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Dangote enriches 21 million cement consumers through new promo

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In an unprecedented move to empower millions of its product consumers economically, leading cement manufacturer, Dangote Cement Plc yesterday launched a jumbo consumer promo tagged “Dangote Cement Bag of Goodies”, which is designed to produce 21 million winners across the country.

The promo, which runs between July and September in which prizes worth billions of Naira would be won, was formally unveiled to the media at a news briefing in Lagos. Lucky consumers are to win 43 cars, 24 tricycles, 24 motorcycles, 550 refrigerators, 400 television sets, 300,000 Dangote foods goodies packs and recharge cards for all networks worth N200,000,000.00

While unveiling the promo, the Group Managing Director of Dangote Cement Plc, Engr. Joseph Makoju, who was represented by the Group Executive Director of Dangote Industries Limited, Knut Ulvmoen said the company decided to run the biggest promo ever in Nigeria as a way of contributing to the economic wellbeing of the consumers of its products given the prevailing economic situation.

He said the promo is to reward valued consumers for their unflinching partnership in ensuring that our range of cement products remains today the first choice for construction purposes across the country, and added that the consumer promotion gives opportunities for existing and new consumers to get a step ahead of their struggle for economic emancipation by winning any of the give-away items which has economic value.

“We have made it so transparent that you don’t have to go through any raffle or draw associated with many other promotions in the country. You win instantly because what is revealed in the scratch card is what you win”, he stated.

Explaining why Dangote Cement launched such a humongous promo, Mr. Knut explained that Dangote Cement is the largest in Africa with the largest production capacity and therefore decided to reward the consumers in the biggest way ever experienced in the country.

In her presentation on the promo, Dangote Cement Marketing Director, Mrs. Funmi Sanni stated that “Consumers are at the heart of what we do; without them there is no business. Consumers are important and a fundamental factor of production without which production process is incomplete and our ability to remain in business becomes impossible.

“To grow our business, we must constantly create value in terms of quality product and service, competitive pricing and depositing in consumers’ emotional bank accounts in order to become their preferred choice of brand at the point of purchase.”

The Marketing Director said as a business, the management of Dangote Cement recognizes the importance of every member of its value chain, distributors; wholesalers; and retailers, “and as such we have invested in growing their businesses through various empowerment schemes.”

According to her, the new Dangote cement promo bags have been shipped to all distributors and sellers nationwide and therefore there is no fear of scarcity of the new cement product.

She added that “every promo bag of cement contains a scratch card carrying winning items carefully inserted in each bag. Consumers need to be educated to scratch gently so as not invalidate their wining card.” She disclosed that the promo cuts across all Dangote Cement’s brands which include 3X, Falcon and BlocMaster.

Mrs. Sanni explained that the consumer promo was in line with the mission of the company which is to touch the lives of the people by providing their basic needs, and pointed out that the consumer promotion is another huge investment to help the customers improve their rate of sales and make more profit while at the same time improve the consumers’ quality of life. “We are doing this for the sake of our consumers who have not really benefitted much from our previous promo.”

The promo was also endorsed by the National Lottery Regulatory Commission. The Deputy Director and Coordinator of the Lagos Liaison Office of the NLRC, Mrs. Nkiru Onuzulu said the promo had been approved and registered with the Commission and can assure that it would be transparent, free and fair all through the processes.

“I can assure you that what you win is what you will get because we are monitoring and regulating the promo, and given the calibre of the company running this promo which is Dangote Cement, there won’t be any undercut.”

Also attesting to the inherent transparency in the promo, President of Blockmakers Association of Nigeria, Alhaji Rasidi Adebowale said Dangote has done a lot of promos that benefited the blockmakers in the past where there was no issue. He said this cannot be an exception.

L-R: Supply Chain Director, Dangote Cement Plc, Knut Ulvmoen; Director, Route to Market, Dangote Cement Plc, Funmi Sanni; and Group Executive Director, Logistics and Distributions, Dangote Industries Ltd, Abdu Dantata, at the media unveiling of Dangote Cement PLc’s Bag of Goodies Consumer Promo, in Lagos on Thursday, July 4, 2019.

L-R: Assistant Director, National Lottery Regulatory Commission (NLRC), Lagos Zonal Office, Joy Okuna; Deputy Director/Zonal Coordinator, National Lottery Regulatory Commission (NLRC), Lagos Zonal Office, Nkiru Onuzulu; Supply Chain Director, Dangote Cement Plc, Knut Ulvmoen; Group Executive Director, Logistics and Distributions, Dangote Industries Ltd, Abdu Dantata; and Director, Route to Market, Dangote Cement Plc, Funmi Sanni, at the media unveiling of Dangote Cement PLc’s Bag of Goodies Consumer Promo, in Lagos on Thursday, July 4, 2019.

L-R: Deputy Director/Zonal Coordinator, National Lottery Regulatory Commission (NLRC), Lagos Zonal Office, Nkiru Onuzulu; Supply Chain Director, Dangote Cement Plc, Knut Ulvmoen; Group Executive Director, Logistics and Distributions, Dangote Industries Ltd, Abdu Dantata; and Director, Route to Market, Dangote Cement Plc, Funmi Sanni, at the media unveiling of Dangote Cement PLc’s Bag of Goodies Consumer Promo, in Lagos on Thursday, July 4, 2019.

