Lion King animation is currently being regarded as the highest grossing animation movie, having grossed over $1.3 billion from different revenue streams, displacing Frozen which stood at $1.276 billion and Incredible 2, according to reports.
Lion King has continued to perform considerably well, making $473.1 million at the domestic box office and $861.5 million overseas. It has also gulped $118 million in China. The movie continued to gain relevance by accruing $50 million from audience in Brazil and France and another $60 million from Great Britain.
The great displacement: The success of Incredibles 2 was quite profound as it is one of the greatest animations with a $1.243 billion record grossing until the recent displacement which occurred last week. Lion King’s immense progress since July 19, 2019 has raised a question on how far the movie would go in its continued rise to the top.
The remake of Lion King has continued to grow, re-engineering a new trend of animations and the propensity for success at the box office, even though Director Jon Favreau’s defense posited that the animation has only one live action, with the rest relating to CGI.
Disney’s continued dominance: The continued dominance Disney enjoys, alongside ownership of Fox and Lucasfilm implies that Disney will continue to enjoy ownership of the largest film franchise, thus, monopolizing the control of box office profits with the recent release of Toy Story 4, Aladdin and Dumbo.
The Lion King began its debut with $185 million from the box office and has gone from that humble start to over $1 billion, boosting a domestic box office that has struggled to make its mark so far this year, beginning with Alita, Battle Angel and The Lego Movie 2.
CBN grants Greenwich Trust Limited operational license for merchant banking
CBN has upscaled Greenwich Trust Limited to the status of a merchant bank.
The Central Bank of Nigeria (CBN) has upscaled Greenwich Trust Limited and granted it, operational license for merchant banking in the country.
According to an official statement released by the firm, the entity would be known as Greenwich Merchant Bank Limited. This license allows Greenwich Merchant Bank to upscale and offer such diverse services as corporate banking, investment banking, financial advisory services, securities dealing, treasury wealth and asset management, etc., making it possible to provide increased value to stakeholders beyond its previous scope.
Recall that the minimum capital requirements for establishing a merchant bank according to Merchant Banking Licensing Regulations in 2010 are N15 billion
With the addition of Greenwich Merchant Bank, Nigeria now has six merchant banks. The others are; FBN Quest, Coronation Merchant Bank, DSH Merchant Bank, Nova Merchant Bank and Rand Merchant Bank.
About Greenwich Trust Limited
Greenwich Trust Limited is an investment banking firm duly registered with relevant authorities such as the Nigerian Securities and Exchange Commission (SEC). It is a diversified firm with subsidiaries such as Asset management, GTL Properties, GTL Securities Limited, Cedar Express Limited and Meyer Plc.
Emirates Airlines banned from operating in Nigeria
UAE’s Emirate Airline has been banned from operating in Nigeria.
Emirates Airline has been added to the list of airlines which have been banned from operating in Nigeria. The ban will take effect from the 21st of September.
This was announced by the Minister of Aviation, Hadi Sirika in a social media statement on Friday.
The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020🇳🇬
— Hadi Sirika (@hadisirika) September 18, 2020
“The PTF subcommittee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept 2020.” Sirika stated.
This comes as the UAE government has been accused of not renewing visas of Nigerians in Dubai and also rumours of a VISA ban for Nigerians applying for visas.
Last month, the UAE embassy in Nigeria denied there is a VISA ban on Nigerians entering the Middle Eastern country. They said: “At the onset of the COVlD-19 pandemic, the UAE took a number of precautionary measures to combat the virus’ spread, including the temporary suspension on issuing UAE visas for all nationalities as of March 17, 2020.
After entering the recovery phase of the pandemic, the UAE eased some measures on July 7, permitting visitors from various countries to adhere to the necessary precautionary measures, including by showing negative PCR test results within 92 hours of travelling to the UAE. This includes those visiting from Nigeria.”
