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BET Awards’ Revenue To Decline As 2020 Edition Will Only Hold Virtually

By
unmask
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Cardi B at BET
Anderson .Paak presents the Album of the Year award to Cardi B at 2019 BET Awards.

In what appears to be the first time in its two decades of hosting, BET Awards will be hosted this year (2020) virtually.

The much-awaited event, which has already been scheduled to be streamed on Sunday, June 28, according to the organisers, will be streamed to audiences via innovative techniques and artiste-generated contents.

In a press release made available to industry stakeholders and members of the public, the president of the BET network, Scott Mills said it is more important than ever to deliver the BET Awards in 2020.

Michael B Jordan, alongside others at 2019 BET Awards
Michael B Jordan, alongside others at 2019 BET Awards

Mills’ words; “Our community, and the many millions who love black culture, look to the BET Awards for signature moments of enrichment, entertainment and empowerment.

“Recognizing the unique role the BET Awards plays for so many, and the challenging times we find ourselves in, we know it was more important than ever to deliver the BET Awards in 2020.”

Bad business for BET Awards?

At the moment, Unmask NG is unsure about the strategy the management and organisers of the awards will deploy to make earnings from the show, which will be hosted for the 20th consecutive time.

While the award show will be mainly live-streamed, BET Experience, the three-day event which usually holds before the BET Awards, scheduled this year from Thursday, June 25 to Saturday, June 27, has been canceled. Thus, refunds will be made for all the VIP tickets sold so far.

What this means

A sharp decline in revenue for BET is imminent. This is because tickets are very unlikely to be sold, and there is a possibility that sponsors might not pump money into the show due to how the novel COVID-19 has ravaged the global economy.

About BET Awards

Founded in 2001, the American award show has since been celebrating African Americans and other American minorities in music, acting, sports, and other fields of entertainment.

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Mr Eazi Made Nearly N2m From 10m Streams, But Here’s How Streaming Works

By
unmask
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Mr Eazi
Mr Eazi

Nigerian Afro-beat star, Oluwatosin Babajide popularly known as Mr Eazi, has disclosed that he made $5,000 (nearly N2 million) as revenue for the streaming of one of his songs on a streaming platform.

The Sample singer who didn’t mention the name of the particular song and the streaming platform, sarcastically lamented that the revenue is magical.

He wrote on Twitter; “Looking at this 10million streams on this song on this platform amazing how that translates to less than $5000 in revenue! Magic Stuff!! Thus is the story of the hit song lol.”

Mr Eazi
Mr Eazi

Here’s how streaming work for artistes

Music streaming is one of the prominent means of raking revenue off a recorded song. Unlike before, when up and coming or local artistes had slim chances of making money from their creatives, streaming platforms are changing the narrative in such a way that an artiste is most likely to make a large percentage of his creative from streaming.

While streaming appears to be a money-making machine, it is pertinent to note that the music market on a global scale is becoming exponentially complex as the day goes by. For instance, as of two years ago, 2018 precisely, there were no less than 200 Digital Signal Processing (DSPs) with streaming features.

If you are surfing the internet to know the payout rates across major streaming services, you will come across most quotes sourced from Digital Music News’ article on payout rates and The Trichordist’s 2018 Streaming Price Bible, which calculates the payout rate based on the sales data of a mid-scale indie label, that add up to over a billion streams.

To be precise on how earnings on streaming work, below are what a record label earned from the streaming of their artistes’ songs:

  • Spotify paid the artists $0,0032 per stream
  • Apple Music got the average rate of $0,0056
  • Google Play Music landed a $0,0055 payout rate
  • Deezer fell slightly lower at $0.00436
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COVID-19: Elumelu Highlights Economy Recovery Plan For Buhari

By
unmask
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UBA Chairman, Tony Elumelu
UBA Chairman, Tony Elumelu

Chairman of the United Bank of Africa (UBA) Group, Tony Elumelu has highlighted the economic recovery plan for President Muhammadu Buhari and other African leaders.

