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Consumer Value Awards Offers Brands Growth in perception, Reputational Capital – Ekine
Akonte Ekine, CEO, BrandXchange, Convener Consumers Value Awards in this interview explains the online voting process to determine winners of Consumer Value Awards as well as benefits to winners
Akonte Ekine, CEO, BrandXchange, Convener Consumers Value Awards
What Makes the Consumers Value Awards unique compared to other industry awards?
Thank you, Consumers Value Awards as express by the name is an award under the sphere of consumers. Everything about the process of the Consumers Value Awards is more in the hands of the consumers. For instance, at the nomination stage, it is consumers that will nominate brands for listing to be voted for.
What we do is basically to announce that the portal is open for nomination and with strong desire for transparency we announce the opening on almost all platforms including your reputable publication.
So, the uniqueness of the Consumers Value Awards is that it is driven by consumers for consumers with the objective of expressing concerns about better service within the eight consumer rights.
Can you tell us more about the voting process and how consumers can participate in selecting the winners?
After listing of all the brands listed for voting based on nominations by consumers, we opened the website for voting and the website remains open till last day of June 2024 to enable consumers to cast votes.
It is important to state that you can only vote in the various categories once because for every time you attempt to vote in each of the category, consumers are required to submit their email address as an identity for an OTP to be sent for verification. Once you get the OTP and you input the OTP, your voting will be recognized.
To protect the integrity of the system it is important we establish the process to avoid double voting or multiple voting by consumers.
Why is it important for Consumers to Participate in voting for Consumers Value Awards?
The entire initiative is about promoting the Eight Consumer Rights which includes the right to be heard and the right to expression as well the right to contribute to product and service development.
So, it is important that consumers participate in voting to call out brands that are not keeping promises made to the public.
The participation of consumers is also very important at this time as we consumers play the role of our brothers’ keeper when we shout down a brand that is poor in performance, we have simply alerted another consumer to stay away.
The consumers’ participation is the establishment of the essence of the programme as a vehicle to ensure that brands are living up to expected standard they have created or meet the expectation of the consumers.
What criteria do brands need to meet to be nominated for the Consumers Value Awards?
Good question, for us our consideration is that once a consumer has made effort to purchase a brand or engage a service, then that brand is good enough to be listed or nominated. It is an open market initiative for brand owners and consumers generally.
Any brand that is on the shelf in the market or on the internet that is consumed by the people is good enough for nomination and in the last two editions we have had over 500 brands across all sectors listed for nomination and voting.
That is why we call it a badge of honour from Consumers to the Brands as a statement of thank you which will put the brands on the spot for sustainable representation in the market.
Can you share some success stories or testimonials from previous awards?
This is the journey third edition and the voting is ongoing. The success of the last two edition can be seen from the fact that representative of Nigerian Communications Commission, Federal Competition and Consumer Protection Commission, National Agency for Food and Drug Administration Agency, Nigeria Civil Aviation Authority and the Advertising Regulatory Commission of Nigeria were well represented and delivered messages to consumers.
It is also for us a success to have over 50 brands in attendance to pick the bade of honours in the last two editions, including brands such as Glo, Dangote Cement, Reload Multivitamin, Leadway Insurance, Bigi Cola, Bigi Sausage and Oral B tooth paste to mention a few.
For us the real success is the consumers making effort to list brands and voting. It shows that there is a growing consciousness that consumers deserve better market experience and there will be more vehicle for expression that will call out service providers and regulators to do better.
What benefits do brands gain from receiving a Consumers Value Awards?
I am sure that you are all aware that the best marketer of a brand is the consumers, so winning the award is a great opportunity for brand growth in terms of perception, reputational capital and increase in sales.
Benefits seems endless but it must be stated that a consumers bade of honour based on voting is a major stamp of respect for the brand by consumers from consumers to consumers. It is a stamp of acceptance and a bench market for the brands keep the standard and improve on it.
It is call to all brands to look around and act if they want to play in the same market as consumers are pushing for better experience.
How has the response been from consumers and brands in the previous editions of the awards?
We had the very first edition two years ago and the second edition last year at same venue, what is very clear is that CVA has come to stay has 5 consumer regulatory related agencies of government were in attendance and we recognized people like Mrs. Sola Salako Ajulo, a member of the Tribunal in FCCPC, for her effort as a pioneer advocate of Consumer Rights to the best of our knowledge.
