The naira ended the week on a negative note, depreciating further against the dollar at the official foreign exchange market.

FMDQ data showed that the naira depreciated to N1485.99 per dollar compared to N 1484.75 traded on Thursday.

This represents a marginal N1.24 loss.

According to available data, this is the second time the naira has depreciated against the dollar in the foreign exchange market in the last week.

Since mid-April, the naira has continued to fluctuate against the dollar in the forex market, despite CBN interventions.

The governor of CBN, Olayemi Cardoso at the last 295th Monetary Policy Committee blamed the volatility on seasonal fluctuations.

Dangote Cement Plc has announced an increase of 50 per cent on dividend payout to the shareholders, from N20.00 per share paid in the 2022 financial year to N30.00 for the last financial year 2023.

This is as the Cement company achieved double-digit growth in revenue of ¦ 2,208.1 billion, while Group EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) reached a record high of ¦ 886.1 billion, increasing by 25.1%.

Addressing shareholders at the 15th Annual General Meeting (AGM), Chairman of Dangote Cement Plc, Aliko Dangote said, ”This outstanding EBITDA performance was underpinned by our robust cost control measures and our diverse pan-Africa operations. The latter acted as a cushion, providing resilience to country-specific risks, while the former enhanced our overall profitability. Our pan-Africa operations now contribute 41.2% to the Group’s overall volumes,” he added.

Dangote pointed out,” We made significant strides in our expansion initiatives, with the successful launch of operations at our 0.45Mta grinding plant in Ghana, increasing our total installed capacity to 52.0Mta. Furthermore, our 1.5Mta grinding plant in Côte d’Ivoire is making substantial progress and is nearing completion. Lastly, we have commenced construction on our 6Mta Itori plant in Ogun State, a crucial step in supporting our ambitious export goals.”

The Senate Committee on Capital Markets has confirmed Emomotimi Agama as the Director-General of the Securities and Exchange Commission.

The committee approved the appointment of Frana Chukwuogor as SEC’s Executive Commissioner of Legal and Enforcement, Bola Ajomale as Executive Commissioner of Operations, and Samiya Usman as the Executive Commissioner of Corporate Services.

According to a statement from SEC made available to journalists, capital market stakeholders have welcomed Agama’s appointment, describing him as a technocrat poised to advance the Tinubu administration’s ambitious goal of achieving a $1 trillion economy.

On April 19, 2024, President Bola Tinubu appointed Agama to succeed Lamido Yuguda as the head of the SEC.

Upon his confirmation, he recommitted to accelerating the development of Nigeria’s capital market, to boost wealth creation, attract investments, and create jobs.

He noted the importance of innovation and development in changing the narrative of the capital market, stating, “We are bringing on board innovation, and development. We are going to change the narrative of the Nigerian capital market. We are going to turn it around.”

Agama added that the management’s goal was to ensure that the country’s capital market is mainstream and establish businesses that would rank top in the world.