Something interesting is happening in global capital markets, and Nigeria is firmly in the middle of it. From London to Hong Kong to Athens, major exchanges are rethinking decades-old assumptions about how much of a company needs to be publicly traded. That conversation has now reached Lagos and, unsurprisingly, it has drawn passionate views from all sides.
At the heart of the debate is a recurring question: do billionaires control markets? The answer is nuanced. Billionaires rarely control markets outright. They may influence major individual equities, sectors, and investor sentiment, but not entire exchanges. Most stock markets are structured with institutional investors, pension funds, mutual funds, sovereign wealth funds, and retail investors collectively owning the majority of listed equities.
Read also: Nigerian equities market soars: A historic rally and the road ahead