Index update
OKN Nigeria — September 2026
OKN Nigeria re-bases to 1000.00 for the 3 September 2026 vintage — the first published point under the rebuilt hedonic-v1 valuation model.
September 3, 2026 · Okasen Research
The reading
This is the first published vintage of OKN Nigeria under the rebuilt Track A valuation model (hedonic-v1). It sits at the index's base value, 1000.00, for the 3 September 2026 vintage, with a band of 693.45–1442.07. A base run has no prior vintage and no move to report: the value and activity components equal their base by construction (v-ratio 1.00, a-ratio 1.00).
Why the level reset
The index was re-based when the Track A assessed-value model moved from hedonic-ols-v0.1 to hedonic-v1 — the earlier model memorised single-sale artists and applied one flat FX rate across 2018–2026; v1 uses a partially-pooled artist effect and annual-average FX by sale year. Any earlier published vintage for this index used the previous model's valuations and is superseded. Movement will show from the next monthly valuation vintage on.
What sits behind it
57 hedonic-v1 valuations and 13 trailing-twelve-month sales. The index is anchored by a small group of Nigerian modernists: Benedict Chukwukadibia Enwonwu M.B.E (39,537 USD, 4 recorded sales), Uzo Egonu (54,735 USD, 3 sales) and Jimoh Akolo (22,289 USD, 3 sales). No transactions in the universe fell in the reporting window; with 57 valuations and 13 trailing sales the universe is thin and a single high valuation moves it.
Method
Blended index, w = 0.5; assessed value (hedonic-v1) and trailing-twelve-month market activity, rebased to 1000 at 3 September 2026. Vintage 3 September 2026.