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Dangote loses N240 Billion in five hours to deadly Coronavirus

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Africa’s richest man Aliko Dangote on Wednesday lost more than N240 billion in five hours as the effect of the coronavirus bit harder on the Stock Exchange.

The World Health Organisation (WHO) on Wednesday declared coronavirus a pandemic.

A pandemic is a disease that is spreading in multiple countries around the world at the same time.

Some of Dangote’s firms under the parent-company, Dangote Group, suffered big losses at the market.

Investors have suffered a total of N1.41 trillion loss in the last three days to the pandemic which is wreaking havoc across the world. Loading…

Benchmark equities indices indicated an average decline of 3.4 per cent on Weednesday, which is equivalent to net capital depreciation of N426 billion. The equities lost N985 billion between Monday and Tuesday.

Dangote Cement Plc, the flagship of Dangote Industries Limited (DIL), led the decline with the maximum daily allowable drop of 10 per cent or N17, which is equivalent to net depreciation of N289.68 billion. Dangote Cement is Nigeria’s most capitalised quoted company and accounts for more than 20 per cent of the total market capitalisation.

Two other members of the Dangote Group, Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc lost N1.8 billion and N3.05 billion. Dangote Cement’s share price dropped by N17 from N170 to close at N153. NASCON Allied Industries declined by N1.15 to close at N3.05 while DSR lost 15 kobo to close at N9.75 per share.

Allaying public fears about development in the market, the Association of Securities Dealing Houses of Nigeria (ASHON) assured investors that the market would soon bounce back.

It said the fundamentals of quoted companies remained strong.

ASHON chairman Chief Oyinyechukwu Ezeagu explained that the stock market remained part of the global exchanges and as such any development in the world market would impact on its operations.

Ezeagu said: “The effect of the coronavirus is gradually affecting trading all over the world and whatever happens elsewhere reflects in our market.

“The centre of it all is China and being a major world power both in productive and consumption capacities, any ill wind affecting China would naturally cause a big sneezing to the rest of world.

“Investors should not panic. The share prices will bounce back. The companies’ fundamentals remain strong. Many investors are taking advantage of the bearish run to beef up their portfolios.”

Coronavirus first hit Wuhan in China in December 2019. Over 3000 people have died of the pandemic in the country.

Since then, the pandemic has spread worldwide with countries in Europe mostly affected. About 125,000 cases have been reported worldwide with 4,605 dead. United States (U.S.) has 31 deaths and United Kingdom, eight.

Italy is the worst hit country in Europe with 827 deaths. Over 16 million people have been quarantined there.

France has suspended flights between it and Italy till April 3 because of the pandemic.

In Nigeria, two persons, including an Italian, who is the index case, are in quarantine in Lagos. Six others comprising four children, their teacher and another person are in isolation, according to Commissioner for Health Prof. Akin Abayomi.

At the Nigerian Stock Exchange (NSE), the All Share Index (ASI) – the benchmark value index that tracks all share prices declined from its opening index 24,388.66 points to close at 23,572.75 points.

The aggregate market value of all quoted equities at the NSE dropped from its opening value of N12.710 trillion to close at N12.284 trillion. Average year-to-date return crossed the double-digit -12.2 per cent. The ASI had opened Monday at 26,279.61 points while market capitalisation opened at N13.695 trillion.

All sectoral indices closed negative with the exception of the NSE Insurance Index, which appreciated by 2.2 per cent. The NSE Consumer Goods Index declined by 4.7 per cent. The NSE Industrial Goods Index depreciated by 3.4 per cent. The NSE Banking Index dropped by 2.7 per cent while the NSE Oil and Gas Index dipped by 0.7 per cent.

“We maintain a bearish outlook on the equities market in the next trading session,” Afrinvest Securities stated.

Other top losers included: Nestle Nigeria, with a drop of N101.70 to close at N915.30; Conoil lost N1.60 to close at N14.60 and Zenith Bank dropped by N1 to close at N12.05 while Cadbury Nigeria declined by 65 kobo to close at N6 per share.

On the positive side, Unilever Nigeria rose by N1.05 to close at N11.65. United Bank for Africa rose by 55 kobo to close at N6.20. Vitafoam Nigeria appreciated by 38 kobo to close at N4.45. UAC of Nigeria added 30 kobo to close at N7.50 while FCMB Group chalked up 15 kobo to close at N1.66 per share.

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Wike Begins 6-Council “Thank-You” Tour In FCT

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has begun a thank-you visit to the six area councils of the territory, over the outcome of the Feb. 21 area council elections in the FCT.

The visits, which began with Bwari Area Council on Tuesday, according to the Minister, is to thank the people for keeping to their promises to support President Bola Tinubu’s candidates in the election.

“So, on behalf of Mr President, let me thank you all for fulfilling the promise you made, that you will support the candidates that are supporting him to win.

“Mr President said I should thank you and that he is not going to take this show of love for granted. He will also fulfill his own part, and that will be done through me.

