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Dangote Cement, Nestle, Guinness record losses on the NSE

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LAGOS – Some highly capitalised stocks on the Nigerian Stock Exchange (NSE) recorded huge price losses due to sustained profit taking by investors.

Nestle topped the price losers’ chart, dropping N18 to close at N1, 102 per share.

Guinness lost N5 to close at N212, while Nigerian Breweries depreciated by N4.50 to close at N145.50 per share.

Dangote Cement lost N3.96 to close at N235, while Presco dipped by N2.42 to close at N46.06 per share.

On the other hand, Julius Berger led the gainers’ table with 95k to close at N75 per share.

PZ followed with a gain of 69k to close at N37, while Redstarex grew by 21k to close at N4.58 per share.

UPL also gained 15k to close at N4.20, while CUTIX appreciated by 8k to close at N2.10 per share.

The All-Share Index lost 900.67 points or 2.24 per cent to close at 39,378.15 against the 40,278.82 recorded on Wednesday.

The market capitalisation dipped by N289 billion or 2.24 per cent to close at N12.62 trillion compared with N12.91 trillion achieved on Wednesday.

In all, investors staked N4.75 billion on 335.301 million shares in 5,013 deals.

This was against 354.886 million shares worth N5.92 billion traded in 5,091 deals on Wednesday.

The financial services sector remained the most active with Zenith Bank emerging the most traded equity with 46.05 million shares worth N930.95 billion.

Transcorp came second with 35.36 million shares valued at N140 million, while FCMB sold 23.50 million shares worth N87.98 million.

Wema Bank accounted for 22.76 million shares valued at N22.98 million, while UBA traded 19.01 million shares valued at N145.11 million.

– NAN

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Forbes Ranks Dangote As World’s 86th Richest Person

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Dangote Tackle forex shortage with sugar

 

Nigerian entrepreneur, Aliko Dangote is now the 86th richest person in the world with his wealth put at $23.9 billion.

With the classification, Dangote retains his position as the wealthiest person in Africa, according to Forbes.

Recall that Forbes ranked Dangote as the 144th richest person in the world in 2024 with $13.4 billion.

In its latest ranking, Forbes estimates Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals.

At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.

ALSO READ: Dangote Group Loud At 46th Kaduna Int Trade Fair

This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.

Dangote disrupted the Nigerian government’s oil monopoly by constructing the largest petroleum refinery in Africa.

After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year. Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa.

Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertiliser producer.

The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that had traditionally sold to Nigeria, according to energy intelligence firm Vortexa.

Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.

Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.

“I want to provide a blueprint for industrialisation across Africa,” Dangote says in an interview with Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.”

He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.”

Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.

“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”

Director of the Africa Programme at the Carnegie Endowment for International Peace, Zainab Usman, was cited by Forbes, as saying that Nigerians see Dangote as a hero and a real industrialist transforming the country.

“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.

A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent.

“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” he said while adding, “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”

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JUST IN: Nigeria’s Inflation Drops To 24.48% After CPI Rebasing – NBS

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Nigeria’s inflation falls further to 15.99% in October

Nigeria’s inflation rate declined to 24.48% year-on-year in January 2025, following a rebasing of the Consumer Price Index (CPI), according to the National Bureau of Statistics (NBS).

Announcing the figures on Tuesday, Statistician-General of the Federation, Adeyemi Adeniran, explained that the rebasing exercise was necessary to reflect current consumer spending patterns.

He noted that urban inflation stood at 26.09%, while rural inflation was recorded at 22.15%.

READ MORE: Nigeria’s Unemployment Rate Drops To 4.3% In Q2 2024 – NBS

The new CPI measurement replaces the previous framework, under which inflation was reported at 34.80% in December 2024.

Rebasing the CPI involves updating the basket of goods and services used to calculate inflation, ensuring it aligns with present economic realities.

The rebased figures show that food inflation fell to 26.08% year-on-year in January, down from 39.84% in December 2024.

Similarly, core inflation—which excludes volatile agricultural and energy prices—dropped to 22.59% year-on-year.

Adeniran stated that the revised CPI methodology provides a clearer picture of inflationary trends and the cost of living in Nigeria.

The figures come amid government efforts to stabilize the economy and curb inflationary pressures.

 

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BOF Receives Donation Of Medical Equipment From NNPC-SNEPCo

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As part of efforts to enhance healthcare outreach in under-served communities across Nigeria’s South-West, North-Central, and South-South regions, the Nigerian National Petroleum Company Limited (NNPC Ltd) and the Shell Nigeria Exploration and Production Company Limited (SNEPCo) donated medical equipment to the Benjamin Olowojebutu Foundation (BOF).

It was gathered that the initiative was aimed at enabling the non-profit organisation to conduct nearly 5,000 fibroids and hernias surgeries, alongside dental procedures for an additional 5,000 individuals.

The Managing Director, SNEPCo, Roland Adams, revealed that the partnership with NNPC and BOF is part of the social investments of the company that for improving lives across Nigeria.

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Adams spoke through the Health Manager and Transformation, Dr. Ajike Oladoyin, and reaffirmed SNEPCo’s dedication to improving healthcare accessibility and quality for Nigerians, particularly in regions that lack such services.

On his part, the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services (NUIMS), Oluwaseyi Omotowa, represented by Deputy External Relations Manager, Edith Lawson, said, “The donation is a testament of our dedication to corporate social responsibility and the commitment of NNPC Ltd to enhancing healthcare delivery in Nigeria. It aligns with our broader objective of fostering sustainable development and empowering communities across the nation. We understand the challenges faced by healthcare providers, and through this contribution, we hope to alleviate some of these burdens and enable healthcare professionals to deliver even more efficient and effective care.”

The head of BOF, Dr. Benjamin Olowojebutu expressed gratitude for the donation which would be useful for outreaches planned for this year in Kwara (North-Central), Ekiti (South-West) and Ebonyi and Bayelsa in the South-East and South-South respectively.

The social investments of NNPC-SNEPCo and co-venture partners (Total Energies, ExxonMobil and Nigeria Agip Exploration) have improved lives in internally displaced camps in North-East Nigeria and rebuilt hospital wards and educational institutions in addition to secondary, undergraduate and postgraduate scholarship awards and donation of cancer treatment equipment. More than 6,000 people benefitted from an eyecare outreach which held as part of the NNPC-SNEPCo Vision First initiative in Bariga Loal government Area of Lagos State in August last year. The initiative also saw the donation of medical equipment to health centres and charity homes in Badagry, in Lagos State, Oguta in Yenagoa , Bayelsa State.

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