The Nation Newspaper

Category: Consumer Watch

  • Patricia Technologies begins repayment to customers

    Patricia Technologies begins repayment to customers

    In another demonstration of its resilience and commitment to its subscribers, Patricia Technologies, a leading financial services technology firm based in Lagos, has commenced actual repayment to its subscribers who were affected by a reported security breach suffered on its cryptocurrency trading platform.

    This development marks a significant step forward in the firm’s effort at restoration for its affected customers.

    Earlier in the year, Patricia Technologies had requested for a two to five-year repayment window to enable it generate sizeable income from business operations and law enforcement recovery effort, for the purpose of repaying customers and consequently, rebuilding trust.

    Patricia Technologies experienced a major cyberattack in 2022, which resulted in the loss of depositors’ funds amounting to over N600 million. In the intervening period after the security breach, Patricia temporarily restricted withdrawals on its platform to protect the interests of its users, and promptly petitioned the Inspector General of Police to report the alleged theft.

    “We understand the impact this incident has had on our customers and we are delighted that the journey to restoration has finally started,” said Hanu Fejiro, a technology innovation expert, and CEO at Patricia Technologies.

    Following a thorough investigation by the National Cybercrime Center of the Nigeria Police (NPF-NCCC), the Police recorded a major breakthrough in the case with the arrest of Wilfred Bonse, a prominent politician, and three other suspects in November 2023. A development that vindicated Patricia Technologies.

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    While the perpetrators of the cybercrime are currently being brought to book, Patricia Technologies has kept to its words by beginning the disbursement of funds to the first batch of affected subscribers as part of a phased repayment process. The repayment effort, which started on December 10, 2024, is expected to continue in the coming months as all affected users will receive their funds in subsequent batches.

    Subscribers that are getting paid in this phase, have since been officially notified by email. One of the subscribers with initials BP (for purposes of confidentiality), expressed appreciation and satisfaction with being paid by Patricia via an email reaction: “I really appreciate your effort. Though it took a long time, I’m satisfied with what I’ve received. Thank you for keeping to your words.”

    On his part, Hanu reiterated that the interests of subscribers remain Patricia’s top priority. “This repayment process represents a milestone in the fulfilment of our commitment to making things right for them. We appreciate their patience, understanding, and trust in Patricia as we hope that this refund brings them joy during this festive period,” Hanu further said.

  • Beware of rice racketeers this Yuletide!

    Beware of rice racketeers this Yuletide!

    When Mrs. Theresa Obioma went to the popular rice market in Daleko, Mushin, Lagos, she hoped to get good value for her money. With no known regular customer in the market, she approached one of this particular rice seller, a middle-aged woman.

    After agreeing on the price of N100,000 for a 50kg bag of long grain foreign rice, she requested that her purchase be put in the booth of her car.

    However, being aware of the dubious antics of the majority of the traders, she asked the woman if the rice was actually a full 50kg bag, to which the seller answered in the affirmative.

    Still apprehensive, she demanded that the bag of rice be weighed, and the obviously tampered scale indicated 50kg.

    Unsatisfied still, Mrs. Obioma asked the woman how many 850g D’rica cups of rice should be expected in the bag of rice and the seller expectedly said 64 cups.

    With that assurance Mrs. Obinna made full payment and warned the seller that her husband was a military man and if she finds out on the contrary that the bag of rice has lesser content, she would personally seek a refund. Again, the seller gave her all assurances that the bag of rice is exactly 50kg.

    Shortly after it began to drizzle when the loaders were at the point of hefting the bag of rice into the trunk of her car and it got a little soaked in the rain.

    On getting home, Madam Obioma became apprehensive that the rice may spoil because of the rain that touched the bag so she poured it onto a mat which she dragged under the ceiling fan to make sure that all the wetness was gotten rid of.

    By the next day, the rice had already dried so she proceeded to pour it back into the bag. However, on second thought, she decided to measure with that D’rica cup. To her consternation there were only 58 cups of rice instead of 64 cups despite all false assurances by the seller. By removing that six cups of rice, the seller had scammed her of N9,600 as a cup of that rice sells for N1,600.

