Sony Music Entertainment today announced it is expanding its operational presence across Africa as part of a long-term strategy to open offices in a number of key markets in the region.
The company has opened an office in Lagos, Nigeria to serve as the new hub of its on-the-ground operations in West Africa, and has named music business entrepreneur Michael Ugwu General Manager for the West African region. It also recently began the process of registering to do business in Nairobi, Kenya, which will anchor the Sony Music's physical operations in East Africa.
In connection with the opening of operations in Lagos, Sony Music recently signed Nigerian superstar Davido to a worldwide deal. In East Africa, SME has partnered with local artists in the region as well, recently signing Redsan amongst others.
"Expansion in Africa has been part of our strategy for several years," said Adam Granite, President, Northern & Eastern Europe and Africa, Sony Music International," said Sean Watson, Managing Director of Sony Music Entertainment Africa, "We are really keen to partner with African artists to deliver local, African and global success stories. With over 800 million people living in Sub Saharan Africa, the African continent is a market with huge potential for local artists wanting to expand their horizons."
These moves build upon Sony Music's existing business initiatives in Africa, where the company is already a market leader. Sony Music has long had offices in South Africa, in both Johannesburg and Cape Town, and throughout the continent, Sony Music earns revenue from partners including Vevo, YouTube, Apple Music and iTunes. In addition, in West Africa, music content is currently available through MTN Nigeria's service via IMI, and in East Africa it currently conducts trade with Kenya's largest mobile network operator, Safaricom, a company that boasts in excess of 10 million CRBT subscribers.
Capital FM
Thursday, February 25, 2016
MTN pays N50 billion fine to Nigeria
South African mobile phone operator, MTN Group, withdrew its lawsuit against Nigeria’s National Communications Commission, over a N780 billion fine, and paid N50 billion toward a possible settlement.
A judge in Lagos last month gave both parties until March 18 to reach a settlement.
The settlement was opted for after MTN had asked the court to arbitrate over the dispute, saying the NCC had no legal grounds to order the fine.
MTN said it would withdraw its court challenge in an effort to reach an amicable settlement and make a “good faith payment” of N50 billion toward a possible settlement.
The group makes most of its sales in Nigeria.
“This is a sign that the fine could be reduced much further.
“There is some sort of negotiation taking place and the parties are migrating toward a common ground,” said Dobek Pater, Managing Director of Africa Analysis.
Nigeria has been trying to halt the widespread use of unregistered SIM cards amid worries they are being used for criminal activity, including by the Islamist group, Boko Haram.
MTN said in a statement that it resolved to withdraw the case in response to a request by the NCC to afford it the chance to negotiate an amicable settlement.
MTN Nigeria Chief Executive Officer, Ferdi Moolman, said the decision to withdraw the case was to create a conducive atmosphere for further negotiations with the Nigerian authorities.
“This is a most encouraging development,” Mr. Noolman said. “It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome.”
The NCC had imposed a N1.04 trillion fine on MTN Nigeria in October 2015, for its failure to disconnect 5.1 million improperly registered lines within the prescribed deadline.
The penalty was based on fining the company N200, 000 for every unregistered SIM card in use.
Although the fine was subsequently reduced by 25 percent to N780 billion, MTN Nigeria had refused to pay, saying doing so could force the company to go under.
The company later went to court.
Mr. Moolman said with the withdrawal of the court case and the payment of N50 billion that the company was hopeful about reaching an amicable resolution of the crisis soon.
“Along with the authorities (NCC), it is clear that we are collectively committed to working towards a solution that is of mutual benefit to all parties.
“Our industry in Nigeria is an incredibly important example of the remarkable progress in ICT, particularly as a much needed catalyst for socio-economic growth and development at this time,” Mr. Moolman said.
It is not clear whether the NCC has accepted the condition or terms under which the case was withdrawn by MTN.
The Director of Communication, NCC, Tony Ojobo, told PREMIUM TIMES it was too early to comment. He did not elaborate.
Premium Times
Related story: Deadlline for MTN to pay $5.2 billion fine extended by Nigeria
A judge in Lagos last month gave both parties until March 18 to reach a settlement.
The settlement was opted for after MTN had asked the court to arbitrate over the dispute, saying the NCC had no legal grounds to order the fine.
MTN said it would withdraw its court challenge in an effort to reach an amicable settlement and make a “good faith payment” of N50 billion toward a possible settlement.
The group makes most of its sales in Nigeria.
“This is a sign that the fine could be reduced much further.
“There is some sort of negotiation taking place and the parties are migrating toward a common ground,” said Dobek Pater, Managing Director of Africa Analysis.
