How Can You Build Brand Equity In Dynamic Touchpoint Landscapes?

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How Can You Build Brand Equity In Dynamic Touchpoint Landscapes?

New analysis uncovers trends in the effectiveness of brand touchpoints and shows why monitoring touchpoint landscapes should inform brand strategies.

Our recent article in the brand equity series revealed that campaigns could be 2.6 times more effective in building equity with a different media spend allocation. In an increasingly complex media landscape, how can you ensure you invest in the touchpoints that have the most impact?

We now broaden the focus with analysis from Kantar’s Connect touchpoint database to look at paid, owned and earned touchpoints, and how their impact on brand building has evolved. With 20% of all touchpoints accounting for 80% of brand impact – knowing which consumer interactions to target is essential for brand strategy.

Dynamic media landscapes

While marketers around the world strive to understand the impact of changing consumer behaviour and media consumption during and after the pandemic, the dynamism of media landscapes is not a new phenomenon. A new year-on-year analysis across 40 consumer touchpoints reveals how the importance of touchpoints has been evolving over the past few years, globally and locally – both digital and offline.

Over the past four years, the advertising market has become more dynamic. The overall impact of all touchpoints on brand equity, and therefore the influence of marketing activities, has increased from 16% to 19%. The impact of paid touchpoints has grown (from 28% share to 30%), while earned touchpoints have gradually lost impact (from 46% to 41%). This is good news for marketers, as it improves their chances to communicate directly with consumers.

Share of touchpoint impact on brand equity over time (selected touchpoints)

Share of touchpoint impact on brand equity over time (selected touchpoints)

Digital channels saw the biggest growth in share of impact – from 36% to 49%. As digital ad spend continues to rise globally, the share of touchpoint impact is likely to continue to grow.

In contrast, the impact of offline touchpoints has declined. TV ads, word of mouth and in-store activation decreased in their quality of experience, resulting in a much lower brand impact. The impact of print stayed stable and OOH ads and sponsorship touchpoints have grown. This is mainly due to increasing mental availability, although the quality of experience actually fell. This means that brands continue to invest in traditional touchpoints, but their effect on consumers’ brand perceptions is declining, which reduces the return on investment.

Monitor and course-correct

Ongoing digitalization offers competitive opportunities for brands that understand how to use digital channels effectively. Our US financial service client tracks the touchpoint landscape in the finance industry annually.

They saw a gradual increase in the impact of digital touchpoints year-on-year. While TV had always been in the lead, in 2021, YouTube (ads and content) topped the list. At number three, TV was still the biggest contributor amongst traditional paid media – although it was trailing in terms of experience quality.

Podcasts took a leap forward to one of the top five touchpoints with almost three times the average category impact.

The importance of digital media for the category was clear from the 2019 study. Our client subsequently moved spend from less impactful touchpoints to digital ones, and the 2021 study proved how valuable digital was in building the brand.

Touchpoints like education programmes and community volunteers now have less impact, so we are now advising our client to shift spend to more impactful touchpoints such as OOH, social and podcasts, which have shown consistent upward progress.

While we see the increasing importance of digital channels across countries and industries, our analysis also uncovers trends that are specific to particular industries. A German automotive client continuously monitors the touchpoint landscape in their major markets.

They saw the impact of big automotive fairs steadily decline year on year, so they decided to shift investment to smaller local fairs, particularly in Asia, where they saw greater potential to engage with consumers.

As a result, they managed to create higher mental availability and greater brand impact with a similar budget.

Look beyond touchpoint reach

When monitoring the impact of brand touchpoints over time, it’s important to look beyond reach. It is the quality of experience that matters. A beverage brand in Europe had been investing heavily in OOH and promotion in hotels, restaurants and cafes (HORECA).

During the pandemic, they feared they might lose brand impact as the pandemic lockdown forced consumers to stay at home, and restaurants, cafés and bars were temporarily closed. Their touchpoint tracking revealed that their brand suffered less than expected: while the reach of OOH and HORECA went down notably as anticipated, the quality of the experience increased compared to previous years.

This almost compensated for the lower reach. Spending time outside and in restaurants or cafés had turned into a more special event during the pandemic and thus brands have better opportunities to engage with consumers in those valuable moments.

