Is Netflix Exiting Nigeria? Analyzing the Streaming Giant’s Position in Nollywood

Is Netflix Exiting Nigeria? Analyzing the Streaming Giant’s Position in Nollywood

By Anthony Emeka Nwosu

The Nigerian entertainment industry, particularly Nollywood, has grown into one of the largest and most influential movie industries globally. Since Kenneth Nnebue’s pioneering film Living in Bondage, Nollywood has attracted significant international investments, including from Netflix, the global streaming giant. However, recent rumors about Netflix pulling out of Nigeria have raised concerns and sparked debates about the sustainability and challenges of doing business in the Nigerian film industry.

Netflix’s Impact on Nollywood

Netflix’s entry into Nigeria began on a high note, marked by its acquisition of Genevieve Nnaji’s Lionheart, the first Nigerian film to stream on the platform. This milestone opened doors for several collaborations, enabling top producers to showcase compelling Nigerian stories to a global audience. Netflix not only streamed these movies but also invested millions in their production.

However, insiders allege that these investments were mismanaged. According to filmmaker Daddy Dabz, “Netflix funded projects upfront, but some producers diverted funds, allocating only a fraction to actual production, which led to substandard movies with poor storytelling and quality.” These issues reportedly affected Netflix’s ratings and led the company to revise its operating model in Nigeria.

Shifting Strategies and Terms

In response to these challenges, Netflix has reportedly stopped directly funding movie productions in Nigeria. Instead, filmmakers must now independently fund their projects, which Netflix will only purchase if they meet the platform’s standards. This new model emphasizes accountability and aims to enhance content quality.

Nollywood comedian Basketmouth shed light on the issue, claiming, “Many producers misused funds, prioritizing personal luxury over movie quality. Netflix is tired of this and has decided to let filmmakers prove themselves before investing.”

Is Netflix Truly Leaving Nigeria?

Contrary to circulating rumors, Netflix has not entirely exited the Nigerian market. Users can still access their accounts and stream movies. What has changed is the company’s investment strategy. While some critics view this shift as an indirect exit, others argue it is a necessary step to hold the industry accountable.

Comparisons have been drawn to companies like GSK, which maintained product availability in Nigeria despite halting direct operations. Similarly, Netflix’s new terms mean the platform remains active but will no longer fund local projects upfront.

Industry Reactions

Nollywood stakeholders have expressed mixed reactions. Filmmaker ‘Nosa of Nollywood’ attributed Netflix’s reduced involvement to “greed and dishonesty” among Nigerian producers. “Netflix left because funds meant for production were often misappropriated, leaving crew members and actors underpaid,” she lamented.

Murtala Muhammed Balogun added, “Netflix’s decision isn’t a problem. It’s about ensuring filmmakers produce quality content before selling it to the platform.”

Meanwhile, Ndubueze Odum humorously noted the public’s reaction, saying, “Netflix leaving Nigeria means no more ‘Netflix and Chill.’ But seriously, their reduced investment will hurt Nollywood’s global exposure and job creation.”

The Way Forward for Nollywood

Netflix has reaffirmed its commitment to telling Nigerian stories, but the onus now lies on Nollywood producers to adapt to the new terms. As alternative platforms like Amazon Prime Video gain traction, Nigerian filmmakers must improve transparency and production quality to attract international partnerships.

The rumored Netflix “exit” highlights deeper systemic issues within Nollywood that must be addressed to ensure the industry’s sustainability and global competitiveness.

Final Thoughts

For now, Netflix remains a key player in Nigeria, albeit with a revised operational approach. This Christmas, Nigerian audiences can still expect blockbuster releases on the platform, but the broader industry must embrace accountability to thrive in this new era of filmmaking.

 

 

Nigeria’s Energy Sector Faces Crisis Amid Fuel Subsidy Removal: Anayo Nwosu Offers Insight on Dangote Fuel Pricing Strategy

Nigeria’s Energy Sector Faces Crisis Amid Fuel Subsidy Removal: Anayo Nwosu Offers Insight on Dangote Fuel Pricing Strategy

 

Nigeria’s energy sector is currently grappling with significant disruptions following the removal of fuel subsidies by the current administration. This policy shift has led to widespread market changes and subsequent price adjustments, causing a ripple effect across the country. Amidst this evolving crisis, Anayo Nwosu, a seasoned investment banker, has weighed in on the matter, shedding light on the complexities surrounding the current energy situation and the role of the Nigerian National Petroleum Company Limited (NNPCL) in addressing the challenges.

