Nollywood producer cum actor, Kunle Afolayan, has confirmed that internationally renowned streaming platform, Netflix has stopped commissioning Nigerian original content.

The filmmaker made this known at the 2024 Zuma International Film Festival in Abuja.

Kunle Afolayan said that Netflix’s management had informed filmmakers during a recent party that they would no longer fund Nigerian movies.

Describing the latest development as a big blow, the filmmaker said it would significantly affect the income of producers who invest heavily in filmmaking.

According to Afolayan, he was lucky to have completed seasons two and three of the Anikulapo series, but some filmmakers got their projects cancelled.

He urged filmmakers to continue producing high-quality content regardless of the challenges posed by Netflix.

He said, “They invited our filmmakers to a party. But before then they had spoken to people they had been dealing with, saying ‘Look, we are pulling out’. What you might call a fatal last supper. Things like that should provoke us because if you do not have challenges like that you cannot see opportunities. We cannot rely on them anymore.

“Whatever it is you do if you make a conscious effort to be intentional when it comes to the kind of content that you make, the world will seek. The world will find you. The work will speak for itself.

“I think we should continue what we do. Whether it is in English, Ibibio, or any native language. As long as the story has universal appeal and then the production value is highly considered, you will get on several platforms.

“Coming to Netflix. It is heartbreaking. It is a big blow for us. In my head, I have been thinking about how can we go from earning dollars in films to now thinking about where we will put our films.

“Three years ago, when we signed a three-film deal with Netflix. It was like we were given a contract that in the next three years, we really do not care if you work for other people or do other things, make one film for us per year on being creative because these things are guaranteed and you have funds to make them. The budget you are being given is primarily tied to what they are getting in Nigeria.

“Thank God we have shot seasons two and three of Anikulapo. Because all the other people who were commissioned at the same time as us, their projects were cancelled.”

As the celebration for the 2024 CAF Africa Player award gears up, Cameroon international Flavien Enzo Boyomo is confident that Nigeria international and Atalanta forward Ademola Lookman is the favourite to win the men’s best player award, PUNCH Sports Extra reports.

Lookman, who made history as the first player to score a hat-trick in a European club competition final during his club’s triumph over Bayer Leverkusen last season, has been getting massive backing from teammates, stakeholders and fans since CAF announced the final shortlist for the award.

Boyomo is the latest to throw his weight behind the Nigerian to claim the honour when the winner will be announced at the CAF Awards 2024 on December 16.

Lookman faces competition from Morocco’s Achraf Hakimi, Algeria’s Amine Gouiri, Ivory Coast’s Simon Adingra and South Africa’s Ronwen Williams.

Despite the stiff competition from other nominees, the Osasuna centre-back remains confident that the Atalanta man will win the award.

“I believe Lookman will win the African Ballon d’Or,” Boyomo was quoted saying by Actu Cameroon.

“He won the Europa League and he is the one who has the best chance of winning the trophy this year.”

Lookman’s nomination comes after a remarkable season that saw him emerge as Europe’s most productive attacking player in the latter stages of the 2023/24 campaign, registering 14 goal contributions (eight goals and six assists) from April onwards, more than any other player across Europe’s top five leagues.

The former Everton striker’s stellar performances reached their pinnacle in the UEFA Europa League final against Bayer Leverkusen, where he netted a historic hat-trick to crown a season that saw him amass an impressive 17 goals and 10 assists across all competitions.

The former Everton man has continued with his impressive form this campaign, with the Nigeria international already notching nine goals and five assists in just 16 appearances for La Dea.

Aside from his historic and remarkable Europa League exploits with Atalanta, Lookman emerged as the overwhelming favourite for the 2024 CAF Player of the Year award following his 14th-placed finish at the Ballon d’Or ceremony in Paris in October where he was the only African player nominated for the award.

The Federal Government has fired some civil servants with degrees from private tertiary institutions in Benin Republic and Togo, The PUNCH reports.

The directive affected federal workers who graduated from the institutions from 2017 to date.

The Director of Information and Public Relations in the Office of the Secretary to the Government of the Federation, Segun Imohiosen, confirmed the development to one of our correspondents on Wednesday.

