Nigerian premier league club Enyimba International of Aba could potentially rake over N100 million annually as revenue from gate takings from its stadium.
Enyimba stadium had 25,000 spectators last night.
Ticket was in 3 categories.
The club made approximately N15M in gate takings for just one match.
You didn’t hear it from me but if you’re a sports facility manager, you should submit a proposal.
— Sam Hart (@hartng) August 30, 2018
The Abia State government this week commissioned the reconstructed stadium. Rehabilitation work included the installation of an astro pitch which cost over N450 million.
Revenue for the club
Football clubs in Nigeria are largely dependent on the government for sustenance. At N15 million a match, the club could earn potentially over N100 million a year from matches. This would provide funds which it could deploy on salaries as well as buying new players.
If the stadium is able to host intercontinental matches, earnings could be much more. The Akwa Ibom and Abuja stadiums currently host matches involving the national team.
Abia state governor Okezie Ikpeazu while inspecting the club prior to its commissioning, had stated CAF accreditation would be pursued.
“I think we are on course, we are proposing to play here on 28th and officially open the stadium. We are going to endure that CAF re-accredits the stadium. It is better and more beautiful and more digital now and we think it has met world standard”
Aside from gate takings, the club could also earn revenue from endorsements. Corporates in the country have spent billions of Naira supporting football. The Nigerian Football Federation (NFF) in April last year signed a 5-year sponsorship deal valued at N2.5 billion with Aiteo resources.
Enyimba Football club was founded in 1976 and is based in Aba, Abia State. The club is fondly known as the people’s elephant and is arguably one of the most successful at the local and continental levels in recent times.
Instagram disables its “Recent” feature
Instagram has announced it remove the “recent” tab from hashtag pages on a temporary basis.
Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the U.S.
The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election”
Starting today, for people in the U.S. we will temporarily remove the “Recent” tab from hashtag pages. We’re doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.
— Instagram Comms (@InstagramComms) October 29, 2020
What you should know
Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.
Instagram has also taken the following measures to ensure a successful election
• The registration of 4.4 million votes this year through its flagship platform, Instagram and Messenger.
• Serving as a means of information and tool to people in the US on the electoral process
• The ban of any content that can cause destruction or war to the election.
(READ MORE:U.S dollar stable amid U.S holiday)
Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risk for civil unrest in the U.S. due to the upcoming presidential election.
“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country,” Zuckerberg said.
Furthermore, he disclosed on a call while discussing Facebook’s third-quarter earnings, stating that, “Given this, companies like ours need to go well beyond what we’ve done before.”
Why this matters
The aim of the short-term decision is to decrease the spread of misinformation on the forthcoming U.S election.
#EndSARS: Police did not shoot protesters – IGP Adamu
The IGP has said that police officers acted professionally and exercised commendable restraints during the #EndSARS protests.
The Inspector-General of Police, M.A Adamu, has said that officers of the Nigeria Police Force acted professionally and exercised commendable restraints during the protests, in a response to Amnesty International about police firing at protesters.
The IG disclosed this in a statement on Friday morning, saying reports on the shooting of protesters is not true.
ENDSARS PROTESTS: POLICE PERSONNEL WERE PROFESSIONAL AND EXERCISED MAXIMUM RESTRAINTS – IGP TELLS AMNESTY INT’L
•Says Report on Shooting of Protesters by the Police, Not True.
The Inspector-General of Police, IGP M.A Adamu, NPM, mni has affirmed that
— Nigeria Police Force (@PoliceNG) October 30, 2020
What you should know
Amnesty International released a report on the 21st of October, 2020, saying it has confirmed “that the Nigerian army and police killed at least 12 peaceful protesters yesterday at two locations in Lagos. The killings took place in Lekki and Alausa, where thousands were protesting police brutality as part of the #EndSars movement.”
President Muhammadu Buhari also disclosed last week that 51 civilians, 11 Police officers, and 7 soldiers have been killed in the unrest.
The IGP said today that, “Officers of the Nigeria Police Force acted professionally, exercised commendable restraints and some paid the supreme price for peace during the recent protests and ensuing violence in some parts of the country.
“The Amnesty Int’l report is untrue, misleading, and contrary to all available empirical evidence.
