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Dangote Cement Successfully Purchased Shares Worth N9.77 Billion

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  1. Dangote Cement Successfully Purchased Shares Worth N9.77 Billion
Dangote Cement has announced the completion of the first tranche of its share buy-back programme.
Dangote Cement Plc has announced the completion of the first tranche
Cement, industry
of its share buy-back programme, as the cement behemoth bought back shares of the company worth N9.77 billion.
This announcement was made by the management of the company, in a recent statement issued and signed by the Deputy Company Secretary, Mr Edward Imoedemhe, today, 11 January 2021.
During the first tranche of the share buyback programme which commenced on Wednesday, 30 December 2020 and ended on Thursday, 31 December 2020, the company on the open market of the Nigerian Stock Exchange purchased 40,200,000 ordinary shares of the company at an average price of N243.02, representing 0.24% of the Company’s issued and fully paid ordinary shares.
What you should know
Following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of DCP amounts to 17,000,307,404.
However, the completion of the share buyback programme of the company does not portend any material impact on the Company’s financial position, and the operation of the company as a going concern.

Brands and Company

Dangote completes Nigeria’s longest concrete road

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The Dangote Group has completed Nigeria’s longest rigid pavement located in Kogi State.

 

It is the first of its kind, top engineers say.

 

The 43KM Obajana-Kabba road constructed by Dangote Industries Limited (DIL), as 

been described by motorists as the country’s most strategic highway that is aiding travelers between the North and the South.

 

Olatunbosun O. Kalejaiye, the Project Director, said he was excited that the Corporate Social Responsibility Project is being delivered for use by Nigerians, adding that while the rigid pavement has been completed, the company was dressing the shoulders.

 

Site Engineer Samuel Obosi assured that the dual carriage way will be durable and less susceptible to potholes and repairs like asphalt road, adding that it would crash the rate of road accident in the country.

 

Motorists said it is now one of the busiest roads linking the two regions in the country.

“Thank God it is a concrete road. It can withstand any heavy duty vehicle,” Alhaji Lamidi Sikiru, a driver expressed optimism.

 

John Moses, a member of the National Union of Road Transport Workers, said his taxi business is booming compared to when the road was very deplorable with potholes and barely used by motorists.

READ  GOtv Nigeria: Bridging The Gap Between Local And International Programming

 

A community leader of Apa Bunu Kingdom and spokesperson for the community Sam Omosayil commended the Dangote Group, saying that the road has attracted a lot of businesses along the road.

 

Traditional and community leaders eulogized the President of the Dangote Group.

The Bajana of Obajana Land, King Idowu Senibi described the project as gigantic and the first of its kind anywhere in Nigeria.

 

“Dangote is our son. We would protect his huge investment and gigantic concrete road. I am happy that this is happening in my lifetime and in my Kingdom. This is a great opportunity for us and many generations to come. Our society will be opened as you can see vehicles and commercial activities have started coming up. May God Almighty bless Dangote and all his staff.”

 

Speaking in the same vein, the traditional head of Akpata Land Frederick Durojaiye Balogun said his people were very proud of Alhaji Aliko Dangote, adding that the Dangote Cement, Obajana plant, which is the single largest cement plant in the world, has brought honour and respect to their Kingdoms.

 

“His presence has brought a total turnaround in our lives. Also permit me to appreciate the Federal Government for this joint effort. We are very grateful,” he said.

READ  SERAs 2020: Dangote wins multiple sustainability awards

 

Speaking, the King of Okebunku Land in Kabba Bunu Local Government, Timothy Omonile commended the President of the Dangote Group and charged other philanthropists to emulate him, adding that that is the only way Nigeria can develop its economy and infrastructure.

 

 

He said the construction of the road has helped cut down the rate of criminality in the state, while describing the Group President of Dangote Group Aliko Dangote as God sent.

Rechel Olatunji, a businesswoman said she makes more money now and that business is booming because of the road.

Another businesswoman Veronica Samuel prayed fervently for the Dangote Group, adding that the new road has changed her life, and enabled her to sponsor her children to school.

 

Worried by the huge sum of money used in road repairs, President of the Dangote Group Aliko Dangote had said plans were afoot to revolutionize Nigerian roads with concrete, stressing that resources used in road repairs and maintenance would be channeled to other more important needs of the nation.

 

READ  Dangote Cement pays over N1trn dividends in seven years

“We are going to be building concrete roads in the country so that anytime we build a road, we do not have to go back to repair after the third raining season, but move on and use the resources to address other pressing needs of Nigeria,” Mr. Dangote had said.

