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MultiChoice investors have witnessed a loss of R32 billion ($1.7 billion)

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MultiChoice investors have witnessed a loss of R32 billion ($1.7 billion)

MultiChoice investors have witnessed a loss of R32 billion ($1.7 billion) in a span of six months, grappling with challenges in retaining high-end subscribers and seeking novel revenue avenues.

At the outset of March 2023, MultiChoice’s stock price soared above R147 ($7.86). However, on March 13, following a warning about lower-than-expected revenue growth in its South African division, the share price plummeted to approximately R120 ($6.41) per share.

This downturn was primarily driven by MultiChoice’s fixed operational costs and increased Showmax expenditures, which significantly eroded its trading margins. This marked the commencement of a six-month decline that resulted in a substantial loss of market capitalization.

One of MultiChoice’s most pressing issues stems from the ongoing cancellation of DStv subscriptions by South African customers, particularly in the Premium and Mid-market segments. This decline is palpable in DStv’s average revenue per user, which dipped from R269 ($14.38) to R256 ($13.69) year over year.

Looking ahead, the company is charting a new course to counterbalance the decline in high-end subscribers. Their strategy includes diversifying revenue streams by offering Internet packages, making substantial investments in their Showmax streaming service, and acquiring a substantial stake in the sports betting service, KingMakers.

Ghanaian agritech startup, Complete Farmer, secures an impressive $10.4 million in pre-Series A funding

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Ghanaian agritech startup, Complete Farmer, secures an impressive $10.4 million in pre-Series A funding

Ghanaian agritech startup, Complete Farmer, has recently secured an impressive $10.4 million in pre-Series A funding. This funding consists of $7 million in equity and $3.4 million in debt, marking a significant milestone in their journey to streamline operations.

Leading the equity portion of this funding round are the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital, in partnership with Goodwell Investments through its uMunthu II Fund. Additionally, Proparco, Newton Partners, and VestedWorld Rising Star Fund have also participated in this exciting venture.

For debt financing, Complete Farmer has garnered support from Sahel Capital’s SEFAA (Social Enterprise Fund for Agriculture in Africa) Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments.

Since its establishment in 2017 by CEO Desmond Koney, Complete Farmer’s mission has been to transform agricultural practices across Africa. They are committed to enhancing efficiency throughout the entire agriculture value chain by building essential physical and technical infrastructure.

South Korea has expressed its keen interest in Nigeria’s lithium

Tosin Ranks
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South Korea has expressed its keen interest in Nigeria’s lithium

The South Korean government has expressed keen interest in Nigeria’s lithium reserves, as per an official announcement made on Thursday.

This announcement, bearing the signature of Alaba Balogun, the Deputy Director (Information) of Nigeria’s Ministry of Solid Minerals Development, reveals that Nigeria’s engagement with South Korea took place during the Seventh Korea-Africa Economic Cooperation conference in Busan, South Korea.

According to the statement, Nigeria’s delegation consisted of representatives from the Ministry of Solid Minerals Development and Oando Mining Company, while South Korea was represented by the Korean Institute of Geosciences and Mineral Resources and Korean Mines Rehabilitation and Mineral Resources Corporation. Dr. Abdulrazaq Garba, the Director-General of the Nigerian Geological Survey Agency, acted on behalf of Nigeria’s Solid Minerals Minister, Dr. Dele Alake.

The statement outlines the proposed revisions to the 2006 Memorandum of Understanding (MoU), which encompass various aspects, including the training of Nigerian mining professionals in Geochemistry, Geophysics, Ore Modelling, Mineral Processing, and the research and exploration of critical minerals such as lithium, nickel, cobalt, manganese, and graphite.

Furthermore, Dr. Pyeong Koo-lee, the President of KIGAM, expressed a willingness to collaborate with Nigeria in the exploration of substantial lithium-bearing pegmatite deposits, highlighting KIGAM’s cutting-edge technology in lithium ore processing. He also emphasized that their beneficiation process could reduce carbon emissions and enhance ore quality.

Dr. Alex Kwon, the Vice President of the state-owned KOMIR, also expressed interest in foreign mining investments, emphasizing KOMIR’s role in providing technical and financial support for exploration and mining activities related to solid minerals.

The statement underscores the Federal Government’s ongoing efforts, facilitated through the Ministry of Solid Minerals, to attract investors for the exploration of lithium deposits in Nigeria. In 2022, Dr. Abdulrazaq Garba, the Director-General of the Nigerian Geological Survey Agency, had informed the media about the significant foreign investor interest in Nigeria’s high-grade lithium discoveries.

