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The Nigerian Investor

The Nigerian Investor

Mudi

This podcast is borne out of the sheer desire to uplift many citizens who, for no fault of theirs, lack financial education and think that only the privilege can access and secure wealth. Hence, this podcast has the dual purpose of enlightening and paving access to wealth creation. To achieve this goal, this podcast aims to stimulate and increase the participation of the general population and underserved communities in the activities of the Nigeria Stock Market viz-a-viz other related market instruments such as money market, bond, Federal Savings, commercial paper, ETF.


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78 - Ep. 66 - Wale Banks: Losing ₦18 Million, Valuing Stocks & Building Wealth
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  • 78 - Ep. 66 - Wale Banks: Losing ₦18 Million, Valuing Stocks & Building Wealth

    What can losing over ₦18 million teach you about investing?

    On this episode of The Nigerian Investor Podcast, Mudi sits down with Wale Banks, a long-term investor in Nigerian and US equities, for an honest conversation about investment mistakes, stock valuation, portfolio construction, and the discipline required to build lasting wealth.

    Wale reflects on his early investing mistakes, including buying stocks without sufficient research, and explains how those experiences shaped his approach to analysing businesses and managing risk.

    We also explore how to identify quality companies, understand intrinsic value, use discounted cash flow analysis, and avoid paying too much for a good business.

    In this conversation:
    • The investing mistake that cost Wale over ₦18 million.
    • Why an emergency fund should come before stock-market investing.
    • How to evaluate a company’s business, financials, and management.
    • Understanding intrinsic value and the margin of safety.
    • What to consider when a stock in your portfolio falls.
    • Why your financial goals should determine your portfolio.
    • The emotional challenge of selling stocks too early.
    • Why checking your portfolio every day may not help you become a better investor.

    Whether you’re new to the Nigerian stock market or already investing in NGX and US equities, this conversation offers practical lessons on research, valuation, risk management, and investor psychology.

    Follow Wale Banks on X: @iamwalebanks.

    Follow The Nigerian Investor Podcast on X: @TNIpodcaster and Instagram: @tnipodcast.

    Enjoyed the episode? Follow the show, share it with another investor, and tell us what investing lesson has made the biggest difference in your journey.

    DISCLAIMER: This podcast is for educational and informational purposes only and does not constitute professional financial advice or a recommendation to buy or sell any security.

    Until next time, stay consistent, stay curious, stay invested.

    Sat, 24 Oct 2026 - 48min
  • 77 - Ep. 65 – “I’d Sell My Entire Portfolio If This Happens” | Dangote IPO & Naira Outlook

    Dangote Refinery IPO, Naira Reforms & Where to Invest in Nigeria | Anthony Returns

    Is the Dangote Refinery IPO overvalued, or are investors overlooking one of Nigeria’s biggest investment opportunities? And should Nigerians in the diaspora be investing more in naira-denominated assets?

    Anthony returns to The Nigerian Investor Podcast for an in-depth conversation with Mudi about Nigeria’s monetary reforms, the outlook for the naira, opportunities on the Nigerian Exchange (NGX), and the investment decisions shaping the market.

    In this episode, Anthony explains why he believes the Dangote Refinery deserves a valuation premium, discusses his bullish outlook on Nigerian investments despite currency risks, and compares the performance of the NGX with dollar-denominated alternatives.

    The conversation also examines First HoldCo’s commitment to paying at least 60% of Group profit after tax as dividends, the sustainability of its earnings growth, and whether its current valuation is justified. Anthony shares his views on opportunities in the insurance and consumer goods sectors, portfolio allocation for Nigerians at home and abroad, and the political risks that could undermine his investment thesis.

    Mudi also challenges Anthony on fuel subsidies, exploring whether blanket subsidies benefit wealthier consumers disproportionately and whether targeted support would better serve lower-income Nigerians.

    IN THIS EPISODE:

    The Dangote Refinery IPO: valuation, earnings potential and investment risksNigeria’s monetary reforms and the Central Bank of NigeriaNaira versus dollar investments: what the returns really tell usFirst HoldCo’s dividend policy and H1 earnings qualityUndervalued Nigerian banks and opportunities on the NGXInsurance stocks and consumer goods companies to watchPortfolio allocation for diaspora investorsPolitical risk, monetary policy and the future of Nigeria’s economyFuel subsidies and the case for targeted economic support

    Is Anthony right to be bullish on Nigeria, or are investors underestimating the risks? Listen to the full conversation and decide for yourself.

    The Nigerian Investor Podcast — breaking down the markets, simplifying investing, and helping everyday Nigerians make better-informed financial decisions.

    Follow the podcast, share this episode with another investor, and join the conversation.

    Disclaimer: This episode is for educational and informational purposes only and does not constitute personalised investment advice. The views expressed by the guest are his own.

    Sat, 17 Oct 2026 - 48min
  • 76 - Ep. 64 — What Just Happened to My Shares? The Hidden Risk of Investing in Nigerian Stocks

    What happens to your shares when a company leaves the Nigerian Exchange (NGX)?

    In Episode 64 of The Nigerian Investor Podcast, Mudi breaks down NGX delisting in simple terms and explain what Nigerian investors need to know when a company is removed from the Exchange.

    We look at the difference between voluntary and regulatory delisting using three real Nigerian companies:

    📌 MRS Oil — a voluntary delisting from the NGX followed by admission to the NASD OTC market.

