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Dangote Emerges Most Valuable Brand in Nigeria for the Fourth Time

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For the fourth time in a row, Dangote Group, a fully integrated Conglomerate and proudly Nigeria brand has again emerged as the most Valuable brand in Nigeria while the MTN Nigeria trailed as the Most Popular brand in the new Top of the Mind (TOM) survey conducted among corporate executives in the country.

In rating the brands, seven metrics were deployed, and they include Brand Popularity; Quality Element; Market leadership; Innovation; national Spread; CSR-Environmental friendliness and Online Engagements.

Of the seven metrics according to the report, Dangote brand came atop in five, beating MTN to a distant second. The ratings were made public, over the weekend, at the annual top corporate brand evaluation report by TOP 50 BRANDS NIGERIA.

The annual top brands league table which has become like a report card with which top corporate brands have a feel of their ranking in the market is done with a special purpose model, the Brand Strength Measurement (BSM Index), a model that tests a brand’s ability deliver on its promise to its consumers from the consumer’s points of view. It is a qualitative, non-financial evaluation of top corporate brands in the country which is done annually.

Taiwo Oluboyede, the Brand Consulting firm’s CEO in his address said, without any doubt, the subject of brand and branding has become central in every corporate setting. And regardless of the sounds of the time, the brand drives and determines corporate placement, particularly at an unprecedented time like these.

He said: “We are glad once again that a Nigerian brand emerged as the Most Valuable for the year. This says a lot about our tenacity and resilience as a people and our businesses, regardless of the situations around us. Even though overall, we have more multinationals, the homegrown brands gave an impressive performance.

“For example, 6 of the top 10 in the league table are Nigerian, most of which have also spread to other countries across Africa and other continents of the world.

Globacom emerged in the third place, followed closely by Coca-cola Nigeria who enjoys a lot of its global brand appeal.

Others in the top 10 in this annual ranking are GTBank, Airtel, Access Bank, Zenith Bank, First Bank, and Dufil Prima Foods in that order.

Six brands among the top 10 have maintained top 10 positions for 6 years consecutively-they are Dangote, MTN, Globacom, FirstBank, GTBank, and Coca-Cola. The Banking and Financial Services category had the highest number of entries among the top 10 with 4 brands. This is followed by the telecoms with 3 brands.

Commenting on the top brands ranking, Femi Awoyemi, Founder and Chairman of Proshare Nigeria Limited (Nigeria’s foremost financial information hub), said: “With the thorough evaluation process and degree of attention to detail evident in the report, the list indeed provides a true and fair representation of top brands by strength, popularity and potentials in Nigeria…This edition of BRANDNIGERIA’s Top50 Brands in Nigeria highlighted brands that have demonstrated strong resilience and adaptive capacity to the new normal in growing or maintaining their brands. These brands have been able to maintain consumers’ confidence and market shares as observed by professionals and analysts. A few things stand out.

First, it is commendable to see that in the evaluation process used in ranking the brands, professionals such as Chief Marketing Officers and Head of Corporate Communications and Reputation Managers. Second, the acknowledgment of Financial Technology (FinTech) as evidenced in the top 10 brands to watch in 2021 where FinTech accounted for about 50%.

Third is the continued domination of the list of the top 50 brands in 2021 by multinationals, banks, and NGX quoted brands. Dangote came 1st in 5 of the 7 metrics used in the ranking report.
Seven (7) companies listed on the Nigerian Exchange Limited (NGX) made the list of top 10 brands in Nigeria. This implies that about 70% of the top brands are listed on NGX, which draws attention to the correlation between brands and markets.”

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Business

CBN Revokes Heritage Bank Operating Licence

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The Central Bank of Nigeria (CBN), on Monday, announced the revocation of the operating licence of Heritage Bank Plc with immediate effect.

In a statement issued by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the move was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.

This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

Sidi Ali said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.”

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Naira Appreciates, Trades at N1,339/$ in Official Window

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The Naira has recorded its biggest gain in a couple of weeks against the American dollar to trade at N1, 339/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Monday, the Naira gained N143 against the dollar compared to the previous exchange rate of N1,482/$1 on Friday, May 24, 2024.

The intra-day high and low recorded during the day were N1,501/$1 and N1,310/$1 respectively, representing a lean spread of N191/$1.

However, the Naira slumped against the dollar at the parallel section of the market, to trade at N1,520/$1 representing a loss of N10 compared to the N1,510/$1 it traded the previous trading day

Similarly, the Naira slumped against the British Pound to trade at N1,920/£1 as against the previous trading price of N1,900/£1 representing a loss of N20 for the local currency,

The Canadian dollar closed flat against the Naira to trade at N1,200/CA$1, same as the previous trading day rate of N1,200/CA$1.

The Naira also slumped against the Euro to trade at N1,600/€1 as against the rate of N1,580/€1 the previous trading rate, representing a loss of N20 in the local currency.

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CBN Directs BDC Operators to Apply for New Licences

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The Central Bank of Nigeria has directed all existing Bureau De Change Operators to re-apply for new licences in their preferred category.

This was announced on Wednesday in a circular issued by the apex bank which was signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa.

The BDCs were also required to meet the capital requirements for their licence category within six months.

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