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Vetiva predicts that growth in 2024 will be propelled by core banking

Tosin Ranks
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Vetiva predicts that growth in 2024 will be propelled by core banking

Vetiva Capital Management, a Nigerian firm, expresses confidence in the growth prospects of core banking for the upcoming year.

Olumide Sole, Vetiva Capital Management’s sub-Saharan banking research analyst, notes significant gains in year-end figures for major banks like Zenith, GTCO, and UBA, mainly attributed to Forex evaluation gains in 2023.

Discussing the impact of rising interest rates on the cost of funds, Sole emphasizes that banks are grappling with increased costs due to higher interest rates on customer deposits.

The removal of the two-billion limit on daily deposits through the Standing Deposit Facility by the Central Bank of Nigeria is seen as a strategic opportunity for banks to boost their revenue and core banking income.

Sole points out Access as the largest bank by asset size, expecting continued growth.

Anticipating the impact of the recent issuance of more shares on First Bank of Nigeria, Sole foresees this contributing to the bank’s expansion.

Other banks, like FCMB Group and Fidelity Bank, are well-positioned for growth following additional capital issuance and strategic acquisitions, respectively.

While acknowledging Stanbic’s consistent dividend payout and the launch of a fintech subsidiary, Sole also recognizes UBA’s impressive performance with a substantial non-interest margin, anticipating sustained support for the bank’s performance in 2024.

Zenith Bank’s robust 40% dividend payout is deemed impressive and is expected to fortify its stock market performance into 2024, according to Sole.

Tinubu urges NNPC board as the company aims for a projected 2 million barrels per day in oil production

Tosin Ranks
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Tinubu urges NNPC board as the company aims for a projected 2 million barrels per day in oil production

On Monday, President Bola Tinubu directed the Nigerian National Petroleum Company Limited’s Board to promptly commence their duties, cautioning against non-performance.

Tinubu emphasized a zero-tolerance policy for behaviors hinting at entitlement, asserting the potential dissolution of the Board without prior notice for inadequate performance.

He underscored the importance of sustained excellence and vowed to optimize Nigeria’s security architecture to support the Board’s effectiveness.

Tinubu urged the Board to prioritize corporate social responsibility for the Niger Delta, recognizing the region as vital to the nation’s well-being.

He emphasized the need for environmental care, enhanced security to curb theft and vandalism, and a shift towards cleaner energy.

Additionally, Tinubu encouraged a thorough examination of the Petroleum Industry Act, empowering the Cabinet and Board to devise strategies for increased production, profitability, and governance.

Chairman Pius Akinyelure praised the President for subsidy removal, expressing the Board’s commitment to boosting crude oil production to two million barrels per day by 2024.

However, he acknowledged the challenge of oil theft, emphasizing the necessity of overhauling the security architecture to mitigate pipeline vandalism.

The Board aims to make Nigeria a leader in the oil and gas industry globally, with a focus on transitioning to sustainable green energy, according to Dr. Eunice Thomas, the only female board member.

The inauguration included key figures such as Umar Ajiya, Ledum Mitee, Musa Tumsa, Ghali Muhammad, Mustapha Aliyu, David Ogbodo, and Eunice Thomas.

 

Ondo generates N900 million from motorcycle and tricycle riders within an 11-month period

Tosin Ranks
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Ondo generates N900 million from motorcycle and tricycle riders within an 11-month period

The Ondo State Government has reported a total revenue of N900 million from the sale of tickets to commercial motorcyclists and tricyclists throughout the state.

The government aims to surpass the N1 billion mark by the end of December 2023.

The Chairman of the state Internal Revenue Service, Mr Tolu Adegbie, revealed this information during the 2023 raffle draw ceremony for commercial motorcycle and tricycle operators held in Akure on Monday.

Despite the positive outlook, Adegbie acknowledged a revenue shortfall compared to the previous year, citing factors such as the naira scarcity issue early in the year and the removal of fuel subsidy.

He emphasized that the generated amount of N900 million, covering January to November, falls short of the N1 billion recorded during the same period last year. Notably, the bulk of this revenue is attributed to motorcycles.

Adegbie highlighted the tricycle sector’s contribution, mentioning an approximate range of N250 to N350 million.

In response, the government is encouraging tricycle owners, albeit fewer in number, to improve their performance.

Adegbie expressed optimism that by the end of December, the total revenue from motorcycle and tricycle operations would exceed N1 billion.