“Even when the protests turned violent in some parts of the country, the officers still maintained utmost restraint and did not use excessive force in managing the situations.”
The IG added that 22 Police personnel were killed by hoodlums, with many more injured and that 205 police stations were attacked.
“Available reports show that twenty-two (22) police personnel were extra-judicially killed by some rampaging protesters and scores injured during the protests. Many of the injured personnel are in life-threatening conditions at the hospital.
“Two hundred and five (205) police stations and formations including other critical private and public infrastructure were also damaged by a section of the protesters,” he said.
The IG said Amnesty International failed to pay tribute to police officers who lost their lives in the violence and accused the organization of “discriminatory tendencies.”
LivingTrust Mortgage Bank posts N192 million in Q3 2020
The improved result was driven by an effective mix of revenue optimization and cost minimization strategies by the management and the Board of the company.
LivingTrust Mortgage Bank has announced its unaudited third-quarter 2020 financial results, which showed an impressive performance, as revenue went from N120 million in Q3 2019 to N192 million Q3 2020.
This information is contained in the LivingTrust Mortgage Bank unaudited third-quarter 2020 financial results.
The company reported an impressive leap in profits in the third quarter of 2020, as profit after tax increased from a meager N3.34 million in the third quarter of 2019 to an impressive N71.43 million in 2020; the company witnessed improvement in its operations, owing to an effective mix of revenue optimization and cost minimization strategies by the management and the board of the company.
What you should know
- LivingTrust Mortgage Bank’s turnover was N191.72 million, compared to N120.20 million in the third quarter of 2019.
- The Mortgage Bank’s profit after tax was N71.43 million, compared to N3.34 million in the third quarter of 2019.
- The increase in profit after tax was largely driven by interest Income From Mortgage Loans And Advances
- To Customers, which increased from N119 million to 170 million.
- The total assets of the company increased from N4.6 billion as of the last day of business in 2019 to N5.3 billion as of 30 September 2020.
Despite prevailing economic headwinds and the tight regulatory framework of the economy, LivingTrust Mortgage Bank continues to show sustained growth in key segments driven by strategic positioning of the business in Osun State.
LivingTrust Mortgage Bank is headquartered in Osun State where it operates from 3 branches with desk offices in Lagos, Akure and Abuja. The new strategies deployed by the management and the board of the company yielded huge gains for the company since the beginning of the year.
This is obvious in the improved performance of the company in Interest Income From Mortgage Loans And Advances To Customers, during the period.
What they are saying
In a note by the management of the company commenting on the result, it was stated that: “Living Trust Mortgage Bank Plc achieved this result under a new management, led by Adekunle Adewole as the Managing Director, which came on board in May, this year, and Alhaji Adebayo Jimoh-led board of directors.”
The bank which was hitherto known as Omoluabi Mortgage Bank Plc also rebranded and became known by its present name.
The bank further said, “Our recent achievement are fallouts of the strategies introduced by the new management, to ensure that the bank effectively discharges its commitments to its growing customer base.
“Our recent rebranding also contributed to our feat, as it became necessary for us to adopt an image which correctly reflects our current outlook and strategic focus.”
The bank’s management was recently overhauled, while its board of directors was also reconstituted, following the acquisition of majority shareholding in it by Cititrust Holdings Plc.
According to the bank, with the increasing cultural diversity of its fast-growing customer base, it became necessary for it to adopt an image that correctly reflected its current outlook and strategic focus.
The bank added that the name change is also a reflection of its corporate transformation plan, which primarily aims at delivering superior quality products and services to all customers, regardless of their status or location.
About Adewole Adekunle
The new MD, Mr. Adewole Adekunle, is a banking professional with over 2 decades of experience cutting across areas like retail, commercial, corporate banking, corporate strategies, and credit recoveries.
He served in various positions in Omega Bank (now Keystone Bank), Standard Trust Bank (now UBA), Broad bank (now Union bank), and Sterling Bank.
He has 2 MBAs in Marketing and Finance from the University of Ado-Ekiti and the Metropolitan School of Business and Management, UK. He also holds a Masters in Business Law and a certificate in Global Management (CGM). He is an Alumnus of Lagos Business School and INSEAD.