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Nigerian Equities Extend Losing Streak as Investors Lose ₦1.3 Trillion

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Nigerian Equities Extend Losing Streak as Investors Lose ₦1.3 Trillion
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By Derick Peretengboro

The Nigerian stock market began the week on a weak note, with sustained selling pressure wiping about ₦1.315 trillion from investors’ holdings as bearish sentiment persisted across the Nigerian Exchange (NGX).

At the close of trading on Monday, the NGX All-Share Index declined by 2,049.65 points, or 0.84 percent, to settle at 241,749.11 points. The downturn also pushed total market capitalisation lower to ₦155.13 trillion.

Market performance reflected widespread profit-taking, as declining stocks significantly outnumbered advancing ones. A total of 44 equities recorded losses, while only 19 posted gains during the trading session.

Among the biggest losers, PZ Cussons Nigeria fell by 10 percent to close at ₦81.00 per share. BUA Cement also dropped by 9.99 percent to ₦306.20, while Red Star Express shed 9.98 percent to finish at ₦22.10. Other notable decliners included NASCON Allied Industries, Cadbury Nigeria and FBN Holdings, all of which added to the market’s negative performance.

Despite the overall bearish trend, a handful of companies ended the day in positive territory. International Breweries led the gainers with a 9.77 percent appreciation to ₦14.60 per share. Nigerian Aviation Handling Company advanced by 8.36 percent, while UACN gained 8.11 percent.

Trading activity yh remained strong even as prices weakened. Investors exchanged 523.54 million shares valued at ₦22.27 billion across 59,945 deals, representing an increase in transaction volume compared with the previous trading session.

FCMB Group emerged as the most actively traded stock by volume after more than 102 million shares worth over ₦1 billion changed hands. International Breweries and Access Holdings also featured among the most traded equities.

By value, Stanbic IBTC Holdings recorded the highest turnover, with transactions worth approximately ₦2.87 billion, underscoring continued investor activity despite the market’s extended decline.


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Delta Police Arrest Five Suspects Over Viral Cult Killing In Issele-Asagba, Recover Gun

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Delta Police Arrest Five Suspects Over Viral Cult Killing In Issele-Asagba, Recover Gun
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By staff Reporter Rukevwe Odeh

 

 

The Delta State Police Command has arrested five suspected cult members over the gruesome murder of a young man in Issele-Asagba, Aniocha North Local Government Area, following the circulation of a disturbing video of the incident on social media.

 

The victim was reportedly attacked and macheted to death during the suspected cult-related incident on October 27, 2026.

 

The arrests followed a directive by the Commissioner of Police, CP Samuel Erale, who ordered operatives of the Special Anti-Kidnapping Unit (SAKU), Asaba, to track down and apprehend those responsible.

 

According to the Police Public Relations Officer, SP Bright Edafe, intelligence-led operations resulted in the arrest of four suspected members of the Black Axe confraternity on November 3, 2026.

 

The suspects were identified as Ifechukwudi Okafor, 26; Michael Okoro, 26; Freedom Iloh, 28; and Chinasa Akwuo, 29.

 

They were apprehended during a raid on a suspected criminal hideout along Ugbolu-Amachai Road, where operatives recovered a pump-action gun, a dagger and substances suspected to be illicit drugs.

 

The police disclosed that further investigations led to the arrest of another suspect, 27-year-old Infione Solomon Omefe, on November 4.

 

Omefe reportedly confessed to participating in the killing captured in the viral video, while investigations are ongoing to apprehend other individuals allegedly connected with the crime.

 

Reacting to the development, Commissioner of Police Samuel Erale condemned the killing and assured residents that all those found culpable would face the full weight of the law.

 

He also warned individuals involved in cultism and other violent criminal activities to desist, reaffirming the command’s commitment to sustained operations against criminal groups across the state.

 

The police further urged residents to provide credible information that could assist security agencies in tackling criminal activities, assuring informants that their identities would remain confidential.

 

Meanwhile, the police said efforts were ongoing to track down other suspects believed to have participated in the killing.


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INEC Challenges Court Order Directing Amupitan To Produce Tinubu’s 1999–2023 Election Records

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INEC Challenges Court Order Directing Amupitan To Produce Tinubu’s 1999–2023 Election Records
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By staff Reporter Rukevwe Odeh

 

 

The Independent National Electoral Commission (INEC) has approached the Federal High Court in Abuja, seeking to overturn an order directing its Chairman, Professor Joash Amupitan, to produce President Bola Tinubu’s electoral records from the 1999 Lagos State governorship election and the 2023 presidential election.

