Headlines
World’s Richest Billionaires Lose $1.4tn in Worst Half Year Ever

The world’s 500 richest people lost $1.4 trillion in the first half of 2022, a dizzying decline that marks the steepest six-month drop ever for the global billionaire class.
Elon Musk’s fortune plunged by almost $62 billion, Jeff Bezos saw his wealth tumble by about $63 billion while Mark Zuckerberg’s net worth was slashed by more than half in Q1, 2022, the Bloomberg Billionaires Index, has indicated.
It’s a sharp departure from the previous two years, when the fortunes of the ultra-rich swelled as governments and central banks unleashed unprecedented stimulus measures in the wake of the COVID-19 pandemic, juicing the value of everything from tech companies to cryptocurrencies.
With policymakers now raising interest rates to combat elevated inflation, some of the highest-flying shares – and the billionaires who own them – are losing altitude fast.
Tesla Inc. had its worst quarter ever in the three months through June, while Amazon.com Inc. plummeted by the most since the dot-com bubble burst, a Bloomberg report said.
Though the losses are piling up for the world’s richest people, it only represents a modest move toward narrowing wealth inequality.
Tesla’s co-founder, Musk, still has the biggest fortune on the planet, at $208.5 billion, while Amazon’s Bezos is second with a $129.6 billion net worth, according to the index.
France’s richest person, Bernard Arnault, ranks third with a $128.7 billion fortune, followed by Bill Gates with $114.8 billion.
They are the only four that are worth more than $100 billion, at the start of the year, 10 people worldwide exceeded that amount, including Zuckerberg, who is now 17th on the wealth list with $60 billion.
Changpeng Zhao, the crypto pioneer who debuted on the Bloomberg Billionaires Index in January with an estimated fortune of $96 billion, has seen his wealth tumble by almost $80 billion this year amid the turmoil in digital assets.
Vladimir Potanin, Russia’s wealthiest man with a $35.2 billion fortune, acquired Societe Generale SA’s entire position in Rosbank PJSC earlier this year amid the fallout from Vladimir Putin’s invasion of Ukraine.
He also bought out sanctioned Russian mogul Oleg Tinkov’s stake in a digital bank for a fraction of what it was once worth.
Sam Bankman-Fried, Chief Executive Officer of crypto exchange FTX, bought a 7.6 per cent stake in Robinhood Markets Inc. in early May after the app-based brokerage’s share price tumbled 77 per cent from its hotly anticipated initial public offering last July.
The 30-year-old billionaire has also been acting as a lender of last resort for some troubled crypto companies.
The most high-profile buyout of all belonged to Musk, who reached a $44 billion deal to buy Twitter Inc. He offered to pay $54.20 a share; the social-media company’s stock traded at $37.44 at 10:25 a.m. in New York.
The world’s richest man said in an interview with Bloomberg News Editor-in-Chief John Micklethwait last month that there are “a few unresolved matters” before the transaction can be completed.
“There’s a limit to what I can say publicly,” he said. “It is somewhat of a sensitive matter,” he added
Headlines
NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.
The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.
Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.
“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”
She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.
“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”
Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.
“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.
Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.
“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.
“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.
“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”
He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.
“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.
Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.
“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”
The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.
Education
NUC grants ESUT full accreditation for Law, 7 other programmes

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Crime
Court remands 2 over alleged attempted murder

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.
Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.
The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.
Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.
He thereafter adjourned the case until May 31 for mention.
The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.
She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.
“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.
Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.
He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.
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