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Business News

Nigerians paid N1.2bn to see movies in 2 months 

The Nigerian cinema is booming as it was reported that Nigerians spent over N1, 294, 602, 827 in cinemas between July and August 2019.

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Nigerian cinemas earn N3 billion in six months, Nigerians paid N1.2bn to see movies in 2 months, Filmhouse, Silverbird, others generate over N79.8 million on Valentine’s weekend , Coronavirus forcing cinemas to shut down, as Nigerian cinemas record revenue loss

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’. 

[READ MORE: UBA’s REDTV to Light Up #UBAmarketplace 2019 With Creative Panel Sessions, Fashion Shows, Cinema,…]

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. 

[READ ALSO: Windfall for Chief Daddy as Nigerian cinemas rake in N3.1 billion in six months]

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.  

 

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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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Energy

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.

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FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

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.

In case you missed it

  • The Transmission Company of Nigeria (TCN) announced that it hit a peak transmission of 5,459.50MW on the 28th, October 2020.
  • The Transmission Company of Nigeria (TCN) later announced that it hit a peak transmission of 5,552.80 MegaWatts (MW) in January 6, 2021.

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Energy

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.

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Crude oil market remains unpredictable- NNPC Boss

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.

READ: IPMAN threatens to sell petrol above ex-depot price

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.”

READ: DPR warns against hoarding of petroleum products by depot owners, threatens sanctions

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.

READ: NNPC to raise around $1 billion for Port Harcourt refinery revamp

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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