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Amazon lists Dele Farotimi’s book on Afe Babalola’s corrupt influence on Nigerian judiciary as number one bestseller worldwide

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Amazon lists Dele Farotimi’s book on Afe Babalola’s corrupt influence on Nigerian judiciary as number one bestseller worldwide

The book saw low sales following its publication until Mr Farotimi was seized by armed policemen in Lagos on Tuesday based on a defamation complaint from the nonagenarian lawyer.

 

Global tech and retail giant Amazon has listed a Nigerian-themed book as its number one bestseller in global politics after its author was arrested on the orders of a controversial lawyer and businessman.

 

Dele Farotimi’s β€˜Nigeria and Its Criminal Justice System’ surged to the first position on Amazon Thursday morning, after trending starting Wednesday afternoon, Peoples Gazette checks showed.

 

The demand for Mr Farotimi’s on global platforms like Amazon followed a similar rush to bookstores across Nigeria, where citizens were curious to learn its content. The global interest followed Mr Farotimi’s arrest on the orders of Afe Babalola, a 93-year-old senior Nigerian lawyer who corruption allegations have long dogged. Nigerian-themed rarely make Amazon’s bestselling chart, and Mr Farotimi’s book beat globally-acclaimed works like β€˜Why Nations Fail’.

 

 

Mr Farotimi, a retired lawyer based in Lagos, used the book to criticise corruption in the Nigerian judiciary and specifically namechecked Mr Babalola as one of the top offenders.

 

Mr Babalola β€œcompromised the Supreme Court and the remaining semblance of integrity it might have had,” Mr Farotimi wrote while narrating a case in which the nonagenarian lawyer approached β€œthe Supreme Court and got that court to swim in the sewer of corruption and shameful self-abnegation.”

 

The book, published in July 2024, buttressed a longstanding public suspicion that Mr Babalola was among those befouling the Nigerian judicial by corrupting judges with cash and material bribes to influence judges from lower courts to the Supreme Court.

 

The book saw low sales following its publication until Mr Farotimi was seized by armed policemen in Lagos on Tuesday morning and subsequently transported to Ado Ekiti, about 300 kilometres northeast of the nation’s commercial capital, where Mr Babalola is best known as the largest employer of labour.

 

Following his initial arraignment on Wednesday morning in Ekiti, a judge remanded Mr Farotimi in custody pending a bail hearing on December 10. The police said the book β€œwas likely to cause fear and alarm to the public or disturb the public peace,” according to the charge sheet seen by The Gazette.

 

Mr Babalola has long faced public criticism as one of the senior lawyers notorious for their ability to influence court judgements across the country, eroding public trust in the Nigerian judiciary. He has often denied the allegations, but some judges have lamented how some lawyers were known for their ability to undermine the judicial system by buying judgements. He was not specifically mentioned in the allegations by retired Justice Dattijo Muhammad.

 

The detention has sparked public outrage, with Nigerians demanding Mr Farotimi’s release while raining invective against Mr Babalola, who is widely adjudged the most influential private citizen in Ekiti State.

 

Credit: People’s Gazette

Netflix: β€˜They spend 10% on movie, use others to buy cars, houses’ – Basketmouth slams Nollywood producers

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Netflix: β€˜They spend 10% on movie, use others to buy cars, houses’ – Basketmouth slams Nollywood producers

β€œWhen the streaming platforms came in, they gave money to these producers, and I’ll tell you point blank: these producers would take the moneyβ€”$1.5 million or whatever they give themβ€”and use about 10% of that money to make the movie,” he said.

 

Basketmouth further claimed that streaming platforms, upon discovering these alleged malpractices, decided to pay actors directly to ensure transparency.

 

However, producers reportedly devised a way to continue the fraudulent activity by coercing actors into returning part of their pay.

 

β€œEven to the point where the streaming platforms stepped in and said, β€˜You know what? We are going to be paying the actors directly,’ these guys would still go behind and tell the actors to pay half of that money back to them. You can verify the information anywhere,” he added.

 

The filmmaker argued that the mismanagement of funds has significantly affected the quality of Nollywood films, with some epic productions appearing substandard.

 

β€œSo, when you do that and expect your movie to be 100%, it can’t. It’s impossible. But these guys? They’ll cut, buy houses, buy cars. And that’s why when you see our movies, some of our epic movies look like stage plays,” Basketmouth lamented.