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Bank customers start payment of charges for deposits, withdrawal of cash

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The Central Bank of Nigeria, CBN, has given an order that customers making cash deposits or withdrawals will pay charges beginning from today in line with its new policy.

The objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.

CBN Payments System Management Department Director Sam Okojere on Tuesday announced the take-off of the charges in a statement.

“The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.

“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.

“The charges will, however, only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT),” he said.

Okojere said the implementation of the cash-less policy nationwide would take effect from March 31, 2020.

Also to further promote the cashless economy and to enhance the collection of applicable government revenues, the CBN announced a review of the process for merchant settlement.

The regulator has, effective today, approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

Okojere announced a downward review of the Merchant Service Charge (MSC) from 0.75 per cent capped at N1,200 to 0.50 per cent capped at N1,000.

“The cash-less policy provides safe and efficient mechanisms for making and receiving payments with minimum risks to the CBN, payment service providers and end-users.

“The cashless payment is catching on to the extent that even the lowly members of the society now do transactions online.

“Without this policy, Nigeria cannot be integrated into the world’s financial system,” the statement read.

Pushing for the full use of the online payment system, the apex bank said for Nigeria to actively play at the world stage, “our payment system must be successfully benchmarked against the global best practices, as in most developed nations of the world.”

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The Americans will see attack on Saudi oil as an attack on them

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One of the two oil facilities struck in the early hours of Saturday morning was recently described by one industry expert as the the Achilles Heel of the Saudi oil industry.

Its size and production capacity makes it a critical part of the global oil supply industry.

It’s not yet clear how much damage was caused to the two plants or for how long production will be impacted, but the Saudi oil minister confirmed overnight a temporary loss of 5.7 million barrels per day of production because of the attacks.

For context, Saudi Arabia pumped 9.8 million barrels per day in August.

The Abqaiq plant was the target of a failed al Qaeda attack in 2006. Since then it has been heavily fortified but is still vulnerable from the air, especially from drones which can bypass air defence systems.

In terms of the impact on the global market and oil supply: well, short term there may be a problem which will become clear when the markets open on Monday morning.

But longer term the gap will probably be bridged by increasing production elsewhere and by releasing reserves into the market.

The much bigger concern now is the geopolitical fallout and the consequence for regional security.



Drone attacks targeted a major Saudi Aramco processing facility and oilfield in the kingdom's east

The US government is in no doubt that the Saudi drone attacks were the work of Iran.

The operation was claimed by the Yemeni Houthi rebel group but they are known to get weapons and technology from their main backer, Iran, who are suspected by other nations to use relatively low-tech ‘attack drones’ as weapons.

With cheap new technologies, small attack or ‘kamikaze’ drones are proving to be disproportionately effective when successful.

Two weeks ago, Israel carried out what they said was a preemptive strike on fighters they said were linked to Iran’s elite Quds Force who were preparing to launch a drone from Syria (where Iran now has a strong foothold) to attack Israel.

US Secretary of State Mike Pompeo said Tehran had launched an “unprecedented attack on the world’s oil supply”, adding that there was “no evidence that the drones were launched from Yemen”.

It’s true that, geographically, the two oil refineries are closer to Iran and Iraq (where Iran has a foothold) than to Yemen.



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Who launched the drone attack against Saudi oil facilities?

The Americans have always blamed Iran for stoking the flames of the Yemen conflict. But the drone attack represents, in US government eyes, an attack on global energy supply which they’ll interpret as an attack on them.

“We call on all nations to publicly and unequivocally condemn Iran’s attacks,” Mr Pompeo tweeted. “The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression.”

In such a chaotic and delicate region, an attack of this type is very dangerous.

Donald Trump has been hoping to meet Iranian President Hassan Rouhani in his latest attempt at rapprochement (after limited success with North Korea’s Kim Jong Un and no success with Afghanistan’s Taliban).

Last week he fired his national security adviser John Bolton who was calling for a much harder line on Iran.

While Mr Bolton sits out of office no doubt saying “I told you so”, President Trump must now be pondering the merits of the proposed meeting with the Iranian president.

His own secretary of state seems clear: “Tehran is behind nearly 100 attacks on Saudi Arabia while Rouhani and Zarif pretend to engage in diplomacy…”

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Vat Increase: Businesses In Lagos To Pay 12.2 Per Cent On Goods, Services

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Businesses in Lagos will pay 12.2 per cent on the sale of goods and services once the 7.2 per cent Value Added Tax increase comes into force.

An analyst with Afrinvest, Adedayo Bakare, pointed this to SaharaReporters on Wednesday during a chat.

The Lagos State Government had since collected tax from restaurants and other retailers under a sales tax law despite a Supreme Court ruling against such in September 2018.

Bakare while speaking with SaharaReporters, said, “In Lagos, consumption tax is already 10 per cent because Lagos State charges five per cent VAT and there is also another consumption tax of five per cent.

“So, for Lagos State, automatically, consumption tax is 12.2 per cent.”

Citing the data on VAT collection given by Nigeria’s former Finance Minister, Kemi Adeosun, in 2018, Bakare said only about four states were generating most of the VAT, adding that the tax burden on just a few is disproportionate.

“Meanwhile, when they generate all these money, they will share it between 36 states when most of the money is generated in just four states.”

While admitting that the hike in VAT was not wrong, Bakare said there was a more urgent need to keep widening the tax net.

He added, “It is important that they widen the tax net to bring more informal businesses to the formal sector.”

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