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FG hands over National Theatre to CBN, Bankers Committee, to create 1 million jobs

The Federal Government has announced the official hand over of the National Arts Theatre Complex at Iganmu Lagos, to the Central Bank of Nigeria (CBN) and the Banks under the aegis of the Bankers’ Committee, in order to commence the renovation of the facility.

This was contained in a tweet post by the Presidential Aide to President Muhammadu Buhari on New Media, Tolu Ogunlesi, on his official Twitter handle on Sunday, July 12, 2020.

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During the event which was attended by the Minister for Information and Culture, Lai Mohammed and the Lagos State Governor, Babajide Sanwo-Olu, the CBN Governor, Godwin Emefiele, said the bankers were targeting 1 million jobs from this project in the next 5 years.

Details later…

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- chike.olisah@nairametrics.com.

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Entertainment

Multichoice group adds live sports to streaming service, Showmax

Showmax Pro in Nigeria and Kenya will also have news and music channels.

Published

4 days ago

on

July 8, 2020

In a bid to compete better with Netflix and Amazon, Africa’s biggest pay-TV firm, Multichoice Group Ltd, has started streaming live sports including Premier League soccer through an upgraded version of its Showmax service.

According to the head of the company’s Connected Video Division, Niclas Ekdahl, Multichoice is offering the new Showmax Pro in Nigeria and Kenya as of Tuesday and will add more sub-Saharan African countries over the next 2 months.

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This business decision is designed to attract more subscribers and set Showmax apart from Netflix and Amazon Prime, which have both been expanding aggressively in Africa.

Multichoice had launched the video-on-demand service 5 years ago in order to halt movements from its more expensive TV service, thereby positioning itself as a better provider of more localized content than Netflix and Amazon.

However, in order to keep up with the trend, Netflix started to commission and screen Africa-produced dramas such as Queen Sono and Blood and Water, as part of its own strategy to attract viewers. Faster internet connections and cheaper packages on the continent have equally made online streaming a viable alternative to pay-TV.

The SuperSport unit of Multichoice is the most attractive of the media group’s broadcasts, showing live sports events like soccer, rugby, cricket and golf from all over the world. Sharing content with Showmax risks encouraging subscribers to move to a cheaper platform, although the Pro offering will be more expensive than the currently available service.

Showmax Pro, which will also have news and music channels, costs $19.66 a month in Kenya, compared with $7.11 for the sport-less version. DSTV packages in the East African country, with varying amounts of the sport, range from $39.32 to as much as $69.01.

According to Ekdahl, “A cheaper, smartphone-based version is also planned. With the mobile-only version, anyone with a smartphone in sub-Saharan Africa can access our content offering. This is something no other service is doing and we think it’s a game changer.”

It can be recalled that just last month, MultiChoice signed deals with Netflix and Amazon to offer their streaming services through its new decoder. The move is to help Africa’s largest pay-TV firm retain teeming subscribers and attract potential viewers.

GTBank 728 x 90PatriciaHip Hop billionaire, Kanye West, received over $2 million in government relief programmes for America’s small businesses through his Yeezy LLC sneaker company.

Details of the 4.9 million loans through the Paycheck Protection Program were released by the Small Business Administration. The loan would allow the Yeezy Company to retain as much as 106 jobs, assuming the company decides to spend most of the loans on payroll. Note that the Paycheck Protection Program loans are forgivable.

UBA ADSKanye’s Yeezy sneaker business was valued at $3 billion last year. The Yeezy sneakers are manufactured and sold through licensing agreements with Adidas. The brand recently announced a ten-year agreement with Gap Inc, a development that caused Gap’s shares rise over 30% in one day.

The Paycheck Protection Program was created alongside the $2.2 trillion CARES Act signed by President Donald Trump to support American businesses during the COVID-19 pandemic. It was recently extended for another 5 weeks. 

Other celebrity fashion brands that received loans of over $2 million include Vera Wang and Oscar de la Renta.

Meanwhile, over here in Nigeria, many Small and Medium Enterprises (SMEs) and households have been struggling to access the Targeted Credit Facility (TCF) stimulus package that was announced by the Central Bank of Nigeria.

As Nairametrics reported, Nigeria’s apex ban introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus to support households and small businesses that were affected by the Coronavirus pandemic. However, Nairametrics understands that many people have not been able to access these loans despite making concerted efforts.

The Nigerian government granted a 60% debt forgiveness to all licensees indebted to the National Broadcasting Commission (NBC). The move was an additional step to the 2 months license fee waiver granted to the industry as a palliative to deal with the effects of the COVID-19 pandemic. 

Minister of Information, Lai Mohammed, said the measures were put in place as a result of the report submitted by the post-COVID-19 initiative committee for the creative industry. 

He added that many radio and television stations remain indebted to the government to the tune of N7.8 billion. 

The Minister added that the debt forgiveness will not apply to pay-TV service operators but to only terrestrial TV and radio stations in the country.

He added that the criterion for enjoying the debt forgiveness is for the debtor to pay 40% of their existing debt within 3 months. Any station that is unable to pay the 40% indebtedness within 3 months window shall forfeit the opportunity. 

Existing license fee is discounted by 30% for all open terrestrial radio and television services effective July 10. 

The effective date of the debt forgiveness shall be July 10 – October 6, 2020. 

Got a story? If you’ve got a celebrity story, video or pictures get in touch with the Dailynaijamode.com entertainment team by emailing us celebritygists@dailynaijamode.com - we’d love to hear from you.
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