FBI traces Bobo Chicago’s million-dollar fraud to African Shrine; CEO Wale Ogundana loses nightclub licence

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The Nevada state government immediately moved against Mr Ogundana and pulled the plug on his licence to operate the nightclub business.

Federal Bureau of Investigation (FBI) agents used to illustrate the story

The Nevada state authorities have revoked the licence of African Shrine run by Wale Ogundana in Las Vegas after the FBI traced proceeds of stolen funds by suspected Nigerian fraudster Bobo Chicago to the entertainment hub.

 

The FBI arrested the notorious fraudster Oluyomi Omobolanle Bombata alias Bobo Chicago in Illinois, Chicago on November 20, but as the agents widened their investigation net and followed the money trail, they discovered that African Shrine had received part of the fraudulent funds.

 

The FBI found that Bobo Chicago, 25, wired $394,000 to the African Shrine in Sin City, roping Mr Ogundana into the mess as the agents opened a criminal investigation to determine the extent of his involvement with the suspect, if any at all.

 

The Nevada state government immediately moved against Mr Ogundana and pulled the plug on his licence to operate the nightclub business, a move that would significantly impact Mr Ogundana’s finances given that Las Vegas is a city predominantly known for nightlife entertainment that includes clubs, casinos, liquor stores, prostitution and so on.

 

Mr Ogundana has been banned from engaging in any entertainment business, nightclub, liquor sales and related activities.

 

Mr Ogundana did not return comments to clarify his involvementβ€”or lack thereof β€” in Bobo Chicago’s multi-million dollar alleged fraud scheme.

 

The 25-year-old alleged scammer hacked into computers, particularly emails of individuals and corporate organisations, to steal their money. So far, the FBI has tracked $2.8 million stolen between June 2023 and October 2023.

 

The FBI was making efforts to fish out Bobo Chicago’s accomplices and was looking into Mr Ogundana’s activities in Vegas.

 

Bobo Chicago, on his part, said he had no money to hire an attorney to fight the case. Instead, he relied on the services of a public defender provided by Oklahoma state.

 

He was initially arrested in Illinois, Chicago, but got transferred to Oklahoma, where he allegedly committed the crimes and was now facing a five-count charge bordering on fraud.

 

Several Nigerians have been taken in by law enforcement agents for committing fraud in the U.S., including infamous Instagram influencer Ramon Ray β€˜Hushpuppi’ Abbas and Mr Woodberry.

 

The duo are serving sentences in Fort Fix correctional facility in New Jersey.

 

Izu Ojukwu’s 77: The FESTAC Conspiracy Rekindles Historic Nostalgia at a Stunning Intimate Event.

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The recent event for 77: The FESTAC Conspiracy was a remarkable celebration of history, cinema, and creativity. Held at Imax Lekki, the event drew an eager crowd that included industry professionals, cast members, dignitaries, and the press, all excited to witness the magic of Nigerian cinema unfolding on the big screen.

As the sequel to the critically acclaimed 76, 77: The FESTAC Conspiracy promises to immerse audiences in Nigeria’s rich cultural history. The event began with a captivating screening, offering an exclusive preview of the film’s trailer.

Attendees were treated to an insightful panel discussion featuring the film’s director, Mr. Izu Ojukwu, along with cast members Ramsey Nouah, Rita Dominic, Adonijah Owiriwa, Soibifaa Dokubo and the crew behind 77 – Mr Olisa Eloka (Writer) and Prince Tonye Princewill. (Executive Producer) They shared their experiences, challenges faced in bringing this significant chapter of Nigerian history to life, and the potential for the film to resonate with global audiences.

Event Highlights:

β€’ A Journey Through History: The trailer offered an exclusive look at the cultural and historical significance of 77, connecting past events to modern-day narratives.

β€’ Exclusive Sneak Peek of 77: Attendees got a first look at 77, further heightening anticipation for its release next year.

β€’ Engaging Conversations: The panel discussion sparked lively conversations about the role of filmmakers in preserving history through storytelling, as well as the importance of historical films in shaping cultural identity.

 

β€’ Celebrating Nigerian Cinema: The event celebrated the growing influence and vibrancy of Nigerian films on the global stage, fostering pride and camaraderie among the attendees.

β€œWe are incredibly proud of the response to this event and the overwhelming excitement surrounding 77,” said Mr. Kene Okwuosa, CEO of Filmhouse Group, FilmHouse Cinemas & FilmOne Entertainment. β€œ77: The FESTAC Conspiracy is a tribute to the resilience of Nigerian filmmakers and the power of cinema to bring our history and stories to life.”