Nigeria has been trying to halt the widespread use of unregistered SIM cards amid worries they are being used for criminal activity, including by the Islamist group, Boko Haram.
MTN said in a statement that it resolved to withdraw the case in response to a request by the NCC to afford it the chance to negotiate an amicable settlement.
MTN Nigeria Chief Executive Officer, Ferdi Moolman, said the decision to withdraw the case was to create a conducive atmosphere for further negotiations with the Nigerian authorities.
“This is a most encouraging development,” Mr. Noolman said. “It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome.”
The NCC had imposed a N1.04 trillion fine on MTN Nigeria in October 2015, for its failure to disconnect 5.1 million improperly registered lines within the prescribed deadline.
The penalty was based on fining the company N200, 000 for every unregistered SIM card in use.
Although the fine was subsequently reduced by 25 percent to N780 billion, MTN Nigeria had refused to pay, saying doing so could force the company to go under.
The company later went to court.
Mr. Moolman said with the withdrawal of the court case and the payment of N50 billion that the company was hopeful about reaching an amicable resolution of the crisis soon.
“Along with the authorities (NCC), it is clear that we are collectively committed to working towards a solution that is of mutual benefit to all parties.
“Our industry in Nigeria is an incredibly important example of the remarkable progress in ICT, particularly as a much needed catalyst for socio-economic growth and development at this time,” Mr. Moolman said.
It is not clear whether the NCC has accepted the condition or terms under which the case was withdrawn by MTN.
The Director of Communication, NCC, Tony Ojobo, told PREMIUM TIMES it was too early to comment. He did not elaborate.
Premium Times
Related story: Deadlline for MTN to pay $5.2 billion fine extended by Nigeria
Wednesday, February 24, 2016
Nigeria and Saudi Arabia agree to raise oil price
Leaders of Nigeria and the Kingdom of Saudi Arabia have expressed commitment to a “stable oil market” and a “rebound of oil price.”
At a bilateral meeting between Nigeria and Saudi Arabia in Riyadh hosted by the ruler King Salman Bin Abdul-Aziz, the two leaders accepted the fact that their two economies are tied to oil and that all cannot be well with both countries when the world oil market is unstable.
They therefore committed themselves to doing all that is possible to stabilize the market and rebound the oil price.
The two leaders did not expatiate on modalities they plan to adopt in raising oil price.
The two leaders, who engaged in extensive discussions on regional and global issues, also agreed that terrorism posed a common threat to their states and would require close cooperation to prevail over the threats.
President Muhammadu Buhari, who was making his first pronouncement on the invitation to join the coalition of Islamic states against terror spearheaded by the Saudis, congratulated the Kingdom on its formation.
“Even if we are not a part of it, we support you. I must thank the Kingdom of Saudi Arabia for the recent creation of a coalition to address the menace of international terrorism. Nigeria will support your efforts in keeping peace and stopping the spread of terror in your region. This is in consonance with our own commitment and on-going efforts in seeking to stamp out Boko Haram terrorists from the West African sub-region and Lake Chad Basin Commission (LCBC),” the President said.
Speaking on global terror generally, President Buhari said that “international terrorism made a statement by attacking one of the advanced countries by carrying out an attack on Paris in which 130 were killed. Now we have to come together to find a common solution to the problem of terrorism.”
He thanked the Saudi government for its continuing support to Nigeria in the fight against terrorism.
Turning to the menace that Libya has turned into, President Buhari regretted that the late Libyan leader Muammar Ghaddafi recruited, trained and armed citizens of many states in the Sahel region.
With his fall, these mercenaries have returned to their countries, “doing nothing but to shoot and kill.”
He cited Burkina Faso and Mali as the main victims but expressed happiness that the countries neighboring the Lake Chad have tightened their ranks to finish off the Boko Haram threat.
“Luckily, we have cultivated our neighbors. We are now working together against Boko Haram,otherwise the problem would have become worse.”
He and King Salman hoped that the Libyan factions will soon see reason to reunite and fully restore their own country so as to save the world from further terrorism spin-offs from that country.
The leaders also focused on trade between their states and agreed to give fresh impetus to the joint commission previously established in order to boost commercial and other activities to unify their peoples.
In his remarks, King Salman commended the progress made by Nigeria in combating terrorism and promised to give further support and assistance.
He welcomed the support of the Nigerian government for the new anti-terrorism coalition and implored the President to consider its full membership.
King Salman pledged his full support and cooperation to Nigeria under its present leadership and directed all agencies of his government to follow up on the discussions.
“I now instruct my team to go and sit down with your relevant agencies to push forward cooperation between our states,” the King said.
Premium Times
At a bilateral meeting between Nigeria and Saudi Arabia in Riyadh hosted by the ruler King Salman Bin Abdul-Aziz, the two leaders accepted the fact that their two economies are tied to oil and that all cannot be well with both countries when the world oil market is unstable.
