You're thinking of electric dipoles, which are different from magnetic dipoles. Electricity and magnetism are, of course, just two manifestations of the same underlying phenomenon, but electric dipole moments and magnetic moments of molecules nonetheless differ in their cause and behavior. The former come from the distribution of electron density in a molecule, while the later arise from unpaired electrons within atomic or molecular orbitals, independent of the shape of those orbitals or the atoms' electronegativities.