Afromedia started as part of the UACN group in 1929, and is one of the most experienced out of home advertising agencies in Nigeria today, with a vision to be the preferred choice in the Out of Home media industry in Nigeria and West-Africa.
The company currently has over 1,000 billboards (the most by any company in Nigeria) spread over major cities across Nigeria, and has pioneered many initiatives in out of home advertising in Nigeria including the tri-face board, and illuminated advert sites.
Afromedia has a very experienced board. Members of the board including the chairman have been in the out of home media business for over 150 years collectively. The current management team is led by Mr. Akin Olopade(CEO) and Engr. Patrick Nwabunie(COO). Both managers have each been in the business for over 16 years.
In its bid to become the clear leader in the out of home media industry, Afromedia has secured the following rights, franchises and concessions in its various product segments:
50% right to all advertising in all airports in Nigeria for the next five years:
100% right to all advertisement in all Under 17 World Cup 2009 stadia to be hosted by Nigeria
Secured the second highest number of billboard points in LagosState under the LASAA (Lagos State Signage and Advertisement Agency) initiative
Negotiating with other states to secure similar rights to strategic sites
Sole outdoor advertiser to Celtel in Nigeria and preferred choice for other countries where Celtel has business
Based on these rights, the Company is expected to make the following profits between 2008 and 2010- N397m(2008), N1bn(2009) and N1.5bn(2010).
The Company will list 3 months after the Private Placement is completed.
BGL, as Joint Issuing House to the transaction can guarantee allotment to investors that subscribe through BGL.The Private placement closes this week, on the 30th of May, 2008.