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Mark Zuckerberg’s Facebook shares suffered a historic selloff in trading on Thursday, February 3, causing him to fall out of the top 10 rich list.

The Facebook founder’s personal net worth dropped approximately $29.7 billion on Thursday, according to Forbes’ real-time calculations.

By the end of trading, Zuckerberg’s on-paper fortune was estimated to be $84.8 billion.

Forbes now has Zuckerberg at No. 12 on the list world’s richest individuals.

Meta shares fell by more than 26% on Thursday to close the day at $237.76 each, wiping off about $232 billion in value, which was the largest one-day drop in the market value of any stock in the US history, Dow Jones reported, citing its market data.

The social media giant late Wednesday, February 2, reported the first quarterly decline in its user base in the company history.

Minister of information and culture, Lai Mohammed is reportedly set to relaunch a fresh bid for the regulation of social media in the country.

Recall that the Nigerian government has made several attempts to regulate social media operations in the country.

Part of its bid was to ban Twitter operation in Nigeria, a decision that was recently revoked on certain terms with the owners of the microblogging platform.

According to reports, it’s been learnt that Mohammed is making moves to reintroduce the National Broadcasting Commission (NBC) Act amendment bill through the executive bill route.

The bill according to TheCable seeks to empower the commission with the power to regulate social media, internet broadcasting, fix tariffs for pay television services, among other functions.

A source in the know reportedly shared that Mohammed’s first step towards the reintroduction of the amendment as an executive bill was executed on Tuesday, February 1 at a meeting in Benin, Edo state.

The meeting is believed to be a smokescreen to indicate that there was wide consultation of industry stakeholders before the presentation of the executive bill to the national assembly.

Sources say the executive bill will be simultaneously presented to both chambers of the national assembly and an accelerated passage will be carried out.

It could be recalled that in June 2021, the House of Representatives attempted to amend the laws establishing the NBC and the Nigeria Press Council (NPC).

The bills passed second reading and public hearings before they were suspended following public outrage.

Both bills were sponsored by Olusegun Odebunmi, a federal lawmaker representing Ogo Oluwa/Surulere constituency.

However, civil society organizations and media stakeholders took their stand during the hearing and rejected a major part of the amendment, citing attempts to shrink civic space in the country.

Twitter is now back in business in Nigeria. Having taken a hiatus from conversation on the bird app after the suspension by the federal government, I returned sometime last week. As usual, Twitter Nigeria is a no dull moment space. The African Cup of Nations is on and memes were flying regarding the big name casualties of the tournament. African football powerhouse, Ghana was dumped out of the tournament at the group stage after losing to debutants, Comoros Islands. “What is a Comoros?” “Trouble be like Comoros” were some of the trending hashtags on twitter. 

In the midst of the fun and banter, something caught my attention: a retweet popped up on my timeline of a tweet by @ajalayemi. It was something different from the flow of things in space. The author of the tweet is based in Ibadan. His tweet was about branding by Alerzo Limited, a business-to-business e-commerce platform delivering goods with vans and buses. He was fascinated by what he saw and decided to do some little search about the company. 

From his findings, Alerzo’s business model was designed to make business seamless for informal retailers. Unlike the Kongas and Jumias that connect sellers to customers, Alerzo is connecting informal retailers to direct supply from manufacturers. An informal retailer is that woman with the small shop on your street who sells almost everything. Yoruba call them “gbogbo lowo”, meaning “I sell all you need”. These sellers are forced to close their shops when going to the market to restock. Some of them lose customers in the process. The stress of frequent market trips also takes a toll on them both mentally and physically. So what Alerzo service implies is that instead of market trips, they simply pick up their phones to restock, or order via Alerzo app and get their stocks delivered at their shops. 

The idea sounded novel to me. I’ve not heard or seen such in Nigeria. At that point, I decided to do some digging about the company. Alerzo started off in Ibadan almost two years ago as a brainchild of the son of an informal retailer. In one of his interviews, the Chief Executive Officer of Alerzo Limited, Adewale Opaleye said he witnessed first hand the ordeals of his mother who went through a lot to keep her retail business going while managing the family. He saw the gap that could be bridged by e-commerce technology and decided to make it a reality in Nigeria. 

Alerzo is not the only company offering this type of service, there are others like Omnibiz, TradeDepot. Their services are already being enjoyed in other parts of the South West, North West and North Central. Apparently, I’ve been missing a growing trend, just like many of my readers right now. Thousands of retailers are already enjoying the ease and convenience of e-commerce. Improved lifestyle, increase in profit and savings are the immediate benefits that come with the service. 

On a broader scale, these platforms with their services will spike huge business activities in the digital space in the next few years. This is due to the fact that informal retail is a multimillion dollar business in Nigeria. Imagine the economic benefits Nigeria will derive from bringing just 50% of those retailers into the digital economy space. 

The increasing rate of mobile phone adoption in Nigeria makes this a possibility. In 2021, the number of mobile internet users in Nigeria amounted to over 101.7 million, with over 32% using smartphones. The rate of smartphone usage is increasing and many of these sellers can afford the cheaper versions. As a matter of fact, many informal retailers have tech savvy children who indirectly hijack their phones for games and internet surfing. With the help of these young ones, they can easily make their orders and get them delivered. 

