Business
2022: Dangote Industries Wins FMDQ Largest Corporate Lodgment Award
…As Dangote Cement named Most Trusted Brand of the Year
In a blaze of honour, the Pan-African conglomerate, Dangote Industries Limited (DIL) and its Africa’s leading cement manufacturer subsidiary,
Dangote Cement Plc were adjudged the Largest Corporate Bond lodgment on FMDQ in gold category and the 2022 Most Trusted Brand of the Year respectively.
A statement from the DIL, electronically transmitted to Biztellers on Monday has it that “On the back of the Largest Corporate Bond lodgment on FMDQ award came another recognition with the Dangote Group named as the Most Outstanding Conglomerate in Environmental Sustainability.”
It was gathered that the cement giant came tops in the stock market for its unprecedented N116 billion Series 2 Bond issuance back in May this year.
The FMDQ Gold Awards recognises excellence in Fixed Income, Currencies and Derivatives market.
It also recognises demonstrated resilience and agility of the Nigerian financial markets participants and acknowledges the valuable efforts of the stakeholders and their participation in the FMDQ markets and across the financial market.
It is also given to the corporate entity for the highest total bonds value admitted on FMDQ Depository.
During the annual Most Trusted Brand Award, organised by leading research firm Brand Health Ltd, Dangote Cement was chosen as the most trusted cement brand in a survey of 13,000 consumers.
Chief Executive Officer, Brand Health Ltd, Emman Udowoima commended Dangote Cement for the achievement, describing it as a brand of trust and choice indeed.
According to him “four out of ten consumers who took part in the study voted Dangote Cement as the Most Trusted Cement Brand in Nigeria.
The popularity and the confidence in the brand is overwhelming as its closest rival scored just 12% while Dangote scored 41%.”
Other cement brands with substantial mentions scored between three and eight percent. Some of the elements of the survey include questions like ‘the brand that you feel most confident in, the brand that offers you what you want, the brand that offers highest quality, the brand that is distinctive, and the brand you would recommend to your friends and relatives.
Udowoima stated that about 13,000 respondents participated in the 2022 survey and were interviewed across 12 states in Nigeria including the Federal Capital Territory.
These are the states covered by the survey, Lagos, Oyo, Enugu, Abia, Akwa Ibom, Rivers, Plateau, Adamawa, Borno, Kaduna and Kano and the respondents were drawn from both urban and rural communities.
The survey, according to Udowoima, “used quantitative method to elicit responses from the consumers, and also focused on such demographics as gender – Male 50%, Female 50%; Social Class: AB 15%, C1 C2 40%, DE 45%; Age: 18-25, 30%, 26-35, 30%, 36-50, 25%, 51+ 15%.”
He explained that “The Most Trusted Brands (MTB)” Awards was instituted in 2010 to reward brands that keep promises to the consumers.
The award is an enabler for brands to do more for consumers, knowing full well that consumers either reward or punish brands according to their experiences.
Group Chief Branding and
Communications Officer, DIL, Anthony Chiejina, thanked the organisers, describing the awards as another milestone in the Dangote Group’s business trajectory.
He said it is a testament to the strategic business model being executed by the manufacturing giant, which is aimed at rejuvenating Nigeria’s economy and engendering developmental growth of Africa.
He expressed the assurance that the Dangote Group would not relent in its commitment to Africa’s development, adding that, “we will continue to impact lives positively through production of goods that meet the peoples’ need.”
The National Pension Commission (PENCOM) has officially lifted its suspension on Pension Fund Administrators (PFAs) regarding investments in commercial papers, following the development of new regulatory guidelines by the Securities and Exchange Commission (SEC).
In a circular issued on Tuesday, PENCOM announced that the decision to lift the restriction was made after SEC introduced draft rules and amendments to Rule 8 (Exemptions), aimed at regulating the issuance of commercial papers by its regulated entities.
