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Travellers have been stranded as the dollar shortage hits banks

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Travellers have been stranded as the dollar shortage hits banks

Travellers have been stranded as the dollar shortage hits banks

Travellers have been stranded as the dollar shortage hits banks

Glamtush reports that Nigerians are finding it increasingly difficult to access the United States dollar at the Central Bank of Nigeria’s official rate for eligible transactions.

 

According to Daily Trust findings, the worse affected are those travelling abroad who are experiencing delays in accessing Business Travel Allowance (BTA), Personal Travel Allowance (PTA) and monies to pay for medicals and others.

 

 

 

 

 

 

 

Parents are also affected as they are finding it difficult to access the dollar for remittances of school fees and upkeep allowances for their children.

 

 

Forces behind the shortage
The investigations revealed that it is extremely difficult to access the dollar because the demand far outweighs supply, forcing some banks to extend the request period for PTA/BTA from two weeks to eight weeks.

But other sources said the CBN had tightened the processes of getting the dollar because some unpatriotic Nigerians have been abusing the process.

 

 

 

 

 

 

A source said investigations by the apex bank showed that many people had no plan to travel anywhere or to remit money abroad for legitimate purposes but yet forge papers and apply for the foreign currency only for them to hoard it or sell it at the parallel market.

Recall that the CBN had deployed an electronic Form ‘A’ to expedite applications for PTA/BTA, medicals, education and other remittances.

 

 

 

 

 

 

 

 

 

The CBN assured Nigerians that all legitimate requests for foreign currency for eligible transactions would be fully met at the official exchange rate.

However, Stanbic IBTC Bank recently sent a message to its customers stating that it requires six to eight weeks before it can process the request for dollars.

 

 

 

 

 

 

 

 

 

 

“To serve you better, please be informed that we now require six to eight weeks to process your FX needs for international school fees, upkeep and medical payments. This will enable us to review your requests in line with regulatory requirements and ensure that we can source for FX to fulfil them,” it stated.

A visit to a branch of Polaris Bank on Gimbiya Street in Abuja and First Bank in Asokoro showed that customers have been in the waiting queue for more than 3 weeks.

 

 

 

 

 

 

 

 

In Kano, many students and people on medical and business trips looking for official forex from banks narrated that they have been experiencing difficulties in getting dollars since the introduction of the new strategy.

They alleged that there were middlemen always working within the banks who were complicating the process thereby leading to difficulties.

 

 

 

 

 

 

 

 

Travellers narrate ordeal

Abdullahi Ahmad who had finished his preparations and the requirements to travel to Dubai for medicals said he could not get the $4, 000 he applied for over two weeks.

“I have only two weeks for my Dubai Visa to expire and yet I didn’t get the dollar from my bank. When I contacted my elder brother, he then contacted a bank manager, who later promised to give me $4,000 at the end of this week. But that is not enough, she (the bank manager) said I have to pay N340, 000 as a kickback to be able to get the money,” he said.

 

 

 

 

 

 

 

 

 

 

 

He said although he accepted to pay that amount, he was not sure of getting the money as his visa expiration date was fast approaching.

A marketer at the BDC market in Kano, who chose not to be named, said the banks have crippled their businesses and forced the dollar to be scarce leading to the high exchange rate in the parallel market.

 

 

 

 

 

 

 

 

 

 

 

He alleged that the banks now only give dollars to people who add a huge amount of money, adding that it has led to the hike in the price.

We’re battling fake applications – Banks

A top source in one of the banks in Lagos, who does not want his name in print, said the scarcity has led to rationing.

“It is an open secret that we have shortage but we are trying as much as possible to meet genuine demand of people. So, we prioritise from the most critical as we can’t meet all the demand. We look out for the most urgent need,” he said.

 

 

 

 

 

 

He said the banks also have to battle fake applications in some instances.

“Many of the applicants are not going anywhere but they use different methods to apply for the dollar,” another banker said.

 

 

 

 

 

 

 

“You see them forging medical records, fake admission letters and others all in an effort to deceive us and get the scarce currency,” he said.

Asked if there was any way to solve the problem, he said, “The most important thing is to encourage export so that our earnings would increase. The federal government and the security agencies must also put some measures to track and prosecute offenders.”

 

 

 

 

 

 

 

 

 

However, Mavis Ikpeme via her Twitter handle, @mavisikpeme, lamented the difficulties in getting PTA/BTA from banks, noting that Nigerians were forced to patronise the black market.

“You can’t even file for PTA/ BTA from banks. Nigerians travelling are forced to patronise the black market. You can hardly cash USD from a dorm account too. Is the CBN not aware of these atrocities perpetrated by banks? These are part of the issues?” she said.

 

 

 

 

 

 

 

 

 

Another user, Olayinka Biu, accused banks of deliberately frustrating genuine applicants for PTA while making dollars available for Bureaux De Change.

“The actual problem is genuine applicants for PTA are not getting it. With excuses of dollars not being available or the queue being so long it couldn’t get to your turn before your travel date. Meanwhile, BDC agents are getting dollars directly from these banks,” she posted via her handle, @olayinkaBiu

 

 

 

 

 

 

We’re tackling the menace – CBN

The CBN has however assured that it was tackling the scarcity nightmare, even as it advised against succumbing to the speculative activities of some players in the exchange market.

The Director, Corporate Communications at the CBN, Mr Osita Nwanisobi said the apex bank remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.

 

 

 

 

 

 

 

 

 

 

While admitting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles, Nwanisobi said the CBN was concerned about the international value of the naira, adding that the monetary authority was strategising to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

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Akarigbo of Remoland Hosts Grand Royal Reception in Honour of Sir Aare Adetola EmmanuelKing’s 50th Birthday

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Akarigbo of Remoland Hosts Grand Royal Reception in Honour of Sir Aare Adetola EmmanuelKing’s 50th Birthday

 

In a magnificent display of royal honour and cultural pride, His Royal Majesty, Oba (Dr.) Babatunde Adewale Ajayi, CFR, the Akarigbo and Paramount Ruler of Remoland, hosted a grand royal reception in celebration of the 50th birthday of Sir Aare Adetola EmmanuelKing, KOF, the Otun Akile of Remoland.

The prestigious event, held at the Sagamu residence of the Akarigbo, drew an esteemed gathering of traditional rulers, captains of industry, political dignitaries, and members of the Remo community. Together, they celebrated a man whose life has been defined by visionary leadership, a deep-rooted commitment to development, and philanthropy across Remoland and Nigeria at large.

Aare Adetola EmmanuelKing, who also serves as Chairman/CEO of Adron Group, was visibly moved by the royal honour. In an emotional expression of gratitude, he described the event as a defining moment in his life.

“This goes far beyond a birthday celebration,” he said. “It is a sacred reminder of the unbreakable bond I share with my heritage, my people, and most especially, my revered father, the Akarigbo.

“I am deeply humbled by this royal gesture. To be so honoured by the custodian of our culture and tradition, His Royal Majesty, the Akarigbo, is one of the highest privileges of my life. It is a call to even greater service and sacrifice for the land that raised me. I thank Kabiyesi for his unflinching support, for his prayers, and for this unforgettable display of love. I pledge my continued loyalty and service to the Remo Kingdom and the enduring vision of unity, progress, and prosperity that he so nobly represents.”

The ceremony was rich with cultural heritage, featuring traditional music, heartfelt prayers, and powerful tributes that resonated with the values of Remoland.

In his royal address, the Akarigbo lauded Aare Adetola EmmanuelKing as “a visionary son of the soil whose legacy of service is etched in the sands of time.” He commended him for his steadfast loyalty to the throne and for being a beacon of hope and transformation within and beyond Remo.

As the golden jubilee celebration of Sir Aare Adetola EmmanuelKing, KOF, continues, the outpouring of tributes from across the nation reflects the impact of a life lived with purpose, a man who has not only built homes but has built lives, uplifted communities, and carried the light of Remoland wherever he goes.

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Dangote Cement wins ‘Dividend Paying Company of the Year Award’

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Dangote Cement wins ‘Dividend Paying Company of the Year Award’

Dangote Cement wins ‘Dividend Paying Company of the Year Award’

 
Africa’s largest cement producer, Dangote Cement has been named the Dividend Paying Company of the Year at the inaugural Nairametrics Capital Market Choice Awards, held weekend, in Lagos.
According to the organisers, the awards’ ceremony, themed “Capital Market as a Catalyst for Nigerian Economic Transformation,” celebrated companies making significant contributions to the country’s economic progress.
Dangote Cement was awarded the Dividend Paying Company of the Year, ahead of other nominees including Nigerian Aviation Company and Airtel Africa—recognizing its record of solid shareholder returns. The company has established a strong reputation for rewarding its shareholders with consistent and robust dividends.
Speaking on the award, Group Head, Investor Relations, Dangote Group, Temilade Aduroja, said “Our commitment to paying strong dividends reflects our robust financial performance, commitment to value creation, and dedication to delivering sustainable value to our shareholders. It reinforces trust, rewards long-term investment, and signals discipline in capital allocation.”
A review of Dangote Cement’s annual reports and accounts indicated that since 2018, the company has paid above N10 per share as dividend, increasing the payout to N16 per share and sustaining it through 2022. In 2023, the dividend rose to N20 and was later raised to N30 for the 2023 financial year.
The board for the financial year ended December 31,2024 proposed a dividend of N30 per share subject to the approval of Shareholders.
It should be noted that Dangote Cement recently emerged as the Platinum Award Winner of the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX REGCO) Corporate Reporting Award. Organised by ICAN-NGX REGCO, the event celebrated excellence in corporate transparency and governance, with other notable winners including MTN Nigeria, Seplat Energy, Stanbic IBTC Holdings, GTCO, Zenith Bank, United Bank for Africa, and International Breweries.
According to the Corporate Reporting Award guidelines issued by ICAN-NGX REGCO, thirty listed companies were evaluated across three key categories with marks allotted for compliance. The categories and allotted marks are financial reporting with 35 percent, corporate governance allotted 30 percent and sustainability reporting allotted 35 percent. The awards were ranked in Platinum, Gold and Silver categories.
Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, with a production capacity of 35.25Mta in its home market, Nigeria. Obajana plant in Kogi state, Nigeria, is the largest in Africa with
16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta. The company is building a new six million tons per annum cement plant in Itori, Ogun State.
Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement and clinker, serving neighbouring countries.
Dangote Cement wins ‘Dividend Paying Company of the Year Award’

