Dangote Cement promo produces three millionaires in Ibadan
The cement manufacturer had weeks ago unveiled a Bag of Goodies National Consumer promo, Season 3 in Lagos during which the company announced that 500 consumers would win a million naira each while another 100 would win N5million within three months.
Amidst praises on the management of the Cement Company, the winners who are block moulders in Ibadan, described their winnings a very surprising as they never believed the promo was real pointing out that crediting of their accounts was timely given the prevailing economic downturn that has impacted negatively on their business.
National Sales Director, Dangote Cement, Mrs. Funmi Sanni explained that the promo was deliberately planned for this period to help the Dangote Cement customers and consumers because of the hard times brought upon businesses by the Covid-19 disruptions.
According to her about N1 billion would be given as prizes by Dangote Cement in form of cash as well as home appliances, saying the promo was indeed a bag of goodies for the Cement customers across the federation.
While congratulating the winners in Ibadan, Mrs. Sanni said the promo was aimed at giving back to consumers who have been the company’s pillar of support and to encourage them for more patronage. “We create value through quality products, exceptional service, competitive pricing and unparalleled consumer value proposition”
This, she noted, was in demonstration of the Company’s vision, which is to provide for the welfare of its stakeholders among which she stated the consumers of the Dangote Cement product were a very strategic and important members.
While handling over cheques to Messrs. Shittu Ibitayo, Biliaminu Kehinde, and Adepegba Adekunle who won N1 million each in the promo, Sanni explained that 500 customers would win N1 million each, 100 customers would win N5 million each, coupled with N32 million worth of other gifts including television sets, Standing Fans, Generators and Fridges.
According to her, “the promo started 5th of July, we say thank you and we will continue to appreciate Nigerians for their patronage and loyalty, we want to urge them to continue to do business with us whenever the need for cement arises.”
The National Sales Director said: “We produce quality products for any types of cement application, we are the leaders in cement industry, we lead the way and others to follow. The Dangote Bag of Goodies” spell and win promo will give an equal chance to everyone, even those at the grassroots level, to become millionaires.”
In his own remark, Dangote Cement Regional Sales Director, Tunde Mabogunje said the Season 3 promo is to further take Dangote Cement customers to another level of prosperity as the promo will produce 125 millionaires monthly as over a N1 billion is up for grabs.
He assured the customers of the Company in the South West that they are in for good deal with Dangote Cement as “we are determined to empower our customers financially in appreciation of their patronage and loyalty to the Dangote Cement brand.”
Also speaking at the ceremony, the West Zonal Director, National Lottery Regulatory Commission (NLRC), Fasunwomi Omotayo said his commission has gone through every details of the promotion and certified it good for the cement consumers and that his presence was to lend credent to the fact that the promotion is genuine.
CBN devalues Naira to 630/$1
The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day, Daily Trust gathered.
The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy.
In his inaugural speech, minutes after he was inaugurated as the 16th president of the country, Tinubu said, “Monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.”
There has been a wide margin between the I&E window and the parallel market, a situation that experts say encouraged round-tripping with Bureau de Change operators.
The situation has seen the CBN devise several measures to check the practice as well as completely stop the sale of forex to BDCs.
On Tuesday, President Tinubu met with the top echelon of strategic institutions including the CBN Governor, Godwin Emefiele, at the presidential villa.
At the end of the meeting, neither the presidency nor Emefiele disclosed the outcome of the briefing. It was, however, gathered that the issue of the exchange rate was discussed at the meeting.
The President also met with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari. The removal of petrol subsidy was discussed, it was gathered.
Findings, however, revealed that at the resumption of the weekly bidding for foreign exchange, the apex bank sold the spot rate to banks on behalf of their customers at N631 to a dollar and most bidders got the full amount they requested.
One of the customers told this paper that they applied and that their request was fully granted at N631 as against N461.6.
The move has also seen prices at the parallel market trend downwards. Checks by this paper revealed that prices dropped from N750 to a dollar in the early hours of yesterday to N745 by evening in Abuja and Kano respectively.
The naira weakened in the parallel market to the lowest level in a year on expectations of a possible change in exchange rate management after Tinubu takes office on Monday.
The naira dropped to N762 a dollar on Friday from 775 the previous day in the unauthorized market in Lagos, said Umar Salisu, a BDC operator who tracks the data in the nation’s commercial capital.
The unit has weakened steadily in the parallel market since last week after stabilizing for most of this year.
The market arbitrage (difference between the official and parallel markets) has widened in the past three years from N100 per dollar or about 30 per cent in 2020 to over N400 per dollar (above 100 per cent) sometime last year when the black market rate spiked to N880/$.
Development institutions, including the International Monetary Fund (IMF), are wary of exchange rate differential in excess of five per cent and warn that such could trigger unhealthy manipulation that could negatively affect other efforts on market stabilisation.
From 2020 to 2022, the CBN spent about $42 billion intervening in the foreign exchange market to stabilise the naira. The amount was sold to the end-users, including students and tourists, at the official rates, which are way off the effective exchange rate of the naira.
According to the Financial Stability Report, a publication of the CBN, the apex bank sold $9.2 billion in the market in the first half of last year.
The full data for the second half are not available, but the annualised value is assumed to have surpassed that, especially with the level of social and economic activities associated with the second half.
Whereas the black market rate averaged N730/$, the I&E window finished at suppressed N447/$ on average. That puts the arbitrage at N283/$, pushing the CBN’s FX subsidy in the year to about N3.65 trillion.
EEDC blames rainstorm for lack of electricity supply in South East
The Enugu Electricity Distribution Company PLC, EEDC, has informed her esteemed customers across the South East that the loss of supply in some areas within its network was due to the rainstorm which occurred on Sunday evening and early hours of Monday
EEDC explained this through a message issued by Mr Emeka Eze, its Human Capital Development Head and made available to reporters.
This he explained had resulted in faults, occasioned by fallen trees and a high rate of broken High and Low Tension poles, causing supply disruption to their 11KV and 33KV feeders across the business districts.
He explained that their various technical/maintenance teams have since commenced patrol of the network to evaluate the extent of damage and treat faults where they are minimal.
EEDC expressed regret over the inconveniences these developments have caused their esteemed customers and appealed for their patience and understanding while these challenges are addressed.
Emeka Eze maintained that EEDC remained committed to delivering improved services to her esteemed customers.
CBN gives reason for raising interest rate to 18.5 per cent
The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent from 18 per cent.
In a communique from the 291st Monetary Policy Committee meeting posted on CBN’s website on Wednesday, the Governor of the apex bank, Godwin Emefiele, stated that its investigation and research found that the country’s interest would have been higher but for its intervention by raising interest rates.
According to Emefiele, Nigeria’s April inflation rate of 22.22 per cent would have been 30.48 per cent if the MPC had not raised the interest rate.
The bank’s decision to raise interest rates since May 2022 positively moderated the country’s rising inflation rate.
“The results revealed that following each monetary policy rate hike, the rise in inflation moderated relative to what it could have been if the MPC had not aggressively raised rates at all.
“The empirical evidence provided showed that whereas inflation in April 2023 stood at 22.22 per cent, the counterfactual evidence suggests that, it could have risen to 30.48 per cent in April 2023, had the MPC not taken any action to raise policy rates as it did since May last year,” he said.
CBN’s MPC raised the interest to 18.5 per cent.
CBN retained the Asymmetric Corridor of +100/-700 basis points around the MPR, Retained the CRR at 32.5 per cent, and Retained the Liquidity Ratio at 30 per cent.
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