Earlier, Doyin Odebowale, the Special Adviser to Governor Rotimi Akeredolu on Special Duty and Strategy, provided context, stating that the revenue from commercial motorcyclists was initially around N400,000 monthly and N4.8 million annually when the current government assumed office.

However, by 2018, the Akeredolu administration successfully increased the revenue to N350 million.

During the ceremony, various items such as motorcycles, bags of rice, and others were presented as gifts to operators by the Ondo State Internal Revenue Service (ODIRS) to express appreciation for their commitment.

 

The World Bank emphasizes the imperative for Nigeria’s cash transfer program to extend its reach to households

Tosin Ranks
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The World Bank emphasizes the imperative for Nigeria’s cash transfer program to extend its reach to households

Merely 0.1% of the intended impoverished and vulnerable households have thus far received the Federal Government’s newly introduced monthly cash transfer of N25,000.

The World Bank’s Lead Economist for Nigeria, Alex Sienaert, revealed this data during the presentation of the Nigeria Development Update in December 2023.

The government aims to provide N25,000 per month for three months to low-income households, with 1.5 million households currently benefiting.

Sienaert anticipates reaching five million households by the end of December, implying that only 0.1% of the targeted 15 million households have received payments.

Despite the country’s severe challenges, 99.9% of the intended recipients are still awaiting their monthly cash transfers.

Challenges in disbursement may be attributed to a low number of poor and vulnerable individuals possessing National Identity Numbers (NIN), a prerequisite for receiving the cash transfer.

The target was a 20% registration in the National Social Registry with a valid NIN by June 30, 2022.

However, by December 31, 2022, only 0.10% of the impoverished and vulnerable Nigerians on the registry had obtained NIN, resulting in approximately 9,670 beneficiaries out of the total 9,666,420 having NIN.

Emphasizing the pivotal role of NIN, the World Bank Lead Economist for Nigeria highlighted that the State Social Registers are undergoing a rigorous verification process, collaborating with federal and state entities.

During this process, beneficiaries will be assisted in enrolling for NIN to broaden coverage and utilization of the national identity number.

Sanwo-Olu actively seeks investors to support Micro, Small, and Medium Enterprises (MSMEs)

Tosin Ranks
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0
Sanwo-Olu actively seeks investors to support Micro, Small, and Medium Enterprises (MSMEs)

Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged both local and international investors to collaborate with Micro, Small, and Medium Enterprises (MSMEs) in the state, aiming to elevate their products and services for entry into the African Continental Free Trade Area and the global market.

Emphasizing the potential for a substantial return on investment, the governor, represented by Commissioner Folashade Ambrose-Medebem, highlighted the significance of the MSME sector in driving employment, wealth creation, and economic growth.

Speaking at the 8th Lagos MSMEs Exclusive Trade Fair, he underlined the fair’s role as a cost-free platform promoting local entrepreneurs’ offerings, stressing the state’s commitment to supporting MSMEs and fostering economic development.

The governor affirmed plans to compile a comprehensive database of Lagos MSMEs, facilitate investment inflow, and sustain efforts to empower individuals and groups driving MSME growth.

Attendees, including exhibitors, praised the inclusive government approach and the opportunity for a six-day free display of products at the event.

 

Arsenal will take on Porto, while Napoli is set to confront Barcelona in the UEFA Champions League Round of 16

Tosin Ranks
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Arsenal will take on Porto, while Napoli is set to confront Barcelona in the UEFA Champions League Round of 16

Barcelona is set to take on Napoli, while Arsenal has been drawn against Porto in Monday’s Champions League last-16 draw.

Notably, last season’s runners-up, Inter Milan, will face Atletico Madrid in what appears to be the standout tie. The first legs are scheduled for mid-February, with return matches in March.

Defending champions Manchester City have been paired with FC Copenhagen.

The complete draw for the UEFA Champions League last 16, conducted at UEFA headquarters in Nyon, Switzerland, is as follows:

– FC Porto (POR) vs. Arsenal (ENG)
– Napoli (ITA) vs. Barcelona (ESP)
– Paris Saint-Germain (FRA) vs. Real Sociedad (ESP)
– Inter Milan (ITA) vs. Atletico Madrid (ESP)
– PSV Eindhoven (NED) vs. Borussia Dortmund (GER)
– Lazio (ITA) vs. Bayern Munich (GER)
– FC Copenhagen (DEN) vs. Manchester City (ENG)
– RB Leipzig (GER) vs. Real Madrid (ESP)

The first legs are scheduled for February 13/14/20/21, with the second legs set to be played on March 5/6/12/13.