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    Terribly disappointed and angry, Mrs. Obioma would later call the seller to express her misgivings and demand for a refund for the missing cups of rice.

    “If not for the fact that the bag of rice got wet, I wouldn’t have poured it out to dry so I would not have bothered to measure it,” lamented Obioma.

    The above anecdote becomes apposite in describing the growing tendencies by rice vendors to cheat unsuspecting customers and this is usually common during the festive periods.

    Rice is one of the major staple foods in Nigeria. It is consumed across all the geo-political zones and socioeconomic classes in Nigeria. Only about 57% of the 6.7 million metric tonnes of rice consumed in Nigeria annually is locally produced leading to a supply deficit of about 3 million metric tonnes.

    Meal of rice has always been popular but with the Christmas and New year celebrations, it has become a must have despite the continuous escalating prices. It is usually the main menu in every party. It is versatile, virtually everyone enjoys it, the ingredients to make it a tasty dish is easily accessible, one does not need a Doctorate degree to master the art of cooking it. It is easily handled and preserved.

    As the price continues to go up, some brands have come out with smaller rice packs to make it accessible for people who like buying in bags but who cannot muster large sums of money for the 50kg or 25kg bags. For those who also may not like to buy loose rice from traders that measure in cups/buckets, the small packs are for them.

    Currently there are two major rice grains in the market, the long and short grain. Consumers often ask which one is better but the answer is that both are good depending on your taste.

    Previously the long Tai grains were in more demand and the price margin with the short Indian grain was wide. However as things became tougher a lot of people started demanding for short grain because it was cheaper. Now those people are seeing the good sides of the short grain and are not ready to go back to the long grains. Currently a 50kg bag of long grain is N100k while the short grain is N85k.

    We equally have good brands of locally grown rice which demand has equally gone up. The quality has tremendously improved over the years that you can eat the rice without biting sand or stones. 50kg of such rice in Lagos sell as high as about N80k but in states where they are produced it is far cheaper.

    Another area consumers have to be particularly careful is concerning brand names. If you are one of those that patronise different sellers and is fuzzy about brand names then you have to be extra careful. A visit to rice markets reveals tailors openly sewing rice bags with different names. What it means is that any rice grain can be bagged under any brand name. The only way to beat them is to stick to a trusted seller, that way, you will have better chances of getting the exact brand you want.

    To be sure that you are buying exactly 50kg bag of rice, insist that the Seller measure the rice out for you. Genuine paint buckets will measure 12 full buckets of rice while a D’rica cup will give you 64 cups. To save time, insist they use paint buckets and keep alert, do not allow them to distract you.

    If other brands can follow the footsteps of the ‘Big Bull’ rice now, the issue of all that has been mentioned above and counterfeiting in the industry will be curtailed. The local rice brand introduced a holographic seal on its packaging to authenticate its products and provide consumers with peace of mind.

  • Muvmnt Studio celebrates Shobanjo’s legacy with star-studded podcast series

    Muvmnt Studio celebrates Shobanjo’s legacy with star-studded podcast series

    The Muvmnt Studio hosted an exclusive cocktail party to unveil a specially curated podcast series, “BB Uncovered: An 80-Year Odyssey,” to celebrate Dr. Biodun Shobanjo, a trailblazer in marketing and one of Africa’s most iconic business leaders.

    The podcast provided a platform to honour Dr. Shobanjo’s sterling career, and remarkable legacy. Attendees enjoyed exclusive previews of the podcast and heartfelt tributes from legends and industry experts, underscoring the profound influence BB has had on individuals and the industry at large.

    Fondly referred to as “BB” in close circles, Dr. Shobanjo’s achievements include founding trailblazing companies such as Insight Communications, now Insight Redefini, Quadrant MSL, All Seasons Zenith, Halogen Group amongst others.

