Alice Walton, the world’s richest woman, along with her brothers Jim and Rob Walton, saw their combined net worth decline by $6.2bn in a single day, according to Forbes estimates.

Each Walton sibling lost an average of $2bn, with Jim and Rob Walton alone seeing a $2.1bn drop in their fortunes.

The losses were compounded by a sharp decline in Walmart’s stock price, which has fallen 9.53 per cent over the past five days.

Shares of Walmart Inc. have been on a downward spiral, closing at $84.68 on March 13, down from $87.70 on March 10—a decline of $8.92 per share in just five days.
The retailer’s stock opened at $85.12 with a high of $85.35 and a low of $84.81, reflecting ongoing market jitters.

The company’s market capitalisation now stands at $684.04bn, with a price-to-earnings (P/E) ratio of 35.28 and a dividend yield of 1.11 per cent.

The downturn in Walmart’s stock comes as China issues a stern warning to the retail giant over its handling of U.S. tariffs on Chinese imports.

Beijing recently summoned Walmart executives for discussions, following reports that the company was pressuring Chinese suppliers to cut wholesale prices to offset higher U.S. tariffs.

China’s Ministry of Commerce has expressed concerns that Walmart’s move could disrupt supply chains and violate commercial contracts, warning that if the retailer insists on shifting tariff-related costs onto Chinese manufacturers, the consequences could extend beyond just a meeting.

The escalating trade dispute between the U.S. and China is adding further uncertainty to Walmart’s stock performance.

The Trump administration recently doubled blanket tariffs on steel and aluminium imports to 20 per cent, intensifying the economic standoff between the world’s two largest economies.

Unlike her brothers Rob and Jim Walton, who serve on Walmart’s board, Alice Walton has taken a different path, dedicating herself to art and philanthropy.

She is the only daughter of Sam Walton and has focused on curating art rather than retail operations.
In 2011, she founded the Crystal Bridges Museum of American Art in Bentonville, Arkansas, featuring works by Andy Warhol, Norman Rockwell, and Mark Rothko.

More recently, she has turned her attention to healthcare innovation, launching a holistic health institute in 2021, which was later renamed the Alice L. Walton School of Medicine in 2022.

With Walmart shares continuing their downward trajectory, the Walton family’s wealth remains vulnerable to ongoing economic and trade tensions.

The Tertiary Education Trust Fund (TETFund) has announced its 2025 disbursement guidelines, allocating billions of naira to universities, polytechnics, and colleges of education.

The Executive Secretary of TETFund, Arc. Sonny Echono, revealed that universities will receive N2,860,562,362.66 each, comprising N2,560,562,352.66 as normal allocation and N300,000,000.00 as zonal allocation.

Echono disclosed this at a Strategic Workshop with Heads of Institutions on the 2025 Disbursement Guideline on Thursday.

Polytechnics will get N1,994,335,731.71 each, consisting of N1,794,335,731.71 as normal allocation and N200,000,000.00 as zonal allocation.

Colleges of Education will receive N2,178,428,260.79 each, made up of N1,978,428,260.79 as normal allocation and N200,000,000.00 as zonal allocation.

Echonon noted that in line with the Federal Government’s directives, all physical infrastructure development allocations for 2025 shall be directed toward the upgrading, rehabilitation and renovation of dilapidated infrastructure in our beneficiary institutions.

“This was communicated to you earlier to enable you to consult widely and prepare your projects ahead of time. You were also advised to employ the services of your consultancy units and or physical planning units in the preparation.

“The 2025 Disbursement allocation is structured as follows: the total Direct Disbursement of (91.08 percent), is made up of (48.90 percent) as Annual Direct Disbursement and (42.18 percent) as Special Direct Disbursement. Designated Projects account for (8.72 percent l), while Stabilization funds are (0.20 percent ),” he said.

Echono emphasised that the 2025 disbursement guidelines prioritize infrastructure development, research and innovation, academic staff training, and student support services.

He highlighted key initiatives under the Special Direct Disbursement category, including increased funding for the Special High Impact Programme (SHIP), completion of the National Library building in Abuja, establishment of mechanized farms in some universities, and accelerated provision of student hostels through Public-Private Partnerships (PPP) and direct construction.

Other priority areas include expanding infrastructure to enhance student intake for medical courses, adopting medical simulation and technology to improve curriculum delivery and patient care, and providing alternative power to selected beneficiary institutions.

“Other key focus areas in the 2025 Disbursement Guidelines include expanding Infrastructure to enhance student’s intake for Doctors, Nurses, pharmacist and Dentist in our universities and colleges of medicine, adopted of medical simulation and technology to improve curriculum delivery and patient care, provision of alternative power to selected beneficiary institutions to obscure current difficulties in coping with energy costs. other priority include addressing campus security, enabling disaster recovery and completing previously distressed projects. Research and innovation support will continue with provision for the National Research Fund, institutionalization of R&D, existing an expanding partnerships, Research meets Industry (Triple Helix initiative), and commercialization of research outcomes,” he said.

