Banking
Why We Are Championing Crusade For NIMMA—Odiakose

Lead Consultant of Nigeria’s leading and fastest growing Independent PR measurement and evaluation agency, Mr Philip Odiakose, has been in the forefront of establishing the Nigerian Media Monitoring and Measurement Association (NIMMA).
In this interview with BrandArena, Mr Odiakose explained why he is backing this and also the benefit of having that body to regulate the activities of Independent Media Monitoring and Measurement Agencies in Nigeria.
You have been a strong advocator for an Independent Media Monitoring and Measurement body in Nigeria for a year now, what has been the reaction of the IMC industry at large to your advocacy?
As I have always said, independent media measurement is the future and we are glad that that the IMC industry has started yielding to our plea. Since we started the campaign for an Independent measurement and evaluation to better brand experience, acceptance from PR agencies and communications managers has increased by 20% from 0%. Again, we are not there yet, but we are taking giant strides to make both PR agencies and clients understand the value of an independent measurement and evaluation service.
You were recently in Ghana for AMEC Measurement Month, can you share with us some of the highlights of the event and what can you say the acceptance of Independent Measurement and Evaluation in the continent like presently?
Yes, we co-hosted the event with Media Monitor in Ghana for the AMEC Measurement Month. The AMEC Measurement Month initially used to run within a period of one week, but due to the increasing interest of practitioners in Measurement and Evaluation, AMEC Measurement Week became extended to a period of one month. It was a forum that required PR Measurement consultants around the world to sensitize PR agencies, communications managers and media practitioners on the importance to integrate measurement and evaluation into their communications strategy and the importance of the new AMEC framework.
We were also there to communicate our success rate as there has been an increase in awareness for brands and communications managers to see the need to engage an Independent measurement and evaluation agency for brand health check and performance audit, which is something that P+ has been pioneering and preaching for the Nigeria market. Brands are starting to understand that allowing their PR agencies to mark their own homework is doing a lot of damage to brands.
Is the current Advertising Value Equivalent (AVE) method being used by practitioners good enough for communication/PR evaluation?
The fight against the use of AVE has been on for decades, the use of AVE in this part of the country is still very high as agencies believe it is the only way to show value for their spend, which the AVE analysis has been doing a lot of damage than good to brands in their care. It is important to note that at P+ Measurement Services we use measurement standards which are acceptable all over the world and we stand with the Barcelona Principle 2:0 vs 5 which states that AVE is not the true reflection of value for ROI. Let me make this clear, that the word ROI is wrongly used in the PR practice, as all eyes tend to look at the financial figure in PR, neglecting the fact that PR is all about reputation, image building, crisis management and media relations. So when measuring the impact of PR on brands, key KPIs like, JRM, SOI, SOV, reach, cyberspace analysis, spokesperson impact, reputation measurement, journalist/Blogger loyalty analysis, message sentiment analysis, competitive analysis should be looked deeply into. Public and Media perception Audit of a brand should be checked quarterly or bi-annually; which will require the input of an Independent Measurement and Evaluation agency.
Why do you think we should have an Independent Measurement and Evaluation body in Nigeria? What are the pros and cons?
I think the creation of such body is long overdue, we have a lot of media monitoring and evaluation agencies in Nigeria, which have been in operation in Nigeria for years under the umbrella of PRCAN and APCON. I think it is time we own an association and a body that regulates and creates best practices for media monitoring and evaluation in Nigeria. For example, South Africa has an Independent Association called SAMMA (South African Media Monitoring and Measurement Association) governing the Media Monitoring and Measurement consultant. There are no Independent associations in Nigeria for the consultant in Nigeria, which is why some of us run to APCON or PRCAN when an association letter is required to get certain businesses which are very wrong.
Secondly, the non-availability of an Independent monitoring and measurement body, gives the reason why PR or advertising agencies can take Independent monitoring briefs; which is unethical, unhealthy and unprofessional for an agency to mark their own homework. It is not right for you to be the accused, the judge and jury of your work
Having an Independent Monitoring and Measurement association will break such unethical practices and bridge the gap between PR agencies and independent measurement practitioners.