    His contributions have transformed Nigeria’s marketing communications and security sectors while inspiring generations of professionals.

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    The event brought together an esteemed gathering of marketing legends, industry leaders, media icons, communications experts, family and friends who featured in the series. Notable attendees included luminaries like Sir Steve Omojafor, Dr. Yemi Ogunbiyi, Steve Babaeko, Lanre Adisa, and other prominent stakeholders, all celebrating a man whose visionary leadership has redefined industries across Nigeria and Africa.

    The three-part podcast series, now streaming exclusively on Muvmnt Studio, takes listeners on an inspiring journey through Dr. Shobanjo’s life from the lens of those privileged to experience him. It features deeply personal narratives from family, close friends, trusted allies, and professional peers. The series provides a rare and intimate insight into the challenges, triumphs, and principles that define his enduring legacy in marketing, advertising, and beyond.

    “BB Uncovered is more than a podcast series; it’s a tribute to resilience, innovation, impact and the relentless pursuit of excellence,” said Tosin Adefeko, CEO, AT3 Resources – The Muvmnt Agency. “It is an opportunity to celebrate a visionary whose leadership has transformed industries and inspired countless lives including mine.”

  • Big Bull Rice’s holographic seal drives distributors’ confidence

    Big Bull Rice’s holographic seal drives distributors’ confidence

    Big Bull Rice, a leading rice brand in Nigeria, recently made a strategic move with the introduction of a holographic seal on its packaging, a decision that has significantly bolstered the confidence of distributors across the nation. This seal is not just a marker of authenticity but a critical step in maintaining the integrity of the brand in a market where counterfeiting poses a substantial challenge.

    The holographic seal is designed to be a visible assurance of quality, making it easier for distributors to verify the authenticity of each bag of rice before it reaches the market. This initiative ensures that only genuine Big Bull Rice products, known for their consistent quality and nutritional value, reach consumers. Distributors who deal directly with the product can now confidently assure retailers and end customers of the rice’s authenticity, thereby reinforcing the brand’s reputation for quality.

    Probal Bhattacharya, Chief Marketing Officer, TGI Group, emphasized the significance of this feature. “Our distributors are the backbone of our business, and their trust in our products is invaluable. The launch of the holographic seal on Big Bull Rice has been a significant step in ensuring authenticity and quality, and the response from our distributors across Nigeria has been incredibly encouraging. Their enthusiasm and positive feedback reaffirm our commitment to delivering the highest standards, strengthening the bond we share in bringing trusted, and quality food products to Nigerian families.”

    Deepanjan Roy, Executive Director, TGI Group, further highlighted the impact on the distribution network; “We understand the challenges that our distributors face in maintaining product integrity, especially in a market as dynamic as Nigeria. Our new holographic security feature is not just about protecting the Big Bull Rice brand, but empowering our partners in the distribution chain. With this seal, they can continue serving their customers with confidence, knowing they are offering an authentic and high-quality product.”

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    This innovation has been met with positive feedback from distributors who have seen first-hand the benefits of the new security measure. A distributor at the Mile 12 Market, one of the largest food markets in Lagos, expressed, “The holographic seal is a game-changer for us. It helps me assure my customers that they’re getting the real deal, which keeps them coming back and trusting us. It makes my job easier and ensures that we maintain the integrity of the products we distribute.”

    At Oyingbo Market, a major trading hub in Lagos, the response was similarly positive. A distributor there noted, “It’s about trust, and the seal makes sure that trust is never broken between us and our customers. It’s a welcome development that reassures us of the quality of the products we’re handling, and it reflects well on our commitment to providing the best to our buyers.”

    The introduction of the holographic seal aligns with Big Bull Rice’s broader commitment to excellence and consumer satisfaction. It also underscores the brand’s proactive approach to tackling industry challenges, setting a benchmark for quality assurance that others in the market may follow. This move has not only enhanced the credibility of the brand but also reinforced the loyalty of distributors who see this as a forward-thinking step in maintaining their competitive edge in a crowded marketplace.

