Broadcasting

Ekeh @ AMVCA, Says Nollywood is Biggest Wealth Creator in Africa

Published

7 years ago

September 5, 2018

Comms Week

Leo Stan Ekeh, serial digital entrepreneur and chairman, Zinox Group

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Leo Stan Ekeh, chairman, Zinox Group, Leo Stan Ekeh has identified the Nigerian movie industry as the next biggest wealth creator in Africa.

Ekeh, at 6th edition of the Africa Magic Viewers’ Choice Awards (AMVCA), affirmed that the wealth-creating potential of the Nigerian movie industry is huge, noting that the industry’s capacity as the next goldmine will manifest in the second quarter of the 21st Century.

“I just thought I should encourage the superstars, the upcoming superstars, the script writers and the producers. I think you have about 76 months to emerge in the second quarter of this century where you become the mega wealth producers of Africa.”

While congratulating the winners and the not-so-lucky nominees, Ekeh who pledged a dozen Zinox Whizkid tablets to the winners of the best overall movie category for donation to any school of their choice, urged stakeholders in the industry to stay on course and continue to interprete their roadmap and vision in order to ensure clarity of purpose.

“You are in a profession that you do not have to retire from. The older you get, the more quality assignments you get and the more money you make. So, I want to congratulate everyone and wish you a century filled with wealth,” he enthused.

In a chat with the media on the sidelines of the event, Ekeh further urged the government of Nigeria and other African leaders to focus on the movie industry in view of its immense employment generation opportunities and capacity for wealth creation.

“The movie industry in the 21st Century is the biggest knowledge business and wealth creator and this is why I think the Nigerian government and African leaders should focus on it for job creation and wealth generation.

“Considering the rapid pace of technological advancements, a number of emerging technologies such as Artificial Intelligence and Robotics, among others, will take the place of many employees in the manufacturing industries, hence we need to leverage on the immense opportunities in the movie industry to empower our youth and boost the economy.”

Informally referred to as Nollywood, the Nigerian film industry reportedly produces about 50 movies per week, second only to India’s Bollywood—more than Hollywood in the United States.

Although its revenues are not on par with Bollywood’s and Hollywood’s, Nollywood is believed to generate an impressive $590 million annually and one of Nigeria’s largest employer of labour with over a million people in its fold.

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Broadcasting

EFCC Arik Case: Witness Testifies on Receiver Manager Nominee’s Role in NG Eagle Shareholding

Published

7 hours ago

December 9, 2025

Ugo Onwuaso

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The 4th prosecution witness in the ongoing trial of former AMCON Managing Director, Ahmed Kuru, on Monday continued to give the Special Offences Court in Ikeja, Lagos, ‘fresh insight’ into how the structure and equity of NG Eagle Airlines was set up.

EFCC Arik

In his testimony, Kaltungo testified that this arrangement entails the Receiver Manager’s nominee having a shareholding arrangement of NG Eagle of “one unit within a billion-share structure,” as part of the findings that emerged during the Economic and Financial Crimes Commission’s investigation.

The development surfaced as EFCC Investigative Officer, Bawa Usman Kaltungo, continued his examination-in-chief led by prosecution counsel, Dr. Wahab Shittu, SAN. Kaltungo told the court that the financial trail uncovered by investigators showed how funds allegedly belonging to Arik Air Limited were unaccounted for while NG Eagle was being established.

Kaltungo also, in the course of his testimony, sought to mislead the Court to believe that the 1st Defendant sold NG Eagle shares solely and unilaterally as a Receiver holding majority shares in NG Eagle, when in fact he is just a nominee with a single unit of share, as AMCON, the corporation that appointed him, holds majority shares in NG Eagle.

Even though his testimonies were made with the support of a few documents admitted in evidence, Kaltungo still was not able to establish a nexus of any act of omission on the part of the accused persons to establish fraud or crime in the management of Arik’s loan.

Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited before Justice Mojisola Dada. According to the witness, the statement of Arik’s former Chief Financial Officer, Mr. Jonathan Sani, detailed how the defendants allegedly moved N4.5 billion from Arik to fund NG Eagle, an airline he said was controlled by the defendants. He further testified that Omokide and Ilegbodu allegedly worked with Kuru to funnel a total of N4.9 billion from Arik’s coffers to manage and fund operations of the new airline.

