SITUATION
Following the suspension of the board and management of 8 indicted banks during the 2009 recapitalisation process in Nigeria, there were challenges from the managers and owners of the banks, who saw the CBN action as high-handed, illegal, and insensitive. They challenged the decision in the courts of law as well as courts of public opinion. Employees, shareholders, and other key stakeholders felt confused, at risk and abandoned considering the sackings and the subsequent misinformation campaign by the accused parties to win public support.
TASK
The CBN engaged C&F Porter Novelli to manage a communications campaign designed to educate major stakeholders of the real situation in these banks and the danger it portended for the banking sub-sector in the country, counter inaccurate information, set the record straight, and explain the wider implications of the recapitalisation process. Finally, provide ground intelligence to help nip issues in the bud before they become full-blown.
APPROACH
Relevant stakeholder groups were engaged, and their perceptions of the recapitalisation process as well as that of the Governor’s sought. These stakeholders were then educated on the realities on the ground and what these realities meant for the banking sector and the economy in general, if not for the CBN’s intervention. Education was supported by engaging the editors and business editors of all the national and business newspapers. A combination of periodic meets, a constant flow of information, and access to economic and financial experts ensured that they were up-to-date with the fast-changing events as they unfolded.
RESULTS
The CBN succeeded in garnering enough support from the critical stakeholder groups that made the recapitalisation program a success. Media perception and reportage moved from all negatives to more positive and almost all-positive within four and six weeks of the campaign, respectively. Armed with the right information, the stakeholders were able to look beyond the misinformation peddled by former managers of these banks to become advocates of the CBN intervention and supporters of subsequent mergers.