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
A 0.11 per cent or N1.53 loss was recorded by the Nigerian Naira against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 22, closing at N1,370.64/$1 compared with the previous day’s value of N1,369.11/$1.
However, the domestic currency appreciated against the Pound Sterling in the official FX window during the session by N4.69 to trade at N1,810.75/£1 versus the previous day’s N1,815.44/£1, and gained N5.37 on the Euro to sell at N1,561.02/€1 versus Monday’s exchange rate of N1,566.39/€1.
At the black market segment, the Naira traded flat against the Dollar yesterday at N1,395/$1, and at the GTBank forex desk, it also closed flat at N1,380/$1.
Daily FX update from the Central Bank of Nigeria (CBN) indicated that forex liquidity improved, but dollar volume was surpassed by strong dollar outflows on Tuesday.
Interbank FX turnover among financial institutions and market makers experienced a significant surge, reaching $125.314 million across 106 deals at the official window, 92 per cent higher than the $65.206 million the previous day, highlighting robust market activity and growing investor confidence.
Also, Nigeria’s foreign reserves continue to grow, reaching $51.142 billion, up from $51.060 billion reported the previous day, according to the CBN’s latest update.
In the cryptocurrency market, digital currencies fell amid heavy selling in technology stocks, which kept pressure on risk assets worldwide. Also, the gauge of the Dollar climbed to a seven-month high as investors moved toward safer assets.
Leading the losers was Cardano (ADA), as it slid 2.1 per cent to $0.1511. Dogecoin (DOGE) lost 1.3 per cent to quote at $0.0789, Ethereum (ETH) shrank 0.9 per cent to $1,673.38, Ripple (XRP) declined by 0.7 per cent to $1.10, TRON (TRX) also fell by 0.7 per cent to $0.3285, Solana (SOL) dipped by 0.3 per cent to $69.83, Bitcoin (BTC) went down by 0.2 per cent to $62,756.99, and Binance Coin (BNB) tumbled by 0.01 per cent to $579.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Aduragbemi Omiyale
Dangote Petroleum Refinery and Petrochemicals has refuted allegations that its premium motor spirit (PMS), otherwise known as petrol, exported to other countries, is being re-imported into Nigeria.
It was claimed that the private crude oil refiner sells PMS to other African nations, especially Togo, at a lower price to the extent that when re-imported into the country, it is still cheaper than what Dangote Refinery sells to Nigerian marketers.
Reacting via a statement on Tuesday night, the management described the allegations as “baseless and unsubstantiated” because they are not “supported by verifiable trade data, commercial logic, or the operational realities of Dangote Refinery.”
The company noted that its core mandate is to strengthen domestic supply and remains a leading provider of petroleum products in Nigeria.
“Any practice that enables imports to compete directly with its own production clearly contradicts this objective,” it stated.
Dangote Refinery said “all sales contracts and tender agreements expressly prohibit the resale or re-importation of Dangote Refinery products into Nigeria,” emphasising that “the economics of the purported trade route are fundamentally flawed.”
The organisation stated that estimated logistics costs for transporting products from the refinery to Lomé and back into Nigeria range between $82–90 per metric ton. Such additional costs would significantly erode margins and render the transaction commercially unviable.
“Dangote Refinery does not provide export discounts sufficient to offset these costs or create arbitrage opportunities between export and domestic markets. Simply put, no rational producer would incur additional shipping, storage, financing, and handling costs only for products to re-enter and compete in its primary market,” it pointed out.
The management also highlighted that the refinery maintains stringent product traceability protocols, including detailed records of lifting points, nominated vessels, counterparties, and declared destinations. These measures ensure full visibility and accountability across the supply chain.
The statement insisted that any “claim suggesting that the refinery facilitates or tolerates re-importation is inconsistent with its contractual safeguards and established compliance standards.”
The refinery said it has consistently advocated for reducing Nigeria’s dependence on imported petroleum products, underscoring that encouraging or enabling re-importation would undermine local refining efforts, strain foreign exchange reserves, and weaken national industrial growth, positions that are contrary to its core objectives.
Dangote Refinery reiterated that there is no strategic, economic, or operational basis for the claim that it exports products for re-importation into Nigeria, stressing that the allegation is entirely unfounded and does not withstand scrutiny when measured against market logic, contractual frameworks, and industry practices.
The statement concluded that “Dangote Refinery remains focused on its mission to enhance energy security, support local refining, and contribute meaningfully to Africa’s industrial development.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 1.06 per cent on renewed investor confidence after surviving a run of losing streaks.
Yesterday, some performance indicators were better compared with the previous session, with the All-Share Index (ASI) chalking up 2,540.08 points to settle at 240,743.19 points versus Monday’s 238,203.11 points, and the market capitalisation gained N1.649 trillion to close at N154.484 trillion, in contrast to the preceding day’s N152.835 trillion.
As for the sectoral performance, the energy sector was down by 0.09 per cent, but the loss was offset by the gains recorded by the others.
The insurance counter grew by 2.84 per cent, the banking and the consumer goods indices rose by 0.18 per cent each, and the industrial goods segment expanded by 0.07 per cent.
Unlike on Monday, the market breadth index was positive on Tuesday, with Customs Street closing with 33 price gainers and 23 price losers, indicating bullish investor sentiment.
Guinea Insurance improved by 10.00 per cent to N1.10, International Energy Insurance advanced by 9.89 per cent to N6.11, Tripple Gee soared by 9.82 per cent to N3.69, Cornerstone Insurance climbed 9.76 per cent to N6.75, and Sovereign Trust Insurance surged by 8.63 per cent to N2.14.
On the flip side, Red Star Express dropped 9.96 per cent to trade at N24.85, Premier Paints depreciated by 9.93 per cent to N6.43, Trans-Nationwide Express declined by 9.82 per cent to N4.04, Royal Exchange shrank by 9.38 per cent to N1.45, and Abbey Mortgage Bank crashed by 9.29 per cent to N28.12.
Market activity improved during the trading day, with market participants transacting 564.9 million shares valued at N39.4 billion in 49,230 deals compared with the 475.8 million shares worth N36.5 billion traded in 63,567 deals a day earlier, implying a shortfall in the number of deals by 22.55 per cent, and a rise in the trading volume and value by 18.73 per cent and 7.95 per cent, respectively.
Fidelity Bank led the activity chart after a turnover of 59.4 million units worth N1.1 billion, Zenith Bank traded 49.5 million units valued at N5.9 billion, Dangote Sugar exchanged 43.1 million units for N3.1 billion, Chams sold 39.5 million units worth N156.5 million, and Access Holdings transacted 30.7 million units valued at N703.6 million.
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