Despite getting a pay cut, former Super Eagles striker, Odion Ighalo, will earn about N1.4 billion in six months playing for English Premiership club, Manchester United.
Ighalo was a deadline day signing for the Old Trafford club after Coronavirus forced the Chinese government to suspend the Chinese Football League.
Ighalo, who is expected to pick up Jersey no. 25, (formerly worn by Valencia) will be paid N60 million (£130,000) per week, pending his loan period at United. This means, in a month, Ighalo will earn N244 million (£520,000) and in six months, the 30-year-old striker will receive N1.4 billion (£2.98m) as salary.
Ighalo was previously plying his trade at Chinese club, Shanghai Shenhua but now, he is expected to play for Manchester United, which has been without a point-man since Marcus Rashford sustained an injury, till the end of the season.
What does this mean? While the N1.4 billion seems much, it’s nothing compared to what he was receiving while playing for Shanghai Shenhua. The new wage is actually a pay cut when compared to the £300,000 he was earning per week at the Chinese club.
The Chinese Football League is mostly known as a retirement plan for players, who have played around Europe. And one of the most alluring facts about the league is its transfer fee for players willing to play in the Asian country.
The clubs in the Chinese league pay outrageous amounts to lure players with European experience in order to bring exposure to their league and accelerate acceptance of the Chinese league among its citizens where foreign clubs enjoy more followings.
But now, the league has been suspended following the outbreak of Coronavirus in China, which has since spread to other parts of the world like Europe and America.
Man United worth pay cut: For Ighalo, the move to Manchester United is a dream come true regardless of the pay cut.
He told Manchester United website that, “Yeah, it was very dramatic. My agent called me the day before and said Man United. I would love to go. A few other clubs had shown interest, I said please, just pick United, if it’s going to be possible.”
He added that, “I told my agent that this is what I want. I want to come here. He said you’re going to get a pay-cut to go to United. I said I don’t care. Make this deal happen. I want to go to United. I don’t care how much is the pay-cut, I know that, make it happen.”
Is Ighalo worth the fee? Ighalo had previously played for Watford, recording 55 Premier League appearances from August 2015 to January 2017, scoring 16 goals and adding four assists. He has scored 131 goals in 322 club appearances and recorded 16 goals for Nigeria in 35 appearances. Ighalo retired after emerging the highest goal scorer at the 2019 Africa Cup of Nations.
He will make his Premier League debut for Manchester United against Chelsea on February 17, 2020.
COVID-19: Nigeria, 4 others contribute 77.6% of cumulative confirmed cases in Sub-Saharan Africa
South Africa, Ethiopia, Kenya, Nigeria, and Ghana have contributed 77.6% of cumulative confirmed COVID-19 cases in Sub-Saharan Africa.
The latest COVID-19 daily update report as of November 28th, 2020 shows that there are cumulative confirmed cases of 1,411,393 in Sub-Saharan Africa.
Out of the growing number, South Africa, Ethiopia, Kenya, Nigeria, and Ghana top the list with a total of 1,095,410 confirmed cases, representing 77.6% whilst the other 41 member-countries of the sub-region contributed 22.4%.
According to the report, South Africa tops the list with a cumulative confirmed case of 785,153 (55.6%), followed by Ethiopia 109,247 (7.7%), Kenya 82,605 (5.9%), Nigeria 67,330 (4.8%), and Ghana 51,075 (3.6%).
What you should know
- There are 55 countries in Africa out of which 46 countries are from the sub-Saharan African region.
- There are cumulative confirmed cases of 2,137,871 and deaths of 51,248, CFR(Case fatality rate) of 2.4%.
- In Sub-Saharan Africa, there are cumulative confirmed cases of 1,411,393 and deaths of 31,342, CFR of 2.2%.
- The Sub-Saharan Africa cumulative confirmed cases and deaths represent 66% and 61.2% of entire Africa’s figure respectively.
- Chad with 6.1% topped the list on CFR, followed by Liberia with 5.2% and Sao Tome & Principe 4.8% with the least coming from Eritrea 0%, followed by Burundi 0.1%.
- 5 countries contributed to 84% of deaths in the region and they are South Africa, Ethiopia, Kenya, Nigeria, and Cameroon.
