First Bank In N200m Brand Campaign Scam

…faces litigation from brand activation firm

Financial Institution, First Bank of Nigerian Plc is enmeshed in a N200m campaign fraud.

The fund was meant for the execution of the conceptualisation and execution of a project with the nation’s 50th anniversary as a leverage point.

Nigeria was 50th on October 1 2010.

Investigations revealed that a brand and event management firm came up with the campaign blue print- and cost implication.

This was the result of six months comprehensive brand audit and signing of contractual agreements.

Part of the agreement was that 60% of the fund would be made available for by First Bank Plc for the activation of the brand.

Mr Steve Omanufeme ( Ag. Head, Corporate, Communications) was tagged a prominent member of project team on behalf of First Bank.

Sources divulged that based on the high level commitment shown by the bank- the brand activation company ordered for the importation of equipments to facilitate the execution of the campaign.

Strangely after months of working on the project- in July 2010 First Bank wrote to the brand and event management firm to cancel the project.

Interaction on how to compensate for time spent and cost incurred in putting together the N200M blue print was still on- and the Bank went ahead to execute the master plan (with slight adjustment here and there)!

Investigations revealed that allegations is on that a clique within the bank deftly removed the concept provider, secured the budget and did a shoddy job for private gains.

Scrutiny of the whole exercise is on.

Meanwhile- informants confirmed that the brand activation firm is threatening law suit against the bank.

The agency based on the need to maintain working relationship is demanding what it tagged a N57m professional fee.

The breakdown is given as concept fee, N20M, Logo designs and branding creative, N5m, 6months project management fee, N30M and 5% Vat.

The bank is offering a N10m compensation.

The agency is said to have turned down the offer on the strength that it is not even up to 20% the cost it incurred!

All through last year- First Bank and the agency related severally on the issue with no fruitful result.

The firmed is said to have secured the services of reputable law firm Messrs Rickey Tarfa & Co to enforce their rights in court.

The litigation process is said to be on at present- and followers of the event are looking forward to how the management and the project team will explain how the N200M project was executed amongst other issues at stake.