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Dangote Loses $7.8Bn as Naira, Stocks Crash

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Aliko Dangote, Africa's richest man
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Aliko Dangote, Africa’s richest man, is the biggest loser among Nigeria’s richest people as the Naira’s slump, coupled with falling stock prices, have erased more than $7.8 billion of his fortune since February, when Forbes locked in the values for its annual ranking of the world’s billionaires.

Dangote was worth $25 billion at the time; but at the close of market Tuesday last week, his networth had dropped to  $17.2 billion.

More than half of the drop in his fortune has happened since early November. As of November 7, Dangote was worth $21.6 billion, $4.4 billion more than now.

This is because the last few weeks have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange (NSE).

Several blue-chip stocks such as Dangote Cement, Zenith Bank, Transcorp and United Bank for Africa among several others have hit one-year-lows as a result of the fall in oil prices, a general uncertainty regarding the 2015 general election, Central Bank regulatory headwinds, and weak earnings from large cap companies. These have all contributed towards putting naira-denominated assets including equities at risk.

Speaking on the fall in the networth of stocks, a financial analyst, Ugodre Obi-Chukwu, noted that, “This is whipping up negative market sentiments as foreign and institutional investors such as pension funds who hold equity stakes in companies (due to their large cap and liquidity status) have mostly fled their positions”.

 Obi-Chukwu is also the publisher of Nairametrics <http://nairametrics.com/>, a website that provides analysis and opinion about Nigerian stocks, investing, personal finance and the economy.

Dangote Cement, Africa’s largest manufacturer of cement, has shed close to 40 per cent of its market value between the beginning of November and now.

The company’s stock, which was trading at N215 ($1.15) at the beginning of November, is now valued at N165 (88 cents) as at yesterday.

At the beginning of November, Dangote’s stake in the cement manufacturer was valued at more than $18 billion. It is now valued at $13.2 billion.

Dangote has also lost more than $230 million in paper value within the same period on his stakes in publicly-traded Dangote Sugar, Dangote Flour, and National Salt Company of Nigeria.

Between November (when FORBES published the list of Africa’s 50 richest people and today) Dangote has lost more than $4 billion in his net worth.

After Dangote, the second biggest loser among Nigeria’s ultra-rich is Tony Elumelu, the Chairman of Heirs Holdings, an investment company.

Heirs Holdings, which is wholly-owned by Elumelu, is the controlling shareholder in Transcorp, a publicly-listed conglomerate with interests in power production, hotels and agriculture.

Transcorp’s current market capitalisation is now $700 million, down from $1.4 billion at the beginning of November. Heirs Holdings has lost an estimated $345 million in paper value on Transcorp, and its stake in the company as at yesterday is now worth roughly $400 million, down from $700 million.

Elumelu’s investments in other listed companies like UBA, Africa Prudential PLC and UBA Capital have shed a little over $27 million in value.

Other big losers include Nigerian multi-millionaire banker Jim Ovia, a co-founder of Zenith Bank. The value of his stake in the financial services provider is $240 million as of late yesterday, down from more than $350 million last month. He owns a 9 per cent stake in the bank.


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NCDC Raises Alarm over Lassa Fever Ravaging 18 States in Nigeria

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Nigeria Centre for Disease Control and Prevention (NCDC) has raised alarm over ravage of Lassa fever cases across 18 states and 67 Local Government Areas (LGAs) of the country.

NCDC Raises Alarm over Lassa Fever Ravaging 18 States in Nigeria

Dr Jide Idris, director-general of NCDC, in statement yesterday, said that Bauchi, Ondo, Taraba, Edo and Benue accounted for more than 80 per cent of confirmed cases recorded during the 2026 peak transmission season.

Idris, described as particularly worrisome the growing infections among healthcare workers, with 28 confirmed cases and three deaths reported so far this season.

NCDC attributed the sustained transmission and rising fatalities to operational gaps at the state level, urging urgent action to strengthen outbreak response and control measures.

According to Idris, field investigations showed most transmissions were occurring in known endemic areas, but weak implementation of established response frameworks had contributed to the continued spread and higher case fatality rate.

He said that gaps identified include infections in general outpatient and maternity settings, poor adherence to Infection Prevention and Control (IPC) protocols, and inadequate pre-positioning of Personal Protective Equipment (PPE).

He added that delayed patient presentation due to financial barriers, inconsistent activation of State Incident Management Systems, weak contact tracing, persistent stigma and poor isolation centre standards were also driving transmission.