The TETFund Executive Secretary also announced plans to establish 12 new Entrepreneurship for Innovation Hubs in Polytechnics and Colleges of Education, promote the adoption and utilization of digital resources, and enforce the full utilization of the TERAS platform.

Echono urged Heads of Beneficiary Institutions to ensure the full utilization of their 2024 and previous allocations, while fast-tracking the procurement process to access their 2025 allocations.

A new law that would mandate government officials to prioritise local airlines for official trips would soon be sent to the National Assembly for legislative scrutiny, the Minister of Aviation and Aerospace, Festus Keyamo, has said.

The new law, to be known as the ‘Fly Nigeria Act’, would soon be sent to the National Assembly. It would help to boost the country’s aviation industry by requiring that all government-funded official trips be taken using Nigerian airlines.

This is just as Keyamo said that a previously strained relationship with the UAE has been mended, which led to the resumption of flight operations on October 1, 2024.

He added that the welfare of local airlines has been prioritised through negotiations with international partners to support their development.

Keyamo said, “We are in the process of pushing the Fly Nigeria Act to the National Assembly. There is a Fly America Act, and I believe there is also a Fly India Act. Most major countries have their own ‘Fly Act’ to promote their national airlines.

“Only when a local airline does not operate on a particular route can an international airline be used.”

According to Keyamo, the Fly Nigeria Act is not just an aviation policy but also a strategic move to strengthen Nigeria’s economy.

“This will be enacted as a law. We are unsure how nationalism will influence its reception, but it is a key policy push from us,” he added.

Speaking further, the Minister said this administration is the first to make the support of local airlines a primary objective.

“Across Africa, governments typically sponsor or support their national carriers, but in Nigeria, aviation has been entirely driven by private participation.

“It is essential to focus on private airlines that serve our domestic and regional airspace, creating policies that foster their growth and development while ensuring active government support for the sector.

“The Federal Airports Authority of Nigeria has made remarkable improvements, particularly in revamping Hajj terminals across the country. Several terminals were reopened last year, and more are set to be rehabilitated this year.

“We have also taken decisive action against the misuse of private chartered planes for illegal activities, which has resulted in revenue losses for the federal government.”

Mr Keyamo noted that over the past decade, approximately ₦120bn has been lost due to unauthorised charter operations.

To address this, a task force was established dedicated to curbing illegal airline operations.

Additionally, African and Aerospace University, which is now fully operational and open to international students, was engaged.

The minister encouraged prospective applicants to take advantage of this opportunity.

He added that Abuja and Lagos airports have been recognised for their excellence in safety and emergency management, winning prestigious awards and securing re-certification.

“We also visited Boeing at their invitation after they identified Nigeria as the next major hub for the airline business.

“This visit resulted in the signing of an MOU that has already begun yielding benefits. Last year, Boeing trained pilots for private airlines in Nigeria at no cost, marking the success of this partnership.

“The ministry aims to set up a policy called the Fly Nigeria Act, which will be presented to the National Assembly to promote local airlines,” Keyamo said.
The minister said, Nigeria’s inability to fully comply with the Cape Town Convention has affected its capacity to lease or acquire aircraft, as the country was not represented on the relevant committee.

The Governor of Bauchi State, Bala Mohammed, has said he was ready to work with the former presidential candidate of the Labour Party, Peter Obi, to achieve a working country.

 Governor Bala stated this on Thursday when he hosted Obi at the State’s Presidential Lodge.

He explained that he discussed challenges facing the nation. He commended Obi’s dedicated efforts in leading the opposition voices.

He stressed that the opposition parties and politicians need to come together to give the country good governance.

“We discussed state by state challenges and I feel highly appreciative of what he is doing as the leader of the opposition because whether we like it or not, he is the leader of the opposition now in Nigeria. I want to say at this level not to make some of those doubting Thomases and mischievous minds to pre-empt what we are doing, that I’m ready to work with Peter Obi. We will make sure we come together, close ranks, bring good governance to the country, give vibrant opposition with knowledge, timelines, visions in such a manner that we will rescue and recover our country. Our coming together is a message and the message is going to resonate because all our colleagues, the PDP governors are behind this kind of journey because it is a transcendental one. We are coming together to work together irrespective of party, region, religion or any other thing,” he said.

In his remarks, the former Labour Party presidential candidate said his visit to the Chairman of the People’s Democratic Party (PDP) Governors’ Forum was to discuss issues happening in the North.

He emphasized that leaders have it as a duty to address the poverty and hardship in the country.

