Corona Virus: Dangote loses N240b in five hours

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. Benchmark equities indices indicated an

By |March 12th, 2020|Categories: News|Tags: , |0 Comments

$9.6b judgment: Danjuma’s, P&ID exposed

With the dust raised over the $9.6 billion judgment debt awarded to Process and Industrial Development Ltd (P&ID) yet to settle, another controversy over ownership of the project has surfaced. Billionaire businessman Gen. Theophilus Danjuma has been linked to the deal. A report by Businessweek quoted the one-time Minister of Defence as claiming that he committed $40 million to the takeoff of the project. P&ID, registered in the British Virgin Islands, won a contract to end gas flaring in the Niger Delta. Its chairman, Michael “Mick” Quinn, an Irishman, operated in Nigeria for decades, mostly as a military contractor. In

By |September 5th, 2019|Categories: News|Tags: , , |0 Comments
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