Headlines
Refinery: Dangote investors gain N1.2tn
Equity investors in the stocks of companies under the Dangote Group have gained over 1.2tn during the first two trading sessions of this week.
This marked increased appetite in the stocks of the companies listed on the Nigerian Exchange Limited, following the commencement of the production by the Dangote Petrochemical Refinery.
NewsNow reported that Dangote Petroleum Refinery said it had commenced production of diesel and aviation fuel on Friday.
The listed companies; Dangote Cement Plc, Dangote Sugar Refinery Plc and NASCON Allied Industries Plc; the latter companies are in the middle of a merger with another firm, Dangote Rice Limited.
In August, it was revealed that the firms had agreed to integrate into a single entity. The merger will be executed courtesy of “a scheme of merger under Section 711 of the Companies & Allied Matters Act, 2020 (as amended) and other applicable rules and regulations,” Dangote Sugar said in a statement.
Through the scheme consideration, 12 ordinary shares in NASCON will be exchanged for 11 Dangote Sugar shares, totalling 2,428,651,847 new ordinary shares of Dangote Shares. The three companies are all members of the conglomerate Dangote Industries Limited controlled by Africa’s richest man Aliko Dangote.
On Friday, Dangote Cement closed trading with a market cap of N5.964tn, Dangote Sugar was worth N828.417bn and NASCON was valued at N158.966bn.
By the close of trading on Tuesday, Dangote Cement’s capitalisation had risen to N7.018tn with a unit priced at N411.90. Dangote Sugar’s market capitalisation rose to N988.755bn and NASCON Allied appreciated to N189.434bn. The value of the increases across the companies led to a gain of N1.245tn for shareholders in the companies, the largest being in Dangote Cement.
At the close of trading, both Dangote Sugar and NASCON Allied Industries gained 10 per cent to close at N81.40 and N71.50 per unit. NASCON also emerged the most traded security in terms of value resulting in N2.57bn worth of its units traded.
The listing of Dangote Refinery is one that several analysts had projected for this year, seeing it as a major boost for the capital market alongside the listing of Dangote Foods and NNPC Limited.
Speaking on the commencement of production at the refinery, Dangote, described it as “a game changer” and “an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects.”
Meanwhile, the billionaire owner of the conglomerate in November revealed plans to list his $20bn Dangote Petrochemical Refinery on the NGX.
Dangote in an interview with Financial Times said that with the resolution of challenges with crude oil supply to the refinery, “We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The refinery which is expected to produce diesel, kerosene and jet fuel, was officially opened by former president, Muhammadu Buhari, in May.
Meanwhile, billionaire businessman, Femi Otedola, has said that Dangote Refinery will champion energy security in Nigeria.
Otedola said this in December on his X (formerly Twitter ) handle, where he congratulated Africa’s richest man and his “bestie,” Aliko Dangote, on the commencement of production of the refinery.
He said, “By meeting our requirements for all refined petroleum products, it will champion energy security and independence for our nation and act as a catalyst for a new era of prosperity for the subcontinent. It promises economic transformation for Nigerians today and for generations to come.”
Otedola added, “I heartily congratulate my bestie #AlikoDangote as the 8th Wonder of the World – the $20bn #DangoteGroup Refinery – officially commences production.
The post Refinery: Dangote investors gain N1.2tn 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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