“Some people don’t understand when we say agreement—what is agreement? When we agree on something, you do your own part, I do my own. That means we have fulfilled the agreement,” he said.

The Minister said that the time has come for politicians to keep to their promises, stressing that under Tinubu’s administration “we will give Bwari the necessary support”.

He promised to work closely with the council’s Chairman-elect, Mr Joshua Ishaku saying, “anything you ask through Joshua, consider it done”.

He thanked the traditional leaders in the area and promised to do everything possible to give them their due honour and respect.

In his remarks, Ishaku thanked Wike for the visit and for the good job he was doing for Tinubu.

Describing Wike as a “humble father”, Ishaku assured the Minister that Bwari Area Council would leave no stone unturned in supporting the restoration of the Renewed Hope Agenda in 2027.

“As you assured us yourself, we can see, we can feel and we can touch the developmental strides you have recorded just within two years of your assumption into office.

“What more can we say? What more can we ask for? This is indeed what governance is all about,” Ishaku said.

(NAN)

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MDCN Panel Suspends Euracare Director, Two Doctors After Establishing Negligence In Death Of Chimamanda’s Toddler

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The Medical and Dental Practitioners Investigation Panel has invoked its order of suspension against the Medical Director of Euracare Multi-Specialist Hospital, Dr. Tunde Majekodunmi, and two others, after establishing a prima facie case of medical negligence against them in the management of the 21-month old son of renowned writer, Chimamanda Ngozi Adichie, Nkanu Adichie-Esege.

Nkanu passed away on January 7, 2026, after receiving care at Atlantis Hospital and undergoing medical procedures at Euracare Multi-Specialist Hospital in Lagos.

Channels TV reports that apart from the Medical Director at Euracare, the panel also suspended the anesthesiologist at the same hospital, Dr. Titus Ogundare, as well as the Chief Medical Officer at Atlantis Pediatric Hospital, Dr. Atinuke Uwajeh.

In a statement signed by its secretary, Dr. Enejo Abdu, the panel mentioned that the trio are suspended from medical practice in Nigeria pending the determination of their case by the Medical and Dental Practitioners Disciplinary Tribunal.

The panel also stated that there is a prima facie case of misconduct in a professional respect against 10 other doctors. They are Dr. Adeseye Akinsete, Dr. Chidinma Ohagwu, Dr. Anthony Ajeh, Dr. Amarachi Bayo, and Dr. Nkechi Peji. Others are Dr. Olaoye Oludare, Dr. Agaja Oyinkansola, Dr. Patricia Akintan, Dr. Babatunde Bamgboye, and Dr. Raji Faidat.

The panel, which also cleared 8 other doctors, reached these decisions after considering the complaint against all 21 doctors and reviewing their counter-affidavits, including their oral depositions on oath.

The panel concluded its investigation at its 25th session held at Excel Hotel & Resort in Abuja on Feb 17th & 18th, 2026,

The 21-month-old child, Nkanu Adichie-Esege, was initially admitted to Atlantis Hospital in Lagos for what was described as a worsening but initially mild illness.

While arrangements were being made to transfer him to Johns Hopkins Hospital in the United States, Atlantis referred him to Euracare for pre-flight diagnostic procedures, including an MRI, lumbar puncture, and insertion of a central line.

However, the child passed following the procedures.

His parents have alleged medical negligence and professional misconduct in connection with his death.

 

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DSS Detains Five Airport Officers Over El-Rufai Security Breach

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Following a joint investigation into a security breach at Abuja’s Nnamdi Azikiwe International Airport (NAIA) involving former Kaduna State Governor Nasir El-Rufai, five security officers have been arrested.

The arrests are coming weeks after security operatives attempted to arrest El-Rufai at the Nnamdi Azikiwe International Airport, Abuja, on February 12, 2026, shortly after he arrived from Cairo, Egypt, aboard Egypt Air flight MS 877.

It was gathered that suspects and are set to face prosecution.

The arrests followed a joint investigation conducted by the Department of State Services, DSS, the Nigeria Immigration Service, NIS, the Nigeria Customs Service, NCS, and the Federal Ministry of Aviation.

Those detained include ASP Ayuba Yakubu of the Nigeria Police Force, Murtala Inuwa of the DSS, Najeeb Murtala of the Immigration Service, and Aviation Security personnel Musa Adamu and Salihu Victor.

According to AIT, investigators disclosed that the suspects allegedly admitted to receiving bribes to grant unauthorised access to restricted sections of the airport and to interfere with lawful security procedures.

Authorities described the development as a grave insider breach of critical national infrastructure.

The suspects have since been transferred to the Independent Corrupt Practices and Other Related Offences Commission, ICPC) for prosecution.

Meanwhile, additional Immigration and Customs personnel who were found to have misused their official uniforms to facilitate unauthorised access but were not deemed criminally liable will face internal disciplinary measures.

According to the authorities, the action reflects zero-tolerance to internal compromise within Nigeria’s aviation security system.

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