In August, the Federal August announced that only eight universities had been accredited to award degrees to Nigerians in Togo and Benin Republic. 

This followed an undercover investigation report in which a Daily Nigerian journalist acquired a degree from a university in Benin Republic in two months and used it to participate in the National Youth Service Corps scheme.

Following the report, the government banned the accreditation and evaluation of degrees from tertiary institutions in Benin Republic and Togo.

The Federal Government also set up an Inter-Ministerial Investigative Committee on Degree Certificate Milling to probe the activities of certificate racketeers.

The then Minister of Education, Tahir Mamman, revealed that over 22,500 Nigerians obtained fake degree certificates from Benin Republic and Togo and such certificates would be cancelled.

Mamman explained that the revelation was part of a report submitted to the Federal Executive Council by the investigative committee instituted to probe degree certificate racketeering by foreign and local universities in Nigeria.

He insisted there was no going back on the Federal Government’s decision to cancel the about 22,500 certificates awarded to Nigerians by some “fake” universities in the two francophone countries.

Mamman maintained that the decision to invalidate the certificates was not harsh as Nigerians who obtained degree certificates from such tertiary institutions dent the country’s image.

He said, “Most of those parading the fake certificates didn’t even leave the shores of Nigeria but got their certificates through racketeering in collaboration with government officials at home and abroad.

“The fake universities capitalised on the gullibility of Nigerians patronising such fake schools. The Federal Government, through the offices of the Head of Civil Service and the Secretary to the Government of the Federation, would fish out those in the government’s employment with such fake certificates. I also urge the private sector to follow suit.”

Although the exact number of affected civil servants could not be ascertained, it was gathered that the Office of the Secretary to the Government of the Federation (Cabinet Affairs) had issued a memo to all the Ministries, Departments, and Agencies to implement the order.

A source, who pleaded anonymity because she was not authorised to speak on the matter, disclosed that the sacking of the affected workers was based on the inter-ministerial committee’s recommendation.

The official stated, “There was a letter from the SGF cabinet affairs directing all ministries, departments and agencies of government to identify and terminate the appointments of workers employed with certificates obtained from the private universities in the Republic of Benin and Togo from 2017 to date.

 “The decision is part of the recommendations of the committee set up to investigate the certificates of people who graduated from the universities.”

Our correspondent also gathered that some agencies like the National Youth Services Corps have commenced the implementation of the directive.

The NYSC Director of Information, Caroline Embu, confirmed to our correspondent that five members of staff had been sacked in line with the SGF’s directive.

She said, “Five members of staff were affected by the directive contained in the letter from the office of the SGF. No more.”

Naira devaluation raised Nigeria’s external debt by about N30.03tn between 2023 and June 2024 when considered in naira terms, an analysis by The PUNCH showed.

Despite a reduction in the country’s debt when measured in US dollars, the exchange rate shift has made Nigeria’s foreign obligations far more costly in local currency.

Data from the Debt Management Office shows that as of June 1, 2023, Nigeria’s external debt stood at $43.16bn.

At an exchange rate of N770.38 to the dollar, this amounted to N33.25tn. However, by June 1, 2024, the naira had depreciated by 47.6 per cent, with the exchange rate rising to N1,470.19 to the dollar.

As a result, Nigeria’s external debt, which has dropped to $42.90bn, is now equivalent to N63.07tn.

In dollar terms, Nigeria’s external debt dropped by 0.60 per cent or $258.18m between June 2023 and the same month of 2024.

However, in naira terms, there was an increase of 89.7 per cent or N29.82tn within the same period.

The PUNCH further observed that if the June 2023 exchange rate (N770.38/$1) had been used, Nigeria’s external debt would have been N33.05tn.

This further shows that the naira devaluation added N30.02tn to Nigeria’s external debt in one year as the country battles currency weakness and rising total debt.

While the nominal value of Nigeria’s external debt in dollar terms has remained relatively stable, the depreciation of the local currency has caused a steep rise in the naira equivalent.

The PUNCH further observed that external debt accounted for 46.96 per cent of Nigeria’s total debt by June 2024, up from 38.05 per cent recorded in the same month last year.

Further analysis by The PUNCH showed that Multilateral lenders remain Nigeria’s largest external creditors, accounting for over half of the country’s external debt (50.41 per cent or $21.62bn) as of June 2024.

