Seyi Tinubu, an industry player in outdoor advertising sector and MD/CEO of Loatsad Promomedia Limited has acquired E-Motion Advertising, founded by Sim Shagaya.
In what can be described as a major take-over in the industry, the acquisition is the latest in the advertising world as the two, both E-Motion Advertising and Loatsad Promomedia operate in the same market.
Commenting on the acquisition, Tinubu, the son of former Lagos State Governor and National Leader of the ruling party, All Progressive Congress (APC), Bola Tinubu, said he can’t wait to meet his new family, “Thankful for my team and partner Adenrele Olusoga and can’t wait to meet our new family @E-motion most importantly to God be the glory.”
This mercurial advertising guru, Seyi and his bosom friend and partner, Adenrele Olusoga keep on disrupting the Out-of-Home advertising industry with Loatsad Promomedia and massive investments along with creativity to become the leading outdoor company in the country.
E-Motion was founded by Sim Shagaya in 2005 before he founded online supermarket, Konga. According to statement on E-Motion, Shagaya remains a director at E-Motion which operates Out-of-Home advertising including billboard, transit and street furniture segments. The company is backed by leading local and international institutional investors with proven track records of funding and supporting high-growth companies.
The financial aspect of the deal wasn’t made public like most deals involving Nigerian startups which are undisclosed amount. However, the deal gives Tinubu the majority stake in E-Motion.
As at the time of writing this story, it is not quite clear if the acquisition will lead to E-Motion changing its name into that of Loatsad Promomedia since it’s a take-over deal.
This is not the first acquisition E-Motion will be involved in. Although the previous acquisition was not a major one like that of Loatsad. ARM Capital Partners had acquired a ‘significant minority equity interest’ in E-Motion in 2011.
Aside from the financial investment from ARM Capital Partner, the deal served as a leverage for E-Motion due to the network of ARM Capital Partner across Nigeria. The Vice President at ARM Capital Partners, Emeka Emenike is a director at E-Motion.