Denford Magora, founder and CEO of Jericho Advertising. Picture credit: Jupiter Drawing Room.
Jericho Advertising one of the most visible ad agencies in Zimbabwe issued a press statement today to refute claims that they may be in financial difficulties. Jericho’s statement follows the publication of agencies blacklisted by the Advertising Media Association (ADMA) for failing to settle debts owed to media houses.
According to Jericho its inclusion on the list is the work of detractors bent on tarnishing the agency’s name.
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Says Jericho’s statement:
Last week you all saw an unwarranted, sustained and unrelenting attack on our reputation and public image in all the media, casting doubt on our solidity. especially financial solidity.
The attack was designed deliberately to alarm our clients and potential clients and was designed to allow other agencies, who have consistently failed to beat Jericho on a level playing field to now play on a field heavily and unfairly tilted against Jericho.
Jericho, like other ad agencies in the country (hell, like the majority of companies in Zimbabwe), are in an economy that’s struggling under liquidity problems so the claims that they may not be settling debts should not surprise anyone.
In response to Jericho’s claims ADMA has released another statement reiterating that Jericho was indeed on the list of agencies that had payments outstanding from before December last year. They however clarified that Jericho has since made some payments and have been removed from the blacklist. As for Jericho’s “we’re being victimised for our success” statement, ADMA simply said there was not attempt to tarnish a specific agency’s reputation.
Agencies still on the ADMA blacklist are the following:
- Gary Thompson and Associates
- Tatu Media
- FCB Zimbabwe
- Africa Advertising
- Cornish & Carter
- Maideas Thoughtshop
- Femjoy Investments
- Global Brands
- Hash Three
ADMA is the association that media houses in Zimbabwe fall under for the purposes of engaging advertising agencies. It negotiates rates, payment terms and other things on behalf of media houses. It also grants recognition to ad agencies.
As a grouping of the media houses themselves (i.e. the money is owed to them) a claim by ADMA that certain agencies are not paying their debts would likely be true. Unless a huge conspiracy is at hand.
We are not members of ADMA ourselves but we don’t there’s an conspiracy here. It’s also strange that Jericho would claim it’s their competition doing this when 10 of their competitors are on the blacklist.