Menu
Search
Subscribe
Home Blog Page 194

Canal+ intends to maintain MultiChoice’s brands after the takeover.

Ranks-Staff
-
0
Canal+ intends to maintain MultiChoice’s brands after the takeover.

According to a report, Maxime Saada, Chair and CEO of Canal+, the French media company acquiring MultiChoice, has outlined the company’s plans post-takeover. Saada discussed the future of MultiChoice’s brands like DStv and Showmax, affirming that they will remain unchanged under Canal+’s ownership due to their significant brand value. He stressed the importance of preserving these strong brands unless there is a compelling reason to do otherwise.

“The reality is that we are up against companies like Netflix and Apple, which have a single, powerful brand. However, if you ask me today what I would do, I would definitely not alter the brands. They are highly valued assets,” Saada stated.

The report also indicates that the MultiChoice board has endorsed Canal+’s acquisition bid. This endorsement was confirmed during a press briefing in Cape Town.

Earlier this month, MultiChoice and Canal+ issued a joint statement to shareholders, announcing Canal+’s formal offer to acquire the remaining shares of the South African broadcasting company at R125 per share, marking the next step in the regulatory process overseen by the Takeover Regulation Panel (TRP).

Saada additionally highlighted key distinctions between Canal+ and MultiChoice, underscoring Canal+’s focus on content distribution compared to MultiChoice’s diversification strategy. While Canal+ prioritizes its core business to drive profits, MultiChoice has expanded into sectors such as home security, fintech, insurance, and betting.

Bella Okagbue named ambassador for international fashion brand “Fashion Nova”

Ranks-Staff
-
0

MultiChoice Nigeria intends to appeal a ₦150 million fine imposed by the regulator.

Ranks-Staff
-
0
MultiChoice Nigeria intends to appeal a ₦150 million fine imposed by the regulator.

On Friday, MultiChoice Nigeria announced its intention to appeal the ruling of the Competition and Consumer Protection Tribunal in Abuja. The company expressed dissatisfaction, claiming that the tribunal breached its right to fair hearing.

The tribunal had fined MultiChoice Nigeria, a subsidiary of the South African-based pay-TV operator, ₦150 million for disregarding a court order that restrained it from increasing the prices of its DStv and GOtv packages. Additionally, the tribunal mandated MultiChoice to offer Nigerians a one-month free subscription on both platforms, DStv and GOtv.

The tribunal’s decision, led by Thomas Okosu and two other panel members, stemmed from a motion filed by Barrister Festus Onifade. Onifade argued that MultiChoice’s 8-day notice of a price increase was insufficient and requested a revision.

In response to the motion (marked CCPT/OP/2/2024), the tribunal had initially instructed MultiChoice to halt its planned price hike until the court could hear and decide on the Motion on Notice. However, MultiChoice proceeded with the price increase, prompting the tribunal’s sanction.

MultiChoice’s appeal is set to challenge the tribunal’s ruling, asserting that the sanction was unjustified and emphasizing their commitment to legal due process amidst regulatory challenges.

Adia Sowho Resigns as Chief Marketing Officer of MTN Nigeria

Ranks-Staff
-
0
Adia Sowho Resigns as Chief Marketing Officer of MTN Nigeria

Adia Sowho, Chief Marketing Officer at MTN Nigeria, has stepped down after approximately three years of service. Following her departure, Ugonwa Nwoye, the current Chief Customer Relations Officer, will serve as the acting Chief Marketing Officer.

During her tenure, Sowho noted that MTN Nigeria’s Consumer Business achieved consistently over 20% year-on-year growth, while the data business experienced record growth of 50% year-on-year and became the first Nigerian telco to launch 5G.

Before becoming the CMO in August 2021, Sowho held various positions at Etisalat Nigeria (now 9mobile), including Head of Strategy and Business Development, Head of Digital Media, and Director of Digital Business. She also led instant lending operations at Migo (formerly Mines), where she was Managing Director and Vice President of Growth, and served as interim CEO of ThriveAgric, an agritech startup.

In a LinkedIn post announcing her departure, Sowho emphasized that partnerships have been central to MTN Nigeria’s growth, highlighting collaborations with OTT providers and OEMs to enhance the digital economy with smartphones.

Gov. Abiodun, Amosun Trade Words Over Severance Packages For Ex-Aides

Ranks-Staff
-
0
Gov. Abiodun, Amosun Trade Words Over Severance Packages For Ex-Aides

Ogun State Governor Dapo Abiodun and his predecessor, Senator Ibikunle Amosun, have clashed over the severance packages of some former appointees of the state government.

