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Nigeria’s Aliko Dangote Delays London Listing

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The Dangote Cement Company has delayed  it’s listing on the London Stock Exchange, again. The company announced that it will rather focus on selling it’s product to Central and other West African nations. And boost it’s foreign reserve and that of Nigeria in the process.

The firms head of investor relations, Temilade Aduroja disclosed their new path in Lagos this week. And, also projects that the continent’s biggest producer of the building material, could follow this path till 2023 at the least.

Nigeria’s Aliko Dangote is Africa’s richest man.The 63-year-old entrepreneur has a net worth of more than $14 billion, has long expressed his ambition for Dangote Cement to have a secondary London listing to diversify its ownership and have access to funds from international markets.

Yet, for one reason or another he’s never managed to make it happen.

Dangote had made an initial attempt in 2018 with a proposed list by 2019 but that was changed by former Chief Financial Officer, Brian Egan to 2020.

Nigeria’s biggest listed company by market value, Dangote Cement took advantage of a drop in yields in the domestic debt markets to raise 100 billion naira ($259 million) through commercial papers in May and April, the largest offering of its kind at the time.

The group adds that in July it’s looking to export clinker to 15 countries in Central and West Africa in a bid to boost revenue and resolve a scarcity of foreign exchange scarcity in Nigeria.

Clinker is a nodular material used as the binder in cement products.

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NC Village Square | The Rising Insecurity in Nigeria

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Nigeria is in a security crisis and too many of these incidents have gone unchecked. Boko Haram and ISWAP terrorists are killing with reckless abandon, and the Nigerian people want an end to the bloodshed.

Watch Sulaiman Aledeh as he discusses the rising insecurity in Nigeria with a Security expert from Abuja, Kabir Adamu and a preventive terrorism expert from the UK, Temitope Olodo.

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NC Village Square | What Attributed To The Resurgence Of Terrorism In Nigeria?

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Boko Haram has risen and returned with damning destruction. Nigeria’s President, Muhammadu Buhari has been asked to sack the nation’s Service Chiefs now, before the nation is plunged into a state it may never recover from. The coming days will tell how serious the Nigerian government is about its own people, their stability and security.

Watch Village Square Africa with Sulaiman Aledeh as he asks a retired commodore, Abimbola Ayuba and African affairs analyst, Lanre Suraj what attributed to the resurgence of terrorism in Nigeria.

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Business Edge | CBN Directs Banks to Close International Monetary Transfer Operators’ Proceeds

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Today on Business Edge, Tolulope Adeleru-Balogun and Tunji Andrews, Financial Analyst and Co-founder Awabah talked about the following and how it affects you and I: 1. Nigeria’s CBN Directs Banks to Close International Monetary Transfer Operators’ (IMTOs) Proceeds 2. Forex Liquidity and the Risks to Nigerian Banks’ Ratings according to Fitch

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