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Government earmarks N90b for special economic zones, to earn $200b from Lekki Deep Seaport

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The Federal Government yesterday said that it had in the past two budgets provided an aggregate of N90 billion for the development of special economic zones.It said the Lekki Deep Seaport project is in line with the objectives of creating such economic zones.

Also, barring any unforeseen circumstances, Nigeria is expected to rake in over $200 billion from the operations of the deep seaport as President Muhammadu Buhari expressed commitment to a conducive-business environment that would aid investments.Buhari, who spoke yesterday during the flag-off of the construction of the Lekki Deep Seaport, represented by Vice President Yemi Osinbajo, said when completed, the project would generate up to 170,000 direct and indirect jobs in the economy.

Minister for Transportation, Rotimi Amaechi, commended the Nigerian Ports Authority (NPA), Tolaram Group and China Harbour for the development of the landmark project.Amaechi said: “This will be the first deep seaport in Nigeria. What we have had are river ports. This will help to improve the capacity of Nigerian ports with modern procedure.He said the ports concession agreement covered 45 years on a build, own, operate and transfer basis.
Meanwhile, Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, has said that the vision of the NPA is to provide the enabling environment for Nigeria to have the best ports in Africa and the event moves the nation closer to that reality.

She said: “Funding for the Lekki Deep Sea Port project is structured at equity and debt ratio of 20:80 respectively. And in line with the commitment of the Federal Government to promote private sector investment, the NPA has a fully-paid five per cent minimal investment enough to give it a stake, to give the investors comfort and enable it perform its oversight technical regulatory functions without being unduly hindered by commercial considerations. The other 95 per cent interest is owned in 18:8 ratio by the Lagos State Government and the Tolaram Group respectively.

“As statutory regulators of ports in the country, the NPA is committed to providing the technical support and regulatory environment that would see to the timely completion of construction work and ensure efficient operations and management of the port upon commissioning.”

“We will work with all stakeholders to see the Lekki Deep Sea Port becomes a world class facility and an enviable edifice that can stand the test of time, become an institution that will be the pride of all stakeholders and encourage more of such investments in the country.”

Managing Director, Tolaram, Haresh Aswani, assured that the project would be completed within three years, and it would generate over $200 billion revenue for Lagos and Federal Government.He said the project would support and enhance the growth of various free zones in the area.

The Governor of Lagos State, Akinwunmi Ambode, represented by his deputy, Idiat Oluranti Adebule, said “this port, which is expected to be delivered by 2020, will be one of the biggest in West African sub-region.“Lagos State government has a 20 per cent equity stake in the Lekki port project, and is an indication of the faith of the Lagos State government in the project,” he said.

Guardian

MUSIC

Social Media Reacts As Wizkid’s “Dance” Disappears From Apple Music Top 100

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'Kese (Dance)' disappears from Apple Music Top 100 | fab.ng

On November 18, 2024, fans woke up to the shocking news that Wizkid’s latest single, “Kese (Dance)”, had suddenly vanished from the Apple Music Nigeria Top 100.

Just days ago, the song had been proudly sitting at the number one spot. This abrupt drop sparked widespread speculation, with many fans and industry insiders suspecting that Apple Music had penalized the track for streaming manipulation.

Such drastic deductions often indicate stream deductions or “chart-drinking,” which are common penalties that Apple Music enforces against artificial streaming boosts.

Adding fuel to the controversy is Wizkid’s “Kese (Dance)”, released on November 15, 2024, as the second lead track from his forthcoming album “Morayo”.

Within hours of its release, “Kese” soared to the top of the Apple Music Nigeria Top 100, demonstrating Wizkid’s enduring popularity and dominance on the charts.

However, the unexpected removal of the song from the charts sent shockwaves through social media, leaving fans divided. Some believe Apple Music may have acted to curb stream farming, while others argue it might simply be a technical glitch.

Historically, Apple Music has taken stringent measures to crack down on streaming manipulation, especially against high-profile artists.

This latest move, if confirmed as a penalty, would be one of their strongest actions yet against stream farming. However, the possibility of a glitch cannot be entirely dismissed, as similar occurrences have happened before.

Fans now eagerly watch to see if “Kese (Dance)” will rebound to its previous chart-topping position. A quick recovery would lend credence to the glitch theory.

Meanwhile, a continued absence would suggest that Apple Music has indeed taken a firm stance against streaming irregularities—even against a major act like Wizkid. For now, all eyes remain on the charts to see how this drama unfolds.

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ENTERTAINMENT

AFRIFF 2024: Check Out The Complete List Of Winners

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2024 AFRIFF: The Complete List Of Winners | fab.ng

The 2024 AFRIFF celebrated exceptional African cinema through a vibrant week-long showcase of talent, creativity, and storytelling excellence.

Filmmakers, actors, and cinema enthusiasts gathered from across the continent to participate in screenings, masterclasses, and engaging panel discussions at the 2024 AFRIFF.

This 13th edition of AFRIFF demonstrated unprecedented diversity in African storytelling, featuring compelling narratives that captivated audiences through multiple genres and languages.

In the 2024 AFRIFF, carefully curated selections sparked meaningful conversations about contemporary African experiences while highlighting the continent’s rich cultural heritage.

Also, at the 2024 AFRIFF Globe Awards ceremony, outstanding films earned recognition for their artistic merit, technical excellence, and powerful storytelling.

These winning productions represented various African perspectives, from intimate personal narratives to broader social commentaries.

Let’s explore the complete list of winners who made their mark at this prestigious celebration of African cinema.

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MOVIES

Queen Lateefah Earns N333.7 Million, Ascends To Nollywood’s Top Box Office Rankings

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'Queen Lateefah' earns ₦333.7 million | fab.ng

First and foremost, Wumi Toriola’s film ‘Queen Lateefah‘ has achieved remarkable success, surpassing ₦300 million at the box office and securing its position among Nollywood’s top-performing films.

Subsequently, the film joins other blockbuster successes such as ‘Ajosepo’ (₦257.2 million) and ‘Ajakaju’ (₦252.8 million). Moreover, ‘Queen Lateefah’ now stands as the seventh highest-grossing Nollywood movie to date.

Additionally, it holds the distinction of achieving the highest earnings for a non-December release, a period typically known for peak box office performance.

Throughout its theatrical run, the film has consistently broken records. Initially, it garnered ₦57 million in its opening weekend.

Furthermore, within just three weeks of its premiere, the film exceeded the ₦200 million milestone. By mid-October, consequently, the box office receipts had accumulated to ₦216 million.

Queen Lateefah' grosses enters Nollywood's top box office rankings | Pulse  Nigeria

Under the distribution of Cinemax and the direction of Adeoluwa Owu, the film presents a compelling narrative. Specifically, it follows Lateefah Adeleke, a 30-year-old businesswoman who portrays herself as a world traveller with high social status.

However, her encounter with Jide Rhodes, a 35-year-old businessman, eventually exposes her carefully constructed facade.

In contrast to her claims, Lateefah emerges from a background of extreme poverty as the only child of an illiterate mother.

Finally, the film features a stellar ensemble cast including Kunle Remi, Femi Adebayo, Nancy Isime, Bimbo Manuel, Elvina Ibru, Enioluwa, and Gbugbemi Ejeye.

As a result of these combined elements – compelling storyline, strong performances, and strategic release timing – ‘Queen Lateefah’ continues to demonstrate the growing commercial potential of Nollywood productions.

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