Business

Dangote Becomes Most Admired Brand In Africa for the Sixth Consecutive Year

Published

2 years ago

June 5, 2023

The Dangote brand has become the Most Admired African Brand for the sixth consecutive year, and among top 100 brands in the continent and 2nd in Sustainability brand in Africa among top 100 brands.

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

These were announced in Johannesburg, South-Africa on the occasion of the Africa Day marking the 13th Annual Brand Africa 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, across 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, society and the

environment, inspired by business 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 the Top 25 financial 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 challenges and a tough competitive environment. 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 the Top 25 media brands, 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 African Continental Free Trade Area

(AfCFTA) and other initiative to drive African initiatives, African 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 economic challenges, 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, greater sample size, 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, “despite the increased countries and sample sizes which have invariably grown the volumes of brands analysed, the survey continues to yield a very consistent 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 number one most admired indigenous African 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 a intergenerational movement to inspire a brand-led African renaissance to drive Africa’s competitiveness, connect Africa and create a positive image of the Continent.

Business

Top Ten Ponzi Schemes That Have Stolen From Nigerians

From MMM to CBEX, here’s a rundown of the most notable scams that have drained billions from Nigerians since 2016.

Published

36 minutes ago

April 16, 2025

OhiBaba

Despite repeated warnings by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria, , Nigerians continue to fall victim to Ponzi schemes promising quick returns.

From MMM to CBEX, here’s a rundown of the most notable scams that have drained billions from Nigerians since 2016.

1. MMM Nigeria (2016)

The most infamous Ponzi scheme in Nigeria’s history, MMM Nigeria promised returns of up to 30% within 30 days. The scheme attracted millions before it crashed in December 2016, leaving countless investors in financial ruin.

2. Ultimate Cycler, Get Help Worldwide, Twinkas, iCharity Club, Loopers Club, Givers Forum (2016)

These platforms emerged in the shadow of MMM’s popularity. Using referral networks and cycling models, they lured thousands with mouthwatering promises, only to vanish within months.

3. NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017)

After the MMM crash, copycat schemes took over, rebranding old models with new names. NNN and MMM Cooperation tried to ride on the MMM name, exploiting previous participants who still hoped to recover losses.

4. Bitclub Advantage, Million Money, Helping Hands International (2018)

These schemes masqueraded as crypto-based platforms or charity networks.

They capitalized on the growing interest in digital currencies but delivered the same outcome — massive losses.

5. Loom and Crowd1 (2019)

Viral social media campaigns fueled the rise of Loom and Crowd1. Promoters used WhatsApp and Facebook to promise “double your money” schemes that quickly collapsed when recruitment stalled.

6. InksNation, Lion’s Share, Baraza Multipurpose Cooperative (2020)

InksNation promised a digital currency that would end poverty but was shut down by the SEC. Baraza claimed to be a cooperative but operated like a classic Ponzi, while Lion’s Share mimicked MLM structures.

7. Racksterli, Eagle Cooperative, 86FB (2020–2021)

These platforms used influencer marketing and sports betting gimmicks. 86FB, in particular, gained popularity before crashing spectacularly, taking millions from investors.

8. FINAFRICA, Royal Q (Nigeria version), Ovaioza (2022)

FINAFRICA used the lure of forex trading. Royal Q posed as a crypto trading bot, and Ovaioza claimed to store and sell agricultural produce. All failed to deliver on promised returns.

9. CALA Finance, 6Dollars Investment, Sidra Investment, WealthBuddy, Compoundly (2023–2024)

These new-age platforms were heavily marketed online. Sidra was a clone scam, while others mimicked DeFi and crypto investment trends, using hype and bonuses to attract victims.

10. BitFinance Global and CBEX (2025)

In the latest wave, BitFinance Global and CBEX are among the schemes already causing financial pain in 2025.

They repeat the same patterns — false claims, unrealistic returns, and eventual disappearance.

(Words and Image credit: Vanguard )

Business

Oyetola Says CVFF Fund to be disbursed through Lending Institutions

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, over two decades, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.

Published

4 hours ago

April 16, 2025

OCHEFA

The Minister of Marine and Blue Economy, Adegboyega Oyetola, says that the Cabotage Vessel Financing Fund (CVFF) will be disbursed to eligible shipping companies through the government-approved lending institutions.

Oyetola said: ” Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.

The fund will be administered in partnership with carefully selected and approved primary lending institutions (PLIs), ensuring professional and efficient disbursement.”

Accordingly, Oyetola has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF).

However, successive administrations failed to operationalise the fund for indigenous shipping until now.

Oyetola, in a press statement by the Media and Communications Adviser to the Minister, Dr Bolaji Akinola, yesterday, lamented that for over 20 years, the CVFF remained a dormant promise.He said this is not just about disbursing funds but about rewriting a chapter in the nation’s maritime history, saying:

“Today, we are bringing it to life deliberately, transparently and strategically.”NIMASA, in alignment with the Minister’s directive, has already issued a marine notice inviting eligible Nigerian shipping companies to apply. “

Business

FIRS Targets N25.2tr Revenue in 2025

In a keynote address during the opening ceremony of a two-day workshop, organised by the Service on “Tax Expenditure and its Effects on Government Revenue”, the FIRS chairman said that under the current dispensation, the Service was contributing an average of over 60 percent monthly to the Federation Account.

Published

4 hours ago

April 16, 2025

OhiBaba

The Federal Inland Revenue Service (FIRS) is determined to rake in N25.2 trillion revenue in 2025, higher than the N21.6 trillion it collected in 2024.

This was disclosed by FIRS Executive Chairman, Dr Zacch Adedeji, who noted that the FIRS was facing the challenge of ever-increasing demand for greater tax revenue collection by government at all levels, especially in the face of dwindling direct revenue contribution by some Ministries, Departments and Agencies (MDAs).

Adedeji, who was represented by FIRS Coordinating Director, Corporate Services Group, Bola Akintola, said that this is due to several proactive and reformative steps adopted by the Service.

He, however, said that the government was losing revenue through tax incentives, which had been difficult to quantify due to limited data availability.