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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.
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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