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 level of investment by Dangote Sugar Refinery in the Sugar Backward Integration Policy (BIP) of the federal government has been hailed by the National Directorate of Employment (NDE), which described its job creation potential as humongous.
Director-General of the NDE, Silas Agara who commended the Chairman of the Company, Aliko Dangote during his visit to Dangote Group pavilion at the ongoing Kano International Trade Fair, in Kano said his commitment to the BIP towards achieving Sugar sufficiency in Nigeria is unparallel and worthy of emulation.
Dangote Sugar has so far committed over $700m to the BIP to stem the national annual sugar import of over $337million, in the bid to ensure Nigeria attains national sugar self-sufficiency which will in turn revolutionalize the economy of the nation as other people-oriented infrastructures would come with the sugar projects being undertaken under the BIP.
Agara who is a former Deputy Governor of Nasarawa State, described Dangote’s commitment as critical for development of sugar industry in Nigeria noting “Dangote Sugar in Tunga in Awe Local Government of Nasarawa State is commendable for improving the Communities in Tunga. It has created job opportunities for the teaming youth and improved livelihoods.
“Nasarawa is proud of Aliko Dangote. Tunga Sugar is a spinner for Nigeria’s economy”, the NDE boss declared.
He urged the business mogul to step up community advocacy, and more collaboration with stakeholders to drive greater positive change in the communities.
He noted, however, that, “There isn’t any dissenting voice on Tunga sugar, and the communities have enjoyed growth and development through the company Corporate Social Responsibility (CSR) strategies” but called for more of the CSR projects.
It would be recalled that the members of the Nasarawa State House of Assembly recently paid a visit to the Dangote Sugar Tunga BIP project which they described as a blessing to the state going by the vast expanse of the project.
The Dangote’s Sugar Master Plan, and the company’s commitment to the sugar projects in Tunga, Awe local Government of Nasarawa, and that of Numan, in Adamawa State have scaled up the drive towards realization of National Sugar objectives.
It was gathered that the Dangote Sugar refinery recently unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its BIP.
Chairman of the Company Aliko Dangote had during the Annual General Meeting of the Dangote Sugar, said the management was focused on achieving the revised targets set for DSR Numan operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited.
He then expressed the hope “Dangote Taraba Sugar Limited, Lau/Tau project would also come on stream soon.
Nigeria is one of sub-Saharan Africa’s largest importers of sugar second only to South Africa, but the Dangote Sugar management assured that by the time the company fully completes its sugar projects in Nasarawa and Adamawa under the BIP, the nation would be saved of more than half of the forex expended on sugar imports annually.
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.
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