The Nigerian advertising industry is up in arms as the Advertising Regulatory Council (ARCON) imposes a whopping N3m vetting fee for ads produced outside the country!
This decision has sparked fury from the Advertisers Association of Nigeria (ADVAN), with President Osamede Uwubanmwen expressing his outrage in an exclusive interview with the media house.
The ADVAN president criticized the government’s removal of ARCON from the national budgetary allocation, which has pushed the council to adopt an aggressive taxing regime that is stifling advertisers.
Additionally, Uwubanmwen raised concerns over the regulatory body’s lack of response to ADVAN’s legal challenge against certain provisions in the new ARCON law.
Not only does the new law impose exorbitant vetting fees, but it also bans the use of foreign models in local adverts, prompting ADVAN to issue warnings to ARCON to reconsider its stance.
However, these warnings went unheeded, and now Nigerian entertainment is feeling the negative impact.
To address these pressing issues, ADVAN has had fruitful discussions with the Minister of Information and National Orientation, Mohammed Malagi, and will be meeting with him this week to present their concerns.
Despite repeated requests, ARCON has failed to provide ADVAN with a copy of the gazetted law, leaving advertisers in the dark about the guidelines they must adhere to.
On the other hand, an ARCON source confirmed that the gazetted law is available for purchase at their Lagos office.
Tensions between ADVAN and ARCON have escalated in recent months, as the industry watchdog claims the new law is necessary to combat shady and unethical practices.
However, ADVAN argues that these measures are hindering the growth of the industry.
This heated battle between advertisers and regulators is far from over, and the outcome will undoubtedly shape the future of Nigeria’s advertising landscape. Stay tuned for updates as industry players fight for a fair and thriving advertising sector!