Ladun Awobokun, Chief Content Officer of FilmOne Entertainment, also shared her excitement, stating, β€œThis film is not just a continuation of 76, but a powerful exploration of African identity, culture, and the strength of our stories. We are thrilled to bring this important narrative to audiences across the globe, showcasing the depth and richness of Nigeria’s cultural legacy.”

β€œAs an Executive Producer, my goal for 77: The FESTAC Conspiracy is to reignite the spirit of FESTAC ’77β€”a celebration of African culture, creativity, and unity. This film is a tribute to our past and a call to embrace our future, telling a story that must never be forgotten.” stated Prince Tonye Princewill.

As anticipation builds for the release of 77, this event reaffirmed the film’s potential to entertain, educate, and inspire audiences around the world.

 

 

 

 

 

 

 

Google, Microsoft, TikTok, others pay N2.55 trillion taxes in Nigeria in half-year 2024 – NITDA 

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Google, Microsoft, TikTok, others pay N2.55 trillion taxes in Nigeria in half-year 2024 – NITDA

The National Information Technology Development Agency (NITDA) has revealed that foreign digital companies operating in the country, including Google, Microsoft, and TikTok, among others, paid a total of N2.55 trillion in taxes in the first half of this year.

The Agency disclosed this in a statement issued on Tuesday by its Director of Corporate Communications & Media Relations, Mrs. Hadiza Umar, quoting data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS).

 

NITDA specifically, commended Google, Microsoft, X, and TikTok for their compliance with the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries.

 

The Code which was issued jointly by the Nigerian Communications Commission (NCC), National Broadcasting Commission (NBC), and NITDA outlines clear guidelines for promoting online safety and managing harmful content.

 

Regulation yielding positive results

While highlighting the impacts of the regulatory framework, NITDA noted that this has also boosted the government’s revenue through the payment of taxes by digital companies.

 

Stunned by thousands of storks flying over the sky in Gia Viα»…n dike, Ninh BΓ¬nh – NαΊΏm TV

β€œData from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) reveal that foreign digital companies, including interactive computer service platforms and internet intermediaries (such as social media platforms) operating in Nigeria, contributed over N2.55 trillion (approximately $1.5 billion) in taxes in H1 2024.

 

β€œThis significant increase in revenue underscores the role of robust regulatory frameworks in shaping compliance and driving revenue growth in the digital economy,” NITDA stated.

 

Code compliance report

 

Providing an update on the level of compliance with the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries, NITDA said all the digital platforms have been making efforts to address user safety concerns in line with the Code and the platforms’ community guidelines.

 

The highlight of the overall statistics across all the platforms shows that:

 

The platforms received 4,125,283 (Four million, one hundred and twenty-five thousand, two hundred and eighty-three) registered complaints in 2023.

Content takedown: 65.8 million

Content removed and re-uploaded after appeal by users: 379,433

Closed and deactivated accounts: 12.09 million

While commending the progress made, NITDA emphasizes the need for continued collaboration and innovation to address emerging challenges and ensure a safer and more responsible digital space.

 

What you should know

NITDA in June 2022 announced the Code, which seeks to regulate social media blogs and online publications.

 

Part of the Code dictates that internet platforms including social media must:

 

Act expeditiously upon receiving a notice from a user, or an authorised government agency of the presence of unlawful content on its Platform.

Act quickly to remove, disable, or block access to non-consensual content that exposes a person’s private areas, full or partial nudity, sexual act, deepfake, or revenge porn, where such content is targeted to harass, disrepute, or intimidate an individual.

Disclose the identity of the creator of information on its Platform when directed to do so by a Court order.

Provided that an order of this nature shall apply for the purpose of preventing, detecting, investigating, or prosecuting an offence concerning the sovereignty and integrity of Nigeria, public order, security, diplomatic relationships, felony, incitement of an offence relating to any of the above or in relation to rape, child abuse, or sexually explicit material.

Basketmouth’s β€˜A Ghetto Love Story’ grosses N51 million in box office 

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Nollywood’s latest sensation, A Ghetto Love Story, produced by comedian-turned-filmmaker Bright Okpocha, popularly known as Basketmouth, has grossed an impressive ₦51 million across cinemas in Nigeria and Ghana.

 

The milestone was revealed by FilmOne Entertainment, the film’s West African distributor, in a celebratory post on Instagram.

The romantic drama garnered N22.3 million in its opening weekend alone, a testament to its widespread appeal and the strong buzz surrounding its release.

