Biodun Shobanjo Canvasses Merger for OOH Industry
Chairman of Troyka Holdings, Biodun Shobanjo has strongly advocated for a merger in the Out-of-Home industry in Nigeria as part of the solution to the challenges facing the industry. Shobanjo noted that the industry is presently encumbered with too many struggling outdoor agencies and this development is stifling growth within the sector.
Shobanjo argued that this unfortunate development has also made it possible for regulators to trample upon the outdoor agency members by imposing obnoxious regulations and outrageous and illegal taxes that threaten to destroy the industry.
Speaking at the 10th Outdoor Advertising Association of Nigeria (OAAN) Poster Awards 2016, at the Eko Hotel and Suites, Shobanjo who also founded one of the leading outdoor agencies in Nigeria, Optimum Exposures, challenged the agency owners to begin to think seriously about merger and acquisition adding that it is better to have fewer but buoyant agencies than having many agencies most of whom have just one or two billboards.
“In United Kingdom there are only about five outdoor agencies, same for France and South Africa and many other countries. This business is a very serious one and it is high time, we started taking it serious in this country,”
According to him, if the outdoor advertising agencies are fewer in Nigeria, they will be able to command more influence and earn the respect of regulator just like their colleagues in other countries, and they will not be trampled upon by regulator as presently obtainable in Nigeria.
Obviously livid, the advertising guru challenged OAAN members to be more resolute and firm about demand for their rights. He admonished them not to shy away from dragging the government to court any time they feel that their right was violated.
He spoke as the summit event of the annual poster award which was themed strengthening our Partnership. Highly stimulating event was attended by Minister of Information, Alhaji Lai Mohammed who was represented by APCON Chairman Alhaji Garba Bello Kankarofi.
Also speaking, Chief Executive Officer of 141 World Limited, Mrs. Bunmi Oke echoed Shobanjo’s sentiments and stressed that the ambition of becoming a CEO had made many outdoor advertising agencies to refuse the idea of merger.
Mrs. Oke added, “One word, convergence, we need to work with ourselves. I think that the problem that we are facing is that everybody wants to be the Chief Executive Officer and this is not the way to go if we want to move forward and compete favourable with other countries of the world.”
RECOMMENDED ARTICLES
Comment
No comments found.