Nwosu emphasized that the price consumers pay for fuel at filling stations is determined by two key factors: the cost of refining the fuel and the cost of transporting it to the final point of sale. Ideally, he explained, residents of Lekki, Victoria Island, Epe, and the broader Lagos region should enjoy lower fuel prices due to their proximity to the Dangote Refinery. The logic behind this is that shorter transportation distances reduce costs, making it cheaper for areas near the refinery to access petrol.

However, the situation is not that straightforward. Allowing Lagos and its surrounding areas to benefit from cheaper fuel prices would inevitably create a disparity in pricing across the country, with fuel becoming more expensive the further one moves from the refinery. Nwosu drew a parallel with the agricultural sector, where products like yams are sold at lower prices near their point of production and become progressively more expensive as they are transported to distant markets. This uneven pricing dynamic is at the heart of the debate regarding fuel distribution.

The key issue now is how to manage these price differences in a way that does not exacerbate the already high levels of inflation in the country. Nwosu pointed out that while the federal government has made it clear that fuel subsidies are gone, there is now a looming question over whether citizens living near the refinery, who endure the environmental and pollution-related impacts of its operations, should effectively subsidize the fuel prices for those living in more distant locations. This would mean that Lagos residents, who deal with tanker congestion, pollution, and other environmental challenges, would be required to shoulder the cost of making fuel more affordable for those in other parts of the country.

Nwosu suggested that a potential solution could lie in improving the logistics of fuel distribution. By utilizing railways, pipelines, and large ships to transport fuel to distant regions, it may be possible to mitigate the price disparities and reduce the financial burden on consumers living far from the refinery. This could help ensure that those in remote areas are not disproportionately affected by high fuel costs while maintaining a more equitable pricing structure nationwide.

Additionally, Nwosu proposed that the federal government should allow Dangote Refinery to sell its products at ex-depot prices, enabling state governments to step in and subsidize fuel for their own citizens if they deem it necessary. This approach would resemble the way states currently handle education subsidies, with each region tailoring its support based on local needs and resources. By doing so, regions that bear the brunt of the environmental and logistical challenges posed by the refinery’s operations could benefit from lower fuel prices, providing some level of compensation for the hardships they face.

In conclusion, Nwosu highlighted the need for a more nuanced approach to fuel pricing in Nigeria, one that balances the needs of both near and distant regions. While the removal of subsidies marks a significant policy shift, it also presents an opportunity for the government and stakeholders to explore innovative solutions that ensure fair and sustainable pricing for all Nigerians. As Nwosu put it, “What do I know?” leaving his insightful remarks open for further discussion on the future of Nigeria’s energy landscape.

By Anthony Emeka Nwosu

Tariye Gbadegesin, New CEO of Climate Investment Funds, Commends Partners and Sets Ambitious Agenda

Tariye Gbadegesin, New CEO of Climate Investment Funds, Commends Partners and Sets Ambitious Agenda

 

Tariye Gbadegesin, the newly appointed Chief Executive Officer of Climate Investment Funds (CIF), expressed her gratitude and outlined her vision for the organization in a recent statement on her LinkedIn page.

In her inaugural message shared during the #WBGMeetings, which marked her first month as CEO of CIF, Gbadegesin extended heartfelt appreciation to the organization’s partners for their invaluable contributions and meaningful exchanges throughout the week. She also recognized the dedicated staff for their proactive efforts in amplifying CIF’s mission.

Gbadegesin commended individuals actively involved in advancing climate action ambitions, emphasizing the importance of reducing emissions and transitioning to clean energy sources aligned with the 1.5-degree Celsius target of the Paris Agreement.

Urging boldness and courage, Gbadegesin emphasized the need for financial innovation, mobilization of private capital, and exploration of new funding sources for climate action. She highlighted the importance of integrating new technologies to address emissions in high-impact sectors. Additionally, Gbadegesin stressed the significance of providing critical funding for the most vulnerable communities affected by climate change.

The statement reflects Gbadegesin’s commitment to driving ambitious climate action initiatives and leveraging CIF’s platform to effect meaningful change in combating climate change and supporting vulnerable communities.

As Gbadegesin assumes her role as CEO, stakeholders anticipate a renewed focus on innovative solutions and collaborative efforts to address the urgent challenges posed by climate change.

Gbadegesin’s message underscores the critical role of CIF in advancing global climate goals and signals a proactive approach under her leadership to mobilize resources and drive impactful interventions in the fight against climate change.

