Economy
Dangote Rebrands Pasta Products to Cut Rice Consumption
By Dipo Olowookere
The newly revamped Dangote Pasta has already hit the market and it is set to compete with rice consumption in Nigeria due to its high quality. This strategic move, we gathered, was taken by the management of Dangote Flour, which produces the Pasta, to grow its market equity in Africa.
At the launch of the products on Tuesday in Kano, the Executive Director in charge of Sales and Marketing, Ms Halima Dangote, said the improved products will delight consumers and distributors as it comes with a new taste and new pack.
She stated that the new improved pasta products called ‘Ecccellente’ followed the research by the company which indicated that the customers and consumers will prefer an improved non-sticky pasta.
“It’s a new improved pasta with durum wheat. We did a lot of tests and researches and it took us six to eight months to get the right combination in order to give consumers quality pasta with the best taste,” Ms Dangote said.
She asserted that, “Despite being indigenous product, it can compete favourably with imported pasta.”
The Executive Director expressed delight that the products have started to gain acceptability given the large turn-out of people at the re-launch.
She said it was an honour to be at the unveiling of the new products and marketing campaign.
“I cannot emphasize enough that our goal is to ensure that we produce the best product that will delight you, our distributors, wholesalers and retailers,” she said.
She added that some countries have already signalled interest to import the innovative products from the Dangote Pasta.
The Group Chief Executive Officer, Mr Thabo Mabe, on his part said, “Now we have the most attractive packaging – please stock up, these will be flying off the shelf when consumers see it. Our new pricing list will also leave you smiling.”
He said the new improved spaghetti and macaroni has in them durum wheat which reduces stickiness and improves the taste.
According to him, “The purpose of this gathering is to ensure that you, the most important part of our business, are aware of the positive changes that have happened at Dangote Pasta.”
Speaking at the event, the Deputy Managing Director/Executive Director, Supply Chain, Mr Ahmed Yakassai, said the improved product was a major development for consumers.
“Please go and tell others about all the positive changes that we have made in at Dangote Pasta. Please tell them that we now use durum wheat, which is the highest quality wheat in the world. So that means that our pasta is nutritious, non-sticky, and great tasting,” he said.
The Guest of Honour, Hajia Affia Dalhatu, urged Nigerians to support the Dangote brand and called on women, specifically to make the new pasta part of their meals.
“I have fed my husband, children, in-laws and friends this new pasta and it is quite a tasty meal…I believe in supporting Nigerian brands.
“Dangote has never failed to invest in Nigeria and to continue developing and placing our country on the global map. Even in the face of current economic challenges, they have gone ahead to improve the product and have added durum, a more expensive ingredient without any price increase,” she added.
Elder statesman and politician, Mr Tanko Yakasai, in a chat, commended Aliko Dangote for the re-brand initiative saying, “Aliko is quite innovative, I like what he is doing. Aside enhancing employment, he emphasizes quality products for the people.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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