IMAX Corp. (NYSE: IMAX) and Filmhouse Cinemas, Nigeria's largest chain of theatres, announced an agreement for an IMAX theatre to be located in a new construction project in Lagos, the nation's biggest city with a population of more than 20 million. The deal, announced at CineEurope, marks the first-ever IMAX agreement in Nigeria and West Africa. Nigeria now ranks as Africa's largest economy. Today's agreement also underscores the Company's continued expansion in Africa, where in the past year IMAX signed its first-ever deal in Angola and added four new theatres to its network in South Africa.
"Our mission is to establish the best movie-going experience in Nigeria. IMAX will help us realize this goal by delivering an immersive and differentiated experience previously unavailable to Nigerian moviegoers," said Kene Mkparu, CEO, Filmhouse Cinemas. "As we continue our aggressive expansion plans, IMAX will serve as an anchor attraction in our multiplex in Lagos, redefining the premium cinema experience in Nigeria. We are proud to be the first to introduce IMAX in the country and look forward to broadening its reach."
"We are delighted to join forces with Filmhouse Cinemas and enter Nigeria, which represents a key strategic move for our expansion in Africa. Recent reports project that Nigeria's entertainment and media revenues will reach an estimated $8.5 billion by 2018 - more than doubling from 2013," said Andrew Cripps, President, IMAX EMEA. "As the biggest economy on the continent and a market that is extremely under-screened, we believe that together with Filmhouse we can seize the mutual growth opportunities that exist in Nigeria and bring the world's most immersive cinematic experience to more audiences across the country."
Street Insider
Wednesday, June 24, 2015
US and other countries to help retrieve money stolen from Nigerian government
The US and other countries have agreed to help Nigeria recover money stolen from the government, President Muhammadu Buhari has said.
The new president said on Tuesday that the country's treasury was "virtually empty".
He vowed to recover billions of dollars "stolen" under previous administrations.
The president won elections in March on a promise to tackle corruption, seen as one of the country's biggest problems.
Nigeria is Africa's biggest oil producer but much of the revenue is said to be stolen.
"The days of impunity and lack of accountability are over," he told a meeting of state governors on Tuesday.
He said Nigeria would get the "facts and the figures to help us recover our stolen funds in foreign countries,'' over the next three months.
He did not specify which other countries had agreed to help recover the money.
In an earlier briefing with journalists, he said it was a "disgrace" that some government workers had not been paid for months.
Vice-President Yemi Osinbajo estimates that Nigeria's debts stand at about $60bn (£38bn).
However, former Finance Minister Ngozi Okonjo-Iweala has rejected the claim, saying the debt was much lower, AFP news agency reports.
Mr Buhari's election victory ending 16 years of rule by the Peoples Democratic Party.
It was the first time an opposition candidate has won a presidential election in Nigeria.
BBC
The new president said on Tuesday that the country's treasury was "virtually empty".
He vowed to recover billions of dollars "stolen" under previous administrations.
The president won elections in March on a promise to tackle corruption, seen as one of the country's biggest problems.
Nigeria is Africa's biggest oil producer but much of the revenue is said to be stolen.
"The days of impunity and lack of accountability are over," he told a meeting of state governors on Tuesday.
He said Nigeria would get the "facts and the figures to help us recover our stolen funds in foreign countries,'' over the next three months.
He did not specify which other countries had agreed to help recover the money.
In an earlier briefing with journalists, he said it was a "disgrace" that some government workers had not been paid for months.
Vice-President Yemi Osinbajo estimates that Nigeria's debts stand at about $60bn (£38bn).
However, former Finance Minister Ngozi Okonjo-Iweala has rejected the claim, saying the debt was much lower, AFP news agency reports.
Mr Buhari's election victory ending 16 years of rule by the Peoples Democratic Party.
It was the first time an opposition candidate has won a presidential election in Nigeria.
BBC
Tuesday, June 23, 2015
President Muhammadu Buhari promises to restore Nigeria's 'financial sanity'
Nigeria's president vowed on Tuesday to recover billions of dollars allegedly stolen by officials and restore financial "sanity", accusing previous governments in Africa's biggest economy of throwing the rulebooks "to the dogs".
Muhammadu Buhari's strong words came after a meeting with the governors of Nigeria's states, in which they said they were 658 billion naira ($3.3 billion) in debt and needed federal government support to offset a funding crisis.
Zamfara state governor Abdulaziz Yari Abubakar said the governors had suggested three ways out: the government could refund money spent on federal projects such as roads, banks could extend existing loans to up to 20 years, or the government could share out oil revenues usually saved in the so-called Excess Crude Account (ECA).
