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Sport betting companies enrich themselves at the expense poor customers – Tayo Oyedeji

Nigerian entrepreneur and business leader, Tayo Oyedeji, believes that many sport betting companies in Nigeria and elsewhere are enriching themselves at the expense of their mostly impoverished customers. 

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Sports betting companies

Nigerian entrepreneur and business leader, Tayo Oyedeji, believes that many sport betting companies in Nigeria and elsewhere are enriching themselves at the expense of their mostly impoverished customers.

According to Oyedeji, companies like SportsPesa, Betway, Nairabet, and Bet9ja, etc, harvest millions of naira by encouraging people to predict the future which is impossible.

He then went further to argue that it is better to invest one’s money instead of placing it all in a bet. According to him, it is unreasonable for anybody to have the mindset that sports betting equates investment.

You can see Mr Oyedeji’s Twitter thread below:

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The owners of SportsPesa, Betway, Ladbrokes, Nairabet, Bet9ja, BetKing etc make millions by selling poor people a pipe dream.
They harvest millions from sport fans who think they can predict the future. Nobody can. 
Did you think Spurs would win at Ajax?Invest, don’t bet.

It takes a special level of financial naivety to think that sports betting is a form of investment. It’s NOT. You will eventually lose your capital and continue “investing” in a bid to break even.

They make the million; you lose your shirt.
Don’t do it.

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This sports betting nonsense is all over England; it’s on every billboard in Kenya; it’s big in South Africa; it’s everywhere in Nigeria too.

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It targets the poor and keeps them poor while a bunch of billionaires harvests capital from the ghetto. Please don’t fall for it.

Save your money in a high yield savings account. Invest it in a money market fund once it’s big enough for the minimum investment threshold. You can invest in Stanbic Bank mutual fund with N5000 or Equity Bank with Ksh 1000 or FNB with R1000. 

Don’t bet your life away. Invest.

I wrote this thread because a significant percentage of the men at the Village Fire seminar in Nairobi mentioned sport betting as one of their investment vehicles.

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Please note: it’s not an investment. It’s gambling. You will eventually lose everything.

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Nairabet’s Founder’s swift response: Meanwhile, Mr Oyedeji’s perspective was not taken likely by Akin Alabi, the entrepreneur and politician who established Nairabet. In a brief tweet, Alabi told Oyedeji that sports betting is a form of entertainment and not a form of investment. He went further to accuse Oyedeji of merely seeking attention with his thread.

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8 Comments

8 Comments

  1. Emarinamie

    May 11, 2019 at 2:45 pm

    Where they fored to bet. It is greed that is making them throw away the little they have. Stop blaming the spot betting company they are in business like every other businessman

  2. Olawuyi adewale

    May 11, 2019 at 5:50 pm

    Mr oyedeji is very rite. This people make a lots of money from d poor becos they are ignorant of it. U can’t get it rite at all. Liv to beat Barca ah. Pls my fellow brothers and sisters think twice and invest ur money wisely.

  3. Anthony Chibueze

    May 11, 2019 at 8:16 pm

    Mr Tayo. You’re 100% right, via poor people to stop investing in betting. Practically the way things are going in Nigeria have a lot of people to believe in bet9ja. As a graduate No work, nothing nothing, bet seems to be an option. Mr Tayo, if you have a better way to invest or solution, please send me a [email protected]! Wish all nigerians will listen to you. Remain bless

  4. blue73

    May 13, 2019 at 1:16 am

    Did u just say d poor? Lol even d rich do sport betting. U do not spoil other people’s business to make urs grow. Poor advert.

  5. Rollex

    May 13, 2019 at 11:31 am

    I think it’s the hard way and only for youths

  6. Enez nna

    May 13, 2019 at 12:31 pm

    Is it your money? Oga the country and our leaders has failed the youths.! What investment are u talking about in Nigeria? U don’t spoil another man’s business.

  7. Yunus

    May 14, 2019 at 9:36 am

    He actually provided alternatives in his tweets.

    This saying should be apt to you: When in a ditch, stop digging. You cant be complaining of unemployment and then throw the little you have away sport betting.

  8. Ouida

    June 10, 2019 at 1:20 am

    Online keno websites generally supply guaranteed jackpots of various shapes in their regular games.

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Companies

Cutix Plc forecasts N148 million profit in Q4 2021

Cutix Plc has projected that its revenue will double and profit will increase by 9% to N148 million.

