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CPC @ World Consumer Rights Day, Discourages ‘Junk’ Food Consumption

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‎The Consumer Protection Council (CPC), identified Safety, Choice, Information and Basic needs, as critical in addressing Consumer Right related issues.

‎This is part of message from CPC on 2015 World Consumer Rights Day with emphasis on ‘Healthy Foods’.

The Council said it has become expedient to draw the attention of consumers to the health risks involved in consuming unhealthy foods which are low in fibre, vitamins, high on fats, salt, sugar and tropical oils and are generally of little or no nutritional value.

In most cases, they lack the necessary vitamins obtainable from fruits and vegetables.

Speaking on the 2015 WCRD, Tam Tamunokonbia, head, Lagos office of the Consumer Protection Council (CPC), observed that, unfortunately, these junks or unhealthy foods when taken regularly, cause diet related diseases such as obesity, cancer, diabetes, cardiovascular diseases, all leading to premature deaths.

‎Tamunokonbia said that the Consumer Protection Council has therefore chosen to sensitize consumers on consumption of healthy foods in Schools, Churches, Mosques and other public places with a view to educating Nigerians on their salt and sugar intake.

He said, “As you all know, a consumer is anyone who buys or uses any product or service. Since there is none that does not buy or use products and services, we all are consumers. It is the consumers’ rights to buy and use healthy foods that we intend to focus on this year”.

The CPC, Lagos Boss added that the tradition of setting aside March 15 every year to celebrate the consumer can be traced to that date in 1962 when John F. Kennedy, then President of America addressed the Parliament on the Consumer Bill of Rights.

This is what he said: “If a consumer is offered inferior products, if prices are exorbitant, if  drugs  are  unsafe  or  worthless,  if  the  consumer  is  unable to  choose  on an informed  basis, then his dollar is wasted, his health  and safety may be threatened, and national interest suffers.”

“By that Speech”, Tamunokonbia added, “The President identified four Consumer Rights including Safety, Choice, Information and Basic needs.

The United Nations adopted these rights, added four others and issued a guideline on the eight consumer rights.

These 8 Rights are (1) The Right to Satisfaction of Basic needs (2) The Right to Safety (3) The Right to Choice (4) The Right to Information (5) The Right to Consumer Education (6) The Right to Representation (7) The Right to Redress and (8) The Right to Healthy Environment.

The United Nations Guidelines were further adopted by Nigeria, which led to the enactment of the CPC Act, No. 66 of 1992.

That law established the CPC with the mandate to among other things, seek speedy redress for consumers complaints, remove from the market, substandard products, undertake sensitization campaigns and consumer education etc.

The umbrella body of Consumer Federations and Organizations, Consumer International has now adopted 15th March every year as the World Consumer Rights Day.

The idea is to promote the 8 Consumer Rights, protest market abuses and social injustice meted out against the consumer, and placing a demand on business operators that Consumer Rights should be respected.

Tamunokonbia explained that ‎the Council has therefore chosen to sensitize consumers on consumption of healthy foods in Schools, Churches, Mosques and other public places with a view to educating Nigerians on their salt and sugar intake.

“We intend to enlighten Nigerians on the dangers of consuming unhealthy foods.

“The Lagos Office of the CPC was at two Churches, St. Leo’s Catholic Church, Ikeja, and the Foursquare Gospel Church, OPIC Estate, Lagos, to sensitize the members on Sunday 15th March, 2015. Members of both Churches were astonished at the eye opening revelations by the Council. This is expected to continue throughout the year.

“As a follow-up to the “Walk for Health” already undertaken by the Council in Abuja, the Lagos Office and other Zonal Offices participated in the “Walk for Health programme” from Ilupeju to Oshodi to Ikeja through Maryland, Ikorodu and back to the Council’s Office at 18 Ilupeju Bye-Pass”.

Meanwhile sensitization talks have been carried out at the Lagos Progressive Senior and Junior Secondary Schools, Surulere while more Schools such as Community Senior and Junior High Schools, Surulere, Ilupeju Senior Secondary School, Oshodi, Ilupeju Junior Secondary School, Oshodi,  Sunnyside Schools, Ilupeu, Penman College, Ilupeju and a few others are scheduled to take place shortly.

The Council also urged the media to join hands with it to spread the message through their various platforms, electronic and print, as a means of further propagating consumer education.


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

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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.

 


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FG Launches Amnesty to Allow Deposits of Forex outside Banking System

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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.

 

 

 

 

 

 

 


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NAICOM Sacks African Alliance Insurance Board

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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.”

 


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