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Dangote Cement Warns Customers About Internet Fraudsters, Rewards Retailers

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Dangote Cement - Investors King
  • Dangote Cement Warns Customers About Internet Fraudsters, Rewards Retailers

Management of Dangote Cement Plc has warned Nigerians about internet fraudsters parading themselves as the Company’s sales representatives to defraud gullible Nigerians.

The Regioner Sales Director of Dangote Cement, South-South, George Okoro, gave this warning in Port Harcourt at an event organized to reward loyal Dangote Cement retailers in Rivers State.

Okoro urged Dangote Cement customers to patronise only retail outlets and distributors in physical locations where “the best buy” is guaranteed. He emphasized that those who propose to sell the product online, have been identified as internet fraudsters, and should be avoided. He added that the fraudsters attract victims by advertising non-existent Dangote cement at a ridiculously cheap price. He also said that the company has, “on several occasions, made attempts to counter these online fraudsters.”

“They should not depend on those who are internet scammers. We have identified those people as fraudsters and we have told customers that we have network of outlets everywhere, we have sales people everywhere and we have distributors everywhere. So, we don’t advise anybody to be dealing with a faceless person.

“Take the next five minutes walk anywhere, you will see a Dangote cement distributor. We have told them not to patronise anybody coming online. Something of N2,400 or N2,500, somebody now come online to say it is N1,400. You should be suspicious, ” he advised.

The Religional Sales Director who spoke after giving out rewards including; plasma television, generators, tricyles and industrial fans to 79 lucky retailers in Portharcourt, disclosed that the scheme which started 12 weeks ago was a means of appreciating loyal retailers.

He said, “It is to reward our committed retailers. Then we have tricycles, bedside fridges, big fridges television and industrial fan, among other prizes. We have category of prizes, including a car for the highest volume taker.

“We have them in different categories. You can choose any category you want to play. We have up to three months and at the end of the three months, you qualify to get a prize. So, today we are actually redeeming the prizes.

“Today alone, 79 persons benefited from this scheme, but we have not given out the car. We are trying to validate the highest pullers so that we can give out the car.”

He also said that the company has plans to empower loyal distributors and customers of Dangote cement, adding that this would also enhance its brands.

“This particular reward is for retailers; not distributors. We also have something for the consumers. For the consumers, we are giving out 43 cars. Here in South-South, we are giving out eight cars for this category.

“The consumer promo, which is different from this, requires that once you buy a bag of cement, there is scratch card inside. Once you scratch and win a prize, you get it instantly. The prizes include cash and tricycles.

“For the consumer promo alone, we are spending N6billion. Everything put together, we are spending in the region a total of N12 billion. People are already buying our cement; we want to empower them, support them and encourage them. It is also a way of enhancing our brand preference.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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