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In 2023, the companies under Tony Elumelu’s leadership achieved capital gains totaling N1.6 trillion

The companies linked to Tony Elumelu concluded 2023 as standout performers, showcasing an exceptional year for the billionaire investor.

Collectively, these companies saw a staggering N1.6 trillion increase in market capitalization, a significant achievement among billionaire-owned groups on the NGX.

Notably, Transcorp Group, Transcorp Hotel, UBA, Africa Prudential, and United Capital—where Mr. Elumelu holds majority ownership—ended the year with a combined market valuation of N2.1 trillion, marking a remarkable leap from N467 billion at the beginning of the year.

Although Elumelu doesn’t possess all the shares, he commands these entities as the largest single shareholder, steering their exceptional growth despite challenges like high inflation, currency depreciation, and security concerns.

Elumelu’s businesses span various sectors, expanding from his roots in banking during the late 90s to encompass hospitality, oil and gas, financial services, banking, agro-allied ventures, power, and insurance.

The companies’ collective market valuation surged by an impressive 394%, showcasing a remarkable return in a challenging economic climate, largely propelled by strong fundamentals, market sentiments, insider dealings, and positive corporate actions.

Two companies under Elumelu, Transcorp Hotel and Transcorp Group, emerged among the top ten best-performing stocks for the year, with Transcorp Hotel achieving a staggering 1022% return—the highest among Nigerian stocks.

In terms of financials, UBA showcased exceptional performance with a 253% return, while the companies collectively reported a profit of N524.8 billion, reflecting a price-to-earnings multiple of around 4x, mainly influenced by UBA.

UBA notably soared with a 237.5% increase in stock value, displaying robust financials with a 264% rise in profit within the first 9 months of 2023 compared to the entire 2022.

Similarly, United Capital achieved a year-to-date return of 64%, recording substantial growth in market valuation and beating its previous earnings per share.

Transcorp Group and Transcorp Hotel, in particular, made significant strides with remarkable growth percentages, solidifying their positions in the market despite challenges and strategic shareholder movements throughout the year.

The performance of Elumelu’s companies in 2023 stands out as one of the most exceptional in terms of both financial robustness and market value appreciation.

This achievement sets the stage for promising dividend payments as a token of appreciation to shareholders who entrusted their investment in these companies.

 

LCCI forecasts a decrease in the inflation rate for 2024

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Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, anticipates a slowdown in Nigeria’s inflation rate for 2024. He highlighted the removal of fuel subsidies as the primary cause for the recent acceleration in inflation.

Idahosa expressed confidence that ongoing measures to address rising transportation costs would gradually ease price levels in the coming year.

He emphasized the impact of initiatives like CNG buses and the forthcoming production from Dangote and Port Harcourt refineries in reducing energy expenses nationwide.

Aligning with the World Bank’s perspective, Idahosa expects inflation to moderate as early as 2024, coinciding with an analysis indicating a frequent increase in Nigeria’s inflation over the past 26 months, with occasional dips amidst the overall upward trend.

 

High food inflation impacts Nigeria and other countries the most, states World Bank

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The World Bank’s recent Food Security Update highlighted that Nigeria and several other nations in Africa, North America, and Latin America are grappling with significant domestic food price inflation. The report emphasized that over 61.9 percent of low-income countries are experiencing inflation rates surpassing five percent.

This update noted a two percent rise in agriculture, a six percent surge in cereal, and a one percent increase in export price indices. Specifically, maize and wheat prices escalated by eight percent and 14 percent, respectively, since the last update.

Despite a slowing global economy, there’s an anticipation of a surge in demand for agricultural products in the upcoming 2023/24 marketing season.

Furthermore, the report highlighted that trade-related policies imposed by various nations surged following Russia’s invasion of Ukraine.

The growing number of food trade restrictions aimed at bolstering domestic supply and curbing prices have contributed to aggravating the global food crisis.

In Nigeria, the latest Consumer Price Index for November 2023 released by the National Bureau of Statistics revealed a substantial increase in food inflation to 32.84 percent.

Notably, states like Kogi, Kwara, and Rivers experienced soaring food inflation rates, reaching 41.29 percent, 40.72 percent, and 40.22 percent, respectively.