The judge has postponed the release of Tinubu’s academic records to Atiku by the Chicago university

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The judge has postponed the release of Tinubu’s academic records to Atiku by the Chicago university

A United States District Judge, Nancy Maldonado, has approved a temporary halt to an order that compelled Chicago State University to provide President Bola Tinubu’s academic records to the legal team of former Vice President Atiku Abubakar.

This decision was reached during a late Thursday night hearing following an emergency motion filed by the president’s lawyers, seeking to delay the execution of the self-enforcing order until Monday.

Earlier in the week, Magistrate Jeffrey Gilbert had ordered Tinubu’s alma mater to furnish Atiku with all relevant and non-privileged documents within two days.

The documents requested by Atiku, represented by Angela Liu, include admission and acceptance records, attendance dates, degrees, awards, and honors received by Tinubu during his time at the university.

President Tinubu’s legal team argued that Gilbert’s initial decision needed review by a district judge, emphasizing that the magistrate lacked the authority to issue an order for the release of non-privileged information; he could only make a recommendation.

Babatunde Ogala, Coordinator of Tinubu’s Presidential Legal Team, clarified that they were seeking a review, not an appeal, and highlighted the need for the American legal procedure to be understood.

In response to Ogala’s request, the US district judge granted a review and postponed the order’s execution until Monday.

Judge Maldonado expressed her commitment to ruling on the matter promptly, recognizing the legal deadlines in Nigeria and the complexity of the case.

Meanwhile, President Tinubu has left New York after attending the 78th session of high-level UN General Assembly meetings, where he addressed world leaders on the importance of democracy and denounced military coups.

He was accompanied to the event by the Minister of Foreign Affairs, Yusuf Tuggar, the Permanent Representative of Nigeria to the UN, Tijjani Muhammad-Bande, and the Chief of Staff, Femi Gbajabiamila.

NGX records a trade volume of N1.12 billion

Tosin Ranks
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NGX records a trade volume of N1.12 billion

The daily trading volume on the Nigerian Exchange Limited surged by an impressive 98 percent to reach 1.12 billion units on Thursday, resulting in investor losses of N35 billion by the end of the trading session.

The preceding day, Wednesday, saw a reported volume of traded equities at 566,631,350 units valued at N5.39 billion.

Despite this remarkable increase in trading volume, the total trade value on Thursday only experienced an eight percent rise, reaching N5.82 billion.

Additionally, the total number of deals declined by 3.07 percent to 7,949.

Based on NGX data, the surge in trading volume was primarily driven by Universal Insurance, which witnessed the exchange of 669,012,278 million units of its shares, totaling N134.21 million, across 148 deals. Oando Plc followed closely with the exchange of 100,687,873 units of shares valued at N1.46 billion, occurring in 1,656 deals.

Other notable stocks with substantial trading volume include Japaul Gold, which saw 43,738,795 units traded, worth N43.39 million, Accesscorp with 40,144,810 units valued at N681.95 million, and UBA with 32,450,979 million units traded, totaling N552.75 million.

The overall market capitalization and the NGX All-Share Index both dipped by 0.09 percent at the close of the trading session, reaching N37.365 trillion and 68,271.14 basis points, respectively. The market was characterized by bearish sentiment, with 30 losers compared to 20 gainers.

Among the top gainers were John Holt, whose shares appreciated by 9.55 percent to close at N1.72 per unit. Omatek and Daar Communications both gained 9.52 percent, closing at N0.46 and N0.23, respectively.

Mutual Benefits Assurance Plc also experienced a 9.30 percent gain, closing at N0.47, while Sunu Assurance’s stock rose by 9.09 percent to N0.96 per unit.

On the other hand, Oando led the list of losers with a 9.93 percent depreciation, closing at N13.15 per unit. Lasaco lost 9.71 percent of its share value, closing at N1.86. Chams’ shares dipped by 9.59 percent, closing at N1.32, and Northern Nigerian Flour Mills Plc’s shares lost 9.23 percent, reaching N15.25. Tantalizer’s share price also depreciated by 8.57 percent to N0.32 per unit.

Meanwhile, President Bola Tinubu has called upon foreign investors to consider bringing their capital into Nigeria, emphasizing that his administration is actively working on facilitating the free flow of capital.

Tinubu made this statement just before he rang the closing bell of NASDAQ in New York during a ceremony organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc, and the Nigerian Investment Promotion Council on Wednesday night.

