Business

Dangote Emerges “Most Admired Brand” in Africa for Sixth Consecutive Time, Second in Sustainability

Published

1 year ago

June 5, 2023

Eric

For the sixth consecutive year, the Dangote brand has been adjudged as the Most Admired African Brand among top 100 brands in the continent.

Dangote, as the most Admired African when respondents are prompted to recall an African brand specifically was followed by the Telecommunication outfit, MTN in the second position and the Digital Satellite Television (DSTV) coming third, both of South-Africa origin.

The pan-African conglomerate brand was also adjudged as the number one African Pride brand followed by the Ethiopian Airline and MTN respectively.

In a newly introduced category, the Dangote brand came second in Sustainability, by brands doing good for the people, Society and the Environment.

These were announced in Johannesburg, South-Africa on the occasion of the Africa Day marking the 13th Annual Brand Africa 100: Africa’s Best Brands 2023 rankings of the Top 100 most admired brands in Africa based on a survey and rankings conducted by Geopoll, Kantar and Brand Leadership, across 32 African countries that account for more than 85% of the continent’s GDP and population.

Brand Africa in its statement announcing the ranking disclosed that in a new category of brands that are doing good for people, society and the environment, inspired by business shifting from profit to purpose, MTN and Dangote as African brands came first and second respectively while Unicef emerged as the number one NGO and Coca Cola emerged as the number one non-African brand.

In the category specific ranking of the Top 25 financial services brands, Africa’s

oldest banking group, Standard Bank surged to the number one position of the most admired brand in Africa, displacing GTBank, which had led the rankings for the past 3 years, but is reeling from recent UK regulatory issues, service challenges and a tough competitive environment. The category is dominated by South African (6) and Nigerian (6) brands which account for 48% of the rankings, with the USA (4), led by VISA, at 16% percent, making up 64% of the Top 25 brands.

In another category specific ranking of the Top 25 media brands, DSTV, the consumer brand of the Multichoice Group, retains its dominant ranking ahead of BBC and CNN as the most admired media brand in Africa. Consistent with previous rankings, non-African media dominate the continent, accounting for 76% of the Top 25 brands.

Brand Africa disclosed that Dangote retained the number one spot for the 6th time despite African brands slipping to 14% of the Top 100 most admired brands in Africa as non-African brands entrench their position in the continent.

Thebe Ikalafeng, founder and chairman of Brand Africa expressed concern that despite optimism with the progress of African Continental Free Trade Area (AfCFTA) and other initiative to drive African initiatives, African brands still regressed 20% from a 10-year high of 17% to 14% share of the Top 100 most admired brands in Africa.

“It is concerning that despite the momentum in operationalizing the AfCFTA, rising internal pride in continent albeit against global economic challenges, that African consumers have reverted to their trusted, mostly non-Africa brands, rather than give African brands a chance,” he stated. “Nonetheless, this is the state of brands in Africa, and an urgent need to build trust in Made in African brands.”

Bernard Okasi, the Director of Research, GeoPoll, which has been the lead data collection partner since 2015 while speaking on the outcome of the survey explained “With an ever increasing number of countries, greater sample size, and the growth of mobile across the continent, more than ever, using mobile continues to prove to be an effective tool to reach and access respondents across the continent.”

The Chief Growth Officer Africa Middle East for Kantar, Karin Du Chenne, who has been the insight lead for Brand Africa since inception in 2010 says, “despite the increased countries and sample sizes which have invariably grown the volumes of brands analysed, the survey continues to yield a very consistent picture of the leading brands in the continent, albeit not yet to Africa’s advantage.”

He added that as a non-profit initiative and to ensure the objectivity and independence of the rankings, the Brand Africa 100 | Africa’s Best Brands research to determine the most admired top-of-mind brands in Africa are not funded by any brand.

Reacting to the last survey affirming Dangote as number one most admired indigenous African brand, Group Chief, Branding and Communication, Dangote Industries Limited, Anthony Chiejina said the awards were well deserved because “the Dangote brand generates strong nationalistic impressions and powerful feelings across the Continent in terms of industrialization, self-sufficiency, prosperity, power and production.”

He stated that this was further strengthened with the recent commissioning of 650,000 bpd Dangote Petroleum Refinery & Petrochemical complex which is a huge industrial complex or frigate. “The brand portends the inevitability of Nigerian global ascendancy and a gateway to regional and continental development,” he added.

Established in 2010, Brand Africa is a intergenerational movement to inspire a brand-led African renaissance to drive Africa’s competitiveness, connect Africa and create a positive image of the Continent.

Business

It’s Time to Stop Subsidy on Petrol, Dangote Cautions FG

Published

2 weeks ago

September 24, 2024

Eric

Aliko Dangote, Founder of Dangote Petroleum Refinery, has said that the right time has come for the Federal Government to stop petrol subsidy.

Dangote spoke during an interview with Bloomberg TV on Monday.

“I think it is the right time to (take away subsidy) because all countries have gotten rid of subsidy,” he said.

He said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price.

Dangote said it would lead to the government “paying what they are not supposed to be paying”.

Dangote added that the petrol sold locally by his refinery will be tracked to ensure the consumption rate is accounted for.

“But this refinery will bring quite a lot of issues out there. It would show the real consumption of Nigeria because nobody can tell. Some people say it is 60 million litres per day, some say it is less,” the billionaire said.

“But right now, by us producing, everything can be counted and accounted for. Most of the trucks or ships that will load from us, we will put a tracker on them to be sure they are going to take the oil within Nigeria and that can help the government to save a lot of money.

“For example, Saudis, the citizens believe that oil is our god-given gift and should not charge us for it. Government was selling it at a very low price. But today, as we speak, gasoline is about 40 percent cheaper in Nigeria than in Saudi Arabia, which I think does not make sense.”

