Tuesday 06 March 2018 28 BUSINESS DAY C002D5556 Marketing&Pr Ensure Insurance Cash-Back Campaign for the good of Nigerians The Ensure Insurance Cash Back Season campaign, an innovative reward system for safety conscious customers holding motor insurance policies, has produced its first recipient, Abimbola Jinadu, after two years of the inception of the campaign. The Ensure Insurance Cash Back is perhaps one of the most innovative and revolutionary incentive packages for customers in the industry explained Sunkanmi Adekeye, Managing Director, Ensure Insurance Plc, who also disclosed that the scheme gives cash back of 15% of the premium paid by the policy holder that has made no claim within 24 months of buying the motor insurance policy. According Tonte Ikiriko, Group Head, Marketing & Corporate Communications, Ensure Insurance, the campaign which has been on for two years, is in line with the company’s objective of delivering innovative insurance products that work for the customer. “Ensure Insurance is chang- ing the way insurance works for Nigerians. Ensure Cash Back is innovatively designed with the meticulous customers in mind. They are rewarded with 15% cash back for their safety consciousness and painstaking efforts to ensure accidents do not occur”. According to the Group Head, Marketing & Corporate Comms, the company is elated to have its first winner in the scheme and also “very happy to walk the talk as we presented her with a cheque amounting to 15% of her total premium paid over the last 24 months”. Elated Jinadu while receiving the cash back reward, praised Ensure Insurance Plc for the innovative scheme, which has the potency of further inculcating good driving habits among Nigerian drivers, which would also lead to safety for Nigerians road users. Sparrows Dynamic unveils decarbonizing service for motorists SEYI JOHN SALAU Sparrows Dynamic, facilitator of an innovative automobile care, Carbon Cleaning recently launched its service in to the Nigerian automobile market to help curb spending on automobile decarbonisation by Nigerian car owners and motorists. The Carbon Cleaning machine which is manufactured and assembled in France with CE and FCC certification, is an hydrogenpowered decarbonizing machine with advanced technology developed with cleaning capacity to flush out up to 75 percent of carbon deposits that prevents automobile engines from running smoothly. Sope Babaniji, Country Director, Carbon Cleaning Nigeria, said at the launch of the service at the RT Briscoe station in Lagos, that the innovation will help Nigerians get value for money on their cars and help curb excessive and incessant spend on cars due to bad fuel and other issues that arise from carbon build up in engines. “This service is an innovative idea that has been tried, trusted and tested across Europe and America, and we are happy to bring it to Nigerians. We want to help them get the best value for their automobiles and prevent incessant spend due to accumulation of carbon in the engine which could arise from bad fuel or other technical issues,” Babaniji said. According to him, the carbon cleaning machine removes carbon deposits from all engine types, restores engine performance and fuel consumption back to normal, while it prevents wear of expensive engine parts (EGR valve, DPF, spark plug, valves, and injectors), and reduces exhaust fumes. “It is important that motorists regularly decarbonize their engines to help extend its lifespan without the need to replace expensive parts. Everyday use of vehicle leads to a gradual increases of carbon deposits throughout the engine and exhaust system which is a threat to vehicle performance. “Our carbon cleaning service takes care of this and in just 30 minutes, your engine will run like new,” Babaniji stated while stressing the need for motorists to have their cars regularly decarbonized. While noting the importance of the service to car owners, Babaniji revealed that motorists can drive into any partner service station where the device is available to have their cars checked. HiFL: Deepening brands to higher level of customer affinity The Nigerian sport marketing industry is set to witness in pragmatic shift in favour of brand affinity with the launch of the Higher Institution Football League. This report looks at the development. Marketers and investors globally are fast realizing the immense value in reaching out to younger audiences with their products, ideas and services. The deliberate switch to the youth market is a demonstration, not only of the huge purchasing power that rests with the current generation of young consumers as ideal trend setters, but also because youths’ world over have gradually become the biggest consumer demographic. In Nigeria as in other climes, young people are now the focus of a number of markets in technology, fashion, entertainment, travels among others. Beyond having incredible purchasing power, the Nigeria youth segment is appealing to marketers for a number of reasons, the young consumers are savvy and well-informed when it comes to advertising, they are well-educated and environmentally conscious, they are materially satisfied, yet financially conservative among others. With a population of about 182 million, Nigeria ranks among the countries with the largest youth population in the world. However, with this huge population, comes a unifying factor, one that helps to create unity in diversity amongst the youths, which is their remarkable love for sports. According to a 2014 report by Bloomberg, 83 percent of Nigerians report interest in soccer and 65 percent play the sports. Thus, Nigeria can make a claim to be one of the most soccer loving countries in the world. Leveraging these statistics and in a bid to grow collegiate sports in Nigeria, PACE Sports and Entertainment Marketing (PSEM) recently launched the Higher Institutions Football League (HiFL) for football teams in higher institutions in Nigeria. “This is where every