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
Nigeria met its production quota set by the Organisation of Petroleum Exporting Countries (OPEC) as crude oil and condensate production soared to an average of 1,735,398 barrels per day in June 2026, representing positive growth for a fourth consecutive month.
This is according to a statement released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and signed by its Head of Media and Corporate Communications, Mr Eniola Akinkuotu, on Sunday.
The regulator noted that in June, crude oil production hit 1.56 million barrels per day while 0.18 million barrels per day of condensates were produced. The commission revealed that Nigeria met 104 per cent of the 1.5 million barrels per day crude oil production quota set by OPEC.
Business Post reports that OPEC quota doesn’t account for condensates in its count.
In strict crude oil terms (excluding condensates), the 1.56 million daily average production Nigeria witnessed in June is the highest that Africa’s biggest oil producer has recorded since April 2020, thus representing a 74-month high.
In June, NUPRC noted that the peak combined crude oil and condensate production was 1.89 million barrels per day, reflecting Nigeria’s potential to reach 2 million barrels per day in the near term. However, the lowest production was 1.57 million barrels per day for the period in review.
According to the upstream regulator, the improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.
This enhanced operational stability supported improved production uptime and crude evacuation efficiency.
Nigeria, which is Africa’s biggest oil producer, has not been able to top its record-high production of 2.5 million barrels per day recorded in 2025 due to challenges ranging from underinvestment to oil theft.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 2.30 per cent, spurring the NASD Security Index (NSI) to close higher by 96.61 points to 4,296.34 points from 4,199.73 points, and raising the market capitalisation by N57.99 billion to N2.578 trillion from N2.521 trillion.
The market was up yesterday despite a lower activity level, as the volume of securities traded slumped by 94.7 per cent to 1.3 million units from the previous 23.9 million units. The value of securities slipped by 57.2 per cent to N29.2 million from the preceding session’s N68.2 million, while the number of deals executed by market participants increased by 6.7 per cent to 32 deals from the 30 deals carried out on Thursday.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion in trades, and Central Securities Clearing System (CSCS) Plc with 70.8 million units traded for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
During the trading day, there were three price gainers and two price losers, led by Afriland Properties Plc, which shed N1.48 to sell at N15.17 per share compared with the previous session’s N16.65 per share, and Food Concepts Plc, which slid by 7 Kobo to close at N2.69 per unit versus N2.76 per unit.
Conversely, FrieslandCampina Wamco Nigeria Plc improved its value by N9.50 to trade at N150.00 per share compared with Thursday’s closing price of N140.50 per share, CSCS Plc went up by N7.95 to N89.65 per unit from N81.70 per unit, and 11 Plc soared by N6.94 to N206.95 per share from N200.01 per share.