These creditors include the International Monetary Fund, the World Bank Group, the African Development Bank Group, and the Islamic Development Bank, among others.

Nigeria owes $1.61bn to the IMF, making up 3.75 per cent of the total external debt.

The World Bank’s share of Nigeria’s debt totals $16.32bn, with the majority owed to the International Development Association, which accounts for $16.32bn, which represents 38 per cent of Nigeria’s total external debt.

The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $484.0m, or 1.13 per cent.

Nigeria’s debt to the AfDB group is $3.87bn, representing 9.03 per cent of the total external debt.

This includes $1.63bn to the African Development Bank and $991.89m to the African Development Fund.

Nigeria owes $4.97m to Arab Bank for Economic Development in Africa a negligible amount relative to the total, at 0.01 per cent.

Debt to the European Development Fund totals $30.72m, or 0.07 per cent of Nigeria’s external debt.

Nigeria’s debt to the IsDB stands at $241.84m, or 0.56 per cent of the total debt, while Nigeria’s debt to the International Fund for Agricultural Development is $273.51m, which is 0.64 per cent of the external debt stock.

Bilateral Creditors, such as China and France, have provided Nigeria with $5.89bn (13.72 per cent of total external debt) in credit financing.

China is Nigeria’s largest bilateral creditor, with $5.07bn owed to the Exim Bank of China, and this constitutes 11.83 per cent of the total external debt.

Nigeria owes $623.55m to France (Agence Française de Développement), or 1.45 per cent of the total external debt and $52.18m to Japan (Japan International Cooperation Agency), representing 0.12 per cent.

The country’s debt to India (Exim Bank of India) is $22.35m, or 0.05 per cent, and to Germany (Kreditanstalt für Wiederaufbau) $115.81m, or 0.27 per cent of total external debt.

Commercial creditors, primarily through Eurobonds, form a significant portion of Nigeria’s external debt.

Nigeria owes $15.12bn in Eurobonds, accounting for 35.24 per cent of the total external debt.

The Eurobond debt is expected to increase by the end of the year, as Nigeria recently raised $2.2bn from its latest Eurobond auction.

Nigeria also has smaller debts to various syndicated loans and financial institutions. For instance, $270m, or 0.63 per cent of the total external debt, is owed to a syndicate of banks.

The PUNCH earlier reported that Nigeria’s external debt might rise to $45.1bn by the end of 2024 as the Federal Government planned to secure additional external funding.

The Debt Management Office revealed in its latest report that the country’s external debt stock increased by $780m in the second quarter of 2024, growing from $42.12bn in March to $42.9bn as of June 2024.

In a related development, the Federal Executive Council approved a $2.2bn external borrowing plan as part of the Federal Government’s 2024 Appropriation Act financing programme.

Although the borrowing plan included a combination of Eurobond and Sukuk offerings, valued at $1.7bn and $500m, Nigeria has raised the entire $2.2bn from its latest Eurobond auction out of over $9bn subscriptions.

Justifying the borrowing, the Minister of Finance, Wale Edun, said the external financing initiative aligned with the administration’s broader economic recovery plan, which focused on stabilising macroeconomic conditions, adjusting market pricing for foreign exchange and petroleum products, and supporting local production.

He added that earlier in the year Nigeria’s successful domestic issuance of dollar bonds highlighted the growing resilience and sophistication of the country’s financial market, attracting both local and international investors who showcased confidence in the Federal Government’s economic reform agenda.

The PUNCH earlier reported that the Federal Government spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

This was according to data from the Central Bank of Nigeria on international payment statistics.

The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.

The World Bank, in its latest International Debt Report, revealed that developing nations spent an unprecedented $1.4tn on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years,

Interest payments alone reached $406bn, a nearly 30 per cent increase from the previous year, severely impacting spending in critical sectors such as health, education, and environmental programs.

According to the report, the most vulnerable economies, those eligible for loans from the World Bank’s International Development Association, bore the brunt of the financial strain.

Award-winning Nollywood actress Mercy Aigbe has suffered a significant loss as her multi-million naira Lagos mansion was engulfed in flames.