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Brand Africa: Dangote beats MTN, DSTV, AZAM to emerge as the Most Admired African Brand

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… Inducted into the Brand Africa Hall of Fame

… Honours Aliko Dangote with a Lifetime Achievement Award

It was another historic milestone for pan-African investor Aliko Dangote and the Dangote Industries Limited over the weekend, as they garnered three prestigious accolades at the 15th annual Brand Africa 100 awards, held at the iconic Africa Hall in Addis Ababa, Ethiopia—the birthplace of the Organisation of African Unity (OAU), now the African Union (AU).
Dangote Industries Limited was named Most Admired African Brand, following an independent, consumer-led survey conducted across more than 30 African countries. The company was also inducted into the Brand Africa Hall of Fame, becoming the first African firm to receive this distinction. The induction recognises Dangote’s transformative impact on African consumers and its influential role in shaping a positive narrative for the continent.
President/Chief Executive, Dangote Industries Limited, Aliko Dangote was honoured with a Lifetime Achievement Award in recognition of his leadership in driving impactful industrialisation, establishing a world-class African brand, and reshaping the continent’s economic future through a benchmark, homegrown enterprise.
Joining Dangote Industries in the inaugural Hall of Fame were MTN, M-Pesa, Ethiopian Airlines, and South Africa, for consistently ranking among Africa’s most admired brands over the past 5 to 15 years and for building sustainable, globally respected brands.
Reacting to the awards, Group Chief Branding & Communications Officer, Dangote Industries Limited, Anthony Chiejina, said the honours reflect the unwavering commitment, excellence, and innovation that define the group’s journey. He added that they are a testament to the dedication of the company’s outstanding team, partners, and stakeholders, who continue to believe in the mission to drive sustainable development and economic growth across the continent.
“We also extend our heartfelt appreciation for the Lifetime Achievement Award presented to our Founder and President, Aliko Dangote for building a purposeful world-class industrial brand that has exceptionally transformed African lives and the African narrative. This accolade celebrates not only his visionary leadership but also his tireless efforts in transforming industries, creating opportunities, and championing African enterprise on the global stage. His legacy is an inspiration to generations of entrepreneurs and leaders across Africa,” he said.
Noting that the recognition would further inspire the company to push boundaries, empower communities, and deliver meaningful value across Africa and beyond, Chiejina reaffirmed Dangote Industries’ commitment to excellence, integrity, and transformative growth.
In his keynote address, United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa, Mr Claver Gatete, praised Aliko Dangote, the Hall of Fame inductees, and the Brand Africa laureates for advancing the African agenda. He highlighted the alignment between Brand Africa and the ECA’s mission to promote inclusive industrialisation, regional integration, and private sector-led growth. He also called for increased investment in youth-led innovation, regional value chains, and the establishment of a Pan-African Creative Innovation Fund to identify, finance, and globalise Africa’s most promising brands.
“I wish to particularly acknowledge MTN, Dangote Group, mPesa and Ethiopian Airlines for consistently maintaining their distinguished positions among the “Most Admired African Brands” category and continuing to set benchmarks in brand leadership, innovation and continental impact,” he said.
According to the organisers, the 2025 rankings reveal a stark contrast between rising African optimism and declining brand loyalty. While 68% of Africans expressed belief in the continent—up from 64% in 2024—only 11% of the Top 100 Most Admired Brands are African, marking a historic low and down from 14% in 2024. The report indicates the urgent need for homegrown brands to translate belief into consumer loyalty, and for Africans to more actively support Made-in-Africa products and enterprises.
“It is disappointing to see the sharp drop in African brands, which mirrors the ranking of non-African nations as the most influential in Africa,” says Thebe Ikalafeng, Founder and Chairman of Brand Africa. “It’s a wake-up call for Africa—and a barometer of the continent’s lagging industrialisation agenda. It’s not enough for Africans to say they believe in the continent—they must buy made-in-Africa. For that to happen, African brands must invest in R&D, continue to innovate, deliver quality, and use authenticity as a differentiator.”

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