General News
Dangote Loses $7.8Bn as Naira, Stocks Crash

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.
General News
Police Uncover Fake Diplomatic Number Plate Syndicate in Abuja

Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.

Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
General News
Gavi Okays $500m for Vaccines, PHCs in Nigeria

Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.

The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
General News
The Journey to Financial Freedom: Priscilla, a PalmPay Agent Now Owns a Store

For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.

Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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