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SIX YEARS ON: DANGOTE IS STILL THE “MOST ADMIRED BRAND” IN AFRICA

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SIX YEARS ON: DANGOTE IS STILL THE “MOST ADMIRED BRAND” IN AFRICA

SIX YEARS ON: DANGOTE IS STILL THE “MOST ADMIRED BRAND” IN AFRICA

 

 

 

 

 

 

…2nd in Sustainability brand in Africa among top 100 brands

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That For the sixth consecutive year, the Dangote brand has been adjudged as the Most Admired African Brand among the top 100 brands in the continent.

 

 

 

SIX YEARS ON: DANGOTE IS STILL THE “MOST ADMIRED BRAND” IN AFRICA

 

 

 

 

 

 

Dangote, as the most Admired African when respondents are prompted to recall an African brand specifically was followed by the Telecommunication outfit, MTN in the second position and Digital Satellite Television (DSTV) coming third, both of South African origin.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The pan-African conglomerate brand was also adjudged as the number one African Pride brand followed by the Ethiopian Airline and MTN respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

In a newly introduced category, the Dangote brand came second in Sustainability, by brands doing good for the people, Society, and the Environment.

 

 

 

 

 

 

 

 

 

 

 

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These were announced in Johannesburg, South Africa on the occasion of the Africa Day marking the 13th waymarkingca 100: Africa’s Best Brands 2023 rankings of the Top 100 most admired brands in Africa based on a survey and rankings conducted by Geopoll, Kantar and Brand Leadership, acro,,  32 African countries that account for more than 85% of the continent’s GDP and population.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Africa in its statement announcing the ranking disclosed that in a new category of brands that are doing good for people, societonening goodenvironment, inspire,d by,  usiness shifting from profit to purpose, MTN and Dangote as African brands came first and second respectively while Unicef emerged as the number one NGO and Coca-Cola emerged as the number one non-African brand.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In the category specific ranking of tcategory-specifical services brands, Africa’s oldest banking group, Standard Bank surged to the number one position of the most admired brand in Africa, displacing GTBank, which had led the rankings for the past 3 years, but is reeling from recent UK regulatory issues, service charegular, and a tough competitive enviro, ment. The category is dominated by South African (6) and Nigerian (6) brands which account for 48% of the rankings, with the USA (4), led by VISA, at 16% percent, making up 64% of the Top 25 brands.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In another category-specific ranking of tcacategory-specificnds, DSTV, the consumer brand of the Multichoice Group, retains its dominant ranking ahead of BBC and CNN as the most admired media brand in Africa. Consistent with previous rankings, non-African media dominate the continent, accounting for 76% of the Top 25 brands.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand Africa disclosed that Dangote retained the number one spot for the 6th time despite African brands slipping to 14% of the Top 100 most admired brands in Africa as non-African brands entrench their position in the continent.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thebe Ikalafeng, founder and chairman of Brand Africa expressed concern that despite optimism with the progress of the mistContinental Free Tradethe a (AfCFTA) and other initiative to drive Afriotother evernitiativeAfrican brands still regressed 20% from a 10-year high of 17% to 14% share of the Top 100 most admired brands in Africa.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“It is concerning that despite the momentum in operationalizing the AfCFTA, rising internal pride in continent albeit against global ethe conintentlenges, that African consumers have reverted to their trusted, mostly non-Africa brands, rather than give African brands a chance,” he stated. “Nonetheless, this is the state of brands in Africa, and an urgent need to build trust in Made in African brands.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bernard Okasi, the Director of Research, GeoPoll, which has been the lead data collection partner since 2015 while speaking on the outcome of the survey explained  “With an ever increasing number of countries,even-increasinggsize, and the growth of mobile across the continent, more than ever, using mobile continues to prove to be an effective tool to reach and access respondents across the continent”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Chief Growth Officer Africa Middle East for Kantar, Karin Du Chenne,  who has been the insight lead for Brand Africa since inception in 2010 says, Africate the itsroptionsuntries and samplDespite which have invariably grown the volumes of brands analysed, the survey continues to yield aanalyzednsistent picture of the leading brands in the continent, albeit not yet to Africa’s advantage.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He added that as a non-profit initiative and to ensure the objectivity and independence of the rankings, the Brand Africa 100 | Africa’s Best Brands research to determine the most admired top-of-mind brands in Africa are not funded by any brand. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reacting to the last survey affirming Dangote as thsurveymost admired indigenous Afric n brand, Group Chief, Branding and Communication, Dangote Industries Limited, Anthony Chiejina said the awards were well deserved because “the Dangote brand generates strong nationalistic impressions and powerful feelings across the Continent in terms of industrialization, self-sufficiency, prosperity, power and production.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He stated that this was further strengthened with the recent commissioning of 650,000 bpd  Dangote Petroleum Refinery & Petrochemical complex which is a huge industrial complex or frigate. “The brand portends the inevitability of Nigerian global ascendancy and a gateway to regional and continental development”, he added.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Established in 2010, Brand Africa is an intergenerational movement to inspire a brand-led African renaissance to drive Africa’s competitiveness, connect Africa and create a positive image of the Continent.