While the pandemic has accelerated digitalisation, touchpoint landscapes have always been dynamic, and even small and local events can lead to significant changes in the importance of brand touchpoints in some markets. A new competitor, or a competitive campaign, has the potential to change market dynamics and change the effectiveness of brand communication.

Monitoring touchpoint landscapes over time is key to understanding how they are changing and identifying challenges and opportunities to inform future investment.

This is the fifth article in our brand equity series. Read the first four articles below to learn more about effective brand building. To find out more about the evolving media landscape join our webinar revealing insights from Media Reactions 2021, with new data from over 14,500 consumers and 900 marketing professionals worldwide. Register here.

5G Smartphones to Represent Over 50% of Smartphone Sales Revenue by 2025

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5G Smartphones to Represent Over 50% of Smartphone Sales Revenue by 2025

A new study by Juniper Research has found that 5G-compatible smartphones will account for over 50% of smartphone sales revenue by 2025; rising to $337 billion from $108 billion in 2021.

It urged mobile handset vendors to ensure hardware maximises the benefits of future mobile cloud computing solutions. Mobile cloud computing enables service providers to offload intensive tasks to the cloud; freeing on-device resources for essential device processes.

The new research, 5G Smartphones: Trends, Regional Analysis & Market Forecasts 2021-2026, predicts that successful handset vendors will include radios that are able to process large bandwidths and ultra-low latency to ensure that handset users are able to use cloud computing services efficiently, whilst remaining price competitive.

For more insights, download our free whitepaper: How 5G Smartphones Will Supercharge the Handset Market

Android OS Handsets to Dominate in Emerging Regions

The report anticipates that increasing the availability of lower-tier 5G smartphones is crucial to propagate 5G handset adoption in emerging markets. It predicts that by 2025, global Android smartphone prices will be 65% lower than global iOS smartphone prices. It also highlights that this lower average cost of Android devices will lead to Android dominating 5G handset markets in regions such as Latin America.

 

Conversely, the research expects that the enduring popularity of iOS devices in developed markets will make 40% of global 5G smartphone revenue attributable to North America and Europe by 2025.

‘Right-to-Repair’ Laws to Impact Shipments

The report warns that long-term 5G smartphone shipment revenue will be limited by impending ‘right-to-repair’ legislation in North America and Europe, as more handset users choose to repair older models rather than upgrading to newer generation devices.

Research author Adam Wears explained: ‘The effect of these laws will not be felt initially, as consumers adopt 5G smartphones to leverage the high speeds and reduced latency of 5G networks. Hardware vendors must use this opportunity to build out new device capabilities to encourage consumers to continue regularly upgrading and avoid churn to competitors.’

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

Local Bourse Starts the Week in Red as NSEASI Dips by -0.04%

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Local Bourse Starts the Week in Red as NSEASI Dips by -0.04%

The Nigerian equities market closed negative at the end of today’s trading session as the benchmark index declined by 0.04% to close at 39,505.40 points. This was mainly due to selling pressures in bellwether stocks such as ZENITH BANK (-0.61%) and CAP (-3.47%).

Consequently, the YTD loss worsened to -1.90% as market capitalisation decreased by ₦7 billion to close at ₦20.58 trillion.

The sectoral performance weakened as three of the five indices under coverage declined. The Banking index, the biggest loser, weakened by 0.65% on ZENITH BANK (-0.61%). The Oil & Gas and Industrial indices followed suit, falling by 0.27% and 0.09% respectively.

Local Bourse Kick-Start December on a Positive Note, Gain 0.30% to Sustain Uptrend
Afolabi Sotunde Illustration Naira

Conversely, the Insurance and Consumer Goods indices, the gainers under coverage, improved by 0.04% and 0.02% on MBENEFIT (8.82%) and DANGSUGAR (2.57%) respectively.

Investor sentiment strengthened in today’s trading session, as market breadth increased to 1.86x from 1.43x. This was illustrated by the advance of 26 stocks, led by SFSREIT (9.96%) and MRS (9.92%), and the decline of 14 stocks, led by ABCTRANS (-8.83%) and LASACO (-6.67%).

Activity level weakened as total volume and value decreased by 75.22% and 28.25 respectively as investors exchanged about 141.28 million units of shares worth over N1.64 billion.