CBN introduces N250 billion stimulus package for gas investment to ease pain of fuel price increase
The CBN has introduced a stimulus package to help stimulate investment in gas as an alternative to fuel.
As part of the palliative following the sharp increase in the price in the pump price of petrol, the Central Bank of Nigeria (CBN) has introduced a N250 billion stimulus package under a National Gas Expansion Programme that it hopes will help stimulate investment in the gas value chain and spur its use in transportation as an alternative to fuel-powered cars.
Large scale projects under this intervention programme will be financed under the Power and Airlines Intervention Fund (PAIF), in line with existing guidelines regulating the PAIF, while small scale operators and retail distributors will be financed by the NIRSAL Microfinance Bank (NMFB) and/or any other Participating Financial Institution (PFI) under the Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS).
This initiative is to be implemented in collaboration with the Federal Ministry of Petroleum Resources.
The objectives of the facility include;
- Improved access to finance for private sector investments in the domestic gas value chain.
- Stimulate investments in the development of infrastructure to optimize the domestic gas resources for economic development.
- Fast track the adoption of Compressed Natural Gas (CNG) as the fuel of choice for transportation and power generation, as well as Liquefied Petroleum Gas (LPG) as the fuel of choice for domestic cooking, transportation, and captive power.
- Fast track the development of gas-based industries particularly petrochemical (fertilizer, methanol, etc) to support large industries such as agriculture, textile, and related industries.
- Provide leverage for additional private sector investments in the domestic gas market.
- Boost employment across the country.
The activities that are eligible under the intervention shall include;
- Establishment of gas processing plants and small scale petrochemical plants.
- Establishment of gas cylinder manufacturing plants.
- Establishment of L-CNG regasification modular systems
- Establishment of autogas conversion kits or components manufacturing plants.
- Establishment of CNG primary and secondary compression stations.
- Establishment and manufacturing of LPG retail skid tanks and refilling equipment.
- Development/enhancement of autogas transportation systems, conversion, and distribution infrastructure.
- Enhancement of domestic cylinder production and distribution by cylinder manufacturing plants and LPG wholesale outlets.
- Establishment/expansion of micro-distribution outlets and service centres for LPG sales, domestic cylinder injection, and exchange and
- Any other mid to downstream gas value chain related activity recommended by the Ministry of Petroleum Resources.
The aggregators, manufacturers, processors, wholesale distributors, and related activities shall be funded under the Power and Airline Intervention Fund (PAIF), while the Small and Medium-scale Enterprises (SMEs) and retail distributors shall be funded by NIRSAL Microfinance Bank under AgSMEIS.
For the manufacturers, processors, wholesale distributors, etc, the term loan shall be determined based on the activity and shall not exceed N10 billion per obligor. The working capital shall be a maximum of N500 million per obligor.
While for the small and medium enterprises, the term loan shall be based on the activity and shall not exceed N50 million per obligor. The working capital shall be a maximum of N5 million per obligor.
The interest rate under the intervention shall be at not more than 5% per annum (all-inclusive) up to February 28, 2021, thereafter, interest on the facility shall revert to 9% per annum (all-inclusive) with effect from March 1, 2021.
Loan Tenor and Moratorium
The manufacturers, processors, wholesale distributors, will have term loans which shall have a maximum tenor of 10 years (not exceeding December 31, 2030) with a maximum of a 2-year moratorium on principal repayment only. The working capital facility of 1 year with a maximum rollover of not more than twice, subject to prior approval.
The small and medium enterprises (SMEs) and retail distributors will have term loans that shall have a maximum tenor of 5 years (not exceeding December 31, 2030) with a maximum of 2 years on principal repayment only. The working capital facility of 1 year with a maximum rollover of not more than twice and subject to prior approval.
This new initiative involves getting many vehicles to run on gas by collaborating with investors to build the required infrastructure such as pipelines and petrol stations. It is also expected to help accelerate the use of natural gas and end gas flaring.