Companies are buying backs shares, need good reasons, says Pirc

Companies should stop buying up their own shares unless they can show why it is a good idea, a leading advisory firm has told the BBC.

Companies should explain why they are buying and cancelling their own shares and not paying more dividend or using cash to expand their businesses, Pirc told the BBC's Today programme.

Shareholders of Dangote Cement approve N102 billion dividend payout

Shareholders of Dangote Cement Plc on Wednesday approved N102 billion dividend recommended by the board for the 2014 financial year.

The dividend payout translates into N6 per share and payout ratio of 63.5 percent.