Fixed Income

There was mixed activity across the bond yield curve as two of the four bond yields under coverage closed flat while the FGN-APR-2023 and FGN-APR-2024 compressed by 1bp each. The yields on FGN-JAN-2026 and FGN-JUL-2030 bonds closed flat at 11.15% and 12.17% respectively.

Treasury bill yields for the 91 and 182-day papers increased by 124bps and 21bps to close at 4.26% and 4.40% while the 364-day paper compressed by 1bp to close at 7.93%.

We expect bullish momentum to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

MARKET SNAPSHOT

  • Local Bourse Starts the Week in Red, NSE ASI Sheds 8bps
  • Mixed Activity across the Bond Yield Curve
  • Bearish Performance in Global Stocks
  • Parallel Market Reports at N515/$
  • Mixed Sentiment in African Stocks

Unity Bank Corpreneurship Challenge Produces 30 More Winners in 6th Edition

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Unity Bank Corpreneurship Challenge Produces 30 More Winners in 6th Edition

16-08-21. A total of thirty members of the National Youth Service Corps, NYSC, have won cash prizes and business grants totalling N10 million in the 6th edition of the expanded Unity Bank flagship business plan competition known as Corpreneurship Challenge.

Unity Bank is currently in 10 states of the federation where three winners each emerged from the Batch B Orientation course in the Corpreneuship competition held last week. The states that the winners emerged included Lagos, Ogun, Benin, Abuja, Akwa Ibom, Kano, Sokoto, Enugu, Osun and Kwara.

Unity Bank
From left: Mr. Kabir Mashi, Regional Manager, North West, Unity Bank Plc, Omolola Kehinde, 2nd runner up, Aisha Tata Mohammed, Kano State NYSC Coordinator, Yahaya Muhammad, the overall winner, Mr. Mustapha Idris Baba, Zonal Head, North West, Unity Bank Plc and Alade Ayinde, the first runner up in the 6th edition of the NYSC Corpreneurship Challenge held in Kano last week.| Brand Spur Nigeria

As in the previous editions, the cash prizes included a N200, 000 business grant for third place winners; N300, 000 business grant for second place and a star prize of N500, 000 for the winners.

Some of the winners included Yahaya Muhammad, Alade Ayinde and Omolola Kehinde in the Kano NYSC camp, while Chiamaka Nweke, Nduke Oduobuk and Victoria Adesope emerged as the winners in the Enugu State camp.

In Lagos, Aliu Haira Abimbola, Uzoechi Ihuoma Augustus and Adesanolu Lukmon Abiodun emerged winners to claim the cash prizes. One of the winners in Abuja, Ebingha Ogbe John appreciated Unity Bank for the opportunity, which she said, has helped her to showcase her business to the world. “I thank Unity Bank for making my project, Mama’s Ally Crashfish to come alive in this Abuja,” She said.

ADAM_KAKA_ADAM_Brandspurng Court Convicts Unity Bank Plc Vault Room Manager1

The initiative continues to attract increasing interest among the corps members, as over 2000 applications were received but only 100 were shortlisted for the pitching sessions from were the thirty winners emerged.

The contestants’ business plans which ranged from software solutions, fashion, fish production, poultry farming, bee farming, retail chains, piggery to beverages were assessed on originality, marketability, future employability potential of the product and knowledge of the business.

Recall that Unity Bank started the Entrepreneurial Development Initiative in 2019, to specifically target corps members, as part of efforts to contribute to job creation in Nigeria. It continues to gain traction, growing bigger and better in grooming corps members having successfully run several editions of the scheme in partnership with the NYSC Skill Acquisition and Entrepreneurship Development, SAED.

The Bank has invested over N80 million in the initiative, which has now produced 58 winners since it was launched.

Speaking during the finale in the FCT NYSC camp, the Divisional Head, Retail, SME Banking and E-Business Directorate, Unity Bank Plc, Mr. Olufunwa Akinmade, said the competition has proved to be a great tool for empowering fresh graduates in the country.

“The corpreneurship challenge is a creative entrepreneurial development initiative by Unity Bank in conjunction with the National Youth Service Corps, NYSC. It is aimed at driving job creation through entrepreneurship.

“With rising youth unemployment in the country, it is just common sense to consider the entrepreneurship alternative”.

“As the corps members join the labour market after their youth service, not every one of them will get the opportunity for a paid employment. But with what Unity Bank is doing, many of them will get the support they need to start a small business and even become employers of labour”.