In the first edition, we also recognized Dr Olalekan Fadolapo, Director General, Advertising regulatory Commission, Professor Umar Danbatta former EVC and Chief Executive Officer of Nigeria Communications Commission for the excellent work they are doing in promoting better consumer experiences through legislations.
It is only the consumers that can give the success rating on this project but if in two years of existence we have pulled together over one hundred brands across the globe to attend the event, then we can safely say we are on a journey of excellence.
Aside attendance, the celebration of the awards by brands such a Glo, Leadway, reload Multivitamin, Checkers Custard, Bigi Cola, Bigi Sausage and Fearless Energy Drink again, to mention a few of the brands is a great sign of success.
Are there any new categories or changes in this third edition of the consumers Value Awards?
Last year we introduced the special public sector category to search for governors and states that are actively promoting consumers rights and we are holding onto that because it is a good conversation sustainer on the subject of our interest.
This year we are looking out for consumer conversations from brands that are social advocacy.
This new category to promote public conversation from corporate sustainability initiative of brands to promote better consumer behaviour in the market.
Unlike last year, we have also through consumers nomination created sub-categories under some brands as a result of herbal availability, children and infant categories of the brands.
It is not us that created it but consumers nominations made it happen that we have to establish such and this also affect home appliances where we have to separate the brands into four different categories based on functionality rather than group into one.
Third edition voting is ongoing on the website and we can see that consumers are responding positively with votes and we can only wait till the last day of June to conclude on the winners.
How does BrandXchange ensure the integrity and transparency of the voting?
BrandXchange is doing everything to ensure that the voting is not compromise. We are staying with the process of ensuring that you can only vote if you register your email to get OTP and you must input the unique OTP before your voting can be valid. It is the Consumers that validate the brands so we keep that simple yet effective law active on the website.
We have had challenges about voting and OTP and we stayed true to the goal to be transparent on this project because at the stage we are, it is the consumers that we are protecting and promoting to get better service.
I am sure that is the trust we built in the first edition is not good enough the second edition will probably not get the degree of success we got and therefore we have to hold onto that public trust and remain open or transparent for everyone interested to visit the website and cast vote or review it.
We call it a bade of Honour and so even from inception it must be seen and experienced as such.
What is the timeline for the voting period and announcement of winner?
The voting is ongoing till 30th June and there after we will inform the winners and all invited regulators and other winners and participants that will grace the beautiful day in September at same venue.
Fidson Healthcare Plc has commended the Bank of Industry (BoI) for its pivotal role in facilitating concessionary financing that is accelerating the growth of Nigeria’s pharmaceutical manufacturing sector, following a high-level visit by delegations from the European Investment Bank (EIB) and BoI to the company’s state-of-the-art manufacturing facility in Sango-Ota, Ogun State.
The visit formed part of the implementation of the recently signed €50 million healthcare financing partnership between EIB Global and BoI, designed to strengthen local production of medicines, vaccines, diagnostics, and other critical healthcare products in Nigeria.
As Nigeria’s leading development finance institution, BoI has championed efforts to unlock long-term capital for strategic sectors, including healthcare manufacturing, in line with national industrialisation and health security objectives.
Speaking on behalf of the Managing Director/Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, Rotimi Akinde, Executive Director, Corporate Finance, Sustainability and Investments, highlighted the Bank’s longstanding support for Fidson and the strategic importance of the healthcare sector.
“Fidson Healthcare Plc is one of Nigeria’s foremost pharmaceutical companies and has maintained a robust relationship with BoI since 2010. Over the years, we have provided concessionary financing to support its expansion plans, and the company has grown significantly as a result of that partnership,” he said.
Akinde noted that healthcare manufacturing remains a key pillar of BoI’s corporate strategy and aligns strongly with Nigeria’s economic development priorities.
The EIB-backed facility is part of broader efforts under the European Union’s Global Gateway initiative to strengthen healthcare manufacturing ecosystems across Africa and reduce dependence on imported medical products.
Speaking on the significance of the intervention, Ambroise Fayolle, Vice-President of the European Investment Bank, described Fidson as one of the first beneficiaries of the EIB-BoI healthcare financing programme.
“A few months after signing the €50 million health financing agreement with the Bank of Industry, I am pleased to visit one of the first beneficiaries of this credit line, Fidson Healthcare, one of the leading pharmaceutical manufacturers in Nigeria,” Fayolle said.
He noted that the partnership reflects EIB’s commitment to supporting local production capacity, strengthening healthcare resilience and expanding access to affordable, high-quality medicines across the continent.
