Business
Estimated N4.9bn spent on political campaigns so far
Advertising spend for the 2015 general elections campaign has been estimated to have cost political parties, friends and well wishers of those seeking elective office about N4.9 billion so far. However Federal and state advert regulatory agencies are grieved and have expressed displeasure over publications of unapproved advert materials.
According to data gathered from different advert agencies and report from advert regulatory bodies, the print media have so far raked in about N1.382 billion of the advert spend, with the All Progressive Congress, APC spending N332.503 million on its presidential candidate, while its Peoples Democratic Party, PDP counterpart spent N1.049 billion, which is 65.5 per cent higher than the amount spent by APC. Field report further put other expenses on campaign rallies for PDP and APC at N1.057 billion and N595.082 million respectively. Both parties also spent N224.36 million on outdoor campaigns.
The broadcast campaign coverage for the presidential candidates were put at N508.35million and N391.05million for PDP and APC. While electronic media adverts were N7.339million for PDP and N5.556 million for APC respectively, bringing the total amount to N2.5 billion. In summary, a total of N4.973 billion has been spent on campaign expenses, with PDP and APC spending N3.549 billion and N1.424 billion respectively.
Last year, the Advertising Agencies Association of Nigeria, AAAN had projected that the 2015 general elections will contribute a reasonably chunk, amounting to billions, to the advert industry, an amount it said will form major part of the advertising spend for the 2015 advertising year. But from recent development and the run of political campaign so far the projection has been surpassed in terms of advert spend. However, advert practionals feel the estimate is much less than what has been spend going by the inability of Heads of Sectoral bodies in the advert industry to track the amount spent by politicians, as a result of the haphazard nature the adverts were given out.
It will be recalled that in 2014, former president of AAAN and Chief Operating Officer of 141 Worldwide predicted a bright future for any ad agency that puts its act together to tap into the windfall expected from the election year and the huge budget politicians would earmark for the 2015 political campaigns.
Worried by the bulk of political campaign materials, Financial Vanguard sampled the opinions of stakeholders who were particularly disappointed at the manner unapproved political materials littered advertising spaces in the country.
It is a fact that Nigeria has a history of not coming out with election spending figures, and data is equally unavailable on the actual spending of politicians in campaigns. But going by the volume of materials churned out through the different media of communications for political parties it is no longer in doubt that billions of naira played out in the public sphere in the 2015 election campaigns.
The AAAN members observed with great concern the spate of unhealthy smear campaigns by the political parties and shadow interest groups across the various media channels.
AAAN said, “in obvious disregard of the advertising code and ethics of the Advertising Practitioners Council of Nigeria, APCON, a body saddled with the responsibility of regulating and controlling advertisement in the country APCON and the AAAN, most of these political advertisements have been exposed without going through the vetting procedures and consequent approvals from the Advertising Standards Panel, ASP of APCON.
“Our concerns are that the professional values of the advertising practice and indeed public sensibilities, as well as the very stability of the polity have been severely undermined by the continued character assassinations, wanton abuses, unrestrained attacks, threats and counter threats that have become the bane of the political communication building up to the elections. Aaan had said in a release.
When contacted, incumbent president of AAAN, Mr. Kelechi Nwosu, said:
Speaking, Kayode Olagesin, Managing Director of Towncriers, an activation agency said, “There is no time in the history of the country that we have witnessed this volume of campaigns. I tell you, I dont see them spending less down N5 billion on each of the presidential candidates.”
“If you look at the way they have used the press, wrap around that costs millions, there are lots of heavy charges paid, lots of them up to N20 million for one material, five or more pages of newspapers in a day, and you have several days in a week, I tell you they have spent volumes in billions, but the truth of it is that it is difficult to know exactly how much they are spending, mind you the spending still continues, so you do not know yet, may be after the whole campaign you can seat down and calculate and put some figures to it.”
What is more interesting is to find out what portion of the advertising materials that passed through professional advertising practitionals in Nigeria. I dear say, a lot of it did not pass through the professional advertising practice. So it will not therefore have added that much value to the revenue of advertising agencies in the country. He went on to say that the impact on advertising agencies is minimal through third hand or second hand, passing to the agencies. I do not think agencies are on the table, the strategy and the energy are disbursed to agencies outside. I think a few agencies in Nigeria are actually having those direct contracts with political parties.
“I think we should urge the political parties to do what is right to appoint proper Nigerian agencies to run their campaigns. I think that is what needs to happen.”
Continuing, he stated “I do not know the elements of it that are produced and done outside. I don’t know the details of that, but I know that the direct contact have not been given to Nigerian advertising agencies, a lot of them are given to people who are probably politicians to help them broker it through one, two or third party agents.”
On the other hand, the Outdoor Advertising Agencies of Nigeria, OAAN, on their part said all political adverts posted on their billboards were duly vetted by APCON’s ASP.
