Business
Advertising Stakeholders Set 10 – Agenda for ARCON To Improve the Industry
By Charles Flames
Stakeholders in the Advertising industry in Nigeria have tabled ten – action plans to improve the practice by the Advertising Regulatory Council of Nigeria (ARCON).
The stakeholders had after a careful scrutiny of the new laws and guidelines introduced recently by ARCON, said that for the new law to foster a thriving advertising ecosystem in Nigeria, ARCON should consider the following recommendations:
- Consultation and collaboration: Engage in regular dialogue with stakeholders, including advertisers, agencies, online platforms, and consumer advocates, to ensure that regulatory measures are practical, effective, and considerate of industry dynamics.
A collaborative approach to regulation, similar to ICAN’s multi-stakeholder model, can lead to better outcomes for all parties involved. - Transparency and accountability: ARCON should ensure that its decision-making process is transparent and based on evidence, with clear communication of regulatory changes and their rationale.
This approach will help build trust between ARCON and the advertising industry while promoting a sense of shared responsibility for upholding advertising standards.
- Flexibility and adaptability: Regulations should be responsive to the rapidly evolving advertising landscape, particularly in the digital space. ARCON should monitor global best practices and emerging trends to ensure that its guidelines remain relevant and supportive of innovation.
- Education and capacity building: ARCON should provide resources and training programs to help advertisers, agencies, and other stakeholders understand and comply with advertising regulations.
By helping industry players develop the necessary skills and knowledge, ARCON can promote a culture of responsible advertising and self-regulation.
- Streamlined approval processes: To avoid bureaucratic bottlenecks and support the timely release of advertising content, ARCON should implement efficient and user-friendly approval processes for advertising material. This could include online submission systems, clear turnaround times, and dedicated support for small businesses and content creators.
- Encourage diversity and inclusivity: ARCON should revise its regulations to allow for the use of both local and international models in advertisements, promoting diversity and inclusivity.
This approach will not only improve Nigeria’s global image but also allow advertisers to resonate with a broader range of audiences, supporting their businesses’ growth and competitiveness.
- Balancing regulation and freedom of contract: While it is essential to ensure fairness, equity, and order in the advertising industry, ARCON should respect the constitutional freedom for legal business entities to enter into contractual agreements. Regulators can provide guidelines and best practices for commercial considerations, but they should not interfere with the negotiation process or impose arbitrary restrictions.
- Foster self-regulation: ARCON should promote a culture of self-regulation within the advertising industry by encouraging the development of voluntary codes of conduct and industry-led initiatives. This approach can complement formal regulation and empower industry players to take responsibility for upholding advertising standards and protecting consumers’ interests.
- Benchmarking and international cooperation: ARCON should actively participate in international forums and collaborate with other advertising regulators to learn from best practices and ensure that Nigeria’s regulatory framework aligns with global standards.
This engagement will help ARCON to stay abreast of emerging trends and challenges in the advertising industry and inform its regulatory approach.
- Measuring impact and effectiveness: ARCON should regularly assess the impact and effectiveness of its regulations, seeking feedback from stakeholders and adjusting its approach as needed.
This ongoing evaluation process will help ensure that regulatory measures remain fit for purpose, fostering a dynamic and responsive advertising industry in Nigeria.
“By implementing these recommendations, ARCON can create a balanced regulatory environment that promotes responsible advertising while respecting the needs of businesses and other stakeholders. This approach will help to cultivate a thriving advertising ecosystem in Nigeria, driving innovation, economic growth, and job creation, and fostering a diverse and inclusive creative industry that reflects the country’s rich cultural heritage and its commitment to the common good,” said the stakeholders.
The stakeholders described the new ARCON laws as restrictive, archaic, and detrimental to the creative industry.
” Effective regulation is crucial for any modern society, as it establishes standards, guidelines, and rules that ensure fairness, safety, and order.
The role of regulation should be to balance the interests of various stakeholders, such as consumers, investors, businesses, and society as a whole,” they said.
Business
Emir Sanusi mobilises Kano People “Buy Dangote Refinery’s Shares Now”
“I speak as the Emir of Kano; I would like my people to be owners of this company . I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion. So this is the time and this is the opportunity,” said Sanusi.
The Emir of Kano, Muhammadu Sanusi II, has praised Kano-born businessman Aliko Dangote and encouraged residents to secure a stake in the Dangote Refinery and Petrochemical Plc before the public offering closes.
“I speak as the Emir of Kano; I would like my people to be owners of this company . I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion. So this is the time and this is the opportunity,” said Sanusi.
The royal father made the call on Thursday during the Dangote Refinery IPO investor roadshow in Kano, urging residents to invest only disposable income they can afford to lock away for the long term.
