When Bet9ja was announced as the official sponsor of the reality TV show, Big Brother Naija’s ‘Pepper Dem Season’, public interest was piqued, as the Nigerian renowned betting company was poised to gain global attention.
In January 2019, Bet9ja was announced as the sponsor of Big Brother Naija’s ongoing season, taking over from Eyo Bassey’s Payporte, a company that was reportedly facing a serious management crisis at the time.
Almost all sports betting enthusiasts and stakeholders are familiar with Bet9ja, but only a few of them know the company’s co-founder, Kunle Soname. Nairametrics founders profile features him this week.
What will interest you about the Bet9ja co-founder
Unlike the founders of other sports betting companies, Soname is a quiet investor. He is one of the very few billionaire investors in the country, who are silently allowing their work to speak for them with magnificent results.
Based on his near 100% stake in KC Gaming Networks Limited, the company that co-own Bet9ja, it is safe to say that Kunle Soname’s net worth is around $100 million. Arguably, his success in the country’s sports industry is a yardstick for others who run sports businesses in Nigeria.
The sports magnate has not only been putting his money to work but has since been channelling his energy to sports activities right from his academic days. Soname played football and represented his school in several competitions such as The Principal’s Cup.
Soname, who hails from Remo in Ogun State, can be classified as one who takes pride in his roots. This is evident in his investment in a football club, Remo Stars FC. He became the first Nigerian to own a European football club in 2015 when he acquired a 70% stake in the Second Division Portuguese football club side, Clube Desportivo Feirens.
Being at the forefront of helping Nigerian leagues and clubs get sponsorships, the erudite sportsman is involved in football marketing across the country. He is a visionary who believes that Nigerian football can be more attractive to sports enthusiasts beyond the shores of the country, and at the same time be appealing to corporate brands.
Education and career milestones
Soname attended Federal Government College, Lagos for his secondary school education, and Lagos State University (LASU), where he studied Political Science and graduated 1996.
The sports tycoon was also involved in politics. He was elected as the Executive Chairman of Ikosi-Isheri Local Council, Lagos State between October 2003 and October 2011. It is important to note that during his time in office, he was instrumental to the building and reconstruction of the Boarder Stadium at Olowora, Isheri, Lagos.
In 2004, he founded Remo Stars Football Club (formerly known as FC DENDER of Lagos). The club, which was rebranded and relocated from Lagos, now plays in the Top Division of the Nigerian Premier League.
Advancing his investment portfolio in sports, Soname in 2015, acquired the Portuguese Second Division side, Clube Desportivo Feirense, owning 70% stake in the club.
Bet9ja covers all the major sporting events across Europe and the world at large. The sports betting company has become a household name in the country and is undoubtedly one of the leading brands in its industry.
Trading under KC Gaming Networks Limited, Bet9ja is licensed under the Lagos State Lotteries Board. After securing a sponsorship deal with the Nigerian Football Federation (NFF), Bet9ja became the official sponsor of the Nigerian National League, Nigeria’s Second Tier Division.
As of last year, Soname’s Bet9ja was the second most visited website in Nigeria, according to Google. Owing to its high patronage, the company is helping to keep many Nigerian youths gainfully employed, as it has over 5000 agents all over the country.
Kunle Soname is happily married to Kemi Soname and their union is blessed with a daughter, Erioluwa.
[READ FURTHER: 10 fastest growing business opportunities in Nigeria]
BREAKING: Nigeria’s Manufacturing Sector contracts for 6th consecutive month
The manufacturing sector contracted for the sixth consecutive month as 8 subsectors contracted out of 14.
The Manufacturing Purchasing Managers’ Index (PMI), for the month of October, witnessed a contraction for the sixth consecutive month, as it stood at 49.4 index points.
This was disclosed by the Central Bank of Nigeria (CBN), in its October PMI report released today.
According to the information contained in the report, despite the fact that the Manufacturing Purchasing Managers’ Index (PMI) for the month of October contracted, the Manufacturing PMI index recorded a month-on-month increase owing to improved New orders, faster manufacturing supplier delivery time, and slight changes in production and employment levels.
What you should know
The report stated that, out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order:
- Electrical equipment
- Transportation equipment
- Printing & related support activities
- Chemical & pharmaceutical products
- Textile, apparel, leather & footwear
While the remaining 8 subsectors reported contraction (below 50% threshold) in the review month in the following order:
- Primary metal
- Petroleum & coal products,
- Paper products
- Fabricated metal products
- Furniture & related products
- Nonmetallic mineral products
- Plastics & rubber products
- Food, beverage & tobacco products
PMI for the non-manufacturing sector stood at 46.8 points in October 2020, indicating contraction in Nonmanufacturing PMI for the seventh consecutive month. Of the 17 sub-sectors surveyed, 3 subsectors reported growth, while Eleven subsectors declined.
CAP Plc set to merge with Portland Paints and Products Plc.
CAP Plc and Portland Paints have taken a decision to merge their respective businesses in accordance with applicable laws.
The Board of Directors of Chemical and Allied Products Plc (CAP Plc), and Portland Paints and Products Plc (Portland Paints), have decided to merge their respective businesses in accordance with applicable laws to drive growth and expansion within the Nigerian and African markets.
This is according to a press release signed by Bolarin Okunowo, the Managing Director of Portland Paints, made available on NSE, Monday, 26th October 2020.