    📌 ASO Savings & Loans — a regulatory delisting following the revocation of its operating licence by the Central Bank of Nigeria.

    📌 STACO Insurance — regulatorily delisted by the NGX on September 21, 2026, following the revocation of its operating licence by NAICOM.

    We also answer some important questions:

    • Does delisting mean your shares become worthless?
    • What happens to shareholders after delisting?
    • What is the difference between voluntary and regulatory delisting?
    • What happens to the liquidity of your shares?
    • Why might a company voluntarily leave the NGX?
    • What should investors look for when a company announces a delisting?
    • What happens if a delisted company moves to another market such as NASD?

    Most importantly, we discuss why investors shouldn’t just understand what stock they own, but also understand the structure, regulatory environment, liquidity and risks surrounding that investment.

    Whether you’re a first-time Nigerian investor or an experienced NGX investor, this episode will help you better understand what happens when a listed company leaves the Exchange.

    🎧 Listen, learn, and invest smarter.

    If you find this episode useful, follow/subscribe to The Nigerian Investor Podcast and share it with another investor.

    Until next time, stay consistent, stay curious, stay invested.

    Sat, 10 Oct 2026 - 13min
  • 75 - Ep. 63 — Those Three Letters Beside an NGX Stock: Understanding the CSI

    What do BLS, MRF, RST, DWL and BMF mean when you see them beside an NGX-listed company?

    In Episode 63 of The Nigerian Investor Podcast, Mudi and Aye break down the NGX Compliance Status Indicator (CSI) and explain what these three-letter codes mean for investors.

    The Compliance Status Indicator provides information about the compliance status of a listed company at a particular point in time. But what exactly does each code mean—and why should investors pay attention?

    In this episode, we explain:

    📌 BLS — Below Listing Standard
    📌 MRF — Missed Regulatory Filing
    📌 DWL — Delisting Watch-List
    📌 DIP — Delisting in Progress
    📌 AWR — Awaiting Regulatory Approval
    📌 RST — Restructuring
    📌 BMF — Below Listing Standard & Missed Regulatory Filing
    📌 BAA — Below Listing Standard & Awaiting Regulatory Approval
    📌 BRS — Below Listing Standard & Restructuring
    📌 MRS — Missed Regulatory Filing & Restructuring
    📌 BMR — Below Listing Standard, Missed Regulatory Filing & Restructuring

    We also look at real NGX examples, including ALEX, AUSTINLAZ, CMFC, FTNCOCOA, INFINITY, PRESTIGE and UPDC, and discuss why investors shouldn’t simply ignore these codes when researching a company.

    Most importantly, we explain why a Compliance Status Indicator is not a buy or sell signal. It is another piece of information investors can use when researching a company and understanding the risks surrounding a listed business.

    If you’ve ever looked at an NGX stock and wondered what those three letters beside the company name meant, this episode is for you.

    NGX, Nigerian Exchange, NGX stocks, Nigerian stocks, NGX Compliance Status Indicator, NGX CSI, compliance status indicators, BLS, MRF, RST, DWL, BMF, BAA, BRS, MRS, BMR, delisting, NGX delisting, restructuring, regulatory filing, Nigerian investors, stock market Nigeria, investing in Nigeria, Nigerian stock market, NGX listed companies

    BLS, MRF, RST, DWL or BMF? We explain the NGX Compliance Status Indicators and what investors should know when researching listed companies.

    Sat, 03 Oct 2026 - 20min
  • 74 - Episode 62 | Analysis Paralysis: When Research Becomes the Problem — Dangote Refinery IPO as Case Study

    How much research is enough before making an investment decision?

    In Episode 62 of The Nigerian Investor Podcast, Mudi and Aye explore analysis paralysis—the point where research, valuation models, opinions and endless information stop helping you make better decisions and start preventing you from making any decision at all.

    Using the upcoming Dangote Refinery IPO as a real-world case study, Mudi and Aye examine the difference between proper due diligence and overanalysis.

    They discuss:

    📊 How to separate a great business from a great investment

    💰 Why valuation matters, even when the underlying business looks exceptional

    🧮 The strengths and limitations of DCF and valuation multiples

    🏭 What Dangote Refinery’s revenue, profitability, throughput and expansion plans mean for investors

    📈 Why strong recent earnings shouldn’t automatically be treated as sustainable earnings

    ⚠️ The key risks investors should consider when analyzing a refinery business

    🔍 How to identify when you’re doing useful research versus suffering from analysis paralysis

    🧠 Why investors should focus on the quality of information, rather than simply consuming more information

    📱 How financial conversations on X/Twitter can create confusion and influence your investment thesis

    🎯 And perhaps most importantly: how to know when you have done enough research to make a rational investment decision.

    The goal isn’t to eliminate uncertainty. It’s to understand the uncertainty well enough to make an informed decision.

    Disclaimer: This episode is for educational and informational purposes only and should not be considered investment advice or a recommendation to buy or sell any security.

    Dangote Refinery, Dangote Refinery IPO, Nigerian stocks, Nigeria stock market, NGX, investing in Nigeria, Nigerian investors, analysis paralysis, investment analysis, stock valuation, IPO investing, due diligence, DCF valuation, stock market investing, financial literacy, Nigerian Investor Podcast, Dangote Industries, refinery investment

    Sat, 26 Sep 2026 - 21min
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