General News
Investing Across Generations
By Manpreet Gill
A client recently asked us an interesting question about long term investing – if one wishes to pass on an inheritance to the next generation, should it be fully invested in equities alone?
At face value, there is a temptation to say yes. Equities, as is often repeated, have historically outperformed other asset classes ‘in the long term’ and, so the argument goes, the inevitable volatility along the way should not matter over such a long time-horizon.
However, as we argue below, there are a few things that could go wrong with such an approach. While the appropriate allocation will always differ from one situation to another, in most cases a somewhat more diversified allocation could end up being a more prudent approach.
Preserving wealth for the next generation
There is no shortage of studies that show equities outperformed bonds and cash over long time-horizons in the post-World War II period. One of the most famous studies in this space – Jeremy Siegel’s ‘Stocks for the long run’ – uses considerable US market data to show that, over a sufficiently long period, equities have done a better job of delivering inflation-beating returns than (government) bonds, gold or cash.
While there has been much debate over whether investments made at today’s valuation points will deliver much lower returns than we are used to historically, the relative ranking between asset classes is still likely to hold.
Our long-term (multi-year) expected returns, put together in partnership with Mercer Consulting in late 2020, show that global equities are expected to deliver mid-single digit annualised returns. While this is lower than what we are used to historically, it is still higher than the less-than-1% annualised returns expected from global bonds and cash, and potentially negative returns from gold.
Such a future would look very much like the past, albeit with somewhat lower annualised returns across the board. Does that mean we should allocate to equities alone for the long run?
Will our nerves be as strong as financial history?
Possibly one of the biggest risks to such a strategy is that an all-equity strategy would make us more susceptible to making a behavioural mistake. To provide just one example, the global equity index fell almost 60% from its October 2007 peak to its March 2009 trough.
Looking back at history, we now know that the correct action for a buy-and-hold investor with a multi-decade horizon would have been to do nothing. However, amid the screaming headlines at the time, would we honestly have been able to avoid making the mistake of selling some, or all, of our holdings in panic? In today’s bull market, it is easy to say we would not. Nevertheless, there are countless anecdotes of investors who failed to hold their nerves at that time: selling close to the market low and exacerbating the situation by not reinvesting to take advantage of the subsequent equity market rebound.
Most diversified investment allocations would have fallen over that period as well. However, a diversified allocation across equities, bonds, gold and cash would have fallen by much less than 60% and gains in asset classes like bonds and gold would have offered opportunities to take profit and rebalance into equities as they fell.
This would not only have reduced the chances of making an investment error, but possibly even created a situation where rebalancing would have led one to add to equities at an opportune time.
Other pitfalls
Beyond making a behavioural mistake, we should also be wary of three risks of focusing on equities alone.
First, many studies highlighting the historical outperformance of equities over long horizons focus on equity indices. This means that, while the conclusions of the study would apply if implemented through mainstream equity indices, implementation via anything more specific – sectors or specific stocks, for example – would introduce additional layers of complexity that could lead to a very different outcome, including the risk of permanent loss. For example, of the ‘Nifty 50’ stocks popular in the 1970s in the US, many are no longer even publicly traded.
Second, most available research use US data, sometimes with a disproportionate focus on post-World War II history. It is plausible that the experience outside the US may not be exactly the same.
Other studies have also argued that pre-World War II data shows performance between equities and bonds was much more evenly matched. While much of this may seem like ancient history, when considering investment allocations targeted at multi-decade horizons, it is fair to question whether the next fifty years will indeed look like the last fifty.
Third, a broad-sweep characterisation of equities and bonds can hide many opportunities a level or two down from these large categories. For example, our long-term expected returns show that asset classes like Emerging Market local currency bonds or listed infrastructure could offer long-term returns competitive with global equities, while offering diversification benefits.
Maximising one’s chances of success
A lot can happen over a long time-horizon, and while history is often a useful guide, it is far from guaranteed that future decades in financial markets will look exactly like past ones. For investors, while a large allocation to equities makes sense over such long time-horizons, we believe a reasonable amount of diversification can help mitigate the journey’s risks and maximize the investment returns.
(Manpreet Gill is Head of FICC Strategy at Standard Chartered’s Wealth Management CIO office)
MTN Nigeria, in partnership with Pan-Atlantic University (PAU), marked a significant milestone in advancing Africa’s media landscape with the graduation of 20 Fellows from the MTN Media Innovation Programme (MIP) Cohort 4 held at the Lagos Business School.
MTN
The ceremony celebrated excellence, resilience and forward-thinking storytelling, while also announcing the programme’s expansion into a Pan-African edition beginning next year.
The six-month programme, known for its rigorous coursework, demanding schedule and strong emphasis on critical thinking, included an international study visit to South Africa that broadened participants’ understanding of media innovation across the continent.
The graduation event acknowledged the Fellows’ commitment to completing the intensive journey while strengthening their capacity to influence the future of African media.
