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Dangote promises increased rewards to loyal distributors

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Dangote Cement Plc has promised to increase its rewards to loyal distributors of its products.

Speaking at an award ceremony held to reward distributors in Lagos, Group Executive Director, Commercial Operations, Hajia Fatima Dangote, said the distributors must have seen that they have not made a mistake in choosing to do business with the company. She promised that the cement Company would continue to show appreciation to them and urged them to strive to sell more of Dangote Cement this year, with a promise that the relationship between the company and distributors will be an enduring one, and one that will lead to them moving forward together, as partners.

While also lauding the efforts of the customers and distributors for ensuring that Dangote Cement remains the most sought-for cement in the country, Aliko Dangote revealed that Dangote Cement is the undisputed leader in the Nigerian cement market because of the loyalty of distributors and customers. He said Dangote Cement has enough capacity to meet the local demands and that the company has started exporting its products outside the country.

He said, “Our success story would not have been possible without you, our distributors, who work tirelessly to ensure that the product gets to our customers in every nook and cranny of the country. We can never thank you enough! You have been an integral and vital part of our business over the years.

“We have remained Africa’s leading cement producer with 52.0Mta capacity across the continent. We have a production capacity of 35.25Mta in Nigeria, with Obajana Plant in Kogi State, Nigeria, as the largest in Africa, accounting for 16.25Mta of capacity across five lines; Ibese Plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko Plant in Benue State has 4Mta; and Okpella Plant in Edo State has 3Mta. We have effectively eliminated Nigeria’s dependence: on imported cement. We now export cement and clinker to several neighbouring countries.”

While acknowledging the contributions of the corporate customers, Dangote said, “Our dear corporate customers, who consist mainly of construction companies, we are also celebrating you for using our cement products in your various construction projects. You are worthy partners which reflects in your confidence and trust in our products. We assure you of continuous research and improvement in our production processes so as to always give you the best quality cement products in the market. Our range of products offers you several options in your construction jobs.”

The funfair and celebration were in appreciation of its customers’ patronage in the previous years and the company’s acceptability by Nigerians.

The Distributors’ award ceremony was in recognition of the distributors’ long-standing commitment, devotion, loyalty, and valuable contribution to the distribution and sale of Dangote Cement in 2023.

All the key distributors, who converged in Eko Hotel and Suites, in Lagos went home with mouth-watering rewards for keeping faith with the company and its product.

While both Kizz Daniel and Tuface Idibia were on standby to thrill and entertain the customers, prominent Nigerians were also in attendance to felicitate Aliko Dangote and the Cement’s customers. Among top dignitaries in attendance were: Former Governor of Ekiti state, Dr. Kayode Fayemi, Executive Chairman of Geregu Power, Femi Otedola, and the Former Minister of Industry, Trade & Investment, Otunba Niyi Adebayo, among many others.

Kazab Heritage Limited won the overall Best Distributor of the Year award, while Gilbert Igweka Global Concept and Nwa Ado Resources Nigeria Limited occupied the second and third positions, nationally respectively.

The respective winners in the regions are as follows: Twins Faja Enterprises was the overall winner in the Lagos Ogun region, while, Nwa Ado Resources Nigeria Limited, Abdullahi Fugu, Giwa Dynamics Ventures, and D.C. Okika Nigeria Limited were overall winners in the North Central, Northeast, North West, and Southeast regions respectively.

In the same vein, Chinedu & Sons Investment Limited and Gilbert Igweka Global Concept were the overall best distributors in both South-South and South West regions respectively

Aboubacar Charfo dit Garaga won the award of the best-performing customer in cement export to Niger and the overall best customer in cement export, outside Nigeria, while Gato Cement Gatcem SARL won the award of best-performing customer in cement export to Togo

Responding on behalf of the distributors, Best Overall winner, Otunba Kazeem Olayemi Odeyeyiwa, FCA of Kazab Heritage Limited, thanked the Dangote Cement’s management, for reaching out to its customers and distributors. He assured them of the determination of all the distributors to do more, to improve sales in their respective areas of catchment.

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Stock market recovery short-lived as investors lose N199bn

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Investors in the Nigerian equities market lost N199 billion at the close of trading on Tuesday.

Before Monday’s N70 billion gain, investors had endured over two weeks of consecutive bearish trading sessions.

Yesterday’s loss followed the dip in the value of stocks like Honey Well Flour, FBNH, Oando and FTN Cocoa Processors, amongst others on the trading floor today.

After five hours of trading at the capital market, the equity capitalisation decreased to N56.1 trillion from N56.3 trillion posted by the bourse on Monday.

Similarly, the All-Share Index (ASI) decreased to 99,311.54 from 99,665.05 achieved by the bourse the previous day.

The market breadth was negative as 16 stocks advanced, 24 declined, while 75 others remained unchanged in 7,324 deals.

Sunu Assurances Nigeria led other gainers with 10 percent growth in share price to close at N1.10 from its previous N1.00 per share.

Japaul Gold and Ventures, CAP, and Omatek Ventures also raised their share prices by 9.58 percent, 9.38 percent, and 9.21 percent respectively.

On the flip side, Honeywell Flour Mills led other price decliners as it shed 9.89 percent off its share price to close at N3.19 from its previous N3.54 per share.

First Bank of Nigeria Holdings (FBNH), Oando, and FTN Cocoa Processors equally shed their share prices by 9.88 percent, 9.82 percent, and 9.40 percent respectively.

