Billpoint, a domestic payment platform, made headlines last week after an ambitious attempt to sign popstar Davido as its brand ambassador.
According to the company’s founder, Linus Williams, Davido stood out as the ideal candidate to cast as its brand ambassador. As a result, the company drafted a sum of N150m, which is the equivalent of $205,000, to sign a contract with the Timeless Crooner.
But the singer’s team responded that the singer would only sign endorsement deals in the area of $5 million, dealing the company, which provides a wide range of bill payment services, a blow.
“Davido’s endorsement fee is $5m for a full calendar year and is subject to review at the end of the endorsement period,” Davido’s team responded to Billpoint in a mail.
Billpoint was unable to afford this sum, which was 24 times its budget, and the contract fell through.
“We finally gave up when we got this response from his team,” Mr Williams said on Instagram.
This event has raised questions about how much Nigerian popstars make from endorsement deals. Davido is currently one of the best-positioned Nigerian musicians in endorsement deals, according to industry news, after signing contracts with renowned brands like MTN, Pepsi and Access Bank.
Some social media users contend that Billpoint and Mr Williams ought to have done their homework before approaching Davido with a relatively low offer. Others believe the amount quoted by Davido’s team was an excuse to avoid any affiliation with the Billpoint brand.
Nevertheless, Billpoint is still looking for a brand ambassador. According to Mr Williams, the company will continue to evaluate its options for its marketing strategy.
