Connect with us

News

Abuse of Nigerian Consumers

Published

on

Kindly share this post

A corporate cliché is that the direction of a business is ultimately determined by its customers, that is satisfied customers of course.

In a normal society, the customer is the king and without him, a business existence is severely jeopardized.

But not in Nigeria where businesses draw blood of their customers and make them bleed profusely.

Here, customer satisfaction is no longer a measure of how products and services supplied by a company meet or surpass customer expectation.  It is a mere platitude.

To make matters worse, consumer advocacy is still very low in Nigeria to the extent that consumers do not appropriate their rights in most cases.

The quality of service provisioning appears worse in the telecommunications industry where subscribers are charged for declining and frustrating services and in some cases for services not rendered.

In this industry, the excesses of service providers are unchecked. They abuse market power and infringe on the rights and privileges of the consumers.

Consumers privacies are invaded at will. Poor services; dropped calls; charges for uncompleted calls have persisted and no answers are given.

Come to think of it; great customer service is not rocket science or extreme engineering. It boils down to paying attention to details.

Treating customers’ right doesn’t have to be costly or time-consuming.

Now this is where consumer advocacy must begin to stand beside the consumer and speak out on his behalf to protect and promote his rights and interests.

As Nigerians become increasingly dependent on telecommunications services; a strong advocate is needed to represent the people when telecoms decisions are made.

Today, most Nigerians are vulnerable and open to abuses by services providers because of illiteracy, lack of language skills, or disability.

In combination with low income and lack of access to telephones, Internet or transportation, these barriers deprive many vulnerable consumers of fair treatment.

Like most countries, Nigeria has laws to protect consumers against dangerous or faulty workmanship, deceitful sales practices, and misleading advertising but in practice, they are rarely enforced.

The Consumer Protection Council (CPC), Standard Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC) are agencies responsible for protecting consumers.

But these agencies have done little or nothing in area of consumer education.

They are typical bureaucracies and lack actionable programs that will endear consumers to them.

Even the recent proliferation of independent consumer advocates has served little or no use because their ranks have been broken by services providers with huge financial war chests.

It now left for the Nigeria Communications Commission (NCC) and indeed the federal government to encourage citizen’s advocacy.

Additionally, consumer protection agencies must be strengthened to provide all the advice and assistance needed by consumers.

More importantly, the federal government must ensure appropriate share of legal aid to support of vulnerable consumers facing consumer protection issues.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

News

FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards

Published

on

Kindly share this post

FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.

This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.

The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.

“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”

FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.

The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.

The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.

 


Kindly share this post
Continue Reading

News

FG Launches Amnesty to Allow Deposits of Forex outside Banking System

Published

on

Kindly share this post

Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.

FG Launches Amnesty to Allow Deposits of Forex outside Banking System

Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.

Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”

“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.

“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”

The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

News

NAICOM Sacks African Alliance Insurance Board

Published

on

Kindly share this post

The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.

The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.

The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.

The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.

He noted that the interim management has up to one year to turn around the company.

He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.

The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.

”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.

“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”

 


Kindly share this post
Continue Reading

Trending