The regulatory body for the Nigerian advertising industry – Advertising Practitioners Council of Nigeria (APCON) – together with the National Broadcasting Commission (NBC), have called on the assistance of the country’s Economic and Financial Crimes Commission (EFCC) to help find a definitive resolution to the problems of unsustainable advertising debt besetting the industry.
Dr Lekan Fadolapo, APCON Registrar, has indicated that the EFCC’s intervention would assist in enhancing the achievement of the ongoing industry reforms and eliminate financial injustice and unethical conduct. Accordingly, he appealed to the commission to supply economic security for the advertising industry against financial fraud.
The Director-General of NBC, Mallam Balarabe Ilelah, indicated that the unsavoury actions of some stakeholders and the considerable debt of the sector had raised interest in the commission.
“Many media agencies are underwater operationally as getting credit under pretence, and other fraudulent activities of some stakeholders are harming the industry’s growth,” added the DG of NBC.
Chairman of the EFCC, Mr Abdulrasheed Bawa, has pledged his support to the advertising sector to combat the injustice; he also iterated the commission’s zero tolerance for corruption and financial crimes in the state.
Nonetheless, the EFCC’s head requested the two agencies to construct a comprehensive proposal, which should include a framework and scope of intervention.
