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Top African Brands Lose US$5.5 Billion in Brand Value in 2021



african brands - Investors King

The total value of Africa’s top 150 most valuable brands has declined by US$5.5 billion (12%) from US$45.5 billion in 2020 to US$40.0 billion in 2021, according to the latest Brand Finance Africa 150 2021 report

The COVID-19 pandemic has played a key role in the downturn in the brand value of Africa’s top brands. Lockdown measures and travel bans were implemented throughout the year and across the continent, creating uncertainty and impacting brands’ ability to do business as usual.

Jeremy Sampson, Managing Director, Brand Finance Africa, commented:

“In a year that saw most African countries go into lockdown and significant unrest across the continent, a decline in total brand value for the top African brands is unsurprising. Following the pandemic, African brands will need to search for opportunities to make up lost ground. By embracing new technologies and collaboration, the continent can propel its recovery and bounce back from the extraordinary situation the world has found itself in.”

Babatunde Odumeru, Managing Director, Brand Finance Nigeria, commented:

“Just 17 Nigerian brands feature in the Brand Finance Africa 150 2021 ranking and contribute 6% of the total brand value. As is the case with many brands across the continent, Nigeria’s top brands are not yet truly Pan-African, so although their performance may be solid on home soil, they are failing to translate this internationally. We are witnessing some brands make strides towards expanding their footprints, should they do so successfully we could see a greater uplift in brand value, as well as more Nigerian brands featuring in the ranking.”

17 Nigerian brands feature in ranking

Behind South Africa, Nigeria is the second most represented nation in the Brand Finance Africa 150 2021 ranking with 17 brands featuring and accounting for 6% of the total brand value. 33 Export (down 8% to US$292 million) is Nigeria’s most valuable brand, sitting in 43rd in the overall ranking. This brand value decrease is in line with the trend seen for alcohol brands across the continent and the rest of the world with people going out and drinking less because of the pandemic.

South African brands dominate once again, with the entire top ten hailing from the nation. In total, 81 South African brands feature with a cumulative brand value of US$29.0 billion, equating to 73% of the total brand value in the ranking – a 15% decrease from last year.

MTN and Vodacom lead the way, with First National Bank (brand value US$1.3 billion), Old Mutual (brand value US$1.3 billion) and Standard Bank (US$1.3 billion) completing the top five. In total, there are only 19 of the continent’s 54 countries with brand representation in the ranking.

Morocco is the third most represented nation in the ranking, with 10 brands featuring, which account for 6% of the total brand value. Claiming 13th spot is Maroc Telecom – the highest ranked brand from outside South Africa – jumping five spots following a modest 1% rise in brand value to US$761 million. The telecoms brand was able to capitalize on the increased reliability on its services over the previous year and a half, with both work and social lives forced to turn online, managing to increase its customer base, seeing an uptick of 10% in broadband users.

Access Bank is nation’s fastest growing

Access Bank is Nigeria’s fastest growing brand, following an 8% increase in brand value to US$262 million – growth that has bucked the global trend for the banking sector this year.

Access Bank has celebrated strong revenue growth over the previous year and has made some strides towards its expansion plans, through completing acquisitions across Zambia and Kenya. The bank shows no signs of slowing down with plans underway to enter the South African market through its investment in Grobank – a key part of the bank’s wider mission to become ‘Africa’s Gateway to the World’.

MTN peaks again

South Africa’s MTN has retained the title of Africa’s most valuable brand, despite recording a 19% drop in brand value to US$2.7 billion. The telecoms giant dominates on home soil too, this year holding onto its decade-long reign as South Africa’s most valuable brand, according to the Brand Finance South Africa 50 2021 report.

It has been a turbulent year for MTN, however, with the brand facing several scandals from its money mobile services been hacked in Uganda, to being accused of price discrimination practices alongside telecoms rival and second-ranked Vodacom (brand value down 16% to US$1.7 billion). MTN has also begun to scale down its operations, announcing its exit from the Middle East, in order to focus and build further across Africa.

Despite this, according to the Brand Finance Global Brand Equity Monitor, MTN is ranked 3rd among consumers for “Popularity with friends and family”, 4th for “Cool” and 4th for “Accessible anywhere and anytime”.

