The Nigerian cinema is booming as it was reported that Nigerians spent over N1, 294, 602, 827 in cinemas between July and August 2019.
Since movie culture is growing among Nigerian youths and different social classes, it is not a surprise that the industry is raking in sales.
According to reports by News Agency of Nigeria (NAN), the figures were obtained from the data provided by cinemas and gathered by the Cinema Exhibitors Association of Nigeria (CEAN).
The breakdown: This year saw the screening of a number of popular movies. However, only two Nollywood movies made the cut for the top 20 movies at first glance. The movies are ‘Bling Lagosians’ which led the first week of July by earning N37, 409, 372 and ‘Mokalik’ which started the month at number nine alongside the ‘Avengers: Endgame’.
The top movie, ‘Bling Lagosians’ was replaced by ‘Spiderman: Far from home’ as the former had a 34% decrease in revenue while ‘Spiderman’ earned N64, 072, 680.
By the third week, Spiderman was steady topping the charts even though the earnings decreased by 36%. ‘Lion King’ then came on board and debuted for a few days raking in N4, 040, 854 sales.
‘Lion King’ went on to settle in the fourth week as it climbed to the top position with N108, 447, 093 while ‘Bling Lagosians’ stayed at number three and ‘Mokalik’ at number 13.
Other Nigerian films in top 20 included ‘Rant Queens’ at number eight, ‘The Gift’ at number eleven, ‘Wakill’ at 15 and ‘Coming From Insanity’ at 17. All the top 20 films earned 136, 936, 341 million naira in total.
After the Lion King dropped, ‘Fast and Furious: Hobbs and Shaw’ came through on the international level and ‘The Set Up’ entered on the Nollywood raking in a total of N104, 443, 577 and N187, 500 naira respectively.
Other films that debuted in the closing weeks of August include ‘Once Upon a Time’ and ‘Angel Has Fallen’ both raking up N64, 227, 240.
TCN breaks transmission record again in 2021, hits 5,584.40 MW
The TCN has broken its transmission record once again, after hitting a record of 5,584.40 MW.
The Transmission Company of Nigeria has announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.
This was disclosed by the Minister of Power, Engineer Sale Mamman in a social media statement on Sunday evening.
Sale tweeted, “A New National Transmission Peak and Maximum Daily Energy at 8:15pm on Friday, February 26, 2021.
“5,580.40 MW at 116,891.14 MW per hour.
“Impressive from everyone at the Transmission Company of Nigeria. We will do better for Nigerians.
A New National Transmission Peak and Maximum Daily Energy at 8:15pm on Friday, February 26, 2021.
5⃣,5⃣8⃣4⃣.4⃣0⃣Megawatts 💡⬆️ 🇳🇬
Impressive from everyone at the Transmission Company of Nigeria.
We will do better for Nigerians.
— Engr. Sale Mamman (@EngrSMamman) February 28, 2021
In case you missed it
NNPC says it does not plan to increase ex-depot price of petrol
The NNPC has said that it has no plans to increase the ex-depot price of petrol in March 2021.
The Nigerian National Petroleum Corporation (NNPC) has said that it has no plans to increase the ex-depot price of Premium Motor Spirit (PMS), otherwise known as petrol, in March 2021.
This was disclosed in a press release by the NNPC and signed by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Sunday, February 28, 2021.
NNPC, in the statement, warned petroleum products marketers against engaging in arbitrary price increases or hoarding petrol, so as to avoid artificial scarcity and undue hardship for Nigerians.
The statement from NNPC partly reads, “Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March 2021.
“The Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.
“NNPC also cautioned petroleum products, marketers, not to engage in an arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.”
The statement further stated that the corporation had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
It also called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.
What you should know
- The ex-depot price is the price at which depot owners sell petroleum products to retail outlet owners and petrol marketers across the country.
- It is a major determining factor in fixing the retail pump price of petroleum products.
- Since the increase in the global price of crude oil, there has been a lot of speculation that the retail pump price of petrol would increase to between N190 and N200 per litre as against the present N162 per litre, following the removal of petrol subsidy and the announcement of full deregulation of the downstream sector of the oil industry.
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