Idris emphasised that outbreak response implementation and health service delivery fell primarily under state governments within Nigeria’s federal structure, urging them to strengthen accountability and resource allocation.

He called on affected and high-risk states to urgently activate and closely monitor their Incident Management Systems, ensuring timely coordination and efficient outbreak response at all levels of healthcare delivery.

He also urged the immediate release of response funds, strict enforcement of Infection Prevention and Control (IPC) compliance in public and private health facilities, and continuous availability of PPE and other critical supplies.

The NCDC boss also advocated accelerated financial protection mechanisms to reduce late presentation and high fatality rates, alongside institutionalised rodent control and environmental sanitation measures under a One Health approach.

He advised healthcare workers to maintain a high index of suspicion and adhere strictly to IPC guidelines.

He also urged the public to keep environments clean, prevent rodent entry into homes, store food safely and seek early medical care when symptoms appeared.

Idris noted that Lassa fever was treatable, with improved outcomes when detected early, adding that Nigeria was also responding to other epidemic-prone diseases including Cerebrospinal Meningitis, Diphtheria, Mpox and Cholera.

He reiterated NCDC’s toll-free emergency line, 6232, for reporting suspected cases and obtaining further information


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Lagos Deploys Drones, AI to Boost Traffic Response

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The Lagos State Traffic Management Authority (LASTMA) has deployed a number of real-time digital solutions, including surveillance drones, GPS-enabled patrol vehicles, and automatic incident detection software.

The agency has also established a central command and control centre to reduce emergency response times and improve traffic safety throughout Lagos.

According to the agency, the digital transition will replace manual reporting and fragmented coordination with an integrated, data-driven platform capable of instantaneously detecting, verifying, and dispatching responders to crashes and breakdowns.

According to general manager Olalekan Bakare-Oki, LASTMA, body cameras, mobile data terminals, and toll-free hotlines now feed into a unified operations hub that gives real-time visibility of traffic situations across the state.

Incidents detected by digital surveillance are validated in real time and dispatched to the nearest patrol team using GPS tracking, while officers are instructed via modern communication devices.

According to the agency, the system has eliminated delays caused by poor event reporting and logistical constraints, enabling faster diversions, quicker clearance of accident scenes, and better coordination with medical and security agencies.

Field commanders and rescue teams now operate on synchronised data networks, allowing immediate decisions that reduce secondary crashes and prolonged congestion.

According to LASTMA’s 2025 operational summary, the agency rescued 1,075 people from crash scenes, and impounded 17,169 vehicles for various traffic violations across Lagos through its toll-free hotline.

These figures reflect how timely reporting and coordinated response have already reduced secondary accidents and eased congestion, according to the agency.

It went on to it achieved this with the toll-free reporting system, body cameras, and field coordination networks but with the newly deployed suite of smart technologies, the agency’s impact is poised to multiply.

Bakare-Oki said the upgrade aligns with the state’s smart-city agenda, positioning LASTMA as a technology-enabled public safety agency and laying the groundwork for faster, more reliable mobility management on Lagos roads.

 


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Purple Woman 3.0 Is Back, to Empower Women in Tech this IWD 2026

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This International Women’s Day 2026, the world is saying “Give to Gain.” PalmPay is turning this message into action by empowering young women with the skills and resources to thrive in today’s fast evolving economy.

The PalmPay Purple Woman 3.0 is a 3-Day Digital Financial & Technology Masterclass created to bridge the gender gap in tech. The program is designed to equip women with practical, job  ready skills while also providing job opportunities for career growth.

Launched in 2024, the Purple Woman initiative has impacted 150 women in specialized fields, including Data Analysis, Software Engineering, and Product Management, with learning resources and hands-on skills to launch them into the competitive job market.

From March 5–7, 2026, 100 women aged 18–30 will be selected through a competitive application process to participate in this year’s cohort. Over three immersive days, participants will receive hands-on training from industry experts in digital finance and technology.

And it doesn’t end there.

Ten outstanding participants will secure a 3-6month internship with PalmPay, gaining practical fintech experience that can shape their professional journey.

For participants of this initiative, the Purple Woman Program isn’t just about learning new skills, it’s about building networks, gaining confidence and unlocking bigger opportunities that will positively impact the trajectory of their careers.

For more information about the Purple Woman initiative, visit @PalmPayappng


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