brand that wishes to link up with their target audience should be. Finance institutions can reach their existing and prospective customers; FMCG companies have a big opportunity to market their products and take up branding and advertising opportunities across the campuses where the games will be played. Effectively, HiFL provides an end-to-end opportunity for brand affinity” said Sola Fijabi, Director, PACE Sports and Entertainment Marketing. HiFL will be the first organised collegiate football league in Nigeria. This development has created a huge platform for various brands, providing a pedestal to enjoy optimal visibility with marketing shares increasing in leaps and bounds. The maiden HiFL games are scheduled to commence after the completion of the FIFA 2018 World Cup. It will hold from July 28, 2018 to October 27, 2018. The league will commence with universities, which has been zoned into the Atlantic Conference and the Savannah Conference for reasons of proximity and effective administration. The mix of sports, especially soccer with brands and marketing has been an age-long story. Brands and sporting events have long enjoyed a symbiotic relationship especially in the areas of sponsorships such as jersey branding, roll-up banner display, branding of fan regalia among others. According to studies, sport sponsorship is one of the most efficient and economical ways to promote brands and products globally and Nigeria stands a good chance of benefiting from such gesture. For instance, HiFL has been designed to suit organisations seeking for an effective platform for their corporate social responsibility programmes. “HiFL has been designed for the purpose of youth development in Nigeria through sports. HiFL will also place collegiate sports in Nigeria on the same pedestal as their counterparts in other countries that have recorded successes and build a strong ecosystem of young, homegrown football talents that may become invaluable for future national engagement. Brands and organisations associated with such potentials stands has an enviable opportunity of been recognised in the scheme of socially responsible organisations with good corporate governance,” Fijabi said. In his remark, the President of the Nigerian University Games Association (NUGA), Stephen Hamafyelto expressed his delight about the initiative and promised the support of the body. “This initiative is long overdue. We need to engage our youths to better focus on their all-round development. HiFL’s format is brilliant with an even more interesting execution plan. HiFL will complement the efforts of NUGA to bring back the good old days of competitive interschool games with all the excitement therein. Interestingly, we are starting with football, which may be described as the pivot of Nigerian sports in an arrangement that we hope will spread to other sports later” Hamafyelto said. Director, Student Support Services, National Universities Commission, Maryam Sali added that “the passion that football generates is overwhelming and the youths in Nigeria have found a common ground in the excitement that the sport provides. We aspire to contribute our quota to the development of sports in Nigeria and we are glad that HiFL is providing a viable platform for private-public partnership that key into the agenda of the Federal Government for youth and socio economic development in N i g e r i a”. As more brands leverage this game changing initiatives, the teaming youth market will be the better for it.
Tuesday 06 March 2018 C002D5556 BUSINESS DAY 29 In association with Reasons for office space investors to cheer as economy improves …demand inquiries rising, driven by FMCG, technology, finance Stories by CHUKA UROKO For an oil-dependent economy, the rally in the oil market can only be correlated with a positive shift in the wider economy, signaling a potential shift in commercial real estate market whose health or otherwise depends on what happens in the wider economy. Oil price has seen about 56 percent rise in the last couple of months, and that is quite significant for a product whose price had gone down from above $100 per barrel pre-recession to below $30 per barrel at the peak of recession in 2016. The economy is, no doubt, currently on an upswing with positive growth, lower inflation of 15.4 percent as at December 2017 and relative stability in the foreign exchange market. This follows from an economic slowdown that began to manifest in 2015 and rose to be the first of its kind in two decades. Expectedly, the economy contracted, leading to a corresponding decline in activity in the office market. Occupier demand dropped whilst new supply of quality office spaces came on to the market. Vacancy levels swung up such that landlords began to get creative with concessions in order to remain competitive in an increasingly saturated market. But as the economic recovery takes hold, it is just natural to expect its impact on the office market. The expectation is that the naira will remain stable in the short to medium term and this has led to renewed business and investor confidence in the market. Nnenna Alintah, Head, Occupier Services at Broll Nigeria, reasons that the rebound in business confidence coupled with the policies such as federal government’s ‘ease of doing business’ scheme may trigger a flow of new entrants into the market, edging up occupier demand as a result. Alintah sees improved liquidity and stability in the FX market increasing the level of Foreign Direct Investment (FDI) into the economy as investors have more confidence about the repatriation of their capital and profits. “Inflation is on a decline, which offers a sense of respite to investors and consumers in the economy as it erodes the value of returns to assets. The decline in inflation could also influence interest rate policy, which has been criticized as being growth-eroding for the real estate market”, she adds. So far, in 2018, the number of inquiries for