Kaltungo added that beyond the cash transfers, Arik staff were also moved to NG Eagle even though the new airline was set up while Kuru was still AMCON MD, and Omokide served as AMCON’s Receiver Manager. He said salary payments and operational expenses for the newly formed NG Eagle were borne by Arik Air Limited.

During proceedings, the court admitted a CTC of an ex parte order, which the prosecution termed as the only document authorizing the appointment of the RM over Arik and marked the same as P17, along with other exhibits—P18, P25, P26, P44, and P45—including. photographs and videos in a flash drive containing footage of alleged vandalised aircraft were played in court, but the Prosecution again failed to establish a nexus as to whether those aircraft indeed belonged to Arik.

Meanwhile, counsel for the second and third defendants applied for the release of their clients’ passports for renewal and medical purposes. Justice Dada granted the requests on the condition that the documents be returned to the court registry no later than January 2, 2026.

The matter was thereafter adjourned to February 25 and 26, 2026, for continuation of the trial and Examination-in-Chief of PW4

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Broadcasting

NIPR Postpones Maiden PRICE Awards to January 25, 2026

Published

3 days ago

December 6, 2025

Ugo Onwuaso

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Nigerian Institute of Public Relations (NIPR) has announced the postponement of its maiden annual Public Relations, Reputation, Ideas, Concepts and Excellence (PRICE) Awards and Prizes to January 25, 2026.

NIPR

The event, earlier scheduled for December 7, 2025, was deferred to accommodate stakeholders whose observance of Christmas festivities had commenced earlier than expected.

Chairman of the Organising Committee, Mr. Israel Opayemi, urged stakeholders to note the new date and prepare to participate in the ceremony.

He said the awards would motivate professionals, practitioners and scholars, while enhancing Nigeria’s global competitiveness in the public relations ecosystem and strengthening brand equity for all stakeholders.

Opayemi reaffirmed the Committee’s commitment to delivering a best-in-class award administration and ceremony, describing the PRICE Awards as a credible and enduring platform to identify, celebrate and elevate outstanding individuals, campaigns and organisations shaping the public relations landscape across sectors.

The development of the PRICE Awards peaked in September 2025 when the NIPR President and Chairman, Council, Dr. Ike Neliaku, inaugurated a 12-man committee to organise the maiden edition. The inauguration followed the Council’s adoption of the report of a technical team tasked with establishing the awards.

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Broadcasting

Netflix Seals $82.7bn Deal to Acquire Warner Bros., HBO Max

Published

3 days ago

December 6, 2025

Ugo Onwuaso

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Netflix has announced a landmark agreement to acquire Warner Bros. and HBO Max in a transaction valued at $82.7 billion, a move analysts say will reshape the global entertainment industry.

Netflix

The deal, which includes Warner Bros.’ film and television studios, HBO, HBO Max, and Warner Bros. Games, was unanimously approved by the boards of both companies. Under the terms, Warner Bros. Discovery (WBD) shareholders will receive $23.25 in cash and $4.50 in Netflix shares for each WBD share.

Netflix co-CEO Ted Sarandos described the acquisition as “a defining moment” for the streaming giant, noting that the company intends to maintain Warner Bros.’ current operations while expanding its production capacity.

“By combining Warner Bros.’ incredible library of shows and movies with Netflix’s culture-defining titles, we can give audiences more of what they love and help define the next century of storytelling,” Sarandos said.

The transaction is expected to close within 12 to 18 months, following the planned spin-off of WBD’s TV networks division, Discovery Global, in 2026. Netflix projects annual cost savings of $2–3 billion by the third year after completion and expects the deal to be accretive to earnings per share by year two.

Industry groups, including the Directors Guild of America and Cinema United, have raised concerns about the impact on movie theaters, while regulators are expected to scrutinize the deal over antitrust issues. Netflix has pledged to continue supporting theatrical releases, with Warner Bros.’ cinema commitments running through 2029.

Warner Bros. Discovery CEO David Zaslav hailed the agreement, saying it “combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love.”

Observers note that the acquisition comes 15 years after former Time Warner chief Jeff Bewkes dismissed Netflix as “the Albanian army,” underscoring the dramatic shift in the entertainment landscape.

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