The fire, which caused extensive damage to property and valuables, left the actress heartbroken. Reports suggest the incident might have been avoidable, intensifying the emotional strain on the star.

In a statement shared on her official social media accounts, Mercy Aigbe expressed gratitude that no lives were lost in the unfortunate incident.

She also thanked her fans for their unwavering support during this challenging time.

“Devastated, I thank God no life was lost. It is well,” she wrote.

Super Eagle Alex Iwobi has emerged as Fulham’s most influential attacking force this season, leading the team’s goal contributions chart with six involvements – three goals and three assists in 13 Premier League appearances, as they prepare to host Brighton & Hove Albion at Craven Cottage on Thursday (today).

The Nigeria international reached a significant milestone in his last home game, netting his 25th Premier League goal in Fulham’s 4-1 defeat to Wolves at Craven Cottage, before following up with another crucial contribution by providing his third assist of the campaign in the subsequent 1-1 draw against Tottenham Hotspur.

Marco Silva’s side salvaged that point against Spurs in North London last weekend in a match that ended in eventful fashion for captain Tom Cairney, who was sent off late in the game. Silva was left frustrated after the match, insisting his Fulham side “deserved to win.”

The £22m summer signing from Everton sits joint-second in Fulham’s scoring charts alongside Emile Smith Rowe and Harry Wilson, with all three having netted three times.

Mexican striker Raúl Jiménez leads the way with four goals in 13 appearances, while Andreas Pereira, Adama Traoré, Rodrigo Muniz, Reiss Nelson and Cairney have each contributed one goal.

In the creative department, Iwobi’s three assists put him level with left-back Antonee Robinson, with only Spanish winger Adama Traoré having created more goals (four) for the Cottagers this term.

Smith Rowe and Jiménez have registered two assists each, while goalkeeper Bernd Leno, Kenny Tete, Rodrigo Muniz and Reiss Nelson have one apiece. This places Iwobi and Jimenez as the joint-leaders in goal contributions for the Cottagers with the Mexican also on six.

The Cottagers, who have slipped to 10th in the Premier League table, will be hoping Iwobi can maintain his impressive form when they face Brighton. Fulham have enjoyed facing the Seagulls in the Premier League, winning four and drawing four of their last eight meetings in the top flight, including their last encounter in March which ended in a 3-0 victory at Craven Cottage.

Notable players yet to open their scoring accounts include defensive stalwarts Calvin Bassey and Robinson, who have featured in all 13 matches. Summer signings Sander Berge and Sasa Lukic are also searching for their first goals, having made 10 and nine appearances respectively.

Since making his Premier League debut for Arsenal in 2015, Iwobi has consistently proven his quality across 265 league appearances. The midfielder netted 11 times for the Gunners before adding six more during his stint with Everton. His spell at Fulham has been particularly productive, with eight goals already registered in his first two seasons.

The 28-year-old’s versatility has made him an indispensable asset in Silva’s setup, excelling in various midfield roles while maintaining his attacking output. His 25 Premier League goals place him eighth among Nigerian goalscorers in the competition’s history, trailing Victor Anichebe (27) but still some distance from record-holder Yakubu Aiyegbeni’s impressive haul of 95 goals.

While the likes of Wilson (three goals in nine games) and Smith Rowe (three goals in 13 appearances) have matched Iwobi’s scoring record, neither has matched his creative output. Traoré, despite leading the assist charts with four, has only managed one goal in his 12 appearances.

The statistics highlight Iwobi’s dual threat as both scorer and creator, making him the standout performer in Fulham’s attack this season. His consistency and ability to influence games have been crucial for the Cottagers, who will be looking to climb the Premier League table in the coming weeks, starting with Thursday’s clash against fourth-placed Brighton.

With several players yet to make significant attacking contributions, including new signing Timothy Castagne, Fulham will be hoping their Nigerian talisman can maintain his impressive form while others look to increase their offensive output as they aim to improve their midweek record, having won just one of their last six league games played on either Tuesday, Wednesday or Thursday.

International Boxing Federation heavyweight champion Daniel Dubois has expressed his desire for a rematch with Anthony Joshua, despite being scheduled to defend his title against Joseph Parker in February.