 

β€œA Ghetto Love Story is on top! This movie raked in over 22.3 million Naira at the box office this weekend. Thank you for showing this movie love and support,” FilmOne Entertainment shared in its announcement.

 

About the plot

Inspired by true events, A Ghetto Love Story is a deeply emotional narrative that explores the complexities of love amidst life’s harsh realities. Co-written and co-produced by Victoria β€˜Mhiz Vic’ Eze, the film follows the story of Obinna (played by Akah Nnani) and Stella (portrayed by Beverly Osu), two lovers whose relationship is tested by the challenges of their environment.

 

The story is a vivid portrayal of resilience, navigating societal pressures and personal struggles while maintaining hope and love. At its core, the film reflects the universal themes of ambition, perseverance, and the pursuit of happiness in imperfect circumstances.

 

Basketmouth’s transition from comedy to filmmaking has drawn widespread acclaim, with many applauding his ability to craft a story that entertains while delivering poignant social commentary.

 

More insight

Praised for its authentic portrayal of ghetto life, A Ghetto Love Story has quickly established itself as a standout film, resonating with audiences and critics alike. Basketmouth’s foray into filmmaking has drawn commendation for transcending his comedic roots to deliver a thought-provoking and entertaining cinematic experience.

 

The movie also boasts an impressive ensemble cast, featuring industry veterans and rising stars, including Patience Ozokwor, Wale Ojo, Chimezie Imo, Daniel Etim Effiong, Dorathy Bachor, Efe Irele, Ehiz Okoeguale, Dibor Adaobi, and Femi Jacobs.

The film’s success shows Nollywood’s growing prowess in delivering compelling, commercially successful stories that resonate with diverse audiences. It also marks a promising beginning for Basketmouth as he transitions into filmmaking, showcasing his versatility and storytelling acumen.

Currently showing in cinemas across Nigeria, A Ghetto Love Story continues to attract viewers with its layered narrative, emotional depth, and vibrant portrayal of love and life in the ghetto. This milestone cements the film as a standout production in 2024, highlighting Nollywood’s continued rise on the global cinematic stage.

UK to deport Nigerian Pastor over β€˜Β£1.87m fraud’

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Tobi Adegboyega, a UK-based Nigerian pastor, is on the verge of being deported after he lost his fight against deportation.

 

This followed an alleged Β£1.87 million fraud which saw his church, SPAC Nation, shut down.

 

Adegboyega, in his petition against his deportation, had claimed that the action would breach his right under the European Convention of Human Rights (ECHR) to a family life, having married a British woman.

 

He also said the attempt to remove him by the Home Office failed to take into account his community work with SPAC.

 

According to the UK Telegraph, an immigration tribunal ruled that Adegboyega who is the cousin of Star Wars actor, John Boyega, should be deported back to his native Nigeria after investigations exposed misuse of funds by his church.

 

Adegboyega’s church was shut down after failing to properly account for more than Β£1.87 million of outgoings and operating with a lack of transparency, according to the reports.

 

β€œVarious manifestations of his church have been closed down, by either the Charity Commission or the High Court, because of concerns over its finances and lack of transparency,” the tribunal stated, noting that the church’s leadership’s flamboyant lifestyles are instances of abuse.

 

β€œFormer members of the church have alleged that it is a cult, in which impoverished young people are encouraged to do anything they can to donate money, including taking out large loans, committing benefit fraud and even selling their own blood.

 

β€œHe claimed his work had been lauded by politicians including Boris Johnson and senior figures within the Metropolitan Police, although no testimony by them was submitted to the court. He said that without his personal presence in London, projects that he had masterminded would fall apart or reduce in size

 

β€œIt is alleged that the church leadership lead lavish lifestyles and there have, it is said, been instances of abuse. The Home Office’s case before us was that all of this needs to be taken into account when evaluating whether Mr Adegboyega is in fact of real value to the UK.

 

β€œThe tribunal also found Mr Adegboyega’s evidence to be hyperbolic in many instances and had sought to grossly inflate his influence.

 

β€œWe find it to be implausible that he has the time to undertake all of this work personally. We are not satisfied that the good work that SPAC Nation undertakes generally would collapse or even significantly suffer should the Appellant be required to leave the UK.

 

β€œWeighing all of the foregoing in the balance we conclude that the decision to refuse leave to remain was wholly proportionate. Mr Adegboyega seeks to rely on family and private life relationships, all of which have been established whilst he was in the UK unlawfully, and which would survive his return to Nigeria.

