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Why It Is Unethical For PR Agencies To Mark Their Own Homework—Philip Odiakose

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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?

Philip Odiakose1

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Access Bank Opens Branch in Malta to Strengthen Europe-Africa Trade Ties

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Musicians Access Bank Opebi

By Modupe Gbadeyanka

To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.

It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.

Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).

Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.

Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.

This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.

It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.

“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.

“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.

“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).

“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.

Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”

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Goldman Sachs, IFC Partner Zenith Bank, Stanbic IBTC, Others to Empower Women Entrepreneurs

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Zenith Bank $500m Eurobond

By Adedapo Adesanya

The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.

The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.

Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.

Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.

“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”

Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.

“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.

Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.

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Development Bank of Nigeria Wins Financial Inclusion Leadership Award

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Development Bank of Nigeria

By Aduragbemi Omiyale

In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.

This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.

The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.

“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.

“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.

On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.

“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.

“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.

“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.

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