Pension funds in Nigeria suffered losses of N623 billion in June as the country's equity market endured a severe sell-off.
The erosion of institutional assets underscores the breadth of the correction that has gripped African markets, hitting both retail and professional investors hard.
The Nigerian Exchange (NGX) recorded its largest monthly decline in history during the same period, shedding N13.3 trillion in total market capitalization.
This historic drawdown signals a deepening crisis in investor confidence, with the decline extending far beyond individual stock volatility to systemic valuation resets.
The impact on high-net-worth individuals was even more pronounced.
Data indicates that Nigerian billionaires lost approximately N3.83 trillion in paper wealth during June.