While speaking at a roundtable discussion made up of African leaders, including Dr. Ngozi Okonjo – Iweala, the Special Envoy of the African Union on Covid-19 and Tidjane Thiam who is also a Covid-19 Special Envoy responsible for mobilising international economic support for Africa, the renowned billionaire admitted that Africans can be empowered to become more productive and self-reliant, as the novel coronavirus presents an opportunity to reset the continent’s economy.

President Muhammadu Buhari
President Muhammadu Buhari

“I see this pandemic as an opportunity to reset Africa,” Elumelu stated.

Elumelu’s counsel 

While pointing out that Africa has all it takes to have a competitive economy, Elumelu advocated for a martial plan that will galvanise the entire continent and make it less dependent on the ‘circularity of debt’ from developed nations, which according to him, has been a major setback.

  • Mobilization: Elumelu believes that to have a functional economy in Africa, Buhari and other leaders in the continent, needs to adopt the Tony Elumelu Foundation style of mobilising people. He explained that the mobilisation also includes putting resources together. His words; “I feel that as we engage the rest of the world in providing relief, we need to look for a more fundamental solution to Africa’s challenges. I have often argued for martial plan overtime. We need to mobilise everyone. If we have a martial plan that mobilises resources to address particular issues, then we can mitigate against this constant begging for assistance. The truth is that we have resources to help mobilise people. As the founder of the Tony Elumelu Foundation, we committed to endow $100m to support young African entrepreneurs and we have been seeing the positive results this has yielded so far.”
  • Electricity: The billionaire expressed a belief that the best way to ensure the stability of the macro-economic environment, empower small and medium scale enterprises (SMEs), and fix youth migration, is a reliable power supply. He said, “it is evident that if we can fix access to electricity, then we are in for a better and more resilient economy. There is an urgent need to prioritise our youths and empower our SMEs. The people who work hard need to be encouraged.”

Here’s what we think

Unmask NG understands that poverty is one of the major problems African leaders have been battling. To combat this challenge and boost economic developments, Elumelu’s counsel cannot not be taken seriously. For instance, erratic power supply is a problem in Nigeria, crippling businesses, and the economy at large. And until this lingering challenge is addressed, the chances of having a functional economy will remain slim.

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NIMCO Risks Serious Sanction For Failing To Meet Its Tax Obligations

By
unmask
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NIMCO and Lagos State House of Assembly

A report read on the floor of Lagos House of Assembly, has uncovered how NIMCO construction company Ltd has been short-changing the state government.

The report which detailed how NIMCO had defrauded the government to the tune of several hundreds of millions, which includes non-payment of tax, was read to lawmakers by Hon. Victor Akande, the chairman of a seven-man committee set up to prove the illegal activities of dredgers in the state.

In the report, NIMCO was found guilty of failing to pay taxes and make returns, and also engaging in the reclamation of land.

Speaker of the Lagos State House of Assembly, Mudashiru Obasa
Speaker of the Lagos State House of Assembly, Mudashiru Obasa

Akande however enjoined the House to give the investigative committee additional two weeks to wrap up its works as it intend to embark on inspection tour of the company’s dredging sites.

Responding to the outcome of the investigation, Mudashiru Obasa, the Speaker of the Lagos State House of Assembly, directed the Clerk of the House, Azeez Sanni, to write Governor Babajide Sanwo-Olu of the state, and intimate him on the preliminary findings of the committee.

What you should know

One of the ways the Lagos State Government deployed to remediate tax default is the imposition of penalties on unremitting taxes and levies as stipulated by the laws of the state. Needless to mention, penalties are sacrosanct for defaults such as failure to send a tax return or pay tax liabilities as at when due.

Why this matters

Unmask NG believes that the Sanwo-Olu-led administration will not let this slide. This is because tax evasion has automatically reduced the state government’s projected budget. More so, the tax evasion has denied Lagos tax revenue due to the system, which results in a typical gap between the potential and actual tax collections.

About NIMCO 

Incorporated in 1987, NIMCO Construction Company Ltd is a civil and building engineering firm with cognizant recognition in Nigeria, and its head office located in the economic nerve center of the country; Lagos State.

