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“In 2017 and Beyond, Consumers Will be Our Focus”

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  • “In 2017 and Beyond, Consumers Will be Our Focus”

“Customer is King” is an age-old business mantra accentuating the importance of customers (and would-be customers) in every business.

Traditionally, this rule usually entails a company’s promise to provide good customer services to… well, the customers. But with the current evolution on work and business settings coupled with technological advancement, ‘customer is king’ means more than just good customer service.

Indeed, to any business, customer eccentricity is as important as product.

Today the markets are guided by the desire and satisfaction of customers. Customer eccentricity is extremely essential to a business, organisation and institution because without customers there won’t be business.

In most of the economic sectors of Nigeria, the consumers are still being treated with disdain, even in the telecoms sector, especially with poor services and several scam messages.

H‎owever, to correct these ills and place consumers at the forefront, the Nigerian Communications Commission (NCC) declared 2017 “The Year of the Nigerian Telecom Consumer.”

The programme, which started in Abuja, some months back, was recently brought to Nigeria’s commercial nerve centre, Lagos to underscore the importance of the state when it comes to telecommunication business.

Already, the NCC has informed the public on the huge spending on telecommunications services by the consumers.

The Executive Vice Chairman of NCC, Prof. Umar Danbatta, said within the last two years, telecommunications subscribers added about N11.9 billion to the Nigerian economy.

Specifically, Danbatta said consumers contributed N5.6 billion and N6.3 billion to the telecommunications industry in 2015 and 2016 respectively.

He also informed that the activities of the consumers, about 155 million of them, increased the contributions of the sector to the GDP from eight per cent to nine per cent in Q1, 2017.

Danbatta said the NCC 2017 Year of the Nigerian Telecom Consumer is remarkable because the telecommunication consumer is centre stage. “We must also remember that these consumers together have made all the success stories we speak about possible in the telecom industry today.

“Almost two months ago (March 15) NCC flagged off a national campaign of the Year of the Nigerian Telecom Consumer at its Headquarters in Abuja. Sixty days hence, I am glad; we can report some progress resulting in increase in the activation of the Do-Not-Disturb short code using the 2442 facility, by more than one million consumers in this short span. More subscribers reported their unresolved complaints using NCC’s 622 toll-free lines in the same period” he said.

Danbatta further disclosed that NCC consumer conversations are going on simultaneously every month in the six zones across the country

“In 2017, and even beyond, the consumer will be our focus. NCC intends to inform and educate the consumer with the sole intent of protecting and empowering them to make the right decisions.

The NCC boss said as a regulator, NCC has the mandate to ensure all its key stakeholders are protected and their interests balanced in an atmosphere of fairness, transparency and within the framework of the NCA 2003 and other subsidiary legislations. Almost one year ago the NCC launched an 8-Point Agenda.

The agenda, which will drive the NCC until 2020 aims, among other things, to facilitate broadband penetration; improve quality of service; optimize usage and benefits of spectrum; promote ICT innovation and investment opportunities; facilitate strategic collaboration and partnership; protect and empower consumers; promote fair competition and inclusive growth and ensure regulatory excellence and operational efficiency.

The leadership of NCC said the Year of the Consumer is focused on two key areas: improving the quality of service; protecting and educating the consumer. To address the unsolicited calls received by consumers, the NCC has introduced the ‘Do Not Disturb’ (DND) facility where consumers are urged to activate the facility by texting 2442.

There is also the 622 number for the NCC customer toll free complaint line. NCC intends to increase the awareness level and equally the activation level of these two initiatives.

“In its determination to ensure that the consumer experiences improved quality of service in the year and beyond, the commission is implementing measures to ensure drop call rate reduces and meets its industry benchmark of less than one per cent (<1% DCR) target. The commission is closely monitoring, tracking and reviewing the key performance indicators (KPIs) of operators by the Network Integrity and Technical Standards Department. Greater efforts would also be put in place for compliance monitoring and enforcement of set standards.

“The Commission will also enlighten consumers about the environmental impact of telecom infrastructure. As part of efforts to realize NCC 2017 Year of the Consumer, I have convened a meeting with MNOs and infrastructure providers to demand that the quality of services must be improved upon immediately. This is to ensure that the consumer gets value for money and gets satisfactory user experience.

