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The 7 Pillars of Positioning
When it comes to positioning, a correlation does make the truth: organizations that stand for something unique in the mind of consumers or customers grow and prosper while the ones that stand for nothing or too many things will eventually disintegrate sooner than later. The survival of any company in a modern market-state-economy is dependent on the quality of information available to its management as well as the staff. Unarguably, the Americans are peerless when it comes to information-sharing; they communicate lavishly. This is the source of the obvious resilience and competitive advantage which many American companies enjoy over their counterparts in Africa and Asia. For instance, there are probably more books on why Enron failed than even on IBM turn-around. But here in Nigeria, we scarcely want to talk on why a company went under because we are only used to talking about best practices. But great lessons can equally be learnt from gallant failures.
Revolutions are happening all around us and the emergence of do-it-yourself technology makes forecasting job to be fraught with enormous vulnerability today. In a market-state–economy, only the fittest companies survive the hyper competitive, dog-eat-dog economic milieu. Consumers are kings; they determine which companies to keep alive and the ones to inter. Little wonder why only 60% of the manufacturing companies and 30% of the banks that sang Christmas carol in December 1999 were alive by January 2008 to say happy New Year. In corporate Nigeria, the question is: How did Zenith bank survive the Soludo consolidation re-engineering and Fountain Trust and 63 other banks got dispatched to The Great Beyond? Was it money- power or network or luck or handiwork of unseen forces? No. The answer lies in Positioning.
Positioning is about what is unique in a company, what a company stands for. How buyers or consumers perceive a company will determine the share of the mind and the share of the shelve which such company’s products will enjoy. Positioning is about perception; and perception is reality. The 25 banks that survive the consolidation exercise are mostly the ones that represent something in the mind of consumers. And even then, it will be discovered that 1+1=5 in some banks after consolidation, while 7+1 is less than 1 among some 8 banks that came together. The long and short of it is that the companies that will survive must stand for something in the mind of consumers. A critical analysis of all the companies that have been forced to close shops whether in the media or manufacturing or telecom industries show that majority of them did not stand for something worthwhile in the mind of their respective patrons i.e. consumers. Hardly can anybody remember what Lead Merchant, Bond, ABC, and Metropolitan banks among others stood for when they were in operation? In the media, can anyone remind us what position Sentinel and Globe magazines occupied in the mind of their readers?
However, it is one thing for an organization to communicate one position to its target audience; it’s a different ball game for the audience to see the perceived value. In the last three years, arising from stiff competition, every organization has been trying to purchase a portion of the consumer mind, some have been successful while majority have failed. This is because most companies don’t match their words with actions. For instance, when Intercontinental bank comes out with ‘the face of Leadership’, people wonder which leadership? – In which area. Zenith bank says it is for people, service and technology: Service for whom? Sky bank on the other hand says it is the leader in e-business, while bank PHB says it is the king of innovation. On its part, GT bank constantly waves the ‘professionalism handkerchief’ to us. These are all wonderful positions but consumers like beautiful brides (which they are) are very cautious; they seek for hard facts, concrete evidence to know which of them is for real.
In the paragraphs that follow, we shall look into the seven pillars of positioning to enable managers of organizations see how IBM, Coca-cola, General Electric, Intel, Microsoft and Apple among other great companies managed to engrave themselves into the minds of consumers globally for generations.
Pillar 1: Leadership. The advantage of being the first in a market segment over being the best is as high as 40%. I totally agree with Al Ries and Jack Trout in their powerful book on Positioning that it is far easier to get to the market place first than to try to convince someone that you have a superior product. We witnessed this when Zenith and GT banks first came out to raise N25billion each in the stock market three years ago; they spent less money in advertising than the other banks which came after them.
Pillar 2: Mind. Marketing battles are won or lost first in the mind: getting to the market first is not as important as getting to the mind of the consumer first. The eternal advantage which Guinness stout has over Legend extra stout is the fact that Guinness got into the mind of consumers first. This is why ladies hardly forget their first ‘toaster’
Pillar 3: Perception. All truths are subjective and relative. Everything in this world is about perception. There is no brand of the year, no bank of the year; no man of the year: its all about perception. Perception is real, and it is everything.
Pillar 4: Focus. Companies that successfully own a word in the prospect minds have won 50% of the battle. 7up: the difference is clear. Coke: Always coca-cola. New Horizons: Everything is possible. First bank: truly the first. Skye bank: saying yes to your dream. It works magic, and it shows on the balance-sheet as well.
Pillar 5: Opposite. When bank PHB went for full re-branding, little did it occur to the management that it will catch fire with consumers. There is opportunity in weakness. Companies that are not number one in getting to the market or mind before competition can still prosper if it plays the law of opposite in marketing very well the way 7up and AVIS car hire have done.
