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Equities Investors Lose N202bn as Dangote Cement Undergoes Reversal

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Equities investors lost about N202 billion as Dangote Cement flipped, losing 10% of its market value on the Nigerian Exchange (NGX) trading platform on Friday.

The pause to bullish trend moderated year to date return while key market performance indicators dropped by 0.30% apiece, according to data from the local bourse.

Despite a largely positive market breadth, the downturn was triggered by sell-offs in heavyweight stocks such as Dangote Cement, the most capitalised company, and 13 others, stockbrokers said in separate report.

The All-Share Index reduced by 321.21 basis points to close at 105,753.05 as bears overran the exchange.  Market activities were up though, as the total volume and total value of trades conducted in the local exchange increased by 30.41% and 94.54%.

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In its note, Atlass Portfolios Limited told investors that approximately 428.08 million units valued at ₦20,174.97 million were transacted across 14,284 deals.

In terms of volume, GTCO led the activity chart, accounting for 14.40% of the total volume of all trades consummated, followed by FIDELITYBK (9.82%), ACCESSCORP (9.62%), MTNN (7.82%), and ZENITHBANK (5.44%), rounding out the top five.

MTNN emerged as the most traded stock in value terms, accounting for 40.98% of the total value of transactions on the exchange on Friday. IKEJAHOTE, INTBREW and LEGENDINT topped the advancers’ chart with a price appreciation of 10.00 percent each.

Other gainers include VITAFOAM (+9.93%), CADBURY (+9.92%), ETERNA (+9.92%), NASCON (+9.74%), ETI (+9.40%), and thirty-three others.

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On Friday, fourteen stocks depreciated, according to details obtained from the domestic bourse.  DANGCEM was the top loser, with a price depreciation of -10.00%.

Other decliners include REGALINS (-8.06%), VFDGROUP (-7.57%), CUSTODIAN (-4.97%), DANGSUGAR (-2.03%), and ACCESSCORP (-0.42%). Further review of trading activities showed that the market breadth closed positive, recording 41 gainers and 14 losers.

The sectoral performance was positive, as four of the five major market sectors surged, led by the consumer goods sector, which advanced by 2.21%.

The banking sector rose by 1.55%, and the insurance sector surged by 1.50%, while the oil & gas sector popped higher by 0.07%. The industrial sector recorded a loss of 4.73%. Overall, the equities market capitalisation dropped by ₦201.88 billion to close at ₦66.47 trillion.

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Tinubu extends working vacation, return expected this weekend

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President Bola Tinubu has extended his working vacation by a few days and is expected to return to Nigeria at the weekend, the Presidency announced on Monday.

Tinubu departed Nigeria on August 30 for London before proceeding to Paris, France, where he held official engagements, including meetings with French President Emmanuel Macron and businessman Vincent Bolloré.

The President has continued to receive updates on developments in Nigeria and issue directives on matters of national importance despite being outside the country, according to the Presidency.

Among the decisions attributed to him was the directive for an investigation into the deaths of 37 suspected illegal miners who died while in the custody of the Nigeria Security and Civil Defence Corps in Minna, Niger State. The State House confirmed that the President ordered a full and transparent probe into the incident.

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Vice President Kashim Shettima has meanwhile been representing Tinubu at official engagements, including the 81st United Nations General Assembly in New York, where he is scheduled to deliver Nigeria’s national statement.

With Shettima away in the United States, the Presidency said Secretary to the Government of the Federation, George Akume, would continue to represent the President at other official functions.

Tinubu’s extended stay abroad has attracted political criticism, including questions from former Vice President Atiku Abubakar over the President’s absence from the UN General Assembly. The Presidency rejected the criticism and maintained that Shettima was representing Tinubu at the global meeting.

The Presidency also said Tinubu had remained engaged with governance during the vacation, while party consultations and other political activities continued at home. The President’s engagements in Paris included discussions with Bolloré on investment in Nigeria’s creative and digital economy.

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Ondo court jails man for stealing tomatoes

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A 26-year-old man, Samuel Douglass, has been sentenced to 12 months in prison by an Akure Magistrate’s Court, Ondo State, for diverting four baskets of tomatoes belonging to his employer.

Douglass was said to have sold the produce instead of delivering it as instructed, with the prosecution alleging that he converted the proceeds to his personal use.

The offence was committed in July 2026 at about 6am at Fourth Gate, Afunbiowo Estate, Akure, within the Akure Magisterial District.

The court heard that the defendant’s employer, Abimbola Akintomide, had given him the tomatoes valued at N140,000 to deliver to a driver at Ilesa Garage.

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According to the prosecutor, Taiwo Oniyere, Douglass failed to make the delivery and allegedly disposed of the four baskets for his own benefit.

The police subsequently brought him before Magistrate Olusola Olujobi on a one-count charge of stealing under Section 390(6) of the Criminal Code, Cap. 37, Vol. 1, Laws of Ondo State, 2006.

Douglass admitted committing the offence when the charge was read to him, prompting his lawyer, Adeluyi Segun, to plead for mercy.

Counsel urged the court to consider that his client was young and had no previous conviction, while also asking that he be allowed to pay a fine rather than serve a custodial sentence.

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Magistrate Olujobi, however, sentenced him to one year imprisonment and directed him to pay N140,000 to the complainant. The court ruled that failure to make the payment would mean serving the custodial sentence.

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Christian candidates will punish Nigerian Muslims if elected in 2027 elections: APC Lawmaker Ibrahim Shittu

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Ibrahim Shittu, a lawmaker in the Oyo State House of Assembly, has rallied voters to vote only for Muslim candidates in the 2027 elections, claiming that Christian candidates are a menace to Islam.

The lawmaker representing Saki West made the remarks while addressing voters at a recent gathering in Oyo State, calling on them to support Muslim candidates and reject Christian politicians.

Mr Shittu alleged that Christian candidates will punish Muslims in the state if they are elected.

“We are appealing to you, our fathers, that you must stand with our candidates who are Muslims. Anyone who selects a Christian candidate for governor, let us reject them and not vote for them. If we vote for them, they will punish Muslims,” the All Progressives Congress lawmaker alleged.

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Mr Shittu’s comment came as political parties prepare for the 2027 polls, with religious affiliation expected to be a major topic of discussion among the public.

Many have criticised President Bola Tinubu’s administration, citing his Muslim faith and Vice-President Kashim Shettima’s.

Meanwhile, Mr Shittu’s remarks have sparked widespread criticism among netizens, who are condemning his decision to invoke religion for political gain.

“One of the dumbest politicians ever. When are we going to wake up from this nepotism? I couldn’t believe that religious affiliations will still becloud any sane person in this generation. Ibrahim Shittu and brain are miles apart,” X user @Timileyinm69969 said.

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@valentinepaulal said, “This is very wrong in a sane society. It breaks my heart to see politicians who are supposed to promote love and oneness between the members of the public are the ones causing hate among them. Shame on you, sir.”

“Nigeria is already using religion to play politics… and it hasn’t even fully started yet. You saw the game your godfather played during the presidential election. That same playbook will hurt this country badly—and if we’re not careful, it could burn it to the ground,” @Paid_ stated.

Some called for his prosecution.

@ObisesanOlarin1 said, “This kind of people should not be representing at state level, let alone national level; preaching religious hate speech should be a punishable offence that needs to be addressed by the law.”

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