Business News
Elections, bane to advertising growth in 2019 – AAAN VP
The founder and CEO of X3M Ideas, Steve Babaeko, has disclosed how the political space affected the advertising industry last year.
The Vice President of the Association of Advertising Agency of Nigeria (AAAN) and Chief Executive Officer of X3M Ideas, Steve Babaeko, have disclosed how 2019 elections affected the advertising industry.
This, according to him, cost the local advertising companies revenue loss for about six months, as the foreign advertising agency secured more campaign slots for the Nigerian market.
Steve Babaeko
The Nigerian general elections occurred in the first and second quarters of 2019. According to Babaeko, the political activities made the first-half of last year a bad outing for the advertising industry.
Babaeko said the elections left the advertising industry with just six months to operate in the full year.
“It was a very difficult year for the advertising sector. We saw shocking business activities going on. Most major participants in business and enterprise could not do much because of the election. So technically for the industry, we only had six months’ calendar as we had to wait for swearing-in on May 29.
“So technically, economic activities kicked off in June and that greatly affected the industry,” explained, Babaeko.
For this and other reasons, he submitted that, “2019 did not fare well for the industry especially in the area of financial growth.”
[READ MORE: South African Airways to cancel more foreign routes, as revenue loss bites)
Why local advertisers recorded loss: Babaeko stated that politicians ignored registered local advertising agencies, as some marketing communications firm secured deals relating to the political activities through back doors, rather than the proper channel of bidding through pitching ideas.
So, according to the Vice-Chairman, AAAN, “2019 did not fare well for the industry especially in the area of financial growth.”
Close the door on foreign ad agencies: Babaeko, who is also the founder of X3M Music, the record label of Artiste Simi, said the preference for foreign agencies also affected the local advertising agencies. He said the local players were ignored during the political circle in 2019, with political campaigns being awarded to foreign firms.
Babaeko queried why foreign ad agencies will be contracted to run a campaign for the Nigerian society when they have little understanding of the Nigerian terrain. He called the government to apply the same border closure policy to the advertising industry in order to protect local advertising firms.
“Each time we have some of these activities happening, it hurts the local industry. Aside economic downturn, this exclusion of the local industry at such periods is not healthy for the sector. I really love the policy on border closure. I think the government should do an equivalent of that in the advertising sector.
“There should a standing policy to ward off foreign interference. These are people who do not even know the nuances of our culture and tradition, they are being paid to come and do strategy for campaigns. To be honest, it doesn’t make sense. Now we are losing money, losing scarce foreign exchange to foreign countries while we have an industry here that employs labour and we are starving them,” he lamented.
Why is Babaeko worried? Babaeko’s worry is understandable, as most of the advertising campaigns done during that period were political campaigns. Most companies usually hold on to their commercial campaigns in order not to be swept away by the political campaigns, which get more attention from Nigerians during the political circle.
So, ignoring the local ad agencies in such a political period wouldn’t benefit the industry in any way, as they lose revenue because they depend on the political campaigns for that period.
[READ ALSO: AfCFTA forces FG to revamp port infrastructure to avert trade loss)
Other problems facing ad agencies: He added that the lack of a governing board for the Advertising Practitioners Council of Nigeria (APCON) was taking a toll on advertising agencies within Nigeria.
Babaeko said efforts had been made to ensure APCON reconstitutes a governing board. This was after the end of Lolu Akinwunmi’s tenure in 2015. The efforts have, however, not been fruitful.
Babaeko said one of the efforts was a meeting with the Vice President but no council had been constituted for the regulatory agency of the advertising industry. It was also stated that the president had been trying to impose politicians and non-professionals to chair APCON despite such action contravening the Advertising Law of Act 55, 1988 (as amended).
Coronavirus
Just in: Lagos to reopen schools on August 3
The governor said that the resumption is only for pupils and students in graduating classes.
The Lagos State Governor, Babajide Sanwo-Olu has announced that both public and private schools will resume on August 3, 2020, after over 3 months of being shut down due to the coronavirus pandemic.
This is in line with the recent pronouncement by the Federal Government,
This was disclosed by the Governor while giving a situation report on COVID-19 at Lagos House Marina on July 3, 2020.
The governor said that the resumption is only for pupils and students in graduating classes, that is Primary 6, JSS 3, and SSS 3 who are preparing for exams.
He said other schools will remain closed and should continue with the online studies.