The president, who took office last month after defeating Goodluck Jonathan in Nigeria's first transfer of power through the ballot box, vowed to recover billions allegedly stolen by public officials.
"There are financial and administrative instructions in every government parastatal and agency. But all these were thrown to the dogs," Buhari said in a statement after meeting the governors in the capital Abuja.
"The next three months may be hard but billions of dollars can be recovered, and we will do our best," he said. "We will restore sanity to the system."
RUNNING ON EMPTY
Several states borrowed in the domestic bond market and from banks to fund infrastructure projects. But the price of crude, which represents 80 percent of Nigeria's revenue, has since plunged, leaving the government unable to pay bills or salaries.
The naira currency has fallen sharply despite the central bank spending billions of dollars to try and prop it up.
Gross revenues distributable to the three tiers of government - federal, state and local - hit a five-year low in April due to frequent shutdowns of oil and export terminal pipelines and depressed crude prices.
Government revenues distributed for May rose to 409.3 billion naira, up 5.4 percent from the previous month, but the Finance Ministry said oil pipeline shutdowns continued to hamper earnings.
Details of Nigeria's economic and financial position would be published within four weeks, Buhari said.
He said the government would look into whether ECA funds could be used to cover unpaid salaries after saying on Monday that treasury coffers were "virtually empty".
The ECA had $2.078 billion as of June 23, the Finance Ministry said.
Standard Chartered's head of Africa research, Razia Khan, said that the level of state debt was "especially problematic".
"While an early release of the ECA may provide a partial solution, it is not yet known how much Nigeria will have managed to accumulate in its ECA in recent months."
Reuters
Muhammadu Buhari's strong words came after a meeting with the governors of Nigeria's states, in which they said they were 658 billion naira ($3.3 billion) in debt and needed federal government support to offset a funding crisis.
Zamfara state governor Abdulaziz Yari Abubakar said the governors had suggested three ways out: the government could refund money spent on federal projects such as roads, banks could extend existing loans to up to 20 years, or the government could share out oil revenues usually saved in the so-called Excess Crude Account (ECA).
The president, who took office last month after defeating Goodluck Jonathan in Nigeria's first transfer of power through the ballot box, vowed to recover billions allegedly stolen by public officials.
"There are financial and administrative instructions in every government parastatal and agency. But all these were thrown to the dogs," Buhari said in a statement after meeting the governors in the capital Abuja.
"The next three months may be hard but billions of dollars can be recovered, and we will do our best," he said. "We will restore sanity to the system."
RUNNING ON EMPTY
Several states borrowed in the domestic bond market and from banks to fund infrastructure projects. But the price of crude, which represents 80 percent of Nigeria's revenue, has since plunged, leaving the government unable to pay bills or salaries.
The naira currency has fallen sharply despite the central bank spending billions of dollars to try and prop it up.
Gross revenues distributable to the three tiers of government - federal, state and local - hit a five-year low in April due to frequent shutdowns of oil and export terminal pipelines and depressed crude prices.
Government revenues distributed for May rose to 409.3 billion naira, up 5.4 percent from the previous month, but the Finance Ministry said oil pipeline shutdowns continued to hamper earnings.
Details of Nigeria's economic and financial position would be published within four weeks, Buhari said.
He said the government would look into whether ECA funds could be used to cover unpaid salaries after saying on Monday that treasury coffers were "virtually empty".
The ECA had $2.078 billion as of June 23, the Finance Ministry said.
Standard Chartered's head of Africa research, Razia Khan, said that the level of state debt was "especially problematic".
"While an early release of the ECA may provide a partial solution, it is not yet known how much Nigeria will have managed to accumulate in its ECA in recent months."
Reuters
Video - President Muhammadu Buhari delaying appointing new cabinet
It's been about one month now since Muhammadu Buhari was sworn in as President of Nigeria but up till this moment he has not appointed his cabinet. His spokesperson attributes the delay to ongoing restructuring of the countries ministries but in fighting within the President's All Progressives Congress, APC is also becoming a sticking point.
Video - Nigeria hopes new president can bring an end to electricity shortage
When campaigning, candidate Muhammadu Buhari promised to prioritize the reform and expansion of power generation and supply. Now as President, the country's over 160 Million citizens are waiting for him to deliver, and end the losses and frustration caused by daily power blackouts in Africa's biggest oil producer.
Related stories: Video - Electricity shortage threathening Nigeria's economy
Video - Aljazeera covers Nigeria's steps to improve its poor electricity supply
Subscribe to:
Posts (Atom)