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Daily Business News Brief -December 14th, 2022

14
Dec


Shareholders Approve Dangote Cement’s Share buy-back – Thisday
The shareholders of Dangote Cement Plc, yesterday in Lagos unanimously approved the management of the company to undertake a share buyback of up to 10 per cent of its issued shares, effective from the date of the resolution. Share buyback, or share repurchase, is when a company buys back its own shares from investors. It can be seen as an alternative, tax-efficient way to return money to shareholders…….……..Read More

Banks’ Operating Expenses Up 19.2% on High Inflation, Regulatory Charges – Thisday
Following a high inflation rate and regulatory charges, a total of 14 Nigerian banks reported N2.03 trillion total operating expenses in nine months of 2022, representing an increase of 19.2 per cent from N1.7 trillion reported in the corresponding nine months of 2021, analysis of the banks’ results has revealed………….Read More

MTN Nigeria investors lose N143 billion due to sell pressure – Nairametrics
MTN Nigeria Plc recorded a loss of N143 billion in market value at the end of Tuesday’s trading session on the Nigerian Exchange to rank among the losers of the day.vMTN Nigeria’s share price depreciated by 3.26% to close at N208.00 per share, taking the market capitalization to N4.233 trillion from the N4.376 trillion it closed the previous day…………….Read More

Exchange rate crisis drops foreign investor participation in stock market to 16.8% – Nairametrics
Nigeria’s exchange rate crisis had crashed foreign investor participation in the stock market to just 16.8% when compared to their domestic counterparts.This is largely due to capital controls put in place by the central bank limiting currency repatriation as well as the disparity between the official and parallel market rates…………….Read More
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