The completion of the proposed merger is subject to approvals being obtained from the Federal Competition and Consumer Protection Commission, the Securities and Exchange Commission (SEC), The Nigerian Stock Exchange (NSE), the Federal High Court, as well as shareholders of CAP and Portland Paints.
What you should know
- Should the proposed merger go ahead, CAP Plc will emerge as the resultant entity.
- The proposed merger will be executed by way of a Scheme of Merger (the “Scheme”) in accordance with Section 711 of the Companies and Allied Matters Act, 2020, and other applicable laws, rules, and regulations.
- The Scheme will involve the transfer of all Portland Paints Plc’s assets, liabilities and business undertakings including real property and intellectual property rights to CAP Plc.
- In consideration for the transfer, CAP Plc is offering shareholders of Portland Paints a choice to receive N2.90 cash for every Portland Paints share held OR 1 new ordinary share of CAP Plc, credited as fully paid up for every 8 Portland Paints shares held.
- The proposed consideration represents a 45% premium to the last traded share price of Portland Paints Plc on October 16, 2020, being the last business day prior to the date on which CAP Plc sent its merger proposal to the Board of Portland Paints and a 41% premium on the trading price as at close of trading on October 23, 2020.
What they are saying
Commenting on the proposed merger, David Wright, Managing Director of CAP, said, “The decision to pursue the proposed merger, is driven by the Board’s strategic plan to aggressively grow within the Nigerian and African markets.
“We believe that the Proposed Merger presents a unique opportunity that will benefit all stakeholders, from shareholders to customers, as well as the broader economy. I am excited by the prospect of an enlarged company with a broader decorative paint portfolio covering the premium, mid-market and affordable segments and the inclusion of marine and protective coatings, all of which will benefit our customers and shareholders.”
The Managing Director of Portland Paints, Bolarin Okunowo, submitted that “In recent months, the Board and Management of Portland Paints have evaluated various strategic options with a view to positioning our company to capture emerging growth opportunities.
“CAP Plc’s business is complementary to ours, and both companies will be better able to serve our respective customers by coming together. I believe the combination of Portland Paints and CAP will yield significant benefits for all of our stakeholders.”
Portland Paints and Products Nigeria Plc – with 85.98% of the company’s issued share capital owned by UAC Nigeria Plc, manufactures and sells decorative, industrial, and marine/protective coatings for the construction of oil & gas industries in Nigeria. Portland Paints is the Nigerian representative of Hempel. It is listed on the NSE.
Chemical and Allied Products Plc (CAP) – a subsidiary of UAC Nigeria Plc – which holds 51.49% of the company’s shares, manufactures and sells premium and standard paints and coatings, and is the sole technological licensee of Akzo Nobel Coatings International B.V. in Nigeria. It is listed on the NSE.
#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable – Sanwo-Olu
Sanwo-Olu has continued to ensure Nigerians that those found culpable in the unfortunate Lekki shootings will not escape the law.
Lagos State Governor, Babajide Sanwo-Olu, has said that the Lagos State Government would ensure that anyone found culpable in last Tuesday’s shooting at the Lekki Toll Plaza would be held accountable for their actions.
This was disclosed in a statement by the Lagos State Government, after the Governor’s interview with CNN’s Becky Anderson.
In the interview with CNN, the Governor said, “We will be committed to a full investigation of what happened and people would be held accountable. They certainly would be held accountable. We would do everything possible to ensure that they are held accountable.
“People have claimed that their friends and family members have been killed. So, this Judicial Panel of Enquiry is meant to bring all of these stories to accountability; where we can make restitution, where families can prove and identify officers that were responsible for this.
“I am not the Commander-in-Chief of the Armed Forces, I am Governor of a State. The report would be out and we would channel the report to all the relevant authorities in the state to ensure that every one that is found culpable is accountable for the act.”
He added that there was no international pressure on Nigerian leaders to investigate the Lekki incident, and he had met the #EndSARS protesters. He also acknowledged that the protests were legitimate.
“There are no international pressures whatsoever. These are genuine protesters that we all believe and we all have knowledge about. I was the first governor among governors, with due respect to all my other colleagues, who came out to meet with them, who started from the front. I carried the EndSARS flags with them. I met with them twice and we all had the rally together and worked together,” he said.
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Sanwo-Olu also said that the investigations would be a catalyst for positive change of Governance, and he saw it as a wake-up call for those in power.
“I genuinely believe there would be a change for two reasons. One, what has happened, especially in Lagos is extremely unimaginable. Number two is that it was a clarion call for all of us in government, especially understanding and realizing what the youths truly want us to be doing. So, it hit all of us like a thunderbolt and it was just a wake-up call,” he said.
What you should know
Nairametrics reported last week that several social media accounts had revealed that peaceful protesters were allegedly being shot at by the military at the Lekki toll holdout. The Nigerian Army, however, denied deploying soldiers to attack #EndSARS protesters who assembled at the Lekki Toll Plaza.
The Lagos State Government ordered an investigation into the Lekki Toll Plaza shooting that was allegedly done by some men of the Nigerian Army on Tuesday evening. Babajide Sanwo-Olu had also stated that Lagos State would not burn on his watch, as he tried to calm things down after hoodlums wreaked havoc post-Lekki shootings, and announced that the Judicial panel set up by the state would include the incident at Lekki toll gate.
The Lekki incident has gotten the world’s attention, with the Governor and other members of government admitting that there were casualties as a result of the incident. The onus is on the Federal Government to ensure the recommendations of the state judicial panels are properly executed after they submit their reports.