Friday, 29th March 2024
To guardian.ng
Search

Afromedia, FAAN Renew Outdoor Ad Concession Pact

By Lukmon Oloyede
10 October 2015   |   1:39 am
THE Board of Afromedia Plc has announced the company’s re-engagement with the Federal Airport Authority of Nigeria (FAAN).

FAAN-logoTHE Board of Afromedia Plc has announced the company’s re-engagement 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, recently, the Chairman, Mallam Ibrahim Isiyaku said the airport business represent about 75 per cent of the of the company’s installed revenue generating capacity, noting that the suspension had an adverse effect on the profitability of the company in the last three years.

Assuring shareholders of a promising business outlook, Isiyaku said the protracted negotiation and finalisation of a new Advertising Licence Agreement with the FAAN had 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 would be seen within the next financial year as the economy improves, barring any unforeseen circumstances.

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.

0 Comments