brands/telecom

BUA Foods Bags Multiple Awards

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BUA Foods Bags Multiple Awards

…Becomes first Nigerian business to win AABLA Company of the Year Award

 

BUA Foods Plc, the makers of IRS Pasta, BUA Sugar, IRS Flour, and BUA Rice, has emerged as the 2024 Company of the Year at the prestigious CNBC’s Africa All Africa Business Leaders Awards (AABLA) held in South Africa.

 

This historic win makes BUA Foods the first Nigerian organisation to win the Company of the Year award in the 12-year history of AABLA, Africa’s largest premier business award renowned for recognising outstanding achievers in Africa’s business landscape.

BUA Foods Bags Multiple Awards
…Becomes first Nigerian business to win AABLA Company of the Year Award

The award came hours before BUA Foods was named the “Most Valuable Indigenous Food Company” at the 2024 BrandCom Award in Lagos State. In late September 2024, Marketing Edge also awarded BUA Foods as the “Customer-centric FMCG Corporate Brand of the Year” while Media Consortium named IRS Premium Wheat Flour the “Premium Brand of the Year”.

 

According to the leading Nigerian food company, the awards acknowledge its significant contributions to the African food industry, commitment to sustainable growth, and positive impact on the continent.

 

The Managing Director of BUA Foods, Engr. Ayodele Abioye (PhD.), in his acceptance speech at the AABLA award in South Africa, noted that the award is not just for BUA Foods but for the entire African food industry.

 

A statement from BUA Foods on Sunday quoted Abioye as saying, “We are deeply honored to be acknowledged as the Company of the Year. This recognition is a testament to our position as a leading force in the African food industry. We are proud to contribute to economic development and positively impact the continent.

 

“This award is not just for BUA Foods but for the entire African food industry. It acknowledges our collective efforts to bolster food security in the region, especially in the face of ongoing challenges.

 

“Just last month, we solidified our position as a global player by signing agreements with Italian and Turkish firms to expand our Pasta and Wheat production to 900,000 metric tonnes per annum and 2.5 million metric tonnes per annum respectively. This strategic move positions us to become the largest milling company in Nigeria by 2025, and ultimately Africa in the near future”.

 

Ayodele subsequently expressed gratitude to the organisers of the award, valued stakeholders, and employees of the company, saying their trust and loyalty have fueled BUA Foods growth.

 

He also reaffirmed BUA Foods’ commitment to empowering African communities through sustainable food production and distribution.

 

“As we look ahead, we remain steadfast in our mission to feed Africa and contribute to the region’s economic development. We will continue to explore new markets, forge strategic partnerships, and invest in innovative technologies to elevate the African food industry to unprecedented levels,” he added.

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Business

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

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PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

President Bola Ahmed Tinubu congratulates Dr Adesola Adeduntan, the retired Group Chief Executive Officer of First Bank Nigeria Limited, for his exceptional service at Nigeria’s oldest bank.

In celebration of Adeduntan’s remarkable tenure, the 130-year-old First Bank will host a special send-off ceremony this weekend, expressing gratitude for his contributions over the past nine years.

President Tinubu commends him for steering the bank through transformative growth, which includes expanding customer accounts from 10 million to over 42 million and elevating Profit Before Tax from N10 billion in 2015 to an impressive N300 billion in 2023.

These milestones, the President said, reflected Adeduntan’s visionary leadership and commitment to excellence.

The President expresses his appreciation for Adeduntan’s willingness to serve the nation in various pivotal roles, including his contributions to the Nigerian Economic Summit Group and other prominent institutions. His extensive expertise in the financial sector has significantly bolstered Nigeria’s economic landscape.

President Tinubu also lauds the bank’s solid internal management ethos, which is responsible for the seamless transition from Adeduntan to the current CEO, Olusegun Alebiosu.

President Tinubu wishes Dr. Adeduntan continued success in all his future endeavors.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

November 1, 2024

 

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Bank

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024  

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Zenith Bank Enhances E-Channel Services for Customers

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

 

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

 

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

 

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

 

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

 

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

 

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

 

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

 

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

 

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

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