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Africa’s Richest Man Initiates Nigeria’s First Share Buyback

  • Stock rises 9.9% in Lagos ahead of stock buyback on Dec. 30
  • Cement producer aims to reduce outstanding shares, boost price
The $15 Billion Oil Bet For Africa's Richest Man
Photographer: Tom Saater/Bloomberg
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Dangote Cement Plc, owned by Africa’s richest man, Aliko Dangote, plans a buyback of the company’s shares next week to boost shareholder value.

The company will repurchase as much as 10% of the issued capital starting with a first tranche of 85.2 million shares of 50 kobo each, or 0.5% of the total in issue, it said in a filing to the Nigerian Stock Exchange on Monday. The purchase will be done in the open market on Dec. 30 and ends the following day or when the entire target number of shares are repurchased, whichever is earlier, it said.