Afromedia Announces Engagement Renewal With FAAN

By Lukmon Oloyede.
The Board of Afromedia PLC has announced the company’s reengagement with the Federal Airport Authority of Nigeria (FAAN). The airport concession which involves handling all outdoor placements in airports across the country for a renewable period of five years was initially suspended in 2011 by the FAAN due to infrastructural upgrade being carried out by the agency.
Addressing shareholders during the company’s  49th Annual General Meeting in Lagos, the Chairman, Mallam Ibrahim Isiyaku said the airport business represent about 75% of the of the Company’s installed revenue generating capacity and the suspension has had an adverse effect on the profitability of the company in the last three years.
Assuring shareholders of a promising future business outlook, Isiyaku said the protracted negotiation and finalization of a new Advertising Licence Agreement with the Federal Airports Authority of Nigeria (FAAN) has finally been brought to a positive conclusion as the company now has a new concession award to operate in all the airports for another five years. He added that the positive effect of the business resumption is expected to be seen within the next financial year as the economy improves, barring any unforeseen circumstances.
[ad id=”1169″]The Chairman also said Afromedia has established a subsidiary organisation positioned to tap into the opportunities provided by the emergence of digital advertising which include all internet and mobile based platforms. He said the projected income from the subsidiary over the next two years appears promising as digital advertising is being adopted virtually by all brands.
The company’s Group Chief Executive Officer, Mr. Akinola Olopade told journalists that Afromedia’s approach to the fresh airport concession is a departure from “maximize all available space” which often made the airport ambience rather cluttered. He said the new approach is that of “Impact and Broadcast” which provides near exclusivity opportunity for brands on one hand and friendly ambience that allows for easy recall of advertisers’ messages on the other hand.
Olopade also said, apart from the airport businesses, Afromedia Plc has developed new products which will be launched very soon. He said the products are innovative having been discovered out of rigorous research into different advertising touch points that advertisers can leverage to effectively reach and engage their audience.