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Banks, Insurance Firms Prefer ThisDay, Business Day for Adverts—Survey

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Media adverts banks insurance

By Modupe Gbadeyanka

A survey conducted by Nigeria’s foremost PR Measurement and Evaluation agency, P+ Measurement Services, has indicated that two leading national newspapers were preferred for the placement of adverts in the third quarter of the year.

In the report made available to Business Post, it was revealed that ThisDay newspaper was the most sought after publication for banks, as BusinessDay newspaper was the most sought after publication for insurance companies in terms of placement of adverts in the media.

The study, based on the research data for advert and editorial analysis, had an error margin of 5 per cent at 95 per cent confidence level and in Q2 and Q3 2020, a total of 3,360 publications were monitored.

An analyst at the media intelligence agency remarked that this data-driven report is to provide rich insights into the media performance of brands in the banking and insurance industry, identify key areas where media exposure for these brands can be further strengthened.

He also encouraged brands to key into media monitoring and evaluation as part of their PR and Communications strategies to gain valuable media share as top players in their industries, which will contribute to driving brand loyalty and increase patronage for brands in a competitive business world.

From the report, the sampled data and platforms used were 21 commercial banks in Nigeria and leading insurance companies’ media data; 44 newspapers including magazines; online media publications consisting of blogs, forums, financial sites, insurance sites, online news-sites and brand sites.

The most engaged online publications for editorial in the banking industry for Q3 were Thisdaylive.com, Businessday.ng and Nairametrics.com, while Proshareng.com, Thisdaylive.com and Independent.ng were the most engaged online publications in the insurance industry for Q3.

Advert placement was sourced out more by the banking industry, with ThisDay, Leadership and BusinessDay topping the list of print publications with the highest earnings in the for Q3, while BusinessDay, The Punch and Daily Trust topped the list of print publications with the highest earnings in the insurance industry for Q3.

Findings from the Q3 report showed that the media engagement on Corporate Social Responsibility was led by Stanbic IBTC (46 per cent), Heritage Bank (24 per cent), Fidelity Bank (12 per cent), Union Bank (11 per cent) and Sterling Bank (7 per cent) and the insurance companies that ranked most on Corporate Social Responsibility includes Prudential Zenith Life Insurance (67 per cent), AIICO Insurance (20 per cent), and AXA Mansard Insurance (13 per cent).

The media intelligence report also indicated that the prominence of Chief Executive Officers of banks and insurance companies as Adesola Adeduntan of First Bank of Nigeria, Herbert Wigwe of Access Bank and Segun Agbaje of Guaranty Trust Bank led the Bank CEOs and Babatunde Fajemirokun of AIICO Insurance, Chuks Igumbor of Prudential Zenith Life Insurance and Kunle Ahmed of AXA Mansard Insurance led the insurance CEOs in Q3 2020.

The full report can be requested HERE

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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German Firm Partners Freddy Hirsch Nigeria to Boost Food Innovation

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Freddy Hirsch Nigeria Boost Food Innovation

By Sodeinde Temidayo David

In a bid to boost food innovation across West Africa, a German-based nutrition supplier, Symrise AG, has partnered with Freddy Hirsch Nigeria, a manufacturer of ingredients.

According to the statement issued today by Symrise AG, the partnership will focus on the development, launch and commercialization of transformational food products, which includes general seasoning, bouillon meat, snacks, and instant noodles.

Freddy Hirsch Nigeria, a leading West African manufacturer of ingredients and flavours, boasts world-class Research, Development, and Application laboratories and manufacturing facilities.

On the other hand, Symrise AG is a global multi-billion-dollar fragrance, care, flavour, and nutrition supplier present in over 100 countries.

According to the Sub Regional Director, Flavour Africa Middle East, Symrise AG, Mr Sofiane Berrahmoune, the company is set to deliver its products and services at a greater speed to market in Africa, and for this reason, has partnered with Freddy Hirsch Nigeria.

Symrise AG spokesperson further stated that the partnership will give the company deeper access to valuable insights about Africa’s food industry.

This follows as increasing urbanization, rising incomes, a growing regional population, and evolving lifestyle changes are driving the African food flavour and enhancer ingredient market and increasing the consumption of processed foods and beverages.

The global flavour and fragrance market is projected to reach $36 billion in 2022 with Africa expected to play one of the biggest growth opportunities.

Also, according to a forecast for the period of 2020 to 2025, the Africa food flavour and enhancer market is foretold to witness a compound annual growth rate CAGR of 5.12 per cent as the continent proved to be a growing market.

Mr Berrahmoune concluded his statement by saying “together, we are stronger than ever, committed to co-create with Freddy Hirsch Nigeria, combining the best of our strengths and leveraging our strong global footprint with our winning local flexibility, market, and consumer understanding.”

Also speaking on the partnership, the Managing Director of Freddy Hirsch Nigeria, Mr Kojo Brifo, expressed that his company is set to achieve its vision of creating authentic African flavours and tastes.

He noted that Freddy Hirsch has invested in a Research, Development, and Application laboratory and a manufacturing facility with world-class quality management systems, in West Africa.

Mr Brifo added that partnership with Symrise AG will provide an acceleration of flavour development across West Africa and will increase the creativity of customized flavours, help our customers attain speed to market, and enhance their operational agility.

Together, Symrise AG and Freddy Hirsch Nigeria are set to position themselves as the leading contributors to the evolution of the food and beverage industry in West Africa and the Middle East.

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Bolt Commences Food Delivery Service in Nigeria

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By Modupe Gbadeyanka

In order to offer good working conditions to food couriers and profit to restaurant partners, a leading ride-hailing platform in Africa, Bolt, has launched a food delivery service.

A statement from the company said the Bolt Food Delivery will offer customers competitively affordable, efficient food delivery service and help to provide easier access to daily essentials.

With over 30 million customers worldwide, Bolt has built its ride-hailing platform efficiently to offer the best service in the sector to drivers and riders, positioning the company as a leader in Nigeria’s mobility sector. The company will now extend its expertise to food delivery to advance the sector with innovation and technology.

“We are excited to launch Bolt Food, which will allow Nigerians to order food from their favourite restaurants and receive it quickly and safely at their home or office,” the Bolt Nigeria’s Country Manager, Mr Femi Akin-Laguda, said.

“Our ride-hailing business is built on efficiency and easing mobility for riders while offering drivers a flexible opportunity to earn more income.

“Bolt is eager to bring this approach to food delivery and ensure that our partner restaurants benefit from our loyal customer base. This is also a way for us to augment the earning opportunities for Nigerians by contributing to the gig economy.

“We will ensure that it is worthwhile for couriers on the platform like drivers have benefited from our ride-hailing platform,” Mr Akin-Laguda concluded.

The entrance of Bolt Food to Nigeria will help restaurants have a broader reach to customers, with Bolt acting as a reliable platform for affordable delivery and efficient service. At the initial stage of the launch, customers can only place food orders from more than 100 restaurants in Lagos Island. Bolt is looking to add new restaurants to the app daily while also expanding to other parts of Lagos soon.

To place an order, users can download the Bolt Food application on their smartphone, with an array of different restaurants and available menu options to choose from. The application also provides customers with various price ranges and an estimated delivery time. Initially payments will be paid by cash, and customers can specify the location for contactless delivery drop-offs upon order arrival.

Bolt Food was first launched in Estonia in August 2019. The service is also available in South Africa, Ghana and Kenya.

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ICAN Rebrands for Greater Dynamism, Deeper Inclusiveness

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ICAN Rebrands

By Aduragbemi Omiyale

For greater dynamism and deeper inclusiveness across generations, the Institute of Chartered Accountants of Nigeria (ICAN) has rebranded with a new corporate logo and visual identity.

At the unveiling of the new logo and identity at an event held on Wednesday at the Oriental Hotel, Lagos, the leading umbrella body of the accounting profession in Africa disclosed that the transformation signifies its leadership, resilience, indelible footprints, growth and dynamism.

Business Post gathered that ICAN, with this new beginning, has pledged its unwavering commitment to members and other stakeholders with a greater positive impact towards nation-building.

The institute said it was poised to promote professional excellence, deepen its advocacy and facilitate accountability and transparency across the economy.

Explaining the choices of the colours and the new identity, ICAN said the predominantly blue colour in the new logo evokes professionalism, trust, reliability, stability, depth, benevolence and vibrancy of the organisation.

It further said the green stripe at the bottom represents vitality, freshness, growth and youthfulness while the two white stripes evoke a feeling of dynamism, integrity, transparency and new roads leading to new places and horizons.

The new identity in alignment with global trends is modern, innovative and professional. It is designed to work effortlessly across digital and physical channels.

Speaking at the unveiling ceremony, the Deputy Governor of Lagos State, Mr Obafemi Hamzat, commended the leadership of ICAN on the rebirth while acknowledging the contributions of the institute and accounting professionals in national development.

According to him, “ICAN is maintaining its leadership in the profession and adapting equally well to the global disruptions, even coming out stronger and youthful.”

In her speech, the president of ICAN, Ms Comfort Olu Eyitayo, stated said, “Today marks a new beginning as we consolidate the immense contributions of the founding fathers and past presidents of our noble Institute. The accounting profession is dynamic and they have firmly established a lasting legacy: the philosophy of keeping pace with the times.”

“In 56 years, ICAN has sustained its enviable status as the most influential and prestigious professional accountancy institute in Africa.

“Our unmatched contributions to national development are the unique selling point that has accorded the institute its enviable position. The ICAN brand is not just the toast of employers, but the products of the Institute are distinguishing themselves across all sectors – public or private.

“Our gathering this evening is to witness the rebirth of ICAN. This rebirth further amplifies what we represent as an Institute: promotion of Accuracy and Integrity and the continuous and conscious drive to act in the public interest.

“We are here to witness the launch of the Institute into an era of greater dynamism and deeper inclusiveness across generations. We are here to celebrate the new face of ICAN for Greater Visibility and Impact,” she enthused.

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