 

Amupitan, through his legal representatives, filed a Motion on Notice dated November 10, 2026, challenging the subpoena issued by the court on October 26 in the ongoing criminal trial of human rights activist and African Action Congress (AAC) presidential candidate, Omoyele Sowore.

 

The case, marked FHC/CR/484/2025, is before Justice Mohammed Garba Umar and involves the Federal Republic of Nigeria as the complainant and Sowore as the defendant.

 

The subpoena directed the INEC chairman to produce two sets of electoral documents submitted by Tinubu to the commission. They include his Form CF001 for the 1999 Lagos State governorship election, alongside an affidavit relating to lost certificates, and the corresponding nomination document submitted for the 2023 presidential election.

 

The court also directed Amupitan to appear as a defence witness and remain in attendance until the determination of the case.

 

However, INEC is challenging the directive on four grounds, describing the subpoena as legally defective, improperly served and inconsistent with the relevant legal requirements.

 

The commission argued that Amupitan was not personally served with the subpoena, insisting that service on INEC’s headquarters did not satisfy the required legal procedure.

 

INEC also maintained that the documents described in the subpoena were not in its custody, arguing that there were no forms known as INEC CF01 for either the 1999 Lagos governorship election or the 2023 presidential election.

 

Furthermore, the electoral body accused the defence of bringing the application in bad faith, describing the request as irrelevant, speculative and potentially intended to embarrass the commission.

 

INEC is consequently asking the court to set aside the subpoena issued on October 26, which was reportedly served at its headquarters on November 6.

 

The development comes amid the ongoing prosecution of Sowore by the Department of State Services (DSS) over his social media description of President Tinubu as a criminal, an allegation that triggered the legal proceedings.

 

Meanwhile, the Federal High Court is expected to consider INEC’s application as the case continues, with the commission seeking to prevent its chairman from being compelled to produce the requested documents and testify.

 

The court’s decision will determine whether the subpoena remains valid and whether Amupitan will be required to appear as a witness in the proceedings.


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Obasanjo Reveals Why He Rejected US Political Asylum Offer Under Abacha

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Obasanjo Reveals Why He Rejected US Political Asylum Offer Under Abacha
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By staff Reporter Rukevwe Odeh

 

 

Former President Olusegun Obasanjo has revealed why he rejected an offer of political asylum from the United States despite warnings that he risked arrest upon returning to Nigeria during the military regime of the late General Sani Abacha.

 

Obasanjo disclosed this while recounting his experience under military rule in an interview published by BBC News Pidgin on Tuesday.

 

The former president said the American ambassador to Nigeria contacted him while he was travelling abroad and informed him that the US government was prepared to grant him political asylum because of intelligence reports indicating that Abacha intended to arrest him if he returned home.

 

However, Obasanjo said he declined the offer because he believed he had committed no offence that warranted seeking refuge outside his country.

 

He recalled that after retiring from the Nigerian Army at the age of 42 as a four-star general and former military Head of State, he ventured into agriculture, which was progressing successfully before the Abacha administration moved against him.

 

According to him, he considered his military career complete after attaining the highest rank in the Army and serving as Nigeria’s military leader between 1976 and 1979.

 

Obasanjo alleged that Abacha had decided he must be eliminated to prevent him from standing in the way of the military ruler’s plans.

 

He said upon returning to Nigeria, his international passport was seized, after which he proceeded to his farm.

 

On arriving at the farm, one of his security personnel informed him that government security operatives had surrounded the property.

 

He further narrated that a police officer dressed in civilian clothes subsequently approached him, claiming that an Assistant Inspector-General of Police (AIG) had invited him to the station.

 

Obasanjo said he challenged the officer, insisting that if the AIG wanted to see him, he should come personally rather than send someone to invite him.

 

He eventually drove himself to the police station, where the AIG informed him that he had received instructions to arrest him.

 

The former president also recalled the intervention of former United States President Jimmy Carter, who appealed to Abacha on his behalf.

 

According to Obasanjo, Carter’s intervention initially secured his placement under house arrest after he had been held at an undisclosed location.

 

However, he said security operatives later arrived at about 1am while he was playing squash and took him away to prison.

 

Obasanjo was arrested in 1995 over allegations of involvement in a coup plot against Abacha’s government. He was tried by a military tribunal and sentenced to life imprisonment, although the sentence was later reduced to 15 years.

 

He regained his freedom in June 1998 following Abacha’s death and subsequently won the 1999 presidential election, becoming Nigeria’s civilian president.

 

He served two terms in office, leaving the presidency in May 2007.


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