ANTHONY EMEKA NWOSU

Barth Nnaji: Why I Located $800m Geometric Power Plant in Aba

Barth Nnaji: Why I Located $800m Geometric Power Plant in Aba

 

The Chairman of Geometric Power Group, Professor Barth Nnaji, has explained that his passion to contribute to industrial development in Igbo land in a manner that would accelerate rapid development of Nigeria was the major influence behind the decision to locate the Geometric Power Plant in Aba.

Nnaji, who was Nigeria’s former Minister of Power, disclosed this at the leadership colloquium on, “Igbo Leadership and Development,” that was convened recently.

He said: “I am passionate about the rapid development of Nigeria, starting with Ala Igbo because of the structural problems it has faced since the end of the Nigerian Civil War in 1970 and also because of its enormous technological and economic potential.

“Geometric Power Limited is making its contribution to help reclaim the old economic days of the Great Zik of Africa, Dr. M.I. Okpara and many others. Once Geometric Power addresses the electricity challenge in nine out of 17 local government areas in Abia State fully, not even the sky will be the limit of the attainments of the people and government of Abia State. Abia can set the stage of development miracle which has been waiting to happen.”

The professor of Manufacturing Engineering, further disclosed that the 188-megawatt Geometric Power Plant in Aba and the Aba Power distribution firm in Osisioma Industrial Layout would have been more profitable venture if they had been located in Ikeja or in the Ilupeju the Industrial Estate in Lagos State or in the Agbara Industrial Layout in Ogun State or in or around the Federal Capital Territory of Abuja.

Nnaji said: “The return of investment would have been quicker and bigger (in these locations). But the strategic reason for locating both the generation and distribution arms of Geometric Power Group would have been missed. Only the investors and promoters of Geometric Power would have benefitted directly, but the people and governments of Ala-Igbo would be the losers.”

He also said locating the project in any of the aforementioned locations would have saved the Geometric Group the experience of a tortious ten-year tussle over the right ownership of the Aba-Ringed Fence Area, which took a toll on the financiers of the $800 million project, the investors, the host community, suppliers, contractors, the Aba business community and the people and government of Abia State.

Nnaji traced the history of the Aba power plant to when former Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, invited a former President of the World Bank, late Dr. James Wolfohnson, to Aba to see, firsthand, Aba’s tremendous economic and technological potential.

“After the visit in 2004, I was asked by the duo to consider building a 50 megawatt power plant in Abia for manufacturers, both big ones like the Star Paper Mill and small ones like the hundreds of excellent shoemakers and clothiers at the famous Ariaria Market.

“They approached me obviously because I had led a small team of dedicated Nigerian engineers and entrepreneurs to build a 22megawatt Emergency Plant in Abuja in 2001 for the supply of electricity to State House, the NNPC headquarters, the Abuja Business District and other places.

“I acceded to the request by Dr. Okonjo-Iweala and Dr. Wolfohnson. What the two did not realise is that my enthusiastic acceptance was because the plant would be located in Aba. This city has a special place in the heart and mind of every person interested in our country’s rapid progress: It is the home of indigenous manufacturing, innovation and entrepreneurship.

“There is another reason why I accepted to build the plant in Aba. I had experienced, firsthand, what industrialists in Igbo land were going through.

“As a professor of manufacturing engineering in the United States in the 1990s, I decided to build a plant in Emene, Enugu, to produce vehicle spare parts, including engines, of the highest standard in the world. After all, I had watched my former students from Taiwan and other places in Southeast Asia rush home to produce sophisticated auto parts and engines.

“So, a large swath of land was purchased for this purpose, but when my South Korean partners visited Enugu, it became obvious that the project would not take off principally because of poor electricity. It was while I was thinking of how to help resolve the electricity problem in Ala Igbo that Dr. Okonjo-Iweala and Dr. Wolfohnson made the request. The rest is history,” Nnaji said.

Yet, the proprietor of the Geometric Group, said: “I must add that it has since 2004 been tears, sweat and blood, to borrow the words of late Mr. Winston Churchill, the former British prime minister.

“I don’t want to tell the story of sweat, blood and tears now; all I can say this moment is the game is worth the candle. Nothing can give as much fulfillment and satisfaction as working wholeheartedly for your people.

‘It took the Nnewi people quite a lot when they decided to develop their hometown themselves. Even without basic infrastructure like roads, electricity and telephone services, the Nnewi people decided to take their destiny in their hands after the Nigerian Civil War,” he added.

