J. Paul & Co.

Institutional-grade research on NGX equities, Forex & Crypto.
Built for investors who think before they trade.

[J. Paul & Co. @ghostcapx]

Foreign investors just crossed $10B in Nigeria inflows. Everyone is celebrating. But before you accept the narrative, here is what the numbers actually say. 🧵

[Nairametrics @Nairametrics]

https://t.co/6JQLBVc3Wd

[J. Paul & Co. @ghostcapx]

We built this rally. We should own more of what comes next. Full breakdown on Substack.

Link: https://t.co/wBEaIdHcal

[J. Paul & Co. @ghostcapx]

Foreign investors just crossed $10B in Nigeria inflows. Everyone is celebrating. But before you accept the narrative, here is what the numbers actually say. 🧵

[Nairametrics @Nairametrics]

https://t.co/6JQLBVc3Wd

[J. Paul & Co. @ghostcapx]

The population is the opportunity. Nigeria is one of the youngest countries on the continent. If even a fraction of that demographic enters the market in a structured way, NGX becomes one of the most powerful retail-driven markets in the world.

[J. Paul & Co. @ghostcapx]

The $10 billion in inflows we keep celebrating is portfolio investment. Hot money chasing high yields. It is not FDI. It will leave the moment our interest rates drop. So foreigners are not betting on Nigeria's future. They are cashing in on our monetary policy. There is a difference.

Now here is something most people miss. NGX is about 80% locally driven. Foreigners are following our momentum, not creating it. We are the ones pushing this market up.

But we only have about 3 million retail investors in a country of 220 million. That is the real conversation.

Why are more Nigerians not investing? Simple. A lot of people are in survival mode. Investing requires a surplus. Many Nigerians don't feel like they have one yet. Add the cultural trauma from 2008, where people lost everything and banks collapsed, and you understand why older generations are skeptical and why they passed that skepticism down.

On top of that, financial literacy is still low and opening a brokerage account is still not as seamless as it should be.

So yes, bet on Nigeria. But understand what we are building. A market with 3 million participants out of 220 million is not a strong market. It is a fragile one. The work is to grow that base.

[J. Paul & Co. @ghostcapx]

The global risk-off argument is valid, but it only explains part of the story. Other frontier markets with similar or worse infrastructure gaps have still attracted FDI in non-oil sectors during this same post-pandemic window. So the global environment is the context, not the excuse.

The deeper issue is that capital doesn't just price infrastructure. It prices predictability. Contract enforceability, regulatory consistency, and currency stability are what separate a country that attracts long-term capital from one that only attracts yield chasers. Nigeria has been winning on yield. That is not the same as winning on confidence.

Portfolio inflows leave the moment the rate cycle turns. FDI stays and builds. The honest question isn't why FDI is slow globally. It's why our non-oil sectors still can't compete for it even when global appetite is there. That answer lives inside our own house.

[J. Paul & Co. @ghostcapx]

@Nairametrics How should local investors hedge against inflation if they choose to follow the trend and buy into the same assets?

[J. Paul & Co. @ghostcapx]

@COSMASANALYST Crypto payment adoption we grow more globally

[Wale Banks 📊 @iamwalebanks]

If you need the money next year, it shouldn’t be in stocks.

[King.sol 🇶🇦 @teddi_speaks]

If crypto doesnt work out what’s your plan B

[J. Paul & Co. @ghostcapx]

🚨 #Bitcoin Update:

$BTC is currently experiencing some intraday volatility, trading at $62,796.

After hitting a daily high near $64,668, the price has pulled back roughly 1.9%. Watching closely to see if support holds above $62k.

📉 Volatility is back.

#Crypto #BTC #BitcoinNews

[J. Paul & Co. @ghostcapx]

Michael Saylor 😂

[J. Paul & Co. @ghostcapx]

Michael Saylor 😂

[J. Paul & Co. @ghostcapx]

https://t.co/kB1iaSoHoO

[Nairametrics @Nairametrics]

SpaceX is planning to raise $75 billion in what would be the largest initial public offering in history, pricing its shares at a fixed $135 each, an unusual move that bypasses the traditional bookbuilding process and signals founder Elon Musk’s confidence that demand for the offering will not require negotiation. https://t.co/2zDpPZFq84

[J. Paul & Co. @ghostcapx]

SpaceX is not listing alone.

OpenAI and Anthropic are both preparing to follow SpaceX to public markets. Together, the three companies are projected to add nearly $4 trillion in market capitalisation to public markets.

That is $4 trillion competing for investor capital in the same window. Global venture funding is already under pressure.

Demand for SPCX at listing will tell us a lot about where institutional appetite actually sits heading into the second half of 2026.

The deal is historic. The risks are real. Watch June 12 closely.

[J. Paul & Co. @ghostcapx]

SpaceX is going public on June 12.

$75 billion raise. $1.75 trillion valuation. Nasdaq ticker: SPCX.

To put that in perspective, Saudi Aramco's IPO raised $29 billion and held the global record for 7 years.

SpaceX wants to do more than 2.5x that in one deal.

Here is everything you need to understand before this thing lists.

[J. Paul & Co. @ghostcapx]

This matters to Nigerian investors specifically.

Starlink is already the second-largest ISP in Nigeria as of Q3 2024. (@Nairametrics) That position is growing.

As of March 2026, Starlink serves 10.3 million subscribers globally across 164 markets, a 105% increase from 5 million just one year prior. Africa represents 26 of those active markets.

The problem is affordability. Average monthly revenue per subscriber has declined from $91 in 2023 to $66 in Q1 2026, driven by international expansion and lower-priced plans.

Africa is a growth market for subscribers. It is a margin compression market for the business.