News
Dangote Foundation Engages 54gene Laboratory to Conduct 1,000 COVID-19 Test per day in Kano

The Aliko Dangote Foundation (ADF), a philanthropic endeavour of Aliko Dangote, has contracted 54Gene, a molecular diagnostics company specialized in research, and diagnostics, to immediately set up a 400 test/day capacity laboratory in Kano State.

54Gene is accredited by the Nigeria Centre for Disease Control (NCDC), and has already set up labs in Lagos and in Ogun States.
The lab, which was inaugurated yesterday – May 3rd in Kano, will start with a testing capacity of 400 tests a day, increasing to 1,000 tests a day by May 10th.
The lab will be set up at Muhammadu Buhari Hospital in Kano, where an isolation center is currently operational.
The President/Chief Executive of Dangote Group, Aliko Dangote said the foundation is directly supporting the Nigerian government’s COVID-19 containment efforts in Kano State.
According to Dangote, this new investment in support of increasing nation-wide testing, comes in addition to ADF’s support through the Private Sector Coalition Against COVID-19 (CACOVID).
He explained: “CACOVID is already setting up a 310 bed isolation center at Sani Abacha stadium in Kano. We are extending that capacity by another 150 beds at the Abubakar Imam Urology Centre in Kano, which is being converted into an isolation center now. These two centers will be operational pending the final validation by the Infection Prevention and Control team, which we expect will be completed in the coming days.”
Dangote pledged the Foundation’s commitment to reduce the number of lives lost to diseases, such as COVID-19, Ebola and other deadly viruses in the State.
He said the foundation would not relent in using its investments in health, education, and economic empowerment to help lift people out of sickness and poverty.
Speaking on the efforts of the Foundation to assist the Federal Government in curtailing the spread of COVID-19, Zouera Youssoufou, the Managing Director/Chief Executive Officer of ADF, added that ADF is also supporting the Rapid Response Teams in their work to identify suspected covid-19 cases across the healthcare centers in Kano.
“ADF will immediately handover to the Kano RRT, 10 new ambulances (4 that ae immediately available and 6 over the next week), two vehicles and PPEs to support the transportation of patients from different parts of the state”, she said.
She said that the Foundation is also supporting the Kano State Covid-19 contact call center that responds to citizen queries and concerns around Covid-19 and refers people to the proper place for follow up, by providing extra phone lines and ICT infrastructure as well as training for the call center staff.
On training, she disclosed: “We are supporting training and incentives for covid-19 health workers. We will provide hazard incentives and protections for the healthcare and lab workers who are working on the covid-19 response.
“We are also providing training to them, initially online and via distance learning, and will complement his with in-person training in Kano under strict IPC protocols developed in conjunction with the NCDC.
“ADF will continue to provide PPEs to the Kano State Covid-19 Taskforce, which will then be distributed to the hospitals as appropriate. Items already supplied include coveralls, gloves, masks, respirators, goggles, boots and sanitizers.
“We are expanding the CACOVID communications strategy in Kano by adding more communications and advocacy around Covid-19 prevention across radio, TV and traditional and community leaders.”
Commending ADF, Kano State Governor, Abdullahi Ganduje stated: “There’s no doubt we started on a shaky foundation, with assistance of ADF, we can see that a friend in deed is a friend in need. We are very grateful for the mobile testing Centre witch will launch with 400 samples per day and after a week, increase to 1,000 tests per day.
“It is now left for us to intensify efforts to collect samples. We will ensure that all that 44 Local Government Council have collection centres.
“Here in the metropolitan local government, we will have 100s of collection centres because this is where the majority of the population is”.
The governor added that the state has intensify efforts to create awareness about the reality of coronavirus.
He commended the Dangote Foundation for always occupying the forefront of helping in critical times like this.
Speaking on the collaboration, Dr. Abasi Ene-Obong, founder and Chief Executive Officer of 54gene, the 40ft structure built with container technology, provides a unique plug-and-play solution.
Ene-Obong explained that the mobile laboratory is also fully kitted with vital instruments including an autoclave, bio-safety cabinet, centrifuge, heating blocks, vortexes, pipettes, and PCR machines to support COVID-19 testing.
He stated: “Our mobile lab is fully equipped with all the vital instruments required for COVID-19 testing, and allows us to quickly offer our services to multiple states due to the ease of transport.
“Its unique plug and play feature eliminates the logistics of shipping samples to another location for the processing which reduces turnaround times for test results and allows clinicians to manage and treat patients accurately, sooner rather than later.”
Ene-Obong said the company has also helped build capacity by equipping molecular scientists with the necessary skill set required to handle the instruments in the mobile lab as they would in regular molecular testing laboratories.
“Our mobile lab removes the restriction imposed by permanent buildings and allows us to quickly offer our services to multiple states due to the ease of transport and the mobile capability it provides”, he added.
News
DataPro Upgrades Dangote Cement’s Credit Rating to AA+

DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.

In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
News
Xora Finance, Fintech Firm Refuses to Hire Nigerians over Alleged Dishonesty

Xora Finance has announced it will no longer consider job applicants from Nigeria.

Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
News
How Ponzi Scheme Victims can Seek Legal Remedies — Lawyers

Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.

A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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