Pillar 6: Line Extension: The temptation is always strong for CEOs to extend the brand equity of a product or name. But the end result is always almost a disaster. Maltina did it with little success. Fanta Chapman in coke was a failure. Almost all banks that went into mortgage business in the 1990s in Nigeria got their fingers burnt. Consumers will have no problem in drinking star lager beer from Nigerian Brewery; but certainly the concept of a coke- beer will take miracle to fly. But this is what most CEOs do each time they run out of ideas to boost revenue base of their corporations.
Pillar 7: Resources. No doubt, a life without oxygen and blood will automatically come to an abrupt close the same way a company without cash. Cash remains the king. Cash is blood in business. Without good resources the most brilliant idea won’t get off the ground. Coke, Microsoft, IBM, MTN have all used their respective financial power to permanently weaken competition. Nonetheless,ideas will continue to rule the world!
Tim Akano (timakano1@gmail.com)
Tim Akano is an IT specialist and CEO, New Horizons. He is a seminar presenter and one of the World’s top coaches on sixth-sense corporate strategy.
Justice Mojisola Dada of the Lagos Special Offences Court, Ikeja, has rejected a document presented by the Economic and Financial Crimes Commission (EFCC) in the ongoing trial of a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and four others over allegations of defrauding Arik Air of N76 billion and $31.5 million.
Other defendants in the case include Mr. Kamilu Omokide, a former receiver manager of Arik Air Limited, Capt. Roy Ilegbodu, Arik Air’s Chief Executive Officer (CEO), Union Bank Limited, and Super Bravo Limited.
During the proceedings, the second prosecution witness, Mr. Augustine Obikwe, a retired Union Bank official, sought to tender a document he obtained from the EFCC. However, the defense team objected to its admissibility, arguing that it was neither signed nor properly certified.
After hearing arguments from both sides, Justice Dada ruled that the witness was not part of the EFCC’s investigative team or an AMCON official, making him ineligible to tender the document. Citing Section 104(1) of the Evidence Act, she held that only an officer with the original document had the authority to certify it.
“It is trite that the party must lay the foundation for any document sought to be tendered under the Evidence Act. Public documents must be certified by a public official,” the judge stated, rejecting the document.
Led in evidence by prosecution counsel Dr. Wahab Shittu (SAN), the witness, Mr. Obikwe, recounted his role in the financing of Arik Air’s aircraft procurement. He disclosed that he had worked in the United States from 1980 to 1982 before serving as the Group Executive Director of Corporate and International Banking at Union Bank.
He explained that Union Bank acted as a guarantor for Arik Air in securing funding for the acquisition of five aircraft—three Boeing 737-800 and two Airbus 340-500 planes—through export credit agencies, including US EXIM Bank, Coface of Germany, and the Export Credit Guarantee Department (ECGD) of the UK.
“Union Bank did not commit any money for the guarantee of the 85 percent. The three Boeing 737-800 were used for local operations, while the widebody aircraft were deployed to New York and London,” Obikwe testified.
He further noted that until his retirement from Union Bank in August 2009, Arik Air had never defaulted on its loan repayments.
During the hearing, the prosecution sought to tender a report from a meeting held by stakeholders in London. However, the defense team, led by Prof. Taiwo Osipitan (SAN) and Mr. Olalekan Ojo (SAN), objected on the grounds that the document was neither signed nor dated.
Ojo (SAN) argued that the document lacked authenticity, while Osipitan (SAN) questioned its origin, emphasizing that only original copies could be certified under the law.
Despite the objections, prosecution counsel Shittu (SAN) insisted on its relevance, stating, “Even if the document was stolen, in as much as it is relevant to the case, my lord, it is admissible in the law court.”
Justice Dada ruled in favor of the defense, maintaining that the document could not be admitted as evidence due to improper certification and the fact that the witness was not an EFCC investigative officer.
Following this ruling, the court adjourned the trial to May 19, 2025, for further proceedings.
In a bold step toward gender equality in STEM, the Tosin Eniolorunda Foundation, alongside Moniepoint Group and the Association of Professional Women in Engineering (APWEN) Ile-Ife chapter, held a financial literacy workshop at Obafemi Awolowo University (OAU).
Cross section of guests and participants at the Financial Literacy initiative which was held on the campus of the OAU, Ile-Ife.
Organized as part of International Women’s Day (IWD) activities, the event aimed to equip over 250 female STEM students with essential financial skills to thrive in their careers and personal lives.
Aligning with this year’s IWD theme, “Accelerate Action,” the initiative focused on dismantling systemic barriers such as unequal pay, restricted education opportunities, and underrepresentation in leadership, while fostering confidence and ambition among women in science, technology, engineering, and mathematics.
The event is part of the foundation’s wider efforts to advance STEM education in Nigeria. Recently, it donated a state-of-the-art CAD/CAM laboratory to OAU, underscoring its commitment to innovation and inclusivity in critical fields.
Tosin Eniolorunda, OAU alumnus and Group CEO of Moniepoint Inc., highlighted the importance of financial literacy as a cornerstone for financial inclusion. He referenced Central Bank of Nigeria (CBN) data showing that only 38% of Nigerian adults are financially literate, stressing the urgency of addressing this gap.
