Ten listed companies on the Nigerian Exchange (NGX) have collectively lost approximately N922 billion in market value in 2026, as investors increasingly shift capital toward banking and industrial stocks.
The erosion of value is concentrated in firms such as Geregu Power Plc and Ellah Lakes Plc, which have seen significant outflows amid broader market volatility.
This sector rotation reflects a defensive posture among market participants.
With political uncertainty rising ahead of Nigeria's upcoming general election, traders are moving away from cyclical and utility names toward sectors perceived as having stronger balance sheets or more resilient cash flows.
The banking and industrial segments have absorbed this inflow, outperforming the broader market index.
The recent losses add to a sharp decline in Nigerian equities over the past week.