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Cutix Plc, dividend

Cutix Plc has projected that in the fourth quarter of its financial year 2021, its revenue will double and profit will increase by 9% to N148 million.

These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Company’s CEO and CFO.

READ: Vitafoam shares gain 9.6%, as company reports N4.11 billion as profit in 2020

Key highlights of the earnings forecast for Q4 ended April 30, 2021

  • Revenue to increase to N1.66billion, 100% Q-o-Q.
  • Cost of Sales to increase to N1.16 billion, 70% Q-o-Q.
  • Distribution, Admin & Other expenses to increase to N232.89 million, 14%% Q-o-Q.
  • Other Income to remain unchanged at N2.50 million,
  • Finance Charges to increase slightly to N47.38 million, 3% Q-o-Q.
  • Operating income to increase to N227.83 million, 14% Q-o-Q.
  • Taxation is projected at N79.74 million.
  • While Profit attributable shareholders is projected at N148.10 million.

READ: Royal Exchange Plc forecasts N500.83 million PAT in Q1 2021

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Bottom line

The earnings forecast was made on the ground that the Nigerian economy will continue improve, as the country recovers from the impact of COVID-19. In this regard, revenue in the fourth quarter of 2021 will be slightly higher than the revenue projected in the third quarter of 2021.

READ: Okomu Oil Plc records 27.01% decline in 2020 Q3 revenues

However, the increase in the cost of sales driven by the input cost will pressure profitability to the tune of N148.10 million, which is 9% higher than the profit after tax made in the corresponding quarter of 2020.

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Companies

PZ Cussons proposes dividend payout of N397 million to the shareholders

The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397 million to the shareholders of the company.

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PZ Cussons Plc, PZ Cussons Nigeria Plc

The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397.047 million to the shareholders of the company who currently hold the 3,970,477,045 fully paid ordinary shares of the company.

This disclosure was made public by the company in a notification issued and signed by the Company Secretary, Jacqueline Ezeokwelume, today the 7 January 2021.

She explained further that if the dividend of ten (10) Kobo per share recommended by Directors is approved by members at the Annual 72nd General Meeting, the dividend payments will be made on Monday, 1 February 2021.

What you should know

  • The Register of Members and Transfer Books of the Company will be closed from Monday, 11 January 2021 to Friday, 15 January 2021 (both dates inclusive) for the purpose of preparing an up-to-date Register of Members.
  • However, only shareholders whose names appear in the Register of Members and Transfer Books at the close of business on 19th October 2020 will receive the dividend on Monday, 1 February 2021.

What they are saying

Mr. Gbenga Oyebode, MFR, the Chairman of PZ Cussons Nigeria Plc, in his address said:

  • “Fellow shareholders, the Board of Directors is recommending to the shareholders at this AGM, a dividend pay-out of N397,047,700 representing 10 Kobo per share (2019: 15 Kobo per share). If approved, the dividend will be paid to shareholders on Monday, 1 February 2021 after deducting the appropriate withholding tax.”

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Companies

Neimeth proposes N123.45 million dividend to be distributed to shareholders

Neimeth has proposed a total final dividend of N123.45 million to be distributed to the shareholders of the company.

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Neimeth Pharmaceuticals

The Board of Directors of Neimeth International Pharmaceuticals Plc, has proposed a total final dividend of N123.45 million to be distributed to the shareholders of the company, as final dividend for the period ended 30th September 2020.

This information is contained in a corporate action announcement dated 30th December 2020, issued and signed by the Company Secretary, Mrs Florence Onyenekwe.

According to the announcement, the final dividend which sums up to N123.45 million when approved at the next Annual General Meeting (AGM) on 9th March 2021, will be paid to shareholders of the company who own the 1,250,844,000 ordinary shares of the company. This translates to a Final Dividend payment of 6.5 Kobo per share.

What you should know

  • The final dividend of 6.5 Kobo per share will be paid for all the outstanding 1,899,157,107 ordinary shares of the company. This gives a total dividend of N123,445,211.95, to be distributed to the shareholders of the company.
  • To enable Neimeth’s Registrars, Meristem Registrars and Probate Services Limited, prepare for the payment of the final dividend, the Register of Shareholders will be closed from 23rd February 2021 to 28th February 2021.
  • The dividend will be paid on 12th March 2021, electronically to shareholders whose names appear on the Register of Members as at 12th March 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividend directly into their Bank accounts.
  • Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar.

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