November 29, 2022

The Chinese Ambassador to Nigeria, Cui Jinachun, has called for a collaboration between the Nigerian movie industry and China film industry.
The Chinese Ambassador who made the statement at the opening of the Fourth Asian Film Festival and movie screening in Abuja noted that such would promote harmony, peace and unity between both countries. 
According to the ambassador, Nigeria is important to Africa and the Nollywood movie industry had taken the lead with a huge potential of driving a movie partnership between Africa and Asia. 
Investors King understands that this is not the first time both countries will call for such collaboration. 
Envoys from both countries have hinted at a possible collaboration in that regard. 
In July 2022, the Nigerian Consul General in China, H. E. Chimezie Okeoma Ogu sought a partnership between the Federal Government of Nigeria and the government of the People’s Republic of China in the areas of film production. 
Chimezie positioned that such collaboration will not only enhance the relationship, it will also give room to knowledge transfer and provision of hi-tech resolution equipment in the African entertainment industry. 
The Consular added that Nigeria stands to benefit a lot from the partnership noting that the movie industry in Nigeria is rated as the third-largest globally, accounting for five percent of Nigeria’s Gross Domestic Product, (GDP). 
Similarly, speaking during the opening of the Fourth Asian Film Festival and movie screening yesterday, the Chinese Ambassador also reiterated the benefits of the partnership. 
“You know in Asia we have 47 countries, in the African continent we have 54 countries, so we can work together to produce films for the harmony of the people, society and the nations,” he said. 
Speaking further, he added that Nigeria can take the lead owing to the large nature of the Nollywood industry. 
“Nigeria particularly leads in producing in the film industry, so I think this kind of factor will give a big push and big momentum to develop Nollywood” he concluded. 

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SPAR to begin Black Friday sales on Friday, November 25, 2022
SPAR Market, Nigeria’s leading supermarket and department store, has announced that its annual Black Friday Sales will begin on Friday, November 25, 2022. 
The company said in a statement that it expects this to be one of its biggest Black Friday events ever, thanks to the appointment of Nollywood actress Toyin Abraham as its Black Friday ambassador.
“This year, SPAR offers massive offers up to 70% off in electronics, home appliances, mobile phones, computers, wines and spirits, groceries, clothing, watches, furniture, and more,” it said.
“Spar market has also organised several engaging games for their customers to win amazing prizes at all their stores nationwide.”
The SPAR license for Nigeria was granted to the Artee Group, a leading retail operator in Lagos, in 2009.  SPAR’s presence in Nigeria has grown steadily over the years. The partner assessed the market potential and developed the brand through a combination of new build and conversion stores, establishing brand recognition among shoppers and local entrepreneurs capable of supplying local products to this organized retail network.
SPAR is the world’s largest voluntary food retail chain. The company began with a single Dutch store in 1932 and has since expanded to over 13,600 locations in 48 countries across four continents.  SPAR’s growth has been supported by a set of values that have guided the organization since its inception 90 years ago. At the heart of these core values is the commitment of SPAR independent entrepreneurs to collaborate in all areas of wholesale and retail to ensure we serve our local communities with passion while being authentic in everything we do.
The story of SPAR in its early years is the story of its founder, Adriaan van Well, an innovative Dutch wholesaler with a clear vision for SPAR’s future. He was inspired by a simple yet powerful philosophy based on the concept of voluntary retailing: independent wholesalers and retailers can achieve more by working together than by working alone. SPAR’s philosophy today is based on the vision of benefiting from collaboration by pooling resources and scale.
Investors King will keep you updated on future Black Friday sales. 

Stanbic IBTC Holdings has appointed Mr. Babatunde (Babs) Omotowa as an independent non-executive director, following the receipt of all required regulatory approvals.
The bank disclosed this in a statement signed by Chidi Okezie, Company Secretary.
Mr Omotowa is an international leader in the Energy industry across Europe, Africa, the United States of America, Asia, and the Middle East, in organization leadership, commercial, strategy and operational roles spanning over 26 years.
Mr. Omotowa was the Managing Director/CEO of Nigeria LNG Limited (“Nigeria LNG”) for almost 5 years from December 2011 to September 2016. Prior to joining Nigeria LNG, he served in different capacities including Special Adviser to Shell Global Upstream, Vice President of Shell Global Upstream E&P, Vice-President Shell Sub-Saharan Africa, Director and General Manager at Shell Petroleum Development Company, amongst others.
He is the Chairman of the Advisory Board of Montserrado Oil and Gas B.V, and an Independent Director on the Board of Pearlhill Technology USA.
He holds a B.Sc. in Industrial Chemistry, two Masters in Business Administration in Operations Research and Strategic Supply, and an Honorary Doctor of Science.
He is currently undertaking a DBA at Herriot Watts University, Edinburgh, and has attended several Leadership programs, at Harvard, INSEAD and IMD.
His professional leadership includes being the Global President for the Chartered Institute of Procurement and Supply, based in London, UK, and with over 100,000 members globally.
The Board is pleased to welcome Mr. Omotowa as a member of the Board of the Company and will undoubtedly benefit immensely from his wealth of experience.

The new proposed policy was announced following a N10 per litre tax policy imposed on non-alcoholic drinks earlier this year.
The carbonated soft drinks sub-sector of the Manufacturers Association of Nigeria (MAN) has rejected the proposed 20 percent tax on non-alcoholic drinks, the association disclosed at a meeting held in Lagos on Friday.
According to MAN, the proposed tax will collapse the carbonated soft drink sub-sector if implemented, noting that the new policy could be a setback for the sector.
The new proposed policy was announced following a N10 per litre tax policy imposed on non-alcoholic drinks earlier this year, Investors King understands.
The minister of finance, Zainab Ahmed had claimed the policy was implemented to “discourage excessive consumption of sugar in beverages which contributes to diabetes, obesity,” and to increase revenue generation. 
The carbonated soft drinks sub-sector of the Manufacturers Association of Nigeria (MAN) lamented that the sub-sector is already feeling the adverse impact of the N10 per litre policy, therefore introduction of a new 20 percent tax regime will cripple its growth. 
A recent report has shown an 8 percent decline in revenue of the sub-sector between June and August 2022, a direct result of the excise tax duty. Experts are predicting an additional decline in revenue to -25% by December 2022 if the policy is not reviewed.
Similarly, they identified unemployment as one of the resultant effects of the new policy and warned it could lead to job loss and subsequently push unemployment above the current 33.33 percent.
‘’Most certainly the additional 20 per cent will not only kill the sector but result in the loss of revenue by the Federal Government, and a consequential phenomenal loss of jobs by various layers of the Nigerian workforce,” it stated. 
The Nigeria Bureau of Statistics (NBS) puts the jobs created by the subsector in the last years at 1.5 million jobs, both direct and indirect. 

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