Valentine’s Day drove revenue of cinema houses across Nigeria over the weekend, making it the highest-grossing weekend since the yuletide period, after generating N79.8 million.
The total amount was generated by 20 movies, both Nollywood and international films, with Dear Affy emerging as the most grossed Nollywood film.
During the Valentine weekend, 10 Nollywood films, 8 western movies, one Ghollywood and one Bollywood were screened to over 63,000 film enthusiasts by several cinema houses like FilmHouse Cinema, Silverbird Cinema and Deluxe Cinema among others.
Economic climate did not affect cinema
The N79.8 million generated by the cinema houses across Nigeria during the Valentine period shows that the change in economic climate in Nigeria had little or no negative impact on the cinema business in Nigeria, as this figure is more than the N56.5 million generated in the corresponding period last year 2019.
Despite the tax reform by President Muhammadu Buhari, which has led to an increase in cost of living (VAT rate moved from 5 per cent to 7.5 per cent), Nigerians didn’t sacrifice their leisure time or the love festival to reflect the changes.
Highest-grossing movies for Val weekend
The movies that generated the highest revenue were Bad Boys For Life (Hollywood), which grossed N13.2 million, Dear Affy (Nollywood) recorded revenue of N11.2 million, Sugar Rush (Nollywood) earned N11 million, Birds of Prey (Hollywood) came fourth with N11 million as well, while Fantasy Island (Hollywood) generated N7.1 million.
Dear Affy and Fantasy Island featured for the first time at the cinema on Valentine weekend, Birds of Prey was screening for the second week, Bad Boys For Life was showing for the fifth week, while Sugar Rush has been on for eight weeks.
However, since debut, Sugar Rush has generated N255.9 million, Bad Boys For Life grossed N144.1 million, Birds of Prey recorded N32.7 million, while Dear Affy and Fantasy Island have both generated N12.3 million and N7.1 million respectively, a report by CEAN – an association of cinema owners, operators, and managers incorporated by the Corporate Affairs Commission (CAC) of Nigeria – disclosed.
What does this mean?
The growth of the cinema culture in Nigeria is a significant advantage for Nollywood movie producers, who in the past have lost revenue to piracy. The Nollywood industry was once confronted by piracy and couldn’t curb the menace until the cinema business became an attractive investment opportunity for investors.
What 2020 holds for the industry
Although the N3.5 billion recorded for the year 2019 (weekends) is not enormous, with cinema culture gradually becoming a norm among Nigerians, the figure is certain to increase in 2020, but it will be a slow growth as ‘stream and chill’ (Video On Demand services like Netflix, iroko, Amazon Prime and others) also becomes a culture among Nigerians.
Neimeth Pharmaceuticals to raise N5 billion in additional equity
The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.
The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.
In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.
What you should know
- The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
- The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
- The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
- The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.
Buhari appoints Abubakar Nuhu Fikpo as Acting DG of National Directorate of Employment
President Buhari has appointed Abubakar Nuhu Fikpo as the Acting DG of the National Directorate of Employment.
President Muhammadu Buhari has announced the appointment of Abubakar Nuhu Fikpo as the Acting Director-General of the National Directorate of Employment.
This was disclosed by media aide to the Presidency, Garba Shehu, in a social media statement on Monday.
- President Muhammadu Buhari has formally conveyed to the Hon. Minister of State, Labour and Employment, Festus Keyamo, SAN, his approval of the nomination of Mallam Abubakar Nuhu Fikpo, as the Acting Director-General of the National Directorate of Employment, pending the appointment of a substantive Director-General for the Agency.
- Last month, the President relieved the former DG of his appointment, and directed the Minister to nominate an Acting DG to superintend over the Agency, pending the appointment of a substantive DG.
What you should know
- The Federal Government through the National Directorate of Employment (NDE) formally kick-started the Special Public Works (SPW) programme, which was designed to create 774,000 jobs across the nation, with the inauguration of the State Selection Committees in 2020.
- Nairametrics reported last month that President Muhammadu Buhari approved the sack of Dr Nasiru Mohammed Ladan Argungu as the Director-General of the National Directorate of Employment (NDE) with effect from December 7, 2020.
- The Presidency did not give any specific reason for the sack.
Covid-19: WHO warns the world faces catastrophic moral failure due to vaccine nationalism
The WHO has said that the prospects of equitable distribution of COVID-19 vaccines were at serious risk.
The World Health Organization (WHO) said the world is on the brink of a catastrophic moral failure due to the fear of Covid-19 vaccine nationalism by the wealthy countries, while the poor countries are left behind.
This is as the UN health agency revealed that the prospects of equitable distribution of the vaccines were at serious risk just as its COVAX vaccine-sharing scheme plans to start distributing inoculations in February.
According to a report from Reuters, this disclosure was made by the Director-General of the WHO, Tedros Adhanom Ghebreyrsus, at the opening of the body’s Annual Executive Board virtual meeting.
He pointed out that 44 bilateral deals were signed last year and at least 12 have already been signed this year.
What the WHO Director-General is saying
Tedros warned against vaccine nationalism to avoid making the same mistake during the HIN1 and HIV pandemic.
The WHO boss in his statement said,
- “This could delay COVAX deliveries and create exactly the scenario COVAX was designed to avoid with hoarding, a chaotic market, an uncoordinated response and continued social and economic disruption. Such a ‘me-first approach’ left the world’s poorest and most vulnerable at risk.
- “Ultimately, these actions will only prolong the pandemic, countries should avoid making the same mistakes made during the H1N1 and HIV pandemics.’’
He expressed his reservations over the ‘me-first’ attitude of the rich countries and the vaccine manufacturers who prioritize going for regulatory approval in wealthy countries rather than submitting their data to WHO for approval of the vaccines for use globally.
The global scramble for shots has intensified, as more infectious virus variants circulate.
Tedros said more than 39 million vaccine doses had been administered in 49 higher-income countries, whereas just 25 doses had been given in one poor country.
Observers say this board meeting, which lasts until next Tuesday, is one of the most important in the U.N. health agency’s more than 70-year history, and could shape its role in global health long after the pandemic ends.
What you should know
- The WHO and health experts had severally warned against nationalism as a serious threat to the fight against the coronavirus pandemic.
- They had called for an equitable distribution of the Covid-19 vaccine amongst all countries globally, as the wealthy nations will still be at risk of the pandemic if the poor countries are still battling with the disease.