Continental developments funder Shelter Afrique has urged its 44 shareholders to fulfil their Sh35 billion capital subscription to enable it carry out its mandate.
Speaking during the Ministers of Housing sideline event at the just ended 2019 UN Habitat General Assembly in Nairobi, Shelter Afrique CEO Andrew Chimphondah said its 44 members owed it Sh9.8 billion capital subscription arrears since the 2013 cash call.
The balance is from a fresh cash call to raise additional Sh25.2 billion made in 2017.
“The cumulative Sh35 billion arrears is the main challenge for Shelter Afrique to effectively engage financial markets for further funding,” said Mr Chimphondah.
Terming housing a human right, the CEO said the lender was holding talks with various States seeking fulfilment of their quota while urging others to increase their stake in the Pan-African company.
“We are keen on inviting new member countries to join as shareholders and our current target countries include Egypt, Angola, Ethiopia, and Mozambique.”
Nigerian companies are overburdened by the difficult operating environment occasioned by poor infrastructure and unfriendly government policies that have eroded consumer demand as well as their margins.
This has forced the companies to rejig their marketing strategies by cutting down on social spending and other marketing platforms, including reality TV shows.
No fewer than 18 reality and talent hunt shows have been suspended since 2015 as many companies, including those who put up these shows, battle with huge operating expenses arising from the high cost of doing business in Africa’s largest economy, BusinessDay checks show.
Some of the TV reality shows, largely sponsored by multinational organisations, that have been laid to rest include MTN Project Fame, Who Wants to be a Millionaire, Star Trek, Nigerian Idol, Maltina Dance All, Gulder Ultimate Search, Malta Guinness Street Jams, X Factor, Amstel Malta Street Jams, Nigeria Got Talent, Star Quest, The Voice, African Diva, Next Movie Star, Knorr Taste Quest, Nigeria’s Top Model, among others.
“The harsh economic environment could be a major factor leading to the discontinuation of these reality TV shows,” said Bolaji Abimbola, CEO of Indigo, a Lagos-based marketing communication consultancy.
Reality TV shows are supposed to deliver value to the companies sponsoring them, Abimbola said, but this has not been the case for most companies as such programmes contribute to ballooning expenses with little or no return on every kobo spent.
“The programmes may seem popular but if they are not impacting the organisation’s bottom-line, naturally the companies will cease to sponsor them,” he noted.
Companies in Africa’s biggest oil producer suffered greatly from a recession that occurred in 2016 owing to a global collapse in oil prices. The fall in the oil prices caused a huge dollar shortage for the oil-dependent nation which gets 90 percent of its foreign earnings from oil.
The dollar shortage caused the Central Bank of Nigeria (CBN) to devalue the naira, which dealt a deeper blow to most manufacturing companies and sponsors of these reality TV shows since most of their raw materials and machinery are sourced abroad. The situation seems to have worsened for most companies, especially given the high inflation environment that has eaten deep into consumers’ purse.
Data from the National Bureau of Statistics (NBS) on goods and services produced calculated using the Income and Expenditure approach at 2010 purchaser’s values show that consumption expenditure of households has been declining at varying degrees since it rose by 1.5 percent in 2015. This has a far-reaching implication for these companies since the money needed (money spent on these shows is recouped from sales) to sponsor these shows depends on their sales on products.
Final consumption of households has declined by 8 percent from N43.1 trillion in 2014 to N39.66 trillion in 2018. Although the figures provided for 2018 by the state-funded data agency were limited to Q2 2018, BusinessDay arrived at a full-year estimated on an annualised basis. On a year-on-year basis, the household spending rose 1.45 percent to N43.7 trillion in 2015 but as Nigeria entered its first recession in more than two decades, household spending fell 5.74 percent to N41 trillion in 2016. While the rate of decline slowed in 2017 as households spent N40.78 trillion, the estimates for 2018 suggest a plunge up to 2.75 percent.
Prior to 2015, Nigerians enjoyed the thrilling moments emanating from these shows. Similarly many artistes rose to stardom through the TV shows. Notable artistes like Dare Art Alade, Iyanya, Omawunmi, Uti Nwachukwu, among others, earned their way to fame through such programmes as they leveraged the platforms to launch themselves into the limelight.
But companies have in the last few years become extremely cautious in marketing spend and sponsorships as Nigeria’s economy continues to witness slow growth, resulting in dwindling consumer spend and decreasing companies’ turnover and profit.
Abimbola said marketing strategy is not cast in stone, adding that if organisations don’t realise their objectives in a particular programme, which include engagement with the consumers, they would like to discontinue with such programme instead of being wasteful with funds they could apply somewhere else.
Akonte Ekine, CEO, Absolute PR, while agreeing that the harsh economic environment has dealt a blow to companies, said from a business strategy perspective, it is also a function of market insight on consumer behaviour.
“It is important to note that the audience evolution circle is not static and what shapes behaviour changes and media consumption patterns are also evolving. It will therefore not be strange that such decisions to discontinue reality TV shows are taken within the marketing department for the organisation. In addition, we must also understand that the product life cycle is also a factor that shapes marketing programmes and initiatives,” said Ekine, who consults for top brands in Nigeria.
