A disconnect has emerged in Nigeria's equity market, where Exchange Traded Funds (ETFs) are posting triple-digit returns that bear little resemblance to the underlying assets they track, raising alarms for retail investors about a looming correction.
The most prominent example is the Stanbic IBTC ETF 30 (STANBICETF30). While the NGX 30 Index has gained a modest 12.62% year-to-date, the ETF tracking it has surged approximately 497%. The fund, which opened the year at N1,066 per share, was trading at N6,367.24 by Tuesday, according to data fro
