Frankly Business Podcast

About Frankly Business Podcast

The Frankly Business Podcast is a platform for clear, intelligent conversations on business, finance, and the economy across Nigeria and Africa. Hosted by Frank Fagbo, a business media professional with deep experience in markets and economic reporting, the show features founders, CEOs, policymakers, and industry leaders shaping Africa's digital and economic landscape. We break down fintech, macroeconomic trends, regulation, digital payments, startup funding, capital markets, and the strategies behind Africa's fastest-growing companies. Our goal is simple: to make complex ideas accessible and give you insight into how top operators think and execute. This channel serves founders, investors, professionals, and anyone interested in African business, financial markets, entrepreneurship, and technology.

Publisher

Frank Fagbo

Category

business

Language

en

Explicit

No

First episode

27 Oct 2025

Latest episode

15 Sept 2026

Latest episodes

21 episodes in the feed.

1. 

   15 Sept 2026

   Dangote Refinery IPO: Should You Buy? Mukhtar Mohammed Breaks It Down

   The Dangote Refinery IPO is here. But beyond the excitement, the real question is simple: is Dangote Refinery a good business at the price investors are being asked to pay? On this episode of Frankly Business Podcast, I sit down with Mukhtar Mohammed, finance analyst, stock market investor, mentor and Non-Executive Director of Blue Marina Securities, for one of the most detailed conversations we’ve had about the Dangote Refinery IPO. We discuss the valuation, competitive advantage, monopoly, future competition, profitability, oil prices, electric vehicles, oversubscription, private placement and what investors should actually be looking at before putting their money into the stock. Mukhtar also shares his broader investment philosophy, including how he broke out of poverty through stocks, how he turned ₦350,000 into ₦18 million through Okomu, the Aradel investment that delivered more than 300%, and what it is like managing billions of naira in portfolios. Chapters 0:00 Trailer 1:49 Introduction 4:22 Can You Still Buy Dangote Refinery Shares After the IPO? 5:34 Is Dangote Refinery IPO Worth Buying? How Should Investors Value It? 7:11 Is Dangote Refinery Still a Risky Investment? 9:06 Does the Dangote Name Make the Refinery a Good Investment? 10:19 Should You Buy Dangote Refinery Shares Because of the Dangote Brand? 12:04 Aradel vs Seplat: What Can Investors Learn From These Stocks? 14:29 Dangote Refinery Private Placement vs IPO: Which Was the Better Deal? 16:23 Should You Buy Dangote Refinery as a Business or Just as a Stock? 