FEATURES
The Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi, has said that the economic situation in Nigeria has deteriorated to the extent citizens can no longer afford to buy beer.
Essaadi said this on Monday at the company’s investor call following the release of its 2023 results.
“It has been unprecedented year for our business in Nigeria. We saw a significant decline in the mainstream lager market as a result of Nigerian consumers no longer able to afford a Goldberg after a hard day’s work,” Bloomberg quoted Essaadi as saying.
NB suffered a N153bn foreign exchange loss due to the devaluation of the naira for the year ended December 2023.
For the period under review, the company grew its revenue by 8.9 per cent to N599.64bn from N550.64bn. Net finance expense rose significantly by 449.7 per cent to N189.19bn, dragging the brewer to a loss of N106.31bn, from a gain of N13.19bn at the end of 2022.
In comments accompanying the financial results, the NB Board of Directors said, “The Nigeria business landscape experienced significant shifts in 2023 with substantial impact on businesses and livelihoods nationwide. The redesign of the naira notes which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.
“High double-digit inflation rates (with food inflation at more than 30 per cent), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses.”
He added that despite the headwinds, “The company was able to grow its revenue by nine per cent compared to the previous year aided by a positive price mix. However, the operating profit fell by 15 per cent due to higher input cost and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures. Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153bn, the Company recorded a net loss of N106 billion during the year.”
The board went on to state its preparedness to tap into its decades of experience of operating in Nigeria to weather the current macroeconomic headwinds.
“In a difficult operating environment, the board will ensure that the company builds on its more than 77 years experience of operating in Nigeria to cope with current realities. The company will continue to be resilient and forward-thinking leveraging our broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders,” the board said.
In August, NB reviewed the prices of its products upward to accommodate the continued increase in the cost of inputs.
NB produces alcoholic products like Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler.
The Central Bank of Nigeria harmonised the segments of the foreign currency market in June 2023 leading to a devaluation of the Naira.
The effect was felt by different companies that recorded forex losses. However, the banking sector faired better as they enjoyed FX revaluation gains.
[Punch]
THERE are indications that the Federal Government may be forced to review the 2024 Appropriation Act as recent developments in the foreign exchange market may have put the financial assumptions in complete disarray.
Sources close to the Finance Ministry told Vanguard that all the major components of the budget has been affected fundamentally by a drastic change in the budget parameters occasioned by the current foreign exchange market realities.
Consequently, the Naira values have gone up by about 100 per cent. The Senate approved the 2024 Appropriation Bill of N28.7 trillion, against the N27.5 trillion estimate presented by President Bola Tinubu.
The approved budget includes N1.7 trillion for statutory transfers, N8.7 trillion for recurrent expenditure, and N9.9 trillion for capital expenditure. All these figures have now been significantly altered by the development in the benchmark exchange rate which the Senate had moved from N750/ USD1 presented by President Tinubu, to N800/ USD1. Though the high level Finance Ministry official said he doesn’t have details of what is being done, he hinted that all the relevant ministries and government agencies are already working on what may become an amendment to the Act.
M a j o r budgetary dislocation
Financial experts who spoke to Vanguard also indicated that the barely six weeks old budget has suffered a major dislocation following the massive depreciation of the Naira across all foreign exchange market segments. According to their calculations, the implication on the 2024 budget is doubled fold with revenue and expenditure rising at the same time. However, they caution that a more prudent fiscal measure is needed to prevent the worsening of the current economic situation.
Rising revenue, expenditure
The major positive impact of the rising exchange rate, according to them, will be a rise in Naira revenue from the oil sector and other US Dollar-denominated revenues, with forecast at over N15 trillion, about 88 per cent higher than the N7.9 trillion actual budgeted amount. They also noted that this development may significantly reduce budget deficit to about N2.2 trillion from N9.2 trillion, if properly managed. But this is just one side of the development.