“We encourage the corps members to take seriously the opportunity that the Unity Bank Corpreneurship has provided. And to those that have emerged as the winners today, we ask them to utilise their grants judiciously. Unity Bank remains committed to empowering the youth through initiatives such as this, as we know that the bedrock of the economy is entrepreneurship.”

The Zonal Head, North West, Unity Bank Plc, Mr. Mustapha Idris Baba, implored the winners to judiciously utilise the funds to support the business venture that got them the grant.

This edition follows the expanded Corpreneurship Challenge which started in the 5th edition in June this year. The programme looks set to expand nationwide, empowering corps members to explore entrepreneurship alternatives in the face of rising youth unemployment in the country.

DataPro Reaffirms Total Nigeria Plc A- Rating

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DataPro Reaffirms Total Nigeria Plc A- Rating

DataPro, a leading national Credit Rating Agency (CRA) recognised and approved by the Securities & Exchange Commission (SEC), has in its latest report re-affirmed Total Nigeria Plc long-term rating of A- with a stable outlook for the year 2020/2021.

The A- Rating indicates Low Risk. It shows very good financial strength, operating performance and business profile when compared to the standard established by DataPro. This company, in our opinion, has the strong ability to meet its ongoing obligations.

The DataPro Rating Committee approved the rating after assessment of the Company’s Financial Performance, Earnings Profile, Liquidity, Corporate Governance & Risk Management, Risk Factors and Outlook of its current healthy profile in the medium to long-term period.

Total Nigeria Revenue dropped by 30.13% amid Relatively Stable Bottom-Line Performance Brandspurng1

The Rating of Total Nigeria Plc is supported by its strong brand presence, expansive distribution network, experienced management team, very strong asset utilization and strong support from its parent company.

Total Nigeria Plc subsequently got a short-term rating of A2. This indicates Fair Credit Quality and adequate capacity for timely payment of financial commitments.

Please note that the rating carries a maximum shelf life of 12 calendar months, in line with international best practices. The rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes.

DataPro Assigned A+ Rating to United Capital Plc | Stable Outlook

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DataPro Assigned A+ Rating to United Capital Plc | Stable Outlook

A leading National Credit Rating Agency (CRA), DataPro, recognised and approved by the Securities & Exchange Commission (SEC), in its latest report has assigned A+ Rating to United Capital Plc with a Stable Outlook for the year 2020/2021.

The A+ indicates Low Risk. It shows very good Financial Strength, Operating Performance and Business Profile when compared to the standards established by DataPro. This company, in our opinion, has the ability to meet its ongoing obligations.

The DataPro Rating Committee approved the Rating after assessment of the Company’s Financial Performance, Corporate Governance & Risk Management, Risk Factors, Regulatory Environment, Future Outlook of its current healthy profile in the medium to long-term period.

United Capital Plc Raises N15Bn in Series 3 Commercial Paper Issuance

The Rating of United Capital Plc is supported by its diversified Revenue Sources, High-Quality Assets and Investment Profile. 

United Capital Plc subsequently got a short-term rating of A1. This indicates Good Credit Quality and satisfactory capacity for timely payment of financial commitments. 

DataPro notes that the rating carries a maximum shelf life of 12 calendar months, in line with international best practices. The rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes.

KayVee Quits BBNaija Show Due To ‘Medical Challenge’

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KayVee Quits BBNaija Show Due To ‘Medical Challenge’

Kayvee a contestant in the ongoing Big Brother reality show (BBNaija) has withdrawn from the show due to suspected mental challenges.

Big Brother on Monday told housemates that Kayvee was unwell and has withdrawn from the show.

Kayvee, who was introduced to the show alongside Queen, Michael, and JMK last week, is said to be acting weird.

Brand Spur Nigeria recalls that some housemates in the Big Brother Naija show had expressed concern over Kayvee’s behavior in the house.

While some housemates said he seems to be finding it difficult to adjust to his new environment, others said he needs psychological evaluation due to his awkward acts.

In a brief read by the Head of House, Pere, Biggie said Kayvee has consulted his doctors and has decided to withdraw from the show.

“As you all know your fellow housemate, Kayvee has been unwell. He has consulted with his doctors and decided to withdraw from the show.

“He sends his greetings and asks that you help him pack his bags.”