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How SARS Tortured Man To death, Hid The News From Deceased’s Family

By
unmask
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Sadiq
Sadiq

A lawyer identified as Abba Hikima, has taken to social media to narrate how operatives of the Special Anti Robbery Squad (SARS) attached to Kano State Police Command, tortured one Sadiq to death.

In a series of posts on Twitter, Hikima revealed that the SARS officials who tortured Sadiq to death, hid the news from the deceased’s family as they continued to extort food and money from them.

According to the story shared by Hikima, Sadiq was praying at the time the SARS officials invaded their house in Kano.

The deceased was said to have been scared after sighting the armed policemen shooting.

While calling for justice on behalf of Sadiq’s family, Hikima maintained that Nigerians have been too quiet over the police assault.

He further charged the President Muhammadu Buhari-led administration to probe Sadiq’s death.

Read the full thread below:

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COVID-19: CBN and NNPC accused of daylight robbery, here’s why

By
unmask
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NNPC To Restructure, Here's Why
NNPC boss, Mele Kyari

The social media was in the early hours of Tuesday, May 19, 2020, set on fire, when Nigeria’s Foreign Affairs’ Minister, Geoffrey Onyeama disclosed the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation’s (NNPC) plans to spend as much as N1 billion to feed and accommodate 3,000 Nigerians that will be evacuated from foreign countries due to the novel coronavirus pandemic.

According to Onyeama, it became needful for the CBN and NNPC to cater for the returnees after Nigerians condemned the President Muhammadu Buhari-led administration for requesting N290,000 from evacuees for their welfare.

The minister said the N1bn is not only budgeted for the returnees’ feeding but their hotel accommodation as well.

Geoffrey Onyeama
Minister of Foreign Affairs, Geoffrey Onyeama

Onyeama’s words; “We are talking of over N1bn because till now, we have about 4,000 Nigerians out there and if 3,000 of them come back, the cost of accommodation, feeding and everything else is over N1bn that we don’t have and he said he is ready to explore and share with the NNPC.

“I spoke to the GMD of NNPC and he said he is going to consult. So, we kept fingers crossed and thanks be to God, today (Monday), he got back to me to say he was going to meet up with the governor of central bank and together, they would fund the portion – accommodation and feeding of evacuees, so we can go forward in a better environment.”

Wild reactions 

Just as expected, the disclosed plan has resulted in wild reactions from Nigerians, who took to social media to slam the CBN and NNPC.

While some wonder how the CBN and NNPC will source for the N1 billion, others claim that the disclosed plan is tantamount to daylight robbery.

Here’s what we think

It is not surprising that these two public agencies are collaborating to only feed 3,000 people with N1 billion. NNPC in particular is a cesspool of monumental corruption. The agency has overtime been enmeshed in sharp business practises, illegal deductions of funds, violation of laid down rules/regulations, and failure to account for several billions of naira that should go to the federation account. Amongst many of the corporation’s corrupt practises NNPC is known for, is subsidy claims.

What’s your reservation on the disclosed plan to feed 3,000 people with N1 billion?

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Ooni of Ife, Oba Adeyeye Ogunwusi enmeshed in fraud controversy

By
unmask
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Ooni of Ife, Oba Adeyeye Ogunwusi
Ooni of Ife, Oba Adeyeye Ogunwusi

Ooni of Ife, Oba Adeyeye Ogunwusi, has been mentioned in a fraud controversy on social media.

The monarch was enmeshed in the controversy when a Twitter user tweeted that a real estate company owned by Ogunwusi, Grand Imperio Group, scammed him of N6.7 million.

While responding to a Twitter debate where people were narrating how they have lost huge amount of money to those they borrowed, the user identified as Dolapo Oni, stated that having made a payment of N6.7 million as first installment to the real estate company for the purchase of a house in 2015, till date, he’s yet to get what he paid for.

Another Twitter user who seems to have had a similar experience, however, insinuated that this case is not the first of its kind. According to him, the company is fond of stealing from people and people are scared to talk about it because it belongs to Ooni.

“Gran Impero pulled one of Nigeria’s greatest real estate frauds. Without shame, and intentionally so, they stole from people. Nobody wants to talk about it because Gran Impero belongs to the Ooni,” @SeiyefaEgein wrote in his tweet.