 

Governor Abiodun, through his Special Adviser on Information and Strategy, Kayode Akinmade, accused the forum of special assistants who served in Amosun’s administration of blackmail and mischief for complaining about the non-payment of their severance allowances.

 

Akinmade suggested that the affected former political appointees should first blame the “callousness and insensitivity” of their former boss before appealing to Abiodun for redress on “compassionate grounds.”

 

In response, Amosun, through his media aide, Lanre Akinwale, criticised Abiodun’s administration for failing to pay the severance benefits. Amosun asserted that the current administration has deliberately withheld these payments because the appointees served under him.

 

“The Dapo Abiodun-led government needs to be woken from their slumber and reminded that Amosun, during his administration, also paid the severance benefits of political appointees who served during the administration of his predecessor.

 

“Amosun did not ask the affected appointees to resort to begging, appeasing, worshipping, and bootlicking him. He paid it voluntarily, knowing fully well that government is a continuum, and he considered it part of his responsibility to the affected people for their service,” the statement read.

Dangote names the real owners of his new vehicle business

Ranks-Staff
-
0
Dangote names the real owners of his new vehicle business

Dangote has explained that his newly launched project Dangote Sinotruk West Africa comprises a total investment of over $100 million

The billionaire revealed that Dangote Industries owns 60% of the facility, Sinotruk China owns 30%, and Anders owns 5%

Dangote noted that he decided to start truck assembly in response to the need for cars in Nigeria’s logistics, and other industries

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

 

The chairman of Dangote Industries Limited, Aliko Dangote, has revealed the real owners of his recently launched project, Dangote Sinotruk West Africa, a fully knocked down CKD truck assembly plant recently opened in Lagos.

 

Dangote explains why he invested in vehicles

Dangote’s choice to engage in truck assembly is a response to the need for automobiles. Photo Credit: Dangote Group Source: UGC

As a joint venture with a total investment of over $100 million, he stated that Dangote Industries owns 60% of the plant, Sinotruk China owns 30%, and Anders owns 5%. He disclosed this while giving a speech at the plant’s inauguration.

 

Senate President Godswill Akpabio and Lagos state Governor Babajide Sanwo-Olu were present at the June 9 opening ceremony.

 

Why Dangote invested in trucks

In The Cable report, Dangote noted that the company’s choice to engage in truck assembly was a response to the need for automobiles in Nigeria’s construction, food and beverage, and logistics sectors.

 

The billionaire said:

 

“Our aim is to meet the expected current demand of this segment of automobiles required for logistics, construction, food, and beverages industries in Nigeria,”

“I am sure we are going to fully participate in the new CNG, which I think the government is driving. But we in Dangote, we are actually committed to buy 10,000 of the CNG trucks.”

Lagos to purchase 100 trucks

During his speech, Sanwo-Olu stated that because of the local automaker’s dependability, his administration intends to purchase an extra 100 compactor trucks.

 

The governor said:

 

“We have seen the benefit of what they are doing here. We have procured from them compactor trucks that were seen on the road in Lagos.”

“We have also publicly made another order for 100 trucks of the compactors, because we found that they are reliable.”

Also speaking, Akpabio commended the Lagos state governor and Dangote for their efforts in creating jobs for Nigerians and reducing crime in Lagos.

 

Akpabio said:

 

“I am sure even the president of the country will be glad to receive reports from us on what is going on in Lagos, and how you and the governor of Lagos are collaborating together with the federal government to take children off the streets, off criminality, into employment”

Hikmat Thapa, the group’s general manager for projects, said they are handling welding, painting, and major jobs within the plant, adding that their capacity will increase to 30,000 trucks annually with the launch of the plant.

 

Innoson builds multibillion naira factory

Legit.ng reported that Innoson Vehicles Manufacturing Company Ltd (IVM), Nnewi, has built a new multibillion-naira factory to begin producing heavy-duty vehicles and various buses using Compressed Natural Gas-powered engines.

 

According to the corporation, the car plant can produce up to 30,000 vehicles annually.

 

The move comes after President Bola Tinubu’s recent directive to the federal government ministers, departments and agencies to start purchasing compressed natural gas power vehicles.

 

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

 

Source: Legit.ng

CBN reveals stance on revoking licenses of Wema, Polaris, Unity Banks

Ranks-Staff
-
0
CBN reveals stance on revoking licenses of Wema, Polaris, Unity Banks

The Central Bank of Nigeria has said there is no plan to revoke the licenses of Wema, Polaris and Unity Banks.

 

The acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, on Monday, made this clarification in a statement.

