Media Owners Urged to Revamp Business Models for Sustainability

Mr. Olufemi Awoyemi, CEO, Founder & Chairman of Proshare Nigeria, has called on media owners, especially those in the digital ecosystem, to reform their business models for long-term sustainability. Awoyemi made this appeal during a media parley organized by the Association of Corporate Affairs Managers of Banks (ACAMB) in Lagos over the weekend.

In addition to his call for media owners, Awoyemi encouraged Corporate and Marketing Communication Professionals working in Deposit Money Banks (DMBs) in Nigeria to refocus on core regulatory governance guidelines and collaborate to fulfill their reputational risk management mandate.

Speaking at the event held at the Chartered Institute of Bankers of Nigeria (CIBN) auditorium, Awoyemi emphasized the pivotal role journalists play in shaping public opinion on banking policies and economic developments. The theme of his presentation was “Reporting the Nigerian Financial Sector in a Dynamic World: What Role for the Journalist?”

Awoyemi emphasized the need for journalists to adapt to the evolving media landscape by retooling, reskilling, and retraining to enhance their understanding, impact, and value. He emphasized that while a journalist’s mind may naturally be skeptical, it should not be biased toward negative outcomes. Awoyemi stressed that journalists provide society with a dynamic account of unfolding events.

Highlighting the role of financial journalists in a rapidly changing world, Awoyemi outlined key responsibilities, including gathering information, gaining understanding, developing context and perspective, applying analytical tools, engaging constructively with stakeholders, and providing unbiased, fact-based narratives.

He praised the Nigerian financial service sector as a global leader in progress, innovation, and strategic planning. Awoyemi urged journalists to contribute positively to the banking system’s progress and avoid sensationalism that could undermine its reputation.

In his welcome address, ACAMB President Rasheed Bolarinwa expressed concerns about adversarial bloggers and media outlets spreading negative stories about brands. He emphasized the need for a healthy working relationship between journalists and banks, encouraging fair reporting and understanding the implications of negative reporting and fake news.

The event concluded with the media community committing to collaborating with ACAMB to foster a positive working relationship, promote healthy reporting, and ensure mutual benefits for all parties involved.

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