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Dangote Emerges Most Valuable Brand in Nigeria for the Fourth Time



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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Glo Bags Two Honours at Consumer Value Awards




Globacom, Nigeria’s leading digital services provider, was on Thursday at the second annual Consumer Value Awards, honoured for its excellent contributions to the country’s telecom sector.

At the ceremony held at the Radisson Blu Hotels, Ikeja GRA, Lagos, Globacom, which just celebrated its 20th anniversary, took home the awards for “Best Value for Money Data & ISP Brand of the Year 2023” and “Best Value for Money Telecommunication Service of the Year 2023.”

Mr. Akonte Ekine, Managing Director of Brand Xchange, the event organizers, said in a speech that the Consumer Value Awards are a distinguished online periodic award designed to raise awareness for consumer rights and promote brand excellence in the nation. Consumers cast their votes online through Brand Xchange, and the results were thereafter announced.

Said Mr Ekine: “Globacom emerged as “Best Value for Money Telecommunication Service of the Year 2023” and “Best Value for Money Data & ISP Brand of the Year 2023″, after polling a total of 56% and 53% of the votes respectively by consumers, showing the level of acceptability of the brand across the country.  Glo and other winners have shown relentless commitment to consumer- centricity”.

Mr Zakari Usman, Head of Enterprise Business at Globacom, thanked Nigerians for supporting Glo by voting for the firm and called the honour a perfect 20th anniversary gift from Nigerians. He gave them his word that the business will keep providing its customers with top-notch services and unmatched advantages.

“The Glo brand had in the last 20 years of operation shown its commitment to innovative service delivery, excellent customer experience and empowerment of Nigerians. We will continue to delight Nigerians with our customer-centric product and services”, Zakari added.

Representatives of the Lagos State Governor, Mrs. Adetutu Ososanya, Permanent Secretary, Lagos State Ministry of Commerce and Industry, and Mr. Olumide Sogunle, Permanent Secretary, Lagos State Ministry of Information and Strategy, were among the prominent figures from the public and private sectors who attended the event. In addition to Mr. Wakil Adamu, Director of Human Resources and Administration, Nigeria Civil Aviation Authority, and Mr. Solebo Adebayo, General Manager, Lagos State Consumer Protection Agency, Mallam Alkazeem Umar, Director of Consumer Affairs Bureau, Nigeria Communications Commission, also attended the event.

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Hindenburg Report: Tingo Group Releases Report of Detailed Investigation, Maintains Innocence




By Eric Elezuo

The Tingo Group, a conglomerate of several merchandise, including fin-tech, agri-fintech, and food, has finally released the reports of its investigation regarding the hinderberg research against its operations, insisting that it has done no wrong.

The Report of the investigation, which was conducted by independent directors and independent counsel, was made public on Wednesday via the company’s official website, noting that the next step will be on investigating allegations against its founder, Dozy Mmobuosi.

Read the detailed report:

Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable and fast growing fintech, agri-fintech and food company, today announced it has completed the investigation of the allegations made by short seller Hindenburg Research (“Hindenburg”), that relate directly to the Company and its businesses.

At the direction of the Company’s independent directors, independent counsel investigated certain of the Hindenburg allegations and provided the independent directors with an interim report summarizing evidence it had reviewed, along with items requiring further investigation. The Company’s outside counsel then conducted its own investigation into the allegations, which included following up on the items identified by independent counsel. Based on the Company’s outside counsel’s investigation and further investigative work of its own, the Company has concluded it can now provide the following response to the allegations in the Hindenburg report:

  • Agri-Fintech Holdings, Inc. Resignation of Director: Christophe Charlier was a co-Chairman of OTC-listed company, Agri-Fintech Holdings, Inc., which sold Tingo Mobile Limited to the Company on November 30, 2022. Mr. Charlier has never been a member of the Company’s Board of Directors, nor has he been involved in the management of the Company. In his resignation letter, which was filed with the SEC, Mr. Charlier complained only of a lack of communication and teamwork at Agri-Fintech Holdings.
  • Tingo Foods Revenue and Operating Margin: The revenue reported by Tingo Foods in Q1 2023 and its operating margin of 24.8 % has been confirmed.
  • Tingo Foods Business Relationships: During the period from September 2022 to March 31, 2023, Tingo Foods purchased its raw crops from two organizations in Nigeria, including the All Farmers Association of Nigeria (“AFAN”), which delivered the crops to third-party food processors. Tingo Foods then sold the processed food to several large wholesalers in Nigeria.
  • Food Processing Facility:   The construction of the Tingo Foods processing facility in Nigeria is well underway, with food and beverage processing operations expected to commence in Q2 2024. The images and renderings used for the Foods Processing Facility’s groundbreaking ceremony in February 2023 and in early presentational materials were stock images provided by an external marketing company, whereas specific renderings of the actual facility are currently being utilized. The Company has contracts in place with the construction company for the project and with Evtec Energy Plc and TAE Power Solutions Limited for the construction of a solar power plant to power the processing facility. Evtec Energy Plc is a special purpose vehicle for the project, whereas TAE Power Solutions Limited is a part of a multinational group that has been trading for more than 25 years.
  • Tingo Foods Sale of Inventory: The inventory held by Tingo Foods at the time it was purchased by the Company in February 2023 was sold to a customer on March 20, 2023, the proceeds for which were received on June 29, 2023.
  • Tingo Mobile Business Relationships with Farming Organizations: Tingo Mobile leases mobile phones to four co-operatives and farming organizations: the Kebbi (Dala) Multi-Purpose Cooperative Society (“Kebbi”), the Ailoje Royal Farms Multi-Purpose Cooperative (“Ailoje”), the All Farmers Association of Nigeria (“AFAN”), and the Ashanti Investment Trust (“Ashanti”). The two farming cooperatives referenced in the Hindenburg report were Kebbi and Ailoje, to which Tingo Mobile has leased 4.5 million and 4.844 million phones respectively. The relationships with all the co-operatives and farming organizations have been confirmed.
  • Mobile License: Tingo Mobile does not directly provide airtime and data services on the phones it leases to customers, or through its Nwassa platform. Such services are currently provided by a third-party vendor. Tingo Mobile therefore does not require a Mobile License from the Nigerian Communications Commission. This arrangement allows Tingo Mobile’s customers to choose the best network provider for their location from Airtel, MTN, 9 Mobile and Globacom. Tingo Mobile earns a commission on the airtime and data services purchased by its customers, which it receives from its vendor, and which were previously received from Airtel.
  • Tingo Mobile’s Phone Suppliers: Since 2020, Tingo Mobile has purchased mobile phones from two suppliers: UGC Technologies Limited, with which it has had a contractual relationship since December 2020, and Bullitt Mobile, with which it has had a distribution agreement since February 2022.Hindenburg contacted a company called UGC Mobile Technologies in the U.S., not Tingo Mobile’s supplier, UGC Technologies Limited, which has offices in Africa and China. Tingo Mobile has purchased almost all its mobile phones from UGC Technologies Limited to date, with only a small purchase of 1,000 units of Caterpillar branded phones from Bullitt Mobile in 2022.
  • Tingo Mobile’s Taxes: On April 7, 2023, Tingo Mobile paid in full to the Nigeria Federal Inland Revenue Service (“FIRS”) its corporate income tax (“CIT”) and Tertiary Education Tax (“EDT”) for the fiscal year 2022.
  • Tingo Mobile Ghana: The Company’s recently established operations in Ghana are currently conducted exclusively through its trade agreement with the Ashanti Investment Trust. The Company leases mobile telephones to individuals introduced through the Ashanti Investment Trust and such customers also have access to Nwassa. The sim cards, airtime and data are sold to customers through a third-party vendor, as a result of which Tingo Mobile is not required to have a license with the National Communications Authority in Ghana. Tingo Mobile does not currently deal with or accept any new customers other than through its relationship with the Ashanti Investment Trust, it is however preparing to further expand the company’s business in Ghana and is currently recruiting a workforce and building a website to assist in facilitating this.
    • Independent Auditors: The engagement with Brightman Almagor Zohar & Co., a firm in the Deloitte Global Network, was after consideration of the relevant factors regarding the location of auditors. Such factors included that the Company does not have any operations in the U.S., and the consolidation process and preparation for the group’s financial statement and SEC filings is performed by the Company’s finance function in Israel.
      • Bank Balances: Bank statements were obtained directly from the banks used by Tingo Mobile and Tingo Foods, and interviews with the banks were conducted over video conference calls. The bank balances of each company were confirmed at several dates, including at the Quarter End dates of March 31, 2023, June 30, 2023, and as late as August 3, 2023, which reconciled and agreed to each company’s accounting records and financial statements.Tingo Mobile earns interest only on funds held in a fixed deposit account. Due to its cash needs from time to time, Tingo Mobile is unable to encumber a large portion of its funds in a fixed-deposit account that would earn interest.
        • TingoPay: Tingo Mobile entered into a partnership with Visa on September 27, 2021, subsequent to which it has hosted several joint events with Visa, and it also launched a beta version of TingoPay with Visa on February 14, 2023. Prior to contracting with Visa, Tingo Mobile entered into a strategic partnership agreement with Stanbic Bank, dated November 17, 2020, and work was undertaken by the parties to develop an integrated e-wallet solution. After a disagreement over the Tingo Mobile press release in April 2021, the partnership with Stanbic Bank ceased and Tingo Mobile instead entered into the partnership and e-wallet integration with Visa.
        • Tingo Mobile’s NWASSA Platform: The Nwassa USSD platform is pre-loaded on the Tingo Mobile phones that are leased to the cooperatives and their farmers. Other individuals that have their own mobile phone can also register on the Nwassa USSD platform and conduct transactions on the platform. The Nwassa platform can be used by farmers to purchase items such as farming inputs, insurance, micro-loans, or additional airtime. The transactions made through Nwassa are processed by a third-party payment processing company owned by an American multi-national fintech company, which collects a commission payment on behalf of Tingo Mobile on each transaction and remits the commissions to its bank account. Tingo Mobile has confirmed its Q1 2023 reported revenue from the NWASSA platform.
        • Tingo DMCC: Tingo DMCC is the Company’s new agricultural export business. As of June 30, 2023, Tingo DMCC had conducted three export sales transactions totaling $348 million with customers located in neighboring countries within Africa. Tingo DMCC currently conducts its business through its direct contacts and sales leads. It is, however, in the process of developing a separate website for use in the future.
        • Financial Statement Errors: The “errors” identified by Hindenburg in Tingo Group’s financial statements and MD&A in its year-end 2022 Form 10-K and Q1 2023 Form 10-Q were typographical errors that were obvious to the reader from the remainder of the numbers and other information.
          All the information required to be disclosed relating to Certain Relationships and Related Transactions (including the acquisition of Tingo Mobile on November 30, 2022), and Director Independence, was included in the Form 10-K.While the Company’s cash-flow statement inadvertently labeled an increase in trade receivables as a decrease, the numbers themselves were correct. The discrepancies Hindenburg identified between the change in receivables reported on the balance sheet and change in receivables reported in the cash flow statement reflect Hindenburg’s misunderstanding of the numbers and the relevant U.S. GAAP accounting standards, including in relation to how the business combinations that closed during the relevant accounting periods impacted the numbers. In both cases, the “difference” resulted from non-cash adjustments related mainly to the Company’s acquisition of Tingo Mobile in Q4 2022 and its acquisition of Tingo Foods in Q1 2023, all of which were correct.