Also disturbed were state regulatory agencies for example, the Oyo State Signage and Advertisement Agency, OYSAA, complained that adverts posted in different sites and unauthorized places, including Lamp poles, around the city is a flagrant breach of the extant laws and regulation of the agency.
This however prompted the Director General, Mr. Yinka Adepoju to direct all political campaign organizations/committees to apply and obtain approval of OYSAA before posting their campaign materials in any location. The agency said the warning became necessary in order not to exacerbate the already tensed political climate in the country, and to maintain the pervading peace enjoyed in the State.
Mr. Adigwe Iwuala, Deputy Managing Director, Orlick Communications, on amount spent on 2015 elections campaign, said, “this will remain a conjecture until the elections are over. What you will get from any person now is an estimated amount which may be low or high.”
Continuing, he stated, “the print industry may be pocketing about N900million for various adverts. “If you aggregates this by the number of newspapers and magazines in the different parts of the country you may find out that it is running to above N900million.” On social media, Michael Uze, a public commentator observed that the social media ad spend cannot be tracked as there is no registered body saddled with the responsibility to track what is spent on that platform.
Reacting to the issue of non disclosure of amount spent on the 2015 elections so far, Mr. Andre Nduneche, Lead Consultant, Image Machine Advertising, said Nigerians can only speculate as politicians are secretive when it comes to disclosing budgets on advertising. “We can only speculate.” The politicians are very secretive about these things. They will not want you to know how much they are putting into it, but from all indications, you can tell by the volume of contents in all the advertising platforms which is running into billions of Naira.
“The 2015 electioneering campaign period is just the Christmas of advertising. Everybody waits for years, and that too increase the price of advertising as it is only in four years that such opportunity calls. Money that should have been spent in four years is now spent within a short period of time. So we are looking at a very substantial amount of money.” He said.
Corroborating, Mr. Ewat Okonokon, a brand Analyst with Brand Campaign International, said that during electioneering periods like this advertising contents across various advertising platforms prior to elections are increased. He noted also that the 2015 election has attracted more advertising than any period of election in the country, pointing out that politicians are beginning to understand the power of advertising in shaping the minds of people.
He went further to say that the close contest between PDP, APC and other fringe parties in 2011 did not experience a strong competition like 2015, and this has impacted greatly on the advertising industry.
It will be recalled that the issue of non-disclosure of the amount political parties spend on the 2015 election prompted the Socio-Economic Rights and Accountability Project, SERAP, to institute an action demanding that all political parties make full disclosure of sources of their campaign funds, a way of invoking the Freedom of Information FOI bill, an action seen as a step in the right direction for public accountability. It is still in doubt whether that move will yield any positive result.
National Bureau of Statistics has said that Nigeria’s Company Income Tax rose sharply in the second quarter of 2025, hitting N2.78 trillion.
The figure represents a significant 40.27 per cent increase compared to the N1.98 trillion recorded in the first quarter of the year, reflecting both improved tax compliance and stronger corporate performance across key economic sectors.
The NBS report said that domestic company income tax payments accounted for the bulk of the revenue, contributing N2.31 trillion, while offshore collections stood at N469.36 billion during the period under review.
According to the NBS, the financial and insurance sector recorded the highest quarter-on-quarter growth, rising by an astonishing 772.29 per cent, driven by improved profitability among banks, fintechs, and insurance firms following robust half-year earnings.
This, according to NBS, was followed by wholesale and retail trade, as well as motor vehicle repair activities, which grew by 538.38%.
Activities of households as employers also surged by 526.79%, although their overall contribution to total company income tax remained negligible.
On the flip side, some sectors experienced sharp declines in company income tax remittances.
Activities of extraterritorial organizations and bodies dropped by –45.01%, while education, public administration, defence, and compulsory social security recorded declines of –26.61% and –18.17% respectively.
The contraction in these sectors, particularly education and public administration, highlights persistent structural and fiscal challenges confronting government-funded institutions.
In terms of contribution to total tax revenue, financial and insurance activities led with a dominant 44.13%, reflecting the sector’s continuing expansion and strong capital flows.
Manufacturing followed with 15.57%, bolstered by increased production output and improved supply chain activity.
Mining and quarrying ranked third, contributing 9.18%, supported by higher commodity prices and renewed interest in solid mineral development.
At the bottom of the contribution chart were activities of households as employers, which accounted for just 0.01%, as well as activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management, and remediation services, each contributing 0.04%. Despite economic headwinds, year-on-year company income tax collection still rose by 12.66% when compared to Q2 2024, underscoring moderate but steady improvement in government revenue mobilisation.
Company income tax collection in the same period of 2024 rose by 150.83 per cent N2.47 trillion. In the first three months of the year, company income tax collection stood at N984.61 billion. According to the report, local payments in the period under review amounted to N1.35 trillion, while foreign CIT payments contributed N1.12 trillion. On a quarter-on-quarter basis, the agriculture, forestry, and fishing sectors exhibited the highest growth rate at 474.50%, followed by financial and insurance activities at 429.76%, and manufacturing at 414.15%.