Abdulqadir Dahiru, the Head of PENCOM’s Investment Supervision Department, explained the rationale behind the move.
“The commission has noted that the Securities and Exchange Commission has developed draft rules and an amendment to Rule 8 (Exemptions) to regulate the issuance of Commercial Papers by its regulated entities,” Dahiru said in the circular.
He further highlighted that SEC’s new framework addresses PENCOM’s concerns about the involvement of non-bank Issuing and Paying Agents (IPAs) in commercial paper transactions, bringing them under appropriate regulatory oversight.
“Accordingly, the SEC is addressing the commission’s concern about the role of non-bank IPAs in commercial paper transactions by bringing them within regulatory boundaries,” Dahiru added.
With the lifting of the suspension, PENCOM seeks to encourage capital raising while maintaining market stability.
However, the commission has advised Licensed Pension Fund Administrators (LPFAs) to carry out thorough legal and financial due diligence on all commercial paper prospectuses and offer documents before making any investments.
This is in line with the guidelines set out in Section 2.9 of the Regulation on Investment of Pension Fund Assets.
The volume of dollars traded in Nigeria’s foreign exchange market surged by 61.9% in the first 11 months of 2024, reaching $43.09 billion compared to $26.6 billion during the same period in 2023.
Data from FMDQ revealed quarterly fluctuations in market activity.
Turnover in the first quarter of 2024 (Q1’24) stood at $12.64 billion but fell by 19% quarter-on-quarter (QoQ) to $10.24 billion in Q2’24. The decline persisted in the third quarter, slipping by 0.87% to $10.15 billion.
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However, the market rebounded in the final quarter of the year.
October recorded a dramatic 63% month-on-month (MoM) increase to $5.4 billion from $3.31 billion in September.
In November, turnover rose further by 13.5% to $6.13 billion.
The naira showed a mixed performance across forex market segments in November.
At the official Nigerian Foreign Exchange Market (NAFEM), the naira appreciated by N2.8 or 0.16%, closing at N1,672.69 per dollar compared to N1,675.49 in October.
In contrast, the parallel market saw the naira weaken, losing N10 or 0.5%, to trade at N1,745 per dollar in November, down from N1,730 in October.
This divergence widened the gap between the parallel market rate and the official rate to N72.31 per dollar, up from N54.61 in October.
The Central Bank of Nigeria (CBN) faces mounting pressure to address persistent volatility in the forex market.
In its Communique No. 155, the Monetary Policy Committee (MPC) expressed concerns over sustained exchange rate pressures driven by high demand.
“Members expressed concern over persisting exchange rate pressure, reflecting continued high demand in the market. Consequently, the Committee urged the Bank to explore measures to boost market liquidity,” the MPC stated.
The Central Bank of Nigeria (CBN) has warned financial institutions to address the ongoing cash scarcity at Automated Teller Machines (ATMs) or face penalties.
This warning comes as Nigerians continue to experience difficulties accessing cash both at ATMs and over-the-counter services at banks.
CBN Governor, Olayemi Cardoso, made the announcement during his address at the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria on Friday.
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He acknowledged the widespread challenges with cash availability, particularly in the lead-up to the festive season, which has exacerbated frustrations among ordinary Nigerians.
Cardoso said, “We recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians. To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.”
Cardoso also revealed that, starting December 1, 2024, customers will be encouraged to report any issues they face while withdrawing cash directly to the CBN through designated phone numbers and email addresses for their respective states.
The CBN will be distributing guidelines to ensure the public is aware of these reporting channels.
The Governor also emphasized the need for full regulatory compliance by all stakeholders in the financial sector, including mobile money operators and POS agents.
The CBN is urging the promotion of digital transactions as a means of improving overall service delivery, especially during high-demand periods like the festive season and year-end.
“Financial institutions found engaging in malpractices or sabotage will face severe penalties,” Cardoso warned, signaling the CBN’s commitment to ensuring a reliable cash flow system across the nation.
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