News
Cement Promo: Regulators praise Dangote for giving N1bn to customers
Principal Admini strative Officer of National Lottery Regulation Commission, Mr. Afam Ojeh on Wednesday, in Sagamu, Ogun State, lauded the initiative of the Management of Dangote Cement for consistently giving back to its teeming customers through its annual promo, where customers are winning huge sums of money and other lofty items. Ojeh, who represented National Lottery Regulatory Commission enjoined the customers to appreciate the gesture of Dangote, as the company, on a yearly basis, give back to its customers and appreciate their patronage through the Promo. He said: “The Management of Dangote Cement should honestly be appreciated by the customers as the company paid handsomely to the Federal Government to be given permission to conduct the yearly promo.”
In the same vein, the representative of Federal Competition and Consumer Protection Commission, Susie Onwuka said, “This season 3 promo is bigger than Season one and two past promos. I want Dangote to continue to add value to the lives of the consumers of its product. In so doing, the company is also helping to boost economic activities in Nigeria.”
While two people won N5million each in Sagamu, a total of five people won N1million each and hundreds of other customers won different prizes.
The company, this year, according to National Sales Director, Dangote Cement, Funmi Sanni has set aside a total of N1billion, in cash and gifts for the ongoing Bag of Goodies Promo Season 3 which runs from July 5th to October 31st 2022. She said there are over 32.3 million mouth-watering prizes that are currently being won, including television sets, refrigerators, rechargeable fans, 2KVA generators, and millions of air times of major networks in Nigeria.
Sanni, who was represented in Sagamu by the Dangote Cement Regional Sales Director, Lagos/Ogun, Dolapo Alli, assured the customers who are yet to win from the Promo that there are enough gifts and money for all that patronize the brand as every bag of Dangote Cement contains both winning and non-winning scratch cards.
The ongoing promo, according to Sanni is designed to continuously reward loyal Consumers who have stayed faithful and remained the backbone in the cement business.
She said that these Consumers have contributed in no small measure to make Dangote range of cement products the first choice for construction purposes across the country.
According to her, “We are offering life-changing prizes, which have immense economic values as they can be used to kick-start small scale businesses. These prizes are targeted to help many families recover from the nation’s economic situation
Speaking on behalf of the winners, Mr Abolarin Sunday, who is a teacher and also a cement retailer, profusely thanked the Management of Dangote Cement for initiating a Promo of this calibre that has changed the life of so many cement users, since the company started with the idea of giving back through the Promo.
According to him, “My name is Abolarin Sunday and it is a privilege for me to speak on behalf of all the other winners today. I won N5nillion and this will change my life for good. I have never doubted the promo of Dangote Cement because I have friends that have also won from the Promo. Some people won cars, last year and I am happy to be winning my own huge sum today. On behalf of all of us that won in Sagamu, I thank the Management and staff of Dangote Cement and pray that the company will continue to grow from strength to strength. I also want to assure the management, that with my colleagues, we are now an advocate of Dangote and it is even good that your product has the best quality in the market now, so it will be an easy sell for us”
News
Adeduntan retires as First Bank MD
In a sudden move that has sent shockwaves in Nigeria’s financial services industry, the Managing Director of First Bank of Nigeria Limited, Adesola Adeduntan.
Adedutan resigned his appointment from the company after nine years of holding the top executive position even though he was billed to retire in December when his tenure would have been fully completed.
“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” he said in a copy of his resignation letter.
First Bank is the flagship subsidiary of FBN Holdings, Nigeria’s foremost financial institution, which abruptly announced the cancellation of an extraordinary general meeting on Saturday morning after Mr Adeduntan resigned.
The meeting had been earlier “scheduled to be held virtually on Tuesday, April 30, 2024, at 10 am for the consideration and authorisation of the company to undertake a capital raise of up to N300,000,000,000,” FBN Holdings said in its notification to the Nigerian Exchange.
Mr Adeduntan joined First Bank in 2014, first as a chief financial officer and as an executive director.
Former managing director of First Bank of Nigeria Limited, Adesola Adeduntan. Prior to his stint at FirstBank, Adeduntan served at the Africa Finance Corporation as the pioneer chief financial officer/business manager and as a director as well. His range of expertise covers investment finance, commercial and investment banking, consulting and audit.
He was once a senior manager at the auditing and professional services firm KPMG and held the role of Senior vice president & chief financial officer at Citibank Nigeria Limited.
News
FG agency blames multiple taxes, others for high cost of goods
The Federal Competition and Consumer Protection Commission has released findings from a comprehensive investigation into the factors contributing to the relentless increase in consumer costs.
The Director of Surveillance and Investigation Mrs B. A. Adeyinka, said this while briefing journalists during a market surveillance to enforce prices today in Masaka Markets, Nasarawa State.
Adeyinka explained, “We’ve conducted extensive interviews with marketing executives and sellers across various sectors. Despite government efforts to stabilise the currency, prices remain high.
“Our findings point to a complex web of factors, including multiple layers of taxation and transportation costs, driving prices up. The cost of transportation is a significant burden on the sellers, and this cost is inevitably passed on to the consumer.
“For instance, a product that once cost N15,000 now sells for N50,000. This drastic increase is largely due to higher transportation expenses, the rising cost of pesticides, and security concerns in certain areas.
“Our first step is to compile a report on the multiple taxes affecting the market and advise the government on potential solutions. We aim to unlock the market by reducing these taxes, thereby easing the financial burden on both sellers and consumers.”
The FCCPC as part of its campaign for compliance sealed 4U Supermarket Wuse 2 on Thursday for breaching price and quality standards.
Speaking on Thursday, the acting Chief Executive Officer of FCCPC, Adamu Abdullahi, stated that the commission would continue the price enforcement in other states.
On his part, the executive chairman of the market, Gimbal Salasi said the market executives were working to ensure hitch-free market operations and price regulations in the market.
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