With the recent appointment of Ralph Mupita to the helm as CEO, as well as the successful launch of its 5G network across major South African cities, MTN will hope to use these developments as a springboard to capture some of its lost brand value moving forward.

Capitec Bank crowned Africa’s strongest brand

In addition to measuring brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. According to these criteria, Capitec Bank has overtaken Vodacom to be crowned Africa’s strongest brand, with a Brand Strength Index (BSI) score of 89.2 out of 100 and a corresponding AAA brand strength rating.

According to the Brand Finance Global Brand Equity Monitor, Capitec is one of the five most reputable banking brands in the world. Reputation (and the main drivers of reputation) is highly correlated with brand consideration. Banks that outperform in reputation – by excelling in meeting customer needs – also outperform in brand consideration. Capitec scores extremely highly for both.

Surpassing the 15 million client mark in December 2020, Capitec has more customers than any other South African bank, all of whom benefit from its excellent customer service and personalised banking experience. The pandemic increased the number of online shoppers to more than ever before – the banking brand responded by launching a virtual banking card, making online transactions easier and safer for its customers.

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

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Access Bank is the Most Valuable Nigerian Brand, Valued at NGN205.6 Billion

Access Bank has become the most valuable Nigerian brand with a value of NGN205.6 billion. Despite a slight increase in costs throughout the year, the multinational commercial bank managed to boost its gross earnings in 2022, underscoring the brand’s impressive growth trajectory.



access bank

Following an impressive year-on-year brand value growth of 31%, Access Bank has become the most valuable Nigerian brand with a value of NGN205.6 billion. Despite a slight increase in costs throughout the year, the multinational commercial bank managed to boost its gross earnings in 2022, underscoring the brand’s impressive growth trajectory.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 25 most valuable and strongest Nigerian brands are included in the annual Brand Finance Nigeria 25, 2023 ranking.

Fellow banking brand, Zenith Bank, is Nigeria’s second most valuable brand with a brand value of NGN201.5 billion, marginally behind leader Access Bank. Its brand value grew 45% year-on-year, making it the fifth fastest growing brand in the ranking.

Babatunde Odumeru, Managing Director, Brand Finance Nigeria commented:

“Nigeria’s top banking brands’ exceptional brand value growth is a testament to their strong financial performance, and sustained high levels of brand equity, even amidst challenging economic conditions. These results demonstrate the considerable resilience of Nigeria’s banks, who continue to dominate the ranking, and reflects the industry’s significant contributions to the country’s economy.”


BUA Cement is the fastest-growing Nigerian brand, up 64%

BUA Cement clinches the title as Nigeria’s fastest growing brand in 2023 after an increase of 64% took it to a brand value of NGN43.9 billion. As demand for cement surged, the brand’s revenues have increased by 40.5%, while its forecasts have also gone up. BUA Cement’s increase in sales of bagged cement have help it offset the impacts of inflation and currency effects, which have been widely felt by many brands throughout 2022.


Banking is the most valuable sector in the ranking, up 29%

The collective brand value of the nine banking brands included in the ranking was up 29% year-on-year to NGN888 billion. This makes banking the most valuable sector in the ranking by a significant margin, worth almost NGN633 billion more than the next most valuable sector – Engineering & Construction (NGN255 billion).

As well as Access Bank (1st) and Zenith Bank (2nd), United Bank for Africa (brand value up 28% to NGN161.6 billion), GT Bank (brand value up 62% to NGN142.5 billion), and First Bank of Nigeria (brand value up 37% to NGN116.9 billion) were all firmly amongst the top-ten most valuable Nigerian brands.

Energy drink brand Fearless is the strongest Nigerian brand, earning AAA rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

Popular energy drink brand Fearless (brand value up 1% to NGN28.2 billion) is the strongest Nigerian brand with a Brand Strength Index score of 87 out of 100 and corresponding AAA rating. Fearless has a dominant four-point lead at the top of the ranking for brand strength over Nigeria’s second strongest brand, United Bank for Africa (83/100, AAA-).


Zenith Bank has the highest Sustainability Perceptions Value, while GT Bank has the highest Sustainability Perception Score

As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. This is an indexed score that provides a view of the role of sustainability in driving positive brand reputation. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.

