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Business News

Here are the ten highest paid athletes of the decade; one earned $915 million 

A list of ten highest-paid athletes in the last decade has been released by Forbes.

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The ten highest paid athletes of the decade

A list of ten highest-paid athletes in the last decade has been released by Forbes. The highest-paid athletes in the past ten years were mostly footballers, boxers and golfers. The list was dominated by male athletes, with the highest-paid sportsman carting away $915 million in the decade.

How the Athletes made earnings

According to Forbes, the earnings of the athletes are a combination of endorsement deals and their wages. Apart from this, revenue stream, pay-tv views and social media; Instagram and Facebook also contributed to the revenue growth.

Christiano Ronaldo

It was disclosed that before the decade, which started in 2009, Tiger Woods was the only athlete on the planet to earn more than $80 million in a year but since 2010, the figure has increased.

Sports that dominate list

The highest-paid athletes list contains two boxers, footballers, basketballers and golfers, with only one representing Formula one. Mayweather topped the list with a massive $915 million, with Cristiano Ronaldo posting $800 million. However, Mayweather is the only Athlete that makes his earnings without depending on a sport team/club.

Although Lionel Messi is the highest-paid athletes in 2019, he took the third spot on the list behind Mayweather and Ronaldo. Forbes’ annual rankings of top-earning athletes look at salaries, prize money, bonuses, endorsements, appearance fees and licensing income.

[READ MORE: This billionaire made $39 billion in 2019, thanks to his luxury brands)

The top ten highest-paid athletes

#10 Lewis Hamilton: $400 million

The six-time F1 World Champion is the most marketable athlete in the sport and commands the biggest paycheck.

Lionel Messi

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#9 Kevin Durant: $425 million

Durant’s annual earnings from his salary and endorsements jumped 400% during the course of the decade.

#8 Manny Pacquiao: $435 million

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Pacquiao’s 25 pay-per-view fights have generated 20 million buys and an estimated $1.3 billion in revenue.

#7 Phil Mickelson: $480 million

Mickelson nabbed the biggest paycheck of his career in 2018 when he defeated his longtime rival Woods in an exhibition for a $9 million purse.

#6 Tiger Woods: $615 million

Playing Captain Tiger Woods celebrates with the cup after they defeated the International team 16-14 during the 2019 Presidents Cup.

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Tiger averaged only 10 PGA Tour events per year during the 2010s, but his endorsement earnings for the decade were tops among athletes.

#5 Roger Federer: $640 million

Federer, 38, is on the back end of his tennis career, but his earnings will stay high on the back of a 10-year, $300 million deal with Uniqlo inked in 2018.

#4 LeBron James: $680 million

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James has made more than twice as much from endorsements during his first 16 years in the NBA, compared to his $270 million in playing salary.

#3 Lionel Messi: $750 million

Messi’s 2019 playing salary for Barcelona is the highest of any athlete across all team sports.

[READ ALSO: Nigerian billionaires and what happened to them in 2019)

LeBron James

#2 Cristiano Ronaldo: $800 million

Ronaldo’s endorsement partners benefit from his massive Instagram and Facebook followings, which both rank as the biggest of any person on the planet.

#1 Floyd Mayweather: $915 million

Mayweather pocketed more than $500 million combined for his 2015 and 2017 fights versus Manny Pacquiao and Conor McGregor.

Note, Serena Williams is the only female athletes that made it to the top 40 of the highest-paid athletes in the last decade.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business

Cement prices surge in South East as scarcity, price hike hit North East

Prices of cement have risen by 67% in many Southeastern states and by 40% as observed in northern states including Bauchi, Gombe, Borno, others.

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The prices of cement have risen by 67% in the South-East states of Abia, Anambra, Ebonyi, Enugu and Imo.

This is as some residents of the North-Eastern part of the country also complained of price hike of cement, which they attributed to the scarcity of the product and the activities of middlemen who try to capitalize on the situation.

