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Lai Mohammed: Brands Running Adverts On CNN, Others To Pay ₦100,000 Fine

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Lai Mohammed: Brands Running Adverts On CNN, Others To Pay ₦100,000 Fine
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The Minister of Information and Culture, Lai Mohammed, says Nigerian brands like Guinness which run adverts during foreign matches must compulsorily advertise during Nigerian Premier Football League games.

The minister further stated that brands that create their adverts abroad but broadcast them on CNN and other international stations broadcasting in Nigeria will pay a fine of N100,000 each time such adverts are run.

Mohammed said this was one of the rules included in the Broadcasting Code which has been rejected by many in the industry.

The minister said on NTA’s ‘Good Morning Nigeria’ programme on Monday that this was the only way to help the local league thrive.

He said, “Let’s assume you have brought in La Liga, and during the matches, Guinness is advertised, we will compel you, we will compel Guinness to also advertise when we are playing a local league. That is the only way we can grow this industry but as can be expected, we have had very few supporters.”

He said in the event that the brand wants to run the advert on a local station like NTA, the brand would pay a N100,000 fine each time it is broadcast.

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Mohammed added that adverts promoting Nigerian brands must be directed and authored by Nigerians inside the country.

The minister said “If you do an advert in South Africa, you put it on CNN and we look at that advert and we see that the advert was not made in Nigeria but actually made in South Africa, or you see that five times a day, it is on CNN, you pay half a million to us. The half a million will go to the Content Development Fund.”
He further stated that the NBC had been asked to implement a regulation mandating exclusive licensees and broadcasters to share exclusive rights with other broadcasters.

Mohammed said this policy would ensure that Multichoice would no longer have the monopoly of broadcasting the English Premier League.

The minister added, “What is common today is to see products made in Nigeria but the advert for those products are actually probably done in South Africa or in the US. So, we amended the code to say that if a product you want to advertise in Nigeria territory is made in Nigeria, grown in Nigeria or processed in Nigeria, then you must make sure that the advert is also produced in Nigeria.

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“Gulder is made, processed in Nigeria. If you go to South Africa to produce an advert which you are going to air to Nigerians because Nigerians consume Gulder, what we have amended the code to say is that for every time that advert is aired in Nigeria either on radio or television, you pay a fine of N100,000. We are not stopping you from making your production in America or South Africa but if you are going to advertise in Nigerian territory, you will pay a fine of N100,000.

In other words, if Gulder makes an advert in South Africa and it is shown on NTA, if it shows it 10 times a day, it will pay N100,000 fine 10 times.”

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Mohammed stated that if any Nigerian company invests in a foreign league, the firm must invest at least 30 per cent of that money in Nigerian football.

“We went further to say that if a company should invest $1m in bringing EPL to Nigeria, that company must also be ready to spend 30 per cent of that $1m in producing a local content along the same line.

“In other words, if Maltina or Guinness decides to bring in EPL, which is English football, we have no problem with that. But they must also invest in covering our local league to the tune of 30 per cent of what he has paid,” the minister said.

Mohammed argued that until the anti-competitive and monopolistic tendencies are expunged from the broadcast sector, Nigeria would not be able to grow local content.

“The NBC has issued about 30 pay-TV licences but only one is managing to survive. Why? Because of these anti-competitive and manipulative tendencies of these foreign companies,” he said

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Ganduje, others reconcile Dangote, BUA over sugar plant

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Ganduje, others reconcile Dangote, BUA over sugar plant
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Governor Abdullahi Ganduje of Kano state has waded into the dispute between Dangote and BUA companies owned by two business moguls from the state.

This is in order to resolve the lingering conflict among the two Kano State prominent indigenes Aliko Dangote and Abdussamad Isyaka-Rabi’u over the establishment of a Sugar plant by BUA.

A statement by Abba Anwar, the Chief Press Secretary to the governor on Thursday in Kano, said the reconciliation meeting took place on Wednesday in Abuja.

He said that Alhaji Aminu Dantata, Kano Emirate and the Kano State Council of Imams joined the governor in the reconciliation meeting.

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The News Agency of Nigeria (NAN) recalls that recently there were reports that Dangote complained about the establishment of a sugar plant by BUA International Limited in the Port Harcourt free trade zone, saying it was out of tune with export laws.