    Big Bull Rice continues to be a staple choice for Nigerian households, known for its high quality grains and rich taste. The brand’s latest initiative with the holographic seal is a reflection of TGI Group’s dedication to continuously improving its offerings and supporting its distribution network with the tools needed to thrive. As the Nigerian market evolves, such innovations play a crucial role in building a sustainable, trusted relationship between brands, distributors, and consumers.

  • Consumers heave sigh of relief as govt halts meter replacement

    Consumers heave sigh of relief as govt halts meter replacement

    Citing non-compliance with the Nigerian Electricity Regulatory Commission’s [NERC] order, the Federal Government has directed the Ikeja Electricity and Eko Electricity discos to immediately halt their replacement of Unistar prepared meters billed to begin from Tuesday, 14th November.

    Since the Discos intimated their customers about this replacement, many of them have been thrown into confusion, and fear of being made to bear the cost of the replacement after they had spent thousands on acquiring the old meters.

    The Discos recently issued notices to their customers regarding the upcoming phase-out of Unistar prepaid meters due to the Token Identifier [TID] rollover issue.

    The notice urged all affected customers to update their meters to avoid service disruptions. In a public statement, for instance, Ikeja Electric explained, “Dear esteemed customer, please note all Unistar meters will be phased out by 14th November 2024 as TID rollover beckons.”

    The company encouraged customers to take prompt action by visiting their online portal to apply for a new prepaid meter.

    The phase-out, a response to the technological limitations of the older meters, has sparked concerns among consumers about potential replacement costs and possible disruptions to their electricity service.

    However, the DISCO communication was brief, leaving many consumers uncertain about the details of the transition and what steps they should take.

    According to the Vice Chairman of the Federal Competition and Consumer Protection Commission, (FCCPC)  Mr. Tunji Bello, the announcement lacked critical information regarding whether consumers would be liable for the replacement costs, raising fears that the transition could lead to arbitrary estimated billing and undue financial strain on consumers.

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    A desperate message from a troubled Ikeja Electric customer to the FCCPC portrays the feelings of many of the customers.

    According to the text message “Good evening FCCPC. The exploitation of IKEDC on the change of meter is unacceptable. I have working meters in my house in GRA and they have given a deadline to change meters that ultimately belong to them without bearing some cost. To change the meters in my house will cost about N1m. Please kindly intervene. This is too much to bear at this difficult time, thank you”.

    The FCCPC’s Executive Vice Chairman and Chief Executive Officer, read out this text at a stakeholders’ meeting held at the FCCPC headquarters in Abuja which was attended by representatives from the NERC, the Nigerian Electricity Management Services Agency (NEMSA), various electricity distribution companies (DISCOs) and Unistar Hitech Systems Limited to address pressing metering issues impacting Nigerian consumers.

    To prevent potential exploitation, the FCCPC directed that all meter replacement processes be conducted transparently, with costs borne by the DisCos and not passed on to consumers.

    Mr. Bello stressed that the FCCPC would enforce strict compliance with these regulatory requirements to protect consumers from arbitrary charges and estimated billing.

    The FCCPC’s directive to discontinue the replacement process stems from the DisCos’ non-compliance with NERC’s “Order on Structured Replacement of Faulty and Obsolete End-user Customer Meters in the Nigerian Electricity Supply Industry.” Both NERC and NEMSA endorsed the FCCPC’s stance on the issue.

    The NERC’s order mandates that DisCos must prioritise metering for unmetered customers under the National Mass Metering Programme (NMMP) and follow strict guidelines for replacing faulty or obsolete meters. These guidelines require DisCos to inspect faulty meters and provide detailed information in the replacement notice, including the inspection date, the inspecting officer’s credentials, the identified fault, and the scheduled replacement date. Furthermore, DisCos are prohibited from placing customers on estimated billing due to delays in meter replacement, as new meters must be installed immediately upon removing any faulty or obsolete unit.