As well as being Nigeria’s second most valuable brand, Zenith Bank also has the highest Sustainability Perceptions Value (SPV) of any brand included in the Nigeria 25 2023 ranking – NGN16.1 billion. Zenith Bank’s position at the top of the SPV table is not an assessment of its overall sustainability performance. Rather, it indicates how much brand value it has tied up in sustainability perceptions. Zenith Bank also has the third highest Sustainability Perceptions Score in the ranking of 4.69 out of 10.

Fellow Banking brand, GT Bank has the highest Sustainability Perceptions Score in the Nigeria 25 2023 ranking at 5.03 out of 10. This equates to a Sustainability Perceptions Value of NGN12.2 billion.


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EV Manufacturer Rivan Post Q1 Earnings Results, Records Narrow Loss on Revenue



Electric car

American electric vehicle manufacturer and automotive technology company Rivan posted First quarter (Q1) earnings results, recording a narrow loss in revenue.

Rivan produced 9,395 vehicles in the first quarter of 2023 and reported $661 million in revenue driven by the delivery of 7,946 vehicles, slightly beating expectations and falling from Q4.

It experienced a loss of operations in the first quarter (Q1) of 2023 totaling $1,433 million as compared to $1,579 million in the same period last year. Gross profits fell to negative $535 million in Q1, compared to negative $502 million last year. Overall, Rivan posted a net loss of $1.4 billion, down when compared to $1.6 billion in Q1 2022 and over $1.7 billion from last quarter.

In the first quarter of 2023, the company recognized a non-cash, stock-based compensation expense within operating expenses of $165 million as compared to $307 million in the first quarter of 2022, and depreciation and amortization expense within operating expenses of $58 million as compared to $38 million in the first quarter of 2022.

With cost-cutting measures, the company’s operating expenses fell to $898 million compared to over $1 billion during the same period last year.

Speaking on the way forward the company said, “We continue to believe the supply chain will continue to be the main limiting factor of our normal facility output. Our team continues to work on the introduction of new engineering design changes and key technologies which will take effect during the second half of 2023 to help mitigate anticipated supply chain constraints. Our long-term success as a business will be determined by our ability to produce high volumes of vehicles profitably. The collective efforts across all our teams and functions are focused on delivering this goal. Our target of generating positive gross profit in 2024 is composed of several drivers across the business”.

As the company looks forward to the remainder of 2023, it disclosed that it is maintaining its 50,000 EV production goal for 2023. The EV manufacturer says it remains focused on ramping production and implementing new technology to drive down costs throughout the year.

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Apple Fiscal Second Quarter Earnings Beat Wall Street Expectations



inside apple company

Giant tech company Apple announced its fiscal second quarter (Q2) earnings on Thursday, beating Wall Street expectations, which was driven by stronger-than-anticipated iPhone sales.

For the quarter that ended April 1, 2023, Apple recorded $94.8 billion in revenue, and quarterly earnings per share of $1.52 remained unchanged. Both figures were higher than Wall Street expectations, leading to Apple’s shares rising around 2% in extended trading.

Speaking on the report, Apple CEO Tim Cook said, “We are pleased to report an all-time record in services and a March quarter record for iPhone despite the challenging macroeconomic environment and to have our installed base of active devices reached an all-time high. We continue to invest for the long term and lead with our values, including making major progress toward building carbon-neutral products and supply chains by 2030”.

It is worth noting that the driving force behind Apple’s quarterly performance was its increased iPhone sales, which amounted to a whopping $51.3 billion. This figure was higher than analyst expectations of $48.84 billion.

Investors King understands that a major reason for Apple’s improved performance in the reported quarter was China, as sales in the country were better than expected as consumer spending increased after Covid restrictions were lifted in 2022.

Meanwhile, Apple’s Mac and iPad businesses didn’t perform well. The company had already warned last quarter that both business segments would decline, partially due to parts shortages but they fell further than expected. Apple Mac sales were off more than 31% to just over $7.17 billion.

Cook disclosed that there are two reasons for that, one is the macro situation in general and the other is where the company is still comparing to the very difficult compare of the M1 MacBook Pro 14 and 16-inch from the year-ago quarter. The company’s CEO however disclosed that unlike other tech companies that have downsized their workforce, layoffs would be Apple’s last resort.

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