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Business News

Dangote Cement gains N133 billion, as shares increase in value by 3.6%

The shares of Dangote Cement rose by 3.7% or N7.8 to close higher at N228 per share.

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Dangote Cement reveals share buyback plans, DANGOTE CEMENT records loses as ASI decline by 0.39%

Dangote Cement had a bullish run today on the floor of the Nigerian Stock Exchange, as the shares of the leading cement manufacturer surged by 3.55%, to record N133 billion gain in market value in a day.

This recent gain can be linked to the building sentiment in the market, as shareholders await the resolutions of the Dangote Cement Board, after the Board meeting on Thursday.

READ: Dangote $2.5 billion fertilizer plant to commence operations in Q1 2021

Data tracked at the open and close of the stock market today, the 16th of March 2021 revealed that the shares of Dangote Cement rose by 3.7% or N7.8 to close higher at N228 per share.

This bullish move in the share price of DANGCEM today, saw the market capitalization of the company rise from N3.749 trillion to N3.882 trillion.

READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

Sentiment on the market

  • There has been a growing sentiment in the market as investors anticipate the release of Dangote Cement’s 2020 Audited results, noting that the Board meeting of Directors in the company was postponed to 18th March 2021, due to the impact of the second wave of COVID-19.
  • However, the Audited financial statement of the largest cement manufacturer in the African continent is expected to be released 24 hours after the Board meeting on Thursday, 18th of March 2021.
  • Investors however expect the Board of Dangote Cement to propose an impressive final dividend this year, at least higher than the final dividend of N16 per share the company paid shareholders last year.
  • In line with the cement manufacturer’s performance in the third quarter of 2020, its revenues are expected to hit the N1 trillion mark this year, making Dangote Cement the second company (after MTN) to achieve such a landmark.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Business

President Buhari restores ownership of OML 123, 124, 126 and 137 to NNPC

The President has ordered the restoration of ownership of OML 123, others to NNPC.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in a production sharing contract with the Chinese government-0wned, Addax Petroleum.

This is in line with the current administration’s rule of law, fairness and enabling a stable business environment for businesses.

This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a series of tweet posts on his official Twitter handle on Friday, April 23, 2021.

The President directed the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, while also directing NNPC to utilize contractual provisions to resolve issues in line with extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

READ: Senate to investigate 7 oil companies over refusal to remit $21 billion 

What the Presidential Media Aide is saying in the statement

The statement from Garba Shehu partly reads, ‘’In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to NNPC Group which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.

‘’This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts. While directing the Department of Petroleum Resources, DPR to retract the letter pf revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.’’

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READ: Total SA to explore crude on Nigeria’s border with Sao Tome

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Shehu in his statement also said that the restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account

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Corporate Press Releases

GAGE Awards 2021 takes centre stage as Bisola hosts virtual edition

The virtual edition will be hosted by Ex–BBNaija star Bisola Aiyeola alongside a stellar cast of entertainers billed to perform on the night.

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After what has been an interesting year for so many reasons, the GAGE Awards is finally taking centre stage on 24th April, 2021.This year’s edition is fully virtual, leveraging the best of technology to broadcast proceedings at the event.

The event is beach-themed, which is meant to help set viewers in a relaxed mode after such a tough past year. Digital came through for us and it’s time to gather virtually to celebrate the stars that made our lives simpler and better especially in the thick of the pandemic.

The virtual edition will be hosted by Ex – BBNaija star Bisola Aiyeola alongside a stellar cast of entertainers billed to perform on the night. It will be interesting to see the winner of some of the categories such as the Online news platform of the Year, Data Service provider of the Year, Webseries of the Year, Content Creator of the Year etc.

The Influencer of the Year category which got the internet in frenzy with over 20 million engagements on the GAGE Awards website will definitely be one of the most anticipated categories on the night. In that category are online powerhouses such as BBNAIJA revelations Erica Nlewedim and Nengi Hampson. Also in that category are Twitter top influencers Pamilerin Adegoke, Aisha Yesuf and Instagram top brand Influencer, Tomike Adeoye. Another big category to watch out for is the Online Comedian of the Year. Top contenders in that category are; Mr Macaroni, MCLively, Sydney Talker, Taaooma and Lasisi Elenu. Taaooma took home this category last year and it will be interesting to see if she can retain her crown as king of Online Comedy. The Banking app of the Year is another huge category to look for.Top contenders for the crown are GTBank, VBank, Zenith Bank, Access Bank and Alat by Wema.

To attend the GAGE Awards virtual edition, registration is via this link, https://gageawards.com/register/.

It will be recalled that GAGE Awards seeks to celebrate and spotlight the best individuals, brands or groups who have enriched lives in 2020 by leveraging on the power of digital to simplify our everyday lives. The award recognizes, celebrates, rewards, and amplifies the eventual winners’ outstanding activities and contributions to the digital ecosystem yearly.

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