16:51 How to Know If a Stock Is a Good Business Before You Invest 17:27 Why Investors Bought Dangote Refinery Shares Before the IPO 17:37 Will Dangote Refinery IPO Be Oversubscribed? How Much Will Investors Get? 18:09 Should You Buy Dangote Refinery Shares After the IPO at ₦1,000? 18:54 Can Dangote Refinery Dominate Africa’s Oil and Gas Market? 19:29 Does Dangote Refinery Have Any Real Competitors? 20:04 What Does the “Law of the First” Mean in Business and Investing? 23:10 Is Dangote Refinery Overvalued Compared With Other Refineries? 23:33 Dangote Refinery vs Tupras: Is the ₦47 Trillion Valuation Too High? 26:27 Who Will Compete With Dangote Refinery in the Future? 29:50 What Happens to Dangote Refinery If Oil Prices Fall? 31:44 Why Dangote Refinery Is Different From Anything Else in Africa 32:32 Can Electric Cars and AI Really Replace Oil in Africa? 34:07 How to Know If a Stock Is Cheap: Understanding the P/E Ratio 34:14 How to Analyse Stocks Using Fundamentals: P/E Ratio, EPS and More 39:09 Where Could Dangote Refinery Stock Price Be by the End of the Year? 43:05 Why Has Nigeria Failed to Fix Its Biggest Economic Problems? 44:50 Can Nigerians Build Wealth by Investing in Stocks? 46:47 How Can Nigeria Reduce the Cost of Governance? 50:01 Will Dangote Refinery Drive More Nigerians Into the Stock Market? 50:11 Is the Stock Market the Best Way to Build Long-Term Wealth? 54:34 How I Broke the Cycle of Poverty by Investing in Stocks 56:52 How to Make Money When Everyone Else Is Selling Stocks 58:19 How Much Can a Professional Investment Adviser Really Manage? 59:36 When Should You Buy and Sell a Stock? 1:00:36 The Aradel Investment Story: How Millions Turned Into Billions 1:07:03 How Faith and Christianity Influence My Investment Decisions 1:09:04 Why Should Young Nigerians Start Investing for Retirement? 1:10:55 How I Made ₦18 Million From ₦350,000 Investing in Okomu Oil 1:13:15 The Stock Market Takes Money From the Impatient and Gives to the Patient Most importantly, we go beyond the hype. Should you buy Dangote Refinery? What happens after the IPO? And how does a serious investor decide when a stock is actually worth buying? This is Mukhtar Mohammed on Frankly Business Podcast. Money | Business | Economy. A Media Property of Conpital Limited. Tags Dangote Refinery IPO, Dangote IPO, Dangote Refinery, Dangote stock, Dangote Industries, Dangote shares, Dangote IPO Nigeria, Nigeria stock market, Nigerian stock market, Nigerian stocks, investing in Nigeria, how to invest in Nigeria, stock market Nigeria, Mukhtar Mohammed, Muktar Mohammed, Finance with Muktar, Dangote Refinery valuation, Dangote IPO analysis, Dangote stock analysis, Nigerian investors, investment Nigeria, personal finance Nigeria, wealth building Nigeria, Aradel stock, Okomu Oil, Seplat, Nigerian Exchange, NGX, NGX stocks, IPO Nigeria, IPO investing, Frankly Business Podcast, Frank Fagbo, Conpital

