When you said “There are many factors that come to mind in the case of Nigeria, with a vibrant stock exchange founded in 1960 and a major market capitalization of 8.5 trillion” A trillion what ? What was the base currency?
Another question we are not considering in this article is “Why are companies incorporated as US business entities rather than as full-blooded Nigerian businesses?”. My guess is that these companies are inclined to indulge in this `trend` because the ecosystem is too complex, business is already hard, why make it harder for yourself.
Until CSC reduces their claws on these new type of businesses, things might not change much.