Daily Watch – Nigerians spend big in cinemas, Jumia to list in New York

The Managing Director of the Nigerian Ports Authority, Hadiza Bala Usman, has disclosed the FG’s efforts in working towards generating over ₦4.6 billion ($15 million) annually from the huge potentials in the maritime industry. Nigerian ports, which are major gateway into the country, take over 85 percent of all the goods and services coming into the country, with the exploiting facilities at the seaports with an aggregate value exceeding the $15 billion mark annually. Siting the example of Singapore’s maritime industry, which contributes about seven percent to that country’s $300 billion GDP, Bala Usman said that Nigeria’s maritime sector is a significant contributor to national growth with yet untapped potentials to do more.

E-commerce giant, Jumia, has filed an application for its proposed IPO on the New York Stock Exchange this year. The IPO is expected to value the German start-up investor Rocket Internet’s firm at $1.6 billion or more. The New York filing did not disclose how many shares the firm would sell, nor at what price. Morgan Stanley, Citigroup, Berenberg and RBC Capital Markets are leading the IPO. In December last year, Jumia was valued at €1.4 billion ($1.6 billion) with shares at €14.74, according to the filing. The firm, which currently operates in 14 African countries including Nigeria, its largest market, Kenya, Morocco and Egypt, makes money both selling its own products, and taking a cut from third-party sales. In 2018, revenues were €130.6 million, up from €94 million the previous year. However, losses also rose, from €165.4 million in 2017 to €170.4 million in 2018. By the end of December, accumulated losses were €862 million.

Nigeria’s top 20 films made a total of ₦266 million in February according to figures from the Cinema Exhibitors Association of Nigeria. The figure made in four days, between 11 and 14 February are however not included. The breakdown shows that for the period spanning 1 to 7 February, 2019, the top 20 films made a total of ₦68.2 million. “Glass” made ₦11.4 million, “Upside” ₦10.4 million, and “Chief Daddy” rounded up the top three with a ₦10 million gross for the week in question. For the weekend spanning the 8th to 10th of February, 2019, the top 20 films grossed ₦41.7 million. “Cold Pursuit” grossed N10.8 million, “Escape Room” grossed ₦7.4 million, while “Upside” grossed ₦3.5 million. The top 20 films rebounded in earnings for the period of Feb 15-Feb 21, 2019 amounting to N89.7 million. “Alita” grossed ₦40.9 million, “Cold Pursuit” dipped slightly, grossing ₦9.8 million. “Escape Room” was the third highest grossing film, with takings of ₦8.4 million. Between Feb 22-Feb 28, total gross amounted to ₦67 million as “What Men Want” made ₦29.4 million, “Alita” declined slightly, earning ₦8.6 million, while “Escape Room” rounds up the top three with ₦3.3 million.

An election observation group, Pan African Women, has appealed to President Buhari to assent to the amended Electoral Act. According to Mphoentle Keitseng, the group’s spokesperson, Buhari assenting to the bill would help to facilitate and regulate future elections in the country. Keitseng also called for the creation of an election tribunal to try offenders of electoral law, and added that recruiting ad hoc staff that are older than 30 years of age into sensitive positions as electoral officers would enable INEC handle tough decisions in polling units that younger persons may be unable to handle.