 

Recall that a circular made the round on Monday suggesting that the apex bank has dissolved the boards of the three banks barely after revoking the license of Heritage Bank.

 

However, the apex bank spokesperson described the claim as false.

 

CBN reassured members of the banking public of the safety of their deposits and the banking system’s resilience.

 

“Without prejudice to the ongoing recapitalization process, I want to restate that the Nigerian banking industry remains resilient.

 

“Key financial soundness indicators remain within current regulatory thresholds.

 

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she stated.

 

On June 3, CBN announced the withdrawal of license for Heritage Bank over poor financial performance.

 

To quell public panic, the Nigerian Deposit Insurance Corporation, NDIC assured Heritage Bank depositors that it had already begun the process of repaying their money.

 

Lagos State Government seeks FG’s approval to inspect out-of-state freight vehicles on federal highways

Ranks-Staff
-
0
Lagos State Government seeks FG’s approval to inspect out-of-state freight vehicles on federal highways

LASG seeks FG’s approval to inspect out-of-state freight vehicles on federal highwaysLGis

The Lagos State Government has announced that it is intensifying efforts with the federal government, via the Federal Road Safety Corps (FRSC), to permit state authorities to inspect freight vehicles entering the state on federal highways.

 

This development is detailed in the recently unveiled Lagos State Transport Policy, which outlines a series of actions adopted by the government to address the city’s interrelated mobility challenges and achieve its transportation goals.

 

According to Section 4.8 of the policy: Urban Road Freight, the Lagos State Government’s request to inspect vehicles coming into Lagos on federal highways is part of the state’s efforts to ensure efficient urban freight movements.

 

“The State will intensify its coordinating efforts with federal authorities (via FRSC) to either upgrade standards nationwide or to permit Lagos State to inspect vehicles entering the State on Federal Highways,” a portion of Section 4.8 of the policy reads.

 

The policy noted that while the Vehicle Inspection Service (VIS) is ramping up inspections of vehicles registered within Lagos State, out-of-state tankers and trailers delivering to or picking up from Lagos ports bypass these inspections.

 

Hence, the request for approval to inspect out-of-state freight vehicles.

 

According to the policy, particularly Table 5.1.5.1 Policy Area: Urban Road Freight, the timeline for implementing this initiative to inspect and ensure compliance of vehicles registered outside Lagos with Lagos vehicle maintenance standards is two to five years.

 

More insights

Regarding the operations of freight vehicles within Lagos State, Section 4.8: Urban Road Freight of the Transport Policy emphasizes that “Forthwith, tankers and trailers are expected to use only routes designated for their use, with those transporting oversized and/or hazardous goods expected to fully comply with applicable regulations.”

 

This directive aligns with the overarching goal of improving road safety and efficiency in urban freight movements within Lagos State.

 

The implementation for freight vehicles to use only designated routes is slated to begin immediately, underscoring the urgency of the Lagos State Government’s efforts to enhance urban road freight operations.

Compliance by these vehicles on designated lorry routes will be strictly enforced, as trucks travelling on roads not built for their use cause significant damage, the policy stressed.

Furthermore, the policy notes that the Lagos Ministry of Transportation will undertake a study to review the nature and extent of the existing designated routes. The aim is to ensure their suitability, remove potential obstacles, improve signage, and promote public awareness. Ultimately, the goal is to expand such routes.

Additionally, the policy reveals that the Lagos State Government will continue to work with the Nigerian Ports Authority (NPA) and relevant agencies to increase the availability of dedicated port backup facilities, such as fit-for-purpose truck parking and waiting areas.

 

Nigerian subscribers down to 8.1 million as MultiChoice losses climb to $217m

Ranks-Staff
-
0
Nigerian subscribers down to 8.1 million as MultiChoice losses climb to $217m

South African pay-TV group, MultiChoice reported total annual losses of R4 billion ($217 million) on revenues of R56 billion on the back of macroeconomic challenges that may make its shareholders seriously consider if a Canal+ ownership may provide some respite.

 

Devaluation and inflation in markets like Nigeria and Ghana reduced consumer spending power, leading to a decline in active subscribers. Its number of active subscribers in Nigeria was 8.1 million (a 1.2 million decline), reducing the country’s revenue contribution to the Rest of Africa segment from 44% to 35%.

 

“Mass-market customers in countries like Nigeria had to prioritise basic necessities over entertainment,” MultiChoice said in its executive summary announcing the results.

 

FY24 presented the toughest set of macro-economic conditions for the Rest of Africa (defined as all its markets outside South Africa) business since 2016, the company said.

