NGX political wrong call in showcasing reforms’ success

In a recent unprecedented move, the leadership of the Nigerian Exchange Group (NGX) and the Federal Government’s Economic Management Team (EMT) jointly called on President Bola Ahmed Tinubu at Aso Rock Villa, Abuja, to update him with the sterling performance of the country’s stock market in the past few years. The visit took place exactly two weeks to the commencement of campaigns for the 2027 Presidential elections, and exactly six months to the election date. Specifically, the campaigns begin on Wednesday, 19 August 2026, while the Presidential election is scheduled to take place on 16 January 2027.

From the chairman of the board of directors of the NGX, Dr Umaru Kwairanga, and the Group’s managing director/CEO, Temi Popoola, to the minister of finance and coordinating minister of the economy (who heads the EMT), Taiwo Oyedele—all hailed President Tinubu, and attributed the good performance of the NGX to recent economic reforms. Other members of the EMT on the visiting team: minister of budget and national planning, Atiku Bagudu, governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, each showered encomiums on the president and his reforms.

The NGX Group managing director/CEO, Popoola, deploying some statistics, told President Tinubu that “the picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30 trillion; but, today, Mr. President, that figure is N160 trillion.” He said by the end of this year—with the listing that we are seeing in our market—we expect that figure to rise to N230 trillion. 

The NGX boss continued: “The second is the all-share index, which is the measure of growth and performance that we see. When you took over Mr. President,…