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Reports underwrite companies. Notes update an argument. Essays examine markets, institutions and power. Geography is a filter, not a separate corridor.
Maggi, Milo and Golden Morn came through the currency shock, and profit is back. But most of this year's fall in debt came from the exchange rate, operating cash is down, the parent now wants to buy the water business, and at ₦2,750 the share already prices in most of the repair. WATCH.
Read research →A Sindhi trading house carried its name from Hyderabad to Lagos in 1923 and stayed through empire, Partition and every devaluation since. Its Isolo yard is worth more than the whole company. In August sellers drove the price down as far as the exchange allows, three times in nine sessions, and then it stopped moving altogether.
Read research →Debt has nearly gone and cash generation is strong, but at N174.60 the price already assumes N12 to N14 of sustainable earnings per share, and about N7m of stock changes hands on an average day. Hold, watch, and become interested below N150.
Read research →The unknown gunman wants five Nigerian stocks before Christmas. GTCO, MTN Nigeria, Aradel, Zenith and NAHCO: the evidence has improved; the prices have improved faster.
Read research →Six banking groups, five revised deadlines, and a calendar that could use a stage manager.
Read research →A 33,000-hectare estate, better mills, recovering yields and a share price that now assumes the border will remain reasonably friendly.
Read research →Nigeria's airports are busier. SAHCO and NAHCO are both collecting more revenue. Only one is currently turning the aviation boom into markedly more profit.
Read research →Japan is tightening, the US 10-year is above 5% and Brent is above $100. Together they make a beautiful story about Tokyo reaching Lagos. We set out to kill it, and at the very bottom of the American credit market it is refusing to die.
Read research →FTSE has switched Nigeria back on. The first rebalance has given us something better than forecasts: a tape. Turnover surged in the obvious names, prices moved selectively, and willing sellers were waiting.
Read research →The IMF and World Bank have changed the way they assess sovereign debt. The useful part for investors is not another threshold. It is learning to see the strain before it reaches the headline ratio.
Read research →Food Concepts built a 5,737-person system around the Nigerian lunch. Scale has improved the economics, but the latest quarter found traffic on the road to higher margins.
Read research →Nigeria has returned to the frontier-market map and NGX valuations have surged. In parts of the market, however, the quoted price is much easier to find than a buyer.
Read research →How Taylor, McCallum, two strategic straits and one very Nigerian monetary-policy problem tell us whether the CBN's 26.5% MPR is actually tight.
Read research →Dangote’s refinery IPO has arrived, FTSE Frontier re-entry is a week away and NGX Group closed at ₦149.90. The franchise is getting better. The uncomfortable part is that the price has now moved into our bull case.
Read research →The prospectus confirms an exceptional refinery. At ₦525, the IPO also asks investors to underwrite rich refining margins, high uptime and a $14.3bn expansion with little room for error.
Read research →Zenith has solved the recapitalisation problem. At roughly book value, the enlarged equity base now has to restore per-share compounding.
Read research →In 2007 Nigerians paid ₦14 for FCMB. Nineteen years, two bonus issues, a banking crisis and billions of new shares later, it trades at ₦11.90. The old shareholder bought the dream expensively. The new shareholder may be buying the disappointment cheaply.
Read research →Ponzi, Nigeria and the Eternal Return of the Beautiful Lie, 1914–2026
Read research →Uber left Lagos on the same day it cut 3,300 employees. Months earlier it had committed more than $10 billion to autonomous vehicles. Not the same event. The same capital-allocation problem.
Read research →Nigerian Aviation Handling Company has built a formidable franchise around the minutes between landing and take-off. The business is attractive. At ₦138.50, the security is closer to interesting than cheap.
Read research →Nigeria’s economy is growing again, but is 4.43% enough? A 47-year view of GDP per person, poverty, productive jobs and the reforms needed for lasting prosperity.
Read research →PZ Cussons Nigeria has repaired its balance sheet, restored dividends and returned to growth. Yet most of FY2026's spectacular profit came from asset disposals and currency gains. We separate the operating recovery from the accounting fireworks, explain the two listings, test the alleged arbitrage and value both shares.
Read research →Nigeria has not run out of crude. It has run short of crude that is simultaneously available, unencumbered and economically sensible to sell.
Read research →MTN Nigeria H1 2026: earnings, data growth, diesel costs, capex, MoMo, governance and Seven Gates valuation, with seven charts.
Read research →Pre-H1 update: a strong fee franchise, provisional ₦175 fair value and a ₦125–₦135 preferred buying zone. Hold / watch pending audited results.
Read research →A rights issue, licence cancellation, suspended shares and a court challenge. Regulatory capital, policyholder risk and an indeterminate shareholder recovery.
Read research →CBN payment-data localisation: valuations, moats and risks for MTN Nigeria, CWG, Airtel Africa, eTranzact and Chams.
Read research →Seven Gates Research underwrites Aradel after H1 2026: scale, cash flow, finance costs, tax, minorities and valuation.
Read research →The refining squeeze of 2026, and why a diesel shortage now reaches from Russian airfields to Nigerian farms, Congolese mines, French supermarkets and Chinese car factories.
Read research →First HoldCo's H1 2026 recovery is real. So are the ownership reshuffle, recapitalisation burden and the long memory of its loan book.
Read research →Presco is an excellent integrated palm-oil business with a much stronger balance sheet. At ₦2,070, quality is no longer the undiscovered part of the argument.
Read research →A Lokoja Contrarian analysis of Champion Breweries, the EnjoyBev and Bullet transformation, competitive landscape, financing, dilution and valuation.
Read research →A buy-side valuation of Dangote Refinery before the prospectus: a magnificent industrial asset, serious single-train risk, and a price that must leave room for what remains unknown.
Read research →GTCO is investible, but no longer obviously cheap. A review of its moat, earnings quality, capital, dividend, dilution and valuation.
Read research →The contrarian investment case for Honeywell Flour Mills, from Agege bread to cash-flow quality.
Read research →A concise investor-grade review of Seplat's operating momentum, valuation, dividend and principal risks.
Read research →An investor's evaluation of Tantalizers Plc: restaurant recovery, outlet economics, inflation, diversification, dilution and valuation.
Read research →A 60% gain in Lagos can still leave a dollar investor looking like he attended the wrong party.
Read research →UBA investment analysis covering its deposit franchise, African network, asset quality, governance, valuation and staged entry ranges.
Read research →Is VFD a compounding machine or merely a rapidly expanding balance sheet?
Read research →A Seplat Energy deep dive covering dollar earnings, MPNU, ANOH, cash flow, capital allocation, governance and risks.
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