This document analyzes financial services advertisements in Nigerian media. It discusses how some advertisements violate APCON advertising codes, such as using words like "win" and "raffle" to promote banking services. It also examines issues like using copyrighted images without permission and advertisements that promote violence. The document recommends that APCON more closely monitor advertisements for code violations and sanction repeat offenders to ensure compliance with advertising standards.

1. TOPIC:
ASSESS THE FINANCIAL AND RELATED SERVICES ADVERTISEMENT ON
NIGERIAN MEDIA
LECTURER:
MR FATOYINBO
COURSE:
ADVERTISING CASE STUDY
MATRIC NUMBERS
233-262

2. INTRODUCTION
•
• According to APCON, financial Institutions are “all commercial and
merchant banking, mortgage, financing and insurance services”
institutions under this category are commercial, mortgage and
microfinance banks. Some adverts by these financial institution go against
the advertising codes laid down by APCON. It would seem as though.
APCON has failed to monitor and punish offenders as many are still found
directly flouting the laid down advertising codes. Recently the regulatory
body has gone ahead to sue META, the owners of Facebook, Whatsapp
and instagram for allowing companies advertise their product on their
platforms without adequate approval from the body. This is due to the fact
that online adverts are not regulated like the traditional media. Most of
the contents of the can be found in the online media, but some in print
and broadcast media. Hence, this study aims at critically analyzing some
financial institutions adverts and their breach of the advertising codes.

3. BANKS AND USE OF PROMO, RAFFLE
DRAWS AND LOTTERIES TO WOO
CUSTOMERS
• Many banks have taken to promos to woo customers.
One of them is United Bank for Africa (UBA), which
Bumper Account promo raffle draw, has held in Lagos.
During the event, over 100,000 of them won N100,000
each, with N2 million as the bigger prize. Fidelity bank
PlC and Access Bank also held similar events. Call it
rewarding loyal customers, or new form of wooing
customers. Banks have found a new ground to bring
more customers into their deposit net. The reward
schemes, coming in the form of promos, are turning
lucky and loyal customers to instant millionaires.

6. COMMENTS AND RECOMMENDATION
• In the above adverts, the use of words like “Bonanza” “win”
“raffle” and “raffle draw”, were used to convince customers to
switch over to their products and services. It has become a
norm among financial institutions to use these words and
promotional techniques to convince customers to patronize
them rather than other banks. This goes against article 97 and
article 99 of the APCON code for financial services adverts
• It begs the question, are the codes really followed, as these
adverts had been submitted before being published in
Newpapers.
• It is therefore important for the regulatory body, APCON to
look into such adverts and decide if this particular codes
should be reviewed or appropriate sanctions should be given.
•

7. WEMA BANK AND COPYRIGHT
Appeal used (Emotional appeal)
• A Federal High Court in Lagos has awarded N10 million in damages,
against Wema Bank Plc, in a suit by an American-based Nigerian
model, Nneoma Anosike, over infringement of her intellectual
property.
• The plaintiff, who is a 2014 brand ambassador of Pepsi Cola Nigeria,
had sued through her father, Frank Anosike, as lawful attorney,
claiming N75 million against the bank, as general damages for
passing off her services. She is also claiming N20 million as damages
for breach of her privacy by the bank advertising her photograph
without her consent.

8. COMMENTS AND RECOMMENDATION
• The above advert used by WEMA bank involved
the use of the model’s photo which was used
without the consent of the model, the photo of
the young model insinuated she was an
ambassador for the company as well which goes
against article 11 and article 24 of the code. It
also is a copyright infringement.
• . The regulatory body should ensure to confirm
the details of the models used in adverts and
sanction organizations that use photos of works
of others without their consents

9. STERLING BANK: THE REPEAT
OFFENDER THAT NEVER LEARNS

10. GT BANK BRAZILLIAN PONMO
PROMOTES VIOLENCE
• In an animation advert by GTBANK, a woman was seen to visit
a salon before heading to the market, before heading to the
market to get meat. Asides the fact the advert promotes
materialism at its peak, the end of the video showed the
meat seller chasing the woman with a huge chunk of meat.

11. COMMENTS AND RECOMMENDATION
• The use of the fear appeal in the above animation
promotes violence which is against APCON codes
on violene. The advert uses fear appeal to create
fear in the mind of non users of GT mobile
banking by depicting violence by the meat seller
against the woman and also at the same time
promoting materialism
• The above advert should have been flagged down
by APCON and sanctioned accordingly. The video
could help promote violent behaviors in people.
Therefore such videos should not be broacast