As a passionate branding strategist, communicator I sometimes comes up as a prophet of doom to some. This is because part of the trade prerequisite is the ability to see the end, at least to some extent, from the beginning. This helps and serves as a great skill. In one of my oldest posts, I did analyze that executives need to take proper care of their brands as anything that happens to them has a way of affecting corporate brand’s performance. The reason is that people will first of all buy into personal brands of the executives before they buy into the corporate brands. Some of the responses I got then particularly through phone calls were mostly influenced by emotions and not reasons. In less than a year of that post, we now have a case study at hand and we will continue to monitor how events unfold. On Friday the 14th August, 2009, The Governor of the Central bank of Nigeria summarily dismissed the board and Managing Directors of five major banks in Nigeria for reason that were widely publicized in both traditional and new media.
As a fall out of this, a close friend told me that immediately the announcement was made, the company she works for terminated all their over five hundred million naira in one of the banks. One of the reasons given was that they would not be so sure of the news helms’ man capacity and unfolding events.
Renaissance Capital, A Moscow based financial industry rating firm brought out a new rating for some of the affected banks. As we can imagine, their rating dropped. What has happened to this is traceable to personal brands of the executives. For we want to believe that nothing has changed in banks structure or system except for the removal of the Executives of these banks.
Despite all the promises made to assure Nigerian investors whose money are in those banks, many individuals used their ATM cards to withdraw money during the weekend and those who could not throng the bank on Monday morning- which was yesterday. If the traditional media news is anything to go by, many wanted to withdraw their monies yesterday through the use of ATM cards and could not because of shortage of cash in those machines and they have to throng the banks’ branches all around Lagos Nigeria. The federal Government today also suspends these five major banks shares on the stock exchange market. Even though I am not a shrewd financial analyst, but I do think this step will damage every communication to help people continue their relationships with these banks.The affected banks If I may need to mention again are Intercontinental Banks, Union Bank Plc,Afribank Plc,Oceanic bank Plc and Finbank.
The purpose of this post is not to analyze the action of the Federal government but to buttress the fact that brand owners, managers; Executives need to watch their backs while they are leading their own lives. Becareful of associations, management styles etc as these will definitely affect corporate success
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Thanks Mate,
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