SATURDAY
Sanctity Of Truth
NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS
Monday, November 3, 2014
/newtelegraph
Vol. 1 No. 258
@newtelegraph1 www.newtelegraphonline.com
N150
12 pages of New York Times inside
Meet CEOs of Nigeria’s advertising agencies
I
n any economy, you could glimpse the relevance of any sector by its sheer impact on the wellbeing of other businesses. Although a few sectors
that exert such enormous influence could be cited, but there’s hardly any one that commands the sort of indispensability that the advertising industry
flaunts In simpler terms, a company’s bottom line is inevitably tied to the ability of the advertising agency that oversees its marketing
communications profile to create for it a cutting edge campaign which could help such company gain an ample slice of the market.
So the era - like the 60s and 70s - when the few advertising agencies that existed then were mere fringe players in the country’s economic life, is long gone.
In its place has emerged a bustling industry with turnover figures that are just as impressive as those posted by the blue chips CONTINUED ON PAGE 7
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Quick Read Editorial
Time to address power crisis }19 Dangote cuts cement price to }7 N1,000 Amosun, Bankole, Akinlade, others battle for the soul }14 of Ogun
L-R: Wife of President, Dayspring Christian Ministries International, Rev. Mae Olowojoba; mother of the church’s president, Mrs. Aiyetutu Olowojoba; and the church’s president, Bishop Charles Jimoh Olowojoba and former Abia State Governor, Dr. Orji Uzor Kalu, during the consecration of the bishop in Abuja...at the weekend. PHOTO: TIMOTHY IKUOMENISAN
Skye Bank completes payment for Mainstreet acquisition
S
kye Bank Plc has completed payment for the acquisition of100 per cent shares of Mainstreet Bank from the Asset Management
Corporation of Nigeria (AMCON). The bank, in a statement yesterday, said the last tranche of the money for Mainstreet Bank acqui-
sition was paid to AMCON last Friday, ahead of the November 3 deadline. “The 80 per cent balance payment was made to AMCON in fulfilment of the
Share Sale and Purchase Agreement earlier signed by both AMCON and Skye Bank,” the statement said. Skye Bank had on OctoCONTINUED ON PAGE 7
ber 9 paid the mandatory deposit of 20 per cent for the acquisition of Mainstreet Bank, with a pledge to complete the 80 per cent balance payment within