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Open Letter to President Ahmed Bola Tinubu on Consumerism and the Economy

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Akonte Ekine, Founder BrandXchange and Convener Consumers Value Awards
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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


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Yahoo Mail Halts Free Storage Service, Caps at 20GB

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Yahoo Mail has announced a major shift in its storage policy, slashing the free email storage cap to 20GB and rolling out a new subscription model starting at $1.99 per month for 100GB.

The change, which takes effect immediately, marks a significant downgrade for many long-time users who have grown accustomed to Yahoo’s previously generous storage offering.

In a notice sent to users on Tuesday, the company urged account holders to review their current storage usage and consider paid upgrade options to avoid disruptions.

“Once you reach the 20GB limit, you will no longer be able to send or receive emails unless you either delete existing messages or upgrade your account,” the notice warned.

While access to inboxes will remain intact for now, users will be forced to clean up their accounts or move to a paid tier to maintain full functionality.

Yahoo has unveiled two new storage plans which are 100GB for $1.99/month and 1TB for $9.99/month.

For those seeking a more premium experience, Yahoo is also offering Yahoo Mail Plus, which includes 200GB of storage, an ad-free interface, and additional features. However, users opting for the 100GB and 1TB tiers will still be served ads, a move likely to frustrate those paying for expanded capacity.

To ease the transition, Yahoo is rolling out new tools to help users manage their inboxes more efficiently. These include real-time storage tracking, a usage dashboard, sorting options for large emails, and an attachment manager to help clear out space-consuming files.

Despite the enhancements, the abrupt downgrade has sparked concerns among users, particularly those with email archives spanning more than a decade. Critics argue the change could pressure many into paying for what was previously free, without a proportionate upgrade in value, especially considering ads remain in place for all but the premium Plus tier.

Yahoo’s new model brings it closer to competitors like Gmail, which offers 15GB of free storage shared across Gmail, Google Drive, and Google Photos. Google’s paid plans also begin at $1.99/month for 100GB, but offer additional benefits such as photo backups and expanded cloud services. Gmail also provides a cleaner experience, with minimal ads even on its free plan.

Yahoo Mail’s new 20GB limit applies exclusively to email storage, a slight advantage for users who don’t rely heavily on broader cloud services. But the real test will be how users respond to the newly imposed constraints and whether the value proposition is strong enough to convert them into paying subscribers.

 


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CAC to Delist 100,000 Dormant Firms After 90-Day Compliance Window

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Corporate Affairs Commission (CAC) in Nigeria has announced a significant move to strike off approximately 100,000 dormant companies from its register due to their failure to file annual returns for over a decade.

This initiative, aimed at cleaning up the nation’s business registry, was confirmed in a statement released by the CAC on Tuesday, 29 July 2025. The commission has granted these companies a 90-day grace period to submit all outstanding annual returns or face permanent removal from the database.

The CAC’s action is grounded in Section 692 (3) (4) of the Companies and Allied Matters Act (CAMA) No. 3 of 2020, which empowers the commission to delist defunct or inactive companies.

The statement, published on the CAC’s official website, urges affected companies to file their overdue returns and notify the commission via email at activation@cac.gov.ng to avoid being struck off.

The commission has also made it clear that it is illegal to conduct business under the name of a delisted company, as such entities are considered dissolved.

Registrar General Garba Abubakar previously noted that nearly 90% of registered companies in Nigeria are dormant, highlighting the scale of non-compliance. This crackdown is part of a broader effort to enhance transparency and ensure a robust business environment in Nigeria.

The CAC has advised stakeholders to verify the status of companies before engaging in transactions, warning that dealing with a dissolved company could lead to legal repercussions. Only a Federal High Court order can reinstate a delisted company, underscoring the gravity of the process.

The list of affected companies, numbering around 100,000, has been published on the CAC’s website, allowing businesses to check their status. Companies that have already filed complete annual returns but find themselves listed have been instructed to provide evidence of compliance by emailing compliance@cac.gov.ng within the 90-day window.

This initiative follows earlier warnings from the CAC, including a December 2024 announcement to delist 91,843 companies and a subsequent removal of 80,429 companies in November 2024, which included notable names like Innoson “Vinod” International Limited and Jolly Food Industries Ltd.

The 90-day grace period, starting from 29 July 2025, offers a final opportunity for these companies to regularise their status.

The CAC’s decisive action signals a commitment to fostering accountability and compliance within Nigeria’s corporate landscape, raising important questions about the operational challenges facing thousands of registered businesses.

As the deadline approaches, the commission’s efforts are expected to reshape the country’s business ecosystem, ensuring only active and compliant entities remain on the register.


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InfraCredit, AMDA Sign Partnership to Unlock Local Financing for Africa’s Mini-grid Sector

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InfraCredit, a specialised infrastructure credit guarantee institution, has entered into a strategic partnership with the Africa Minigrid Developers Association (AMDA) to boost access to long-term local currency financing for mini-grid and distributed renewable energy (DRE) projects across Africa.

The agreement aims to strengthen market development and address long-standing financing barriers in the mini-grid sector, especially in Nigeria and other underserved African markets.

The collaboration is aligned with InfraCredit’s Clean Energy Funding Programme (CEFP), which offers credit enhancement, due diligence support, and technical assistance to renewable energy developers.

“With an estimated 86 million Nigerians, alongside hundreds of millions across Africa—still living without electricity, bridging this energy access gap demands a pipeline of investment-ready, well-prepared projects that can unlock scalable capital and accelerate financial close,” said Chinua Azubike, CEO of InfraCredit.

“This partnership creates a practical pathway to scale the impact of our Clean Energy Funding Programme by equipping more developers to structure commercially viable mini-grid and DRE projects that qualify for long-term local currency finance,” Azubike added.

Through the agreement, both InfraCredit and AMDA will work together to facilitate technical assistance, share toolkits, and deploy credit modelling frameworks, including InfraCredit’s Distributed Renewable Energy Lending Toolkit (DRELT) and DRE Credit Rating Model. These tools aim to enhance the bankability of projects and improve developers’ ability to secure patient capital in local currency.

AMDA, which represents mini-grid developers operating in over 20 African countries, brings deep sector expertise and a strong network of DRE operators to the partnership.

According to Lamide Niyi-Afuye, CEO of AMDA, the collaboration addresses one of the most persistent challenges in the sector.

“We are pleased to collaborate with InfraCredit to address one of the most persistent barriers in the minigrid sector, access to affordable, long-term local currency finance,” said Niyi-Afuye.

“By aligning AMDA’s advocacy and technical support efforts with InfraCredit’s proven models and tools, we aim to accelerate the deployment of resilient, decentralised energy solutions that deliver tangible socioeconomic benefits in Africa. We view this partnership as a blueprint that will be used beyond borders, paving the way for broader regional impact,” he added.

The partnership will also support the development of transaction-ready pipelines, capacity-building initiatives, and investor-developer forums aimed at improving market transparency and accelerating the roll-out of commercially viable mini-grids.

By facilitating access to domestic blended finance and strengthening project preparation, the partnership hopes to unlock greater private sector participation, mobilise local capital, and expand clean energy access across unserved and underserved communities in Africa.


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