    The Federal Competition and Consumer Protection Commission also urged electric distribution companies (DISCOs) to carry energy consumers along before classifying them into bands and also adhere strictly to industry regulations on billing unmetered consumers.

    During the meeting, Mr. Bello highlighted significant issues facing electricity consumers, from billing inaccuracies to inadequate customer care. Mr. Bello noted that systemic inefficiencies and a culture of impunity among some service providers have intensified these issues, leading to the routine exploitation of consumers.

    He expressed concern over practices that require consumers to pay upfront for meters without reimbursement, a direct violation of the NERC Meter Asset Provider and National Mass Metering Regulations 2021.

    He also noted that DisCos frequently places consumers with faulty meters on estimated billing, which is prohibited under NERC’s regulations.

    Bello also said that the FCCPC is committed to enhancing consumer education on metering and billing practices to guard against potential exploitation by service providers.

    He concluded by expressing appreciation for the collaborative efforts of NERC and NEMSA in building a transparent, accountable, and consumer-centered electricity sector. He reaffirmed FCCPC’s dedication to enforcing all relevant consumer protection laws within the electricity industry to uphold consumer rights and promote fair market practices.

    Various consumer bodies have expressed satisfaction with the decision taken by FCCPC. Consumer Advocacy Nig, a non-governmental organization lamented that Nigerian consumers were already under a lot of financial burden and should not be made to bear more burdens.

    “If the Discos want to phase out the old meters they should bear the cost and should also carry consumers along when they take decisions that affect them,” said Barrister Emi Ekelemu, of Consumer Advocacy Nig.

    Cletus Orji, a customer of IKEJA Disco said since he got that message about the installation of the new meter that he had not slept because “I do not know who will bear the cost. All my efforts to get explanations from the energy producer did not yield any fruits. For the time being I will sleep with two eyes closed.”

  • Brandcomfest 2024: Integrity, knowledge, passion vital tools for marketing success– Shobanjo

    Brandcomfest 2024: Integrity, knowledge, passion vital tools for marketing success– Shobanjo

    Dr. Biodun Shobanjo, renowned advertising guru and Chairman of Troyka Holdings has shared his thoughts on vital tools that contributed to his meteoric rise in Nigeria’s marketing communications industry in the last 50 years.

    Speaking during a Fireside chat session anchored by Brandcomfest Convener, Joshua Ajayi tagged: ‘Legacy of a Living Legend,’ Shobanjo revealed that integrity, knowledge, passion, relationships, continuity, as well as other factors like quality childhood training are tested tools that can ensure lasting success in all areas of business life including the marketing communications industry.

    The fireside chat was part of this year’s Brandcomfest held at the Alliance Francaise, Mike Adenuga Centre, Ikoyi, Lagos.

    The event themed, ‘Tech-driven Marketing Communications: Bridging Minds and Machine,’ had in attendance great minds, thought leaders, media players, and stakeholders in all the subsectors of the marketing and communications industry in Nigeria to explore the intersection of technology and marketing, where creativity meets innovation, where minds and machines can converge.

    Sharing his life experiences, Shobanjo said “The strong impact of the past experiences that I have had in over 50 years hang on integrity. Whatever you say let people hold to it, and let people rely on your words. Knowledge is also extremely important as it helps to achieve successful results.

    “Passion is another thing that has worked for me, in all of these years; all the companies that I worked for were paying me for the things that I enjoyed whereas some people find what they do as burdensome.

    “Let me add that your relationship with people is vital in your life trajectory. I have met some incredible people along the road as colleagues, and clients, who later became my very close friends.”

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    Speaking on how he was able to sustain high standards across all his businesses from advertising to security services, Shobanjo said “Standard has always been the core value in all that I do. If the standard of where a child is raised is cleanliness then the child will grow up always aspiring to remain clean. I grew up with such privileges, following Standards because my late father was absolutely strict about it.

    “Knowledge is so critical in moving society forward, but knowledge for knowledge’s sake is useless, and to successfully make good impact in this industry, the ‘town’ and the ‘gown’ will need to interact more across the board so that what we know in class can be accelerated in practical terms.”