          • Independent Auditors: The engagement with Brightman Almagor Zohar & Co., a firm in the Deloitte Global Network, was after consideration of the relevant factors regarding the location of auditors. Such factors included that the Company does not have any operations in the U.S., and the consolidation process and preparation for the group’s financial statement and SEC filings is performed by the Company’s finance function in Israel.
          • Bank Balances: Bank statements were obtained directly from the banks used by Tingo Mobile and Tingo Foods, and interviews with the banks were conducted over video conference calls. The bank balances of each company were confirmed at several dates, including at the Quarter End dates of March 31, 2023, June 30, 2023, and as late as August 3, 2023, which reconciled and agreed to each company’s accounting records and financial statements.Tingo Mobile earns interest only on funds held in a fixed deposit account. Due to its cash needs from time to time, Tingo Mobile is unable to encumber a large portion of its funds in a fixed-deposit account that would earn interest.

Having concluded the investigation into the allegations made by Hindenburg against the Company and its businesses, which was deemed to be the highest priority, the Company and its outside counsel will now proceed to investigate Hindenburg’s allegations against the founder of Tingo Mobile and Tingo Foods, Dozy Mmobuosi.

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Dangote Emerges Nigeria’s Most Valuable Brand for Sixth Consecutive Year




For a record sixth time, Dangote Industries’ unwavering dominance, the esteemed brand has once again secured the top spot as Nigeria’s Most Valuable Brand. This achievement was confirmed by the brand and marketing firm, TOP 50 BRANDS NIGERIA, as part of its comprehensive 2023 Top Brands perception assessment.