They therefore committed themselves to doing all that is possible to stabilize the market and rebound the oil price.
The two leaders did not expatiate on modalities they plan to adopt in raising oil price.
The two leaders, who engaged in extensive discussions on regional and global issues, also agreed that terrorism posed a common threat to their states and would require close cooperation to prevail over the threats.
President Muhammadu Buhari, who was making his first pronouncement on the invitation to join the coalition of Islamic states against terror spearheaded by the Saudis, congratulated the Kingdom on its formation.
“Even if we are not a part of it, we support you. I must thank the Kingdom of Saudi Arabia for the recent creation of a coalition to address the menace of international terrorism. Nigeria will support your efforts in keeping peace and stopping the spread of terror in your region. This is in consonance with our own commitment and on-going efforts in seeking to stamp out Boko Haram terrorists from the West African sub-region and Lake Chad Basin Commission (LCBC),” the President said.
Speaking on global terror generally, President Buhari said that “international terrorism made a statement by attacking one of the advanced countries by carrying out an attack on Paris in which 130 were killed. Now we have to come together to find a common solution to the problem of terrorism.”
He thanked the Saudi government for its continuing support to Nigeria in the fight against terrorism.
Turning to the menace that Libya has turned into, President Buhari regretted that the late Libyan leader Muammar Ghaddafi recruited, trained and armed citizens of many states in the Sahel region.
With his fall, these mercenaries have returned to their countries, “doing nothing but to shoot and kill.”
He cited Burkina Faso and Mali as the main victims but expressed happiness that the countries neighboring the Lake Chad have tightened their ranks to finish off the Boko Haram threat.
“Luckily, we have cultivated our neighbors. We are now working together against Boko Haram,otherwise the problem would have become worse.”
He and King Salman hoped that the Libyan factions will soon see reason to reunite and fully restore their own country so as to save the world from further terrorism spin-offs from that country.
The leaders also focused on trade between their states and agreed to give fresh impetus to the joint commission previously established in order to boost commercial and other activities to unify their peoples.
In his remarks, King Salman commended the progress made by Nigeria in combating terrorism and promised to give further support and assistance.
He welcomed the support of the Nigerian government for the new anti-terrorism coalition and implored the President to consider its full membership.
King Salman pledged his full support and cooperation to Nigeria under its present leadership and directed all agencies of his government to follow up on the discussions.
“I now instruct my team to go and sit down with your relevant agencies to push forward cooperation between our states,” the King said.
Premium Times
President Muhammadu Buhari to punish those responsible for altering 2016 Nigeria Budget
“The culprits will not go unpunished,” Buhari told an audience of Nigerians in Riyadh late Tuesday, according to a statement from his office. “Our Minister of Budget and National Planning did a great job with his team. The minister became almost half his size during the time, working night and day to get the budget ready, only for some people to pad it.”
Buhari has set out a record 6.1 trillion naira ($30.6 billion) budget this year to help revive an economy reeling from the impact of the low price of oil, which was the source of about two-thirds of government revenue in 2014. Groups, such as Lagos-based pro-transparency organization BudgIT, highlighted “suspicious and wasteful” allocations in the spending plan which have sparked public outrage.
The budget controversy began last month when lawmakers alleged that the original document presented by Buhari on Dec. 22 had been substituted. The president said in a Jan. 19 letter to lawmakers that the original document contained errors. The government was the first to detect initial errors in the budget and Buhari wrote to lawmakers to correct them and welcomed further criticisms, Garba Shehu, his spokesman, said on Feb. 11.
Buhari fired the director-general of the budget office, Yahaya Gusau, on Feb. 15, replacing him with former banker Tijjani Abdullahi. Nigeria’s Parliament is set to pass the budget no later than the second week of March, Abdulmumin Jibrin, chairman of the House of Representatives’ Committee on Appropriation, said last week in the capital, Abuja.
Bloomberg
Tuesday, February 23, 2016
Video - Nigeria supports Russia and Saudi Arabia in freezing oil production
Nigeria has backed Saudi Arabia and Russia in freezing oil production while giving Iran and Iraq a way out to regain some of their lost market share due to sanctions and war. According to the Petroleum ministry, oil production will be 2.2 million barrels a day this month, unchanged from January. But production may increase in future to meet local demand. Saudi Arabia, Russia, Venezuela and Qatar agreed last week to keep production at January levels, as long as others follow suit. This is in an effort to revive prices from a 12-year low. Iran's production has however slumped since international sanctions were imposed on its exports, and Iraq is seeking to rebuild following years of war and under-investment.
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