Business
Investigation: Dangote Cement Not on Sale in Benin Republic
Investigation: Dangote Cement Not on Sale in Benin Republic
… Cement sells at an average price of N6,216 in Benin despite the regulation
The allegation that went viral on social media last week that Dangote Cement Plc was selling a bag of 50kg cement to Nigerians at an exploitative rate of N5,200 while it sells the same quantity of cement at N1,500 in the Republic of Benin was not true.
THISDAY’s investigation in Cotonou at the weekend revealed that Dangote Cement was not on sale in Cotonou or anywhere in the Republic of Benin.
While Dangote does not officially export cement to Benin Republic, it only uses the country as its transit route to export cement to Togo.
It was discovered that the average price of 50kg (32.5r) bag of cement in the Benin Republic was N6,216, which was about 4,200 Cefa).
According to THISDAY’s investigation in cement depots in Akpakpa, Ghandi and Etoile Rouse (Red Star) sections in Cotonou, the price of 50kg bag of cement goes for 4,000 Cefa, 4,100 Cefa and 4,200 Cefa at different cement depots in Cotonou.
In addition, THISDAY was told that the same quantity of cement goes for 4,500 Cefa (about N6,660) in Parakou, which was the largest city in northern Benin because of transport and logistics costs.
This implied that the average prices of 50kg bag of cement in Cotonuo and Parakou were N6,068, and N6,660 respectively, at the parallel market exchange rate of 1.00 Cefa to N1.48.
The two strongest determinants of the price of cement in the Republic of Benin, according to THISDAY’s findings, were the fixing of cement’s price by the country’s government to ensure stability and the imposition of about 51 per cent duty and other taxes on imported cement to discourage importation of the commodity and encourage local production of cement.
Among the leading cements brands in Cotonou are Cimbenin Buffle, Ciment Bouclier, Nouvelle Cimenterie du Benin and the Ciment Diamant, which a manufactured in the country. These are mainly 32.5R grade in contrast to Dangote Cement’s 42.5R cement grade that is on sale in Nigeria.
An online publication had published a story on August 27, 2023, in which it had stated that, “Nigerians have taken to social media to call out billionaire Aliko Dangote for selling his bag of cement for N5,200 in his own country but selling at N1,500 in Benin Republic.”
The online publication had reported that “a Twitter user identified as @drpenking called out Dangote for selling his bag of cement for N5,200 in Nigeria despite the fact that the raw material is sourced locally in Nigeria.
“He (@drpenking) tweeted: ‘Dangote cement is produced in Nigeria. The raw material is sourced locally in Nigeria at almost zero cost. Nothing is imported. Almost zero taxes yet the price of cement is N5,200 in Nigeria and same is sold in Seme, Benin Republic at N1,500 . Sit & Explain to me (sic).’”
However, a Cotonou-based Chief Executive Officer of Marketing Challenge Agency (MCA), Mr. Dia Ibrahim Kola, told THISDAY in Cotonou last Friday that the government of the Republic of Benin was striving to maintain stable price of cement in the country through price regulation regime instead of subsidising its supply.
Kola said: “There is only one price for cement in the country. This is 78,000 Cefa per tonne of cement. But the retail prices of 50kg bag of cement vary from 4,000 Cefa, 4,100 Cefa and 4,200 Cefa. But the price is higher in Parakou in the northern part of the country” where it oscillates between 88,000 Cefa and 90,000 Cefa per tonne.”
He said the country’s policy was to discourage importation of cement and encourage its local production with high import duty and taxes for cements that does not qualify under the ECOWAS Trade Liberalisation Schem (ETLS).
“We have about four cement manufacturers, including Lafarge and others. The government has a fixed price and often sent taskforce to monitor compliance especially in Cotonou.
“But it is important to emphasise that government does not subsidise the price of cement in Benin. There was a period of high scarcity that the price went up to CFA 100,000 per tonne, which forced the government to intervene to stabilise the market,” he said.
Kola recalled that the only time he had seen Dangote Cement being sold in the country was four years ago by a Nigerian woman around Igolo, that is close to the Nigerian border, adding that she might have smuggled it in.
However, the management of Dangote Cement Plc has clarified that the price of a bag of cement from its factories across Nigeria as at August 28, 2023, was N4,010 (about 2,730 Cefa) in Okpella and N4,640 (about 3,135 Cefa) in Ibese, Objana, and Gboko.
It added that transportation costs and the location of delivery, might cause the prices to hover between N5,000 and N5,300 per bag 50kg.
This clarification was made in view of recent misinformation that the company sells cement in Nigeria at significantly higher prices relative to other countries, particularly the Republic of Benin, and other neighbouring countries.
Dangote Cement’s Group Managing Director, Mr. Arvind Pathak, advised that it was important to distinguish Dangote Cement’s ex-factory prices from prices at which retailers sell cement in the market.
Pathak said Dangote Cement was focused on delivering quality cement at the best price possible, despite the current inflationary environment.
“We continue to innovate new ways to deliver quality products to millions of our customers across Africa, while providing top-notch customer services. At Dangote Cement, we are committed to building an inclusive and sustainable business for all stakeholders across the value chain,” he said.
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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