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Open Letter to President Ahmed Bola Tinubu on Consumerism and the Economy
By Akonte Ekine, Founder BrandXchange and Convener Consumers Value Awards
Your Excellency,
I hope this letter finds you well. I am writing in line with the right of the consumer to be part of conversations in the country and as such please permit me to quote you on the subject of your interest as expressed in your new year greetings to us on 1st January 2024.
Akonte Ekine, Founder BrandXchange and Convener Consumers Value Awards
“I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.
From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.
I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope’’.
Your excellency, I commend you for observing our situations across the country.
In line with your observation, I will like to express my deep concern regarding the recent disengagement of Mr. Babatunde Irukera, Executive Vice Chairman and Chief Executive Officer of Federal Competition and Consumer Protection Commission. Mr. Irukera. He has been instrumental in championing consumer rights in Nigeria since his appointment in 2019.
Having attended the 2023 Edition of the Consumer International Congress in Nairobi, it became evident that consumerism plays a crucial role in shaping economies and societies. We consumers, amidst the challenges of a high cost of living, deserve better recognition and protection of our rights.
Mr. Irukera’s tenure has seen significant strides in safeguarding consumers from unfair trade practices and ensuring fair competition. I pray that his removal will not jeopardize the progress made and I am also consoled by the statement made by your Special Adviser on Media and Publicity, Ajuri Ngelale, that “the decision was in conformity with plans to restructure and reposition critical agencies of the Federal Government towards protecting the rights of Nigerian consumers and providing a strong basis for enhanced contributions to the nation’s economy by key growth-enabling institutions”.
As you consider the new and next head of the Federal Competition and Consumer Protection Commission, I humbly request that your search light should be on someone with the following:
Expertise in Consumer Protection: The selected individual should have a strong background and expertise in consumer protection, competition law, and related fields.
Proven Track Record: A candidate with a proven track record of advocating for consumer rights and implementing effective consumer protection measures. Experience in similar roles or organizations is a valuable asset.
Ethical Leadership: The appointed individual should demonstrate high ethical standards and a commitment to upholding consumer rights. This includes a willingness to take a stand against unfair business practices and protect consumers from exploitation.
Strategic Vision: A visionary leader with a strategic mindset can contribute to the long-term success of consumer protection initiatives. The ability to develop and implement policies that address current and future challenges in the market is crucial.
Collaborative Skills: Consumer protection involves collaboration with various stakeholders, including government agencies, businesses, and non-governmental organizations. The appointed head should possess strong interpersonal and collaboration skills to navigate these relationships effectively.
Communication Skills: Effective communication is key in raising awareness about consumer rights and building trust with the public. The head should be able to communicate complex issues in a clear and understandable manner to the diverse Consumers in the country.
Adaptability: Given the dynamic nature of markets and consumer needs, the appointed individual should be adaptable and open to innovation. This includes the ability to respond to emerging challenges and technological advancements that may impact consumer protection as highlighted in Nairobi.
Transparency and Accountability: Transparency and accountability are crucial in ensuring public trust. The appointed head should be committed to transparent decision-making processes and be accountable for the outcomes of consumer protection initiatives.
It is my sincere hope that based on your observation and interest to restructure and reposition the commission you will make a good decision in your choice and therefore align with global standards and reinforces your commitment to promoting a fair and competitive market.
Thank you for your attention, I trust that you will act in our best interest
Sincerely,
Akonte Ekine
PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.
The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.
At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World Card, which unlocks a share of the prize pool.
The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.
Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.
The travel grand prize covers:
- Visa fees
- Round-trip international airfare
- 5-day, 4-night hotel accommodation
- Side attraction
- Meal expenses
- Airport pick-up and drop-off
- All transportation for scheduled tour activities during the trip
Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.
Participation is simple:
- Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
- Collect all five city cards.
- Swap cards with friends to complete your collection.
- Combine cards to form a World Card and earn cash rewards.
- Perform more transactions to climb the leaderboard for a chance at the global trip prize.
To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.
Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”
The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.
Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.
The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.
Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.
The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.
Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.
Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.
The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the nation’s foremost self-regulatory body for the blockchain industry, has completed its election cycle, heralding the beginning of a new executive council dedicated to scaling Nigeria’s digital economy.
The highly anticipated elections concluded recently with the emergence of a new leadership team poised to champion industry standards, foster innovation, and drive widespread adoption of blockchain technology across the country.
The newly elected executives, who will officially assume their roles in January 2026, represent a blend of legal, financial, and technical expertise critical for navigating the evolving regulatory landscape.
Leading the charge is Mela Claude-Ake, a lawyer, who has been elected the President of SiBAN to succeed the outgoing President, Obinna Iwuno, whose tenure was marked by significant achievements, including facilitating crucial reforms and forging strategic partnerships with regulators and other critical stakeholders in the digital asset industry. Mr. Iwuno will formally hand over the reins to the new council in January 2026.
Other elected to the executive council are Chimene Chinah – Vice President 1, in charge of Blockchain education and adoption; Oroke Cornelius – Vice President 2, in charge of membership, strategic partnerships, and funding; and Ayo Shonibare – Vice President 3, in charge of policy, regulation, and ethics.
Others are Ugochukwu Peters – Vice President 4 in charge of digital asset operations and capital markets, Mbene Vivian – Chief strategy officer in charge of projects and incubation, Olufunmilayo Tugbobo as Financial Secretary/Chief Financial Officer, and Chiemeka David Ohajionu as Chief Communications Officer.
The newly elected council’s structure reflects SiBAN’s commitment to addressing key pillars of the blockchain ecosystem: from grassroots education and fostering innovation through projects, to establishing robust regulatory frameworks.
In his acceptance speech, Mela Claude-Ake emphasized the vital role SiBAN plays in shaping the future of finance and technology in Nigeria.
“The trust placed in this new council is not one we take lightly. We inherit a great foundation built by the outgoing team. Our mission now is to accelerate. We stand at a critical juncture where the potential of blockchain to revolutionize every sector, from finance and governance to supply chain, is undeniable. This new council will focus relentlessly on advancing smart, collaborative regulation, democratizing blockchain education, and protecting the interests of all stakeholders to ensure that Nigeria remains a leader in the African digital economy space,” he assured.
He added that he is humbled by the opportunity to be the face of one of Nigeria’s youngest and most promising sectors — blockchain tech.
“As a tech enthusiast I am excited at the possibilities. The ecosystem needs careful nurturing by the government. My administration will be focused on building new bridges for the blockchain sector internationally and domestically, establishing trust with the public and unifying the sector. I enjoin all blockchain stakeholders in Nigeria, connected to Nigeria or of nigerian heritage to join hands together with my administration in building the industry of our dreams.”
The industry now looks forward to the handover ceremony in January 2026 and the initiatives the new SiBAN leadership will unveil to solidify the association’s role as a catalyst for innovation and a respected partner to the Nigerian government.
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