I foresaw many years ago that Gandhi would transform into Soun – Pastor Adeboye

Tosin Ranks
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I foresaw many years ago that Gandhi would transform into Soun – Pastor Adeboye

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, declared on Sunday that he had long foreseen the destiny of Oba Ghandi Olaoye, the Soun of Ogbomoso, to ascend to kingship.

Olaoye, previously an RCCG pastor in Washington DC, assumed the throne as the 21st Soun of Ogbomoso after the passing of Oba Jimoh Oyewumi.

Adeboye, attending an interdenominational thanksgiving service for Olaoye, affirmed that God played a significant role in his elevation.

Addressing skepticism about a pastor becoming a traditional monarch, Adeboye emphasized divine backing and anointed Olaoye, urging him to promote unity. Olaoye expressed gratitude, pledging equitable rule, and various religious leaders offered special prayers during the ceremony.

 

Movie Review: Blood Vessel, A Netflix Movie

Ranks-Staff
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Movie Review: Blood Vessel, A Netflix Movie

Movie Review: BLOOD VESSEL

Rating: 9/10

⭐⭐⭐⭐⭐️

 

Dayo: When you invest time and resources into storytelling, the result is evident, and Blood Vessel stands as an original production fit for a film festival.

 

Set mostly aboard a freight ship at sea, this gripping thriller follows six friends escaping turmoil in the Niger Delta, becoming stowaways on a ship bound for South America.

 

The central cast is nothing short of amazing, delivering compelling emotions, especially the doomed lovers David Ezekiel and Adaobi Dibor. The fight scene with Obinna Okenwa and Sylvester Ekanem on the ship is tremendously touching.

 

Even the antagonist, Alex Budin, brings his A-game.

 

Shooting aboard a ship is no small feat, but the production crew makes it look effortless. Crisp visuals, clear sound, and a fitting musical score contribute to the film’s overall quality.

 

Blood Vessel is one for the books, and here’s hoping for more quality storytelling like this from Nollywood.

.

 

Joy: Good storytelling. Brilliant directing. The raison d’etre is solid. The thrill is satisfying. The actors came prepared. Hybridizing thriller and romance hasn’t always been successful in Nollywood, but Blood Vessel makes it work. This is the kind of work evolving Nollywood audience has been waiting for.

 

The setting, the tone, and the texture of the work are very impressive. The story was marinated like an epicurean delight; this is how it should be done. The lingering affection of love birds serves as an appetizer and the impeccable acting all-round thrills.

 

It would have been an added benefit if the pregnant girl was allowed her first-trimester expressions for a scene or two – nothing more. In this predicament, it would reward the movie with more emotional investment from the viewers, especially as her story plays out later in the movie.

 

Nonetheless, this good work cannot be underestimated. Play Network did not come to play this time around. Well done. By Jove, well done!!!

 

Take your flowers!

 

Written by: Musa Jeffery David

Directed by: Moses Inwang

 

BLOOD VESSEL is showing on Netflix.

 

KWOT, A Nigerian APP To Replace Spotify, Apple Music in Africa

Ranks-Staff
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KWOT, A Nigerian APP To Replace Spotify, Apple Music in Africa

So, this trending music, podcast and streaming platform called Kwot was actually developed by Nigerians to replace Spotify, and Apple Music in Africa 🤯🙌🏾🇳🇬

This is one thing we admire about Nigerians. Their creativity and their spirit of supporting their own and building solutions that are sustainable not just to their country, but Africa at large.

 

We saw the app trending and decided to download the app just to sign up and see if it was really worth the hype and trust me we were amazed by the functionalities this platform has to offer for Africans.

Now, let me give you a rundown of a few amazing features about this app and how it can replace Spotify, Apple Music, and YouTube in Africa, especially if all Africans join Nigerians and sign up massively today:

 

1. Diverse Payment Gateways: Kwot boasts a variety of local and international payment gateways, including flutterwave, interswitch, alat pay, Stripe, wechat, alipay, barclays bank, klanet, and more. Users can buy Kwot tokens through any of these gateways, including bank transfer in Nigeria, making it incredibly accessible. This is something we can’t find on Spotify and Apple music. The only payment methods available there are usually Visa, Stripe, and PayPal, which makes it difficult for Africans to access the content they love easily.

