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Business News

BPP statements on inflated contracts, misleading – Fashola alleges  

The Minister of Works and Housing, Babatunde Fashola, has described the statements credited to the Bureau of Public Procurement regarding inflated contracts in the ministries spearheaded by him as misleading. 

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Fashola to fix 44 roads across Nigeria with Sukuk funds, The FederalThird Mainland Bridge, Housing: Tackling Nigeria’s huge housing deficit, Nigerian roads are not that terrible, Fashola says 

The Minister of Works and Housing, Babatunde Fashola, has described the statements credited to the Bureau of Public Procurement regarding inflated contracts in the ministries spearheaded by him as misleading. 

It was reported on Monday that BPP saved N26 billion for the Federal Government in 2018 alone by revising the contract sums of government contracts approved by some ministries, departments, and agencies. 

BPP stated that 86 certificates of “No Objection’’ for contracts totalling N1.421 trillion were initially awarded before it was reduced to N1.394 trillion. 

The highest reduction was made from the Ministry of Power, Works, and Housing where N22.22 billion was cut from a request of N877.40 billion. 

Fashola, who spoke through his Special Adviser on Communications, Hakeem Bello, challenged BPP to make its rates public. 

[READ MORE: South Africa, U.K and U.S Investors shipped $11.4 billion into Nigeria in H1 2019]

A statement issued by the minister’s aide read, “The attention of the Minister of Works and Housing has been drawn to headlines from reports credited to the BPP about ‘saving over N26 billion’ for the Federal Government in the year 2018 by revising down ‘inflated’ contract sums by government contractors, some of which emanated from the erstwhile Ministry of Power, Works, and Housing. 

“Being a department of the same government, ordinarily this should not warrant a reply. However, the misleading nature of the reporting in the media and the statements credited to BPP compel a response for the purposes of clarification and enlightenment of the public.” 

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The Minister argued that any person who took time to read the provisions of the Public Procurement Act, which created the BPP, would understand that no contract could be awarded until BPP certified that it had “no objection.” 

Fashola said, “Therefore there was no inflated contract because BPP clearly stated that it reduced the costs, and according to BPP, she ‘saved over N26 billion.’ 

“And this is the heart of the matter because BPP’s ‘savings’ can only be a subjective assessment based on rates quoted by contractors, reviewed by the ministry and sent to BPP for certification.” 

He added, “Until BPP publishes its rates which the then Ministry of Power, Works and Housing has demanded in writing, there can be no objective basis for determining whether any savings were indeed made if only BPP knows its own rates for procurement.” 

The minister stressed that once rates were published and design was known, quantities could be ascertained and costs could be determined. 

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“This is the field of quantity surveyors and construction economists, and the Minister of Works and Housing has not made any secret about his call for a revision of the Public Procurement Act to resolve this and other gaps in the law,” Fashola stated. 

He stated that during the first term of the current administration, the Ministry of Power, Works and Housing had commissioned the compilation of a service wide rate of major items of procurement from the largest to the smallest for the BPP to consider, adopt or amend and publish. 

[READ ALSO: UPDATED: President Buhari orders immediate evacuation of Nigerians from South Africa]

 

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Billionaire Watch

Here is the exciting 2021 list of the richest football clubs in the world  

Here’s Forbes 2021 list of the most valuable clubs in the world. 

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Here Is The Exciting 2021 List Of The Richest Football Clubs In The World 

Billionaires are fond of investing in sports franchises. This is because there is a lot of money in it and the income stream is pretty consistent. Authoritative wealth watch magazine, Forbes yesterday released its official list of the most valuable clubs in the world.

It also gave a summary of the business side of the football world which we found quite interesting.

Nairametrics did a thorough review of the list and highlighted the parts which we believe will resonate well with our readers. Let’s get to it!

Top 10 richest clubs in 2021 by value 


Tottenham (2.3bn)

Tottenham hotspur comes in at the 10th position with a valuation of $2.3bn. The English club is owned by Joseph Lewis and Daniel Levy. They generated $494m last year.


PSG (2.5bn)

Paris St Germaine comes in at 9th position with a valuation of $2.5bn. The French league 1 giants generated more money than arsenal last year. They generated $599m. PSG is owned by an investment group, Qatar Sports Investments.


Arsenal (2.8bn) 

Arsenal football club, another London side club comes in at 8th position with a valuation of $2.8bn. The club is solely owned by Stan Kroenke, an American Businessman who invests in sports and media. Arsenal generated $430m in 2020 making it the 8th most valuable club.


Chelsea (3.2bn)

Chelsea football club comes in 7th on the list with a valuation of $3.2bn. The London side club has retained its longstanding owner Roman Abramovich, a Russian Oligarch. Chelsea generated $520m last year.


Manchester City (4bn) 

Manchester City, an English club with a long history of billionaire owners comes in at 6th position. The very successful English club generated total revenue of $609m last year. The club is valued at $4bn and is owned by Sheikh Mansour bin Zayed Al Nahyan.

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Liverpool (4.1bn) 

Liverpool comes in 5th at a $4.1bn valuation. The English club is the second wealthiest in England with a generated revenue of $619m. The club is owned by a joint partnership between Billionaire, John Henry and Tom Werner.


Manchester United (4.2bn)

Manchester United is the wealthiest English club on the list. The club is valued at $4.2bn, taking up the 4th position on the list. The club has been owned by a Jewish business family, the Glaziers for years. They are the largest shareholders and practically own the club. They generated $643m last year.


Bayern Munchen (4.215bn)

Bayern Munchen comes in at the third position with a value of $4.215bn. The German giants have bossed the German league for years. They generated $703m last year, coming in at the 3rd position.


Real Madrid (4.75bn)

Real Madrid Fc comes in at the second position. The football club which had previously dominated this list was edged out by bitter rivals, Barcelona. Real Madrid is valued at $4.75bn and the club is also owned by the club members. Real Madrid generated $729m, the same amount of revenue as Barcelona last year.


FC Barcelona (4.76bn)

Fc Barcelona is the most valuable football club in 2021 with a market value of $4.7bn. The club sits gallantly in the first position.

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The Spanish giants generated a massive $792m in revenue last year and succeeded in holding on to their key player Lionel Messi. They also edged out Real Madrid and Man Utd who have dominated this list for 16 years. FC Barcelona is owned by the club supporters. It has no major shareholder or billionaire financier. The club has over 160,000 members forming its governing body.


 

What you should know 

  • 6 of the 10 richest clubs in the world are owned by billionaires; the rest are owned by club members and an investment group.
  • In the last 16 years, the world’s richest football clubs list has been topped by only two clubs – Real Madrid and Manchester United.
  • Football clubs generate revenues through advertisements, sponsorship deals, jersey deals and ticket sales. These are the 4 major revenue streams of a football club.
  • The top 3 teams on the list – Fc Barcelona, Real Madrid and Bayern Munchen generated a combined revenue of $2.3bn in 2020.

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Corporate Press Releases

UBA Business Series to equip SMEs with Performance Management Strategies for Organisational Growth

UBA has been assisting with essential tips to help businesses ensure that they stay afloat and remain thriving.

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As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity-building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.

The topic for the next edition of the series is ‘ Managing Performance for Business Growth,’ and it will be held on Wednesday, April 14, 2021, via Microsoft Teams. At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high-security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

The capacity-building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14th, 2021, at 2pm WAT. Interested participants can register via http://bit.ly/UBASMEWorkshopMarch2021

UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, ‘with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth’.

He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2% of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

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