‘FG CAN’T AFFORD SUBSIDY’

Noting that petrol subsidy is not sustainable, Dangote informed that government cannot afford to keep subsidising.

“Our price of gasoline is about 60 percent the price of our neighbouring countrries and we have porous borders, so it is not sustainable. Government cannot afford the amount of subsidies we are paying,” he said.

Speaking further on the viability of petrol subsidy, Dangote said it is the government’s decision to either continue with or halt the payments.

“We have a choice of exporting when we produce and we sell locally. We are a private company and it is true we have to make a profit,” he said.

“We built something worth $20 billion, and definitely we have to make money.

“The removal of subsidy is totally dependent on the government, not on us.

“We cannot change the price but I think the government would have to give up something for something.”

Dangote said eventually, the subsidy would have to go.

Eecall that on May 29, 2023, President Bola Tinubu said the petrol subsidy regime was over as part of his inauguration speech. However, recent events have continued to prove that the subsidy regime is still very much in vogue.

Business

NOVA Bank Appoints Isiavwe, Iloghalu As New Executive Directors

Published

2 weeks ago

September 22, 2024

Eric

NOVA Bank has announced the appointment of David Isiavwe as Executive Director, Operations and Information Technology, and Chinwe Iloghalu as Executive Director, Institutional and Commercial Banking.

These appointments are part of NOVA Bank’s plan to strengthen its leadership team as the Bank continues its innovative journey, following its recent transition to a national commercial bank.

Dr. Isiavwe has over 30 years of banking experience in domestic and international banks. With a Ph.D. in Accounting, Dr. Isiavwe is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow Compliance Institute of Nigeria (FCIN) in addition to other professional certifications such as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Certified Governance of Enterprise IT (CGEIT), Certified Information System Auditor (CISA), Certified Data Privacy Solutions Engineer (CDPSE) amongst others. David has attended leadership programs in some major global institutions such as Harvard Business School, MIT and Oxford University. He currently serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), and holds a position on the Governing Council of the Fintech Association of Nigeria. Additionally, he chairs the Statutory Audit Committee of Nigeria Inter-Bank Settlement System Plc (NIBSS). His appointment underscores NOVA’s focus on digital transformation, with his vast experience playing a crucial role in advancing the Bank’s technology-driven phygital model.

Mrs. Chinwe Iloghalu, with close to 30 years of experience in the banking industry, joins as Executive Director for Corporate and Commercial Banking, the key business and relationship management engine of the bank. Throughout her distinguished career, she has made significant contributions in business and corporate banking, with expertise spanning sectors such as energy, corporate, commercial and digital banking, where she has consistently created sustainable value and returns for key stakeholders. Holding an MSc in Media and Communications, along with an MBA, Chinwe is a Fellow of the Institute of Credit Administration (FICA). She has attended leadership and executive programs in key institutions such as Said Business School Oxford, Harvard Business School, Wharton amongst others. Her role will be central to enhancing NOVA’s commercial banking rollout across all key business development segments.

Phillips Oduoza, Chairman of NOVA Bank, commented on the appointments: “The addition of Dr. Isiavwe and Mrs. Iloghalu marks a critical point in constituting the management team that will lead NOVA into its next phase of growth. David’s expertise in technology will be key in enhancing our phygital model, while Chinwe’s strong business drive and relationship management coupled with the retail and product engine of the bank will be instrumental in driving the Bank’s strategic intent to become a formidable player in the banking industry. Their deep understanding of digital and electronic banking will significantly contribute to our trademarked phygital experience, which seamlessly combines the best of in-person service and bespoke digital solutions to serve our customers. Both leaders bring valuable experience that aligns perfectly with NOVA’s vision to be Africa’s preferred financial solutions provider.”

These two appointments will further diversify the board and bring about inclusiveness, noted Mr. Oduoza.

As NOVA Bank continues its expansion and transformation into a national commercial bank, these leadership appointments highlight its commitment to delivering innovative financial services. The Bank’s phygital model, combining cutting-edge technology with a physical presence, is redefining customer experiences and setting the stage for future advancements in the Nigerian banking landscape.

Business

NNPCL’s Claim of Buying PMS at N898 Misleading, Not True, Says Dangote Refinery

Published

3 weeks ago

September 15, 2024

Eric

The rivalry between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery, took a dramatic turn Sunday when Refinery refuted claims made by the spokesperson of the NNPCL, Olufemi Soneye, that the refinery sold Premium Motor Spirit (PMS) to the company at N898 per litre.

Recall that on Sunday, the NNPCL as the sole buyer, commenced lifting of PMS, also known as petrol, from the 650,000 barrels per day refinery at Ibeju Lekki, Lagos State.

However, the Dangote Refinery, in a statement issued Sunday night by the Group Chief Branding and Communications Officer of Dangote Industries Limited (DIL), Mr. Anthony Chiejina, described the claim as misleading and an attempt to undermine the significant progress made in addressing Nigeria’s long-standing energy challenges.

Chiejina emphasised that the refinery’s current stock of crude was procured in dollars, adding that sales to the NNPCL were conducted in dollars, resulting in considerable savings compared to the prices of imported fuel.

He also reassured Nigerians that there will soon be adequate petrol supply across the country, reaching the most remote local government areas.

The refinery urged Nigerians to disregard the claims made by NNPCL spokesperson, Mr Olufemi Soneye and await the formal pricing announcement from the Technical Sub-Committee on Naira-based crude sales, appointed by President Bola Ahmed Tinubu.

The refinery reiterated its commitment to ensuring the availability of quality petroleum products and ending fuel scarcity in Nigeria.

The statement reads, ”Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.

”This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedevilled the economy in the past 50 years.

”We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

”It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.

”We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”