The Misconception About Ilebaye’s Constant Apologies

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The Misconception About Ilebaye’s Constant Apologies

In the ongoing Bbnaija All Stars house, one contestant, Ilebaye, has garnered attention for her habit of frequently apologizing after every minor disagreement with her housemates. This behavior has become so deeply ingrained in her interactions that her fellow housemates have begun to utilize it as a unique means of communication with her. However, it is crucial to recognize that Ilebaye’s constant apologies are not a deliberate attempt to provoke others but rather stem from a place of genuine respect. This article aims to dispel misconceptions surrounding Ilebaye’s behavior and shed light on the cultural significance of apologies as a sign of respect.

Ilebaye, at the tender age of 22, is arguably the youngest contestant in the Bbnaija All Stars house. While her propensity to apologize excessively may appear unusual to some, it is imperative to take into account her age and the cultural context in which she was raised. Nigerian culture places immense emphasis on showing respect to elders and authority figures, with apologies often serving as a means to demonstrate deference and acknowledge one’s mistakes.

Comparing Ilebaye’s behavior in the current season to her participation in the Level Up Bbnaija season, where contestants were of the same age category, highlights the influence of age and cultural upbringing on her actions. In the Level Up season, the prevalence of excessive apologies was virtually non-existent, underlining the significant impact of age and cultural background on Ilebaye’s conduct.

In Nigerian culture, apologizing frequently is regarded as a manifestation of respect. It signifies a willingness to take responsibility for one’s actions and a genuine desire to uphold harmonious relationships. In Ilebaye’s case, her apologies can be seen as a means of preserving traditional values and exhibiting deference to her housemates.

Rather than perceiving Ilebaye’s incessant apologies as a negative trait, it is essential to acknowledge her maturity and emotional intelligence. Despite her youth, she consistently displays the remarkable ability to admit her mistakes and actively seek reconciliation with her fellow housemates. This level of self-awareness and empathy should be commended rather than criticized.

To bridge the gap between Ilebaye and her housemates, fostering open dialogue and promoting mutual understanding are crucial. By engaging in meaningful conversations about cultural differences, all participants can gain insight into Ilebaye’s perspective and gain a deeper appreciation for the value she places on respect and harmony.

The misconception surrounding Ilebaye’s constant apologies primarily arises from a lack of understanding of her cultural background and the significance of apologies as a gesture of respect. Instead of labeling her behavior as a negative habit, it is paramount to recognize and appreciate her maturity, emotional intelligence, and commitment to maintaining harmonious relationships. By encouraging dialogue and embracing cultural diversity, the Bbnaija house can evolve into a space of mutual understanding and respect.

The amount of currency in circulation has surged to N2.7 trillion, as indicated in the CBN report

Tosin Ranks
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The amount of currency in circulation has surged to N2.7 trillion, as indicated in the CBN report

The amount of currency in circulation in Nigeria surged by N1.7 trillion as a result of increased cash transactions.

According to data from the Central Bank of Nigeria, as of the end of August, the total currency in circulation had reached N2.7 trillion.

This increase followed a period during which the currency in circulation had dropped to N982.1 billion at the end of February 2023 due to the Central Bank’s naira redesign policy.

However, once the policy concluded, there was a consistent uptrend in the currency’s circulation as cash that had previously been withdrawn from circulation to promote electronic payments was reintroduced into the economy.

Notably, the currency in circulation had experienced a significant decline of 235.03 percent, falling from N3.29 trillion at the end of October 2022 to N982.1 billion by the end of February 2023, primarily due to the naira redesign policy.

During this period, approximately N2.3 trillion was removed from circulation.

The Central Bank of Nigeria defines currency in circulation as all legal tender currency held by the general public and within the vaults of Deposit Money Banks, excluding currency stored in the central bank’s vaults.

They use an accounting and statistical approach to track the movement of currency in circulation, recording increases in currency when Deposit Money Banks withdraw from the Central Bank and decreases when they make deposits at the Central Bank branches.

Mohbad: Tear gas used to disperse sympathizers at Lekki tollgate

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Mohbad: Tear gas used to disperse sympathizers at Lekki tollgate

Protesters and admirers of the late Nigerian musician, Ilerioluwa Aloba, also known as Mohbad, reportedly faced teargas dispersal on Thursday night at Lekki Tollgate in Lagos State.

These individuals had gathered for a candlelight procession to honor the memory of the late singer.

The management had initially announced the event earlier in the week, expressing gratitude for the global outpouring of love and the various community-organized events to pay tribute to Mohbad.

The participants, dressed in white T-shirts, paid their respects by playing and dancing to the late artist’s songs.

However, a video from a popular skit maker, Oluwadolaz, claimed, “We have been dispersed with teargas…”

While some attributed the teargas to police officers in the state, a video shared through actress Iyabo Ojo’s Instagram live video showed one of the attendees saying, “I came out for my brother, Mohbad.

