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Business News

Netflix inks another Nollywood deal 

Netflix, which had previously acquired the movies Lionheart, Wedding party, Chief Daddy and Mokalik, amongst others has now added three movies to its platform.

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Netflix inks another Nollywood deal , Netflix stands tall against competition, adds 8.8m subscribers 

In recent years, the Nigerian movie industry, Nollywood has been placing emphasis on the quality of movies produced. Those efforts have not gone unnoticed as popular American online streaming platform, Netflix has acquired a number of Nollywood movies. 

Netflix, which had previously acquired Lionheart, Wedding party, Chief Daddy and Mokalik, amongst others has now added three movies to its platform. These movies are The Wedding Party 2, King of Boys and Merry men. It did not come as a surprise that Netflix chose the movies as they are some of the highest-earning movies in the country. 

Reason for the acquisition: As announced by the company’s Vice President of international originals, Erik Barmack, 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. 

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[READ MORE: ShowMax vs Netflix is a battle David will lose to Goliath]

What you should know: It is pertinent to note that the only Nigerian movie the global streaming giant has purchased its worldwide rights is Lionheart produced by Genevieve Nnaji as the licenses of other Nollywood movies were acquired by Netflix only after they had been screened in local cinemas. 

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. 

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. 

[READ ALSO: Online streaming site Netflix acquires Kunle Afolayan’s movie, ‘Mokalik’]

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. 

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

READ ALSO: The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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