Business

Past Winners of Dangote Cement Promo Commend Management for Transforming Lives

Published

4 years ago

July 4, 2022

Eric

Past winners of the Dangote Cement consumer promo have commended the company’s Management for the positive economic and social impact of the promo on their livelihoods and wellbeing.

Some of the winners, who spoke on the impact of the cars and millions of Naira won during the previous seasons, described the promo as a big relief and a crucial palliative that lessened the negative impact of the COVID-19 pandemic which had then shut down the whole world.

More than 450 consumers had emerged either as instant millionaires or owners of brand new car prizes, while others won hundreds of tricycles among other attractive prizes during the Season 1 and Season 2 of the consumer promo.

The star winners across Nigeria who were presented with brand new saloon cars or one million naira as prizes, commended the cement manufacturing giant and its Chairman, Aliko Dangote for transforming their lives for the better.

Some of the excited winners, who were contacted by telephone, recalled how they initially thought it was a dream until they were later presented with their various prizes in the full glare of the public. They said their winnings had enriched their lives and livelihoods, and hailed the sincerity of Dangote Cement in handing over the cars to them.

A winner, Mr. Clement James of Marble Construction, Kaduna State who won a brand new car during the last Dangote Cement promo said the prize has enhanced the profitability of his business.

According to him, the car has assisted his company in marketing Dangote Cement products within and outside Kaduna. “We have been using the car to meet clients and customers’ needs in and around the state. This has further increased our customer base and boosted our profitability,” he stated.

James pointed out that the car gift has showcased Dangote’s interest in human empowerment. “The truth is that the car gift has made people to understand that Dangote is not only interested in making profits, but also highly interested in impacting lives of both customers and consumers of its products.

“Before now, we only hear of how much Dangote contributes to empowerment and we had not experienced it personally. With the Dangote Cement promo, we were able to feel the impact directly. It now boosts the confidence of consumers on the company’s products,” he added.

Another past winner, Emmanuel Boye, Managing Director of Awuley Investment Limited, Abuja said the branded car prize his company won has become a source of advertisement for Dangote Cement and its products as people are now becoming more aware of these quality products.

“The prize has increased customers’ behavior in a positive way. The truth is that many people in our locality now have more confidence in us that we are selling high quality cement products. The branded car has made customers to believe that we are not selling counterfeit re-bagged products because they have seen something to confirm that we are getting the product directly from the company’s factory. So, our sales volume has greatly improved in the past two years,” Boye added.

Apart from the car prizes, some other consumers especially those who won star prizes of a million naira each during the promo said they used the cash to expand their businesses.

Mr. Nsikan Emmanuel from Calabar, Cross River State who was one of the one million Naira prize winners said, “The Dangote Cement sales promotion was a nice technique that attracted consumers to purchase more of Dangote Cement, and they have thus continued to patronise the product. Dangote is the top cement company in Nigeria that produces quality cement at affordable price.”

Another winner, Yahaya Isah Abdullahi from Kano State, said he used his million naira cash prize to expand his business. According to him, he now buys more bags of cement for sale rather than depend on credit grants from distributors. Abdullahi said he has more capital to run his business, all thanks to Dangote Cement and its promo.

For Mr. Edet Udeme of Delta State who also won one million naira, he said he used part of the money to expand his business and another part to purchase a motorcycle for customer contact and product distribution.

He said the motorcycle has enhanced his mobility and enabled him to reach out to more consumers of Dangote Cement products. “I want to thank Dangote Cement for impacting the lives of consumers through the cement promo. It will be good to see more of such promos in the future,” he said.

Speaking on the promos, Group Chief, Branding and Communications Officer, Dangote Industries Ltd, Mr. Anthony Chiejina explained that the company’s decision to launch the promos for the consumer aligns with its vision and mission to enhance the lives of the people by helping to provide their basic needs. “This strategy is in tandem with the quality of our exceptional products, in line with our brand promise”, he said.

According to Chiejina, “The timing of the promo, two years ago, was very strategic, as the world was feeling the pains of the COVID-19 pandemic and the management thought it was good to come to the aid of its loyal customers by rewarding them via the promo.

“When Dangote Cement came out with Bag of Goodies Season 2 themed Spell Dangote and Win a Million Naira promo in 2020, it had one thing in mind, which is to give back to the consumers of the product and impact as many lives as possible.

“Two years after the promo, the company can confidently attest to the fact that it has been able to contribute positively to the lives, wellbeing and businesses of its consumers. The mega promo, which produced hundreds of winners across the country, assisted in mitigating the effect of the COVID-19 pandemic on consumers and dealers of Dangote Cement,” Chiejina added.

Business

FirstBank, Subsidiary of FirstHoldCo, Meets ₦500bn Regulatory Capital Requirement

Published

6 days ago

January 6, 2026

Eric

First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.

In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said: “On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, added: “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

Business

Heirs Energies Executes $750m Afreximbank Financing to Drive Long-Term Growth

Published

3 weeks ago

December 22, 2025

Eric

Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has executed a USD 750 million financing with the African Export–Import Bank (Afreximbank).

The transaction was concluded at a signing ceremony in Abuja on Saturday 20th December 2025, attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

The transaction represents one of the largest financings secured by an indigenous African energy company and demonstrates lender confidence in Heirs Energies’ operating performance, governance standards, proprietary brownfield excellence capability, and long-term growth trajectory.

Since assuming operatorship of OML 17, Heirs Energies has delivered a disciplined transformation programme, focused on restoring production, strengthening asset integrity, and improving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the Company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.

Oil and gas production has doubled, from an acquisition production level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Today, OML-17 produces over 50,000 bopd and 120 mmscf/d. All the gas production goes into the Nigerian domestic gas market and has been catalytic for power generation in Nigeria. Community relations have been transformed and the highest standards of health and safety implemented.

The Afreximbank facility will accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.

Speaking at the signing, Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, said:

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”

Dr. George Elombi, President and Chairman of Afreximbank, stated:

“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent.”

The transaction further reinforces Afreximbank’s role in enabling indigenous operators with the scale and capability to deliver sustainable energy development, energy security, and long-term economic value across Africa.

With this milestone achieved, Heirs Energies is firmly positioned to advance into its next phase of growth, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals.  Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

The African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. The Bank plays a critical role in supporting Africa’s industrialisation, trade expansion, and economic transformation.

Picture: Chairman, Heirs Energies, Mr. Tony O. Elumelu CFR and President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday

Business

NNPCL Slashes Fuel Price by N80

Published

3 weeks ago

December 19, 2025

Eric

The Nigerian National Petroleum Company Limited (NNPCL) has effected another reduction in the pump price of petrol, marking the third cut this December.

A survey of filling stations in Abuja on Thursday showed that the state-owned oil company lowered the price to N835 per litre from N915, reflecting a N80 reduction.

The latest adjustment follows similar moves by independent marketers, including MRS, BOVAS and AA Rano, which recently reviewed their pump prices to between N739 and N865 per litre across the Federal Capital Territory.

Findings indicate that the downward review by NNPCL and other marketers was triggered by a drop in ex-depot prices, after Dangote Refinery and depot owners reduced rates to between N699 and N800 per litre.

NNPCL and several filling stations had earlier reduced fuel prices on December 4 and December 10, 2025, as competition and supply dynamics continued to influence pricing in the downstream sector.