They also see a possibility of this exchange rate revenue gain being wiped out by a corresponding rise in expenditure as a result of US dollar-denominated obligations such as debt servicing and general foreign exchange denominated expenditures in the budget. At a debt service expenditure budget of N8.25 trillion, they forecast a likely rise to over N16 trillion at current exchange rate of about N1650/ USD1. They also pointed out that a quantum leap in Naira revenue could spark off profligacy and fiscal indiscipline, which will erode the exchange gains. The impact of this fiscal misbehaviour, according to the analysts, will further compound inflationary pressures in the economy, which will also drive up cost of executing the capital expenditure budget significantly.
This development, according to them, will be further aggravated by labour union pressures for increases in minimum wage which is expected to drive up personnel cost component of the recurrent expenditure. Overall, the multiplicity of rising capital and recurrent expenditure will wipe off the expected exchange rate revenue gain and even stoke a further rise in budget deficit by over 100 per cent to about N20 trillion.
Experts’ insight
Giving insight into the impact of the exchange rate development on the Federal Government’s 2024 budget, Ayorinde Akinloye, an investment analyst, noted that the rise in postbudget exchange rate would be positive for the FG’s revenue performance in naira terms in 2024. He explained that a weaker naira ensures that USD revenues generated through oil sales and taxes are higher when converted to Naira. “However, this will require the budget exchange rate for recognizing revenues to be adjusted to current realities’’, he said.
He further stated: “While revenue is likely to be higher, USD-based expenditure like foreign debt servicing will also increase in naira terms. “In addition, it is important to note that exchange rate and inflationary pressures could force actual expenditure to exceed the budgeted sums for different capital projects. “Also, a consistently weaker naira will force upward adjustment of minimum wage which will contribute to higher recurrent expenditure for the FG. “Thus, the impact will likely be mixed with marginal positive effects on budget deficits.” Speaking on the impact of the exchange rate on the 2024 budgeted debt servicing expenditure, Akinloye said: “Actual debt servicing will end up higher than the budgeted sum. This will largely be driven by higher naira value for USD debt servicing costs.”
Also speaking on the likely implications of the depreciation of the Naira on the 2024 revenue estimate, Gafar Bashiru, Senior Associate, Parthian Partners, a financial investment and advisory firm, said: “A weaker Naira, higher than the N800 exchange rate budget benchmark, can potentially boost government’s revenue from exports denominated in dollars, such as oil and gas. “This is because more Naira are received for each dollar of export earnings. A weaker Naira can, however, also increase the cost of imported goods and services, which the government relies on for some of its operations and projects. “This can lead to higher spending and potentially reduce the net impact on revenue. “I would expect a fiscally responsible government to make an effort to push for a net positive impact.” On the implication of the new exchange rate on the 2024 budget deficit, Bashiru, said: “The increased Naira revenue from oil sales by the NNPCL could reduce the budget deficit, as long as spending remains within budget. “However, this depends on how effectively the government manages the additional revenue. If the government uses the additional revenue to increase spending, it could lead to a wider deficit. “Additionally, the higher exchange rate could increase the cost of servicing external debt, given that 38% of Nigeria’s debt is denominated in foreign currencies as of June 2023.
“This proportion is expected to grow significantly, given the currency devaluation.” Continuing, he said: “Higher exchange rate will likely increase the Naira cost of servicing external debt. “This is because each dollar of debt translates to more naira to repay. This could put a strain on the budget, especially if the government’s Naira revenue does not increase proportionally. “If the government leans more on Naira borrowing, they might be able to mitigate the impact of higher exchange rate on debt servicing costs.” Also commenting on the post-budget exchange rate for the 2024 revenue estimate, Tajudeen Olayinka, Analyst/ CEO, Wyoming Capital and Partners, said: “It will improve collectable Naira revenue and could also increase Naira component of the budget as multiple Naira expense heads adjust to Naira/Dollar realities.” On the implication of the new exchange rate on 2024 budgeted deficit; he said: “It will, on a balance of probability, reduce the size of the deficit, as government cedes certain economic funding to private sector players who are obliged to recover costs fully.