Comparing November 2023 to the previous year, there was an 8.72 percentage point surge in food prices, attributed to increases in the prices of various food items.

The report emphasized a month-on-month increase in the food inflation rate from October 2023 to November 2023.

Overall, the Food Security Update and the Consumer Price Index reflect the dire situation of food price inflation, especially in certain regions, signaling ongoing challenges and potential future concerns for global food security.

Johnny Drille and his wife joyfully welcome their first child

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Nigerian artist John Ighodaro joyfully declared the arrival of his daughter, Amaris, via Instagram on Thursday evening.

Born on November 17, she is now six weeks old.

Johnny Drille expressed the profound impact of becoming a father, emphasizing the miraculous nature of the experience. He shared his commitment to being the best father and praised his wife, Rima Tahini, for her strength during pregnancy.

The couple tied the knot on July 4, 2023, with Rima Tahini being the Director of Artiste and Repertoire at Mavin Records, the label to which Johnny Drille is currently signed.

 

Burundi’s president advocates for the punishment of gay couples through stoning

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Burundi’s President, Evariste Ndayishimiye, strongly condemned same-sex relationships on Friday, advocating for public stoning of same-sex couples.

He criticized Western nations for linking aid to the acceptance of gay rights, stating that Burundi should reject such pressure.

Homosexuality has been illegal in Burundi since 2009, with prison sentences of up to two years for consensual same-sex acts. Ndayishimiye, a Catholic, referred to same-sex marriage as an “abominable practice” and suggested stoning individuals in a stadium without considering it a sin.

This stance aligns with the conservative sentiments prevalent in many East African countries, reflecting a broader pattern of repression against the LGBTQ+ community in the region.

Despite international praise for easing Burundi’s isolation, Ndayishimiye faces criticism for a lack of improvement in human rights and persistent poverty in the country.

 

In 2023, the federal government granted a three-year tax holiday to 34 companies

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On Friday, the Nigerian Investment Promotion Commission announced its approval of tax holidays for 34 companies seeking incentives and waivers under the Industrial Development Income Tax Act in 2023.

Lovina Kayode, Head of Incentives Administration, revealed this during an end-of-the-year press briefing in Abuja, emphasizing that these tax incentives aim to attract foreign investments.

Despite concerns about revenue loss, the commission follows stringent procedures to ensure deserving companies receive these incentives.

The commission plans to publish impact reports next year, assessing the effectiveness of the incentives in terms of job creation and economic activities.

Aisha Rimi, the commission’s Executive Secretary, reiterated their commitment to supporting and facilitating investors in the coming year.

 

Salah guides Egypt into the Africa Cup of Nations as the leader from Liverpool

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Liverpool’s star forward, Mohamed Salah, headlines Egypt’s roster for the upcoming Africa Cup of Nations, as revealed by manager Rui Vitoria.

Salah will be accompanied in the attacking lineup by Al-Ahly’s Mahmoud Kahraba. Notable omissions from the squad include Abdallah Said, Mahmoud Hamdy, and Al Ahly’s Hussein El Shahat and Mohamed Magdy.

Vitoria, mindful of Egypt’s recent Cup of Nations history, expressed caution, stating, “We will treat each game as a final.”

Egypt, drawn in Group B with Mozambique, Ghana, and Cape Verde, aims to rebound from their 2021 final defeat to Senegal.

The squad features a mix of experienced players, including Arsenal’s Mohamed Elneny, and promising talents across various European clubs.

 

Okocha’s rematch proposal gets turned down by Portable

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Nigerian street-pop sensation, Portable, has firmly rejected Nollywood actor Charles Okocha’s proposal for a rematch, adamantly refusing to relinquish the victory belt.

Okocha, defeated by Portable in a Heritage Boxing Entertainment celebrity bout, alleged foul play, asserting that Portable removed his gloves in the third round, a move that should have triggered immediate disqualification.

The online feud between the two escalated from a reported N40m dispute, with Portable accusing Okocha of cheating him out of money.

This led to a physical showdown scheduled for Boxing Day, with the Heritage Boxing Entertainment endorsing the title for the fight.

