Broadcasting
VFD Group Proposes SplitXchange for Financing Nigeria’s Creative Industry
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.
Broadcasting
NERC Discloses $5.7 Million Debt Owed by International Customers for Q3 2024 Electricity Supply
Nigerian Electricity Regulatory Commission (NERC) has disclosed that international customers owe $5.7 million for electricity supplied in the third quarter (Q3) of 2024.
The debtors include Paras-SBEE and Transcorp-SBEE from the Benin Republic, Mainstream-NIGELEC from Niger, and Odukpani-CEET from Togo.
Under an international treaty, Nigeria exports electricity to neighbouring countries like Benin Republic, Togo, and Niger.
In its latest quarterly report, NERC stated that market operators (MO) issued invoices totaling $12.19 million to six international firms for services rendered in Q3, out of which $6.49 million was paid.
“In 2024/Q3, the six (6) international bilateral customers purchasing power from the grid-connected GenCos made a cumulative payment of $6.49 million against the $12.19 million invoice issued to them by the MO for services rendered in 2024/Q3,” the report said.
“Similarly, the domestic bilateral customers made a cumulative payment of ₦1,566.51 million against the ₦2,100.79 million invoice issued to them by the MO for services rendered in 2024/Q3.”
NERC highlighted that some bilateral customers—both domestic and international—made payments in Q3 2024 to settle outstanding invoices from previous quarters. “Odukpani-CEET made a payment of $1.33 million towards outstanding invoices from previous quarters,” the report revealed.
“Similarly, the MO received ₦31.51 million from the domestic bilateral customers (North-South/Star Pipe; ₦9.50 million and Trans-Amadi (OAU/FMPI); ₦22.01 million) towards outstanding invoices from previous quarters.”
However, NERC noted that its special customer, Ajaokuta Steel Co. Ltd, along with the host community, failed to make any payments towards the ₦1.26 billion (NBET) and ₦0.11 billion (MO) invoices received in Q3 2024.
“This continues a longstanding trend of non-payment by this customer, and the Commission has communicated the need for intervention on this issue to the relevant FGN authorities,” the commission said, warning that continued non-payment could lead to total disconnection from the national grid.
In September, Shuaibu Audu, the Minister of Steel Development, signed a memorandum of understanding (MoU) with Messrs Tyazhpromexport (TPE) for the rehabilitation, completion, and operation of the Ajaokuta Steel Plant and the National Iron Ore Mining Company (NIOMCO).
By December, Natasha Akpoti-Uduaghan, chairperson of the Senate Committee on Local Content, announced plans to commence the revitalisation of the Ajaokuta Steel Company plants in the first quarter (Q1) of 2025.
Broadcasting
QNET Collaborates with Lagos Food Bank to Aid Vulnerable Children
QNET, a global lifestyle and wellness-focused direct-selling company, has partnered with the Lagos Food Bank Initiative (LFBI), a non-profit organization dedicated to nutrition and hunger relief, to provide nutritious food and gifts to 1,000 vulnerable children in Makoko, Lagos.
This initiative is part of QNET’s end-of-year social impact activities.
Supported by QNET’s legal partner, Transblue Limited, the project is part of LFBI’s Education Enhancement Intervention for Food Insecure Students (EDUFOOD) program that addresses malnutrition and food insecurity among underserved students by providing healthy meals and essential educational resources.
A report by the United Nations International Children’s Emergency Fund (UNICEF) highlights that Nigeria has the second-highest burden of stunted children globally, with a national prevalence rate of 32% among children under five.
Furthermore, an estimated 2 million Nigerian children suffer from severe acute malnutrition (SAM).
Biram Fall, QNET’s Regional Manager for Sub-Saharan Africa, highlighted the importance of this initiative: “Guided by our principle – Raise Yourself To Help Mankind (RYTHM), we believe that education and good health for children are the cornerstones of a thriving society.
Partnering with LFBI allows us to make a tangible impact on vulnerable children’s lives, reflecting our mission to empower youths and improve communities.”
Akeem Ajisafe, Managing Director of Transblue Limited, shared his thoughts: “This collaboration not only addresses food insecurity but also brings joy to young hearts, allowing them to truly experience the spirit of Christmas. Together, we are fostering hope, joy, and a brighter future fo r all.”
Michael Sunbola, Executive Director of LFBI, expressed gratitude for the partnership:“QNET’s support empowers us to reach even more children during this season of celebration, improving their health and unlocking their potential. Together, we are building a foundation for a brighter future.”
The partnership underscores QNET’s commitment to sustainable development, aligning with the United Nations Sustainable Development Goals (SDGs), particularly Zero Hunger (SDG 2) and Quality Education (SDG 4).
Broadcasting
Spotify’s ‘Detty December’ Hub and Spotify’s ‘Songs of December’ now live
Spotify today announced the launch of its ‘Detty December’ hub with playlists for December, a celebration of the vibrant festive season in West Africa and South Africa.
The hub is a one-stop shop for all things Detty December, with curated playlists featuring the biggest hits and emerging sounds of the season.
Users can find everything from Afrobeats and Amapiano anthems to chilled-out vibes for those much-needed recovery days.
“Detty December is a special time for our users in West Africa and ke Dezemba symbolises South Africa’s spirit of celebration,” said Phiona Okumu, Head of Music at Spotify Sub-Saharan Africa.
“We’re excited to be part of their celebrations with this dedicated hub and playlists, bringing them the best music to soundtrack their festive moments.”
This unapologetic season of street jams, back-to-back concerts, and endless summer fun has developed its own culture that draws diaspora and local fans alike.
The curated sounds of Spotify’s Detty December hub will pay homage to the Lagos rooftop lounges, Accra’s beachside festivals, and South Africa’s township tunes that keep people grooving.
In addition to the hub, Spotify has also launched a new playlist called ‘Songs of Detty December’.
This playlist is a curated list from Spotify Africa’s editors on the songs predicted to dominate this year’s Detty December. From DJ Skelm’s Afro Tech sounds to Flytime Fest’s tour of songs that tell Africa’s aspirational stories, the hub will be the home of takeover playlists that display Africa’s diverse talent.
Barrier-breaking Amapiano talent Kamo_ww has taken over a South African Summer playlist too.
Spotify is also supporting Jerk x Jollof, a popular event making its way to Africa for the first time, through its Frequency program. Held at The Ostrich event space, the Jerk x Jollof Cape Town takeover will feature DJs and artists such as TxC, DBN Gogo, Spinall, Sarz and Odeal, merging the spirit of Detty December and ke Dezemba experiences and bringing South and West African cultures and artists together.
“We’re committed to supporting African music and culture,” said Okumu.
“We believe that music is a powerful way to bring people together, and we’re excited to be part of the Detty December celebrations.”
You can keep the good vibes going as you make your way to the hotel, beach or next Detty December party with Spotify’s curated and immersive sound selection. Discover something new or run the year’s best party anthems back on your app today.
The ‘Detty December’ hub is available now on Spotify.
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