Lagos State government has reaffirmed its unwavering commitment to supporting micro, small, and medium enterprises (MSMEs) across the state through visibility, capacity building, and market access. Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, made the pledge on Sunday at the closing ceremony of the 2025 Lagos International Trade Fair (LITF). The 38th edition of the event, organised by the Lagos Chamber of Commerce and Industry (LCCI), had its theme as “Connecting Business, Creating Value.”
Ms Ambrose-Medebem said every entrepreneur, regardless of scale, deserves an enabling environment to thrive and contribute meaningfully to the state’s economic prosperity. She said the state, through strategic investments in infrastructure, institutional reforms, and continuous engagement with the private sector, was building a Lagos that worked for business. The commissioner added that the state would continue to foster innovation, competitiveness, and sustainability.
“As a government, we remain steadfast in our commitment to making Lagos the preferred destination for commerce and enterprise. This fair has once again demonstrated the power of connection: connection between producers and consumers, investors and innovators, the government and the private sector, and local entrepreneurs and global brands. Every handshake, every conversation, every business card exchanged here is a building block toward the future we are creating, a future of prosperity that leaves no one behind,” she said.
The commissioner urged businesses to continue to connect, collaborate, and create value, saying, “In Lagos, we do not just trade goods; we trade ideas, build futures, and transform lives. “Together, let us continue to make Lagos not just a place of commerce, but a symbol of progress, innovation, and endless opportunity.” Gabriel Idahosa, president of LCCI, urged governments at all levels to continue addressing the issues of creating an enabling environment in the country.Mr Idahosa said focus should be on infrastructure, security, and implementing the right policies to address the key drivers of high inflation.
This, he said, was needed to fully harness the vast enterprising resources of domestic and foreign investors for the diversification of our economy and the welfare of our people. He pledged the commitment of the organised private sector to stand solidly behind the state in its quest to actualise its innovative initiatives on all fronts. NAN
Jumia Technologies AG posts a $17.7 million loss before income tax in the third quarter of 2025, down 1% year-on-year from $17.8 million in the third quarter of 2024. The road to profitability has remained long as ecommerce continues to face uncertainties, including widening competition with rivals in the same industry. The e-commerce company revenue came in at $45.6 million compared to $36.4 million in the third quarter of 2024, representing a 25% year-over-year surge in the period. The company reported gross merchandise value of $197.2 million compared to $162.9 million in the third quarter of 2024, up 21% year-over-year. Excluding South Africa and Tunisia, physical goods GMV grew 26% year-over-year, Jumia revealed in the unaudited financials.
Jumia said in its report that the GMV growth was driven by supply and strong marketing execution, partially offset by lower corporate sales in Egypt. Excluding corporate sales, GMV in reported currency grew 37% year-over-year. Nigeria’s momentum accelerated, with order growth up 30% and GMV up 43% year-over-year, Jumia said. The e-commerce giant’s operating loss reduced by 13% year-over-year to $17.4 million compared to $20.1 million in the third quarter of 2024. The company’s adjusted earnings before interest tax depreciation and amortisation loss dropped by 17% to $14.0 million compared to $17.0 million in the third quarter of 2024.
Jumia reported a loss before income tax of $17.7 million, a slight reduction of 1% compared to $17.8 million in the third quarter of 2024. Liquidity printed at $82.5 million, a decrease of $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included the net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.
Its net cash flow used in operating activities settled at $12.4 million compared to net cash flow used in operating activities of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million.
Jumia reported that customers’ orders grew 34% year-over-year, driven by strong execution, enhanced product assortment, and healthy consumer demand across key categories. It said quarterly active customers ordering physical goods grew by 23% year-over-year, highlighting continued engagement and customer loyalty. As of September 30, 2025, the Company’s liquidity position was $82.5 million, comprised of $81.5 million in cash and cash equivalents and $1.0 million in term deposits and other financial assets, it said in the report Jumia’s liquidity position decreased by $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.
Net cash used in operating activities was $12.4 million in the third quarter of 2025, compared to a net cash used of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million in the third quarter of 2025, compared to a negative working capital contribution of $9.1 million in the third quarter of 2024, primarily reflecting improvements in operating performance.
In addition, the Company reported $1.4 million in capital expenditures in the third quarter of 2025, compared to $0.9 million in the third quarter of 2024, primarily reflecting investments in infrastructure and facility enhancements to support business growth. “This quarter marks a significant acceleration in customer demand and order growth, driven by strong execution across our markets and growing consumer trust in the Jumia brand. We believe Jumia has reached an inflection point as our compelling value proposition, and improved operational discipline position us for sustainable, profitable growth.
“We continue to strengthen our cost structure and sharpen operational discipline, reinforcing our path toward profitability. Our focus remains on execution and customer engagement as we build a more efficient business.
“We believe that we are on track to reach breakeven on a Loss before Income tax basis in Q4 2026 and achieve full-year profitability in 2027, positioning Jumia for long-term growth and value creation.”
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