Breaking News
Translate

Media debt: ASCOMDI puts industry debt at N83.2m

Princewill Ekwujuru
APCON Special Committee on Media Debt Issues (ASCOMDI), the panel set up by the Advertising Practitioners Council of Nigeria (APCON) to look into debt issues in media houses  has come out with its findings, putting current industry debt at N83,002,766.334 as at 2006.

Chris Doghudje, Chairman of APCON, while addressing newsmen said the above amount does not represent any debt owed media houses between  2007 to date if any.

The Chairman submitted that in ASCOMDI’s findings there was a clear evidence that high percentage of the alleged debts did not originate from the Association of Advertising Agencies of Nigeria (AAAN) and Media Independent Association of Nigeria (MIPAN), but were traceable to Independent Producers/Marketers and Direct Media Buyers.

Doghudje noted that the initial claim against AAAN was for the sum of N1.21 billion, but that after careful analysis by ASCOMDI, N766,4 million which is 75 percent of the total amount claimed by media owners were traceable to non-AAAN members.

While laying down the current summary of the debt profile said the claimed indebtedness of  AAAN and MIPAN  N1,145,732,661.65 which is N355,263,244.19 and N790,469,417.46 respectively. But that the agreed indebtedness by both associations was N82,163,027.42 and N83,738.92, whilst the total is N83,002,766.34, in  the report, the amount reported as variance was N1,062,729,895.31

Before arriving to the present amount, the  APCON Chairman had said that a detailed report of the debt profile, payments claimed to have been made, business transaction disputes etc,  was forwarded to all sectoral groups on February 19, 2010. To date, he stressed that BON, NPAN and OAAN did not respond to the AAAN and MIPAN position.
Advising Media owners, APCON Chairman, while congratulating ASCOMDI encouraged media owners to put in place credit terms that they individually and collectively can strictly enforce, he advised.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.