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Nigeria’s Stock Market Tumbles, Loses N4.6trn in One Day

Kayode Tokede

Nigeria’s stock market yesterday suffered one of its heavy losses in one day, dropping by N4.6 trillion on investors’ profit-taking in highly capitalised listed companies on the Nigerian Exchange Limited (NGX).

Highly capitalised listed companies, such as Dangote Cement Plc, MTN Nigeria Communications Plc, and BUA Cement Plc, all dropped by 10 per cent to close at N594.00, N162.00, and N429.30 per share, respectively.

The market capitalisation of listed stock on the NGX closed yesterday at N89.885 trillion, about 4.91 per cent or N 4.6 trillion when compared to N94.526 trillion it opened for trading.

Investors in Dangote Cement stock saw a drop by N1.11 trillion in one day, as BUA Cement returns was down by N609.6 billion, amid aggressive profit-taking by investors. 

Equally, investors in MTN Nigeria Communications had their returns down by N1 trillion.

That caused a sharp five per cent drop in the NGX All-Share Index, to 141,327.30 basis points, 7,454.60 basis points or 5.01 per cent from 148,781.90 basis points, when the stock market opened for trading.

Consequently, the Month-to-Date and Year-to-Date returns settled lower at -8.3 per cent and +37.3per cent, respectively.

Sectoral performance mirrored the broader market downturn, with the NGX Industrial Goods Index (-8.6per cent), NGX Banking Index (-7.3per cent), NGX Oil & Gas Index (-4.6per cent), NGX Insurance Index (-4.3per cent), and NGX Consumer Goods Index (-2.2per cent) indices all closed lower.

Analysts attributed the downward movement in the stock market to investors’ sentiment trading over President Donald Trump’s threat of military action in Nigeria and Federal Government’s  implementation of the Capital Gains Tax (CGT). 

In a post on Truth Social, Trump said he had instructed the Pentagon to “prepare for possible action” and warned of immediate suspension of U.S. aid to Nigeria, Africa’s most populous nation and OPEC member.

President Bola Tinubu rejected Trump’s comments, calling them a misrepresentation of Nigeria’s “consistent and sincere efforts to safeguard freedom of religion and belief for all Nigerians”.

Speaking with THISDAY, Investment Banker & Stockbroker, Tajudeen Olayinka, said the N4.6 trillion drop in market capitalisation was against the backdrop of Trump’s threat and introduction of CGT by 2026.

Olayinka stated, ‘’The combination of these two factors have played a significant role in investors’ profit-taking in highly capitalised stocks on the NGX.  

“The likes of Dangote Cement, among others that dropped when the market closed, have strong forces to pull down the market. The overall negative news around the market have played a significant role.”

David Adonri, Vice Chairman, Board of HighCap Securities, said, “Short-term market adjustments are normal in a dynamic market like Nigeria’s.

“The underlying fundamentals remain strong, and the year-to-date performance highlights the resilience and depth of our capital markets.”

​  

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    ‘Era of Land Grabbing, Fraudulent Transactions in Enugu Over’
    ‘Era of Land Grabbing, Fraudulent Transactions in Enugu Over’

    ‘Era of Land Grabbing, Fraudulent Transactions in Enugu Over’

    The Enugu State Surveyor General,  Chime Justus, and the Nigerian Institution of Surveyors (NIS) have declared that the newly introduced Digital Survey Management System in the state marks the end of land grabbing, fraudulent transactions, and illegal land allocations in the state.

    They said the innovation,  which is part of Governor Peter Mbah’s sweeping reforms in land administration, would restore investor confidence, promote transparency, and strengthen land ownership rights.The declaration was made yesterday  during a one-day workshop organised by the Office of the Surveyor General to sensitise stakeholders, including public and private surveyors, landowners, developers, and estate agents, on the transition from analogue to a fully digital survey and cadastral management system.

    In his keynote address, Chime hailed the Governor Mbah-led administration for its vision and commitment to transforming the land management sector, describing the digital survey system as a “historic reform that places the surveying profession at the heart of land administration in Enugu State.”

    “This new system ensures that survey data, coordinates, and professional signatures are stored in a tamper-proof database. It will prevent duplication of surveys, eliminate land disputes, and safeguard both surveyors and landowners. Once a survey is recorded in the system, it cannot be altered or manipulated without accountability,” he said.

    He explained that the platform would protect professional integrity, speed up approvals, and ensure that survey works are traceable to their rightful owners.