 

2. Tipping Feature: Fans can show support for their favorite stars by tipping them with tokens. This feature adds a personal touch to the platform, creating a supportive community. This feature is extremely useful for fast-rising artists who need support sometimes to invest in their music career. If you are a fast-rising artist or Creator, then you should be signing up on Kwot today and start enjoying tips from fans and investors who stream your content daily.

 

3. Earning Opportunities for Creators: Beyond streaming and ads, creators can earn from sharing exclusive content with their fans, setting their fan club prices, and receiving 100 percent of the earnings. This unique approach gives creators control over their financial success, unlike Spotify and other streaming platforms.

 

4. Diverse Content Types: Kwot offers a rich mix of music, audio podcasts, videos, and radio. This diverse content library ensures there’s something for every user’s taste.

 

5. Offline Consumption with Download Feature: Users can download and enjoy their favorite content offline, adding to the platform’s accessibility and convenience. You don’t need to have data every time to listen to your favorite artists’ music. Simply download it from the app and listen offline anytime you want it 💯.. This is so amazing.

 

6. User-Friendly Content Management: Creators have the power to upload and manage their content independently, providing them with control over their artistic expression and audience engagement. Kwot makes everything easy for independent artists.

 

7. Unique Fan Management:

Kwot stands out by merging features from OnlyFans and Patreon, making it the first of its kind globally. Creators can effectively manage their fan base while offering exclusive content, creating a robust platform for artists and their supporters.

 

Kwot is revolutionizing content consumption for Africans, making it easier for them to access the content they desire. Don’t be left behind, guys. Let’s massively sign up on Kwot and enjoy the music there.”

 

Signup : https://www.music.kwot.com

 

Download the App Kwot! 🖇️ https://play.google.com/store/apps/details?id=com.kwot.music.android

Funke Akindele’s ‘A Tribe Called Judah’ rakes over N60 million in less than 48hrs

Ranks-Staff
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Funke Akindele’s ‘A Tribe Called Judah’ rakes over N60 million in less than 48hrs

Funke Akindele, the acclaimed Nollywood actress and producer, has achieved a remarkable milestone with her latest film, ‘A Tribe Called Judah,’ as it amassed an impressive sum exceeding N60 million within a mere 48 hours of its release.

 

This is according to a tweet by the Nigerian box office in a tweet on Sunday afternoon.

“A Tribe Called Judah is a blessing to cinemas & keeps giving. Early tracking suggests a Tribe of Judah has amassed over ₦60M from Friday and Saturday sales. Sunday is traditionally the biggest day of the box office weekend in Nigeria. Eyeing a ₦93 – ₦100M opening weekend,” the Nigerian Box office stated.

 

Premiered on December 10, ‘A Tribe Called Judah’ officially graced the cinema screens on Friday, December 15, 2023, making its mark amid the concurrent releases of other Nollywood titles, including ‘Ada Omo Daddy.’

 

The film’s narrative unfolds the compelling story of a family of boys orchestrating a daring mall heist with the assistance of their mother, only to be met with an unexpected confrontation by armed ‎robbers.

 

Directed by Adeoluwa Owu, the stellar cast includes industry luminaries such as Boma Akpore, Ebele Okaro-Onyiuke, Etinosa Idemudia, Fathia Balogun, Funke Akindele, Jide Kene Achufusi, Nse Ikpe Etim, Olayode Juliana, and more.

Additionally, the Nigerian box office notes commendable performance from Mercy Aigbe’s ‘Ada Omo Daddy,’ which has generated “over N18.5M inclusive of Thursday advanced previews.”

Directed by Adebayo Tijani and Akay Mason, the film premiered on the same day as Funke Akindele’s latest creation.

It is worth noting that approximately a year ago, Funke Akindele captured the industry’s attention with ‘Battle on Buka Street,’ which, after an impressive four-month theatrical run, accumulated a gross total of N668,423,056 at the box office.

 

This marked a significant milestone as the highest-grossing Nigerian film of all time, surpassing Akindele’s debut theatrical movie, ‘Omo Ghetto: The Saga,’ which previously held the record at N636,129,120.

 

In a further testament to its global appeal, FilmOne Entertainment, a prominent movie production and distribution platform, revealed in January that ‘Battle on Buka Street’ had grossed over $61,000 in cinemas across the United States.

 

The successful distribution in the U.S. was made possible through FilmOne’s collaboration with Part Two Media, receiving substantial support from Amplify Africa.

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