“More Naira will be available for servicing Naira related debts, especially local debts. And certainly too, more Naira will go into circulation, further raising the prospect of inflationary spiral.” In his own comment, Analyst and Vice Executive Chairman, David Adonri, Highcap Securities Limited, said: “Recent computation of official foreign exchange rate means that FGN will convert its Dollar income at the new rate which will multiply it’s revenue in 2024.” On the implication of the new exchange rate on 2024 budgeted deficit, he said: “The increase in revenue to FGN that can arise from the new exchange rate ought to reduce 2024 budget deficit but impact of external debt service may neutralize the FX gain.
“At the new exchange rate, more Naira will be needed by FGN beyond the budget estimate to service external debt. ‘‘What FGN has done is to forecast a forward exchange rate based on current trajectory for planning purposes. ‘However, if the market is truly deregulated, market forces will ultimately determine the exchange rate.” Commenting as well, Victor Chiazor, Analyst and Head of Research & Investment, at FSL Securities Limited, said: “The constant
[Vanguard]
The Nigerian Breweries Plc recently announced an upward price change for its Stock-Keeping Units (STUs) with effect from February 19.
A letter dated February 12 titled: ‘Price review notification,’ by the Zonal Business Manager (West), Lekan Awosanya, reads in part: “This is to inform you that we are constrained to review the prices of some of our SKUs effective from Monday, 19th February 2024. This review has become necessary because of the continued rising input cost and the need to mitigate the impact.
“In appreciation of our great partnership and your commitment, we will deliver at the current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday, 19th February 2024.
“While thanking you for your commitment to our great partnership, be rest assured that we will continue to support your sales/distribution efforts as always. For further clarification, please do not hesitate to contact your Regional Business Manager.”
1. GULDER – N950
2. STAR – N850
3. 33 EXTRA – N850
4. HEINEKEN – N1300
5. LIFE – N850
6. LEGEND – N1250
7. TIGER – N750
The Obafemi Awolowo University (OAU) community was on Monday thrown into mourning after a lion at the school’s zoo killed a veterinary technologist Olabode Olawuyi.
According to the school’s spokesman Abiodun Olarewaju, the victim who has been in charge of the Zoological garden for over a decade was attacked on Monday afternoon when he was feeding the nine-year-old male lion and its mates in their den.
The other members of staff who were at the scene of the incident did everything within their power to rescue their boss but the wild cat had already caused severe fatalities, Olarewaju said.
On hearing the sad news, the management team led by Vice-Chancellor Adebayo Simeon Bamire abruptly ended an ongoing meeting for an on-the-spot assessment.
Upon arrival, the Acting Director of the University Health and Medical Centre Dr. Tirimisiyu Olatunji informed the Vice-Chancellor that all first aid and medical efforts to save the life of the victim proved abortive.
Saddened by this tragic event, the aggressive lion has been euthanized.
Mr Olawuyi has been taking care of the lions since they were born on campus about nine years ago but, tragically, the male lion killed the man.
The university management has sent a delegation to the widow and children of the deceased, imploring them to take solace in God who gives life and also has the power to take life.
Meanwhile, Vice-Chancellor Bamire has ordered a comprehensive investigation into the immediate and remote causes of the incident.
"I Am Going To Beat You Blue Black” - Battleground for Laide Bakare vs Chizzy Alichi’s ring fight announced
AdminAmidst the sizzling drama that ensued from their social media feud, Nigerian Actress Laide Bakare has revealed the electrifying venue where she’ll go toe-to-toe with her fellow screen diva, Chizzy Alichi.
In a recent online clash, Laide Bakare and Chizzy Alichi sparked a heated exchange that lit up social media. Laide called out Chizzy for allegedly bullying her during a rehearsal and responding disrespectfully to her queries.
Asserting her boundaries, Laide warned Chizzy to keep her distance, vowing not to let anyone hinder her progress this year. Chizzy retaliated, implying that Laide harbored envy towards her on set. Chizzy didn’t mince words, when she labeled Laide as “very stupid” and expressed her disappointment in the actress.
In a new twist, Laide, emulating entertainers like Portable and Charles Okocha, opted for a lighthearted approach to settle their disputes, taking to the ring in a playful and humorous manner.
