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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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I Have Delivered On Yahaya Bello Prosecution Promise — EFCC Chairman Olukoyede

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EFCC Chairman, Ola Olukoyede has declared that he has fulfilled his 2024 promise to oversee the prosecution of former Kogi State Governor Yahaya Bello.

Addressing public questions regarding his previous vow to resign if Bello was not prosecuted, Olukoyede stated during an interview on Sunday Politics aired by Channels Television that his mandate to investigate and bring the matter to court has been achieved.

“A sitting governor, because he knew he was about to leave office, moved money directly from government to a bureau de change and used it to pay his child’s school fees in advance $720,000,” Olukoyede said.

He described the alleged action as disturbing, particularly in view of the economic condition of Kogi State.

“In a poor state like Kogi, you want me to close my eyes to that under the excuse that I am being used? Being used by who at this stage of my life?” he asked.

Olukoyede also recalled a public statement he made in April 2024, when he vowed to resign if Bello was not prosecuted.

“If I do not personally oversee the completion of the investigation regarding Yahaya Bello, I will tender my resignation as the chairman of the EFCC,” he had said.

Addressing public concerns over the pace of the case, the EFCC chairman said the commission had fulfilled its responsibility and that the matter is now before the courts.

“Have I not fulfilled that promise? Is Yahaya Bello not being prosecuted? The case is in court,” he said.

He stressed that the EFCC’s role is to investigate and prosecute, not to determine guilt or secure convictions.

“I have three cases against Yahaya Bello. Am I the judge who will decide conviction? I have done my work and fulfilled my mandate,” Olukoyede added.

Bello is currently facing multiple charges before different courts. He is standing trial on a 16-count charge involving alleged property fraud amounting to N110 billion, alongside Umar Oricha and Abdulsalami Hudu.

In a separate case before the Federal High Court, the former governor is also facing a 19-count charge bordering on alleged fraud and money laundering involving N80.2 billion.

The EFCC had earlier declared Bello wanted in April 2024 over alleged financial crimes estimated at about N80 billion, a development that sparked widespread political debate.

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Atiku Issues Stern Warning To Tinubu Govt Over Detention Of Critic Abubakar Musa

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Former Vice President Atiku Abubakar demanded the immediate and unconditional release of Abubakar Salim Musa (known as @AM_Saleeeem on X), a prominent critic of President Bola Tinubu’s administration.

 

Atiku’s statement characterized the arrest as part of a “growing crackdown on dissent” and warned that such repression threatens Nigeria’s democratic future as the nation approaches a critical general election period.

 

Atiku made the call in a statement issued on Monday, following a report by Amnesty International Nigeria on the arrest of the young Nigerian on Sunday, January 11, 2026.

 

“This case is yet another stark example of the repressive nature of the President Bola Tinubu administration, which continues to bare its fangs against dissent, whether expressed through public protests or online criticism,” Atiku said.

 

According to him, Musa’s only offence was his persistent criticism of the worsening security situation in Northern Nigeria and across the country.

 

“Abubakar’s only ‘offense’ was his consistent and legitimate criticism of the deteriorating security situation in Northern Nigeria and across the country,” he stated.

 

Rather than engage with the concerns raised, Atiku said the government resorted to intimidation and prosecution.

 

“Instead of addressing these serious concerns, the government’s response has been to arrest him and subject him to what Amnesty International rightly describes as ‘bogus charges and a sham trial,” he added.

 

The former vice president stressed that Musa’s arrest was not an isolated incident, noting that several Nigerians had suffered similar treatment for expressing dissent.

 

“Numerous Nigerians, including journalists, schoolchildren, entertainers and even NYSC members, have faced arrest, assault and intimidation simply for criticising the President or members of his family,” Atiku said.

 

He warned that such actions pose a grave threat to Nigeria’s democratic foundations.

 

“This dangerous trend undermines the very foundations of democracy, which rest on the protection of fundamental human rights and freedom of expression,” he said.

 

Atiku further argued that Nigeria’s democratic credentials were being eroded by the continued repression of critics.

 

“Nigeria cannot claim to be part of the free world while its citizens are routinely arrested, assaulted and intimidated for voicing criticism of their government,” he stated.

 

With general elections approaching, Atiku cautioned against an atmosphere of fear and repression.

 

“As the nation approaches a critical general election, neither the people nor the opposition can operate effectively in an atmosphere of fear and repression,” he warned.

 

He demanded the immediate and unconditional release of Musa and others detained for exercising their constitutional rights.

 

“I call on the Tinubu administration to immediately and unconditionally release Abubakar Salim Musa and all others detained for exercising their constitutional rights,” Atiku said.

 

He also urged the government to halt arbitrary arrests and intimidation, while calling on the international community to intervene.

 

“I urge the international community, particularly countries and organisations that champion democracy and human rights, to hold the Tinubu regime accountable and demand an end to these violations,” he said.

 

Atiku concluded by calling on Nigerians and civil society groups to resist any further erosion of civil liberties.

 

“I encourage fellow patriots, civil society groups and all Nigerians of conscience to join this demand and stand firmly against any further erosion of our freedoms,” he added.

 

 

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Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim

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A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.

 

One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.

 

Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.

 

In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”

 

He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.

 

“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.

 

He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.

 

The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.

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