Kayvee Quits: Multichoice Official Statement

An official announcement from Multichoice reads, “Kayvee, one of the housemates in the Big Brother Naija Shine Ya Eye Season, has been exited from the House on medical grounds.

“Prior to this, he had a consultation with Big Brother and the on-site medical team, where it was decided that he had to leave the house for a more thorough medical investigation.

“MultiChoice and the show producers, are committed to ensuring the safety and wellbeing of all housemates in the Big Brother house at all times.”

Kayvee’s Family React

Reacting, his social media handler on Twitter said Kayvee is fine and will adjust to his environment in no time.

“Thanks everyone for your show of concern and support. We see the love and feel it.

“KayVee is fine and will adjust to his new environment in no time. He’ll get his⚡️back.

“Can we count on you to keep supporting #KayVee?” He wrote.

MTN Group and Sanlam announce strategic Insuretech alliance

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MTN Group and Sanlam announce strategic Insuretech alliance

Sanlam and MTN Group announced today that they are joining forces in an exclusive strategic alliance (the Alliance) to distribute Sanlam Group insurance and investment products across Africa, further developing MTN’s mobile financial services business.

The Alliance will build a digital insurance and investment business, which will be an integral part of MTN’s fintech offering. It will provide people across the continent with easier access to these services, particularly those sectors of the population that have typically been unable to access traditional distribution channels for such products.

The Alliance has the potential to pre-empt and adapt to digital disruption in markets where both Sanlam and MTN operate. It will also enable MTN to accelerate and scale its InsurTech offering through its brand and reach and by leveraging Sanlam’s licensing and geographical footprint, as well as its broad product capabilities and expertise.

MTN
MTN Group and Sanlam announce strategic Insuretech alliance

MTN InsurTech businesses currently have approximately 6 million active policyholders, with target of over 30 million policyholders by 2025 with this new Alliance.

The collaboration provides Sanlam with the opportunity to extend consumer access to its products and grow its Africa operations by providing insurance to MTN’s customer base across the continent, thereby deepening its extensive footprint in Africa.

Commenting on the formation of the Alliance, Sanlam Group CEO Mr Paul Hanratty said:

“We are excited by MTN’s development of modern mobile financial services for the benefit and empowerment of the African consumer. It gives us great pride to be able to partner with MTN to build the best possible range of solutions in the insurance and investment arena for consumers. We anticipate strong long-term growth in mobile financial services and insurance and investments are no exception to this.”

The collaboration offers MTN the opportunity to provide more value-added services to its customers, enhancing its existing offering. “MTN Group is equally excited to be partnering with Sanlam in driving financial inclusion across the continent and providing customers with insurance and investment products tailored to the needs of the African consumer,” said MTN Group President and CEO Mr. Ralph Mupita.

“Sanlam is the ideal partner as the leading insurance and investment business across Africa, and with partnership key to its strategic and execution approach. MTN has built a scale fintech business with over 100 million wallets, of which approximately half are actively using Mobile Money services every month, presenting a meaningful opportunity to further drive financial inclusion through the provision of appropriate insurance and investment solutions.”

The Alliance will build and leverage the strengths and assets of both Sanlam and MTN to establish a digital insurance and investment capability across Africa.

In the initial period, the Alliance will be chaired by Ralph Mupita, with Paul Hanratty as Deputy Chair. While approximately 46% of Africa’s population has access to and uses cell phone services, insurance penetration remains low at less than 5% in most markets except South Africa.

The transaction is subject to the parties concluding definitive agreements and completing the relevant suspensive conditions.

MTN Nigeria Revenue Driven By Surge in Data Revenue in Q3 2020

MTN is the largest telecommunications operator in Africa with a presence in 17 countries on the continent and a total of more than 270 million subscribers across its total 21 markets. It is also a large fintech operator, with a presence in 19 countries and 100 million wallets, 800 000 agents and 650 000 merchants signed up.

Sanlam is the largest non-banking financial services group in Africa, with a presence in 33 countries across the continent. Forming mutually beneficial partnerships is part of Sanlam’s business model and is a key pillar for accelerating growth on the African continent.

MTN appoints Troopti Desai as Group Executive: Tax

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MTN appoints Troopti Desai as Group Executive: Tax

MTN Group is pleased to announce the appointment of Troopti Desai as Group Executive: Tax, effective 13 September 2021.