She announced via her Instagram page that she and Chizzy Alichi are gearing up to duke it out in the boxing ring.
Dubbed “Who will be the next Celebrity Global Fight Champion,” their showdown is scheduled to unfold at the prestigious Transcorp Hilton Hotel in Abuja on Saturday, February 24th.
Laide and Chizzy won’t be the only ones slugging it out in the ring; other Nollywood stars will also be facing off on the same day.
SEE FLYER BELOW
Recall that the Controversial singer, Portable and Nollywood Actor Charles Okocha started the Celebrity fight trend, a clash that saw the Zazuu Crooner defeating Mr Phenomenal in a keenly contested boxing match.
Portable won the fight after the fourth round.
The contest was held at Landmark Beach in Victoria Island, Lagos, on Wednesday, December 26 2023.
Mercy Eke, the winner of Big Brother Naija season 4, opens up on why she chooses to keep her relationship private.
She explained that her past mistakes in previous relationships have led her to be more cautious about sharing details of her personal life with the public.
In a recent episode of Celebrity Quickies, which was aired on comedian AY’s YouTube page, Eke revealed that she is in love again but has chosen to keep her new lover’s name a secret.
Despite being in a high-profile position, Mercy stated that she values her privacy and prefers to keep her romantic life out of the spotlight.
Drama brews as Yul Edochie’s daughter, Danielle, yanks off surname from Instagram account
She said:
“I consider my dating life private. I think I have made a couple of mistakes with my dating life, putting out everything on social media. But lately, I can say this part of my life is still very private.”
Mercy Eke also revealed that she cannot go a day without speaking with her romantic partner.
She emphasized that the majority of the pressure placed on Nigerian celebrities comes from those in their immediate vicinity.
Recall that Mercy Eke and her colleague, Pere Egbi, stated a few months ago that they were not dating, despite suspicion that they were, due to their onscreen connection during the Big Brother Naija All Stars finale.
Disappointing many, Big Brother Naija All Stars finalist cum film actor, Pere Egbi revealed his relationship status with co-star, Mercy Eke.
Pere took to his X handle (formerly known as Twitter), and explicitly stated that he is not dating Mercy Eke.
Thanking their ‘shippers’ (those clamoring for the duo to have a romantic relationship), Pere admitted that he appreciates their efforts.
Mercy had also previously dated her BBNaija colleague, Ike. Their relationship, which began during the ‘Pepper Dem’ season in 2019, and ended shortly after the show.
Hardship: Nigeria has never been this bad – Laide Bakare bemoans the state of the nation[VIDEO]
AdminPopular Nigerian actress, Laide Bakare has taken to the photo and video sharing platform, Instagram to lament about the hardship currently witnessed in the country.
The actress said Nigeria has never been this bad before and that President Tinubu should look into the state of the nation.
Laide Bakare questioned if the nation could ever be better, lamenting the rise in kidnapping in recent times.
She also lamented the fuel subsidy, stating that they should have left it as it were at the onset, as it has only make things worse, not better.
Laide Bakare shared the video decrying the state of the nation and captioned it:
“ITS Actually NOT happy New week Abeg which way to go? @officialasiwajubat pls look into state of the nation. Nigeria has never been this Bad #stateofthenation #Nigeria.”
See video below:
The eldest son of President Bola Tinubu, Mr Seyi Tinubu, on Monday, pleaded with Nigerians to exercise patience with his father’s administration as they weather the challenging economic times.
This followed protests in Ibadan, the Oyo state capital, where angry youths took to the streets to decry the rising cost of living. More so, a 41-year-old man identified as David Ubaha also staged a lone protest in Uyo, the Akwa Ibom State capital, to voice his complaints over the harsh economic situation.
In the past nine months in office, President Tinubu’s economic reforms have sparked collateral instability in the value of the Naira, heaping hardship on Nigerians as food prices continue to soar.
But Seyi, in an Instagram post, rehashed his father’s words from a national broadcast to mark the 63rd Independence Day anniversary last October.
