Connect with us
nairametrics

Business News

Dangote Sugar announces closed period

Dangote Sugar has stopped trading on its shares at the Nigerian Stock Exchange (NSE) following the announcement of its closed period.

Published

on

Dangote Sugar Refinery to merge with Savannah Sugar, Dangote was $4.3 billion richer in 2019, Dangote Sugar announces closed period, ban insider shareholders from trading , Dangote Cement: Weak revenue performance, elevated OPEX weigh on earnings

Dangote Sugar has stopped trading on its shares at the Nigerian Stock Exchange (NSE) following the announcement of its closed period. The new disclosure will prevent all Dangote Sugar insiders from trading on the shares of the firm, which is owned by African richest man, Aliko Dangote.

The company announced this in a statement published on the website of NSE. According to the statement seen by Nairametrics, the closed period was prompted by Dangote Sugar’s preparation to release its audited financial statement for the year ended December 2019.

Quick take: Sustained cost pressure weighs on profit, Dangote Sugar Refinery: Revenue recovers but cost pressures remainNairametrics learnt that the closed period started from Wednesday, January 23, 2020. This closed period is expected to continue until after the release of the audited financial statement.

“The company wishes to notify the Exchange and the investing public of its closed period from today (yesterday), January 23, 2020, till 24 hours after the filing of the audited financial statement for the year ended December 31, 2019.”

What this means for shareholders: External shareholders, who have no ties or knowledge of the financial proceedings in Dangote Sugar, can still trade on the company’s shares without any limitation but shareholders who have inside information are barred from conducting any trade on the company’s shares.

GTBank 728 x 90

Shareholders such as the management of Dangote Sugar, Directors, employees, Advisers, Consultants, and other individuals related or linked to them and the company in terms of dealings are considered as insiders, so they are forbidden from trading the shares of Dangote Sugar on NSE.

[READ MORE: UBA announces closed period)

This is done in order to allow for fair play in the stock market. These individuals with insider information could be exposed to financial information that could influence their decisions as related to the stock of Dangote Sugar. This gives them an advantage over other shareholders who are in the dark as regards the financial information of the company.

Deal book 300 x 250
Coronation ads

It’s a tradition in the stock market: The closed period and ban on insiders of a company is a periodical situation. It occurs when quoted companies are preparing to release their financial statement. It is in compliance with the NSE issuers’ rules.

 

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

2 Comments

2 Comments

  1. Tayo Adesins

    February 3, 2020 at 9:20 am

    You need to watch your tenses. Some of these write ups are not carefully edited. Good job, though!

  2. Tayo Adesina

    February 3, 2020 at 9:23 am

    You need to watch your tenses. Some of these write ups are nit carefully edited. Good job, though!

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ENDSARS

#EndSARS: Sanwo-Olu gifts families of slain police officers N10 million each

Governor Sanwo-Olu has compensated the families of slain police officers with the sum of N10 million each.

Published

on

Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Executive Governor of Lagos State, Babajide Sanwo-Olu has brought respite to the families of police officers killed during the violence witnessed in the aftermath of the #EndSARS protests.

According to the disclosure on the Twitter page of the Lagos State Government, the families were handed a cheque of N10 million each and the children of the slain officers awarded scholarships by the government.

What they are saying: Commenting on the recent development, a tweet by the Lagos State Government read thus: “Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children.’’

Why this matters: The recent effort by the Governor is in fulfillment of the promise he had earlier made to compensate affected victims of the post-EndSARS protest which led to the loss of lives and valuable properties both in the state and the country at large.

GTBank 728 x 90

The compensation will be viewed by serving officers as a motivation, aimed at promoting patriotism, loyalty, commitment and dedication to national service.

What you should know

  • Lagos State Government had earlier set up a N200 million fund for victims of police brutality
  • As a follow-up, Nairametrics had earlier reported that Lagos State Government offered scholarships to children of slain police officers.

Continue Reading

Corporate Press Releases

How digital transformation will impact Nigeria’s projected $8.79 billion economic expansion

Businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

Published

on

The Nigerian economy is projected to grow by $8.79 billion in the next three years to 2023, driven largely by the ICT, agriculture, health, finance and insurance sectors, according to a new study by global training providers elev8 and the BusinessDay Research and Intelligence Unit (BRIU).

