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Business News

Dangote Cement announces new Non-Executive Director

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Africa’s largest cement producer,Dangote Cement Plc. (DANGCEM-NL) has announced the appointment of Viswanathan Shankar as a Non-Executive Director of the company.

Meet Viswanathan Shankar

  • Mr. Shankar holds an Masters in Business Administration at the Indian Institute of Management, Bangalore and a BSc in Physics at the Loyola College, Madras.
  • Prior to his appointment,Mr. Shankar is Chief Executive Officer of Gateway Partners, a private equity firm focused on investing in the dynamic growth markets of Africa, Middle East and Asia.
  • Mr. Viswanathan Shankar also served as the Chief Executive Officer of Middle East, Africa, the Americas & Europe at Standard Chartered PLC from May 1, 2010 to April 2015.
  • Mr. Shankar served as Group Head Origination & Client Coverage of Standard Chartered PLC from 2007 to April 2010. He served as Executive Chairman of Principal Finance and Private Banking of Standard Chartered PLC. He served Group Head, Corporate Finance at Standard Chartered PLC since joining in September 2001.
  • He worked at Standard Chartered Private Equity Limited. He served as a Member of Corporate Responsibility at Standard Chartered Bank India.
  • Prior to Standard Chartered, he served at Bank of America in Asia and USA for 19 years and served as Managing Director – Head of Asia-Pacific Investment Banking and Chief Executive Officer of BA Asia Limited based in Hong Kong.
  • He served as the Chairman and Co-Chairman of standard Chartered Private Bank. He served as a Non-Executive Director of Majid Al Futtaim Holding LLC from January 2012 to June 30, 2016.
  • He serves as Chairman of Nuovobanq, Seychelles.
  • He served as a Member of the Board of the Inland Revenue Authority of Singapore.
  • He served as an Executive Director at Standard Chartered PLC from January 1, 2012 to April 30, 2015.
  • He served as a Director of Export-Import Bank of the United States. He is a member of the Sub-Saharan Africa advisory committee of the Export-Import Bank of the United States; a trustee of the Asia Society, New York; and a member of the board of trustees of the Singapore Indian Development Association (SINDA).

Mr. Shankar was awarded the Public Service Medal by the government of Singapore in 2014.

About Dangote Cement Plc

Dangote Cement is a fully integrated cement company and has projects and operations in Nigeria and 14 other African countries; Dangote Cement’s current total production capacity in Nigeria from its three existing cement plants namely Obajana, Ibese and Gboko. Dangote Cement is also the biggest quoted company in West Africa and the only Nigerian company on the Forbes Global 2000 Companies.

Dangote Cement  has continued to maintained its strong hold in the Nigeria domestic cement market accounting for 65 percent of the Nigerian market volume

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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