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Jim Ovia, Dangote Huge Loss To Naira Devaluation

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The Central Bank of Nigeria’s (CBN) decision to unify all segments of the foreign exchange (FX) market in mid-June has led to the devaluation of the naira, causing prominent businessmen in the nation, including Nigeria’s richest banker Jim Ovia, to grapple with substantial wealth losses.

Ovia, who holds a leading position as one of Nigeria’s wealthiest entrepreneurs, suffered considerable setbacks due to the impact of the currency devaluation. Despite his status as Nigeria’s richest banker, Ovia joins a growing list of the country’s business magnates adversely affected by the devaluation of the naira.

Nigerian billionaire Aliko Dangote, Africa’s wealthiest individual, is another figure who suffered significant wealth losses earlier this year because of the exchange rate unification. His net worth plummeted below $10 billion in June. Notably, the recent devaluation of the naira has extracted a staggering toll of $158.6 million from Ovia, according to data tracked by our correspondent.

Ovia’s 16.2-percent stake in Zenith Bank, comprising 5,072,104,311 ordinary shares, underlines his position as Nigeria’s richest banker and one of the continent’s leading businessmen. Since the start of the year, Zenith Bank, a leading lender he founded in 1990, boasts an impressive share price surge of 41.2 percent on the Nigerian Exchange.

Based on the exchange rate of 448.06 naira to a dollar on Jan. 1 and accounting for the rise in Zenith Bank’s shares, the estimated market value of Ovia’s stake in the prominent financial services conglomerate is $384.74 million.

However, the CBN’s transformative action to unify the FX market on June 14 prompted a seismic shift in the naira’s valuation, pushing it from N448.06 per dollar at the start of the year to N758 for one dollar.

Consequently, the value of Ovia’s stake in Zenith Bank stands at $226.07 million, culminating in a substantial loss of $158.67 million due to currency devaluation.

Despite the fiscal setbacks he has endured, Ovia’s position as Nigeria’s richest banker remains steadfast. His standing as one of Africa’s most prosperous business magnates and a driving force within the continent’s banking sector also remains unshaken.

The naira’s devaluation has undoubtedly brought unprecedented challenges for Nigeria’s business titans, inflicting substantial economic losses on even the most prominent players in the country’s entrepreneurial landscape.

While the evolving market dynamics continue to pose intricate challenges, business leaders like Ovia endure, reflecting the resilience ingrained in the Nigerian business community.

 

 

Source; Billionaires Africa

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Insiders Revealed, Omoge Saida To Marry Billionaire Lover This December

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The social scene is already heating up as insiders reveal that popular lifestyle personality,Saidat Aralamo Asabi Balogun popularly known as Omoge Saida, is set to marry her billionaire lover in December — a development that has sent whispers of excitement across London, Lagos and Abuja high society.

According to those close to the stylish socialite, preparations for the much-anticipated ceremony are already underway, with talks suggesting it will be an exclusive, invitation-only affair.

Sources hint that the billionaire, a discreet yet powerful business magnate, has decided to make their relationship formal, in what many tagged a face saving situation from the nude video scandal.

Friends of Saida describe her as glowing, excited as she prepares for what many say is the beginning of a new, lavish chapter in her life.

Details remain tightly guarded, but insiders insist December is locked in — and if the early buzz is anything to go by, Omoge Saida’s wedding may well be one of the biggest society moments of the festive season.

 

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All The Shocking Details As PDP Declares Adedamola Osun Flagbearer, Beats Gov Adeleke in Tense Primary

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In a dramatic twist that has sent shockwaves through Osun’s political landscape, the Peoples Democratic Party (PDP) has declared Hon. Adebayo Adedamola as its governorship flagbearer after a fiercely contested primary that saw him defeat incumbent Governor Ademola Adeleke.

The keenly watched primary, held amid heavy security and intense party interest, drew party delegates from across the state. What many expected to be a smooth victory for the governor turned into a tightly fought race, with Fryo gaining momentum during delegate consultations and strategic bloc alignments.

According to party officials, Fryo clinched the majority of valid votes after what they described as a transparent, credible, and highly competitive exercise. His supporters erupted in celebration as the final tally was announced, chanting solidarity songs and hailing what they called “a new direction for Osun PDP.”

Adedamola, popularlcy called Fryo is said to be a close ally of APC stalwart, Iyiola Omisore. Fryo was among the people arrested over the killing of late Attorney General, Chief Bola Ige.

Political analysts say the upset signals a significant shift within the party’s power structure, as the result reflects growing agitation for fresh leadership and a repositioning of the party’s influence across local government blocs.

Governor Adeleke, who had sought the party’s ticket to secure a second term, was said to have congratulated Fryo in a closed-door exchange, though members of his camp are still digesting the unexpected outcome.

Fryo, in his acceptance speech, promised to unify the party, consolidate on its achievements, and present a formidable front ahead of the general elections. He described his victory as “a mandate for renewal” and urged party faithful to rally behind him for what he termed the decisive battle ahead.

With this development, all eyes are now on how the PDP navigates the post-primary atmosphere and prepares for a heated governorship election season in Osun State.

 

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Tunde Ednut Earns $5,000 Per Day! -Report

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“Tunde Ednut earns $5,000 average per day, ISWIS made approx $200,000 from live events in one month” — Chude Jideonwo unveils creator economy data at Digital Creator Africa Summit
At the inaugural Digital Creator Africa Summit, media entrepreneur and #WithChude host Chude Jideonwo unveiled new data positioning the Nigerian creator economy as one of the most commercially powerful industries on the continent.
Highlighting explosive growth and overlooked business models, Jideonwo revealed that:
 • Tunde Ednut, the former musician turned Instagram media mogul, is estimated to earn over $5,000 a day through his platform — with a business model based on affiliate promotion, Instagram advertising, and music amplification.
 • The hit podcast “I Said What I Said” (ISWIS) reportedly made approximately $200,000 in gross revenue from live events alone in a single month, drawing thousands of fans across there US, the UK and Canada.
 • “What these numbers show,” Jideonwo said, “is that creators are no longer just influencers — they are media companies, and increasingly, nation-builders.”
The summit, held in Lagos and attended by creators, investors, and media leaders, was designed to shift the conversation from virality to value — reframing content creation as infrastructure, not just entertainment.
As part of his address, Jideonwo announced his $500,000 personal commitment to the FourthMainland Creator Fund — a catalytic investment vehicle to back high-potential African creators with funding, IP support, and platform distribution.
“We’re building the Mavin Records of storytelling,” he said. “Not just with fame, but with financial tools, ownership, and a full studio system that lets creators scale across the continent and diaspora.”
The Creator Fund is part of the broader FourthMainland ecosystem, a creator commerce platform set to launch in 2026. The platform will offer monetization tools, subscription infrastructure, and joint-IP models built around African content — positioning it as the first at-scale infrastructure for the continent’s growing $100B creator economy.
Jideonwo, whose ventures include Joy, Inc., #WithChude, and YNaija, closed with a call to funders and policymakers:
“If music had Mavin Records and tech had CcHub, then creators now have their studio systems — their Mavins — and they’re building billion-dollar value chains without waiting for permission.”
The keynote, titled “Overtaking is Allowed,” argued that Africa’s most important civic and cultural shifts today are being led by independent creators, and that media-tech infrastructure for creators is now one of the biggest opportunities for economic growth across the continent.
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