Then, Tinubu said, “There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.”
Seyi declared that he stands with his father and argued that the present generation “will yield the fruits of this hardship.”
The post carried hashtags such as #HaveFaithinHim, #NigeriaisinGreatHands, #OurGenerationwillYieldthefruitsofthishardship, #IStandwithOurPresident, #RenewedHope and #NigeriaismyHome.
However, Seyi’s message did not sit well with some Nigerians, who criticised the President’s son for living opulently while demanding sacrifice from the people.
Few weeks after residents of Kano, Niger, Lagos and some other parts of the country took to the streets over economic hardship, a similar incident occurred in Ibadan, capital of Oyo State.
On Monday morning, protesters converged on Mokola area of Ibadan over high cost of living, food inflation and hardship in the country.
They wielded placards with inscriptions such as ‘The poor are starving,’ ‘Tinubu, don’t forget your promises’, among others.
Policemen were seen guarding the protesters against taking law into their hands.
Rising cooking gas price: Nigerians resort to charcoal, firewood
One month after FG’s intervention: Households, SMEs still buy cooking gas above N1,100/kg
The police had on Sunday warned that no breach of peace would be allowed during any protest in the state.
Nigerians have been complaining bitterly about the current situation.
Daily Trust had reported how Nigerians in some parts of the country have resorted to using charcoal as the cost of Liquefied Petroleum Gas, otherwise known as cooking gas, has continued to skyrocket.
This is just as the cost of charcoal has also risen owing to high demand, with some people switching to firewood.
Checks by Daily Trust in Abuja, Kano, Lagos and Jos, showed that citizens were filling a 12.5 kilogramme cylinder of cooking gas with about N18,000.
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALGAM) had last year predicted that a 12.5kg cylinder would cost N18, 000 going by the frequent increases.
Last November, following a rise in the price of cooking gas per kg from about N700 to above N1,100, the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, constituted a committee headed by the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, to come up with recommendations on how to boost supplies and crash the price within a week.
Despite that assurance, the price of cooking gas has continued to increase with a kilogramme selling for N1,400 in some parts of the country. This translates into 17,500 for a 12.5 kg cylinder.
Last week, the African Development Bank (AfDB) had reported that rising prices of fuel and other commodities could lead to social unrest in Nigeria, Ethiopia, Angola, and Kenya.
The AfDB gave the warning in its macroeconomic performance and outlook for 2024 in which it projected Africa’s economy to grow higher than the 3.2 per cent recorded in 2023.
The bank cautioned that an increase in fuel and commodity prices occasioned by currency depreciation or subsidy removal in Nigeria, Angola, Kenya, and Ethiopia could trigger internal conflicts.
It stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.
“For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya and Nigeria and the resulting social costs has led to social unrest driven by opposition to government policy.”
At a meeting with governors and heads of security agencies last week, President Bola Tinubu charged them to work towards addressing the economic hardship.
”What I will not do is to set a price control board. I will not also approve the importation of food. We should be able to get ourselves out of the situation we found ourselves in, because importation will allow rent seekers to perpetrate fraud and mismanagement at our collective expense. We would rather support farmers with the schemes that will make them go to the farm and grow more food for everyone in the country.
”We must also look at the rapid but thoughtful implementation of our livestock development and management plans, including dairy farming and others,” the President had said.
Media
A man encourages Nigerians at home and abroad to organize protests if they can. He assures them that if anyone tries to stop them, help will be provided.
— Gboah Tv (@Officialgboahtv) February 19, 2024
This statement comes as residents in Ibadan come out in large numbers to protest.
.
.
Ibadan Layi Mudryk #Gistlover Chelsea… pic.twitter.com/5RugU1Hnf3
Residents of Imo have raised alarm over the influx of strange faces into the state.
They added that on a regular basis they are being dumped by trailers into Avu, Obinze in Owerri-west LGA and several other suburbs
A resident in Owerri Municipal revealed that over 90% of Okada riders in Obinze, Avu, and FUTO areas are unknown faces and barely speak Igbo.
