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Multichoice acquires 20% stake in BetKing

The value of the deal is said to be worth R1.8 billion.

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South African pay TV operator Multichoice has announced that it acquired a 20% stake in BetKing, a gambling company with major operations in Nigeria. The value of the deal is said to be worth R1.8 billion.

The BetKing 20% acquisition was disclosed this week by Multichoice CEO, Calvo Mawela, during a news briefing to discuss MultiChoice’s new deals.

What you should know 

It was reported in 2018 that an estimated 60 million Nigerians between the ages of 18 and 40 were involved in active sports betting, with almost ₦2 billion being spent on sports betting daily in Nigeria. This translates to nearly ₦730 billion in a year.

Several sports betting companies have emerged in the country, such as Bet9ja, Nairabet, Merrybet, Naijabet, BetKing, Sporting Bet, Surebet24, and many others.

Themoneymetrics reported in July that BetKing announced a sponsorship deal with the Football Kenya Federation (FKF). This was adjudged the biggest sponsorship deal in the history of Kenyan football.

Valued at $11 million (1.2 billion Kenyan shilling), the new sponsorship deal will end in 2025. According to the FKF, each club in the Kenyan league will receive 8 million Kenyan Shillings a year ($1= 107.85 Kenyan shillings) thanks to this partnership.

MultiChoice CEO added that sport betting augments their business as sport is major revenue source for the company. He also stated that BetKing has grown fast in Nigeria and plans on expanding to South Africa.

“We have a lot of sport on our platform, and many people that are betting watch more games.” he said.

“They plan to be pan-African and will be entering South Africa at some stage too,”

Reuters reports that the deal would be valued at $81 million upfront, “with a further $31 million performance-dependent payment possible later.”

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ECONOMY & POLITICS

Nigeria’s inflation hits 14.23 percent as food prices increases

Nigeria’s inflation rate rose by 14.23% in October 2020 as against 13.71% recorded in September 2020

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The National Bureau of Statistics on Monday November 16, released a data which revealed that Nigeria’s inflation rose to 14.23 percent, 0.52 percent higher than the 13.71 percent recorded in September.

According to the data, the core food index rose by 17.38 percent majorly driven by increases in food items. Core inflation also maintained a steady rise to 11.14 percent, from the 10.58 percent reported in August this year.

The bureau said;

“The Consumer Price Index, which measures inflation increased by 14.23 per cent (year-on-year) in October 2020.

“This is 0.52 per cent points higher than the rate recorded in September 2020 (13.71 per cent).”

Urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.

Inflation was highest in Zamfara, Sokoto and Ebonyi, while Lagos, Abuja, and Cross River recorded the lowest in October.

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Business

Tony Elumelu conferred with Belgium’s most important national honour

Nigerian billionaire-entrepreneur, Tony Elumelu, has been conferred with Belgium’s oldest and most important national honour.

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The Chairman, United Bank for Africa (UBA) Group, Tony Elumelu, has been conferred with Belgium’s oldest and most important national honour titled: “The honorary distinction of Officer in the Order of Leopold.”

The entrepreneur made the disclosure via his verified Twitter handle. The award is said to be in recognition of his commitment to the eradication of poverty & the economic empowerment of young Africans.

Elumelu tweeted, “Last night, the Kingdom of Belgium conferred on me with the honorary distinction of Officer in the Order of Leopold, the country’s oldest and most important National Honour.

“I am humbled by this recognition of the work @TonyElumeluFDN in catalysing entrepreneurs across Africa and will continue to drive the economic empowerment of our brilliant young #Africanentrepreneurs to propel development in Africa.”

What you should know

Themoneymetrics  had earlier reported that Tony Elumelu had been named in “Times 100” list of 100 most influential people in the world 2020.

Why it matters

The latest award, amongst others, is in recognition of his commitment to the eradication of poverty and the economic empowerment of young Africans.

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Business

FG to sell Geregu, Omotosho and Calabar power plants for N434 billion

The Federal Government has mapped out some of its power plants for sale and to concession some assets in 2021.

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The Federal Government announced that it will sell the Geregu, Omotosho and Calabar power plants for N434 billion in 2021. The FG also disclosed plans to concession major sports stadiums across the country.

This was disclosed by the Bureau of Public Enterprises (BPE) in its 2021 Budget Defence in Abuja, reported by Vanguard.

Geregu Power Plant would be sold for N140.7 billion, Omotosho Power Plant N151.4 billion and  Calabar Power Plant N143.4 billion, the BPE said.

Senator Theodore Orji, member of the Senate Committee on  Privatization and Commercialization disclosed that Geregu is already majority-owned by private investors.

“We also found that in Geregu Power Plant, the core investor already owned 51% shares and that the transaction emanated from a request by the investor for additional 29% of FGN residual 49% shares,” Orji told the BPE

The Government also announced plans to concession some sports and entertainment infrastructure next year including the National Stadium, Lagos, Moshood Abiola Stadium, Abuja, Jos International Stadium, Adokiye Amiesimaka Stadium and the National Art Theatre

What you should know  

Our source reported in 2019 that  Femi Otedola, revealed plans to shift focus to power generation with a planned investment of up to $1 billion into Geregu Power Plc.

Chief Executive Officer, Geregu Power Plc, Akin Akinfemiwa, told our source  in June that they have invested the sum of 100 million dollars (USD) to carry out a major overhaul not only to ensure that the three turbines were operational at the nameplate capacity of 414MW but also to add an extra 21MW to bring the total nameplate and available capacity to 435MW.

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