For Fidson Healthcare, the financing represents another milestone in a growth journey that has been closely supported by BoI over the last decade and a half.
According to Biola Adebayo, Managing Director and Chief Executive Officer of Fidson Healthcare Plc, the company’s relationship with BoI has been instrumental in transforming it into one of Africa’s largest pharmaceutical manufacturing platforms.
“Our relationship with BoI dates back to 2010 when the Bank recognised our growth aspirations and began providing concessionary funding. Since then, our trajectory has remained firmly upward,” Adebayo said.
“From a workforce of about 250 employees in 2010, we have grown to approximately 1,800 employees today. BoI’s support also made it possible for us to invest in green manufacturing and environmentally friendly production processes.”
Adebayo noted that Fidson now operates one of the largest pharmaceutical manufacturing facilities in Sub-Saharan Africa and continues to invest aggressively in quality assurance and global standards.
“We are not only home to one of the largest pharmaceutical manufacturing facilities in Nigeria but also one of the most advanced in Sub-Saharan Africa. This is the only facility where you will find ten dosage forms in operation, and we are currently undergoing four medicine prequalification processes simultaneously. With EIB and BoI on our side, we believe we can achieve our ambitious vision for healthcare manufacturing and contribute meaningfully to Nigeria’s health security and industrial development,” he said.
The EIB-BoI healthcare financing programme is expected to provide long-term patient capital to pharmaceutical manufacturers and other healthcare enterprises, enabling them to scale operations, improve quality standards, expand employment, and strengthen domestic value chains.
The facility is aligned with Nigeria’s healthcare and industrialisation priorities, the African Union’s target of producing 60 per cent of vaccines and essential medicines locally by 2040, and broader efforts to position Nigeria as a manufacturing hub for healthcare products across West Africa.
A commission of inquiry set up by the Benue State Government to investigate the state’s income and expenditure between 2015 and 2023 has uncovered N139.8 billion in unaccounted public funds.
Governor Hyacinth Alia
Justice Jubril Idrisu (retd), chairman of the Benue State Income and Expenditure Commission of Inquiry, disclosed this at the weekend 2026 while presenting the commission’s report to Governor Hyacinth Alia at the Government House, Makurdi.
Idrisu said the commission’s findings showed that the state generated more than N826.5 billion in revenue during the period under review, while expenditure stood at about N683.4 billion.
According to him, the records revealed an unaccounted balance of approximately N139.8 billion, which the commission recommended should be recovered from persons found responsible.
“The commission’s findings, contained in two volumes, revealed significant concerns in the management of public finances during the period under review.
“Records showed that the state generated over N826.5 billion in revenue, while expenditure stood at about N683.4 billion, leaving an unaccounted balance of approximately N139.8 billion,” he said.
The retired jurist explained that the commission, inaugurated in June 2025, was mandated to examine the income and expenditure of the immediate past administration and the 23 local government councils between May 29, 2015, and May 28, 2023.
He said the panel also uncovered questionable loan transactions involving some financial institutions and local government councils, including repayments that far exceeded the original loan amounts without adequate documentation.
Idrisu further disclosed that investigators identified irregular transfers of public funds to certain financial institutions without sufficient records or proof of legitimacy, recommending appropriate recoveries where necessary.
He stressed the need for stronger financial controls, including proper authorisation of online transactions by designated officers and an end to the practice of issuing blank pre-signed mandates.
According to him, such practices undermine transparency and accountability in public financial management.
Receiving the report, Alia reaffirmed his administration’s commitment to transparency, accountability and institutional reforms.
Represented by his deputy, Dr Sam Ode, Alia commended the panel for their courage and painstaking assignment undertaken in the public interest.
He said Justice Idrisu was selected to head the commission because of his reputation as a fearless jurist and a man of integrity.
He expressed confidence that implementation of the commission’s recommendations would strengthen institutions, curb the misuse of public resources and ensure accountability for those found culpable.
He acknowledged the challenges encountered by the commission, including difficulties in obtaining information and cooperation from some individuals and institutions, but commended members for their resilience and dedication.
He also apologised for logistical difficulties experienced by the commission, noting that the present administration inherited serious institutional and administrative challenges at the inception of its tenure.
He assured the panel that its work would serve as a critical reference point in the state’s efforts to rebuild public confidence and restore accountability in governance.
The governor added that future generations would look back at the report as evidence of the commission’s contribution to strengthening transparency and responsible management of public resources in Benue.
The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.
Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
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