According to a report from the News Agency of Nigeria (NAN), a market survey conducted at various wholesale and retail shops in the eastern zone shows that the price of the product has almost doubled when compared to the price in 2020.

What the cement traders in the eastern states are saying

A cement dealer at Kenyetta Market in Enugu State, Mr Ifeanyi Amadi, said the increase in the price of the product which started last year was due to the Covid-19 pandemic and increase in dollar exchange.

He pointed out that a trailer load of Dangote cement with 600 bags, which sold for N1.5 million in 2020, sold for N2.3 million in the first quarter of 2021.

Another retailer, Samuel Uwakwe, noted that a bag of Dangote Cement now goes for N3,900, Unicem for N3,700; BUA Cement for N3,700 and Kogi Super Cement for N3,600.

While begging the suppliers to reduce the price and make the product available, Uwakwe expressed his reservations at few individuals being given the opportunity to supply the product noting that the prices would likely crash during raining season.

In Abia, a cross-section of residents of Umuahia, the state capital, also decried the high price of cement, which ranges from N4,000 to N4,100 per 50kg bag.

Those who spoke to NAN said the price hike had further dashed the hope of many Nigerians, wishing to own their personal homes.

A businessman, Mr Victor Ugwu, said he had to suspend his building project because of the current development as he could not afford to continue with the current price of the commodity.

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He said,  “I think the hike can be attributed to the monopoly being enjoyed by the cement producers in the country. Unfortunately, there may not be any respite until that monopoly is broken.”

However, a cement dealer, Mr James Ogbonna, said the price increase had nothing to do with the manufacturers of the commodity but rather put the blame on the activities of shylock distributors of cement.

He said, “In the first and second week of March, we sold a bag for N3,200, but within the third week we started selling at N3,500. By the end of March, the price moved up to N4,000 and now, we sell between N4,000 and N4100, depending on the brand.”

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A cement dealer in Awka, Mr Kenechukwu Okoye, said before the #EndSARS protest in 2020, a 50kg bag of cement was sold at N2,500 bur rose to N3,000 immediately after the protest and from there to the current price of N4,000 and N4,100.

The survey also says that in Owerri, the Imo state capital, the price of cement is between N3,850 and N4300, depending on the brand.

At the building materials Market in Naze, Owerri North Local Government Area, Dangote and BUA cement are sold at N4,000 per bag while BUA and UNICEM are sold for N3,900.

Mr Okechukwu Okonya, a seller, said the cost could be attributed to the high cost of transportation as a result of fuel price increase adding that major dealers sometimes hoard the product in their warehouses to create artificial scarcity.

The survey report says that in Abakaliki, Ebonyi, prices of almost all building materials have gone up, with Dangote and Bua which sold for N2,500 earlier in November and December 2020 now selling for between N4000 and N4500.

Similarly, Unicem cement which also sold at N2,300 within the same period had also gone up to N4,000 and N4,300.

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Similar price increase in North East

The survey report in Bauchi, Gombe, Borno, Yobe, Adamawa and Jigawa, shows an average of 40% increase in price.

According to the respondents, this could be attributed to the outbreak of Covid-19 which affected production in factories, while demand kept rising.

Others, however, blamed the hike on the high cost of transportation and other sundry activities associated with the business of procurement and sales of cement in the country.

Malam Ibrahim Sanusi, a cement dealer at the Gombe main market described the hike as outrageous when compared with the price of the same commodity the previous year.

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He said that a bag of Dangote brand which he bought for N2,400 and sold for N2, 500, is bought for N4,000 from their depot in Gombe and sold for N4,200.

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Energy

Carbon Tax: A market-based alternative to carbon emissions in Nigeria

A carbon tax is a way to have users of carbon fuels pay for the climate damage caused by releasing carbon dioxide into the atmosphere.

