Banking
Experts Back ‘Say No to AVEs’ Campaign by AMEC
By Modupe Gbadeyanka
A worldwide campaign recently launched by the International Association for Measurement and Evaluation of Communication (AMEC) tagged ‘Say No to AVEs’ has received the backing of leading international communication and public relations academics.
The movement is calling for an end to the use of Advertising Value Equivalents (AVEs) as a purported measure of editorial media publicity.
AMEC issued a statement detailing 22 reasons that AVEs are a flawed method of evaluation for PR, which further explains why AVEs are invalid and misleading.
Also, the Barcelona Principles supported by professional PR and communication industry bodies worldwide stated that AVEs were not the value of PR or communication.
Communication and PR academics recommend that industry professionals use valid social science research methods for evaluation.
The press release, distributed in the Nigeria by P+ Measurement Services, a leading and fastest growing Independent Communications and PR measurement agency in Nigeria, is a member of AMEC.
According to the Academic Advisory Group to AMEC, which comprises Professor Anne Gregory, University of Huddersfield, UK; Professor Jim Macnamara, University of Technology Sydney (Chair); Dr Tina McCorkindale, President and CEO of the Institute for Public Relations (IPR); Professor Brad Rawlins, Arkansas State University; Professor Don Stacks, University of Miami; Emeritus Professor Tom Watson, Bournemouth University, UK; and Professor Ansgar Zerfass, University of Leipzig, “Industry research studies indicate that so-called ‘advertising value equivalents’ (AVEs), also referred to ‘equivalent advertising value’, are still used by up to a third of PR and corporate communication practitioners worldwide despite irrefutable evidence that the calculation is invalid and misleading.
“AVEs, which equate the value of editorial media coverage with the cost of an equivalent amount of advertising, have been discredited as an evaluation method by a number of research studies on the grounds that:
- They confuse value with cost, using an estimate of the cost of paid media advertising as the alleged value of editorial media publicity. The value of advertising is not measured by how much it costs. So such comparisons are conceptually and practically flawed;
- Furthermore, the estimated ‘cost’ figures are hypothetical (what paid media advertising would have cost if purchased in the same media). Advertising is selectively placed and, in many instances, would not be placed in the media in which editorial publicity appears;
- Advertising and PR are not equivalent. While advertising is controlled in terms of placement and content, editorial media coverage is uncontrolled and variable in terms of placement, content, and tone and needs to be analysed qualitatively as well as quantitatively;
- PR involves a much wider range of communication activities than editorial media coverage (e.g., Web sites, events, community relations) for which AVEs are irrelevant;
- AVEs make no contribution to demonstrating outcomes or impact of communication, which should be the focus of evaluation.”
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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