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Business News

Ighalo to earn N1.4 billion in six months at Manchester United 

Despite getting a pay cut, former Super Eagles striker, Odion Ighalo, will earn about N1.4 billion in six months playing for Manchester United.

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Ighalo to earn N1.4 billion in six months at Manchester United 

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 to earn N1.4 billion in six months at Manchester United 

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.

[READ MORE: Here’re the top ten football signings so far, across Europe)

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.” 

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Ighalo to earn N1.4 billion in six months at Manchester United 

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[READ ALSO: Real Madrid leapfrogs others to emerge the world’s most valuable football club)

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.

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He will make his Premier League debut for Manchester United against Chelsea on February 17, 2020.

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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Corporate Press Releases

Finishing 2020 strong, United Capital records double digit growth with profit rising by 61%

Delights shareholders with a proposed dividend of N0.70k per share.

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Foremost Pan-African financial and investment services group, United Capital Plc has announced its audited results for the full year ended December 31, 2020, recording double-digit growth across all its major income lines.

Despite the Covid-19 pandemic and the resultant challenging operating environment, the investment institution leveraged on increased efficiency to deliver an impressive 61 per cent year-on-year growth in profit before tax to N7.95 billion compared with N4.95 billion at the end of 2019; while profit after tax stood at N7.81 billion, showing an increase of 57 per cent above the N4.97 billion it closed in 2019.

United Capital also recorded a 50 percent year-on-year growth in gross earnings to close at N12.87 billion in December 2020, compared to N8.59 billion recorded in the similar period of 2019.

On account of a significant 54 per cent increase in investment in financial assets, United capital’s total assets also rose by 48 per cent to N224.75 billion in the period under review, compared to N150.46 billion recorded at the end of the 2019 financial year; while shareholders’ funds grew to N24.43 billion rising by 25 per cent from 19.59 billion a year earlier.

On the back of the strong performance, the Directors of United Capital have proposed a dividend of 70k per share, amounting to a total of N4.2 billion dividend to be paid upon ratification by shareholders at its forthcoming AGM. The 70k dividend per share, which is higher than the 50k per share declared in 2019, is payable to shareholders whose names appear on the Register of Members at the close of business on March 5, 2021.

The Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, expressed delight on the performance, which according to him is cheering news despite the challenges that most companies faced in the year 2020.

He said, “I am pleased to inform all stakeholders that United Capital delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in Revenue, PBT and PAT and solid performance across key business parameters.

“This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges,” Ashade noted.

Speaking on its plan for the 2021 financial year, Ashade said, “Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021.”

United Capital Plc is a leading Pan-African financial and investment services group, with a mission to provide bespoke and innovative value-added services to its client. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals

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Corporate deals

DEAL: Tangerine Life completes take-over of ARM Life Insurance Plc

Tangerine Life Insurance has concluded the acquisition of ARM Life Plc.

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Tangerine Life Insurance, a subsidiary of Verod Capital Limited has concluded the acquisition of ARM Life Plc.

This is according to a press release issued by the firm’s Head, Brand and Communications, Olabisi Adesokan, seen by Nairametrics.

The merger is expected to consolidate and optimize the unique strengths of both sides, both in the corporate and retail markets, creating a stronger and broader insurance and financial services platform that will be of immense benefits to all.

Background of the deal

A decision to complete the acquisition of ARM Life Insurance Plc was reached at Tangerine’s Board Meeting held on 4th of March, 2020, where the provisions of section 131 of the Investment and Securities Act (ISA) 2007 was triggered.

Provisions in section 131 of ISA 2007 had empowered Tangerine Life Insurance to takeover ARM Life, following its 77.72% equity stake held in the latter, which translates to 7,392,953,710 ordinary shares.

In lieu of this, a decision to buy-out the remaining stake of 2,180,967,082 ordinary shares at N0.63 was ratified at the Board meeting and subsequently implemented.

What they are saying

Commenting on the rationale behind the deal, the Managing Director of Tangerine Life, Livingstone Magorimbo said: “Integrating the businesses has presented us a tremendous opportunity to enhance our capabilities, improve operating efficiencies and grow our businesses.

“At Tangerine Life, we will continue to innovate, drive positive change within the insurance industry and create tremendous value for our customers towards effectively positioning our business to stay ahead of the next wave of industry evolution.”

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On the other hand, a former Managing Director at ARM Life, Stephen Alangbo added that: “Innovation is paramount in ensuring customer satisfaction in today’s business landscape. We believe that the combination of both entities will ensure exceptional value creation for existing and new customers and partner.”

What you should know

  • According to the press release, the merger places Tangerine Life as the 4th largest life insurer in Nigeria and position it for future growth.
  • Tangerine Life Insurance Limited, formerly known as Metropolitan Life Insurance Nigeria Limited was incorporated on 19 August 2004 and licensed by NAICOM on 14 February 2007. It is principally engaged in the provision of group life, credit life and individual life products to over 12,000 blue-chip corporate and retail clients.
  • The Company is majorly owned by Oreon LMS Limited, a subsidiary of Verod Capital Growth Fund II, a US$115 Million private equity fund managed by Verod Capital Management Limited.

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