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Companies

Online streaming site Netflix acquires Kunle Afolayan’s movie, ‘Mokalik’

Award-winning producer Kunle Afolayan recently disclosed that popular online streaming site Netflix has acquired his movie ‘Mokalik’.

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Netflix acquires Kunle Afolayan's movie Mokalik

Popular online streaming site, Netflix has acquired Kunle Afolayan’s movie, ‘Mokalik‘. The award-winning director disclosed this in an interview with News Agency of Nigeria, on Wednesday July 3, on the sideline of the French-Nigerian Cinema Days which held from July 2 to 3 at the Alliance Francaise, Ikoyi, Lagos.

He said, “Netflix has acquired ‘Mokalik’ and some other of my films”. Though he didn’t disclose the price paid for the acquisition, he said that the company had not announced when the movie would be listed on its site.

Reason for the acquisition: Netflix has continued its quest to deliver original contents to its African subscribers, and the acquisition is part of the American streaming giant’s $15 billion budget set out to get original content globally.

[READ ALSO: Coca Cola sets for complete acquisition of Chi, eyes Horlicks drink]

This won’t be the first time the streaming site is acquiring a Nigerian movie. Last year, the company acquired Genevive Nnaji’s ‘Lion Heart‘. It has also previously acquired licenses for movies such as ‘October 1’ (another movie by Afolayan) and the 2016 hit, the ‘Wedding Party’.

The movie, ‘Mokalik’ features Nigerian singer, Simi alongside ex-Big Brother housemate, Tobi Bakre and other actors.

About Netflix: Netflix Inc. is an American media services founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, with its headquarters in Los Gatos, California.

Netflix is a subscription-based streaming OTT service which offers online streaming of a library of films and television programmes, including those produced in-house.

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According to reports, Netflix as of April 2019 had over 148 million paid subscriptions worldwide, including 60 million in the United States, and over 154 million subscriptions total, including free trials.

Netflix has offered lots of original contents on its site since 2012. By January 2016, its services operated in more than 190 countries and released an estimated 126 original series and films the same year, more than any other network channel.

READ FURTHER HERE: [Nigerians spent over N600 million at the cinemas in December 2018]

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Companies

MTN Nigeria declares largest ever revenue by a listed Nigerian entity for FY 2020

The strong revenue growth was basically due to its data-led segment as sales from the segment expanded by an impressive 51.5% Year to Year.

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UACN appoints Toriola as new Director 

MTN Nigeria recently announced another ground-breaking full-year turnover in the financial year of 2020, the highest ever recorded by a Nigerian listed entity.

Specifically, the telecom giant’s revenue expanded by 15.1% year-to-year to N1.3 trillion in the review period. The strong revenue growth was basically due to its data-led segment as sales from the segment expanded by an impressive 51.5% Year to Year.

  • Voice sales rose relatively by 5.6% year to year as the global switch to data-enabled communication subsisted.
  • MTN Nigeria Plc also announced a N5.90/share final dividend on impressive growth in its free Cash Flow for the financial year of 2020.
  • Notably, MTNN’s 4G network now covers 60.1% of the population compared to 43.8% in 2019.
  • According to MTN Nigeria, the suspension of new SIM registration enforced in mid-December did not have a material effect on the voice segment, which managed a 10.6% YoY revenue growth in Q4’20 (vs 7.0% YoY in Q3’20).

In contrast, data revenue growth notably moderated to 37.5% YoY in Q4’20 compared to 55.5% YoY in Q3’20.

In a research report released by CardinalStone, the most valuable telecom company’s margin was adversely affected by currency devaluation;

“Margins were adversely affected by the effect of naira devaluation and expenses associated with new sites’ roll-out to boost 4G network coverage in FY’20.

“On the former, we note that MTNN expanded the scope of its service agreement with IHS Holding Limited and changed the reference rate for converting USD tower expenses to NAFEX (vs CBN’s official rate previously). Thus, over the full-year period, the company’s operating margin contracted by 1.9 ppts YoY to 31.7%,” the report stated.

The company’s margin was also negatively affected by the higher cost of borrowing and the ultra-low rates prevailing at Nigeria’s debt market;

“Net finance cost increased by 25.4% YoY on the impact of higher borrowings and lower interest on investment in government securities.

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“Borrowings rose by over 26.3% to N521.2 billion in FY’20, after the company notably issued its N100 billion Commercial paper in June 2020. The effect of higher borrowings combined with a tax increase (a consequence of lower investment allowance and exempt income) to keep after-tax profit growth subdued at 0.9% YoY.”

That being said, in spite of its impressive growth in revenue the Stock was trailing by 3.28% trading at N174 per share.

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Companies

Peter Obaseki retires as Executive Director from the Board of FCMB Plc

Mr Peter Obaseki has retired as a Director on the Board of FCMB Group Plc.

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First City Monument Bank Ltd issues N20 billion commercial paper

The Board of FCMB Group Plc has announced the retirement of Mr Peter Obaseki as an Executive Director of the company.

The notification is part of the decisions reached at the company’s Board meeting held today, 26th of February, 2021.

According to the disclosure signed by the company’s secretary, Mrs. Olufunmilayo Adedibu, the retirement of Mr Obaseki from the Board of the company will become effective from 1st of March, 2021.

In lieu of this, the Board wished the outgoing Director well in his future endeavours and accepted his retirement in good faith. Other decisions reached at the Board of Directors’ meeting include;

  • The Board considered and approved the appointment of an Independent Non-Executive Director, subject to CBN approval.
  • It also considered and approved the Group’s audited financial statements for the year ended December 31, 2020 as well as payment of Dividend, subject to the approval of the CBN.

What you should know about Obaseki:

  • Mr. Peter Obaseki has over 27 years working experience across financial consulting and banking. Prior to joining FCMB Plc in 1997, Mr Obaseki gained valuable experience in firms like KPMG, Ani, Ogunde & Co and some banks.
  • He is a fellow of the Chartered Institute of Bankers and was appointed an executive director of FCMB in September 2008.
  • Apart from being an Executive Director, Mr. Peter Obaseki also doubled as the Chief Operating Officer of FCMB.

FCMB closed trading with a share price of N3.03 as at the 26th of February 2021.

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