He compared the presence of strangers in Imo to that in Plateau state, urging security agencies to take necessary actions regarding the situation.
“If we are not careful with the daily influx of strange elements into Imo, I’m afraid, the state may be worse than Plateau where hundredths are slaughtered in one snap,” the resident stated.
“I was in FUTO in Owerri recently and discovered that more than 90% of Okada riders inside the school are strangers. This is how it took root in Plateau state. Gradually they are penetrating every nook an cranny of the state. Let me tell you that I have the history of Plateau in my palms. I was born in Manguna, a little village in Bokkos more than 63 years ago. My father used to be a cattle rearer before finally relocating home in 1990. I see a particular pattern of Plateau crisis taking root in Imo. We need to be careful.
“You should ask yourselves why these strangers often chose to congregate close to military establishments. We should be alert and find a way to protect ourselves from the unknown enemies surrounding us. Our security agencies too should step up actions and interrogate this set of strangers, know their mission and where the sleep at night in order not to be taken unawares when they will strike.”
Another resident who pleaded anonymity had this to say, “as we speak, another trailer load of Northerners and dogs are currently at Njaba River entering the capital City of Owerri, their probable destination.
“Some are dumped at Avu Junction and Nekede Cluster Market. All military and police checkpoints should not allow the offloading of these people and their dogs in Imo again!
“It’s amazing that with all these alarm people are raising, the government and security agencies have not come to make a statement, nor clarification as to know the intents and mission of these strange hunters.
“All we are saying is the security and safety of all Imolites is sacrosanct. Any single security alert should be looked into by the police and army in order not to be taken unawares.”
More...
“I once worked in a ‘pure water’ factory” – Joeboy reflects on his unforeseen journey to stardom
AdminPopular Nigerian singer, Joeboy, has opened up on his early life struggles, recalling a time when he worked in a pure water factory during a university strike.
The Nigerian singer, who studied Human Resources and Personal Management, recounted his struggle to find a job during a three-month university strike.
Faced with the daunting prospect of unemployment, he eventually landed a job as a marketer in a pure water factory in Lagos.
“I was looking so hard for a job and couldn’t find any. Is this how I’m going to end up when I finish school?” Joeboy said during the interview.
Describing his life as a “miracle,” Joeboy emphasized that even though some advised against signing him, Mr. Eazi, the head of his previous record label, took a chance on him, leading to his unexpected signing to Empawa, where his musical journey took flight.
Joeboy pointed out the unexpected nature of his success, stating that not even his parents anticipated his foray into the music industry.
Despite initial skepticism, Joeboy has gone on to achieve what he claims to be “the best label deal in Afrobeats history in Nigeria.”
In a recent milestone, Joeboy has founded his record label, Young Legend, while maintaining his connection with Empawa.
In his words;
“I studied Human Resources and Personal Management. When I was in the university, there was a strike for like three months. So I decided to get a job and I was searching for a job for like three months in the whole of Lagos. I did not get one single job.
There was even a time I worked in a pure water factory as a marketer. At that point I was like, ‘I’m looking so hard for a job and I can’t find any. Is this how I’m going to end up when I finish school?’ So that was also a trigger. I told myself, ‘You really have to make sure you make it [in the music industry].”
Nigerian actor cum comedian, Oluwaseyitan Aletile, professionally known as Seyi Law, has said despite the economic hardship in the country, he would still vote for President Bola Tinubu if a fresh election comes up tomorrow.
He likened the current economic hardship in Nigeria to the Biblical wilderness experience of the Israelites, saying he would rather stay with “a Moses through the wilderness to Canaan than eat meat and drink wine in slavery in Egypt at the expense of my children’s future”.
In a lengthy post shared via his X handle hours ago, Seyi Law said in part:
“while a lot of Nigerians kill the optimism of others with hate and urge for immediate gratification, it is sad that our government agencies are not communicating government agendas, efforts, and actions effectively”.
“I am not one to judge anyone for their anger towards the government. After all, they were voted to serve the people. I am maybe only privileged to be better informed.