 

β€œThe interference would therefore be limited, and lawful in all the circumstances,” the tribunal report said.

 

The Telegraph’s investigation also revealed that Adegboyega has lived in the UK unlawfully since overstaying on a visitor’s visa that allowed him to enter Britain in 2005.

 

β€œIn 2019, he applied for leave to remain under ECHR’s right to a family life. His application was initially dismissed by a first-tier immigration tribunal before he appealed.

 

β€œIn the tribunal, he maintained no one had ever faced criminal charges over his church’s finances, that many of the attacks on him and SPAC Nation were politically motivated and that claims it was a cult were unfounded.

 

β€œHowever, the tribunal was told the Charity Commission concluded there had been serious misconduct and/or mismanagement in the administration of the charity which was sustained over a substantia lperiod of time,” the tabloid said.

 

GRILL FEST GIDI-OWAMBE: THE OUTDOOR EDITION: Where Fashion Meets Culture and Music

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Lagos Prepares for an Unforgettable Experience

Grill Fest Gidi, an event that embodies the vibrant spirit of Lagos, is set to take place on December 7, 2024, at 4 PM at The Amore Garden in Lekki. This highly anticipated event promises to be an unforgettable experience, showcasing the best of Nigerian fashion, music, and culture.

 

According to the CEO Mediatank Entertainment and Convener Grillfest Gidi AYOKUNLE Okuneye β€œGrill Fest Gidi is designed to cater to fashionistas, stylists, and anyone looking to showcase their unique sense of style. Attendees are encouraged to come in groups, dressed in their best attire, to compete for the title of β€œBest Dressed Group.” However, it’s not just about fashion – groups must also create content that showcases their knowledge of Nigerian culture, history, and traditions.”

 

Get ready for an unforgettable night in Lagos! Mediatank Lead, Adesina Kasali (Medullar), has revealed that the upcoming event promises to be an exciting experience, featuring a carefully curated lineup of artists and hosts.

In a deliberate effort to showcase diverse talents, the event proudly presents: White Money and Abike Sugar as hosts.

 

The evening’s entertainment will reach new heights with the iconic Sir Shina Peters, the Juju legend, taking the stage. His electrifying performance will leave the crowd in awe, solidifying his status as a music legend. Other artists includes: AnyiDons, Terry Apala, Kinetics Band. Hypemen: Everything (GOE), Hadvantage, Balooo, Mato with DJ Ivatar, DJ Yeankz, DJ Riley and many more

https://www.instagram.com/reel/DC4Zy4VIux8/?igsh=NGxjMjgzb3N0Z24y

In a nod to Nigeria’s rich cultural heritage, our artist lineup was carefully selected to represent various regions. We journeyed to the east to bring the best of Nigerian talent to the stage, creating an unforgettable experience for our audience.

 

With its thoughtful curation and exceptional performances, Grill Fest Gidi promises to be an unforgettable night in Lagos. Don’t miss out on the excitement! Join us at Mori Garden on December 7, 2024, for an unforgettable experience.

 

 

Tickets for Grill Fest Gidi are now available, with prices as follows:

 

– Single ticket: ₦30,000

– Couple/group of two: ₦50,000

– Group of ten: ₦200,000

 

Proudly Supported by Crown Flour Mills, Bigi Budweiser, Onburd.

Nigerian stock market is not a reflection of the economy”– Egie Akpata 

β€œNigerian stock market is not a reflection of the economy”– Egie Akpata

β€œThe Nigerian economy is largely informal. And when you bear in mind that Agriculture is the biggest sector, and that sector is almost non-existent in the stock market.

 

β€œAlso, the Nigerian stock market is not a reflection of the Nigerian economy at all. There are very large companies in some sectors that are just not represented,” he said.

 

This gap, he noted, highlights the limitations of the stock market as a comprehensive measure of economic activity.

 

Resilience of the stock market in 2024

Despite these limitations, Akpata acknowledged the resilience of the Nigerian stock market in 2024 despite the economic challenges

 

β€œBut from the stock market point of view, year-to-day return is just 30%. That 30% is kind of what was initially concentrated because the year-to-date return was 30% by April and it’s been flat since April.

 

β€œThe initial run-up in that index, the all-share index was highly concentrated in a couple of very large stocks, the likes of Dangote Cement, BUA Foods, Geregu Power, and a few others that had very exceptional performance in Q1. But ever since then, the return position has kind of broadened out,” he stated.