    “Land does not vanish, and now survey records will not either. Even after we are gone, our work will continue to speak for us,” he added.

    The surveyor general urged members of the public to take advantage of the ongoing reforms by registering their properties with the Ministry of Lands and Urban Development, stressing that digital documentation is now the surest protection against fraud and land encroachment.

    Lending his voice,  the Chairman of the Nigerian Institution of Surveyors (NIS), Enugu State chapter,  Emmanuel Nnamani, commended the state government for the “revolutionary reform,” describing it as a masterstroke in sanitising the state’s land administration system.

    “Before now, there were frequent cases of multiple allocations and overlapping surveys because of poor documentation. But with this new digital system, every land and survey record will now be traceable to one legitimate owner,” Nnamani said.

    He added that the system would eliminate fake cadastral plans and multiple claims on a single plot of land. “It is a game changer. Surveyors must embrace this change instead of fearing that technology will replace them. In fact, it enhances our relevance, making land verification faster and more accurate,” he said.

    The NIS chairman also applauded the government’s investment in modern survey equipment, including drones, total stations, and dual-frequency GPS systems, and the establishment of Continuously Operating Reference Stations (CORS) across the state, describing them as vital tools that guarantee data accuracy and precision.

    Also speaking, the Enugu State Commissioner for Lands and Urban Development,  Chimaobi Okorie, said the digital survey management system was designed in line with Governor Mbah’s vision to make Enugu a top destination for investors.

    “Investors seek certainty and predictability in land transactions,” Okorie said. “We discovered that past distortions in survey descriptions caused conflicts and overlaps. His Excellency therefore directed the deployment of a digital survey management system that enables anyone to view their land coordinates directly on their devices, ensuring accuracy and transparency.”

    He explained that the reform would completely eliminate boundary conflicts and overlapping layouts, adding that the initiative was a product of strong collaboration between the Ministry of Lands, the Surveyor General’s Office, and the Nigerian Institution of Surveyors.

    “This is not just a reform, it’s a partnership that brings certainty to land administration and guarantees that every survey and allocation in Enugu is digitally verifiable,” he said.

    The commissioner reaffirmed the state government’s commitment to continuous engagement with professionals to ensure smooth implementation, noting that the workshop was an avenue to align surveyors and developers with the government’s digital land policy.

    Participants at the workshop described the initiative as a turning point in land governance in Enugu State, praising Governor Mbah’s administration for introducing a technology-driven system that secures property ownership, boosts investor trust, and strengthens the rule of law in land management.

    ​  

    The Enugu State Surveyor General,  Chime Justus, and the Nigerian Institution of Surveyors (NIS) have declared that the newly introduced Digital Survey Management System in the state marks the end of

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    Security Policies Are Failing Nigerians, Creating Victims, Says Yusuf Ali
    Security Policies Are Failing Nigerians, Creating Victims, Says Yusuf Ali

    Security Policies Are Failing Nigerians, Creating Victims, Says Yusuf Ali

    Wale Igbintade

    Senior Advocate of Nigeria (SAN), Prof. Yusuf Ali, has warned that Nigeria’s current security strategies, rather than safeguarding citizens, are creating new victims among the country’s most vulnerable populations.

    Delivering the keynote address titled “The Impact of National Security Policies on Vulnerable Populations: A Human Rights Perspective” at the Gavel International Annual Lecture and Awards 2025, Ali said the nation’s counter-terrorism and law enforcement policies have increasingly deviated from constitutional safeguards, resulting in widespread human rights violations.

    “The reality is that many of our security measures have turned citizens into victims. We have created a system where the people we are supposed to protect are being displaced, detained, or deprived of dignity under the guise of national security,” Ali said.

    He noted that the poor, women, children, and internally displaced persons (IDPs) have suffered disproportionately from operations targeting terrorism, banditry, and separatist agitation. 

    Ali emphasised that national security must be pursued without compromising human dignity. “Security must be holistic—encompassing safety, justice, and welfare. Where the state fails to uphold the rule of law or meet the basic needs of its people, insecurity will persist regardless of the number of troops deployed,” he added.

    Citing humanitarian crises across the North-East and Middle Belt, Ali highlighted the plight of millions of displaced Nigerians living in dire conditions, exposed to hunger, disease, and abuse. 

    He condemned the lack of accountability in security operations, which fosters impunity among security agencies and erodes public trust.

