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.
Business
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
The Chief Press Secretary (CPS) to the Chairman of the Independent National Electoral Commission (INEC), Mr. Adedayo Oketola, has said that a purported X (formerly Twitter) account attributed to the Commission’s Chairman, Prof. Joash Ojo Amupitan, SAN, is fake and part of a coordinated disinformation campaign.
In a public statement issued on Monday in Abuja, Mr. Oketola disclosed that a comprehensive, multi-layered forensic investigation conducted by independent cybersecurity experts has conclusively established that the INEC Chairman does not operate any personal X account.
He said, “The Independent National Electoral Commission (INEC) , committed to a full forensic investigation, commissioned an independent forensic cybersecurity expert, who conducted a multi-layered forensic and digital investigation using X platform data, internet archive records, OSINT tools, identity forensics and cross-platform analysis.”
Oketola stressed that all posts, replies, and screenshots linking him to the handle @joashamupitan are fraudulent, forensically unverifiable, and technically impossible.
The controversy began on April 10, 2026, when viral social media posts alleged that the Chairman made a partisan comment — “Victory is sure” — in response to another user, supported by screenshots and purported digital records.
However, the CPS said the forensic investigation uncovered clear evidence of fabrication and impersonation, highlighting the following key findings:
· No Digital Linkage: There is no connection between the disputed X account and Prof. Amupitan’s verified email addresses or phone numbers, as multiple recovery and verification attempts failed to establish any link.
· False BVN/OPay Claims: Data used to suggest ownership of the account only confirms identity and does not establish control of any social media handle, making such claims a logical fallacy.
· Timestamp Manipulation: The alleged reply “Victory is sure” was posted 13 minutes before the original tweet it responded to—an occurrence that is technically impossible and definitive proof of fabrication.
· No Historical Record: Searches on the Internet Archive’s Wayback Machine showed zero evidence of the account or its alleged activity prior to April 2026.
· Non-Existence on X Platform: Live checks confirmed that the alleged reply does not exist and has never existed on the platform.
· Account Renaming Pattern: On the same day the screenshots went viral, the account was renamed @sundayvibe00, set to private, and labelled a “parody account,” indicating deliberate impersonation and damage control.
· Coordinated Multi-Platform Impersonation: At least seven fake accounts across Facebook and Instagram using the Chairman’s identity were identified, pointing to a sustained disinformation effort.
“The forensic evidence is comprehensive, multi-sourced, and unambiguous. The posts attributed to Prof. Joash Ojo Amupitan on X are fabricated. The account is a clear case of impersonation,” Mr. Oketola said.
Quoting one of the independent investigators, he described the development as “a coordinated digital impersonation and disinformation campaign,” warning that advances in artificial intelligence had made it easier to fabricate misleading content.
He urged the public to avoid sharing unverified information, noting that “the fact that content goes viral does not make it authentic,” and called on media organisations to prioritise accuracy over speed.
Mr. Oketola said the independent forensic report had been referred to the law enforcement agencies for necessary action. He also appealed to law enforcement agencies to investigate the origin of the fake account and prosecute those responsible under the Cybercrimes (Prohibition, Prevention, etc.) Act.
He said, “Media organisations, in particular, have a duty to apply strict forensic verification standards to social media posts and screenshots before publishing them, especially when such content implicates public officials or carries serious consequences for public trust and institutional credibility. Accuracy, not speed, must guide reporting in matters of this nature.”
He reiterated that all official communications from INEC are disseminated exclusively through its verified platforms, including its website (www.inecnigeria.org), verified X account (@inecnigeria), official Facebook page, online news portal (www.inecnews.com), formal press statements from its headquarters in Abuja, and official media briefings. Any account purporting to represent the INEC Chairman in a personal capacity, he said, should be treated as fraudulent unless formally verified by the Commission.
Business
How FirstBank is investing in Its People and Building Future Leaders
How FirstBank is investing in Its People and Building Future Leaders
For an average 9-5er, having a job isn’t enough. You want a career that grows with you, gives you stability, and opens doors to bigger opportunities. People everywhere are looking for workplaces that don’t just pay salaries but actually invest in their staff, helping them learn, lead, and succeed.
