Banking
Why It Is Unethical For PR Agencies To Mark Their Own Homework—Philip Odiakose
The first independent communications/PR measurement agency in Nigeria, P+ Measurement Services, recently set a new feat by becoming the first member of the International Association for Measurement and Evaluation of Communication (AMEC) in the country.
In a recent chat with BrandArena, Philip Odiakose, Lead Consultant of the firm, spoke on the benefit of being AMEC member and why it is unethical, unhealthy and unprofessional for PR agencies to mark their own homework. Excerpt:
Communications/PR measurement is very key to the growth of any business. How well is this practice in Nigeria?
I will begin by stating the meaning of AMEC, AMEC is the International “Association for Measurement and Evaluation of Communication”. The PR measurement practice is a budding industry in Nigeria. Brands are gradually warming up to the idea that value measurement is a core aspect of every marketing communications campaign. Benchmarking has become more important, PR measurement is gradually taking centre stage and definitely trend setting will complete the revolution for future performances of businesses and brands and we are glad that P+ is at the forefront of this evolution in the Nigerian business space.
In South Africa they have an Independent Association called SAMMA (South African Media Monitoring and Measurement Association) governing the Monitoring and Measurement consultant. There are no independent associations in Nigeria for the consultants in Nigeria, that is the reason PR 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”.
Can you expatiate more on that?
From my experience in the IMC industry, I can tell you that sometimes, agencies trim down on the negative report in order to look good in the eyes of the brand owners. Especially if the story is being published in one of the second tier publications that they feel doesn’t matter. That is why part of the service we also provide to our clients is crises management advisory. We understand the behaviour of the online media; we have monitored them and their feeders for a long time to know how to engage them when we want to.
As Lead Consultant at P+, how do you feel becoming the first member of AMEC in Nigeria?
We are excited to be the first member of AMEC in Nigeria. We are also happy to be the first Independent Communications/PR measurement agency in Nigeria. Our drive has been to improve the value proposition of brands so as to create an environment where brands can improve their services after reviewing the results of their campaigns. We want PR agencies to start seeing Independent Communications measurement agencies as partners (friends) rather than foes as our work helps to reflect the effectiveness of their activities.
We look forward to becoming a member of FIBEP, FIBEP is the world’s media intelligence federation with over 120 corporate members employing over 13,857 people in over 60 countries.
Due to the harsh economic situation of the country, many brand owners have been cutting cost on marketing communications, how has that affected P+?
The economic situation has affected brands no doubt, but we have been able to play a vital role in the growth of several brands even in this recession. A communications manager once said “if I had my last penny to choose between a PR agency and a PR measurement agency, I will choose a PR measurement agency, because I’m a communications person so I can still handle the PR for my brand, but I won’t want to take the risk of evaluating and measuring my own homework as I tend to be biased naturally”. We have proved through this period of recession that our consistent services are valuable to our clients by constantly providing them with access to information about their brands and supplementary information about the economic situation, so the effect on us has been minimal.
Tell us briefly about some of the things P+ has done so far this year?
As new entrants into the Nigerian market, we are proud of some of the work we’ve been able to do this year. We have provided PR measurement and media monitoring for clients locally and internationally across diverse industries ranging from financial institution, airlines, mobile technology, politics and government, tourism and resorts (South Africa), beverages and regional carnivals. It is evident that there is a market for P+’s services in the Nigerian business landscape as we have been able to build trust of multinationals, government and PR agencies in less than 2 years of our operation.
P+ has been one of the fastest growing agencies that offer PR measurement service in the country. Where do you see P+ in the next 5 years?
In the next five years, I see an industry where brands will put a stop to the practice of allowing PR agencies to handle their media monitoring and reportage, an industry where professionalism is paramount and one in which P+ is bringing in new innovations to help PR agencies and communications managers implement the new public relations measurement standard of the industry.
Lastly, what are your thoughts about the future of Communication/PR measurement generally? And what does being a member of AMEC mean for P+ as a young agency?
AMEC membership is internationally representative, with members in over 48 different countries, providing an opportunity to network and do business across borders which P+ happens to be the only member in Nigeria currently.
I have always said that measurements and evaluations are destined for top management capacities; from the creative strategy sessions and the processes of determining results. The future of the measurement industry is an industry where measurement consultants are called in during the planning phase to help determine a scope for how to measure results of their campaigns on all platforms from the start.
We are gradually leading the evolution by monitoring 26 print publications daily and 71 print publications in total within Lagos, part of the south, east and west; knowing full well that it is impossible to do selective monitoring and provide a competitive analysis report for brands. Timeliness stand us out in the industry, as our daily report gets to clients as early as 5am around the clock (first of its kind in Nigeria), every communication/PR directors and managers want to see their daily media highlights when they are still on the bed or on their way to work; that’s what P+ provide.
We received testimonies from clients, that “our timely daily report has helped them to make quick management decisions”. P+ is a believer of the human analysis report as against machine generated reports, we currently subscribe to 3 online media monitoring tools for near real time monitoring for our clients, but we do not allow the tools to generate reports for us because when measurement is built into a news monitoring platform the general metrics used can be a horrible reflection of your actual impact, Studies have revealed that automated measurement can be, at best, 55% accurate at times. So here you have to ask yourself, can I afford to be wrong almost half the time?
By Adedapo Adesanya
Nigerian financial services firm, Moniepoint Incorporated, processed N412 trillion in transaction value and disbursed more than N1 trillion in loans to small businesses in 2025, as the company continues to grow Nigeria’s expanding retail payments and credit structure.
The company said it handled more than 14 billion transactions during the year and now powers about 80 per cent of in-person payments nationwide, underscoring the increasing concentration of payment flows through a small number of fintech platforms.
