OAAN proposes billboards as collateral
By Felicia Nwosu
The Out- of Home Advertising Association of Nigeria (OAAN) has made known its intention to propose to the Central Bank of Nigeria, CBN, to approve the use of billboards as collateral to enable easy financial access to its members in the execution of projects.
Emmanuel Ajufo, President of the Association made this revelation during the Association’s Annual General Meeting (AGM), themed: ‘OOH Business and Nigerian Regulatory Laws’ held in Lagos. The two-term president said his Association will be seeking a positive nod from the apex bank to approve members’ billboards as collateral to help the admen fast-track business transactions in a much easier procedure.
Ajufo said OAAN is canvassing and requesting that CBN grants its members the consideration of accepting billboards as collateral from practitioners who want to access funds to further business growth.
“We are therefore going to pursue the recognition by the Central Bank of Nigeria, CBN, to use our billboards as collateral. As an Association, we will continue to push for things that will bring sustainable growth to the industry and out-of-home advertising business.”
The AGM, which provided an opportunity for the executive to give the account of the stewardship of their second tenure to members also served as an avenue to rub minds with relevant external stakeholders and to exchange views with members while sharing their thoughts on business matters
“Our engagements with our major stakeholders are beginning to yield fruits but it will seem that we still have a long way to go. We have enjoyed a good relationship with our APCON, regulator, we still count on your support as the challenges facing us can only be fully contained with a united HASG.
According to him, huge progress has been recorded as a result of various engagements and partnerships with signage agencies while re-emphasising the need for continuous engagement for further consolidation that will project both parties as partners in progress.
“While we do not have anything against the signage agencies earning income from their services to us, we should not be seen as the State Government’s major source of IGR after all. We believe that Signage Agencies should rather focus on how to ensure sustainable growth of the industry.
The President reaffirmed LASAA’s initial position and promise when it was launched, which was to elevate hoardings to the status of real estate where we can use our billboards as collateral to source for funds, “but several years, after, there was a policy summersaults which made this laudable initiative impossible to realise.”
Dr. Olalekan Fadolapo, Registrar, Advertising Practitioners Council of Nigeria, now, Advertising Regulatory Council of Nigeria, ARCON, while delivering his goodwill message, assured OAAN members of the support and the continuous efforts to develop a framework that will help the advertising business in the country.
“However, notwithstanding the challenges they are going through as a sector, they should keep pushing as the Council will continue to support them by involving policies that will sustain their growth as well as protect their investment.
Recalling the onslaught by signage agencies, he said on the Kaduna issue, the State Signage agency has agreed to a meeting, “OAAN leadership has agreed to a meeting and as the regulator, we are facilitating the meeting and I am sure if the three of us sit, we can look at the ways of ensuring that we resolve the issue without resulting to court.”
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