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NBC Slams Oyo State over Demolition of Fresh FM Building

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National Broadcasting Commission (NBC) has condemned the Oyo state government’s demolition of the structure housing Fresh FM in Ibadan, the state capital.

 

Ishaq Midibbo-Kawu, director-general of NBC, speaking in Ilorin, Kwara state capital on Wednesday, said the demolition was a worrisome development and did not speak well of the state government.

 

The structure, “Music House, ” reportedly valued at N800 million and which had been in operation for 10 years, was demolished in the early hours of Sunday.

 

The property is owned by Yinka Ayefele, a musician.

 

NAN quoted Modibo-Kawu as saying: “The development is worrisome because for all it is worth, the broadcast outfits are playing a big role in reducing unemployment, especially in this situation where many young Nigerians are idle.

 

“They also play social, informational, educational and entertaining roles in the society. Such development does not speak well of the government and has a negative effect on the nation, especially at a point when more broadcasting outfits are influencing the social space in the country.

 

“In this case particularly, there are so many issues that can be weaved up negatively by people. We hope that as we move forward, we will be able to find a solution to the situation.”

 

The director-general said when the NBC got hint of the demolition, he made some contacts with some people in the state but he could, however, not stop it.

 

He promised to set up a meeting with the state government on finding a way forward on the issue.

 

The DG recalled a similar experience in Nasarawa state about a year ago when the property housing Breeze 99.9 FM was demolished.

 

“What we did was to meet our licensee to find out what the issues were because he was prepared to go to court. We also met with the state commissioner for information and the governor,” he said.

 

“The issue also was that the building violated the usage of urban space. We were able to reach an agreement that the government should give the broadcaster a new plot of land and assist him to go back to building a new station.

 

“However, just last week, I got a letter that the side of the government in the agreement had not been fulfilled.”

 

Modibbo-Kawu also clarified the recent media report that his commission banned some songs, saying Nigerians must understand the statutory mandate of the NBC.

 

“It is important to let Nigerians understand that NBC does not ban any song. I read on social media platforms all the time that NBC banned a song; the commission never bans any song,” he said.

 

“What NBC does all the time is to remind our licensees that there are certain categorisation of music that are important in broadcasting.

 

“If a song is categorised, “Not To Be Broadcast” (NTBB) because of the lyrics of the song, then, we will remind the broadcasters that they cannot be broadcast.

 

“This is what it is misinterpreted in the social media that we banned the song.”

Senator Abiola Ajimobi, governor of Oyo state Ajimobi, Gov. Oyo state

Modibbo-Kawu gave an assurance that the federal government, through the NBC, would not infringe on artistic liberty or licence.

 

He, however, reminded artistes and broadcast organisations of their responsibilities to Nigerians and the youths, in particular.

 

“Last week, I issued a press release to urge Nigerian artistes to have different versions of their songs,” he said.

 

“They should do a version that can be used for public broadcast space and another version for club usage which can carry all kinds of lyrics that they want.

 

“If they want their songs to be broadcast on radio and television in Nigeria, these songs must conform to rules and must be songs that young people can listen to.”

 

He disclosed that the commission was planning a national dialogue with Nigeria leading artistes on the need to avoid vulgar lyrics and hate speeches in their songs.

 

He said the dialogue would focus on the need for the artistes to use their music to propagate positive messages about development.

 

 


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VFD Group Proposes SplitXchange for Financing Nigeria’s Creative Industry

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VFD Group Plc has proposed the introduction of a specialized Exchange that would address the issue of financing in Nigeria’s entertainment and creative industries to bolster foreign exchange earnings and economic development.

Folagbade Adeyemi, the Managing Director of Splitar Limited,  stated this while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) quarterly Forum, sponsored by VFD Group Plc.

Adeyemi revealed that the Group is actively pursuing an exchange platform tailored to the media and entertainment sector, offering diverse investment opportunities for both domestic and international investors.

Currently in its development stage, SplitXchange when launched, would offer a platform for financing the media and entertainment industry, among other alternative assets.

According to him, “Seeing the huge potential in alternative assets, Splitar Holdings, through Split Exchange, would drive the alternative assets space with its revolutionary digital exchange.”

He emphasized the potential of this sector to significantly improve the GDP of the country and called for a collaborative approach towards establishing robust frameworks and clear guidelines to support investment in alternative assets leveraging technology.

“Unless we collaboratively set up institutions that can provide data around these asset classes and place a true value on these asset creators to make seeking finance a lot easier, we will not see significant returns.

“A lot of transactions have been ongoing within that space which are not captured within the country’s value chain. That is what SplitXchange seeks to address.”

With Nigeria’s estimated population at 208.8 million people, Adeyemi highlighted the increasing demand for Nigerian content locally and on a global scale.

Speaking on the theme: “Beyond Tradition: Increasing Relevance of Alternative Assets in the Capital Market,” Adeyemi lamented the absence of robust funding pillars in the country.

He emphasized the potential of Entertainment and Media, noting that globally there is an average market size of $41 billion as of 2021 with an estimated growth of 4.2 per cent.

While pointing out investments by Netflix and Amazon, which have churned out blockbuster movies that have gained viewership and streams across the globe, he noted that Nigeria’s biggest investor in the form of Pension Assets was yet to invest in the entertainment or streaming services.

He stressed the need to solve the problems of liquidity, efficiency, and barriers to entry in the country.