That’s exactly what FirstBank is doing. The Bank is building a future where every employee has the opportunity to grow, lead, and thrive. Through its human capital management and development agenda, FirstBank is creating numerous pathways for staff to transform their careers and become tomorrow’s leaders.
Conversion Programme: Turning Opportunities Into Careers
Needless to say that there is no desire for the 9-5er to remain in a temporary role when they can secure a full-time career. With FirstBank’s Conversion Programme, eligible non-core employees who have served for at least one year can transition into permanent positions. This initiative ensures that hardworking staff are rewarded with stability, growth, and the chance to contribute more meaningfully to the Bank’s success.
Leadership Programmes: Grooming the Next Generation
FirstBank has designed three flagship programmes to identify and nurture high-potential talents:
- FirstBank Management Associate Programme (FMAP): A 24-month fast-track initiative that grooms future middle managers. Upon completion, participants are promoted to Assistant Manager grade, regardless of their previous grade.
- Leadership Acceleration Programme (LAP): Focused on preparing internal middle-management talents for leadership responsibilities, ensuring the Bank’s succession pipeline remains strong.
- Senior Management Development Programme (SMDP): A programme for senior managers who are proven leaders in their functions and critical to the Bank’s succession plan.
These programmes are not just training—they are career accelerators, designed to put staff on the fast lane to leadership.
FirstAcademy: Learning With Global Standards
Backing these initiatives is FirstAcademy, FirstBank’s corporate university, accredited by the Chartered Institute of Bankers of Nigeria (CIBN).
Staff also benefit from partnerships with institutions like Rome Business School and Association of Chartered Certified Accountants (ACCA), gaining access to world-class training—often at discounted rates
A Workplace That Values People
FirstBank’s parent company, First HoldCo PLC, was named second in the Best Workplaces in Financial Services in Nigeria. The Bank remains firmly committed to responsible employment practices, ensuring that all colleagues are treated with dignity, fairness, and respect.
The Future Is Human
With these initiatives, FirstBank is showing that its greatest investment is its people. By empowering staff through various growth opportunities, the Bank is not just building a workforce, it is cultivating leaders who will shape the future of banking in Nigeria and beyond.
Business
FirstBank Partners Ekiti State Government on Launch of Innovation Enterprise Support Fund
FirstBank Partners Ekiti State Government on Launch of Innovation Enterprise Support Fund
Lagos, 10 April 2025 – FirstBank, West Africa’s premier financial institution and the leading financial inclusion service provider, is proud to announce its partnership with the Ekiti State Government in launching the Innovation Enterprise Support Fund, a groundbreaking initiative designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across the state.
The programme provides funding, mentorship, and market access to high-potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities. Notably, at least 40 percent of the fund has been reserved for female-led enterprises.
The Innovation Enterprise Support Fund Initiative is structured as a three-phase programme covering ideation, pre-acceleration, and acceleration for about 60 startups. Each enterprise will receive financial support ranging from ₦150,000 to ₦1,200,000, enabling job creation, revenue generation, and market-ready product launches.
Speaking on the partnership, the Managing Director/Chief Executive Officer, FirstBank Group, Olusegun Alebiosu, said “Entrepreneurship and Innovation are two of our core values at FirstBank. We believe MSMEs are enablers of economic growth and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition and transformation. We have remained committed to building stronger business through improved access to finance and capacity building; we created the SME Connect Platform to serve as a digital hub where Nigerian entrepreneurs find the resources to move from vision to value. We are excited about this partnership, and we see more than startups. We see future industry leaders, employers of labour, and perhaps our next big partners.”
The partnership aligns with FirstBank’s longstanding commitment to financial inclusion, SME development, and youth empowerment, with an emphasis on supporting women entrepreneurs, who represent 35% of Nigeria’s startup cohort.
FirstBank has been a consistent promoter and supporter of the innovation ecosystem and SMEs in Nigeria, providing notable interventions to help them scale their platforms and businesses. The Bank has designed multiple digital platforms for its SME customers to leverage on for business growth and expansion.
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