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Dangote Rebrands, Promises Better Performance

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Dangote Group has unveiled a new identity. At a colourful event in Lagos recently, the conglomerate launched its new logo to mark the “beginning of a paradigm shift, a big step towards presenting a global brand,” according to the president of the group, Alhaji Aliko Dangote, who was represented by the Chief Operating Officer of Dangote Cement, Engineer Joseph Makanju. “We are proud to launch a new logo, which is aimed at giving us a new and refreshing outlook. We are determined to be a leading employer of labour not only in Nigeria but in sub-Saharan Africa”, Dangote said. The Group Managing Director of Dangote Cement, who gave the opening address, Mr Knut Ulvmoen, said the new identity became necessary to reflect the group’s international status, as its operations spread beyond Nigeria. “We are here today to celebrate the facelift of Dangote Group. The new will carry the group to more strength and people will respect it,” he said. The Chief Marketing and Communications Officer of the Group, Folake Animumuney, while enumerating what Dangote represents and reasons for the new logo, He said: “Our new visual identity has been redeveloped and redefined in response to changes both within our business and our industry. The right identity for the business is distinctive and compelling, capturing the values of personality of the brand. This new identity can help us stand out in the crowded global market, deliver a distinctive experience to every customer and build even a stronger business”.
She said while the new logo reflects changes, it still retained a lot of the group’s heritage. The new logo retains the iconic eagle symbol, which Dangote say represents strength, vision, and dynamism; a red blaze or horizon, which stands for rebirth and breakthrough; while the name Dangote, in royal blue, shows the group’s humanism, care, and royalty. Dangote is a producer of household commodities, and its subsidiaries include: Dangote Sugar, Dangote Pasta, Dangote Flour, Dangote Sacks, among others. The group has operation in the 36 states in the country and some African countries.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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