 

Key drivers of market performance

Akpata identified the banking and petroleum sectors as the primary drivers of stock market performance in 2024.

 

Banking sector: Akpata explained how Nigerian banks have benefitted from significant economic changes in 2024, particularly in foreign exchange (FX) and interest rates

 

β€œThe banks have somewhat benefited from big changes this year. One is the FX rates. There was a period where banks had very large FX gains.

 

β€œAnd so the government decided that they wanted 70% of those gains. And those gains seem to be disappearing from the accounts of the banks because nobody wants to hand over 70% of their money to the government.

 

β€œBut at the same time, when you look at the interest rate environment, in February last year, the one-year discount on a Treasury bill was 2.25%. In the last auction last week, it was 23.5%. Now, when you have that kind of movement, basically a 10-fold movement in rates, somebody is benefiting in some way.

 

β€œAnd that’s typically the banks because high interest rates mean higher revenues for them, and more often than not, higher margins. Particularly when we are now in an environment where a bank can get about 30% risk-free from the central bank of the Nigerian government. So what are you paying on deposits? The average big bank’s cost of funds is less than 10%.”

 

He further explained that these dynamics mean that banks now have very big margins and are benefiting. They are happy to pass the costs on to customers and shareholders. The net beneficiary is from that

 

Petroleum sector: Akpata disclosed that both upstream and downstream petroleum companies experienced significant revenue growth. He attributed this to petrol price deregulation and favourable exchange rates.

 

β€œPetrol prices are now four times higher than they were at the start of last year, boosting downstream company revenues. Upstream companies, on the other hand, have benefited from dollar-denominated revenues’ he explained.

 

β€œDownstream petroleum companies don’t have a choice. There’s no cheap petrol anywhere so they pass those costs on to you 100%,” he said.

 

Challenges faced by listed companies

Akpata also highlighted the challenges some listed companies faced due to macroeconomic conditions. A major issue was the naira’s depreciation, which negatively impacted firms with significant foreign currency liabilities.

β€œVery large companies like MTN, Nestle, and Dangote Sugar now have negative shareholders’ funds due to foreign exchange losses. It is not a normal situation for such large firms to theoretically have no capital,” Akpata stated.

 

Additionally, rising costs and declining purchasing power limited the ability of some companies to pass on expenses to consumers, further straining their performance.

Temu is now the most downloaded app in Nigeria in the past few days Β·

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An image that denotes Temu in Nigeria

Chinese eCommerce company Temu is now the most popular app in Nigeria’s Google Play Store and Apple App Store. The app is now the most downloaded in recent days garnering over 500 million downloads on the Andriod store.

 

According to Similar Web, OPay is currently the second most popular app in Nigeria, Crypto Mayors is third, while WhatsApp is third. On the Apple App Store, Temu retains its number one position while second place went to a social networking app called Bammby, and OPay is third.

 

Temu’s rapid rise in popularity in these stores comes as no surprise as many Nigerians have been inundated with ads from Chinese eCommerce platform.

 

The company reportedly spent $1.3 billion on Meta ads. Its ad spend jumped 1,000% year-over-year for the period from January to November 2023. Within this period, 76% of Temu’s ad spend went to social media, while 13% went to other forms of ads.

 

The company has also gotten numerous ad spots on Super Bowl which cost $7 million for a 30-second ad. It did this two years in a row giving away $15 million in coupons in the process.

 

Launched in 2022, Temu is owned by PDD Holdings, the parent company of the Chinese eCommerce giant, Pinduoduo. PDD Holdings, founded by former Google employee Colin Huang, built its reputation on offering low-cost products shipped directly from suppliers.

 

Temu’s appeal is its low-priced products, which gives it a competitive advantage in most markets, but especially in Nigeria where inflation and a generally worsening economy have eroded people’s purchasing power.

 

Per this Techpoint Africa article, Nigeria is a key African market for Temu as it has one of the highest populations of tech-savvy youth thanks to affordable Chinese smartphones.

 

Also, Nigeria’s eCommerce market which was valued at $12 billion in 2019, is projected to reach $75 billion by 2025. Furthermore, digital payment systems, which have seen increased adoption, are facilitating this growth by making online transactions more secure and accessible.

 

Temu’s aggressive charge has allowed it to enter 80 markets in a short period. Its entrance into the Nigerian market means stiff competition for players like Jumia, who is already dialling back marketing spend to increase its profit margin. But while a Temu victory might seem assured in Nigeria, the company’s quality of service is something that has come in to question a number of times.