Details later…
Hospitality & Travel
FAAN releases new guidelines for post COVID-19 flight operations
The new set of procedural guidelines for air travelers and other airport users is aimed at protecting all.
The Federal Airports Authority of Nigerian (FAAN), has released a new set of procedural guidelines for air travelers and other airport users. This follows the announcement of the Federal Government, the gradual commencement of domestic flight operations at the nation’s airports with effect from July 8, 2020.
This new Standard Operating Procedure (SOP) is aimed at protecting all stakeholders and preventing further spread of the coronavirus disease, especially through our airports.
This was disclosed in a press statement by FAAN on Friday, July 3, 2020, and signed by the agency’s General Manager Corporate Affairs, Henrietta Yakubu.
According to the procedures that have been outlined by FAAN in the “New Normal”, departing passengers must comply with the following guidelines;
- All passengers must arrive at the airport properly kitted with their face masks on.
- They must also ensure a minimum of one point five meters (1.5m) physical distancing, Aviation Medical/Port Health personnel would screen each passenger and ensure the use of face masks, those traveling with pets must get necessary clearance from Nigerian Agricultural Quarantine Services.
- All passengers’ luggage would be disinfected before entry into the departure halls.
- Passengers are required to wash their hands as often as possible, hand sanitizer would be provided for passengers before entrance, at the waiting halls/lounges and pre-boarding gates.
- All footwear would be disinfected/sanitized by foot mats placed at all entrances to the terminal building, amongst others.
(READ MORE: FG acquires profiling robots for airport)
For arriving passengers, the following guidelines must be adhered to;
- On disembarking from the aircraft, passengers would observe physical distancing as they board the Co-Buses (Hand Sanitizer would be provided in the buses).
- Physical distancing protocols must be observed at the baggage claim area, where hand sanitizer is also provided, disinfected trolleys would be made available for passengers.
- All Covid-19 protocols must be observed while undergoing customs check, Passengers would exit the halls and head straight to the car park for pick up.
- If you must speak to anyone around, please speak to a properly tagged Aviation Security (AVSEC) officer, physical distancing would be maintained while waiting to be screened by personnel of port health services, amongst others.
- In addition to the above guidelines, passengers are required to observe social distancing and make use of the floor markings at the security screening area. They must also comply with all other security guidelines as laid down by officials of the Aviation Security (AVSEC) department.
FAAN asked all passengers and stakeholders to observe these new protocols that have been put in place for their protection.
Corporate Press Releases
First Bank’s FMAP graduates inuagural set of management associates
FMAP is a comprehensive developmental programme targeted at young, dynamic, highly driven individuals.
First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, has graduated 28 successful candidates in its inaugural FirstBank Management Associates Programme (FMAP), virtually held on Tuesday, 30 June 2020 via the Zoom video-conferencing application. The programme which commenced in 2018 had a total of 48 candidates selected from thousands of entries and applications received nationwide.
FMAP is a 24-month fast-track comprehensive developmental programme targeted at young, dynamic, self-motivated and highly driven individuals that possess the right skill set and excellent leadership potential among Junior and entry-level cadre staff. Entries and applications for the programme enrolment was also extended to the public
Speaking about the programme, Dr. Adesola Adeduntan, CEO, FirstBank said “It is an intensive skill development programme structured to enhance acute thinking, financial, methodical skills of staff. The bank would continue to reinvest in its human capital to create a kind of leadership needed for future growth and development.”
“This is part of the Bank’s strategic objectives of infusing and developing leadership at requisite levels across its staff hierarchy, aimed at building the next generation of leaders who will be groomed to drive the Bank’s vision of being Africa’s Bank of first choice,” he concluded.
READ MORE: FirstBank takes its SMEs Business Clinic to Port-Harcourt, Abuja
At the end of the programme, successful candidates are moved to middle management, becoming Management Associates irrespective of their grades at the point of entry.
Cross country postings and secondment opportunities are also offered to such staff to provide them with global exposure and network.
About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.
With over 750 business locations and over 57,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
The Bank has been nimble at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such milestone in the country. FirstBank’s cashless transaction drive extends to having more than 9million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 3 million people on FirstMobile platform.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
Folake Ani-Mumuney
Group Head, Marketing & Corporate Communications
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Vivian Oluoma
January 24, 2020 at 6:38 pm
Marvelous!
Learnt so much from this.
Kudos and THANKS!