2. 

   18 Aug 2026

   The Nigerian Stock Market Will Explode - Gbolahan Olojede Explains Why

   Could the Nigerian stock market be on the verge of its next major move? After years of economic turbulence, currency pressure, reforms and market volatility, Nigeria’s financial markets are entering an interesting period. But where are the real opportunities — and what should investors be watching? In this episode, we sit down with Gbolahan Olojede, GMD of Bancorp Securities and a finance executive with more than 30 years of experience, to break down the Nigerian economy, the stock market and the investment opportunities emerging in Nigeria. Gbolahan explains why he believes the Nigerian stock market could explode, what investors should look for before buying a stock, and how ordinary Nigerians can begin investing even with a relatively modest income. We discuss: • How to invest in the Nigerian stock market • What to look for before buying a stock • P/E ratio, EPS and dividend per share • Fundamental investing vs speculative investing • The diff between gambling and investing • How someone earning ₦200,000 can realistically start investing • The Aradel stock market story & extraordinary returns • Why wealthy people have significant portions of their wealth in stocks • MTN Nigeria and banking stocks • Banking recapitalisation & its meaning for investors • The power of compounding and starting early • Dangote Refinery and the proposed Dangote Refinery IPO • Nigeria’s oil industry • Nigeria’s economic reforms • The FX crisis and the real impact on Nigerian businesses • How geopolitics connects to Africa’s economic future Chapters 00:00 Trailer — Nigeria’s Economy, Investing & the Future of the Stock Market 03:19 How Can Someone Survive on a ₦100K Salary in Nigeria Today? 04:18 Why ₦100K Is No Longer Enough in Nigeria 05:25 Nigeria’s Economic Reforms: What Are the Real Pain Points? 06:14 How Dangote Refinery Is Changing Nigeria’s Global Energy Position 06:37 How Dangote Refinery Is Projecting Nigeria to the World 07:38 Understanding Nigeria’s Economic Reforms 08:43 Why Was Fuel Subsidy Illegal in Nigeria? 09:03 Why Did Nigeria Delay Fuel Subsidy Removal? 09:46 How the 2023 Budget Planned for Subsidy Removal 11:20 Did Nigeria Properly Prepare for the Pain of Economic Reforms? 12:17 The $24.5 Million Import That Exposed Nigeria’s FX Crisis 13:10 How Nigeria’s Artificial FX Rate Created an Economic Bubble 13:43 Why Airlines Couldn’t Repatriate Their Dollars from Nigeria 14:16 How Nigeria’s FX Crisis Hurt Businesses and the Economy 16:55 Investing in Eurobonds During Nigeria’s Economic Crisis 21:10 Why Did the Nigerian Stock Market Rise During the Crisis? 26:03 How Can You Invest on a ₦200K Salary in Nigeria? 27:36 How Much Money Do Nigerians Spend on Betting? 27:57 Why Investing Is a Culture Before It Is About Income 29:51 How to Invest from a ₦200K Salary 32:08 Gambling vs Investing: What Is the Difference? 33:33 What Should You Look for Before Buying a Stock? 35:24 What Is the P/E Ratio and How Does It Work? 38:03 Why Do the World’s Richest People Own Stocks? 38:48 Fundamental Investing vs Speculative Investing 41:13 How Can Stocks Double or Triple Your Wealth? 42:26 The “Ritual Money” Returns: How Investors Made Huge Gains 44:13 What Caused the 2008 Nigerian Stock Market Crash? 58:33 Why Was the Sale of the Port Harcourt Refinery Reversed? 58:51 How Much Fuel Has the Port Harcourt Refinery Produced? 1:00:01 What Dangote Refinery Can Do That Government Couldn’t 1:00:43 Is Dangote Refinery Becoming a Monopoly? 1:00:53 Does Dangote Have Too Much Power Over Nigeria’s Economy? 1:03:55 How Does Nigeria’s Oil Industry Actually Work? 1:13:43 Dangote Refinery IPO: Should Nigerians Invest? 1:17:06 Why Could the Nigerian Stock Market Explode? 1:19:23 MTN Nigeria Stock: What Do the Fundamentals Say? 1:20:12 Nigerian Banking Stocks and the Banking Recapitalization 1:22:19 The Power of Compounding: What I Wish I Knew at 25 1:30:48 Do Wars Really Happen Because of Natural Resources? 1:31:28 Why Is the Democratic Republic of Congo So Resource-Rich Yet So Poor? 1:32:55 Who Created Boko Haram? Geopolitics and Nigeria’s Security Crisis 1:33:12 USAID, Boko Haram and the Geopolitics Debate 1:33:46 Why Africans Need to Understand Geopolitics and Economics 1:35:40 Why Africa Needs Leaders Who Think Beyond the 4-Year Election Cycle 1:38:16 What Mark Zuckerberg’s Visit to Yaba Says About Nigeria’s Future ABOUT THE GUEST Gbolahan Olojede, BSc, MBA, ACA is the Group Managing Director of Bancorp Securities and a seasoned finance and corporate executive with more than 30 years of professional experience, including 18 years in C-level and executive leadership positions. His career spans Professional Services, Investment and Corporate Banking, Print Media, Healthcare, Oil & Gas and Telecommunications. He is a graduate of Obafemi Awolowo University, Ile-Ife, an Associate of the Institute of Chartered Accountants of Nigeria (ICAN), and an alumnus of Stephen F. Austin State University, Texas, where he graduated top of his MBA class.

3. 

   30 Jul 2026

   He Left Mercedes-Benz to Prove Africa Can Build Cars | Tobi Ajayi (Nord Automobiles)

