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Business News

Dangote Cement to get London listing after Nigeria’s election

Dangote Cement Plc may carry out listing of its shares in London Stock Exchange after 2018 general election.

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Dangote Cement Plc

Dangote Cement Plc may carry out the much-awaited listing of its shares in London Stock Exchange after next year’s general election.

Edwin Devakumar, Group Executive Director, Dangote Industries Ltd disclosed this during an interview in Lagos.

He said:

“We are working on it and we’ll look at it in 2019.”

He further revealed that some banks have approached the company to arrange the Initial Public Offering (IPO), though none has been mandated and there’s been no decision about how much to raise.

Recall that the Nairametrics had earlier reported that Africa’s biggest producer of the building material, Dangote Cement could seek a London listing in the next two years.

Recently, the company announced the appointment of Cherie Blair and Mick Davies as Independent Non-Executive Directors. The appointments are seen by industry observers as preparing the way for the eventual listing of the cement group on the London Exchange.

The cement company earlier this week announced the issuance of its N150 billion Commercial Paper Issuance Programme. The commercial paper is expected to be listed on the FMDQ trading platform.

Africa’s largest cement producer, recently announced the issuance ofN50 billion Series 1 and 2 Notes under its 150 billion Commercial Paper Program, announced on 27th June 2018.

Dangote Cement announced a few weeks back that it wanted to raise a ₦300 billion ($833 million) local-currency bond. The company also plans to raise $500 million via the issuance of a Eurobond.

Dangote Cement intends to spend heavily on expansion, with $350 million earmarked for capital projects this year. This includes the building of export facilities at Nigeria’s seaports to boost shipments to neighbouring West African countries.

The local debts currently being raised may, however, be used to repay some of its trade-related debts and unpaid taxes.

Figures from its Q1 2018 financial results show 16% growth in turnover from ₦208 billion Q1 2017 to ₦242 billion Q1 2018. Profit before tax also grew by 40% from ₦77 billion in Q1 2017 to ₦108 billion in 2018.

However, the increase in revenue was largely due to an increase in cement prices as volumes produced and sold dropped. Its share price is currently trading at ₦228.00 on the Nigerian bourse as at Friday, July 6, 2018.

Its results for the first quarter ended March 2018 show the company has a debt to equity ratio of about 37.6% made up of a total external debt of about N318 billion with a total equity of N848.7 billion. Dangote Cement, however, has a total trade payable of N280 billion.

Jaiz bank

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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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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