The purpose of this study is to understand how dividend and earnings announcements affect stock prices and stock returns in Sub Saharan African stock markets. There hasn’t been a lot of research done in regard to emerging markets in Africa. Therefore, it is important for investors to understand these markets to further diversify their portfolios. Some previous studies have suggested that information from these announcements have the potential to generate abnormal returns for investors. However, other studies have suggested that there is no significant correlation between announcements and stock prices/ returns. Some researchers suggest that the information found in announcements is not pertinent enough to spark abnormal returns in stock markets because it is available to the public and offers no real advantage. In this study, the expectation is to find some level of advantage for having information about dividend and earnings announcements in my research study. The method of research that will be used for this study is called an event study. The event study will collect data concerning announcements from stock exchanges, and will analyze that data to determine their relationship with stock prices and returns. The data will be collected from the Nairobi Securities Exchange and the Nigeria Stock Exchange. This study adds to previous studies because it examines more than one African Stock Exchange, comparing their relationships with dividend and earnings announcements. This comparison will help us to understand whether or not announcements have effects on stock exchanges in African Markets.