“Financial literacy is vital for empowering young women pursuing STEM careers. It enables them to make informed decisions about education, professional development, and entrepreneurship,” said Eniolorunda.
Key university figures, including the Dean of the Faculty of Technology, Prof. Lasisi Umoru, and APWEN Ile-Ife Coordinator, Prof. Mrs. Bello Sururah, attended the event. Prof. Omotayo Aregbesola delivered an inspiring keynote lecture titled “Now and Beyond: Excelling as Females in STEM.”
The workshop concluded with a dynamic session on financial literacy strategies, led by Yomi Ojute, Learning and Development Specialist at Moniepoint Inc. Attendees left with actionable insights and tools to take control of their finances and future.
This initiative exemplifies the power of collaboration in breaking down gender barriers, inspiring a new generation of female STEM leaders, and building a more inclusive future for Nigeria.
In a significant move to safeguard Nigeria from potential fraud, the Attorney-General of the Federation and Minister of Justice, Chief Lateef Fagbemi (SAN), has led a team of senior lawyers to represent the Federal Government at a Supreme Court hearing over the Petro Union Oil and Gas Limited case.
The development marks the first time the Federal Government was represented at such a high level since the little-known company secured a judgment from the Federal High Court in Abuja for £2.556 billion.
However, the Economic and Financial Crimes Commission (EFCC) had concluded in its investigation report that Petro Union obtained the judgment by allegedly using a Barclays Bank UK cheque to draw from an account closed five years before it was presented.
The anti-graft agency’s finding led to the ongoing prosecution of the oil company’s directors before the Federal High Court in Lagos.
The directors, Prince Kingsley Okpala, Prince Chidi Okpalaeze, Prince Emmanuel Okpalaeze, and Abayomi Kukoyi (trading as Gladstone Kukoyi & Associates), are facing a 13-count charge of conspiracy, forgery, and fraud before Justice Chukwujekwu Aneke.
Chief Fagbemi’s appearance in the controversial case is particularly notable because it demonstrates the Federal Government’s resolve to fight the March 11, 2014, court order, which directed the Central Bank of Nigeria (CBN), Union Bank of Nigeria, the Minister of Finance, and the Attorney-General to jointly pay Petro Union the judgment amount along with 15 per cent interest per annum.
During the March 17, 2025 proceedings, Chief Fagbemi led a team of lawyers, including Mohammed Gazali (SAN), a Director in the Federal Ministry of Justice, and other lawyers representing the Federal Government and its agencies.
Chief Adegboyega Awomolo (SAN) led the legal team for Union Bank, while the CBN’s legal representation was headed by Damian Dodo (SAN) alongside Mrs. Olabisi Soyebo (SAN) and others.
Chief Awomolo argued an application to amend the Notice of Appeal by adding eight additional Grounds of Appeal.
While the AGF and the CBN’s lawyers supported the motion, Petro Union’s legal team opposed it.
After listening to arguments on the matter from the lawyers, the Supreme Court reserved its ruling for a later date to be communicated to the parties.
The judgment sum against the Federal Government, CBN, and Union Bank now stands at over £15 billion, including interest—exceeding 50% of Nigeria’s foreign reserves.
Legal experts have compared this situation to the infamous $10 billion Process and Industrial Development (P&ID) case.
The troubling events leading to this judgment began in 1994 when Petro Union allegedly fraudulently obtained a cheque worth £2.556 billion from a Barclays Bank branch in the UK.
The company presented this cheque at a Union Bank branch in Lagos, claiming it was for a contract related to refinery construction and the establishment of a bank.
Subsequent investigations by the CBN and Union Bank unveiled that the cheque, dated December 29, 1994, and drawn in favour of Gladstone Kukoyi & Associates, was confirmed by Barclays Bank to be counterfeit.
Barclays Bank had also indicated that Gazeaft Limited, the issuer of the bill of exchange, did not have an account with them and was not listed as a registered company in the UK.
Despite these findings, Petro Union and its agents persisted in their claims that Union Bank had received £2,556,000,000.00 on their behalf and had transferred £2,159,221,318.54 to the CBN while retaining £396,778,681.46. This led to court actions against the CBN and Union Bank based on these dubious claims.
In a concerning development, Petro Union managed to secure a judgment by presenting an alleged statement of account from the CBN, neglecting the fact that a Central Bank serves as a banker to the government and banks, not to individual companies or persons.
Following these proceedings, both the CBN and Union Bank filed appeals to overturn the judgment, particularly as evidence of fraudulent motives began to emerge during the ongoing criminal prosecution of Petro Union and its executives at the Federal High Court in Lagos.
Additionally, information already presented to the Supreme Court suggests that Petro Union may have obtained the judgments at lower courts by allegedly providing evidence that appears to be based on falsehoods, forgery, misrepresentation of facts, and concealment.
Given Nigeria’s increasing debt profile, many observers are alarmed by the prospect of this additional £15 billion ‘debt’ looming over the nation. They are looking to the Supreme Court to deliver justice in this complex matter.
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