“We can contend with assumptions that economic challenges affected some activities, but it is also the beauty of market and marketing challenges to dissolve and evolve within the ecosystem in order to win the consumers with strategies that are apt, functional and impactful,” he said.
He said the stoppage of some reality TV shows is a function of new research findings in the market that throws up better opportunities that deliver value at probably relatively lower cost. Kelechi Nwosu, former president, Association of Advertising Agencies of Nigeria (AAAN), said most companies’ income dropped due to economic hardship and recession which affected them. Under this scenario, it will be survival first for these organisations before embarking on such marketing programmes.
Nwosu, who is the CEO of TBWA, an integrated marketing communication agency, said perhaps the organisations were not deriving enough value compared to the sponsorship funds. According to him, another reason that could inform the discontinuation of the shows was change in marketing strategy by company managers.
Theresa May has bowed to intense pressure from her own party and named 7 June as the day she will step aside as Conservative leader, drawing her turbulent three-year premiership to a close.
Speaking in Downing Street, May said it had been “the honour of my life” to serve as Britain’s second female prime minister. Her voice breaking, she said she would leave “with no ill will, but with enormous and enduring gratitude to have had the opportunity to serve the country I love”.
The prime minister listed a series of what she said were her government’s achievements, including tackling the deficit, reducing unemployment and boosting funding for mental health.
Video Source:The Guardian
But she admitted: “It is and will always remain a matter of deep regret to me that I have not been able to deliver Brexit.”
Video Source: The Guardian
Her fate was sealed after a 10-point “new Brexit deal”, announced in a speech on Tuesday, infuriated Tory backbenchers and many of her own cabinet – while falling flat with the Labour MPs it was meant to persuade.
The leader of the House of Commons, Andrea Leadsom, resigned on Wednesday, rather than present the Brexit bill to parliament.
A string of other cabinet ministers had also expressed concerns, including Sajid Javid, Jeremy Hunt, Chris Grayling and David Mundell.
In particular, they rejected May’s promise to give MPs a vote on a second referendum as the Brexit bill passed through parliament, and implement the result – which they felt came too close to endorsing the idea.
The prime minister will remain in Downing Street, to shoulder the blame for what are expected to be dire results for her party from Thursday’s European elections – and to host Donald Trump when he visits.
The 1922 Committee will set out the terms of a leadership contest, to kick off on 7 June, which is expected to last perhaps six weeks.
The former foreign secretary Boris Johnson is the frontrunner to be Britain’s next prime minister, but more than a dozen senior Tory figures are considering throwing their hats into the ring.
In the cabinet, Rory Stewart has already said he will stand, while Jeremy Hunt, Michael Gove, Penny Mordaunt and Sajid Javid are all likely contenders.
May’s departure came after three years of wrangling with Brexiters on her own backbenches about what future relationship with the European Union they would be prepared to accept.
That became considerably more difficult when she lost her majority at the 2017 general election, after spearheading what was widely regarded as a disastrous campaign, promising “strong and stable leadership in the national interest”.
Brexit is likely to dominate the race to succeed May, with time increasingly tight for a new team to set out any new direction before the deadline of 31 October for Britain’s departure from the EU.
May’s longtime friend Damian Green, the former first secretary of state, defended her record on Friday.
He said: “All prime ministers, in the end, take responsibility for what happens on their watch, but I think that it’s undeniable that suddenly and unexpectedly becoming prime minister after the seismic shock of the Brexit referendum meant that she was dealt an extremely difficult hand to play. And the truth is that having an election a year later, which cut the Conservative party’s majority, then [made it] impossible.”
Green told BBC Radio 4’s Today programme: “The fact that parliament has not been able to get a Brexit deal through has led to the impatience, bordering into contempt, for the political class and the amount of hostility and borderline violence is something we have not known for a very very long time.”
Instagram is unique from other social media platforms because it is built for mobile-usage. Users must edit and upload content through the app on their phone, while Instagram’s website limits users to viewing, liking, and commenting.
Real estate agents regularly struggle to make content that performs well on Instagram. Those agents who are willing to learn, however, are reaping the rewards in the form of brand awareness and new business.
Instagram content is not limited to well-framed pictures of vibrant home exteriors and interiors. Eye-catching photos are great for promoting certain listings, but you will need a variety of content to engage your audience and gain more followers.
Promote a listing with an eye-catching photo of the home’s unique features
Take your followers on a virtual tour through a listing on your Instagram Story
Reinforce your brand with images that reflect your market’s lifestyle and trends
Share glimpses into your personal life to form stronger connections with followers
In addition to regular posts that show up in the feed, you can also create a Story—a collection of your videos and photos that has a shelf life of just 24 hours—that will appear at the top of a user’s screen.
This is a cool way to do a virtual tour of a property—you can include a mix of short video clips, images, commentary, and captions. And because a Story doesn’t live (publicly) online for all eternity, there’s less pressure to make sure it’s perfect. Your followers will be expecting something more off-the-cuff than a typical social media post.
