Trump’s threat sparks massive sell-offs in Nigerian stock market as investors lose N2.8tn.

The Nigerian stock market recorded a significant downturn in the last five days as investors at the Nigerian Exchange Limited, NGX, lost a massive N2.8 trillion between November 3 and 7, 2025.

Equity market capitalisation fell sharply to N94.9 trillion, while the All-Share Index, ASI, declined by 2.99 per cent, dropping to 149,524.81 points from the previous week’s 154,126.46 points.

The market traded bearish throughout the week under review.

On Monday alone, investors shed N245.88 billion. The negative trend continued on Tuesday with a further loss of N611.96 billion. By Wednesday, the market posted its worst decline of the week, with investors losing N1.31 trillion in a single trading session — the largest drop recorded during the period.

The sell-offs persisted as the market dipped again by N347.75 billion on Thursday and closed the week weaker with an additional loss of N318.78 billion on Friday, pushing the total weekly loss to N2.8 trillion.

Meanwhile, market activity also slowed.

Investors traded 3.575 billion shares valued at N107.011 billion in 146,429 deals, compared to the previous week’s 7.479 billion shares worth N145.429 billion exchanged in 159,487 deals.

The financial services industry dominated the trading volume chart with 2.946 billion shares worth N65.904 billion across 62,817 deals. Fidelity Bank Plc, FCMB Group Plc, and Aso Savings & Loans Plc led trading by volume, accounting for 1.288 billion shares valued at N19.3 billion in 11,536 deals, representing 36.03 per cent and 18.08 per cent of the total market turnover in volume and value, respectively.

In price movement, 20 equities appreciated during the week—down from 29 in the previous week. Meanwhile, 75 equities declined, higher than the 70 recorded previously, while 51 remained unchanged.

Court orders takeover of EndSARS Activist, FK Abudu’s Family Firm over N532 million Debt.

Justice Deinde Isaac Dipeolu of the Federal High Court in Lagos has granted an interim order empowering Lotus Bank Limited to take possession of all assets belonging to Unpacked Limited (in receivership), a company owned by Oluwafeyikemi Abudu and guaranteed by Oluwafemi Badewole, over an alleged debt of ₦532,691,920.86.

The order followed an ex parte motion filed by the bank’s counsel, A. Adedoyin-Adetunji, seeking the court’s approval to recover the outstanding sum arising from an Ijara Muntaluya Bittamleek (lease-to-own) facility extended to the company.

Court Grants Takeover of Assets and Accounts
In the motion, marked FHC/L/CS/2097/2025, Lotus Bank prayed the court for leave to take over the company’s movable and immovable assets, as well as funds domiciled in several financial institutions across the country.

The bank also sought an order restraining over 25 banks and financial institutions—including GTBank, Access Bank, First Bank, UBA, Zenith Bank, and Fidelity Bank—from releasing or tampering with any funds linked to the defendants’ accounts or Bank Verification Numbers (BVNs).

The restraining order also extends to digital finance platforms such as Opay, Palmpay, Paystack, Piggyvest, and Momo Agent, pending the determination of the substantive suit.

Receiver Empowered to Take Possession
The court further authorised Patrick Mgbeoma, the receiver/manager appointed by Lotus Bank, to take possession of and realise all assets belonging to Unpacked Limited, including fixed and floating assets, equipment, and undertakings covered under the Deed of All Assets Debenture dated May 25, 2025, and the Deed of Appointment of Receiver dated October 6, 2025.

Justice Dipeolu also granted the bank’s request for police assistance, directing the Inspector-General of Police, senior officers, and the Commissioner of Police, Lagos State, to provide security support to court bailiffs and the receiver during the takeover process.

According to the motion, the affected company operates from VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos, where the bank alleged some of the assets under the loan agreement were located. The court’s order enables bailiffs and enforcement officers to gain access to the premises and secure all relevant assets.

Ex-FCTA Director Sentenced to 24 Years in Prison for ₦318m Fraud.

A Federal High Court in Abuja has sentenced Mr. Garuba Duku, a retired Director of Finance and Administration with the Abuja Metropolitan Management Council (AMMC) under the Federal Capital Territory Administration (FCTA), to 24 years in prison for diverting ₦318 million in public funds.

The conviction was announced in a statement by the Director of Public Enlightenment and Education at the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr. Demola Bakare, on Thursday.

According to the ICPC, Duku was arraigned on a six-count charge of corruption and money laundering in suit number FHC/ABJ/CR/608/2022. Justice James Omotosho, who presided over the case, found him guilty on all counts after the prosecution successfully proved its case beyond reasonable doubt.

Investigations revealed that between 2012 and 2013, Duku fraudulently diverted ₦318,250,000 belonging to AMMC into his personal Fidelity Bank account. The court heard that the stolen funds were received in several tranches — ₦56.25 million, ₦71 million, ₦53 million, ₦54 million, ₦46 million, and ₦36.3 million and subsequently laundered through Bureau de Change operators.

The ICPC stated that Duku’s actions violated public financial regulations and constituted a gross abuse of office. During trial, the defendant claimed he transferred the funds to his superiors, but the court dismissed the defence as unsubstantiated.

In his judgment, Justice Omotosho ruled that the prosecution’s evidence was “credible, consistent, and sufficient to establish the offences charged.” He sentenced Duku to four years’ imprisonment on each of the six counts, to run concurrently, or an option of fine amounting to about ₦1.6 billion — five times the total amount involved.

Reacting to the verdict, ICPC spokesperson Bakare hailed the judgment as a significant victory in the agency’s ongoing war against corruption and financial misconduct in the public sector.