    Emphasizing the importance of continuity in building a lasting legacy in the industry, he said one of the challenges we face in this industry and even outside is Continuity.

    Earlier in his welcome address, the convener of Brandcomfest and Publisher of Brand Communicator Magazine, Mr. Joshua Ajayi also touched on how technology has significantly reshaped the marketing landscape in Nigeria. His words, “what was once a traditional, one-way communication system is now a vibrant, data-driven, and highly interactive ecosystem.”

    The event also featured a keynote speech delivered by Dr. Bayo Adekanmbi, the founder and CEO of Data Science Nigeria and a thought leader in data science and analytics.

    He expertly illuminated how technology is changing the game for marketers and the critical role data plays in crafting effective marketing communications.

  • FoodCo berths at Lagos Mainland

    FoodCo berths at Lagos Mainland

    FoodCo, one of Africa’s fastest-growing companies, has announced the opening of its latest brand store in Ikotun, Lagos.

    The Ikotun store marks a significant step for the company as it is the first brand store located within the Lagos Mainland.

    This also brings the total number of stores to 22, spread across Ibadan, Lagos, and Abeokuta.

    Speaking on the launch, Funmi Aiyepeku, the company’s Head of Innovation, Growth, and Business Transformation, emphasized that the move to Ikotun was driven by FoodCo’s mission to make modern retail accessible to all Nigerians regardless of their location or socio-economic conditions.

    She said: “We are excited about the opening of the latest FoodCo brand store in Ikotun. This event also marks our formal expansion into the Lagos Mainland following earlier launches in Ikoyi and Lekki on the Island.

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    “Lagos State is home to over 20 million people and Ikotun is a major hub with a significant number of the city’s young and upwardly mobile population. FoodCo Ikotun offers a wide array of high-quality products including groceries, household essentials, apparel, and confectionery, all located within a modern and spacious shopping environment. We have curated an experience that not only matches the sophistication of today’s shopper but also complements the demands of their everyday lifestyle.

    “As a customer-focused company, FoodCo customers can be rest assured that we will continue to strive to spread our locations to where they need us. This is why it gives us great pleasure to bring the convenience and quality assurance that modern retail offers to our customers in Ikotun and environs,” she added.

    Established in 1982 as a fresh fruits and vegetable store, FoodCo is a diversified consumer goods company with interests in retail, quick service restaurants, manufacturing, and entertainment. With 22 outlets spread across Oyo, Lagos, and Ogun States, the company operates the largest supermarket chain brand in the Southwest, outside Lagos.

    FoodCo was ranked in the Financial Times Annual Africa’s Fastest Growing Companies list for the consecutive years 2021 and 2022.

  • Firm launches relaxer, extensions

    Firm launches relaxer, extensions

    Brown Orchid, a subsidiary of NNFEMS Group is redefining and revolutionizing beauty standards with the introduction of affordable, high-quality solutions for the modern African woman’s hair care needs as it launches the ELAN NO-LYE relaxer and AVIV hair extensions into the Nigerian market.

    NNFEMS, established in 1992, has been a pioneer in the Nigerian beauty and personal care industry. Starting with the Apple hair care range, the company has consistently expanded its portfolio to encompass beauty, personal care, home care, and baby care products.

    Speaking on the launch, Executive Director for NNFEMS Group, Emmanuel Nwakanma Jr stated, “Our mission has always been to satisfy the daily needs of our customers while seamlessly aligning with their lifestyles. With the introduction of ELAN NO-LYE relaxer and AVIV hair extensions, we’re taking another giant step in further empowering African women to embrace their natural beauty and express their unique style.”

    Speaking on the newly launched relaxer brand, Chief Commercial Officer for NNFEMS Group, Roseline Abaraonye explained that it is a game-changer in the hair relaxer market. “Designed specifically for African hair types, this innovative product offers a gentler alternative to traditional lye-based relaxers without compromising on effectiveness. We understand the unique needs of African hair “ELAN NO-LYE relaxer is the result of extensive research and development, aimed at providing a solution that’s both gentle on the scalp and highly effective in relaxing hair.

