CAPITAL MARKET
Dangote Cement’s shareholders approve N272.6bn dividend
The shareholders of Dangote Cement Plc have approved the N272.6bn dividend for the 2020 financial year, translating to N16 per share. The dividend was approved on Wednesday at the virtual 12th Annual General Meeting, where shareholders commended the management of the company for an impressive performance despite the economic challenges in the year under review.The company said in a statement that the 16 per cent increase in its revenue led to a 36 per cent increase in its earnings per share of N16.14 as against N11.29 in 2019. Punch
Stock market extends losses by N12 billion
The stock market extended losses to three consecutive sessions yesterday, causing market capitalization to depreciate further by N12 billion. At the close of transaction yesterday at the Nigerian Exchange Limited (NGX), the market capitalization of listed equities declined by 0.06 per cent to N19.928 trillion from N19.940 trillion reported the previous day. The All-Share Index (ASI) also depreciated by 23.13 basis points to 38233.68 points from 38256.76 points recorded on Tuesday. The Guardian
Champion Breweries’ profit rises by 102%
Champion Breweries Plc said its profit before tax rose by 102 per cent to N418.16m in the financial year 2020 from N206.57m in 2019. The firm said this on Wednesday in a statement, titled ‘Despite pandemic, Champion Breweries grows profit before tax by 102 per cent’. The company’s annual report also showed a 1.8 per cent increase in revenue generation to N7.05bn for the year ended December 31, 2020 from N6.93bn for the year 2019. It said operating profit for the business also grew by 91 per cent to N461.35m from the N241.48m recorded in 2019. Punch
BANKING
Ecobank Partners LSETF to Support Lagos MSMEs
Ecobank Nigeria and the Lagos State Employment Trust Fund (LSETF) have reached a strategic collaboration to reduce unemployment in the state through the promotion of entrepreneurship and capacity development for Lagos-based micro, small and medium enterprises (MSMEs). Under the arrangement, Ecobank is expected to make available its various platforms and solutions to LSETF for prequalified MSMEs in Lagos to drive attainment of the objectives as set out by LSETF and Ecobank Nigeria. This Day
ECONOMY
Experts fault naira devaluation, say prices will rise, poverty deepened
Against the backdrop of the recent devaluation of the naira by the Central Bank of Nigeria, economic and financial experts have said the poverty level in the country will increase. The PUNCH had reported on Wednesday that the CBN officially devalued the naira as it adopted the NAFEX exchange rate of N410.25 per dollar on Tuesday as its official exchange rate, days after removing the N379/$ rate from its website. Punch
NNPC Seeks to Acquire 20% Stake in Dangote Refinery
The Nigerian National Petroleum Corporation (NNPC) has expressed interest in purchasing a 20 per cent minority equity stake in Dangote Refinery, Lagos, reputed to be Africa’s biggest oil refining facility and the world’s largest single-train plant. The 650,000 barrels per day (bpd) integrated refinery, expected to process a variety of light and medium grades of crude, including petrol and diesel as well as jet fuel and polypropylene is owned by Nigeria’s Dangote Group and is worth about $15 billion. This Day
Nigeria needs $2b monthly for fiscal sustainability as FG builds oil reserves
The Department of Petroleum Resources (DPR) has stated that the country needs over $2 billion monthly revenue to remain sustainable as a nation. The Director, DPR, Sarki Auwalu, warned that without this monthly income, the economy would be in doldrums as over 70 per cent of the $2 billion is presently being realized through the nation’s oil and gas sector. Auwalu stated this at a DPR/ Nigerian Extractive Industries Transparency Initiative (NEITI) strategic engagement session in Lagos. The Guardian