“It’s just a consultation and discussion meeting that will continue to go on as we talk about the future of this country. We have to discuss issues happening in the North. I have told the governor today that the North is a critical component if we are going to get it right in this country. There is poverty in Nigeria. We have to deal with the issue of poverty and until you solve poverty, then you can talk about criminality,” Obi said.

The Rivers State House of Assembly has asked the Department of State Services to investigate the Chief Judge of the State for alleged age falsification.

This was the subject of plenary on Thursday at the Assembly following the presentation of some documents to the assembly by the leader of the House, Hon Major Jack.

Afterwards the Deputy Speaker, Hon Dumle Maol raised an allegation against the Chief Judge of the state, Simeon Amadi.

He said , “These document before me simply say that the Chief Judge of the state, Justice Simeon Amadi falsified his age in service. Mr Speaker, that is a very serious allegation, and I do hope that this House takes legislative notice.”

The House debated on it and resolved to write a letter to the Director of the DSS to do its investigation and revert to the House on their findings.

In his remarks, the Speaker, Martin Amaewhule called for an investigation into the alleged age falsification against the state chief judge.

He said, “The documents are only suggesting a case of age falsification by the honourable Chief Judge of the state, Simeon Amadi. What it means is that there has to be an investigation to that effect.”

After a voice vote, the House  eventually agreed to write the DSS to investigate the age falsification allegation against the Chief Judge.

Dr. Paul Enenche, the firebrand senior pastor of Dunamis International Gospel Centre, stormed Anambra with a healing and deliverance crusade that drew multitudes into the presence of God.

The spiritual gathering took over Dr. Alex Ekwueme Square in Awka, where Governor Charles Soludo, the state’s number one citizen, was spotted in deep worship, his voice lifted in song and prayer alongside church members and indigenes, in viral video.

Moved by the sheer order and impact of the crusade, Soludo, in a statement shared by The Punch, not only announced a full refund of the venue fees but also extended an open invitation for Dunamis to return, made it clear that the state welcomed such divine encounters.

Beyond that, the governor revealed bold plans for a major facelift of Ekwueme Square and its surroundings, enhance its beauty and lighting in alignment with Anambra’s identity as ‘The Light of the Nation.’

In a statement issued Thursday by his Press Secretary, Christian Aburime, Soludo called on the church to stand in the gap, intensify prayers for Anambra’s spiritual renewal while partnering with the government to restore moral values among the youth.

The statement read in part, “Our people are known for hard work and innovation, not for kidnapping, internet fraud, drug trafficking, and other criminal activities. We must collectively redirect the minds of our youths towards productivity and positive impact.

“We commend Pastor Enenche for preaching messages that promote righteousness and godly living. This will help reshape the minds of young people and contribute to building a safer and more prosperous Anambra State.”

SEE VIDEO BELOW 

The House of Representatives, on Thursday, deliberated on and adopted four significant tax reform bills after a thorough clause-by-clause review at the Committee of the Whole, presided over by Speaker Abbas Tajudeen.

Naija News understands that with the approval secured, the bills are now set for a third reading on the next legislative day before final passage.

According to Daily Trust, most of the contentious provisions that had previously sparked debate were resolved by the committee overseeing the reports, ensuring a smooth adoption process.

One of the key clauses considered and adopted was the Value Added Tax (VAT) distribution formula, which now follows a structure of 50% based on equality, 20% on population, and 30% on consumption—an approach initially suggested by the Nigerian Governors’ Forum (NGF).

The House also dismissed the proposal for a gradual increase in VAT rates, opting instead to maintain the existing 7.5% rate.

Additionally, lawmakers voted to remove the term “ecclesiastical” from one of the clauses, replacing it with “religious” to avoid controversy.

Another critical decision was the approval of continuous funding for agencies such as TETFUND, NASENI, and NITDA through development levies.

The contentious clause on inheritance tax was also adjusted, clarifying that inheritance acquired before dissolution cannot be taxed.

The tax reform bills adopted by the House include:

1. A Bill for an Act to Provide for the Assessment, Collection, and Accounting of Revenue Accruing to the Federation, Federal, State, and Local Governments; Prescribing the Powers and Functions of Tax Authorities, and for Related Matters (HB.1756).

2. A Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007, and Enact the Nigeria Revenue Service (Establishment) Bill to Establish the Nigeria Revenue Service, Charged with Powers of Assessment, Collection, and Accounting for Revenue Accruable to the Government of the Federation, and for Related Matters (HB.1757).

3. A Bill for an Act to Establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud for the Harmonisation, Coordination, and Settlement of Disputes Arising from Revenue Administration in Nigeria, and for Related Matters (HB.1758).

4. A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation, Enacting the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and for Related Matters (HB.1759).

The Senate has passed a vote of confidence in its President, Senator Godswill Akpabio.