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    “This brand stands out with its unique formulation that excludes harsh chemicals, significantly reducing the risk of scalp irritation. Users can expect long-lasting results, achieving smoother and more manageable hair. The premium quality, yet affordable product, we are making quality hair care accessible to a wider audience. Most importantly, it’s formulated to maintain hair strength and health, addressing a common concern with traditional relaxers,” she said.

    On the launch of the new hair extension brand, Executive Director NNFEMS Group for AVIV hair Irene Nwakanma-Obi revealed that the brand offers a wide range of options including braids and crochet styles, allowing women to experiment with different looks while maintaining the health of their natural hair.

    Furthermore noted Nwakanma-Obi, “AVIV hair extensions are crafted from premium quality materials, ensuring a natural look and feel that’s indistinguishable from real hair. The line boasts a wide variety of styles and colours, catering to diverse preferences and occasions. Durability is a key feature, with each extension designed for long-lasting wear. AVIV extensions are engineered for easy application and removal, minimizing potential damage to natural hair”.

    “For us, and our customers, AVIV is more than just a hair extension brand. It’s about giving women the freedom to express themselves through their hair, whether they’re looking for a dramatic change or a subtle enhancement.”

    The Group Managing director Jojy George further commented that both ELAN NO-LYE relaxer and AVIV hair extensions are the latest additions to BROWN ORCHID’s hair care portfolio, which includes well-known brands such as APPLE, OZONE, and ELAN.

  • MCCA 2.0: Brands, managers charged to re-invent or risk patronage

    MCCA 2.0: Brands, managers charged to re-invent or risk patronage

    Brands and brand managers must continue to re-invent themselves if they must continue to enjoy enduring patronage from today’s consumers. Such re-invention has to be tailored towards meeting the desired expectations of the consumers.

    Yinka Adebayo, Group Executive Director at Omnicom Media Group- WeCA, made the statement in a keynote presentation at the second edition of MediaConsortium Conference and Awards (MCCA) held recently at the Lagos Chambers of Commerce and Industry (LCCI), Alausa, Ikeja.

    Adebayo spoke on the theme: ‘Meeting the Brands/Consumers Expectation in a Challenging Economy.’ According to him, customers are looking to brands to come up with new things and trendy items, if it is not trendy; one stands the risk of losing them which will eventually impact the brand negatively.

    For him, companies must constantly review their activities and give more attention to researching their consumers to be able to meet their needs.

      “In a time when disposable income is shrinking, consumers expect brands to offer more than just products; they seek value, authenticity, and trust. Brands that understand the pulse of their consumers and deliver accordingly will be the ones to thrive,” he said.

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    Citing the telecom industry as an example, he said: “iphone will continue to be a phone of value to consumers because of the need it is meeting. Hence, you wonder why no matter how expensive the phone brand may be, the makers still make series of the models which may appear insane that despite buying an iphone 13 one may still want to buy an iphone 14 or 15.”

    Differentiating between the marketing and selling concept, Adebayo described marketing as an action taken to bring attention to a business’ offerings; they can be physical goods for sale or services offered adding that, not all businesses need to market their goods and services the same way.

    For the selling concept, he noted that, this assumes that consumers are looking for aggressive sales and promotions from consumers.

    He pointed out that many times, marketing tactics driven by the selling concept are based on the company’s need to sell rather than consumers’ need to purchase. Some of the tactics used include clearance sales.

     “There is the need to constantly do research- so that you can produce brands that meet the desire of the people… You will have to constantly innovate in such a way that it will meet customers’ expectation. Often time they say customer is king and he is king for a reason.”

    When people say customer is always right, it is not often time they are right- there are cases where the customer is wrong but, how dare you challenge them?

    “Because they hold the money which you are looking for- you value them in such a way that it makes sense,” he summed.

