Headlines
Dangote Cement hits N10tn capitalisation as Otedola buys shares
The market capitalisation of Dangote Cement hit N10tn on Monday, emerging as the first company to achieve that milestone on the Nigerian Exchange.
This is as billionaire businessman, Femi Otedola, who called the founder of the Dangote Group, Aliko Dangote, his “bestie”, had made a significant acquisition of Dangote Cement shares.
The firm closed trading with a N10.098tn market cap after gaining N917bn, following a 9.99 per cent rise in its stock.
The company closed in 2023 with a market cap worth N5.451tn.
Its share at the close of trading on Monday stood at N590.60 per unit.
This month, it displaced Airtel Africa as the most capitalised stock on the local bourse.
In terms of capital gains, Dangote Cement investors have seen 85.25 per cent appreciation in their investment.
Otedola, explaining his reasoning for buying stakes in Dangote Cement in a statement issued on Monday, said the potential of Dangote Cement to earn foreign exchange as well as its compliance with Environmental, Social, and Governance principles made it an ideal investment for him.
“Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal investment choice.
“Dangote Cement’s strong corporate governance and impressive ESG compliance track record make it an ideal investment choice. It represents the type of company that not only contributes to Nigeria’s industrial strength but also aligns with my vision for ethical and sustainable business practices,” Otedola stated.
Otedola added that Dangote Cement’s track record of dividend payments and its commitment to sustainable business were major attractions.
He noted, “In my investment decisions, I focus on long-term wealth preservation and ensuring shareholders are the ultimate beneficiaries of a company’s success. Companies like Dangote Cement, which consistently deliver value to their shareholders, are fundamental for sustainable economic growth. My investment reflects my belief in its capacity to continue providing significant returns and my commitment to businesses that prioritize their shareholders.”
As of February 2023, the parent company, Dangote Industries Limited held 85.8 per cent stake in the company.
In April 2023, Otedola offered to buy indigenous conglomerate, Transnational Corporation Plc, after buying over five per cent stake in the company.
His offer was, however, rejected and he has since divested from the firm.
Speaking on the development, the Managing Director of APT Securities and Funds Ltd, Garba Kurfi, whose firm was one of the stockbroking firms that midwived the Transcorp deal last year, said “Over 50 per cent of the shares are owned by Dangote. Whoever is buying won’t make any difference. The question is if Otedola bought shares in Dangote Cement, will it make any change? How many billions of naira will you put in Dangote Cement that will change it?”
Commenting on the rise in the market cap of the cement company, financial and economic analyst, Rotimi Fakayejo, highlighted how three factors affect stocks in the capital market.
He said, “In the market, three factors govern share price movement. Number one, fundamentals that are corporate governance, dividend payment and sound financials. Number two is the forces of demand and supply. If more people are willing to buy the shares then definitely, the price will go. Then, number 3, market hearsay. The market hearsay now is that Femi Otedola is buying Dangote Cement shares. Everybody knows that when he was buying FBN Holdings shares, the shares moved from about N8 to about N15.
“So, if he has a large war chest to buy Dangote Cement, the truth of which is not much, then definitely, we will expect this kind of appreciation.
“The bottom line is Nigerian shares are underpriced. We believe that Dangote Cement should be among the stocks that will rank at least $1, which implies that it should be priced above N1,000. Some in the mid-term, we are going to see it get to that point.”
The post Dangote Cement hits N10tn capitalisation as Otedola buys shares appeared first on NewsNow Nigeria.
Education
1ST NIGERIAN TERTIARY INSTITUTIONS CONFERENCE ON UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) ESSAY COMPETITION
Competition Overview:
The SDG Youth Essay Competition offers a grand prize of N1 million for the top three winners, along with free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Competition Requirements:
1. Eligibility:
– Open exclusively to undergraduates in Nigerian tertiary institutions.
2. Entry Guidelines:
– Topic:The Role of Students in Attainment of SDG4
– length: Essays should be 1500 words.
– Entry Period: Thursday, February 1, 2024 – Thursday, February 29, 2024
– Referencing: APA Style (6th Edition).
– Font: Times New Roman, 12-point font size.
– Documentation: Typed in 1.5 line spacing, MS Word format only.
– Plagiarism: Only original content is accepted; plagiarized entries will be disqualified.