3) Share glimpses into your personal life
Don’t just post about listings—allow your followers to learn more about you. Share photos of your life…your dog, your vacation, the sunrise at the end of your morning jog. Just remember to keep a healthy balance—even the most dashing #dogsofinstagram pics aren’t gonna sell houses.
4) Promote your brand
How have you differentiated yourself from other real estate agents in your area? However you’ve branded yourself, you can use Instagram to increase your brand awareness.
5) Provide useful [visual] information
A great way to attract followers on social media is to provide valuable information—something educational or useful.
Design inspiration is a popular topic on Instagram, and a great one for attracting potential future clients. Check out searches like #interiordesign, #homedecor, #farmhousedecor, and #dreamkitchen to see what types of photos people find most interesting. For this type of post, you could even repost other people’s compelling content.
The world record holder in the 100 metres, 200 metres, 4 × 100 metres relay race and 3 times Olympic Usain Bolt is now a real estate investor!. The sports celebrity confirmed his association with a Half-Way Tree project on Instagram, saying it was one of several to come, but gave no more details.
Dressed in construction gear, Usain Bolt posted a picture of himself standing in front of the construction site.
“You heard it here first. First of many!! #NoLimits,” he cationed the photo.
It’s rumoured that the development, which is being managed by Gary Matalon’s and Richard Levee’s company, Neustone Limited, will be leased to business process outsourcing clients on completion, but that, too, is to be confirmed.
While Usain Bolt appears to be confirming that he is an investor in the property, it’s still unclear whether he is a majority or minority owner and what stake, if any, his development partners hold.
Usain Bolt and Gary Matalon are long-time business partners through KLE Group Limited, the listed company that oversees a casual-dining outfit to which Bolt has licensed his name Usain Bolt’s Tracks & Records, or UBTR, which currently has outlets in Jamaica and recently London.
The retired track star’s executive manager, Nugent Walker, declined to comment on the real estate project.
“Thanks for the interest in Usain,” he said on Thursday.
“Sorry. At this time, Usain is not officially commenting on this project. However, when he is, I will be sure to share with you all the information.”
Usain Bolt’s net worth is unknown, but the world’s fastest man is reported to be among the highest earning athletes of all time.
Taylor Swift came out on top in a lawsuit filed against her in 2017, claiming that she owed a Manhattan real estate broker a whopping $1.08 million commission for the purchase of her Tribeca townhouse.
In the case, a broker claimed that he had shown the three-story property to a rep from Swift’s company, Firefly Entertainment, in February 2017, and even gave the rep blueprints to the townhouse; the singer snapped it up for $18 million later that October. But the broker claimed he was never paid the hefty commission fee, and thus filed a lawsuit against the “Look What You Made Me Do” singer. Swift argued that she had never signed a contract—and on Thursday, a Manhattan federal court judge agreed, siding in Swift’s favor and relieving her of having to pay the hefty commission.
In addition to the four-bedroom home, the Grammy Award winner also owns three apartments on nearby 155 Franklin Street. Her most recent purchase took place in late January 2018, when she snapped up a second-floor,3,540-square-foot apartment from financier Jeremy Phillips.
(The two other units she owns in the building are, by contrast, top-floor apartments that she combined to create an unreal penthouse duplex measuring a sprawling 8,000 square feet. Fun fact: The combined penthouses previously belonged to Lord of the Rings director Peter Jackson).
As for the townhouse in question, Swift dropped a cool $18 million for the light-filled apartment, which was renovated by architect and designer Leopoldo Rosati in 2011. And it has its own pseudo-celebrity pedigree as well: At one point, the townhouse belonged to disgraced International Monetary Fund chief Dominique Strauss-Kahn.
The late, great Aretha Franklin was one of Detroit’s most celebrated residents. The Queen of Soul’s reign in the Motor City has come to an end, with word that the singer’s estate has sold off her property in the city proper.
Her 5,600-square-foot brick home next to the Detroit Golf Club sold for $300,000 in October.
Built in 1927, the historic mansion has five bedrooms, six bathrooms, and a backyard adjacent to the golf course. Franklin’s estate gave the new buyer—who reportedly has no connection with Franklin or her family—a sweet deal. The home is estimated to be worth more than $318,000.
The “Natural Woman” singer purchased the home in 1993 for an undisclosed amount. The property fell into foreclosure in 2008 due to unpaid taxes, an issue Franklin blamed on an accounting error at the time. The taxes were paid shortly thereafter and the home was saved.
While the Detroit home sold quickly, there’s still a home on the market owned by Franklin’s estate if you’re looking for your own piece of pedigreed property. On sale for $800,000, the five-bedroom home in the posh suburb of Bloomfield Township MI, was built in 1990.
At the time of her death, Franklin owned five Michigan properties and was worth an estimated $80 million. However, she died without a will in place and her estate was divided between her four sons.
“I tried to convince her that she should do not just a will but a trust while she was still alive,” Don Wilson, an attorney,told the Associated Press. “She never told me, ‘No, I don’t want to do one.’ She understood the need, It just didn’t seem to be something she got around to.”
Her heirs are making quick work of selling off the properties. And although the properties will acquire new owners, the city will always bear the indelible mark of Franklin’s achievements.