 

It would be recalled that as part of its Corporate Social Responsibility (CRS), the Dangote Group had earlier commissioned the 26 km Itori-Ibese Concrete Road.

 

At the commissioning, the Minister of Power, Works and Housing, Babatunde Raji Fashola, had noted that the stride by the Dangote Group demonstrated the unwavering commitments of an indigenous investor towards the industrialization of Nigeria.

 

A statement from the Corporate Communications Department of the Dangote Group said: “Concrete road last longer than asphalt roads and do not have potholes. It does not require frequent maintenance as asphalt roads. It saves fuel for motorists and protects tyres from wear and tears.”

 

The statement said it is part of the Group’s determination to support government and Nigerians in order to grow the economy and facilitate ease of doing business.

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Brands and Company

How Jumia stock is rebounding and gaining momentum 

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Commerce

The last four weeks has been that of uplift in fortune for holders of Jumia stock, and the development is rightfully drawing attention of stock-inclined minds:

Fruitful yuletide: The stock sold as high as $47 a day to Christmas and has hovered between $34 and $39 since December 11th 2020. On January 12th 2021, Jumia stock sold at $40 on the floor of New York Stock Exchange.

Unexpected positive turn in fortune: Jumia recorded a 12% drop in revenue in the first three quarters of 2020, but has made a 600% increase in stock price since then.  The best part is that the stock has sustained its good momentum for over a month.

Regret for doubters: Some investors who didn’t buy Jumia stock when it sold for just over $2 in March 2020 are beating up themselves for not taking advantage. Currently trading for just over $40, some holders see an opportunity to sell. But the next few months can also bring huge fortune for those who dare to hold.

 

READ  Gtbank, Zenith Bank Most Traded As Dangote Cement, Ecobank Tops Gainers List, Investors Gain N42.3 Billion

Bright prospect: Analysts ascribed the improvement to investors’ belief in Jumia’s potential and are willing to overlook lagging business results for the time being. For instance, a $5,000 investment in Amazon in 1997 will translate to more than $4 million today. The current good performance of Jumia stock is an indication that the brand holds the potential of being a replica of the Amazon story in Africa.

Opportunity for Africans: Jumia prides itself as Amazon of Africa. It could end up being a smart move for Africans who buy into the dream by owning part of a brand that identifies with them.

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Brands and Company

Covid-19 Second Wave: Online Shopping Still Among Measures To Limit Spread – Jumia CEO

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Covid-19

Jumia Nigeria CEO, Massiliano Spalazzi 

As authorities put measures in place to prevent rapid spread of covid-19 in the light of the second wave of the pandemic emanating from mutation variants of the dreaded virus, Jumia Nigeria CEO, Massiliano Spalazzi has highlighted the services of ecommerce platforms as one of the measures to help mitigate the spread among Nigerians.

While speaking on the crucial role and contributions of ecommerce in the present day socio-economic reality in Nigeria, Spalazzi said online shopping will help promote the adoption of social distancing measures and eliminate the contact risk associated with brick and mortar stores, as people can purchase different products of their choice and get them delivered from the safety of their home.

“Online shopping remains one of the ways individuals can take precautions to limit the spread of Covid-19. People are being urged to avoid large gatherings, and limit human contact as much as possible. Ecommerce platforms possess all these features that will help customers keep to the safety culture. From the comfort of their safety, customers can shop on the Jumia platforms, make payment through online payment solutions like JumiaPay and get them delivered via Jumia Express, or our contactless agents,” he said.

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He pointed out the crucial role played by ecommerce platforms during the 2020 Covid-19 lockdown. “What we have seen last year has been how relevant and important e-commerce was in serving the population during these tough times. We’ve seen many different situations happen from the Covid-19, which obliged people to be locked down and having to purchase their goods in a safe way.”

During the first wave of the pandemic, ecommerce platforms served as a veritable channel for brands and businesses to connect with their customers. Global brands such as Coca-Cola, Procter & Gamble, Reckitt Benkiser, Nestle, Unilever and other essential goods manufacturers partnered with Jumia for sales of their products.

Likewise, online retail platforms were key for the survival of food and grocery enterprises when sit-in services were prohibited with customers restricted by social distancing rule. It was a period where more customers boarded the ecommerce food service train and several local restaurants partnered with Jumia to keep their food, beverage and grocery service going during the lockdown.

READ  Dangote Cement pays over N1trn dividends in seven years

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