Dr. Ikechukwu Obiaya, Dean of the School of Media and Communications, PAU, commended the Fellows for their persistence throughout the programme. “In some moments, it was pretty grueling for some of you, but you made it. You are here, and I congratulate you,” he said.
“He encouraged them to see the graduation as a new beginning, adding, “We have so much to do, and each one of us is best positioned now to make that transformation.”
Tobe Okigbo, Chief Corporate Services and Sustainability Officer, MTN Nigeria, congratulated the cohort on successfully completing the six-month programme and reaffirmed MTN’s long-term vision for the initiative.
He said, “Congratulations on completing this journey. You are joining a network of professionals who are committed to elevating the media landscape in Nigeria and beyond.
“The future of this programme depends on your impact. This cohort represents the outcome we envisioned when the journey began. Today, the programme is not only thriving but also expanding.”
He further announced that the Pan-African edition of the programme will be launched in 2026, providing media professionals across the continent with the same level of immersive training and unique exposure experienced by the Fellows.
A key highlight of the event was MTN Nigeria’s presentation of ₦2.5 million in cash prizes to Fellows whose projects demonstrated exceptional innovation, depth of research and alignment with the programme’s ethos of impactful storytelling. The awards were presented by Chineze Gbenga-Oluwatoye, General Manager, Corporate Affairs, MTN Nigeria, and Odunayo Sanya, Executive Director, MTN Foundation.
Vanessa Ukamaka Richard Bassey, Head of Programmes, Sparkling 92.3 FM, Calabar, emerged as the top winner, receiving ₦1 million for the MTN Foundation Chairman Award for Innovative Reportage and another ₦1 million for the MTN Chairman’s Prize for Innovation. Sharing her experience, she said, “It’s been a training ground. It has opened me up to new things and made me more confident. There’s something about knowledge and information and exposure to your mind and to your esteem. After today, I know there’s nothing to be afraid of.”
Abolaji Adebayo received ₦500,000 for the MIP Cohort 4 Best Report, recognised for its clarity, depth and relevance to national discourse.
Several Fellows shared how the programme has reshaped their careers. Adekeye Ayobami of Abamimigo FM described the programme as arriving at the perfect moment, aligning with his recent career elevation.
Ubani Amarachi of Channels TV highlighted the value of the South Africa trip, noting that it transformed her approach to telling African stories and reinforced her belief that graduation marks the beginning of greater responsibility and impact.
The graduation of the MIP Cohort 4 Fellows, coupled with the announcement of the Pan-African edition, reinforces MTN Nigeria’s long-standing commitment to strengthening the media ecosystem through education, exposure and innovation.
The partnership between MTN Nigeria and Pan-Atlantic University continues to serve as a catalyst for developing media professionals equipped to shape narratives, advance societal progress and drive meaningful change across Africa.
General News
FirstCap Acts as Joint Issuing House on Veritasi Homes & Properties Plc’s ₦30 Billion Bond Programme
FirstCap Limited, a premier investment banking business and a wholly owned subsidiary of FirstHoldCo Plc, acted as Joint Issuing House and Placing Agent on the Veritasi Homes & Properties Plc’s Series 1 Bond of ₦10 billion under its ₦30 billion Bond Programme duly registered with the Securities and Exchange Commission (SEC).
The Bond Programme is designed to support the development of Project Oyster Towers, located within Eko Atlantic City. Proceeds from the Series 1 Bond issuance are expected to be applied towards the construction of 30 luxury residential units, forming part of an 82-unit residential development comprising one-bedroom, two-bedroom, and three-bedroom apartments.
Veritasi Homes & Properties Plc is an indigenous real estate development company with operations across Lagos State and the Federal Capital Territory, Abuja, and a growing track record in the delivery of residential real estate projects in Nigeria.
Commenting on the transaction, Ukandu E. Ukandu, Managing Director/Chief Executive Officer of FirstCap Limited, stated:
“We are proud to partner with Veritasi Homes & Properties Plc on this important transaction. The establishment of the ₦30 billion Bond Programme reflects our commitment to mobilising capital for the real estate sector, which remains a key driver of Nigeria’s economic growth. Project Oyster Towers exemplifies the future of luxury and sustainable living in Nigeria, and this transaction reinforces FirstCap’s role as a trusted advisor in major corporate finance initiatives.”
FirstCap’s involvement in the Bond Programme further reinforces our dedication to supporting the growth of the Nigeria’s real estate sector. The successful execution of this transaction highlights the depth of expertise within our capital markets team and our role in supporting issuers in accessing long-term funding solutions aligned with their strategic objectives.
By continuing to connect capital providers with high-impact infrastructure projects such as Project Oyster Towers, we remain committed to driving economic development and delivering long-term value for all stakeholders, Ukandu added.
Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.
Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.
He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.
He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.
According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”
He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.
He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.
According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.
He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.
“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.
Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.
He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”
He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.
“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.
Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.
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