There are rumours that some PR agencies are considering the establishment of new agencies that will cover communication measurement and evaluation, do you think it’s possible for such agencies to be objective in their reports?
Really, that will be unprofessional for such PR agency, as well as unhealthy for a brand. I think we need to stop looking at the monthly PR retainer for a minute and think of the brand health, questions like ‘Is it healthy for me to mark my own homework and still deliver value to the brand”?
It is still awkward when I hear PR agencies say they do media monitoring in-house, a known Communications director said and I quote “PR agencies marking their own homework is just like a student who writes an exam and also mark his own scripts”. I think PR agencies should start seeing Independent Measurement and Evaluation agencies as friends rather than competitors as we are all in the business to create an unforgettable brand experience.
Are brand owners giving encouraging support for your operations so far?
I will say the sensitization is penetrating gradually and fast, as brands are beginning to separate Media monitoring and measurement from PR agency briefs. Communications and PR managers are also turning advocates for the independent measurement as they have seen the impact and value we have provided with our timely media intelligence report. Business decisions are made and strategies are created from our work and we expect more ownership from more communications and brand managers in the future to be advocates. An example of such is the just concluded Edo state governorship election, which P+ Measurement Services was appointed as the Independent Monitoring and Measurement Consultant for one of the aspirant, our timely delivery and media intelligence report played a major role in the emergence of the current elected Governor of the state; in which we worked alongside Tony Usidamen, the CEO of UBURU an Independent communications agency in Lagos, and Media manager to the Governor during the campaign.
How many Independent Monitoring and Measurement agencies do we have presently in Nigeria?
You will be shocked to know, we have over 7 known media monitoring and measurement agencies in Nigeria; that is why it is imperative to create an Independent Monitoring and Measurement body to regulate and set best practices for our industry and guiding measurement and evaluation activities in the right direction.
Any on-going plan towards the establishment of a government recognized body a reality?
The plan is already in motion and being implemented as we speak, but that will not stop members from belonging to the global body AMEC, which governs the activities of all measurement and evaluation practitioners in the world. P+ Measurement Services happens to be a member of AMEC.
What else will you like to share with us?
The future of the monitoring and measurement industry in Nigeria is an industry where we are called in during the planning phase to help determine a scope for how to measure results of campaigns on all media platforms from the start. Where brands and consumers will enjoy a full brand experience knowing that the right research and data is given all through each campaign, where agencies and clients are in unison and I will not stop preaching the importance of a unified smooth working IMC which includes independent measurement and evaluation.
Banking
BVN Enrolments Stood at 67.8 million in 2025—NIBSS
By Adedapo Adesanya
The Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025 from 63.5 million in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
The growth can largely be attributed to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024. The policy compelled many customers to regularise their biometric records to retain access to banking services.
Another major driver was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country. The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
It explained that this is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
Business Post reports that BVN, launched in 2014, was introduced to establish a single, unique identity for every bank customer in Nigeria and to strengthen the overall financial system. By linking each customer’s biometric data to one verified number, it helps to curb financial fraud, identity theft, and impersonation, while improving customer identification and eliminating the practice of operating multiple bank accounts under different identities.
Beyond security, BVN improves oversight, reduces loan defaults, protects customers, and supports financial inclusion.
Banking
Fidelity Bank Raises Fresh N259bn to Overshoot CBN N500bn Capital Base
By Aduragbemi Omiyale
The N500 billion minimum capital requirement of the Central Bank of Nigeria (CBN) for financial institutions with international banking licence has been met by Fidelity Bank Plc ahead of the March 2026 deadline.
The local lender met and surpassed the new capital base after raising about N259 billion from private placement, a notice on the Nigerian Exchange (NGX) Limited revealed.
