Business
Dangote Flour divests from Noodles, cedes assets to Dufil
L-R: Ambassador of the United States of America to Nigeria, His Excellency, Stuart W. Symington; Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, and Technical Consultant to the President/CE on Refinery & Petrochemical Projects, Dangote Industries Limited, Engr. Babajide Soyode during United States of America Ambassador to Nigeria visit to Dangote Refinery, Petrochemical and Fertilizer Plant, Lekki Lagos on Tuesday, April 18, 2017
As part of its regular business portfolio review, Dangote Flour Mills (DFM), has exited its noodles business as it does not consider it strategic. The company has sold the assets of Dangote Noodles to Dufil Prima Foods, makers of Indomie noodles.
To smoothen the transition, DFM has offered Dufil the use of some of its facilities on an interim basis.
The noodles business was part of Dangote Flour Mills which the Dangote Group recently re-acquired from Tiger Brands.
Group Managing Director, Dangote Flour Mills, Thabo Mabo, said the divestment is part of strategies of focusing on core areas of flour and pasta production where the company has substantial market share.
Ambassador of the United States of America to Nigeria, His Excellency, Stuart W. Symington; Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, and Technical Consultant to the President/CE on Refinery & Petrochemical Projects, Dangote Industries Limited, Engr. Babajide Soyode during United States of America Ambassador to Nigeria visit to Dangote Refinery, Petrochemical and Fertilizer Plant, Lekki Lagos on Tuesday, April 18, 2017.
He said that with the divestment, Dangote Flour will now focus on its strengths in flour and pasta and become more profitable by improving in areas of quality, distribution and marketing.
The transaction which became effective last Monday, according to him, “is a win-win situation for Dangote Flour Mills, Dufil Prima Foods and staff of Dangote Noodles”, as Dangote Flour stands to boost more market presence through robust marketing
He described the sale and transfer of assets as one of the most perfect divestments, with Dufil Prima Foods taking possession and kicking off production immediately.
Under the terms of sales agreement, Dufil Prima Foods, according to him, will continue to produce and sell noodles under the brand name, ‘Dangote Noodles’ for two years before changing the brand name.
L-R: Director of Operations, Dangote Refinery, George Nicholas; Ambassador of the United States of America to Nigeria, His Excellency, Stuart W. Symington; Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, and Technical Consultant to the President/CE on Refinery & Petrochemical Projects, Dangote Industries Limited, Engr. Babajide Soyode during United States of America Ambassador to Nigeria visit to Dangote Refinery, Petrochemical and Fertilizer Plant, Lekki Lagos on Tuesday, April 18, 2017.
Chief Executive Officer, Dufil Prima Foods, Deepak Singhal, confirmed the deal and described the acquirement of Dangote Noodles as strategic as they continue to seek more dominance of the noodles market.
Acquiring Dangote Noodles, he said will help Dufil Prima Foods deepen and sustain their market share as well as gain a strategic advantage in terms of several range of noodles products in their stable.
He re-stated that they are not shutting down the noodles production line but are commencing production with the brand name of Dangote Noodles immediately.
To ensure seamless transition and commencement of production, he said most of the former staff of Dangote Noodles are to be employed as staff of Dufil Prima Foods.
Ambassador of the United States of America to Nigeria, His Excellency, Stuart W. Symington; Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, and Technical Consultant to the President/CE on Refinery & Petrochemical Projects, Dangote Industries Limited, Engr. Babajide Soyode during United States of America Ambassador to Nigeria visit to Dangote Refinery, Petrochemical and Fertilizer Plant, Lekki Lagos on Tuesday, April 18, 2017.
With the new development, some former staff of Dangote noodles will transit to Dufil Prima Foods, while the rest redundant workers are being adequately compensated with mouth-watering severance package for their services to the company over the years.
He said the terms of the severance package was agreed with the relevant trade unions and staff are paid off immediately to enable those retained by the new owners to start on a fresh contract while those who will not be retained will not have to wait for their benefits.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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