Dangote’s consistent excellence is showcased by its impressive aggregate score of 86.2 on the Brand Strength Measurement (BSM) index, reinforcing its position at the forefront. Notably, MTN remains a strong contender, securing a close second place with an 85 BSM index score. This year’s third and fourth positions are secured by Airtel Nigeria and Globacom, both with BSM index scores of 77.9 and 77 respectively. Interestingly, this reaffirms the prominence of telecom brands, with three out of the top four hailing from this sector.

Among the Top 10 brands, we find Access Bank, Zenith Bank, Coca-Cola, GTCO, First Bank, And Bua Group. Particularly noteworthy is the ascent of BUA Group into the top 10 for the first time with a strong 70.8 BSM Index.

It is of note that Globacom was adjudged the Most Popular Brand as revealed in the presentation too. This is an outcome of a Top of Mind (TOM) Survey, where respondents mentioned 10 brands that come to their mind or that they could easily recall. This year’s survey had as respondents Chief Marketing Officers and Head of Corporate Communications of major companies across the land

In a subsequent press release following the official unveiling, the rating firm stated that, “this annual top brand evaluation provides a qualitative, non-financial assessment of the value of leading corporate brands in the country. It gauges consumers’ perceptions of brands and their impact on overall brand strength, using the Brand Strength Measurement (BSM) index—a model designed to assess a brand’s ability to deliver on its promises from the consumer’s perspective.”

In today’s market, brands have woven themselves into the fabric of our daily lives, from dawn to dusk and even in every consumer choice. This phenomenon is amplified by the rise of concepts like consumer awareness, differentiation, and the dynamics of the global economy, making brands pivotal actors.

Speaking on the outcome of this year’s evaluation, Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA, likened brand to a person, he said. A brand is like a person with all the traits that defines his/her personality to the audience. When you hear someone’s name, you are likely not just going to remember their faces or apparel, but who they really are and what they mean to you” Someone may claim to be the best man in the world, could even go as far as doing paid advertising to attract attention.

However, the real description of the person to you is your experience. Perception about a person could change from like to dislike or the other way round, same is also true for a brand. That is why promoters go extra length consistently remains in the target audience like-list.

He elaborated further, emphasizing that the onus lies with brand owners and promoters to uphold compelling propositions and consistently deliver on promises. “It’s not just about making pledges anyway; it’s about steadfastly living up to them—a commitment that separates the top brands from the rest,” he added.

A breakdown of the 2023 evaluation report indicated that, Nigerian-owned brands continued to shine among the top 10, with 10 brands. These are Dangote, Globacom, Access Bank, Zenith Bank, GTCO, First Bank, and BUA Group.

Five of the top ten brands are Banks, while three are Telecoms. Impressively, 9 of the 10 were among top 10 last year, while 4 maintained their previous position. Airtel Nigeria made a remarkable ascent to the third place. Also, six brands have consistently maintained a top 10 positions for a remarkable 7 years in a row.

Overall, 26 or 52% of the 50 brands are multinational, while 24 or 48% are Nigerian brands.

Rite Foods Limited stands out as the highest gainer this year, leaping 14 places from 46th to 30th. Notably, Wema Bank makes a noteworthy debut in the annual brand ranking.

Furthermore, nine brands maintained their 2022 positions, they are Dangote, MTN Nigeria, GTCO, First Bank, Multichoice, Fidelity, Toyota Nigeria, FMNPLC, and AXA Mansard.

Delving into the industry breakdown, Banking Services as usual, had the largest entries with 12 entrants, representing 24% of the total. Access Bank topped the category. This is followed by the Consumer Goods with 9 brands, that is 18%, with Dufil Prima Foods leading the charge.

The Conglomerates category has 6 brands, making up 12%, with Dangote Group on top. The Oil & Gas, Beverages, and Telecom sectors each contribute 4 brands, with Oando, Coca-Cola, and MTN leading their respective categories.

The Insurance sector has 3 brands, with AIICO at the forefront. Meanwhile, Building & Construction Services, Media, and Electronics categories had 2 brands each, featuring Julius Berger, Multichoice and Tecno Nigeria leading their respective categories.

Automobile, Agricultural, and Aviation/Logistics sectors had 1 brand each —Toyota Nigeria, Olam International, and Air Peace.

Of note in the report also is a class of brands called Brands to Watch, a set of 10 brands that has shown some level of vibrancy in recent time and are gaining momentum in consumer acquisition with the possibilities of achieving the 50 top Brands League Table in few years. It should be noted that, while these brands have considerable mentions in the TOM survey, they were not strictly subjected to the rigorous BSM evaluation.

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