Before the latest injection of funds, Fidelity Bank raised N175.85 billion through a public offer and rights issue in 2024, bringing its eligible capital to N305.5 billion and leaving a margin of N194.5 billion to meet the new regulatory capital requirement of N500 billion for commercial banks with international authorisation.
Giving an update on its recapitalisation exercise, Fidelity Bank said it got the fresh N259 billion from the private placement after approvals from the central bank and the Securities and Exchange Commission (SEC).
It was disclosed that “it successfully opened and closed a private placement of ordinary shares on December 31, 2025.”
“The private placement was conducted pursuant to the authorisation received from the bank’s shareholders at the Extraordinary General Meeting (EGM) of February 6, 2025, to issue up to 20 billion ordinary shares by way of private placement,” a part of the disclosure said.
A few days ago, First Bank of Nigeria also met the N500 billion capital base after injections of funds from one of its main shareholders, Mr Femi Otedola, who sold his stake in Geregu Power Plc for the purpose.
Banking
Unity Bank Gives N270m Grants to 608 Corpreneurship Winners
By Modupe Gbadeyanka
More than N270 million have been won in grants by about 608 young Nigerian entrepreneurs in the Unity Bank Corpreneurship Challenge since its inception in 2019.
The business grants were mainly won by graduates undergoing the mandatory one-year National Youth Service Corps (NYSC).
It is part of the lender’s Youth Entrepreneurship Development Initiative designed to equip fresh graduates with the funding, confidence, and support required to launch and scale viable businesses.
The Corpreneurship Challenge provides a competitive platform where corps members pitch business ideas, assessed on originality, feasibility, market demand, scalability, and job-creation potential. Successful participants receive financial grants to kick-start or expand their ventures, alongside exposure to business guidance and mentorship.
Unity Bank implemented the scheme through the Skill Acquisition and Entrepreneurship Development (SAED) programme of the NYSC.
In the most recent edition of the Corpreneurship Challenge, held between November 18 and December 9, 2025, across 10 NYSC orientation camps nationwide, 30 youth corps members emerged as winners during the Batch C, Stream I, 2025 exercise of the programme.
They were selected from orientation camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Enugu, Abia, the Federal Capital Territory (FCT), Akwa Ibom, and Plateau (Jos), after pitching innovative business ideas across diverse sectors of the economy.
Unity Bank’s cumulative investment in the Corpreneurship Challenge underscores its long-standing commitment to youth empowerment, MSME development, and job creation in Nigeria.
Speaking on the continued impact of the initiative, Unity Bank’s Divisional Head for Retail and SME, Mrs Adenike Abimbola, reaffirmed the financial institution’s belief in entrepreneurship as a catalyst for economic transformation.
“At Unity Bank, we recognise that entrepreneurship remains one of the most effective tools for tackling youth unemployment and driving inclusive economic growth.
“Through the Corpreneurship Challenge, we are not only providing financial support, but also instilling confidence in young graduates to transform viable ideas into sustainable businesses.
“Reaching over 600 beneficiaries since inception reinforces our belief in the immense potential of Nigeria’s youth,” she said.
Mrs Abimbola further emphasised the programme’s role in strengthening Nigeria’s MSME ecosystem and creating long-term economic value.
“Small and medium-scale enterprises are the backbone of any resilient economy. By supporting corps members at the earliest stage of their entrepreneurial journey, we are helping to build businesses that can create jobs, stimulate local economies, and contribute meaningfully to national development. Our focus is on impact that goes beyond grants, impact that translates into lasting livelihoods,” she added.
Since its launch, the initiative has supported youth-led businesses across value chains, including fashion, agribusiness, food processing, creative services, manufacturing, and retail. Over the years, it has become an integral part of the NYSC experience, attracting thousands of applications annually and earning national recognition for its contribution to youth empowerment.
By sustaining and expanding the Corpreneurship Challenge, Unity Bank continues to reinforce its role as a strategic partner in Nigeria’s entrepreneurial and MSME development landscape.
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