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Billionaire Femi Otedola loses $400million in 9 weeks – Forbes report

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Nigerian billionaire Femi Otedola has lost more than $400 million of his personal fortune over the last 9 weeks as the stock price of Forte Oil, the Nigerian-listed energy behemoth he controls, shed off 43.5% in value within that period. 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 FY results and declared an attractive dividend of N3.45 per share. However, as at close of trading today (Tuesday), its share price has 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 today, according to the FORBES’ real-time billionaire scorecard. A source at Forte Oil says that the drop in the company’s share price is not un...
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Code of Conduct Bureau: We’ve verified Buhari, Osinbajo, Saraki’s assets

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The Code of Conduct Bureau said on Wednesday that it had completed the verification of the assets declared to it by President Muhammadu Buhari, the Vice President, Yemi Osinbajo; the Senate President, Bukola Saraki, and other top government officials in the current dispensation. The Head, Press and Protocol Unit of the bureau, Mohammed Idris, said this in a statement debunking a newspaper publication in which it was claimed that the verification of the assets of President Buhari and other government officials by the CBB was still ongoing. Idris, an assistant director in the bureau, said the newspaper publication was a trick targeted at undermining ongoing trials before the Code of Conduct Tribunal. Saraki is currently undergoing trial before the CCT on 16 counts including false asset declaration. The statement, titled ‘Re: CCB still verifying Buhari, Osinbajo, Saraki’s, others’assets,’ added that under President Buhari’s administration, the CCB had been recording increa...
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Death of fishmonger sparks protests in Morocco

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The streets of Morocco are littered with scores of angry demonstrators who are protesting the death of a fish monger who was reportedly crushed to death in the northern town of Al-Hoceima while trying to retrieve fish confiscated by police. Mouhcine Fikri had his fish seized by police on Friday after he bought it at the port. Local authorities have banned swordfish sales in this season. The fishmonger was reportedly mangled to death inside a garbage truck as he tried to reclaim fish held by police and his death sparked a frenzy of angry postings on social media against “Hogra”, a Maghreb term referring to official abuse and injustice. “I have never seen such a crowd in the last few years, since 2011 at least,” said Houssin Lmrabet, an activist from the town of Imzouren where thousands took part in the funeral of the victim and protests that followed. “Everyone feels crushed by that garbage truck here.”
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