On the volume index, Transcorp traded 125.700 million shares valued at N1.8 billion in 467 deals followed by United Bank for Africa (UBA) which traded 55.486 million shares worth N1.27 billion in 685 deals.

Access Holdings traded 51.473 million shares valued at N883.2 million in 958 deals.

On the value index, Transcorp also recorded the highest value for the day trading stocks worth N1.89 billion followed by UBA which traded equities worth N1.27 billion in 685 deals.

Access Corp traded stocks worth N833 million in 958 deals.

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MRS Oil Nigeria seeks shareholders’ approval to delist from NGX

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The Board of MRS Oil Nigeria Plc will, at the company’s Extraordinary General Meeting (EGM), request shareholders’ endorsement to voluntarily delist from the Nigerian Exchange Limited (NGX).

The decision to exit from the NGX was contained in the notice of an Extraordinary General Meeting to be held in Lagos on May 21, 2024.

The company will also seek shareholders’ approval for its Memorandum and Articles of Association (MemArts) to be modified to allow for a share buyback and share capital reduction.

This will be carried out in accordance with applicable laws and regulations at the discretion of the board.

It will also seek an understanding that following the conclusion of voluntary delisting and while the company remains public, the board is empowered to facilitate the admission of its shares on the NASD OTC Securities Exchange.

This action ensures compliance with the Securities and Exchange Commission (SEC)’s rules on trading in unlisted securities.

According to the statement signed by O.M Jafojo, Company Secretary, as part of special business, the company will request the shareholders to consider, and if thought fit, pass, with or without modification, the following sub-joined resolutions as special resolutions:

“That the voluntary delisting of all the Company’s issued shares from the daily official list of Nigerian Exchange Limited (the ‘Voluntary Delisting’) be and is hereby approved, on such terms and conditions (including but not limited to timing of implementation, arrangements for dissenting shareholders (if any) and the fulfilment of specific conditions precedent to effectiveness (if any)), that the Board of Directors of the Company (the ‘Board’) deems appropriate in connection with the Voluntary Delisting; and subject to obtaining all requisite regulatory approvals.

“That the Memorandum and Articles of Association (‘MemArts’) of the Company be and are hereby amended to authorize the Company to undertake a share buyback and share capital reduction.

“That the Company be and is hereby authorised to undertake a share buyback and share capital reduction in connection with any of its issued shares which may be purchased from dissenting shareholders where necessary as a consequence of the Voluntary Delisting; on such terms and conditions, in such volumes and at such times as the Board deems fit; subject to, and in accordance with, applicable laws and regulations.

“That the MemArts of the Company be amended upon completion of the share buyback and share capital reduction, to reflect the Company’s updated share capital.

“That upon conclusion of the Voluntary Delisting, and whilst the Company remains a public limited liability company, the Board be and is hereby authorised to take all such action as may be required, to admit the Company’s shares on the NASD OTC Securities Exchange in order to ensure that dealings in the Company’s shares are implemented in accordance with the Securities and Exchange Commission’s Rules on Trading in Unlisted Securities.”

The company will also seek approval to authorise the board to take all such lawful actions and steps (including but not limited to entering into/executing such agreements and documents, appointing professional advisers and other parties, complying with directives of any regulatory authority) deemed necessary to give full effect to the above-referenced resolutions.

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Bearish trend halted as investors gain N70.87bn

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Investors in the Nigerian equities heaved a sigh of relief as the losing streak on the bourse was halted on Monday, April 22, 2024 as investors recorded a profit of N70bn at the end of trading.

This followed the boom in the share value of stocks like Japaul Gold, GTCO, FTN Cocoa, Universal Insurance Company and RT Briscoe amongst others on the trading floor today.

After five hours of trading at the capital market, the equity capitalization increased to N56.367 trillion from N56.296 trillion posted by the bourse on Friday, last week.

Similarly, the All-Share Index (ASI) grew to 99,665.05 from 99,539.75 achieved by the bourse the previous day.

The market breadth was negative 16 stocks advanced, 18 stocks declined, while 85 stocks remained unchanged in 8, 298 deals.

Japaul Gold and Ventures Plc led other gainers with 9.58 percent growth to close at N1.83 from its previous price of N1.67, Guaranty Trust Holding Company (GTCO), FTN Cocoa Processors, and Universal Insurance Plc are amongst other gainers that also grew their share prices by 9.55 percent, 8.76 percent, and 8.57 percent respectively.

On the flip side, The Initiate Plc led other price decliners as it shed 10% off its share price to close at N1.80 from its previous close of N2.00. Prestige Assurance, Omatek Ventures, and VitaFoam Nigeria Plc are amongst other losers that also shed their share prices by 9.84 percent, 9.52 percent, and 9.26 percent respectively.

On the volume index, Guaranty Trust Holding Company (GTCO) Plc traded 50.158 million units of its shares in 630 deals, valued at N1.1774 billion followed by Access Holdings Plc which traded 48.067 million units of its shares in 951 deals, valued at N815.925 million and United Bank for Africa (UBA) Plc which traded 41.746 million units of its shares in 776 deals, valued at N956.455 million.

On the value index, GTCO recorded the highest value for the day trading stocks worth N1.773bn in 630 deals followed by UBA which traded equities worth N956bn in 776 deals and ACCESSCORP which traded equities worth N815m in 951 deals.

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