£15 million funding to strengthen health workforce in Kenya, Nigeria and Ghana

£15 million funding to strengthen health workforce in Kenya, Nigeria and Ghana

 

£15 million from government’s Official Development Assistance (ODA) budget allocated to support healthcare workforces in Kenya, Nigeria and Ghana; funding will help upskill staff and improve health outcomes through improved administration, data collection and training and retention opportunities; supporting strong international health workforce better equips UK to tackle global health challenges.

 

The UK will provide a multi-million pound boost to support healthcare staff recruitment and retention in three African countries – Kenya, Nigeria and Ghana – supporting resilience against global health challenges.

Fifteen million pounds from the ring-fenced Official Development Assistance (ODA) budget for 2022-2025 will be committed to optimise, build and strengthen the health workforce in the three African countries. Recognising the importance of the health workforce in lower and middle- income countries in improving health outcomes and achieving universal health coverage, the funding will enable people in Kenya, Nigeria and Ghana to access to the full range of health services they need, when they need it.

The Covid pandemic demonstrated the need for the UK to cooperate closely with international partners to tackle global health threats, which put considerable pressure on the NHS. The pandemic also resulted in workforce retention pressures around the world, whilst the demand for healthcare staff has increased. The World Health Organisation (WHO) estimates a shortage of 10 million health workers globally by 2030, which threatens achieving global universal health coverage and could worsen worldwide health inequalities.

Addressing critical workforce challenges is key to strengthening health systems and building global resilience against future pandemics so people across the world – including in the UK – can be protected.

Health Minister Will Quince said:

This funding aims to make a real difference in strengthening the performance of health systems in each of the participating countries

Highly skilled, resilient staff are the backbone of a strong health service, so I’m delighted we can support the training, recruitment and retention of skilled health workforces in Kenya, Nigeria and Ghana.

This funding aims to make a real difference in strengthening the performance of health systems in each of the participating countries, which will have a knock-on effect on boosting global pandemic preparedness and reducing health inequalities.

The pandemic showed us that patients in the UK are not safe unless the world as a whole is resilient against health threats, and this will help us in delivering on that ambition.

Six million pounds from the ODA funding pledge will support the WHO to deliver health workforce planning and capacity-building work – such as improved administration systems and training and retention opportunities – in collaboration with local governments and health system stakeholders.

As part of this package, the Department of Health and Social Care will also run a £9 million two-year competitive grant scheme for a not-for-profit organisation to coordinate delivery of partnership work in participating countries.

The partnership programmes for the health workforce include linking UK institutions with local health systems, promoting skills exchanges and improving the curriculum, regulation and guidance in Kenya, Nigeria and Ghana.

The delivery coordinator will be responsible for setting up, funding and overseeing this work to drive improvement in quality and retention of healthcare staff in the three countries and ultimately help to ensure better outcomes for patients.

The funding builds on £5 million previously committed as part of the Building the Future International Workforce ODA programme in Ghana, Uganda and Somaliland which aims to improve health workforce planning and management, provide training opportunities for refugees and displaced people and link NHS institutions with country health institutions.

Kenya, Nigeria and Ghana were chosen for the ODA award as they showed a clear need for workforce support, evidenced by high population mortality rates and low staff numbers, as well as unemployment amongst their trained health workers.

Ecobank Group Launches 2022 Edition of its Fintech Challenge with US$50,000 Prize Money up for Grabs

Ecobank Group Launches 2022 Edition of its Fintech Challenge with US$50,000 Prize Money up for Grabs

Fintech Challenge offers early stage and mature start-ups the potential to partner with Ecobank (www.Ecobank.com) across 33 African countries; Applications open until 16 September.

 

Pan-African banking group, Ecobank Group, has launched the fifth edition of the Ecobank Fintech Challenge and encourages African Fintech entrepreneurs to enter the competition.

Fintechs that are aligned with the Bank’s strategic objectives stand a chance to win an overall cash prize of US$50,000 for the top winner and the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.

Fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, are eligible to enter the Fintech Challenge by visiting: https://bit.ly/3KnrDz2. Applications can be made until the 16 September 2022.

Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs

Ten finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony which will take place in October 2022.

In addition, all Fellows will qualify to explore the following opportunities with the Bank and its partners:

  • Multinational products roll out: an opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem.
  • Service provider partnerships:  Ecobank may select some Fintechs as pan-African service partners within the Bank’s ecosystem.
  • Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.
  • Priority Access to Ecobank’s Venture Capital partners for funding exploration.

Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said “Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs and start-ups. We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge.”

Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group said, “The uniqueness of the Challenge is that it welcomes both early stage and mature start-up Fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.”

The Ecobank Fintech Challenge was designed in partnership with international advisory firm, Konfidants and is supported by partners across Africa and globally. So far 46 Fellows have been admitted into the Ecobank Fintech Fellowship programme since it was launched in 2017.

For more information about the competition, its benefits and how to apply, please visit https://bit.ly/3AMixIM

CHINMARK TELLS CLIENTS TO HOLD ON FOR SIXTY DAYS

CHINMARK TELLS CLIENTS TO HOLD ON FOR SIXTY DAYS

Speculations have been going on about Chinmark an investment company that pays clients their profits known as return on investment (ROI). The company has been having issues with some regulatory authorities making some people to be a bit skeptical and demanding their money.

In line with the trends and the current realities the company has put up a press release telling the clients to hold on for their payment till the next 60 days at most.

Speaking via his social media, the chief executive officer of Chinmark, Marksman Chinedu Ijiomah said via his Facebook page that “We want to thank you for your support in the growth of the Chinmark Group. Over the years, we have been able to setup businesses that have spread in Africa, Asia and other parts of the world successfully and creating sustainable means of livelihood for over 4,000 individuals working with the Chinmark Group. “

” You will recall that since the commencement of the company, we have successfully built a track record of excellent and quality customer service delivery, we have never disappointed, and we promise not to disappoint you now.”

” However, the Chinmark Group wants to reassure all its clients that there is no cause for panic as the Partnership arm is taking all necessary measures to ensure the system starts working again and more effectively.”

We wish to inform all our partners that we are working efficiently to comply with government regulations for quality control and assurance.

These processes are currently affecting the activities of the partnership arm of the company for a short period of time which will not exceed 45-60 days.

All our offices are open and activities are running. We implore you, our partners, to kindly support the smooth running of all our businesses during this period to enable us pass through this phase and remain as strong as ever. Panic and unrest will affect the businesses that generate returns for the sustainability of the partnership arm.

For further enquires, don’t hesitate to reach us via our official email address, info@chinmarkgroup.com. A follow up email will be sent periodically to our clients who are affected within the period of this process to update them on progress made.

Thank you for patience and support as we are committed to serving you better.

Cheers to Chinmark @50

RIVERS STATE IS ATTRACTING MORE INVESTORS- Wike

RIVERS STATE IS ATTRACTING MORE INVESTORS- Wike

Rivers State Governor Nyesom Ezenwo Wike says more companies are relocating to the state because of the attractive investment climate.

He told journalists after an inspection tour of on-going projects in the state that a deliberate implementation of strategic policies has brought the investments.

The governor stated that the improvement in the State’s security architecture with the help of security agencies and the provision of critical infrastructure are responsible for the turnaround.

He also reiterated the resolve of his administration to return Port Harcourt to its garden city status.

“I can tell you now that more companies are coming into the state. The security has also improved so much with the help of security agencies and people feel safer to invest in the state.

“I am also resolved to leave Port Harcourt far better than what I met on ground. Every body can see that it is not easy, considering the present economic situation in the country.

“To sustain the execution of infrastructural development projects and also fight COVID-19 when most of my colleagues are complaining of paucity of funds shows political will and strategic leadership.

“People are wondering how we are doing it. But we determined not to disappoint our people and they will be happy when I have served out my tenure that they had a governor that really came to serve,” he said.

The governor also announced that the contract for the expansion of Rumuola flyover project has been signed.

He said work would soon begin on that flyover and the dualisation of Ezimbu Link Road popularly called Mummy B Road and the Tombia Extension Road.

Governor Wike stated that the urban renewal programme of his administration is achieving its purpose particularly with the commitment shown by the contractors handling the three flyovers at Rebisi, Rumuogba and Okoro nu Odo.

” We are impressed at the pace of work the contractors have maintained. We are happy that we are fulfilling the promises made to the people. There are road projects in other areas like old GRA and new GRA and we cannot but say we are overwhelmed with the level of commitment they have shown.

“That is what we have promised that whether there is COVID-19 or not, we will continue to do the work they expect us to do. This is so, because at the end of the day the virus will go and the people will be here. It is necessary for infrastructure to be put in place.

“As long as we continue to fight and tackle the pandemic, we are also resolved not to abandon any project,” he added.

The projects inspected include, Olumeni Road in Old GRA, Rebisi flyover, Woji Road and Elelenwo Street both in the new GRA.

Paulinus Nsirim
Commissioner for Information and Communications