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Business News

Nigerian Stock Exchange to lift suspension on Ikeja Hotel

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Ikeja Hotel Plc

The Nigerian Stock Exchange (NSE) has lifted a 2-year technical suspension placed on Ikeja Hotel Plc. Executive Director, Regulation, Tinuade Awe disclosed this in a document made available to Vanguard.

Why is the suspension being lifted?

Awe stated that the suspension was lifted because the new board had met its conditions.

“We are satisfied with the work the Ikeja Hotels have done to date this is an appropriate time to lift the suspension on the trading of the shares of the company.

Awe also disclosed that the company holding its Annual General Meeting (AGM) played a key role in the NSE lifting the suspension.

What led to the suspension?

The company has been caught in an ownership tussle between Goodie Ibru and a faction led by Maiden Ibru. Goodie was accused of poor corporate governance, a charge he robustly denied. They obtained a court order granting them permission to hold an Extraordinary General Meeting (EGM) removing him as Chairman. Goodie then obtained a court order restraining them from doing so.

Goodie stepped down from the board in February last year, citing the need for a new generation of Ibrus to take over the firm. This was despite a court order affirming his position as chairman.  The board was reconstituted and Anthony Idigbe (SAN) was appointed as chairman.

Ikeja Hotel closed yesterday’s trading session at N1.78. Results for the first quarter ended March 2018, show revenue increased from N2.7 billion in 2017 to N3.0 billion in 2018. Profit before tax increased from N180 million in 2017 to N328 million in 2018.

The company was incorporated as Properties Development Limited on November 18, 1972. The company’s name was changed to Ikeja Hotels Limited in 1980. It became a public company in 1983 and assumed its present name on February 5, 1991.

 

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Tech News

Spotify podcast listeners set to surpass Apple podcast for the first time in 2021

Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.

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The number of Spotify’s podcast listeners will surpass Apple’s listeners this year. According to a report by eMarketer, 28.2 million U.S. users will listen to podcasts on Spotify at least monthly, compared with 28.0 million via Apple Podcasts. This shift will come on the heels of the expected 41.3% in 2021.

Apple was the de facto destination for podcasts for a long time, but in recent years, it has not kept up with Spotify’s pace of investment and innovation in podcast content and technology.

By putting podcasts and music in one app, Spotify became the convenient one-stop-shop for everything digital audio. Unlike Apple that has a different app for podcasts instead of offering a well-integrated experience with music and podcasts in one app.

This shift made more people stick to Spotify for the sheer experience of streaming music and also listening to a podcast on the same platform. Other music streaming services like Amazon, Pandora, etc. also have the seamless experience of enjoying podcasts and music on the same App.

According to the report, Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.

Overall, there will be 117.8 million overall monthly podcast listeners in 2021, a 10.1% year-over-year (YoY) increase. This year, podcast listeners will represent 53.9% of monthly digital audio listeners, surpassing 50% for the first time.

We anticipate that more audio listeners will start listening to podcasts monthly, leading to a 60.9% share by 2024.

This year, $1.28 billion will be spent on podcast advertising, surpassing $1 billion for the first time, representing a 41.0% YoY increase. Podcast advertising is continuing to gain a share of total digital audio ad spending, representing 24.0% in 2021.

What you should know

  • Last week, Spotify announced that it will be expanding its service to 85 new markets including Nigeria.
  • This new expansion came with other upcoming features and products like the paid podcast subscriptions that will allow creators to publish paid podcast content aimed at their most dedicated fans.
  • Spotify is also partnering with WordPress to add a new integration to its platform similar to Clubhouse. This integration will make it easier for bloggers to turn their posts into podcasts, either by reading the blog posts themselves or leveraging third-party text-to-speech technology

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Coronavirus

Peter Obi urges FG to beg manufacturers, rich nations for COVID-19 vaccines

Obi urged the FG to consider appealing to rich nations, drug manufacturers for vaccines instead of spending billions of nairas to procure them.

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Katsina Abduction, Recession: Economy should be redirected from wasteful-consumption to productivity — Peter Obi

Former governor of Anambra State, Peter Obi has appealed to the Federal Government to take a second look at their stipulated Covid-19 budget and rather, consider begging drug manufacturers and rich nations for the vaccines.

The former Vice Presidential candidate while speaking in an interview on Channels Television, lamented on what he felt was an over-the-top and ludicrous budget for the Covid-19 vaccines and advised that the FG should instead, appeal to manufacturers for the vaccine.

Obi, speaking on the FG Procurement Budget for the Covid-19 vaccine explained that it makes little sense for Nigeria to apportion 80% of its health budget for the procurement of Covid-19 only. He also stated that sufficient Covid-19 vaccine for the country can be purchased for a price way below the figure being put forward by the FG.

They said they need N400bn. Our Budget for health this year is N547bn and you are saying that you need 80% of that for vaccine procurement. Assuming that’s what we are going to use the money for. I have checked the vaccine we need to have 70% which WHO has stipulated that if they receive it is okay. The quantity we need cannot cost us more than N150bn. It might be less because there are people who are willing to give vaccines for free,” Obi said.

Mr. Obi took it a step further by advising the FG on how to go about the quest to get Covid-19 vaccines at a much cheaper rate. He believes the country should own up to its poor status and demand for help unashamedly. This, he said, will reduce the amount the FG will pay for the Covid-19 vaccines.

Why don’t we beg manufacturers to donate, saying to them that we don’t have anything. We can go kneel and beg them saying please give us the vaccines. We are from a poor country. Give us a discount. There is nothing wrong with saying that you are poor. It is not a crime. Because you are poor,” Obi added.

Since pharmaceutical companies and drug manufacturers began discovering and manufacturing vaccines against the novel Covid-19, there have been concerns that the poorer nations might be left far behind in the race to acquire the vaccines.

In case you missed it

  • Nigeria received its first batch of Covid 19 vaccines from India today. The first batch of Oxford AstraZeneca COVID-19 vaccines from India landed in the Nigerian capital Abuja on Tuesday.
  • About 3.94 million doses of the vaccines arrived at Nnamdi Azikiwe International Airport Abuja via an Emirates flight.

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