 

Its South African business, which showed more resilience with only a 5% decline in active customers (7.6 million active subscribers at year-end), also came under pressure.

 

“Consistent loadshedding through FY24 created an environment where customers without backup power were reluctant to subscribe to our service due to the uncertainty of whether they would be able to watch.”

 

Across all its markets, the number of premium customers (which includes the Premium and Compact Plus bouquets) declined by 8%, and the mass market tier by 2%.

 

These annual results, which investors are unlikely to be impressed by, were delivered against a background of cost-cutting measures by the pay-TV group. It reduced subsidies on decoders and delivered cost savings of R1.9 billion. Yet, it was unable to escape the realities of the markets in which it operates.

 

For instance, the group incurred remittance losses of $59 million during the year from Nigeria as FX market volatility saw prices swing sharply. In FY 2023, that figure stood at $132 million.

Funmilayo Ransom Kuti Biopic rakes N100 million in ticket sales in less than 1 month

Ranks-Staff
-
0
Funmilayo Ransom Kuti Biopic rakes N100 million in ticket sales in less than 1 month

The biopic “Funmilayo Ransom Kuti,” produced by Bolanle Austen-Peters, has surpassed the N100 million ticket sales milestone after just three weeks in cinemas.

 

As of June 5, the Nigerian Box Office (NBO) reported that the film had accumulated N108 million in ticket sales across various cinema viewing centers nationwide. The movie launched its theatrical run with N32 million during its opening weekend, following its release on Friday, May 17, 2024.

 

The Nigerian Box Office disclosed this achievement via the social media platform X on Monday, May 20, 2024. According to NBO data, the biopic not only topped the weekend box office charts but also set a new record for the highest-grossing opening weekend for a biopic in Nigeria.

 

This accomplishment places the biopic as the highest-grossing film in West Africa for 2024 so far. Starring Kehinde Bankole, the recent Africa Magic Viewers’ Choice Awards (AMVCA) Best Actress, the Nollywood film joins the ranks of 2024’s high-grossing movies, such as “All’s Fair in Love,” which grossed N130 million in February.

 

In March, the indigenous film “Ajakaju: Beast of Two Worlds” grossed N250 million, tying with Kayode Kasum’s “Ajosepo,” which also grossed N250 million. Despite this competition, Bolanle Austen-Peters’ film is a strong contender, projected to conclude its run with an estimated N200 million in total earnings.

 

The film also features a stellar ensemble cast, including veteran actors Ajoke Silva, Adebayo Salami, Omowunmi Dada, Adunni Ade, Jide Kosoko, Dele Odule, Ibrahim Suleiman, Bikiya Graham-Douglas, Yewande Osamein, and Iyimide Ayo-Olumoko. This ensemble, coupled with a compelling narrative, has contributed significantly to its commercial success.

 

Other notable films on the horizon include “Furiosa: A Mad Max Saga,” which debuted with N53.3 million in its first week. Additionally, Funke Akindele, one of Nigeria’s highest-grossing actresses, has announced plans for a new movie, “Finding Me.” Although the release date is not yet known, anticipation is high for what the box office queen has in store this time.

 

What you should know

“Funmilayo Ransom Kuti” tells the compelling life story of the late Nigerian educator, political reformer, women’s rights activist, and mother of Afrobeat legend Fela Anikulapo-Kuti. Her legacy is celebrated in this cinematic portrayal.

 

The film explores significant phases of Ransome-Kuti’s life, including her education at Abeokuta Grammar School, her marriage to Israel Ransome-Kuti, and her revolutionary fight against colonialism and patriarchy.

 

The film highlights her pivotal role in creating the Abeokuta Women’s Union, which was instrumental in advocating for women’s rights and challenging colonial governance.

 

1...193194195...555Page 194 of 555

About us

Our platform serves as a dynamic canvas that celebrates and chronicles the convergence of ideas, artistry, and industry, shaping the very landscape of modern aesthetics.

Company

The latest

Lagos Fashion Week: How Nigerian Style Was Built into a Global Force

Style & Fashion 0
Lagos Fashion Week has become the premier fashion event...

ALH. WASIU AYINDE ADESANYA: THE OLORI OMOBA AND POTENTIAL BABA AWUJALE OF IJEBULAND

Guest Editorials 0
Controversy surrounds Alhaji Wasiu Ayinde's claim of connection to...

BON Awards 2025: Seven Doors Leads the Night as a New Generation of Stars Shape Nollywood’s Honours Roll

Ranks Screen 0
The 17th edition of the Best of Nollywood Awards...

Subscribe

© 2023 Ranks Africa. All Rights Reserved.