Post-bout, Okocha took to Instagram, criticizing the referee for alleged irregularities. Portable, in response, released videos opposing Okocha’s rematch demands, suggesting he challenge two-time world heavyweight champion Anthony Joshua instead.

While both celebrities received praise for promoting boxing in Nigeria, the interim president of the Nigerian Boxing Federation, Azania Omo-Agege, expressed interest in making them ambassadors for the sport, aiming to engage in discussions with them.

The Africa Boxing Confederation VP commended the organizers for their efforts in promoting boxing in Nigeria, emphasizing the potential of such initiatives to steer Nigerian youth away from the streets and into the world of boxing.

 

From Production Manager to Full-Time Actor: The Transformative Odyssey of Saheed Bayonle

Saheed Bayonle’s metamorphosis from a Production Manager to a Freelance Writer and a Full-Time Actor exemplifies an inspiring journey of evolution within the Yoruba film industry. His trajectory unfolded through a blend of strategic immersion and an unshakable belief in his artistic calling, ultimately guiding him toward center stage.

Reflecting on this pivotal shift, Saheed revealed, “The Yoruba film industry often witnesses newcomers aspiring to become full-time actors, and I was no exception. However, sustaining relevance in this industry requires more than aspiration; it demands a stroke of luck. Strategic immersion within various departments becomes vital, paving the way for survival and relevance in this extensive landscape.”

The moment of realization surfaced during the filming of ‘Mama Ereko,’ illuminating Saheed’s authentic calling. The allure of preferential treatment, recognition, and validation exclusively granted to actors nudged him away from the path of production management. This transition proved both worthwhile and fulfilling.

His tenure as a production manager not only honed his skills but also offered a unique perspective on the dynamics between production and acting. “Being entrenched in both worlds – seeing actors from a production manager’s viewpoint and vice versa – granted me a rare privilege to navigate both arenas with profound understanding,” Saheed explained.

This multifaceted experience significantly influenced his approach to writing. Renowned for his knack for generating innovative ideas during screenplay conferences, Saheed’s attention to detail, honed through script reviews, seamlessly translates into his writing endeavors.

Saheed reminisced on defining moments in his writing career, citing ‘The Cokers’ as an exemplary project that showcased his capabilities within a remarkably brief period. His association with industry icons such as Bukky Adeeyo and Baba Suwe fostered an environment propelling his journey forward, offering numerous opportunities to exhibit his writing proficiency.

His social media ascent reflects a strategic shift, transforming from a sporadic presence to an influential figure with over 19k followers on Instagram and an expanding TikTok fanbase. Venturing into Facebook, Saheed crafts content aimed at education and entertainment, fostering meaningful connections with his audience.

Looking ahead, Saheed remains committed to producing engaging films and nurturing relationships with his growing fan base. His perspective on engaging the women aged 30-45 demographic emphasizes the significant role female viewers play in the industry.

Navigating a competitive field, Saheed shared his mantra: “Not everyone may love you, but those who do, cherish and reciprocate that love in abundance.” His resilience draws inspiration from authenticity and an unyielding pursuit of knowledge.

Offering guidance to those seeking reinvention, Saheed underscores the importance of detachment from personal narratives, continuous learning, careful curation of public relations, and an understanding of the crucial role lobbying plays in the industry’s success.

Saheed Bayonle’s journey embodies resilience, adaptability, and an unwavering commitment to artistic growth, serving as an inspiring testament to reinvention in the entertainment world.

Barack Obama’s 2023 Musical Favorites Unveiled

Former President Barack Obama recently disclosed his musical preferences for the year 2023, offering a diverse and vibrant selection that transcends borders and genres. Among his highlighted tracks are:

 

– ‘Unavailable’ by Davido featuring Musa Keya

– ‘Sittin’ On Top Of The World’** performed by Burna Boy and 21 Savage

– ‘Water’ by Tyla

– ‘Amapiano’ by Asake featuring Olamide

– ‘Me & U’ by Tems

The eclectic mix not only underscores the former President’s appreciation for music but also signifies a celebration of diverse musical talents from Nigeria and South Africa. Obama’s playlist echoes the global influence and creative prowess emanating from these regions, capturing the essence of cultural vibrancy through rhythm and sound.