- South Africa tops the list of cumulative deaths with 21,439 (68%), followed by Ethiopia 1,701 (5.4%), Kenya 1,445 (4.67%), Nigeria 1,173 (3.7%), and Cameroon 462 (1.5%).
- The least in the cumulative confirmed case comes from Eritrea with 577 followed by Burundi 684 as well as in the least cumulative death of 0 for Eritrea and 1 for Burundi.
Dangote Cement market capitalization increased by 28% to cross N3 trillion mark in November
Dangote Cement Plc increased market capitalization by 28% to N3.49 trillion at the close of trade on the 30th of November.
The market capitalization of Dangote Cement Plc increased from N2.73 trillion at the open of trade on the 2nd of November 2020, to N3.49 trillion at the close of trade on the 30th of November.
Further checks revealed that the market capitalization of Dangote Cement Plc increased by 28.13% during the period under review.
The drive behind the gains
It is important to note that the increase in Dangote Cement’s market capitalization was driven by the renewed buying interests by investors in key Nigerian stocks with huge values and impressive fundamentals.
This hunt for value on the bourse led to a wild increase in the share price and also the market capitalization of key companies on the Nigerian Stock Exchange in the month of November.
However, the renewed buying interest can be attributed to the strong performance which Dangote Cement displayed in the third quarter of 2020, despite the challenging macroeconomic environment.
Given the strategic positioning of the cement producer in the industry,
- Dangote cement reached a record high EBITDA margin of 24% in the third quarter of 2020.
- Group net profit of N82 billion, which is 135.1% higher than the profit reported by the Group in the third quarter of 2019.
This strong performance made analyst review their models, and also the Group’s valuation, this however triggered buying pressures in the shares of Dangote Cement, with its market capitalization increasing by 28.13% in the period under consideration.
What you should know
- Market capitalization is the aggregate valuation of a company based on its current share price and the total number of outstanding stocks.
- Market capitalization tells how much investors value a company, and gives an idea of what a company is worth on the stock exchange, as well as investors’ perception of a company’s future prospects.
UK Government opens point-based immigration system
The UK Government has announced the commencement of its point-based immigration system to attract skilled workers from across the world.
In a bid to attract “the brightest and the best from around the world,” the UK Government has announced that applications for skilled workers visas can commence.
This was announced by the UK’s Secretary of State, Priti Patel, in a statement on Tuesday evening.
What you should know
The UK Government had hinted earlier this year that it planned on exiting the European Union, and thereafter, it would introduce a point-based immigration system widely used by both Canada and Australia.
“We are ending free movement and will introduce an Immigration Bill to bring in a firm and fair points-based system that will attract the high-skilled workers we need to contribute to our economy, our communities, and our public services. We intend to create a high wage, high-skill, high productivity economy,” the government stated in February 2020.
The UK disclosed on Tuesday that points would be given to applicants “awarded for a job offer at the appropriate skill level, knowledge of English, and being paid a minimum salary. Skilled worker visas will be awarded to those who gain enough points.”
It stated that the new immigration scheme would ensure that businesses could hire skilled applicants from across the globe to boost their economy,
“It will also encourage employers to focus on training and investing in the UK workforce, driving productivity and improving opportunities for individuals, especially those impacted by a coronavirus.”
Home Secretary, Rishi Sunak, disclosed that:
- This government promised to end free movement, to take back control of our borders, and to introduce a new points-based immigration system. Today, we have delivered on that promise.
- This simple, effective, and flexible system will ensure employers can recruit the skilled workers they need, whilst also encouraging employers to train and invest in the UK’s workforce.
- We are also opening routes for those who have an exceptional talent or show exceptional promise in the fields of engineering, science, tech, or culture.
The skilled worker’s visa lasts for 5 years and can be renewed when expired. It requires applicants to have jobs paying at least £25,600 per year unless the ‘going rate’ for that job is higher.
Applicants will need to prove their identities and provide documents, Also, the process will require 3 weeks for a decision to be made after all necessary documents are provided.
“They will need to have enough money to pay the application fee (ranging from £610 to £1,408), the healthcare surcharge (usually £624 per year) and be able to support themselves (usually by having at least £1,270 available),” the UK government said.