This is the cabman that helped me.

They fired teargas. These people came from the back. We don’t know them. I don’t even know them. All the police officers were there securing us.”

Another lady added, “We were sitting in front of the tollgate. We had a lot of police officers there.

So, where the teargas came from, we don’t see it.

We just saw the tear gas from the back. No car could move. It was this cab that helped us.”

Meanwhile, a post by popular On-Air Personality, Do2dtun, on his X handle read, “Honesty over Honesty Nigerians do not listen. WE DO THE MOST.

This procession ended at Muri Okunola Park over 3 hours ago. We ended and all left.

Some still went to converge at the Lekki toll gate. It is not a protest. It is a CANDLELIGHT PROCESSION.”

The candlelight procession, which commenced at 5 pm, was organized by the late singer’s management, while a tribute concert took place at 8 pm at Muri Okunola Park.

Efforts to contact the police spokesperson, Benjamin Hundeyin, were unsuccessful as he did not answer calls or respond to text messages at the time of this report.

 

Shaibu humbly requests Obaseki’s forgiveness

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Shaibu humbly requests Obaseki’s forgiveness

The Edo State Deputy Governor, Comrade Philip Shaibu, expressed a heartfelt plea for forgiveness from Governor Godwin Obaseki, acknowledging any unintentional mistakes he may have made while carrying out his duties.

He made this plea during an address to the media (excluding PUNCH) on Friday, emphasizing the importance of ensuring a successful conclusion to the current administration’s term in the state.

Shaibu, speaking after being honored as the Grand Patron of the Catholic Men Organisation of Nigeria in the Catholic Archdioceses of Benin, reiterated his unwavering loyalty to the govern

He underscored his commitment to the vow he had made to support the governor, seeking a restoration of their previous strong relationship in the coming weeks.

The deputy governor emphasized that any errors he might have made were purely human and not driven by malice, asserting his clean heart.

He took the opportunity to appeal to Governor Obaseki, requesting forgiveness for any mistakes, known or unknown, to enable them to collaborate in developing the state in the remaining year of their administration.

Shaibu acknowledged the envy their unique relationship had garnered nationwide, highlighting their shared goal of concluding their term on a strong note.

He pledged to fulfill any responsibilities assigned to him by the governor and expressed his gratitude for the honor bestowed upon him by the Catholic Men Organisation.

Barr. Austin Odigie, the CMO President of the Archdiocese of Benin, explained that the decision to honor Shaibu was based on his unwavering commitment to church activities and his willingness to actively participate in various church events, including serving Mass during Father’s Day celebrations, a distinction that set him apart from other deputy governors.

Archbishop Augustine Akubeze is set to personally invest him on September 24 during the first Mass.

Mohbad: Senator Abbo has emphasized that anyone implicated will face prosecution

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Mohbad: Senator Abbo has emphasized that anyone implicated will face prosecution

Ishaku Abbo, the Senator representing Adamawa State North Senatorial District, has given his assurance that anyone implicated in the police investigation regarding the death of Ilerioluwa Aloba, widely known as Mohbad, will face legal prosecution.

Mohbad, a former artist under Afeez Fashola, also known as Naira Marley, within the Marlians record label, tragically passed away on September 12, 2023.

Senator Abbo, alongside Nollywood actresses Iyabo Ojo and Tonto Dikeh, visited the family of the late artist to convey their condolences.

As the Chairman of the Senate Committee on Entertainment Economy, he mentioned that the Senate will thoroughly examine the circumstances surrounding Mohbad’s death.

Furthermore, Senator Abbo pledged to champion the establishment of a Creative Economy Commission and stated that a bill to this effect had already been passed by the Senate, with the support of the presidency.

This bill aims to create funds to assist victims of situations similar to the EndSARS movement or cases involving violence or extremism, benefiting their families.

Senator Abbo emphasized that nobody is exempt from the law and highlighted that the Acting Inspector General of Police has initiated an investigation into the matter.

He assured the family that the Nigerian Police would prosecute anyone found guilty in connection with the late artist’s death.

Additionally, he encouraged the grieving mother not to fear intimidation, emphasizing the importance of equality and freedom for all individuals.

Furthermore, Senator Abbo addressed the need for a commission within the creative industry to resolve disputes between record labels and their artists, responding to calls from the Nigerian public for such an institution.

Earlier today, the Lagos State Police Command confirmed the exhumation of the late singer’s body and the arrest of the nurse who allegedly administered a fatal injection to the deceased artist.

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