Troopti is an admitted attorney and has extensive experience in the fields of Labour Law, Immigration Law, Corporate Tax, Mergers & Acquisitions Tax, Tax Incentives, Corporate Governance, Legal and Finance, as well as Tax policy and Revenue Authority engagement.

MTN
Troopti Desai | Brand Spur Nigeria

She joins MTN from PriceWaterhouseCoopers (PWC), where she was a Partner in the Corporate Tax department, responsible for managing various forms of Tax Risk for multinationals and SA-listed clients across Sub-Saharan Africa (SSA).

Prior to PWC, Troopti was the Head of Tax for SSA at General Electric (GE) and was also a Director of multiple GE entities in South Africa.

She holds a Bachelor of Laws (LLB) degree, a Higher Diploma in Tax Law, and an MBA from Wits University.

Court Slams N10 Million Damage On Unity Bank, Heritage Bank Over Breach Of Contract

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Court Slams N10 Million Damage On Unity Bank, Heritage Bank Over Breach Of Contract

High Court of Lagos State led by Justice Oyindamola Ogala has ordered Unity Bank Plc and Heritage Bank Plc to pay a firm, Shield Petroleum Nigeria Limited, the sum of N10 million as damages, has been affirmed by the Lagos Division of the Court of Appeal.

Brand Spur Nigeria recalls that Justice Oyindamola Ogala, had in her judgment delivered on January 19, 2018, in a suit filed by Shield Petroleum Nigeria Limited and Bank of Nigeria against Unity and Heritage banks, ordered the financial institutions to pay the claimants N10 million as general damages for breach of contract.

Not satisfied with the decision of Justice Oyindamola Ogala, Unity bank lodged an appeal numbered CA/L/855/2018 and urged the court to determine whether the court has jurisdiction to entertain the suit and whether there was a valid and enforceable contract.

But the Court of Appeal in its lead judgment delivered by Justice E.O. William-Dawodu dismissed the appeal and affirmed Justice Oyindamola Ogala’s judgement in its entirety.

Other members of the panel, namely: Justice Haruna Simon Tsammani and Justice Mahmoud Bayero equally consented to the judgement.

Upholding Justice Ogala’s decision, Justice William-Dawodu held that the lower court had jurisdiction to entertain the suit in Lagos, even though, the subject in dispute is located in Oghara, Delta state.

On whether there is a valid and enforceable contract between Shield Petroleum Nigeria Limited and the appellants (Unity bank and Heritage bank), the court held that “There was a valid contract and that failure to keep to the agreed term was a breach.

“Therefore, there is a valid and enforceable contract between the first respondent and the appellant acting for the appellant and the third respondent.

“Having found that there was indeed a valid contract between the said parties, the pertinent question is whether or not there was a breach of it. Failure to keep to the agreed terms of a contract is a breach where the party in breach acted contrary to the terms agreed without lawful excuse, either by the non-performance or wrongful repudiation of the contract.’’

The gist of what culminated into the appeal as stated in the Notice of Appeal is that Unity Bank and Heritage bank granted loans to Bitumen Marketing Company Limited (BMC) in respect of its bitumen Tank Farm in Oghara, Delta State.

However, Shield Petroleum Nigeria Limited made an offer of N200 million initially to them for the sale of the Tank Farm which was increased to N220 million and the appellant (Unity Bank) and the Heritage bank accepted it by their letter dated August 21, 2007.

Through a letter dated November 6, 2007, the Unity Bank for itself as well as the 3rd Respondent (Heritage Bank) requested payment of the agreed sum from Shield Petroleum Nigeria Limited (first Respondent).

By January 29, 2008, the originals of the bank drafts were sent and received by one Mr Abiodun Shode of the Commercial Department of the Appellant.

The Appellant and the third respondent went ahead to collect the sum of N230, 000,000.00 from the fourth respondent (Ontario Storage Terminals Limited) in February 2008 as payment for the Tank Farm despite the payment made by the first and second respondents.

They claim they were unable to conclude the contract with the first and second respondents due to the latter’s late payment of the purchase price and therefore, there was the frustration of the contract.

Despite repeated demands by Shield Petroleum Nigeria Limited for the possession of the Tank Farm and title thereto, the Appellant and third respondent refused but maintained that they had sold the Tank Farm to the fourth respondent and had made efforts to return the bank drafts to the first and second Respondents.

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