Benefits:
– Prizes:
– 1st Prize: N500,000
– 2nd Prize: N300,000
– 3rd Prize: N200,000
– Winners will also receive free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Required Documents:
– Student’s Institution ID Card
– Copy of Student’s Admission Letter
– One recent passport-size photograph
– WhatsApp telephone number and email address
Application Procedure:
– All entries and submissions (essay and required documents) should be scanned and sent to nigeriaessay@sdgyouth.org before the deadline.
For Further Inquiries:
– Call: 08068931151, 08133846739, 07067772964
– Email: nigeriaessay@sdgyouth.org
Deadline: February 29th, 2024
Don’t miss this opportunity to contribute to achieving SDG4 and win exciting prizes. Submit your entry and required documents before the deadline. For any inquiries, feel free to contact them via phone or email.
Competition Overview:
The National Essay Competition invites undergraduate law students to showcase their expertise and contribute to the discourse on AI, privacy, and data protection. In addition to cash prizes, participants have the chance to intern with Pentagon Partners, gaining valuable hands-on experience.
Competition Requirements:
1. Eligibility:
– The competition is open to 400-level and 500-level undergraduate law students in Nigerian universities.
2. Essay Requirements:
– Length: Essays should not exceed 1500 words.
– Format: Double spaced, 12pt Times New Roman font.
– References: OSCOLA format for citations with 10pt font size for footnotes and endnotes.
– Submission Format: Essays must be submitted in PDF format.
– Entrant Details: Include full names, school, level, phone number, and email address in both the body of the email and on the last page of the essay.
– Single Entry: Each entrant is allowed only one submission.
– Originality: Plagiarism will result in automatic disqualification.
Competition Benefits and Timeline:
1. Prizes:
– Winner: N200,000
– 1st Runner Up: N150,000
– 2nd Runner Up: N100,000
2. Internship Opportunity:
– In addition to cash prizes, winners have the exclusive opportunity to intern with Pentagon Partners, enhancing their career prospects.
Application Procedure:
– Interested participants should submit their essays to essay@pentagonpartnerslp.com during the submission period.
– The subject of the email should be the Essay topic
For additional information and updates, visit www.pentagonpartnerslp.com.
Deadline: March 22nd, 2024
Don’t miss this chance to showcase your legal expertise, contribute to important discussions on AI and law, and vie for enticing cash prizes. Pentagon Partners looks forward to receiving your submissions.
Purpose:
Inaugurated in 2020, the CDEC is part of SystemSpecs’ Corporate Social Responsibility (CSR) commitment to promoting capacity development in the Nigerian ICT industry. By encouraging young Nigerians to tackle everyday issues, the competition contributes to intellectual growth and societal progress.
Topic:
The theme for the 2024 competition is “Protecting the Nigerian Child from the Dangers of Online Technology.” Participants are tasked with exploring strategies to safeguard children in an increasingly digital world.
Eligibility:
– Open to primary and secondary school students in Nigeria aged 9 to 16.
– Junior category (ages 9 to 12) essays must not exceed 1,000 words.
– Senior category (ages 13 to 16) essays must not exceed 1,500 words.
Prizes:
– Winners will receive generous rewards, including a high-capacity laptop, premium headphones, a portable laptop stand, a smart wristwatch, and one year of internet data, among other items.
– Consolation prizes will be awarded to other participants.
Application Process:
– Interested candidates should access the application page
– Essays must be written in English and reflect original thought.
– Each participant is limited to one entry.
– Entries must be endorsed by an accredited school official, parent, or legal guardian.
– Deadline for submissions is April 12, 2024.
Submission Guidelines:
– All submissions must be in PDF format and include the student’s name, home and school addresses, email address, and contact phone number.
– Double entries will result in automatic disqualification.
– Submissions must be received by March 15, 2024, at 5:00 p.m.
Notification of Winners:
– Successful students and schools will be contacted in the second quarter of the year.
– Updates on winners will be announced on @nercng social media platforms.
The SystemSpecs Children’s Day Essay Competition offers a unique opportunity for Nigerian students to demonstrate their creativity and problem-solving skills. By addressing the theme of online child protection, participants contribute to building a safer and more secure digital environment for all. We encourage eligible students to seize this opportunity and showcase their talent and ingenuity.
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