“There are sanctions for failing to meet KPIs. NCC will not hesitate to enforce them and might consider making them even more stringent. NCC is mindful of the forex challenge faced by the telcos. We have intervened with the Central Bank of Nigeria (CBN). Already this intervention is beginning to yield some results. We are sure that in the not too distant future, the forex challenge will be addressed to the benefit of both the consumer and the operators,” Danbatta revealed.

Danbatta said that when the year is ended, the NCC should be able to measure the success and impact of this initiative by the level of awareness created among consumers and the number of consumers that have activated the 2442 facility. “It is my hope that the Nigerian telecom consumer would consistently get the right quality experience and value for money” he added.

The Executive Commissioner, stakeholder management, NCC, Sunday Dare, on his part noted that for the first time, NCC is singling out the consumer and dedicating a year of activities towards safeguarding the rights, protecting the interests, and empowering the consumer to make informed decisions – but above all, to place the consumer atop the stakeholder ladder of the NCC.

Dare noted: “For the Nigerian telecom consumer and indeed the Mobile Network Operators (MNOs), things have come almost full circle. They know each other and need each other. The NCC as a regulator stands like an impartial umpire, a referee engaging and monitoring to ensure the interests of all parties are respected. From a customer base of slightly over 400,000 in the height of NITEL’s glory, we now have a combined subscriber base of over 150 million across the country.

“This boom and massive jump in mobile telephony have brought with it several challenges especially in terms of reliable service, network upgrade, expansion and maintenance, and increasing demand for capital expenditure (capex) injection into the telecom industry.

“Continuous monitoring of Key Performance Indicators, KPIs, and benchmark is ongoing too on a quarterly basis to ensure that the quality of service does not deteriorate. On a continuous basis, NCC will seek to engage and explore ways to make consumer experience more satisfying within the Nigerian telecoms industry,” Dare said.

The MNOs present at the Lagos event have also keyed into the NCC’s vision, reiterating the fact that the customers’ remained the heart of the business.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Appointments

President Tinubu Appoints Nigeria’s Renowned Banker, Jim Ovia as Chairman of Nigerian Education Loan Fund

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President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).

This was announced in a State House Press Release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26, 2024.

According to the statement, ‘‘the President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.’’

Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as at December 2023.  Zenith Bank is a global brand listed on the London Stock Exchange and the Nigerian Stock Exchange.

In addition to major operations in Nigeria and other West African countries, the Bank has sizeable operations in London and Dubai.

Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which was recently approved by the National Universities Commission (NUC) to offer postgraduate degrees in business courses.

James Hope University commenced activities in September 2023.

Through his philanthropy – the Jim Ovia Foundation – he has shown the importance he accords good education.  In support of the Nigerian youth, Jim Ovia Foundation offers scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative.

Most of the beneficiaries of Jim Ovia Foundation scholarship are now accountants, business administrators, lawyers, engineers, doctors etc.

He is the author of “Africa Rise and Shine”, published by ForbesBooks. The book which encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing business in Africa. He is an alumnus of the Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration). Jim Ovia is a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.

In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in 2022, the Federal Government of Nigeria honoured him with Commander of the Federal Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity Order of Merit (NPOM) Award by the Federal Government of Nigeria.

Earlier, he has been conferred with the national awards of Member of the Order of the Federal Republic, MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively, as a testament to his visionary leadership and contributions to Nigeria’s financial services sector.

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

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Company News

NNPC and ARPHL Collaborate to Expand Port Harcourt Refinery to 310,000bpd

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The Nigerian National Petroleum Company Limited (NNPC) has joined forces with the African Refinery Port Harcourt Limited (ARPHL) to expand the Port Harcourt Refinery.

The collaboration entails ARPHL’s subscription of a 15% equity stake in the Port Harcourt Refining Company, a move aimed at augmenting the refinery’s daily production capacity from 210,000 barrels per day (bpd) to 310,000bpd.

The agreement, finalized at a signing ceremony held at the NNPC Towers in Abuja, underscores the commitment of both parties to bolstering Nigeria’s downstream oil and gas sector.

Managing Director of African Refinery Port Harcourt Limited, Omotayo Adebajo, and NNPC’s Executive Vice-President, Downstream, Adedapo Segun, sealed the deal, marking a pivotal moment in the nation’s quest for energy self-sufficiency.