For all tech enthusiasts, this is an interesting trend to watch. There are reports of millions of dollars investment by external investors in the B2B e-commerce platforms. This shows the faith and belief that the model can work in the country. From all indications, there are interestings times ahead for informal retailers in Nigeria thanks to a new wave of innovators opening up the market to new possibilities. 

President/Chief Executive, Dangote Petroleum Refinery, Aliko Dangote, has declared that since the refinery began producing petrol a year ago, Nigeria’s five-decade-long struggle with fuel queues has finally come to an end.

Speaking at a conference to mark the first anniversary of the launch of petrol from the 650,000 barrels-per-day refinery, Dangote highlighted that Nigerians have endured persistent fuel queues since 1975. However, this issue has been steadily resolved since the refinery commenced production on 3rd September 2024.

“We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era,” he said.

Acknowledging the numerous challenges the refinery has faced since its inception, Dangote emphasised the company’s unwavering commitment to Nigeria and Africa.

“The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true. What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa,” he added.

Reflecting on the challenges faced during the refinery’s development, Dangote disclosed that the project involved enormous risk. He received repeated warnings from industry experts, investors, local and foreign government officials, who argued that only sovereign nations undertook such large-scale refinery ventures. He admitted that had the project failed, he would have lost all his assets to lenders.

"The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa," he said.

Despite opposition and economic headwinds, the refinery has successfully reduced the price of petrol from nearly N1,100 before production began to N841 in the Southwest, Abuja, Delta, Rivers, Edo, and Kwara. With the gradual rollout of CNG-powered trucks, Dangote anticipates this price reduction will soon be felt nationwide.

He noted that the refinery has sufficient capacity to meet Nigeria’s domestic demand while also generating foreign exchange through exports.  He revealed that between June and first week of September 2025, the facility had exported over 1.1 billion litres of Premium Motor Spirit (PMS), underscoring its capacity to meet domestic demand and contribute significantly to foreign exchange earnings.

Emphasising job creation, he stated that the refinery has no intention of displacing workers but is instead generating thousands of new employment opportunities. The deployment of 4,000 CNG-powered trucks is expected to create at least 24,000 jobs across Nigeria.

“We have not displaced any jobs; we are creating many more. The CNG trucks will not be operated by robots,” he said. “Our employees earn salaries three times the minimum wage. Our drivers receive a living wage, life insurance, health insurance covering themselves, their spouses, and up to four children, as well as a lifelong pension. We are not only employing drivers but also mechanics, fleet managers, and other professionals to support the CNG fleet.”

Dangote clarified that while the company respects trade unions, membership is a personal choice for each driver.

He reaffirmed his commitment to Nigeria’s industrialisation, describing it as essential for the continent’s development. Dangote emphasised the urgent need for Nigeria to protect its local industries and discourage the dumping of cheap foreign goods, citing the collapse of the once-thriving textile sector as a cautionary example.

He noted that Nigeria’s path to sustainable economic growth lies in industrialisation, which not only boosts local productivity but also supports a circular economy.

“Other nations were not industrialised by outsiders. We must build and industrialise our own economies. Without this, how can others invest? That is why I believe the National Assembly should enact legislation to support the Federal Government’s ‘Nigeria First’ policy. My goal is to see Africa prosper, as we have the fastest-growing population in the world. Relying on imports means exporting jobs and importing poverty. Many individuals with greater financial resources than myself want to invest, but the challenges we face discourage them. Numerous sectors are still in urgent need of industrialisation,” he said

He reiterated that with the introduction of CNG trucks, the refinery can deliver products to consumers anywhere in Nigeria, mitigating all associated risks.

Dangote reiterated that the refinery remains open to partnerships and collaborations with other stakeholders in the downstream sector, stressing that the industry stands to gain more through collective effort and cooperation.

He also clarified that the refinery has no plans to enter the retail market, noting that he declined opportunities to acquire filling stations when they were offered for sale.

Looking ahead, Dangote announced that the refinery’s capacity would be expanded to 700,000 barrels per day in its second year of operation, with the aim of further supporting economic growth and job creation.

“Nigeria has now become the refining hub of Africa. We are set to become the largest exporter of polypropylene and are aiming to make Nigeria the world’s leading producer of fertiliser. These initiatives will generate substantial foreign exchange, create employment, and stimulate growth in other sectors,” he said.

“We are fully committed to supporting the government in adding value, creating jobs, and building a stronger economy.”

He also expressed his gratitude to the Federal Government, the refinery’s partners, dedicated workforce, and the Nigerian public for their continued support. In particular, he commended the Independent Petroleum Marketers Association of Nigeria (IPMAN) for encouraging its members to register for the free distribution initiative utilising CNG-powered trucks.

Dangote also used the occasion to showcase some of the CNG-powered trucks currently loading petrol from the refinery, emphasising that the company will successfully deploy all 4,000 trucks across the country soon. He allayed any fears of potential attacks on the drivers or the trucks, stressing that Nigeria is a country governed by the rule of law and that security agencies are fully empowered to protect its citizens and infrastructure.

Dangote Petroleum Refinery has dismissed recent allegations made by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), insisting that claims of anti-labour practices, monopolistic behaviour, and planned fuel price hikes are "entirely unfounded".

Union Bank of Nigeria, one of the nation’s longest-standing financial institutions, today announced the successful completion of its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN).