Business
Advertisers Protest ARCON’s N3m Advert Vetting Fee
The Advertisers Association of Nigeria has expressed outrage at the decision by the Advertising Regulatory Council to impose a N3million vetting fee for advertisements produced outside Nigeria.
According to ADVAN’s President, Osamede Uwubanmwen, who stated this during an exclusive interview with The Tide’s source, the Federal Government’s decision to remove ARCON from the national budgetary allocation was driving the council towards an aggressive taxing regime that is stifling players in the advertising industry.
He also expressed dismaywashad yet to respond to a suit filed against it months after ADVAN challenged the legality of some of the provisions contained in the new ARCON law.
He said, “They came up with what they call special vetting fees. If you shoot an advert abroad, they’ll charge you N3m to vet it. We, as marketers, are not producing outside again. To a large extent, people have not read the new law.
“If we are not careful, we will be told to vet obituaries. They have not answered the suit we filed against them until today. They have not responded to the court in any way. So, they are not ready to address the matter in any way. So they can continue doing what they are doing.
He also expressed dismay that the regulatory body has yet to respond to a suit filed against it months after ADVAN challenged the legality of some of the provisions contained in the new ARCON law.
Speaking further, the ADVAN President lamented the negative effects some of the provisions of the new law were beginning to affect the Nigerian entertainment industry.
He recalled that the advertisers’ association had warned ARCON to reconsider its stance on banning the use of foreign models in local adverts, a warning which went unheeded.
He added, “As I speak to you now, I have heard that they have moved our Nollywood to limited time in some neighbouring countries. They are not showing it all the time, like before. I got this information from a media buyer that has companies outside Nigeria.
“So, I was telling them not to announce it. Don’t make the proclamation. So, when I said they should not do a model ban, they felt I was opposing it because I wanted to be going out to do shoots. But I said it because we have a relationship with other countries.”
him this week to outline the key concerns of the advertisers.
He also pointed out that despite repeated requests by ADVAN to the regulator to avail the association of the gazetted copy of the new law, the advertisers had yet to see the law upon which ARCON was embarking on a comprehensive sweep of the industry.
However, an ARCON source confirmed to The PUNCH that the gazetted law was available for purchase at the ARCON office in Lagos.
In recent months, ADVAN has been at loggerheads with its regulator over the stipulations in the new ARCON law, which replaced the code guiding advertising under the defunct Advertising Practitioners Council of Nigeria.
On its part, the regulator had insisted that the new law was imperative for the sanitisation of certain underhanded practices in the industry.
In an exclusive interview with The PUNCH, the Director-General of the ARCON, Olalekan Fadolapo, said the council would not give free rein to industry players to perpetrate shoddy and unethical practices.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter