Connect with us

News

Otedola Loses $400m in 9 Weeks

Published

on

Femi Otedola, Nigerian billionaire
Kindly share this post

Stock price of Forte Oil, owned by Femi Otedola, Nigerian billionaire, shed off 43.5% in value in the last nine weeks, costing the business magnate more than $400 million of his personal fortune, according to FORBES.

In late February, the share price of Forte Oil hit an all-time high of N342 per share after the Lagos-based utilities and petroleum marketing company released its impressive 2015 financial year results and declared an attractive dividend of N3.45 per share.

However, as at close of trading on Tuesday, its share price had dropped to N193.46 after recording consistent daily losses over the past few weeks.

Otedola, who is the company’s controlling shareholder, has seen his paper net worth drop from $1.6 billion when FORBES published its annual ranking of the World’s Billionaires in March, to $1.2 billion as at Tuesday, according to the FORBES’ real-time billionaire scorecard.

The magazine quoted a source at Forte Oil as linking the drop in the company’s share price with massive sell-offs of bonus shares from some of the company’s retail investors.

Advertisement

Last year, Forte Oil offered investors a bonus of one new share for every five ordinary shares they held.

In total, Forte Oil declared roughly 216 million bonus shares for the 2014 business year.

The bonus shares were only issued to investors a couple of weeks ago and they have been scrabbling to sell off their bonus shares on the market to cash in.

This mass sell-off has precipitated the drop in the share price.

“This is only temporary. As you’ll see, even though investors are selling off their bonus shares, there are institutional investors who are buying up all the shares on offer as evidenced by the volume of the transactions in the last few days,” the source said.

Advertisement

“When all those bonus shares are cleared up by institutional investors, you’ll see the share price rising again.”

Of the 216 million bonus shares, which have been issued, Otedola received approximately 170 million.

Forte Oil PLC is primarily engaged in the distribution of petroleum products such as diesel, aviation fuel and premium motor spirit (PMS).

The company has over 500 company-owned, dealer-assisted and dealer-developed gas stations spread across the country, oil storage depots in Lagos and Rivers states, a Power plant and a Joint User Hydrant Installation facility in Lagos.

The company also sells its own range of automobile lubricants. In 2014, it was included in the Morgan Stanley Capital International Frontier Market 100 Index.

Advertisement

Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

News

AfCFTA Urges Africa to Stop Exporting Raw Materials

Published

on

Kindly share this post

Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

Advertisement

“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

Advertisement

Kindly share this post
Continue Reading

News

Cisco Explores AI for Nigeria Farmers

Published

on

Kindly share this post

Cisco is exploring artificial intelligence (AI)-powered solutions to support smallholder farmers in Nigeria, as part of efforts to expand digital inclusion and technology adoption.

The initiative focuses on improving agricultural productivity through accessible, data-driven tools.

The move aligns with growing collaboration between Nigeria and the United States under the Commercial and Investment Partnership, which prioritises the digital economy, agriculture and infrastructure.

Speaking at the 2026 World Business Chicago, Brian Tippens, chief social impact and inclusion Officer at Cisco, said the company is assessing practical AI applications to help farmers combine local knowledge with data insights.

He said Cisco is exploring tools such as AI-enabled WhatsApp communities, geospatial mapping and weather intelligence to support day-to-day farming decisions.

Advertisement

The approach reflects a shift towards low-cost, mobile-first solutions suited to rural environments.

Tippens added that the Cisco Foundation is investing in early-stage startups developing technologies for local agricultural challenges.

Industry analysts note that AI adoption in emerging markets depends on locally relevant solutions, rather than large-scale enterprise deployments alone.

Beyond agriculture, Cisco plans to expand digital skills development in Nigeria through programmes such as the Cisco Networking Academy’s One Million Learners initiative.

Tippens said the programme also supports partnerships with organisations working with persons with disabilities, including those developing tools for people with visual impairments.

Advertisement

He added that Cisco’s social impact strategy aims to improve access to technology and promote inclusion, including in conflict-affected regions such as Borno State.

Cisco’s initiatives form part of broader efforts to link digital skills, connectivity and AI adoption to economic development in Nigeria.

Kindly share this post
Continue Reading

News

FG launches AI capacity-building programme for 11,700 unity schools teachers

Published

on

Kindly share this post

Federal Government has launched a nationwide Artificial Intelligence (AI) capacity-building programme for teachers in Federal Unity Colleges, with about 11,700 educators set to acquire digital skills aimed at improving classroom instruction and preparing students for a technology-driven future.

FG launches AI capacity-building programme for 11,700 unity schools teachers

The initiative advanced with the signing of the Terms of Reference (ToR) between the Federal Ministry of Education and ICEDT Consult Limited, paving the way for the nationwide implementation of the AI Teacher Capacity Development Programme.

The programme, to be implemented through the ministry’s Education Support Services Department, is part of the Federal Government’s efforts to modernise Nigeria’s education sector, strengthen teacher professionalism and equip students with skills required in the digital economy under President Bola Tinubu’s Renewed Hope Agenda.

Speaking during the signing ceremony in Abuja, the Director of the Education Support Services Department, Gabriel Amudipe, described the initiative as a strategic investment in Nigeria’s teaching workforce and the future of education.

He said the nationwide rollout followed the successful completion of a pilot phase conducted in selected Federal Unity Colleges.

Advertisement

According to him, the implementation model developed by ICEDT Consult Limited will ensure effective coordination and quality delivery of the programme across the country’s six geopolitical zones.

Amudipe urged officials responsible for monitoring the project to ensure strict compliance with the implementation guidelines and maintain the standards achieved during the pilot phase.

“The ministry remains committed to supporting innovative initiatives that strengthen teacher professionalism, improve learning outcomes and promote the responsible integration of emerging technologies into education,” he said.

Earlier, the Deputy Director of the Education Support Services Department, Oladele Fapohunda, described the programme as a strategic intervention designed to deepen digital innovation across Federal Unity Colleges.

He stressed that collaboration among all stakeholders would be essential to achieving the objectives of the initiative nationwide.

Advertisement

Also speaking, the Head of Strategic Partnerships and Learning Scientist at ICEDT Consult Limited, Dr Abdulrahman Orosanya, said the Federal Government approved the national rollout after the successful pilot implementation in six Federal Unity Colleges representing Nigeria’s six geopolitical zones.

According to Orosanya, the pilot demonstrated the potential of Artificial Intelligence to improve lesson planning, classroom delivery, assessment methods and teachers’ productivity.

He said the nationwide implementation would strengthen teachers’ digital competencies, improve instructional delivery and support the government’s vision of building a technology-driven education system capable of producing globally competitive graduates equipped with 21st-century skills.

The ceremony ended with the formal signing of the Terms of Reference by officials of the Federal Ministry of Education and ICEDT Consult Limited, signalling the commencement of preparations for full implementation across all Federal Unity Colleges.

The ministry said the programme would directly train about 11,700 teachers, while thousands of students across the country’s Federal Unity Colleges are expected to benefit through improved classroom instruction, increased digital innovation and the responsible application of Artificial Intelligence in teaching and learning.

Advertisement

It reaffirmed its commitment to working with relevant stakeholders to modernise Nigeria’s education system, improve teacher quality and deliver inclusive, equitable and future-ready education nationwide.

Kindly share this post
Continue Reading

Trending