prime grade office space has increased which reinforces expectations of a shift in the real estate cycle. Demand inquiries and transactions have been driven by the FMCG, technology, healthcare, finance, professional services and oil and gas industries. The oil and gas industry has accounted for a bulk of the inquiries due to the rebound in the global oil market. Demand growth is expected to gradually rise especially with improved business and investor confidence. Experts predictions for this market in 2018 have been largely positive and promising. It is expected that over 50,000 square meters of prime office spaces will be introduced to the market this year. The market in the past five years has received over 120,000 square meters. It is expected too that existing corporate tenants will migrate to newly built offices in search of better services while older buildings will be left vacant. David Mba, Commercial and Advisory Consultant at Fine and Country, says that in this circumstance, “landlords will look to either sell ‘as is’ or renovate and lease for significantly lower than historic rents”. Mba foresees a slowdown in commercial activities by the fourth quarter of 2018 as the flow of foreign capital halts. His reason is that most companies will be taking strategic decisions on how to position themselves post-election. There will a significant rise in co-works spaces for corporates and SMEs with more technological solutions being used to improve real estate operations such as property search, leasing, facilities management, and smart building technologies. But notwithstanding the general positive outlook for the market, Alintah notes that the recovery in the market is unlikely to be consolidated in another nine to 18 months. “Conditional on the efficiency of particular markets such as the foreign exchange and debt markets, this lag could extend beyond 18 months”, she adds. According to her, the market is to experience an injection of office space in excess of 40, 000 square metres in 2018 which is to drive up vacancy levels due to slower take up rates. This oversupply in the market is to stall rental growth in 2018. VC tasks alumni on infrastructure, projects as Adediji emerges EDM president Members of the Alumni Association of the Faculty of Environmental Design and Management (EDM) of Obafemi Awolowo University (OAU), Ile-Ife, Osun State, have been tasked on maintenance of existing infrastructure and also undertaking development projects in the premier university. Eyitope Ogunbodede, the Vice-Chancellor of the university, gave this charge at the inauguration of the EDM Alumni Association where Bode Adediji, a fellow and past president of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), was elected president of the association. Ogunbodede, who was represented by the Deputy Vice-Chancellor (Administration), Chris Ajila, reminded the old students that the vision of the university was to develop into an incubator for national policy research and development, pointing out that there were many areas where they could assist. “Your contribution to the university endowment fund, initiating development projects, maintenance of existing infrastructure, student internship, industrial experience and job placement, scholarship and research grants are some of the numerous ways you can add value to the university”, he said. Olubola Babalola, Dean, Faculty of EDM, had earlier pointed out that, as the leading faculty in the built environment discipline in Nigeria, most of the EDM Alumni held top positions in consultancy firms, contracting companies, banks, public service, armed forces and other offices in and outside Nigeria. “It is not by accident that the longest building on OAU campus is the faculty building of professionals in the built environment”, she said, explaining that the faculty consisted of such department Adediji as Architecture, Estate Management, Urban and Regional Planning, Quantity Surveying, Building, Fine Arts, Land Surveying and Geomatics. Adediji, the new EDM president, says he is a man destined to lead and has grown from being a distinguished scholar into a role model in the real estate profession. He assures that he is well positioned to chart a new course for the EDM Faculty through resourceful and qualitative leadership. Adediji holds a Bachelor of Science degree in Estate Management, emerging as the best graduating student of the department in the University of Ife (now Obafemi Awolowo University) in 1979. He also holds a Master’s degree in Estate Management (Urban Land Appraisal) which he obtained from Reading University, United Kingdom, in 1984. He is a member of many professional bodies including the NIESV; Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON); International Real Estate Federation (FI- ABCI); African Real Estate Society (AFRES); Nigerian- South African Chamber of Commerce(NSACC) and Institute of Directors (IoD) Nigeria. The newly inaugurated cabinet members of the association includes Lasabi Tunde, BiyiAdesanya, Akin Olawore, Leke Oduwaye, ToyinAkpan, Wale Olaoye. Others are Wasiu Akewusola, Sesan Obe, Lekan Adeosun and Olanrewaju Akintilo. “The newly inaugurated association is aimed to render service and to act as the official link between the OAU and its Alumni; to foster upto-date and vital information regarding the institution; to encourage all Alumni to retain their interest in and loyalty to the university at all times; to initiate and execute programs and activities aimed at accelerating the overall growth and development of the university and to provide necessary encouragement, including financial assistance, to an effective leadership for the students of the university”, Adediji informed. He added that the association was also aimed at forging useful links between students, parents, teachers and other friends of the university and its community, and to inaugurate and /or revive branches of the association in all parts of Nigeria and beyond.