The vote of confidence in Akpabio was passed unanimously during Thursday’s plenary, following a motion moved by Senate Leader, Opeyemi Bamidele (Ekiti Central) and seconded by Deputy Minority Leader, Olalere Oyewumi (Osun West).

The decision comes 48 hours after the suspended Chairman of the Senate Committee on Diaspora and NGOs, Senator Natasha Akpoti-Uduaghan (PDP, Kogi Central), addressed the Inter-Parliamentary Union (IPU) in New York, claiming she was suspended for raising allegations of sexual harassment against Akpabio.

PUNCH Online reports that Natasha filed contempt charges against Akpabio and others over her six-month suspension without pay from the Senate.

The Senate has urged Nigerians not to be distracted by the allegations, emphasising that the matter is already before the court.

Citing Order 40 of its standing rules, the Senate stated that it could not interfere in an issue under judicial consideration.

An Abuja Chief Magistrate Court sitting at Wuse Zone 6, on Thursday, issued a bench warrant for the arrest of controversial social media activist, Martins Otse, popularly known as VeryDarkMan, VDM.

The arrest order followed a criminal defamation case that was brought before the court by a renowned female gospel singer, Mercy Chinwo.

In his ruling, Magistrate Emmanuel Iyana ordered the Nigeria Police Force and other law enforcement agencies to arrest VDM and produce him before the court to answer to criminal allegations that were levelled against him by the gospel singer.

The court noted that the defendant failed to honour a summon it issued on March 5, which directed him to appear for the proceeding.

Despite a passionate plea by counsel to the defendant, Mr. Deji Adeyanju, who was presebt in court, Magistrate Iyana declined to vacate the arrest order.

Adeyanju had begged the court to allow him to personally produce his client on the next adjourned date.

Specifically, VDM was alleged to have made defamatory statements against the singer through his social media page.

It allegedly claimed that Chinwo was involved in a contractual dispute over her purported diversion of the sum of $345,000 linked to her former record label boss, Ezekiel Onyedikachukwu, also known as Eezee Tee.

Aggrieved by the allegation which she described as not only false but also injurious to her public image and reputation, the gospel singer, adduced before the court, documentary evidence that included emails and payment receipts, in a bid to establish her innocence.

The complainant’s team of lawyers led by Mr. Pelumi Olajengbesi, insisted that the defendant’s action was contrary to Sections 391 of the Penal Code and Section 24 (1)(B) of the Cybercrime (Prohibition, Prevention etc) Act 2015.

It will also be recalled that Chinwo’s counsel had also instituted a N1.1billion suit against VDM before the High Court of the Federal Capital Territory, Abuja.

The lawyer prayed the court to compel the defendant to delete, retract, and issue a public apology for all the alleged false and defamatory statements he made against Chinwo and her brand.

Senator Orji Uzor Kalu, Chairman of the Senate Committee on the South East Development Commission (SEDC) and Senator representing Abia North, has rejected calls from the Northern Youth Leaders Forum (NYLF) urging him to run for president in 2027.

The NYLF, a coalition of 40 groups, made the request after a courtesy visit to former President Olusegun Obasanjo in Abeokuta, Ogun State. The group’s President, Comrade Eliot Afiyo, named Obasanjo as its patron and listed Kalu and Labour Party’s 2023 presidential candidate, Peter Obi, as their preferred contenders for the 2027 presidency. The group also suggested that the Governors of Zamfara and Adamawa States, Dauda Lawal and Umar Fintiri, serve as running mates.

However, in a statement issued on Thursday by his media office and signed by George Maduka, Senator Kalu firmly dissociated himself from any presidential ambition, reiterating his commitment to supporting President Bola Ahmed Tinubu’s re-election in 2027.

Kalu emphasized that there is no division within the All Progressives Congress (APC) regarding the party’s 2027 presidential candidate and urged the opposition to refrain from using his name for political distractions.

The statement read in part: “Nigerian politics operates within a framework of a federal and presidential system, allowing citizens the right to vote and be voted for. Senator Kalu has the right to decide what position he should be considered for, and the presidency in 2027 is not one of them. He has publicly endorsed President Tinubu for re-election and remains committed to the work required to support him.”

Kalu further expressed confidence in Tinubu’s economic reforms, stating that achieving long-term stability, inclusivity, and adaptability requires the President to serve a full eight-year tenure.

“Since Nigeria’s return to democracy, no leader has shown the courage to reform the dwindling economy as Tinubu has. Kalu believes the best Nigerians can do is to support and re-elect the President in 2027 to complete the good work he has started.”

The former Abia State Governor also highlighted his long-standing friendship with Tinubu, dating back to their time as governors in 1999, and reaffirmed his unwavering support for the President’s progressive economic policies.