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
First Holdco Plc has commenced a public offer to raise about N1.4 trillion (approximately $1 billion) after securing approval from the Central Bank of Nigeria (CBN).
The offer, which opened on Monday, involves the sale of 10.4 billion ordinary shares, according to the chief executive of its banking subsidiary, First Bank of Nigeria Limited, Mr Olusegun Alebiosu.
The capital raise follows the company’s earlier plan to transfer about a quarter of its shares to RC Investment Management Ltd., which served as a bridge holder after Barbican Capital Limited exited its investment in the lender amid a prolonged ownership and leadership dispute.
First Holdco had previously indicated that the shares would eventually be offered to the investing public once the necessary regulatory approvals were obtained.
Speaking in an interview with Bloomberg, Mr Alebiosu said proceeds from the offer would strengthen the capital base of First Bank and support the holding company’s expansion strategy.
According to him, the group intends to diversify beyond banking by establishing an insurance underwriting business and a fintech services company.
“The sale is starting today — the reality here is that I am not sure it will stay more than one week based on the pressure we are getting,” Mr Alebiosu said, expressing confidence in strong investor demand.
Investors appeared to respond positively to the announcement, with First HoldCo’s shares climbing as much as 5.9 per cent to a record high during trading on Monday before easing to a 3.1 per cent gain at N133.60 by early afternoon in Lagos.
The lender has been one of the best-performing banking stocks on the Nigerian Exchange (NGX) Limited over the past year, with its share price rising more than fourfold since July 2025, when Barbican Capital’s stake was transferred to RC Investment Management.
The fresh capital injection comes as its largest shareholder, Mr Femi Otedola, continues to strengthen his stake in Nigeria’s oldest bank. With the billionaire holding around a 26 per cent stake in the company, analysts say he has his eyes set on full control once his equity crosses the 30 per cent mark.
By Adedapo Adesanya
One of Nigeria’s top digital banks, PalmPay, has appointed a former executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr Samuel Oluyemi, as its chief operating officer.
In his new role, Mr Oluyemi will oversee the financial technology company’s operations in Nigeria, where it offers a broad range of digital financial services to individuals and businesses.
Mr Oluyemi will also engage with regulators to ensure the company’s expansion aligns with Nigeria’s financial, digital and social inclusion objectives.
Prior to joining the company, Mr Oluyemi spent more than two decades at NIBSS, where he served as business development lead.
During his tenure, he drove the development of several critical payment infrastructure projects, including the digital validation of Nigerian international passports, e-Dividend Mandate Management System (e-DMMS), and the Electronic Pensions Contribution Collection System (EPCCOS).
Also, he played a key role in the introduction and early adoption of the NIBSS Instant Payment (NIP) platform, Nigeria’s first real-time interbank transfer system launched in 2011, and later supported its extension to other financial institutions.
Mr Oluyemi obtained a master’s degree in Monetary Economics from the University of Ibadan and has participated in several local and international professional training programmes.
Commenting on the appointment, Managing Director of PalmPay Nigeria, Mr Chika Nwosu, said that the company was strengthening its leadership team to support its longterm vision.
By Adedapo Adesanya
Africa’s most valuable fintech, Flutterwave, has signalled that its long-anticipated initial public offering (IPO) remains firmly on the back burner as the company intensifies efforts to transform itself into a licensed financial institution across the continent.
The firm’s chief executive, Mr Olugbenga Agboola, said the firm is focused on building sustainable profitability, diversifying its revenue streams and expanding its banking footprint before considering a stock market listing.
Speaking to The Africa Report, Mr Agboola described an IPO as a future financing milestone rather than an immediate strategic objective.
“An IPO is a financing event, not a strategy,” he said. “We are not holding any pressure to go public. This gives us the flexibility to be patient and ensure when we do list, we’re doing so from a position of strength.”
The comments come as Flutterwave embarks on an acquisition-led expansion strategy aimed at securing banking licences and deeper regulatory access across Africa.
Mr Agboola revealed that the company is currently in the process of acquiring a bank in East Africa, though he declined to disclose the institution or country involved.
The planned acquisition is expected to provide Flutterwave with an established customer base, existing banking infrastructure and regulatory approvals, significantly shortening the time required to enter new financial services markets.
According to Mr Agboola, the company’s expansion priorities include Kenya, Ghana, Rwanda, Tanzania, South Africa and Egypt, while the Democratic Republic of Congo and Ethiopia remain under consideration for future growth.
Rather than building banks from scratch in every market, Flutterwave intends to adopt a mix of acquisitions, licences and strategic partnerships depending on local regulatory conditions.
“The vision is not to form a bank in every country but to ensure that every African business has access to more than financial services,” Mr Agboola said in the interview.
The banking push follows recent regulatory and corporate developments, including the Central Bank of Nigeria’s approval of Flutterwave’s banking licence and the acquisition of open banking startup Mono.
Together, the moves underscore a broader strategy to expand beyond payments and establish new revenue streams in lending, liquidity management and business banking services.
Flutterwave plans to focus on institutional deposits from businesses already using its platform rather than competing aggressively for retail deposits.
The company intends to leverage transaction data from its payments network to provide short-term working capital, merchant financing, invoice discounting and trade finance products for small and medium-sized enterprises.
Mr Agboola disclosed that the bulk of the capital earmarked for banking operations will be directed toward credit support and liquidity buffers, with additional allocations for lending and banking infrastructure.
The strategy reflects a growing trend among African fintech firms seeking banking licences to reduce dependence on traditional financial institutions and gain greater control over settlement, liquidity management and product development.
Despite speculation about a near-term public listing, Mr Agboola maintained that Flutterwave’s immediate focus remains execution and growth.
He noted that the company will only consider an IPO after achieving stronger profitability and establishing scale across its payments, banking and remittance businesses.
In February 2025, he told Bloomberg that Flutterwave would only pursue a public offering after becoming profitable. He also stated in late 2024 that the company was “not in the IPO race.”
Founded in 2016, Flutterwave has processed more than one billion transactions valued at over $40 billion across 35 African countries. The company recently secured fresh funding that lifted its valuation to $3.3 billion, with American blockchain firm Ripple leading the investment round.
For now, however, Flutterwave appears more interested in building the foundations of a pan-African financial institution than rushing to the public markets, positioning banking expansion as the next phase of its growth story while keeping an eventual IPO firmly on the long-term horizon.
