Glance
| Expert | Top Allocation Strategy | Key Asset Classes |
| Aigbovbioise Aig-Imoukhuede (Coronation) | Fixed Income Heavy (50%) | Long-term T-Bills, Bonds, Banking & Telecoms. |
| Bolaji Balogun (Chapel Hill Denham) | Diversified Growth (30/30/30) | Equities, Eurobonds, Alternatives (Infra/REITs). |
| Bismarck Rewane (Financial Derivatives) | Defensive & Real Assets | High-growth Telecoms, Cement, and Prime Real Estate. |
Expert Deep Dives: Where the Money is Flowing
Aigbovbioise Aig-Imoukhuede: “Lock in the Yields”
Aig-Imoukhuede argues that the “golden window” for fixed income is now. With 1-year Treasury Notes at 16.4%, he recommends putting half of the ₦100m into debt instruments.
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The “Cool Off” Strategy: While equities are “red-hot,” he expects a post-earnings season dip, making fixed income a safer harbor for liquidity.
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Watchlist: He is bullish on GTCO and Zenith Bank following their successful recapitalizations, and views the upcoming Dangote Refinery listing as the premier industrial opportunity.
Bolaji Balogun: “Compounding and Alternatives”
Balogun favors a “Rule of Thirds” approach, splitting the ₦100m between stocks, Eurobonds, and alternatives like infrastructure funds.
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Undervalued Giants: He identifies MTN Nigeria and Access Holdings as essentially undervalued. He notes that Access Bank has yet to be “adequately compensated” by the market for its aggressive African expansion.
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The Dividend Engine: He advocates for the “compounding” effect—automatically reinvesting dividends back into Seplat and Aradel as they ramp up gas production.
Bismarck Rewane: “Defensive Moats and Dollar-Linked Property”
Rewane suggests that with a stabilizing Naira, investors should keep 80% of their wealth in Nigerian assets, a massive jump from 20% just three years ago.
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Defensive Stocks: He picks Dangote Cement as the ultimate “all-weather” stock, as consumer demand for infrastructure remains inelastic.
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Banana Island Alpha: For unlisted projects, he recommends prime Lagos real estate (Banana Island) for its ability to deliver dollar-denominated returns in a local market.
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REITs: He sees massive upside in student hostels and toll roads, accessible to retail investors through Real Estate Investment Trusts.
The Universal Buys: The Dangote Refinery Listing & MTN Nigeria
Notably, all three experts identified the upcoming Dangote Refinery IPO as a “must-buy” event. With the refinery recently hitting its 1.4 million bpd expansion goal and doubling its crude feedstock from NNPC in March, the listing is expected to be the largest in African history.
MTN Nigeria was also in the hypothetical portfolio of all three. MTN is seen as essentially undervalued even after making a good recovery from some of the constraints it experienced in the past 18 months.
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