According to statements released by NNPC and ARPHL, the subscription agreement represents a crucial step towards expanding Nigeria’s refining capacity and addressing the nation’s persistent reliance on imported petroleum products.

The proposed increment of 100,000bpd in the Port Harcourt Refinery’s capacity is poised to significantly reduce Nigeria’s dependence on imported fuel, fostering economic resilience and energy security.

Speaking on the collaboration, NNPC’s Executive Vice-President highlighted the strategic significance of co-locating the proposed additional refining capacity with the existing facilities at the Port Harcourt Refinery complex.

The move not only optimizes existing infrastructure but also underscores NNPC’s commitment to modernizing and revitalizing Nigeria’s refining sector.

In a similar vein, Tola Ayo-Adeyemi, Group Executive Director, Legal and Regulatory Compliance at African Refinery Group, emphasized the transformative impact of the collaboration on Nigeria’s energy landscape.

He highlighted the ARPHL refinery project’s position as the largest private refinery in Nigeria’s South-South and South-East geopolitical regions, underscoring its pivotal role in driving regional development and economic growth.

The groundbreaking ceremony for the ARPHL refinery project, scheduled for later this year, symbolizes a significant milestone in Nigeria’s journey towards energy independence.

With construction slated to commence in 2025 and commercial operations targeted for 2027, the project represents a beacon of hope for Nigeria’s refining sector, promising to deliver over 30 million liters of various petroleum products daily upon completion.

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Company News

Tech Giants Microsoft and Alphabet Beat Expectations, Driven by AI and Cloud Revenue

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Industry titans Microsoft Corp. and Google parent company Alphabet Inc. have surpassed Wall Street’s expectations, buoyed by robust growth in artificial intelligence (AI) and cloud computing revenue streams.

The stellar quarterly results underscore the pivotal role of advanced technologies in shaping the future of these tech behemoths.

Both Microsoft and Alphabet showcased impressive performances in their latest earnings reports, sending their shares soaring in after-hours trading.

Microsoft’s stock surged by 6.3%, while Alphabet witnessed an astonishing 17% increase, reflecting investor confidence in the companies’ strategic investments and innovative initiatives.

The driving force behind this remarkable success story is the accelerating demand for AI-powered solutions and cloud services. As businesses increasingly embrace digital transformation, the adoption of AI technologies and cloud infrastructure has become paramount, fueling substantial revenue growth for both Microsoft and Alphabet.

At the forefront of this AI revolution, Microsoft and Alphabet have been fervently expanding their AI capabilities and integrating them into a wide array of products and services.

From advanced AI models to cloud-based AI solutions, both companies have been relentless in their pursuit of technological innovation, positioning themselves as leaders in the rapidly evolving AI landscape.

Silicon Valley has heralded 2024 as the year of generative AI, a groundbreaking technology capable of creating text, images, and videos from simple prompts.

Microsoft and Alphabet have capitalized on this trend, leveraging generative AI to drive business growth and enhance their cloud computing offerings.

The surge in cloud computing demand has been a particularly welcome development for Google, which has long trailed behind rivals such as Amazon and Microsoft in this competitive market.

After achieving profitability in its cloud operation last year, Google’s first-quarter profit of $900 million far exceeded analysts’ projections, signaling a significant turnaround for the tech giant.

Microsoft’s Azure cloud computing platform also experienced robust growth, with sales climbing by 31% in the quarter, surpassing analysts’ expectations.

The integration of AI technology into Azure subscriptions has proven to be a key driver of growth, as businesses increasingly recognize the value of AI-driven insights and automation.

Furthermore, both Microsoft and Alphabet have seen promising uptake of AI-powered tools across various industries. From AI assistants for office productivity to AI-driven coding platforms, these companies are empowering businesses with cutting-edge AI solutions that enhance productivity, efficiency, and innovation.

Despite the stellar performance of Microsoft and Alphabet, the broader tech landscape remains dynamic and competitive.

While both companies have demonstrated resilience and adaptability in navigating market challenges, they must continue to innovate and evolve to maintain their competitive edge in an increasingly digital world.

As the AI and cloud computing revolution continues to unfold, Microsoft and Alphabet are well-positioned to lead the charge, driving innovation, shaping industries, and delivering value to customers around the globe. With their unwavering commitment to technological excellence, these tech giants are poised for continued success in the dynamic landscape of the digital age.

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