Efforts to reach Ooni for comment and the individuals who accused the monarch of fraud, are however yet to yield a positive results. But trust us to bring the news to you as soon as they give updates and reactions to this story.

About Grand Imperio Group

Grand Imperio Group is a real estate development consortium in Nigeria. The company is known for investment in real estate, dredging projects, resort development and management, general investment finance, and management services.

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COVID-19: Why ExxonMobil’s Donated Vehicles To Akwa Ibom Govt Were Rejected

By
unmask
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Exxonmobil
Exxonmobil

ExxonMobil, an American multinational oil and gas corporation, has donated some vehicles to Akwa Ibom. Surprisingly, the vehicles which were donated for the state government to aid contact tracing of suspected COVID-19 patients, have been rejected.

Disclosing why the vehicles were rejected, the state Information Commissioner, Charles Udoh, said the vehicles are too old and incapable of withstanding the rigour of contact tracing.

“The vehicles are considered too old and not in good enough operational conditions to withstand the rigour of contact tracing which they were meant to serve,” Udoh was quoted in a statement as saying.

He, however, pointed out that the Governor Udom Emmanuel-led administration accepted the two ambulances and 20 hospital beds that were also donated by the oil company.

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Why Transcorp Hotels’ 2020 Financial Projection No Longer Feasible

By
unmask
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Transcorp Hotels Plc
Transcorp Hotels Plc

The 2020 financial projection for Transcorp Hotels Plc is no longer feasible. This indication emerged as the quoted hospitality company recorded a significant financial drop in revenue, in its first-quarter period for the year.

As COVID-19 continues to ravage different sectors of the economy, including the hospitality sector, Transcorp’s group revenue for the period under review, dropped to N4.17 billion, compared to the N4.18 billion recorded in Q1 2019.

Similarly, its gross profit fell to N3 billion in 2020 Q1, from the N3.10 billion garnered in the corresponding period of last year.

Transcorp’s defense of financial performance and affected projection

According to Transcorp, its 2020 Q1 result was impacted by the lingering coronavirus pandemic.

A statement from the company read partly; “Transcorp Hotel plc started the year 2020 optimistic with detailed plans and budget to surpass the N20bn revenue performance achieved in 2019.

“With the Global Coronavirus Pandemic, the hospitality industry has been negatively impacted.”

“Nigeria has witnessed an increase in confirmed cases which led to the closure of airports and flights and an official lockdown of the FCT issued by the Federal Government to ensure the effective combat of the virus. All of these have negatively impacted the hotel and its business activities in this period.

“The Company anticipates that its future results of operations, including the results for 2020, will be materially impacted by the coronavirus outbreak. However, given the speed and frequency of continuously evolving developments with respect to this pandemic, the Company cannot reasonably estimate the magnitude of the impact on its results and its operations, and, if the outbreak continues on its current trajectory, such impact could grow and become material to its liquidity or financial position.”

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MTN Cuts Down 2020 Budget Despite Significant Revenue Growth, Here’s Why

By
unmask
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MTN Debunks Report Announcing Allocation Of Its Shares
MTN Group

Telecommunications giant, MTN Group has announced that it has reversed its 2020 budget downward.

Having budgeted $1.5 billion as its capital investment for the year, the telco said it is necessary to cut down the budget to $1.1 billion.

Reason for cutting down the budget

According to the group, the decision to cut down its budget was to enable the preservation of cash and focus on the maintenance of its network, as the novel COVID-19 continues to ravage economies of the world.

‘It’s a surprise’

MTN’s decision to cut down its 2020 budget came as a surprise. This is because, in the first quarter of the year, the telco recorded significant growth in its earnings.

Within the first three months of the year, MTN Nigeria recorded N74 billion earnings from Nigerians, who splashed the money on purchasing data alone. This was a significant growth compared to the N46.4 billion Nigerians spent on MTN’s data in 2019 Q1. 

More so, MTN Nigeria earned N194 billion from its voice calls during the period under review. This is a climb when compared to the corresponding period of last year when the telco earned N182.4 billion.

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