“I know everything doesn’t rest at the centre, and I should be able to make demands from the state government. Your allocations have increased, and to take steps towards a better transportation system not to talk of subsidising it for your citizens is a mountain you’re finding hard to climb. The state governors are absolutely shameless.”
He encouraged Nigerians to make demands from the state governments rather than depending on the Federal Government for “everything.”
The comedian continued:
“It is easy for any government at the centre to please the multitude by reverting back to full subsidy on fuel and exchange rates, but I would rather we reset, rebuild, and sustain our future than live on a better now by borrowing our future. I want to see certain people-driven and engaging policies in agriculture, power, and health sectors. I am hopeful.
Addressing those criticising him for his continued support for Tinubu’s administration, despite the excruciating economic crunch, Seyi Law concluded:
“I will criticise constructively and condemn unworthy acts. To those still cursing in my mentions, if another election was held tomorrow, I would still vote Asiwaju Bola Ahmed Tinubu.”
Comedian AY Makun opens up on how veteran actor Richard Mofe Damijo, RMD’s advice to him, Changed his life.
According to him, he was working as a bartender when he met RMD, who advised him to go back to school, after he spoke to him about his desire to join the entertainment world.
He claimed that he had to quit and began a degree program at Delta state university after the renowned actor recommended him to do so.
The comedian revealed this in a candid conversation with Nollywood actress Iyabo Ojo.
He highlighted that this decision ultimately paved the way for his successful career in comedy.
He said:
“I was doing all that it takes to get into the entertainment space. And somewhere along the line, I started working with NNPC Junior Staff Club as a bartender.
“That was what inspired my series, ‘Call To Bar.’ Everything around me; my stories, and my movies are all inspired by my experiences.
“When I was working as a bartender, I would see a lot of people the likes of Alex O and Shina Peters coming to perform. I would say to myself that someday, somehow, somewhere, sometime in life, I’m going to get into the entertainment space.
So, there was one time that I approached RMD when he came, a long time ago. We were talking and he advised me to go back to school. He said, ‘Education is important. Afterward, trust me, all these things would follow.’
“So, that was how I gained admission into Delta State University to study Theatre Arts.”
According to AY, he began his entertainment career as a show organizer while still in school and developed into a multifaceted performer and entrepreneur after graduating.
Jennifer Lopez adopts a Nigerian Igbo name ‘Ifunanya’.
The singer and actress, revealed her new name during a recent interview.
Nigerian media personality Drea Okeke had proposed the name for her, and she agreed.
Okeke added that the name is appropriate for the American diva since she “is a complete lover girl” and Ifunanya means love in Igbo.
Jennifer Lopez asked: “What is my [Nigerian] name?”
The host replied: “Because you’re a certified lover girl, this name means love. It is Ifunanya. That’s your name, love.”
Lopez reckoned: “Ifunanya! Call me Ifunanya.”
Okeke revealed that Lopez’s husband, Ben Affleck, will go by the Nigerian name “Obim.” That’s my heart.”
Jennifer Lopez agreed: “Obim? I like that. I will call all my kids that.”
Recall that Lopez and Affleck revived their relationship and married in 2023, 17 years after their first breakup.
In 2022, Jennifer Lopez Announced their Engagement
The excited 52-year-old dancer, actress and singer shared a video of herself crying and looking at her engagement ring on Friday night on her official website.
Jennifer showed off the stunning sparkling in the 13-second clip – with no sign of her fiancé Ben, 49. The video started off with a black screen with a view of her ring first before the camera moved up to her face.
The mother of two is visibly wiping away tears of joy as she stared at her emerald and diamond sparkler, Dailymail.com reports.
She was wearing a casual outfit consisting of a green top, knitted cardigan and minimal makeup. Jennifer can be heard whispering ‘I am perfect’ in the song that played along with the video
Media
Jennifer Ifunanya Lopez and Ben Obim. pic.twitter.com/bJyM10Bm6P
— ???? @???????????????????????????????????????????????????? (@OneJoblessBoy) February 18, 2024