Moniepoint also averaged 1.67 billion monthly transactions in 2025 and grew its card user base by 200 per cent, with its cards being used 1.7 million times daily.
The organisation also processed over 500,000 data renewals daily, while customers spent N90 million ($64,264) daily at gyms.
Moniepoint’s scale reflects a broader shift in Nigeria’s payments landscape, where point-of-sale terminals and digital transfers have become central to everyday commerce, from neighbourhood shops to open-air markets.
Founded in 2015, Moniepoint has evolved from a backend technology provider into Nigeria’s largest merchant acquirer, offering payments, banking, credit, foreign exchange and business management tools to more than 6 million active businesses.
The company said it expanded lending to small businesses that are often excluded from bank credit, disbursing more than N1 trillion in loans through its microfinance banking unit in the year under review.
“Our focus has been on building infrastructure that works for how businesses actually operate,” said Mr Tosin Eniolorunda, Moniepoint’s founder and chief executive, pointing to the prevalence of informal trade in Africa’s largest economy.
In 2025, Moniepoint became a unicorn after it raised more than $200 million in a Series C funding round backed by investors including Development Partners International, Google’s Africa Investment Fund, Visa, the International Finance Corporation and Verod Capital, providing capital to scale its payments and financial services operations.
Beyond acquiring, the company said its switching and processing subsidiary, TeamApt Ltd, secured licences from Mastercard and Visa to operate as a processor and acquirer, enabling it to handle international card payments and provide switching services to other businesses across Africa. Its web payments gateway, Monnify, processed N25 trillion in transactions during the year.
Recently, the Central Bank of Nigeria (CBN) upgraded Moniepoint’s microfinance bank to a national microfinance bank licence, allowing it to expand its footprint across the country and broaden the range of products that it can offer.
By Aduragbemi Omiyale
A $250 million financing facility to support the acquisition of about 40 per cent equity in ND Western Limited from Petrolin Trading Limited has been secured by Aradel Energy Limited, a wholly owned subsidiary of Aradel Holdings Plc.
The funding package was facility for the energy firm by Standard Bank, which comprises Stanbic IBTC Capital Limited, Stanbic IBTC Bank Limited, and the Standard Bank of South Africa Limited.
The facility, Business Post gathered, was structured to support Aradel Energy’s strategic growth agenda, the refinancing of existing loan facilities, and the funding of increased production from the company’s existing asset base.
Aradel Energy is the operator of the Ogbele and Omerelu onshore marginal fields, as well as OPL 227 in shallow water terrain.
Prior to the transaction, Aradel Energy held a 41.67 per cent equity interest in ND Western, and following the completion of the acquisition, its shareholding in ND Western has increased to 81.67 per cent.
ND Western holds a 45 per cent participating interest in OML 34 and a 50 per cent equity interest in Renaissance Africa Energy Company Limited, the operator of the Renaissance Joint Venture and a 30 per cent owner of one of Nigeria’s largest and most strategic energy portfolios.
As a result of the transaction, Aradel Energy’s indirect equity interest in Renaissance has increased to 53.3 per cent, significantly strengthening the company’s upstream position and long-term value creation potential.
Standard Bank acted as Global Coordinator and Bookrunner, leading the structuring, execution, and funding of the facility, affirming its deep sectoral expertise and reinforces its position as a leading financier in Africa’s energy industry.
This transaction reinforces Standard Bank Group’s commitment to providing strategic capital to clients as they execute on their transformative growth objectives.
By delivering tailored financing solutions that enable sustainable value creation, the Bank remains a trusted partner to leading corporations across Africa’s evolving energy landscape.
“As Aradel Energy consolidates its position as one of Nigeria’s leading oil and gas companies, Stanbic IBTC Bank is proud to serve as a trusted long-term partner supporting the company’s growth ambitions,” the Executive Director for Corporate and Transaction Banking at Stanbic IBTC Bank, Mr Eric Fajemisin, stated.
Also commenting, the Regional Head of Energy and Infrastructure Finance for West Africa at Standard Bank, Mr Cody Aduloju, said, “The transaction illustrates Standard Bank’s ability to deliver large-scale, tailored funding solutions and further demonstrates our support to the fast-growing indigenous companies of Nigeria’s oil and gas sector.”
The chief executive of Aradel Holdings, Mr Adegbite Falade, said, “The acquisition bolsters Aradel Energy’s competitive positioning across Nigeria’s oil and gas value chain and supports our commitment to strategic growth, asset optimisation, and enduring value creation. We are pleased to have partnered with Standard Bank, who supported us and delivered a fully funded solution under very tight timelines.”
By Modupe Gbadeyanka
The operating licences of major financial technology (fintech) platforms like OPay and Moniepoint, have been upgraded to national by the Central Bank of Nigeria (CBN).
Also upgraded by the banking sector regulator were PalmPay, Kuda Bank, and Paga after compliance with some regulatory requirements, allowing them to operate across Nigeria.
Speaking at annual conference of the Committee of Heads of Banks’ Operations in Lagos recently, the Director of the Other Financial Institutions Supervision Department of the CBN, Mr Yemi Solaja, said the licences were upwardly reviewed after the financial institutions met some requirements, including the Know-Your-Customer (KYC) policy.
“Institutions like Moniepoint MFB, Opay, Kuda Bank, and others have now been upgraded. In practice, their operations are already nationwide,” he said at the event.
The upgrade also reinforces financial inclusion, as fintechs and agent networks continue to play a pivotal role in providing access to banking and payments services, especially in rural and underserved areas.
The central bank executive stressed the importance of physical presence for customer support.
According to him, “Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” to strengthen internal controls, and enhance customer service, particularly around KYC and anti-money laundering (AML) processes.
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