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climate, Understanding Carbon Credits and Carbon Offset market

Fossil Fuel is hurting us. It is an undeniable truth. I have heard in many conversations more often than not a very solid support for the fossil industry. Rather simple conversations on its perils and disadvantages always end with resignation by the other party that “fossil has come to stay.”

While not doubting that premise, I rather believe a lot can be done to limit the harmful effect of what is here to stay with us. A lot can be said about how beneficial fossil fuel is to the economy and how it is initially cheaper and more available but, in truth, the harms still exists.

Sadly, these harms are more than good. The clarion call to stop these emissions has been on for a very long time, but the reality remains the attention span of the larger consumer population is very very short when it comes to that discourse.

I would say, the essence and need for us to look to further means to mitigate the harm from fossil fuel is not just for a cleaner environment but also for an environment to still exist. The constant clamour for a change in our perspective is not just for the growth of the alternative sector but also a struggle for survival, because we will all lose if we do not stop.

Now, since we have declared to ourselves that we wouldn’t stop, it only makes sense if we can effectively checkmate how we continue with fossil, adopt Carbon Capture techniques and in an attempt to make sure no one goes overboard, impose fines on the amount on those that burn beyond their limit and on fossil that enters the country. This is a concept that, rather thankfully, already exists. Carbon Tax.

A carbon tax is a fee imposed on the burning of carbon-based fuels (coal, oil, gas). A carbon tax is a way — the only way, really — to have users of carbon fuels pay for the climate damage caused by releasing carbon dioxide into the atmosphere.

It is a market-based alternative that helps the government reduce the carbon footprint and also allows them make money as a government when there is a breach of this solemn oath to stay in check. In Nigeria, The Carbon Tax Act came into force on 1 June 2019. The carbon tax was designed to apply to direct emissions in the following categories as specified in the National Greenhouse Gas Emission Reporting Regulations:

  • Fuel combustion, which relates to emissions released from fuel combustion activities;
  • Fugitive emissions from fuels, which relates to emissions mainly released from the extraction, production, processing, and distribution of fossil fuels; and
  • Industrial processes emissions, which relates to emissions released from the consumption of carbonates and the use of fuels as feedstock or as carbon reductants, and the emission of synthetic gases in particular cases.

It is trite to say that this entire scheme is altogether ineffective and barely surviving. It is sad to note because there are numerous benefits to Carbon Tax. The advantages of doing this asides still having a healthy civilization in the next 100 years are numerous. First, it would be creating a very profitable system of revenue for the government. Here, the government will not need to spend much on the initial cost of having this revenue stream in place. Aside from the need to establish an agency to enforce the limits and payment of fines and the adequate system of calculating and verifying the amount consumed, the expenses on the government is almost Zero. This agency unlike many others in this country will be more active than idle, considering the existence of various fossil burning industries in Nigeria and being largely oil-dependent.

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Secondly, this would help Nigeria join the global effort to reduce the carbon footprint and in turn put Nigeria on the good pages of the global community as a contributor to green energy. This will birth a host of benefits for the Nigerian Community and also assist the domestic green energy advocates.

Furthermore, this system will help to promote the alternative energy industry. The renewable energy industry will from this initiative be able to sufficiently measure the actual impact of their activities on the environment and the economy as well as challenge the growth of new innovations to grow it. The campaigns will no longer be dependent on cancelling out the large emissions killing the environment since more revenue now streams for the government from them, but to the actual direct benefits of renewable energy.

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This alternative will also assist the government in assessing the benefits of reducing emissions and growing the renewable energy industry. The implementation of this will serve as a step for the assessment and understanding of the dynamics, policies and funding needed for the full inevitable integration of Green Energy.

The advantages are numerous and as such need Carbon Taxing to be revived in the country. In all sincerity to the dynamics of Nigerian politics and due respect to our exalted government, it is almost too easy for these things to be put in place seeing they will also have a fresh channel to loot from while saving our dear lives and making the air cleaner. A Win-Win for all the parties involved.

 

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Written by Ude Fortune Chiziterem

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