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.

FG announces new requirement for opening bank account.

The Federal Government has announced that Tax Identification (Tax ID) will become compulsory for all Nigerians involved in banking and allied services from January 1, 2026.

The new directive is part of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu. Under Part II Section 4 of the Act, all taxable individuals and organizations must register with the relevant tax authority and obtain a Taxpayer Identification Card.

The Act further stipulates that every ministry, department, and agency at federal, state, or local levels must also secure a Tax ID. Non-resident individuals or entities supplying taxable goods or services in Nigeria are equally mandated to obtain one.

The law empowers tax authorities to issue a Tax ID on behalf of those who fail to apply, or to reject applications if available information warrants such action. Applicants must be notified of any refusal within five working days.

In addition, Section 8 of the Act makes possession of a Tax ID a prerequisite for government contracts, banking transactions, insurance, stock market participation, and other financial services.

The legislation allows for temporary suspension or permanent deregistration of Tax IDs if holders cease business operations.

Meanwhile, the Nigeria Revenue Service Establishment Act, 2025, vests enormous powers in the Service’s Executive Chairman, who will also chair its Governing Board. The board will include representatives from the Ministries of Finance, National Planning, Justice, Petroleum, the Central Bank, Customs, the Corporate Affairs Commission, and other key institutions.

The chairman will serve a four-year renewable term, while the Service will be funded through a 4 percent deduction from collected revenues, excluding petroleum royalties.

News Brief: Middle Class Reduced to Beggars – Chimamanda Decries Hardship in Nigeria.

Renowned Nigerian author Chimamanda Ngozi Adichie has expressed deep concern over the worsening economic hardship in Nigeria, saying it has pushed many formerly middle-class citizens into poverty and desperation.

In an interview on Channels Television’s Amazing Africans, Adichie said the suffering of everyday Nigerians is her biggest worry, not economic indices like the stock market. “People who were formerly kind of securely middle class… are now people who beg and are in need,” she said.

The author emphasized that economic strain could lead individuals to take desperate actions they would ordinarily avoid, posing a danger to society. “It’s not to excuse crime,” she noted, “but when life gets very hard, even people who before would not have considered certain things suddenly are willing to.”

Adichie also reflected on her journey as a writer, revealing she faced 25 rejections for her debut novel Purple Hibiscus but never considered quitting. “Writing is really what I believe I am here to do… it’s a bit spiritual,” she said.

Her remarks come amid ongoing public frustration with Nigeria’s cost of living crisis, worsened by recent economic reforms.

#ChimamandaAdichie #NigerianEconomy #CostOfLivingCrisis #MiddleClassStruggles #EconomicHardship

May & Baker, Stanbic IBTC lead gainers as stocks gains ₦486b.

The stock market ended the week on a positive note on Friday, recording a gain of ₦486 billion.

The market only traded for three days as Monday and Thursday were declared public holidays for Eid Kabir and Democracy Day.

Market capitalisation rose by ₦486 billion or 0.67 per cent, closing at ₦72.788 trillion, up from ₦72.302 trillion on Wednesday.

The All-Share Index gained 770.43 points or 0.67 per cent, closing at 115,429.54, up from its previous 114,659.11