“As a fighter, I would love to get in the ring and put the final touches on our rivalry,” Dubois told Mirgor.

“But as it is, I’m just really excited to get out there and defend that belt again. I’m sure a rematch with Joshua could happen in the future, who knows? So yeah, I’m just ready to continue on my journey.”

The champion’s eagerness for a second bout comes after his spectacular knockout victory over Joshua at Wembley Stadium in September. However, the former two-time world champion won’t return to action until at least May 2024, according to his promoter Eddie Hearn.

Joshua, who has amassed over $200m in career earnings, making him one of boxing’s highest earners, could pursue a different path to heavyweight glory. The WBC has approved a fight between Zhilei Zhang and Agit Kabayel for their interim title, with the winner potentially facing the British-Nigerian.

WBC President Mauricio Sulaiman confirmed this development, stating, “The WBC has received a formal request to sanction this fight for the interim title, and we will accept it. We’ve been clear and transparent in supporting the best possible matchups, especially in the heavyweight division.”

Former unified light welterweight world champion Amir Khan has advised Joshua to hold off on other fights and wait for a mega-bout with Tyson Fury before retiring.

“He should wait for the big fight against Tyson Fury,” Khan told New Zealand Daily.

“They’re both such big names and I think he should call it a day after that.”

The proposed Fury bout could materialise under the Riyadh Season banner, with His Excellency Turki Alalshikh expected to make a lucrative offer should Fury fail to reclaim his title from Oleksandr Usyk in December.

Joshua’s financial success has been remarkable, earning $75m from fights in 2024 alone, second only to Canelo Alvarez in yearly earnings. His paydays include a $65m purse for the Andy Ruiz Jr rematch in Saudi Arabia and over $40m for his two encounters with Usyk.

With one fight remaining on his Riyadh Season contract and multiple options available, including the WBC interim title route and potential mega-fights with Fury or Dubois, Joshua’s next move could significantly impact the heavyweight division’s landscape.

The Senate, on Tuesday, approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) with new borrowings of N9.22 trillion also approved.

The new borrowings consist of domestic and foreign borrowings, were also approved.

The approval was sequel to presentation and adoption of the report of Joint Committee on Finance, National Planning and Economic Affairs at plenary in Abuja.

The report was presented by the Chairman of committee, Sen. Sani Musa (APC-Niger).

The highlights of the approved recommendations of 2025-2027 MTEF/FSP include: approval of projected oil benchmark prices of $75.3 per barrel for 2025, 2026 and 2027 fiscal years.

The senate also approved the three-year projection for domestic crude oil production, which had a significant increase from 1.78 million barrels per day in the preceding year to 2.6, 2.1 and 2.35 for 2025, 2026 and 2027.

It equally approved the projected exchange rate of N1,400 to one dollar for 2025, 2026 and 2027 fiscal years, subject to review in the early 2025, based on monetary and fiscal policies.

The upper legislative chamber approved the projected inflation rates of 15.75 per cent, 14.21 per cent and 10.04 per cent for 2025, 2026 and 2027.

It further approved the projected Gross Domestic Product (GPD) growth rate of 4.6 per cent, 4.4 per cent and 5.5 per cent for 2025, 2026 and 2027 fiscal years.

Given the criteria on review of framework for revenue and expenses, the approved 2025 budget proposed spending stood at N47.9 trillion, of which N34.82 trillion was retained.

New borrowings, which stood at N9.22 trillion, consisting of domestic and foreign borrowings, were also approved.

While debt service was valued at N15.38trillion, pensions, gratuities and retirees’ benefits stood at N1.443trillion, and fiscal deficit at N13.08 trillion.

The senate approved the projected capital expenditure of N16.48 trillion, exclusive of statutory transfers which stood at N4.26trillion, while sinking fund was projected at N430.27 billion.

Another approval was the projected total recurrent non-debt of N14.21trillion and special intervention for recurrent and capital of N200 billion and N7 billion.

It further approved issuance of promissory note programme and bond issuance to settle outstanding claims and liabilities of the Federal Government to state governments.

The senate also approved a quarterly investigative hearing with revenue generating agencies to track their compliance with Fiscal Responsibility Act and reprimand clear contravention of the act.