    Ali also criticised provisions of the Terrorism (Prevention and Prohibition) Act 2022, particularly those allowing prolonged detention without trial. “Laws designed to fight terrorism should not themselves become tools of terror. We cannot detain people indefinitely or silence dissent in the name of protecting the state.”

    He called for human rights training for military, police, and intelligence officers, alongside independent oversight mechanisms and stronger legislative checks on executive power. 

    Ali urged inclusive policymaking, engaging communities most affected by insecurity to foster trust and sustainable peace.

    In his remarks, retired Major General Dr. James Ataguba highlighted corruption and the absence of an effective punishment and reward system as central to Nigeria’s insecurity. 

    He criticised the widespread deployment of the military for civilian policing, saying, “The military is not meant to be embedded among civilians—that’s the job of the police. When soldiers act outside their mandate, they create more problems than they solve.”

    Ataguba, former Chief of Standards and Evaluation, Nigerian Army, linked insecurity to poverty and unemployment, warning that even if Boko Haram is defeated, new insurgencies will emerge unless structural issues are addressed. 

    He stressed the importance of consistent law enforcement and functional institutions, citing unlicensed commercial motorcyclists and tricycles as contributors to insecurity.

     “Justice must not take 10 years. If people know they can go to jail within six months of robbing the state, they will think twice before doing it,” he said, calling for judicial reform alongside security sector reform to ensure deterrence and accountability.

    Speaking, Pastor Dele Adesina, SAN, former General Secretary of the Nigeria Bar Association, described Nigeria’s 1999 Constitution as fundamentally flawed, undermining federalism and impeding governance. 

    He criticised Sections 214 and 215 for centralising policing under federal authority while restricting governors’ control over law enforcement. 

    “Can anyone mention one federal country that operates a single, centralised police force? None. Until we address these fundamental issues, we will continue to mark time,” Adesina said, noting systemic behavioural contradictions among Nigerians that signal deficiencies beyond constitutional provisions.

    In his welcome address, Gavel International Publisher Mustapha Ogunsakin framed Nigeria’s insecurity as both a national and international concern. 

    He rejected narratives framing violence in Nigeria as religious genocide, emphasising that conflict affects all communities indiscriminately. 

    “Regions like Eastern Nigeria, predominantly Christian, face communal conflict and militancy unrelated to Muslim persecution. Violence is rooted in poor governance and economic crises, not religion,” Ogunsakin said. 

    He urged the political class to rise above partisanship and support security reforms, commending efforts by President Bola Ahmed Tinubu.

     He also recognised Nigerians contributing to justice, human rights, and governance reforms, including former Vice President Prof. Yemi Osinbajo, Chief Wole Olanipekun, and Mr. Gbenga Oyebode.

    ​  

    Wale Igbintade Senior Advocate of Nigeria (SAN), Prof. Yusuf Ali, has warned that Nigeria’s current security strategies, rather than safeguarding citizens, are creating new victims among the country’s most vulnerable

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    Biz & Economy

    AI Innovation Centre bill in Ekiti passes second reading in Senate

    AI Innovation Centre bill in Ekiti passes second reading in Senate
    Biz & Economy

    Wale Edun to Stockbrokers: “We have heard you on Capital Gains Tax”

    Wale Edun to Stockbrokers: “We have heard you on Capital Gains Tax”
    Biz & Economy

    NGX bleeds: Stocks lose N4.6 trillion as sell-off hits blue-chip stocks 

    NGX bleeds: Stocks lose N4.6 trillion as sell-off hits blue-chip stocks 
    Biz & Economy

    Senate confirms Agbaje as PENCOM Chairman, approves new board members 

    Senate confirms Agbaje as PENCOM Chairman, approves new board members 
    Biz & Economy

    No, your FG, State bonds income won’t be taxed in 2026 – here’s what the new law actually says 

    No, your FG, State bonds income won’t be taxed in 2026 – here’s what the new law actually says 
    Biz & Economy

    Abbey Mortgage Bank signals strong liquidity and credit stability with new A3 rating 

    Abbey Mortgage Bank signals strong liquidity and credit stability with new A3 rating 
    Biz & Economy

    PZ Cussons proposes N98 million Director pay ahead of AGM 

    PZ Cussons proposes N98 million Director pay ahead of AGM 
    Biz & Economy

    Nigeria data centre capacity to hit 218MW by 2030 — Report

    Nigeria data centre capacity to hit 218MW by 2030 — Report