By Omoh Gabriel, Business Editor
Introduction
The annual review of Banks and financial institution is 11 years old. It has over these years elicited the support of the Banking industry which have participated in the review since it started. As at the last edition in which the first ever Vanguard award was held close to 100 banks have registered their presence and many have shown consistent interest in the project. This year being the 11th edition of the Annual Banking review and perharps the second edition of the Annual Banking award there is the need to expand the scope of the project and more importantly to celebrates its success in the last eleven years as a product from the Vanguard stable which no other Media house in the country has been able to replicate. The Vanguard annual review of bank has become a product that is industry specific which operators look forward to on annual basis. Since the product has garnered credibility especially as its conclusion has set some level of agenda for the industry especially the awareness that the first ever award created in the minds of operators and the general public last year it is imperative that Vanguard cash in on the goodwill it has generated to launch itself further into the financial industry, the economy and the international community.
In the eight edition of the review the conclusion stated categorically that twenty five banks may emerge at the end of the consolidation exercise and it became the agenda which the industry pursued and 25 banks emerged eventually. (Twenty five mega banks may emerge from the current consolidation in the banking industry. The prunning down of the number of banks in the country from 89 to 25 is being effected by the N25 billion minimum capitalisation requirement of the Central Bank of Nigeria (CBN). Today the number of banks have further reduced from 25 to 24 with the successful merger of IBTC/Chartered Bank with Stanbic bank. More of such are in the offing as the banks are further consolidating.
Objective
The objective is to encourage operators in the industry by opening the public eyes to both individual and corporate achievements of banks and bankers. This will focus on products developed by the banks overtime, real sector funding, service delivery and customer satisfaction as well as that of shareholders, good corporate governance and banks the have assisted mega projects in the country.
Benefits
It is an opportunity for Vanguard to perhaps make some money through payments to be made by participating banks in the award programme, enlarge its readership base and further consolidate its presence and existence in the minds of Nigerians. It will also be an opportunity for the paper to explain the re-engineering that has taken place in the last few years. If taken seriously and well managed it will help correct the image and wrong public perception of the Vanguard.
Target Audience, Nigeria Banks, public, regulators, PR and advert agencies; and the international community
Proposed Date : A day to selected in March/April
Proposed Venue Muson CentreTheme of the anniversary: Nigerian Banks arrowhead of vision 2020; (FSS 2020)
In this regard the anniversary will be in three parts. First is the usual annual review for which letters will be sent out in January 2008. The 11th review will be published in an all gloss paper for which special rates of N100,000 above the usual advert rates will be charged. Because of last year’s experience in which some banks complained that they could not be asked to pay N2million for tables and at the same time be charged for advertorial in the review, it may be pertinent to build the cost of the advert into the cost of tables so that the charges may be once. But this has its own set back as those who may wish to participate in the review and not necessary take in the award may be discouraged from taking part. The consultant who has been handling the review and those that work with him in the review will have to be paid as it has always been
Secondly, the annual reviews from 1st to 10th will be repackaged in a magazine form to be launched at the third phase of the anniversary. Participant at the launch may be given free copies while the rest will be sold. It may be launched and sold which ever Vanguard considers most appropriate.
The 10th edition and the repackaged editions will be available on the award night.
An award night with a lecture by either the world bank President, or Gordon Brown of Britain in which bankers will be given award in various categories.
Suggested Award categories
(1) Bank of the decade, (2) Most Improved Bank, 3) Most customer friendly, 4) Most outstanding in Agric Financing, 5) Outstanding in education support, 6) IT driven Bank, 7) SME support, 8) Highest network of Branches, 9) Most outstanding in rural Banking, 10) Banker of the decade, 11) Most innovative, 12) Most profitable, 13) Regulatory compliant Bank, 14) Environmental friendly Bank, 15) most socially responsible bank ETC
Banks will be expected to buy tables at a price of N100,000 per person.
Modality of the awarAn award committee made up of prominent Nigerians across all field of endeavour will be contacted to form the committee. The committee will be inaugurated and made public. They may work together as a team or work independently but coordinated by the in-house award committee set up within Vanguard.
Each of the committee member will pick its candidate based on set criteria which will be collated and the candidate with the majority will take the award for that category.
In order to attract interest of both the bankers and the reading public, the general public will also be asked to text in their choice candidate for each of the award category. For this partnership will be arranged with service providers and a search engine that will do the search and the draws will announced with those nominated informed duly.
On the award night either the World Bank President or Gordon Brown will speak on the place of Nigeria bank in the emerging global financial market. Since Nigeria Banks after the merger now think global it will help to shape their thinking.
In this respect effort will be made to get the Central Bank of Nigeria involved in getting the World Bank President or Gordeon Brown to attend the event. To achieve this the CBN governor will be made the Chief Guest of Honour and would be presented with a special honour for succeeded in the consolidation exercise.
Strategy
An organising committee made up of the Editor, Deputy Editor, Chairman Editorial Board, AGM Advert, Business Editor will be set up to drive the project.
Marketing
The organising committee will visit chief executive of these banks, the Central Bank, NDIC with a photographer. Each of the visit will be publicised. Advertorials of the project will be made in both electronic and print media with which Vanguard has a working agreement. Members of the organising committee will make appearances in Kakaki, Morning ride, A M express to sell the programme to the public
Cost Estimate
Number of guest expected 600
Cost of Venue N250,000
Dinner per person N3million
Travels and phone calls N250,000
Accommodation flight ticket for Guest N2million
Honorarium N1.1million
Hall decoration and ushers N250,000
Plaque N1.2 million
Advert placement N3million
Total N11million
Projected revenue
Participating bank at the award night will be expected to buy a table each. Each table will have ten seat for which the sum of N1million will be charged. If the 25 banks take a table each that will amount to N25million. Other public functionaries may want to be there also and would buy space for which a projected sum of N5million may be realised. Perhaps friends may wish to congratulate the awardees for which another N5million may be realised. For the award night alone the sum of N30-N40 million is expected as revenue.