    At the panel session, following the keynote address, industry experts believe a middle ground has to be struck between brands and consumers for a symbiotic relation to continue to exist especially in this challenging time.

    The discussion moderated by the Chief Executive of Absolute PR, Akonte Ekini featured Adedotun Ajibade, Media and Insight Manager, Rite Food Ltd, Chineze Amanfo, PR Lead, 9mobile, and Dr. Dare Ogunyombo, Lecturer at the Mass Communication Dept., Olabisi Onabanjo University, Ago-Iwoye, Ogun State.

    Adedotun Ajibade said seven out of every 10 buyers are no longer loyal to their initial brands when it comes to pricing.

    He noted that today’s consumers are more conscious of their buying decision hence they don’t have allegiance to any particular brand except the ones they can afford.

    Corroborating Adedotun’s position, Chineze said producing smaller packs is among the ways brands are adapting to the realities on ground.

    “Brands are now producing smaller packs to meet up consumer reducing purchasing power so that they are more affordable”.

    She also focus on the role public relations play in maintaining brand loyalty, by stressing on the importance of clear and consistent communication especially in a crisis.

     For Dr. Dare Ogunyombo, the point is to establish the nexus between the brands and consumers expectations.

    According to him, brands want to sell their product at a profit for sustainability, while consumers want to buy products at the best price for the best value.

    He said: “Brands that ignore local realities are likely to miss the mark. Nigerian consumers are highly adaptive and but also highly critical.” 

    MediaConsortium Conference and Awards is an annual marketing event that brings together stakeholders from the Integrated Marketing Communications sector with the aim of discussing burning issues that affect the industry.

    Speaking earlier in his welcome address, Adetunji Faleye, Co-Publisher, MediaConsortium said the conference provided a unique opportunity to explore the strategies, innovations, and collaborations necessary to navigate the economic challenges.

    “We are all aware that we are operating in an era of unprecedented economic challenges, marked by global uncertainties, shifting consumer behaviours, and evolving market dynamics. In such an environment, the role of professionals in Integrated Marketing Communications becomes even more critical as we strive to connect brands with consumers in meaningful and effective ways,” Faleye said.

    This year’s event which was the second edition also honoured some brands and practitioners who have been exceptional in their practice and service delivery.

  • Expidale Logistics gets award

    Expidale Logistics gets award

    Aramex Delivery Services, a foremost logistics service provider, has named Expidale Logistics as the topmost revenue-grossing company in the food export category.

    Speaking at a dinner in Lagos organised by the company for its partners and clients, the company’s Country Manager, Mr. Jack Dababneh commended Expidale Logistics for its performance and emerging as the best revenue-generating firm.

    Dababneh also commended other partners for their commitment to the growth of the company.

    Chief Executive Officer of Expidale Logistics, Dr Oluyemi Owolabi, praised the management of Aramex Delivery Services for the  recognition, adding: “lt will propel us to do more and maintain the leading position.”

     Owolabi told reporters that the award “will be our driving force to do more work to maintain our leading position in the Food Exportation business.”

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    Speaking on what makes Expidale Logistics unique, Owolabi, a Fellow of the Courier and Logistics Management Institute, said it was their robust relationship with their customers. He noted: “Our core objective is delivering happiness to our customers, one doorstep at a time.                     

    “We are used to coming first. We have been adjudged as the Top logistics company in Lagos State by Reecho Biz Topnotch Awards, we also received the Grand Award for Integrity and Transparency by Lead Times Africa Magazines, among others.

    Owolabi also praised the company’s team, vendors, and customers who had made this recognition a possibility.

    He added: “I sincerely appreciate our loyal customers and vendors in Nigeria and the Diaspora who made this recognition happen. They include ABK Farms (Abuja), Brex Foods(Port Harcourt),  Feedrite Foods (Enugu), Richeys’ Foods, Sarah’s Foods and Bola Foods in Ondo State, Similoluwa  and Cupid Foods in the United Kingdom.”