The upper legislative chamber equally approved that Committee on Finance and Customs initiate an investigative inquiry into operations of import duty exemption certificate programme, with focus on import waivers, its impact on revenue losses by the Federal Ministry of Finance and Nigerian Customs Service.

The Senate President, Godswill Akpabio, in his remarks after the passage of the expenditure framework, commended members of the joint committee and other lawmakers for their legislative inputs, leading to the approval of the 2025, 2026 and 2027 MTEF and FSP.

(NAN)

The Nigerian Police Force has disclosed how a group of police officers corruptly obtained ₦43,160,000 from a cargo worker at the Nnamdi Azikiwe International Airport in Abuja last year.

According to a statement issued on Wednesday by the NPF Public Relations Officer, ACP Muyiwa Ogunjobi, the incident occurred in August 2023 and found Inspector Ekende Edwin, Inspector Esther Okafor, and Sergeant Talabi Kayode, all of whom work at the Zone 7 Headquarters, guilty of the crime.

Officers, led by Inspector Esther Okafor and instructed by DSP Peter Ejike, wrongfully arrested Andrew Ejah, an employee of FATFAD Cargo Nigeria Limited, who was transporting ₦74,950,000 for clients.

According to Ogunjobi, the police detained Ejah without authority at Zone 7 Headquarters in Abuja and intentionally misrepresented the recovered money as ₦31,790,000. The authorities also requested a share of the proceeds to close the case.

When contacted by the supposed money owners, the cops stated that the amount they had seized from the apprehended suspect was N31,790,000. They demanded a portion of the funds to jeopardise the investigation and suppress the case.

Outraged by their acts, the money owners petitioned the Force Headquarters in Abuja, and the case was referred to the IGP Monitoring Unit for investigation.

During the procedure, the officers recovered N31,790,000 in cash, claiming that this was the whole amount recovered from Andrew Ejah during his detention.

Following extensive investigations and a series of trials before duly constituted disciplinary panels, NPD stated that it was discovered that the officers took photographs of the suspect and the sacks of money at the point of arrest but claimed the phone they used was damaged and subsequently lost in an attempt to conceal their misconduct.

However, forensic information revealed that the policemen planned to steal a portion of the money, totalling N43,160,000, and tasked one of them with moving the cash out of the FCT for hiding until the heat subsided.

They then used a variety of techniques and gimmicks to hide their traces. One example is the dissemination of this misleading narrative and misinformation throughout numerous internet blogs and newspaper platforms.

“The Nigeria Police Force is concerned about recent media reports claiming that the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, PhD, NPM, is protecting a cartel accused of smuggling suspicious new banknotes from the Central Bank of Nigeria.

“The NPF unequivocally rejects these charges, describing them as unfounded and orchestrated attempts to destroy the IGP’s image and the Force’s integrity.

“They then used a variety of techniques and gimmicks to hide their traces. One example is the dissemination of this misleading narrative and misinformation throughout numerous internet blogs and newspaper platforms.

“The event at Nnamdi Azikiwe International Airport on August 26, 2023, has been thoroughly examined. The officers involved—DSP Peter Ejike (a lawyer in charge of the Zone 7 Legal Section), Inspector Ekende Edwin, Inspector Esther Okafor, and Sergeant Talabi Kayode, all from the Zone 7 Headquarters—were found guilty and sentenced appropriately.

“These policemen have been suspended after being found guilty of significant misconduct, tampering with exhibits, abuse of office, corrupt practice, unauthorised duty, and conduct unbecoming of a police officer. The movement of such a large sum of money by the supposed cargo company could have been probed and handled professionally by the police, but the officers were consumed by greed and thus acted criminally and unprofessionally.

“It is important to highlight that the circulating false narrative is sponsored misinformation created by mischief makers who seek to divert attention away from the illegal conduct of police personnel by seeking to link concerns with the Inspector-General of Police. The policemen involved will face prosecution once all legal and administrative procedures have been completed,” according to the statement.

The NPF requested the public and media to stop disseminating this false narrative, which aims to tarnish the Inspector-General of Police’s reputation.

It stated that such misinformation weakens public trust and distracts from the current administration’s ongoing attempts to modernise the police force by removing unprofessional individuals.