“In today’s market, the quick conversion of assets into cash is a challenge due to the absence of a well-structured marketplace that oversees and regulates these assets.

“The automation of processes such as compliance, escrow account management, dividend distribution, corporate action management, and drag-along actions technology presents a significant challenge in today’s alternative market. The high initial cost of assets in this market restricts participation to only affluent individuals and corporate investors,” he said.

He noted that the sector remains excluded from the organized financial sector due to the inability of intermediaries to recognize Intellectual Property (IP) as suitable collateral to access funding. “Projects are financed informally through a network of angel investors, high net worth individuals, non-governmental organizations, government, and personal savings,” Adeyemi said.

Furthermore, he pointed out that investors and asset creators face challenges when seeking investment opportunities or raising capital through traditional financial avenues.

“Traditional financial institutions are ill-equipped to appraise industry opportunities due to poor visibility, data, and income/revenue leakages leading to mispricing through high-interest rates, market illiquidity of associated securities, poor market depth, and lack of accessibility for retail investors,” he said.


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Konga Travel Commences Canadian Visa Services for Professionals and Students

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Konga Travels and Tours, a leading provider of travel services in Nigeria is pleased to announce the launch of its Canadian visa assistance services through strategic partnership with a licensed Canadian immigration company.

Konga Travels is now equipped and in a vantage position to assist clients in realizing their relocation dreams.

The new Canadian visa services cater to the travel needs of diverse category of individuals including students, workers, professionals, and investors looking for new opportunities in Canada.

Applicants can get exclusive packages on business immigration, study in Canada, work permits, as well as visit and tourist visa services with the professional assistance of Konga Travels and Tours.

The Business Immigration visa is tailored to investors interested in conducting business activities in Canada with a pathway to permanent residency. The Study in Canada visa service caters to students aspiring to pursue undergraduate or postgraduate studies in foreign institutions renowned for their academic excellence and global recognition.

Okezie Akaniro, Senior Vice President of Konga Online Limited expressed excitement about the expansion of the company’s service portfolio saying “We are thrilled to introduce Canadian visa assistance services to our esteemed clients because we understand the aspirations of Nigerians seeking to pursue educational, professional, or business opportunities in Canada.

“This partnership underscores Konga Travels’ commitment to providing holistic travel solutions that meet the diverse needs of our customers, with our expertise and strategic collaboration, we aim to simplify the Canadian immigration process and help individuals achieve their aspirations of studying, working, or investing in Canada,” he stated.

Expressing his enthusiasm for the new service, Abiola Bakare, Business Head of Konga Travels and Tours posited, “At Konga Travels, we continuously seek ways to enhance the travel experiences of our customers.

“The introduction of Canadian visa assistance services aligns with our goal of providing end-to-end solutions and simplifying the travel process for our clients.”

Konga Travels and Tours goes beyond processing visa applications. As part of its suite of services, Konga Travels offers flight booking, hotel reservations, and tour packages. Recently, Konga Travels and Tours further enhanced its offerings by partnering with Coronation Insurance to provide comprehensive travel insurance solutions.

For further inquiries, customers are encouraged to contact Konga Travels through any of the official customer touchpoints provided here:

Phone Call: +234 809 460 5555; 0708 063 5700

WhatsApp: +234 (0) 811 211 4488

Email: [email protected]

Facebook: Konga Travel

Instagram: @kongatravel


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5 Strategies to Prevent Payment Delays from Hurting Your Business

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Payment delays pose significant challenges for businesses across Africa. Maintaining a steady cash flow is essential for business growth and sustainability, making it crucial to address late or non-payments from customers.

So, how can SMEs effectively prevent payment delays? Let’s explore five actionable strategies to keep revenue flowing smoothly.

Streamline Payment Processes
Smoother payment experiences lead to prompt payments. Simplifying the payment process for customers by offering multiple payment options enhances convenience and reduces the likelihood of delays. It is important to note that collaborating with a reliable payment gateway is fundamental in achieving seamless transactions.

Embrace Subscription Models

Adopting a subscription-based payment model ensures consistent cash flow and predictability in revenue streams. SeerBit has innovative features, such as partial debits and automatic retries which fortify this model, ensuring uninterrupted revenue even amidst payment hiccups.

Digitize Invoicing

Transitioning from paper-based to digital invoicing eliminates delays caused by delivery hiccups, while also minimizing the risk of lost documents. Digital invoicing not only streamlines payment tracking, but also enhances operational efficiency.

Implement Incentives and Penalties

Introducing incentives for early payments and penalties for late payments encourages timely settlements. Customers are motivated to pay promptly to capitalize on discounts and other special deals, while the prospect of additional charges or sanctions deters delays. Reminder notifications serve as gentle nudges, prompting customers to fulfil their payment obligations promptly.

Proactive Payment Management

Partnering with SeerBit empowers businesses to proactively manage payment collections. With a robust payment gateway offering seamless transactions, recurring payment capabilities and digital invoicing services, businesses can effectively mitigate the risks associated with payment delays.

Conclusion

Preventing payment delays is critical for sustaining business operations and fostering growth. The World Bank predicts that late payments cost the global economy over $40billion every year. By implementing these strategies and leveraging the capabilities of SeerBit, businesses can optimize their payment processes, ensuring uninterrupted cash flow and significant long-term success.


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