   Nigeria has over 220 million people, yet imports nearly everything—from cars and furniture to industrial machinery. Why? In this episode of the Frankly Business Podcast, Frank Fagbo sits down with Oluwatobi Ajayi, Founder and CEO of Nord Automobiles, to unpack one of the biggest questions facing Africa’s largest economy. They discuss: • Why Tesla also started by assembling vehicles • Why manufacturing is so difficult in Nigeria • Why high interest rates kill industrial growth • The truth about “Made in Nigeria” • Mercedes-Benz lessons that changed everything • EVs vs petrol vehicles • Why productivity matters more than corruption • Building the Nord Innovation Hub inside the University of Lagos (UNILAG) • Why Nord is expanding into Europe • Car financing in Nigeria • Entrepreneurship, investors and building a global African brand If you’ve ever wondered why Nigeria imports so much instead of manufacturing locally, how Tesla started, whether electric vehicles can succeed in Nigeria, or what it really takes to build a Nigerian car company, this conversation answers those questions. Whether you’re an entrepreneur, policymaker, investor, engineer or simply curious about Africa’s future, this episode offers an insider’s perspective on building globally competitive businesses from Nigeria. Which do you think is Nigeria’s biggest obstacle to manufacturing: leadership, finance, infrastructure, or something else? Let us know in the comments. Subscribe for more conversations on business, technology, finance and the future of Africa. ⸻ 00:00 Trailer 02:56 Why Nigeria Struggles to Build Cars 07:26 Why Car Manufacturers Need 20,000 Units Before Designing Parts 08:13 How Tesla Really Started 09:21 Why Nord Sources Components from China 10:07 Why Manufacturing Doesn’t Scale in Nigeria 11:47 Is Nigeria Really a Manufacturing Nation? 13:36 Supply Chains: China vs Local Production 14:52 Why 30% Interest Rates Kill Manufacturing 15:55 Why Even 10% Loans Are Too Expensive 17:06 Nigeria’s Leadership Challenge 18:46 Why Builders Think Differently from Traders 19:07 What Dangote and BUA Understand About Manufacturing 20:28 Why Africa’s Largest Country Must Build Things 21:11 Why Investors Prefer Real Estate Over Factories 22:19 How Government Can Boost Manufacturing 22:53 Is Importing Responsible for High Dollar Rates? 24:06 Why Nigeria Still Imports Furniture 24:46 What Nigeria Should Actually Be Importing 26:04 The “Better Pass My Neighbour” Mindset 26:21 Nigerian Cars vs Foreign Used Cars 29:40 Are Brand-New Cars Worth Buying? 32:57 Should Nigeria Increase Tariffs on Imported Cars? 40:10 Why Public Companies Buy Nord Vehicles 43:41 Productivity vs Corruption: What’s Nigeria’s Bigger Problem? 44:00 Raising Money From Politicians 45:12 Why Political Connections Beat Productivity 48:25 The Race to Own Nigeria’s Auto Industry 50:17 Why Nord Competes With China Instead of Europe 51:32 EVs vs Petrol Cars: Which Makes More Sense? 55:47 How Nord Maintains Electric Vehicles 1:06:56 Why Nigerians Buy Local More Than Other Africans 1:08:05 Why Nord Built an Innovation Centre at UNILAG 1:12:50 Lessons From Mercedes-Benz 1:16:05 Leaving Mercedes to Build Nord 1:16:38 Proving Africans Can Build Great Cars 1:17:39 Why National Pride Matters in Manufacturing 1:19:42 Why Nord Created Its Own Car Finance Company 1:21:46 Nord’s Expansion Into Europe 1:24:13 Buying a Car in Under 48 Hours 1:27:29 Nigeria’s Skilled Labour Gap 1:29:32 Why Employers Can’t Find Workers 1:31:42 Nigeria’s Productivity Crisis 1:33:53 The Hard Truth About Entrepreneurship 1:38:46 How Nord Raised Investors to Build a Car Company Key Words: Nord Motors, Nord Automobiles, Made in Nigeria cars, Nigerian car manufacturer, African manufacturing, Manufacturing in Africa, Tesla, Tesla history, Mercedes-Benz, Electric vehicles, EV Nigeria, Car manufacturing, Industrialization, Import substitution, Nigerian economy, FX crisis, Entrepreneurship, Business podcast, Frankly Business, Dangote, BUA, University of Lagos, Car financing, Productivity, Industrial policy, Africa business

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