Ayodeji Dawodu

Tellimer Research

Equity Research Analyst, Industrials @ Tellimer Research

He previously worked at Investment One Financial Services, where he was Head of Equity Research with a focus on banks. Investment One is a leading Nigerian financial services firm engaged in stockbroking, asset and pension management, and investment banking.

Ayodeji holds a First Class bachelor’s degree in Accounting from the University of Kent, and an MSc (with Distinction) in Finance from CASS Business School. He is also an ACCA-qualified chartered accountant and a CFA Level 3 Candidate.

Ayodeji Dawodu
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Latest from Ayodeji Dawodu
Flash Report / Nigeria

Nigeria: Further oil production cut and weak price movement to weigh on economy

According toreports, OPEC and its allies may cut a further 1.5mbpd from total oil production, in addition to the 2.1mbpd already agreed on in December 2019, as the international oil market remains bearish. However, if the potential reduction in Niger...
Tellimer Research
Ayodeji
Ayodeji Dawodu @ Tellimer Research 6 March 2020

Nestle Nigeria: FY 19 net income below expectations on weaker margins and higher effective tax

Nestle Nigeria reported a 6% yoy increase in FY 19 net income to NGN45.7bn, but 12% lower than our expectation due to a weaker gross profit margin and higher effective tax rate. Management announced a final dividend of NGN45.00 per share, against our...
Tellimer Research
Ayodeji
Ayodeji Dawodu @ Tellimer Research 2 March 2020

Dangote Cement: Q4 19 – Border closure in Nigeria and cost pressures weigh on profitability

Dangote Cement’s Q4 19 EBITDA fell by 6% yoy, 14% lower than we expected, as EBITDA margin decreased by c200bps yoy to 44% while volumes were down 3% yoy. Also, management-proposed share buybacks should be positive for the stock. We believe margin de...
Tellimer Research
Ayodeji
Ayodeji Dawodu @ Tellimer Research 27 February 2020
Flash Report / Nigeria

Nigeria: Local investor apathy contributes to FX divergence

The Central Bank of Nigeria (CBN) has limited the amount of foreign currency (FX) cash deposits that can be electronically transferred to US$10,000. Still, we don’t foresee any changes to FX policy or the FX rate in the near term. Although there has ...
Tellimer Research
Ayodeji
Ayodeji Dawodu @ Tellimer Research 26 February 2020
Flash Report / Nigeria

Solving Nigeria’s tax problem could unleash its potential

Nigeria's Federal Inland Revenue Service (FIRS) plans to boost the nation’s tax-to-GDP ratio to 17% by 2023, from 6% currently. In order to boost tax revenues, particularly non-oil tax revenues, we think the government needs to do more to capture the...
Tellimer Research
Ayodeji
Ayodeji Dawodu @ Tellimer Research 24 February 2020
Solving Nigeria’s tax problem could unleash its potential
Solving Nigeria’s tax problem could unleash its potential
Flash Report / Nigeria

Nigeria: Fall in Excess Crude Account highlights vulnerability to shocks

Nigeria’s Excess Crude Account (ECA) balance fell to US$72mn on 19 February 2020, down from US$325mn on 16 January 2020, according to the disclosure by the Federal Account Allocation Committee. Consequently, the government has intensified efforts to ...
Tellimer Research
Ayodeji
Ayodeji Dawodu @ Tellimer Research 21 February 2020
Nigeria: Fall in Excess Crude Account highlights vulnerability to shocks
Nigeria: Fall in Excess Crude Account highlights vulnerability to shocks

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