More than half of the projected growth will come from the ICT sector, as companies continue to create innovative products and services leveraging ICT and telecoms. To take advantage of this growth, however, businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

The research comes off the back of the Covid-19 pandemic, which has laid bare the digital divide, with those businesses having invested sufficiently in their digital capabilities overtaking those firms who failed to do so.

However, this trend of digitally forward businesses outperforming their technology-inferior counterparts isn’t new, the study reveals. Analysis of the data, which went back as far as 1992, showed that the major companies outperforming others in Nigeria are those that spend more on upskilling, research and development, and technology acquisition.

Economic rewards await

In recognition of its benefits, Nigeria has made efforts in the past, and continues to make more efforts at digitalizing its economy. The progress made in Nigeria’s ICT sub sector has had a positive effect on its gross domestic product (GDP). Research shows that the sector’s contribution to GDP has risen from 7.70 percent in 2012 to 14.30 percent by Q2 2020.

GTBank 728 x 90

Meanwhile, the Nigerian government’s National Digital Economy Policy and Strategy, launched in 2019, aims to improve digital literacy and skills to build out the country’s digital capabilities.

However, the digital infrastructure readiness in Nigeria is still far below the global average. For this to be upgraded, the current skill set of government employees working in this area will need to be updated. This should warrant the designing of training programs that will help the government raise the level of digital infrastructure in Nigeria in the shortest possible time and at affordable costs.

The high economic rewards from closing the digital skills gap should see this become an even greater priority. If the entire Nigerian economy is digitalized, the country could take a bigger bite of the global digital economy, which is estimated at $11.5 trillion.

Coronation ads

Where digital leaders are made

Global training provider elev8 offers training programs focused on the latest technologies, and is uniquely placed to help businesses and the Nigerian government connect to opportunities as highlighted in the report.

Bringing together renowned industry experts, elev8 offers the flexibility of virtual classrooms or face-to-face programs, depending on what’s best for the organization and its learners.

Taking a holistic approach, power skills like communication, collaboration and analytical thinking are embedded into elev8’s technical training in order to develop well-rounded digital experts who can bring the most value to their employers.

Training methods are practical and action-based – built around projects, tackling real business challenges – enabling learners to put theory into practice from the day one.

No matter the technical need, elev8 can design and implement bespoke solutions tailored to a company’s individual requirements.

Jaiz bank ads

elev8’s global academy equips business leaders, teams and organizations with the skills they need to leverage the technologies of the future and transform Nigeria into a knowledge-based economy.

Stanbic IBTC

To read the report in full, or to discover more about the elev8 training academy, go to www.elev8me.com/en-us/africa.

Continue Reading

Coronavirus

Covid-19: WHO says the promise of vaccine is a game changer

The WHO has stated that the promise of Covid-19 vaccines is phenomenal and potentially game-changing.

Published

on

The World Health Organization has said that the promise of Covid-19 vaccines is phenomenal and potentially game-changing.

This disclosure was made by the WHO’s Regional Director for Europe, Hans Kluge, during a press briefing at Copenhagen on Thursday, December 2, 2020, according to a report from Reuters.

Kluge said there are expectations that there would be limited supplies of Covid-19 vaccine supplies at the early stages and as such countries must decide who gets priority.

However, the WHO emphasized that there is a growing consensus among stakeholders that older people, medical workers, and people that share the virus with some other health conditions will be among the first recipients of the vaccine.

What you should know

It can be recalled that yesterday, UK regulator gave its approval to the Covid-19 vaccine, which was developed by Pfizer Inc in collaboration with BioNTech, moving ahead of the rest of the world, including the United States in the race to begin the most crucial mass inoculation programme in history.

GTBank 728 x 90
  • This follows the announcement by Pfizer that the vaccine proved 95% effective in a final analysis of clinical-trial data for its phase 3 study.
  • In addition, Biotech firm, Moderna Inc, also announced that its Covid-19 experimental vaccine was 94.5% effective in a preliminary study.
  • The United States and European Union regulators are sifting through the same Pfizer vaccine trial data, but are yet to give their approval.
  • The WHO revealed on Wednesday it had received data from Pfizer and BioNTech on the vaccine and was reviewing it for possible listing for emergency use, a minimum condition for countries to authorize national use.

Continue Reading