His words, “Do not take your children’s school fees and put in shares. Do not sell the house that you live in and put in shares.
“Buy what you can afford, 10,000, 20,000, 30,000 – what you can afford to set aside for some time, set it aside.
And if you look at the fundamentals of the economy, over time you can be assured that this investment will grow, and you will not regret it.
He also advised prospective investors to choose a long-term approach rather than buying shares in anticipation of quick profits.
“And I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will get 10,000. No, I’m talking about you have some money, put it in, leave it there for some time, and just watch your money grow.
Forget about it for some time. You’ll be surprised in five years the 10,000 Naira you invest today, what it will be,” Sanusi said.
Business
Nigerians Speak As Petrol sells N1,500/litre
A visit to filling stations showed that motorists were purchasing the commodity for between N1,450 and N1,500 per litre, against the former price of N1,350.
NIGERIANS across the 36 states and the Federal Capital Territory – Abuja, are complaining bitterly as the pump prices of Premium Motor Spirit, popularly known as petrol, is selling for as much as N1,500 per litre nationwide .
According to the Prices across states tracked by the PUNCH, the cost of the commodity has continued to rise nationwide, selling for as high as N1,500 in many states.
In Yobe State, residents reported that petrol was selling for between N1,500 and N1,520 per litre at some filling stations in Damaturu, the state capital.
Similarly, a tricycle rider in the state capital, Musa Ibrahim, said he buys the commodity for about N1,500 per litre at some Nigerian National Petroleum Company filling stations.
Also speaking, a civil servant, Lawan Garba, said some filling stations were selling petrol at an even higher price.
“I am buying petrol at N1,520 per litre in some petrol stations,” Garba said.
In Kano State, petrol was selling for between N1,460 and N1,500 per litre at most filling stations in the metropolis. The increase has forced some vehicle owners to park their vehicles, while commercial tricycle operators, popularly known as “yan’ adaidaita sahu”, have also increased their fares by about 50 per cent, depending on the distance.
The operators who used to charge N200 for a short distance now collect N300, while they charge between N500 and N700 for longer distances.In Sokoto State, petrol prices rose to between N1,465 and N1,500 per litre in the metropolis.
Checks by our correspondent showed that the product had risen from the previous price of N1,365 per litre.
At some filling stations, including AA Rano, Shafa and Total, petrol was sold for N1,465 per litre, while major marketers sold it for between N1,470 and N1,500 per litre.
In Borno State, a litre of petrol was selling for N1,500 at filling stations in Maiduguri, the state capital.
A motorist, Ishaku Curutsi, confirmed to our correspondent that he bought petrol from Matrix filling station for N1,500 per litre on Wednesday. “I bought it this morning, and a litre at Matrix cost 1,500,” he said.
In Taraba State, the price of petrol had risen to N1,500 per litre, with motorists and commuters reporting prices of between N1,500 and N1,700 per litre at some filling stations.
The development is expected to further increase the cost of transportation and movement of goods within the state.In Zamfara State, a litre of petrol was selling for N1,500 in Gusau, the state capital, and its environs.
A visit to filling stations showed that motorists were purchasing the commodity for between N1,450 and N1,500 per litre, against the former price of N1,350.
At Danmarina filling station, motorists were seen purchasing the commodity amid complaints about the increase. One of the motorists, who gave his name as Musa Idris, said the current price was putting pressure on consumers.
• Culled from the PUNCH
Business
Naira Exchange Rates To Dollar, Pound, Euro…Wednesday, 16 September 2026
How much is 100 pounds in naira today?
At the current black market rate of 1880 per pound, 100 British Pounds = 188,000 Naira
BLACK MARKET RATE
1 US Dollar is 1380 Naira.
1 Great British Pound (GBP) is 1880 Naira.
1 Euro (EUR) is 1575 Naira.
1 Canadian Dollar (CAD) is 1000 Naira.
1 Chinese Yuan is 190 Naira.
1 Ghanaian Cedi is 100 Naira.
1 South African Currency, Rand (ZAR) is 70 Naira.
1 UAE Dirham is 370 Naira.
1 CFA Franc (XOF) is 2350 Naira.
1 CFA Franc (XAF) is 2250 Naira.
1 Australian Dollar (AUD) is 850 Naira.
CBN Exchange Rate
DOLLAR (USD) ₦1329.15
POUND (GBP) ₦1793.69
EURO (EUR) ₦1534.77
SWISS FRANC (CHF) ₦1622.69
JAPANESE YEN (JPN) ₦8.5
CFA FRANC (XOF) ₦2.33
WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1811.58
CHINESE YUAN (CNY)₦198.03
SAUDI RIYAL (SAR)₦353.85
SOUTH AFRICAN RAND (ZAR)₦81.79
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