SBI Media Group has been officially ranked as Nigeria’s largest independent media agency and the second largest media agency overall in the newly released RECMA Nigeria Overall Activity Ranking 2024, further cementing its leadership position in the nation’s media landscape.
According to the ranking published by RECMA—the world’s most authoritative media agency research and benchmarking organisation—SBI Media holds a commanding 16.3% share of the Nigerian media industry, outperforming several global network competitors and rising above All Seasons Zenith, PHD, Carat, iProspect, and others to secure the #2 position nationally.
This year’s ranking also highlights SBI Media as the fastest-growing media agency in Nigeria over the last three years, with a remarkable 266% growth between 2021 and 2024. The 2024 data shows the agency delivering an 80% year-on-year growth, more than tripling its activity volume compared to three years ago—making it the most accelerated growth trajectory in the Nigerian market.
The RECMA report, which restates 2023 figures due to Naira devaluation and exchange rate realignments, places SBI Media ahead of global network agencies such as All Seasons Zenith (#3), PHD (#4), and Carat MediaFuse (#5). Only MediaReach OMD ranks higher overall.
CEO Rotimi Bankole Reacts
Commenting on the announcement, Rotimi Bankole, CEO of SBI Media Group, said:
“The latest ranking by RECMA has further buttressed and accentuated the effectiveness of our 10-year strategic plan to build Africa’s global media and communication group with the most cutting-edge strategy, people and technology that adds value to our partners and colleagues. This result is also an appreciation to our partners, stakeholders, colleagues across all the local and global markets where we operate. With the impending Artificial Intelligence (AI) supercycle and its ‘double-edged’ consequences on the industries we support and our ecosystem, we believe we are well prepared to work with our local, regional and global partners to build strong brands that are profitable and responsible to all audiences and markets.”
Context Behind the RECMA 2024 Rankings
The Nigerian media market in 2024 experienced a strong rebound in advertiser spending, driven by major economic reforms including the liberalisation of the Naira and removal of fuel subsidies. Traditional media such as TV, radio and press regained significant traction among both local and multinational brands.
Against this dynamic backdrop, SBI Media not only defended its leadership as Nigeria’s foremost independent media agency but also outperformed global networks to emerge as the fastest-growing agency in the country, both in 2024 and across the last three years, according to RECMA’s 3-year activity growth table.
With the vision to become Africa’s most global agency, SBI Media Group is Nigeria’s largest independent media agency (RECMA 2021) built on a culture of bravery, thought leadership and innovation. As a member of the Stagwell Global affiliate network, the Group partners with a diverse portfolio of clients across telecoms, technology, aviation, automobile, eCommerce, FMCGs, financial services, and allied industries.
SBI Media Group operates across six major economic cities including Accra (Ghana), Johannesburg (South Africa), Nairobi (Kenya), Dubai (UAE), and London (UK), serving Europe and the Asia-Pacific region. The Group is headquartered in Lagos, Nigeria, with over 100 media professionals specialising in digital transformation, media strategy, research, creative and content, planning and media exchange.
RECMA (Research Company Evaluating the Media Agency Industry) is the world’s leading independent media agency research organisation, providing evaluation and benchmarking of media agencies across more than 60 countries. RECMA publishes market share, competitiveness, vitality, and qualitative performance rankings that are widely regarded as the global barometer of media agency strength and market leadership.