Anwar said that after the meeting, Chairmen of both Dangote and BUA agreed to work together to supply enough sugar to satisfy the demand of the country.

According to him, the meeting put a stop to all rumours that the duo was in dispute over sugar business control in the country.

“They all dismissed allegations that Dangote was planning to see the increase of sugar price, thereby pressurising BUA to succumb to the increment. They described the allegation as baseless and lacking any iota of truth.

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“The meeting was seen as the zenith of other similar efforts to reconcile the two giants by the governor. Alhaji Aminu Alhassan Dantata played the role of a father during the meeting,” Anwar said.

Present at the meeting were the Minister for Commerce, Trade and Investment, Mr Niyi Adebayo and representative of the Kano Emirate, Alhaji Aminu Dan-Agundi.

Others are Chairman of the Council of Kano Imams, Sheikh Muhammad Nasir-Adam, the Chief Imam of Sheikh Ahmadu Tijjani Friday Mosque, Kofar Mata, Kano and the Chairman of NEPZA, Adamu Panda.

All the two business moguls agreed to work together in unity for the growth and development of the nation.

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(NAN)

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FG To Auction ₦150 Billion Bonds In April

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FG To Auction ₦150 Billion Bonds In April
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The Debt Management Office on Wednesday disclosed that the Federal Government would offer N150bn bonds for subscription in April.
A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each.

They are 10-year reopening bond to be offered at the rate of 16.2884 per cent and to mature in March 2027; a 15- year reopening bond to be offered at 12.5 per cent and mature in March 2035; and the third and longest bond which is a 25-yeaer reopening bond to be offered at 9.8 per cent and mature in July 2045.

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According to the DMO, the bonds which would be auctioned on April 21, 2021 have a settlement date of April 23, 2021.

The DMO had earlier disclosed that the Federal Government’s bonds for March worth N150bn which were auctioned were oversubscribed by N183.48bn.

The total subscription received from investors for the bonds was N333.48bn comprising of N65.25bn for 16.2884 per cent FGN March 2027 bonds; N110.19bn for 12.5 per cent FGN March 2035 bonds; and N158.04bn for 9.8 per cent FGN July 2045 bonds.

The auction result added that out of 82, 125 and 215 total bids for the tenures, 48, 88 and 176 were successful.

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It stated that a total of N262.1bn was allotted, comprising of N44.01bn, N86.29bn and N131.80bn respectively.

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Qatar To Invest $5 Billion In Nigeria’s Economy

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Qatar To Invest $5 Billion In Nigeria's Economy
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Nigerian economy to be boosted by $5 billion investment by Qatar

The FG has disclosed that the Middle-East nation of Qatar is set to invest in the Nigerian economy the sum of $5 billion.

The Federal Government has said that the oil-rich state of Qatar plans to invest $5 billion in the Nigerian economy.

According to a statement by the Deputy Director of Information, State House, Mr Abiodun Oladunjoye, this disclosure was made by the Federal Minister of Foreign Affairs, Geoffrey Onyema, while speaking at a farewell dinner in honour of Nigeria’s Ambassador-designate to the state of Qatar, Ambassador Yakubu Ahmed, who is also the outgoing Director of Protocol at State House.

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Onyeama said that there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund, for significant investments in the region of $5 billion in the Nigerian economy.

He said, “Qatar is a weighty and strategic country and very strategic in that part of the world and we are putting our best feet forward to advance the interest of our country economically and in other areas.”

The Foreign Affairs Minister had recalled that President Buhari visited the State of Qatar in 2016 and the Emir of Qatar, His Highness Tamim Bin Hammad Al-Thani reciprocated with a State visit in 2019.

What this means

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This is going to be a huge boost to Nigeria’s drive for foreign investment and help significantly in the country’s push for economic development.

Qatar which has a very high Human Development Index (HDI) is regarded as the world’s third-largest natural gas and oil reserves with a population of about 2.8 million people as of 2019.

Investment Champion: Geoffrey Onyema, Minister of Foreign Affairs, Federal Republic of Nigeria

The investment by the wealthy Middle East country will add to Nigeria’s diversification efforts as such investments are expected in the area of oil and gas, manufacturing, power/utilities and so on.

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