Economy
Consumers Must Know Key Information About Products, Services—Dangote
By Aduragbemi Omiyale
Manufacturers and others have been charged to focus on consumers’ rights, as they are entitled to know all the key information on the products and services they are paying for.
This was the submission of the Group Executive Director for Commercial Operations at Dangote Industries Limited (DIL), Ms Fatima Aliko Dangote.
The daughter of Africa’s richest man, Mr Aliko Dangote, while speaking last Friday in Lagos, stressed that the information must be accurate, transparent, and easily understandable.
“In these days of artificial intelligence, where consumers are buffeted with information on many products and services which may turn out to be false or less than what is promised”, they have the right to know all the key information on the product and services.
“We need businesses to adopt ethical business practices that prioritize the well-being of consumers and the planet. We need educational initiatives that empower consumers with the knowledge and skills to navigate the complexities of the modern marketplace,” she said at an event organised by the Lagos State Consumer Protection Agency (LASCOPA) to commemorate the 2024 World Consumer Rights Day.
She called for robust regulatory frameworks that safeguard consumer rights across borders as well as collective action from stakeholders to address the emerging challenges in the sector.
For Dangote Industries Limited, (DIL), however, she maintained that the company prioritizes the rights of its consumers in all its processes by adhering to the prescribed standards in ensuring that its products are safe for use and consumption.
She then called on manufacturers to adhere to the fundamental principles of consumer rights, which are the right to safety, and information, the right to choose, the right to redress, and the right to a healthy environment.
While warning that consumers who are adversely affected by harmful products will spend huge amounts of money and time on treatment, which affects productivity, she noted that Dangote product packages are labelled with accurate information that makes it easy for customers to make decisions.
“For us at Dangote Group, the consumer remains king, and issues on their rights remain at the forefront of our processes. We adhere to the prescribed standards to ensure that our products are safe for use and consumption. We believe that consumers will always demand goods and services that have safety standards.
“From cement to sugar, seasoning, salt, fertiliser, and refined petroleum products, we adopted high safety standards to ensure that consumers get the best from us. Harmful products will not affect only the consumer but in the long run, affect the industry and economy,” she said.
Ms Dangote noted that the event was an opportunity to reflect on the core values of fairness, transparency, and empowerment in the marketplace and on the rights of every individual who participates in the global economy as a consumer.
While noting that consumers play a vital role in the value chain as the final end-users of products and services, she stressed that they wield immense power, granting them the right to demand quality, safety, sustainability, and ethical practices from businesses and governments alike.
She recalled that the importance of the consumer led to the establishment of the Consumer Protection Council (CPC) which later became the Federal Competition and Consumer Protection Commission (FCCPC) with the mandate to educate consumers about their rights, responsibilities, and market dynamics as well as providing them with the knowledge and tools to make informed decisions and avoid anticompetitive and consumer protection violations.
She, however, noted that manufacturers and providers of services should understand that despite all precautions and efforts, consumers might find flaws and faults with products, hence, the need to have access to effective grievance mechanisms for upholding consumer rights.
“It is in recognition of this right that we established the Dangote Group Customer Care Centre. The centre is devoted to the needs, demands, and complaints of customers and consumers of our products. The Customer Care Centre caters to all categories of customers including those who are willing to become distributors of our products. We ensure that the rights of consumers are protected through prompt and effective resolution of issues and challenges that are brought to our attention. The centre serves as a feedback mechanism for consumers to tell us their impressions and feelings about our products,” she added.
Ms Dangote, who congratulated LASCOPA on the successful hosting of the event, said that consumers have the right to accurate, transparent, and easily understandable information about products and services. She said this is important, especially in these days of artificial intelligence, where consumers are buffeted with information on many products and services which may turn out to be false or less than what is promised.
“We need businesses to adopt ethical business practices that prioritize the well-being of consumers and the planet. We need educational initiatives that empower consumers with the knowledge and skills to navigate the complexities of the modern marketplace,” she said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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