Connect with us


Dangote Cement Warns Customers About Internet Fraudsters, Rewards Retailers



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,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading

Company News

Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership



Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

Continue Reading

Company News

IOCs Accused of Blocking Direct Crude Sales to Dangote Refinery



Dangote Refinery

Dangote Industries Limited (DIL) has accused International Oil Companies (IOCs) of obstructing direct crude oil sales to its refinery and forcing the company to use costly middlemen.

This development comes after a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggested a “willing buyer-willing seller” dynamic was in place as mandated by the Petroleum Industry Act (PIA).

Devakumar Edwin, Vice President of DIL, countered NUPRC CEO Gbenga Komolafe’s claims, stating that IOCs consistently make it difficult for local refiners by pushing sales through international trading arms, which inflate prices and bypass Nigerian laws.

“These middlemen earn unjustified margins on crude produced and consumed within Nigeria,” Edwin stated.

He noted that only one local producer, Sapetro, has sold directly to DIL, while others insist on using trading arms abroad.

Edwin detailed the financial impact, citing instances where DIL was charged a $2-$4 premium per barrel above the official price.

In April, DIL paid $96.23 per barrel for Bonga crude, which included significant premiums, compared to a much lower premium for West Texas Intermediate (WTI) crude.

While acknowledging NUPRC’s support in resolving some supply issues, Edwin urged the regulatory body to revisit pricing policies to ensure fair market practices.

“Market liquidity is essential for fair pricing. We hope NUPRC addresses these issues to prevent price gouging,” he stated.

This dispute highlights ongoing challenges in Nigeria’s oil sector, where domestic refiners struggle to secure local crude amidst complex market dynamics.

The outcome of these negotiations could significantly impact the refinery’s operations and broader industry practices.

The situation underscores the need for transparent and efficient crude supply systems to bolster Nigeria’s refining capacity and economic growth.

Continue Reading

Company News

Dangote’s $20 Billion Refinery to Begin Petrol Sales Next Month



Petrol - Investors King

Aliko Dangote announced on Monday that his long-awaited $20 billion refinery complex will commence petrol sales starting next month.

The announcement came during a press briefing held at the refinery site in Lagos, where Aliko Dangote, Africa’s richest man, detailed the project’s progress and future plans.

“We are proud to announce that the Dangote Refinery will begin selling petrol from August,” Dangote stated confidently.

“This milestone marks the culmination of years of meticulous planning, construction, and overcoming numerous challenges.”

Dangote’s refinery, touted as the largest single-train refinery in the world, is designed to process 650,000 barrels of crude oil per day once fully operational.

The facility aims to not only meet Nigeria’s domestic demand for refined petroleum products but also contribute significantly to export markets across West Africa.

“We have entered the steady-state production phase earlier this year, and now we are ready to begin commercial sales,” Dangote explained. “Initially, we will focus on petrol production, with plans to expand our product range as we ramp up to full capacity.”

The refinery’s launch is expected to alleviate Nigeria’s longstanding dependence on imported refined products, thereby boosting the country’s energy security and reducing foreign exchange outflows associated with fuel imports.

Beyond petrol sales, Dangote revealed ambitious plans to list both the refinery and its associated fertilizer plant on the Nigerian Exchange Group (NGX) by the first quarter of 2025.

This move aims to attract broader investor participation and unlock additional value for shareholders.

“We are committed to transparency and accountability in our operations,” Dangote emphasized. “Listing these subsidiaries on the NGX will not only strengthen our corporate governance framework but also enhance the refinery’s financial sustainability.”

Challenges and Future Prospects

Despite celebrating the imminent commencement of petrol sales, Dangote acknowledged challenges encountered during the project’s execution, including delays in securing land for a petrochemical facility in Ogun State, which incurred substantial costs.

“We faced bureaucratic hurdles that resulted in significant delays and financial losses,” Dangote lamented. “Nevertheless, we remain steadfast in our commitment to advancing Nigeria’s industrial capabilities and contributing to economic growth.”

Continue Reading