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Consumer Enlightenment Imperative

Published

18 years ago

September 22, 2008

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As efforts are being intensified by industry stakeholders, the government and the Courier Regulatory Department to reposition the postal sector to meet the aspirations of the 21^{st century market environment, it is also important that consumers of postal services should be in the know what their rights and limitations are in dealing with operators of courier companies.}

Considering that information is power, consumer awareness of the products and services rendered by courier companies will go a long way in stimulating the postal market as well as creating confidence in the minds of consumers. There is need to shore up confidence level of indigenous courier companies compared to their multi-national counterparts. There are some people who would never send their consignments or letters through the indigenous courier companies simply because they believe the indigenous ones are not good enough. Obviously the judgment is as a result of bias formed over the years when letters used to disappear in transit with the Nigerian Postal Service surface mail system. But all those is now history as the Nipost has showed determination and fervor to compete with private courier companies in the postal business in recent times.

In the market economy that is Information and Communication Technology driven, some courier companies are still shying away from exploiting possibilities provided by the ICT platform. Most of these courier firms have websites which are never updated for over four years thereby leaving visitors to such sites with little or no information to work with. To say the truth some will move to another location while their websites still maintain the old addresses. What they achieve with this is only but to mislead the public. I had a sad experience when I visited the site of one of these courier firms one day and what did I get? Virus of course. It was an expensive visit in deed.

It keeps beating my imagination why majority of the courier practitioners are shy to divulge information about their organizations which will be of immense pay back to their organizations even when disclosing such pieces of information attracts no cost, whereas their counterparts in the other sectors see the press as partners in progress and are willing to court and marry with the media.

The postal and courier sector needs to be opened up. The present world economy thrives on co-operation and collaboration and no longer on I can do it alone mentality.

The Courier Regulatory Department of Nipost has in its series of seminars and workshops been trying to sensitize the postal and courier sector on the modern ways of doing business among other areas, but there is also need for the department to device a strategy to accommodate and listen to customer complaints which may arise as a result of failed service delivery on the part of courier operators. Each courier company should be made to display in all their branch offices the Courier Regulatory Department’s phone numbers through which customers can reach the department and somebody should be made to attend to complaints arising from customers at any point in time.

I witnessed an encounter involving a courier company and a customer who sent her consignment through the courier firm. The van conveying the consignment was attacked by hoodlums along the way and goods were alleged to have been stolen. The encounter revealed how naïve and ignorant some customers are with the processes and procedures for sending their parcels through the courier companies. To cut the long story short, the customer was allowed to send her consignment without having to disclose and record taken by the clerk at the counter all the items the customer was sending out. It was obvious from the account that some of the bags for delivery were not even opened.

As a result of the robbery, the customer was contacted to declare the items which she sent through the courier company that were missing. The claims she made revealed that all the items she packaged were not recorded in the manifest by the clerk. Now how would this matter be resolved as the courier company threatens not to be liable to the spurious claims (as the GM of the courier firm puts it) emanating from the customer?.

The missing link is lack of information on the customer in knowing what his or her rights are. Courier companies should also at their own level be involved in educating their customers whenever the opportunity arises and not only be interested in pocketing clients’ monies alone. Service for what has been paid for has to be delivered. Educating their entire work force through training and workshops should also be a regular phenomenon in courier companies. This will help to improve the level of trust customers have in courier companies which is necessary for the growth of the postal business.

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E-Financial

Next Currency Crisis May Turn $300Bn in Stablecoins into National Currencies

Published

2 hours ago

July 15, 2026

Ebere Melum-Nwogbo

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The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.

Next Currency Crisis May Turn $300Bn in Stablecoins into National Currencies

As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.

According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.

With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.

IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.

Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.

FII Institute said that central banks face structural challenges.

And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.

Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.

In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.

A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).

They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.

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General News

NIHSA Warns States of Possible Flood within Seven Days

Published

2 hours ago

July 15, 2026

Ebere Melum-Nwogbo

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Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.

NIHSA Warns States of Possible Flood within Seven Days

According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.

“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.

“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.

“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.

“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.

NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.

“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.

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E-Financial

FG to Raise N1.2 Trillion via Fresh Bond Offer – DMO

Published

2 hours ago

July 15, 2026

Ebere Melum-Nwogbo

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Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.

FG to Raise N1.2 Trillion via Fresh Bond Offer - DMO

The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.

According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.

The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.

The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.

It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.

For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.

Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.

The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.

It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.

The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.

FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.

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