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Real Madrid become first football club to surpass €1bn in revenue

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Real Madrid become first football club to surpass €1bn in revenue

Real Madrid have become the first football club to surpass €1 billion in revenue.

This historic financial achievement was announced by the Real Madrid Board of Directors following their meeting on July 23, where they reviewed the annual accounts for the 2023-2024 financial year.

A Tuesday statement obtained from the club’s website by According Online revealed this.

The statement was titled, “Real Madrid Becomes The First Football Club To Exceed One Billion Euros in Revenue.”

On the pitch, Real Madrid’s football first team enjoyed a stellar season, securing the Champions League for the sixth time in the last decade, along with winning LaLiga and the Spanish Super Cup.

The basketball team also shone, clinching the League, Copa del Rey, and Spanish Super Cup, while making it to the EuroLeague final.

According to the statement, these triumphs significantly boosted the club’s revenue, despite the associated higher costs from squad bonuses.

“For the 2023/24 financial year, Real Madrid reported an operating income of €1.073 billion, marking a 27 per cent increase from the previous year.

“This is a groundbreaking achievement for any football club, even though the Santiago Bernabéu Stadium is not yet fully operational.

“Revenue growth was driven by increased marketing and stadium operations, despite a dip in broadcasting rights from LaLiga,” it read.

Commercially, the club expanded its merchandising and sponsorships, highlighted by a new sleeve sponsorship deal with HP.

“Stadium revenues also surged due to new VIP experiences and hosting major events, setting the stage for further growth once renovations are complete in 2024/25.

“Real Madrid’s operating profit before depreciation (EBITDA) reached €156 million, reflecting a 71 per cent year-on-year increase. This efficiency underscores the club’s adept management and operational resilience, achieving an average annual EBITDA of €175 million from 2019/20 to 2023/24 despite pandemic challenges.

“The club concluded the 2023/24 financial year with a 32 per cent increase in after-tax profits, amounting to €16 million. This accomplishment is notable given the widespread financial struggles faced by many major European clubs in recent years,” it read further.

Financially, Real Madrid remain robust with a debt-to-equity ratio of 0.0, excluding the stadium renovation project. The club’s cash balance stands at €82 million, supplemented by undrawn credit facilities of €395 million, ensuring ample liquidity for future commitments.

Investment during the 2023/24 year included €239 million in player acquisitions and €16 million for a new car park. Despite these expenditures, the club has drastically reduced its net debt from €241 million in 2020 to just €8 million, demonstrating effective financial management.

The Santiago Bernabéu Stadium renovation, an ongoing project, saw a €270 million investment this year, bringing total expenditures to €1.163 billion. The project is set to complete in 2024/25, promising significant future revenue increases from the newly developed business areas.

Club’s future target

Looking ahead, Real Madrid aims to sustain its commercial growth and continue its legacy of on-field success, highlighted by the high-profile signing of Kylian Mbappé for the upcoming season. The club’s strategy focuses on sustainable growth, balancing revenue diversification with cost management to maintain profitability and financial stability.

Real Madrid’s unprecedented financial achievement not only sets a new benchmark in the football world but also underscores the club’s strategic vision and operational excellence. As the Santiago Bernabéu Stadium renovation nears completion, the club is poised for continued commercial and sporting success.

Agbakoba warns NNPC against taking over Dangote refinery

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Agbakoba warns NNPC against taking over Dangote refinery

A Senior Advocate of Nigeria, Olisa Agbakoba, has warned the Nigerian National Petroleum Company Limited not to take over the Dangote Refinery.

Agbakoba was reacting to a comment by the businessman that the NNPC should buy the refinery if that would put an end to calling him a monopolist.

Dangote made the comment amid the controversies surrounding his 650,000 barrels per day refinery.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority Chief Executive, Farouk Ahmed, had said Dangote and other local refineries have been producing inferior fuels.

Ahmed said, “We cannot rely heavily on one refinery to feed the nation, because Dangote is requesting that we should suspend or stop importation of all petroleum products, especially AGO and direct all marketers to the refinery. That is not good for the nation in terms of energy security. That is not good for the market, because of monopoly.”

Baffled by Ahmed’s comment, Dangote said he would be ready to hand over the refinery to the government.

“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s okay. If they buy me out, at least, their so-called monopolist would be out of the way,” Dangote said.

However, in a short statement on Monday, Agbakoba disagreed asking, “Why take over what a private individual built? Why can’t the Federal Government fix its refineries all these years?”

Agbakoba stated that there is no reason to allow an efficient businessman to ‘hold the country to ransom’ as being speculated when there is a simple alternative.

According to the legal luminary, Nigeria needs to fix the refineries and make Nigeria work by providing electricity, potable water, good healthcare, quality education, good roads and food.

“The simple alternative for us all is this – Let Nigeria work. Let there be light. Let there be food. Let there be water. Let there be jobs. Let there be money, schools, healthcare, roads and others,” he stressed.

This, he said, is the way to end the so-called Dangote monopoly “and not as suggested by taking over another man’s sweat.”

He added, “Let the Federal Government fix its own refineries. If all our refineries are working, there won’t be anything called a Dangote Refinery monopoly.”

Agbakoba declared that he is in support of Dangote and all other local refineries, saying they would boost the nation’s refining capacity and end fuel importation.

Recall that Agbakoba had recently asked President Bola Tinubu to overhaul the country’s energy sector and the regulatory framework.

Enhance living standard, Anglican bishop urges FG

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Enhance living standard, Anglican bishop urges FG

The Anglican Bishop of the Diocese of Lagos West, Dr James Odedeji, has appealed to the Federal Government to improve the populace’s quality of life.

Odedeji, according to a statement made available to According Online, on Tuesday, said this during a press conference organised to announce the Apostles of Peace Society International 2024 Annual Lecture and Peace Award ceremony.

The lecture will be held on Thursday, July 25, 2024, in Lagos.

“As advocates for peace, we remind the government of its promise to improve citizens’ quality of life. It’s crucial to recognise the interconnectedness of human existence: when the poor go hungry, it affects everyone, akin to beating a child and expecting silence.

“Society breeds crime when its people are unhappy and neglected, prompting them to take matters into their own hands. We advocate for a balanced approach where both the government and citizens can collaboratively chart a way forward,” he said.

Odedeji called for peace amidst the planned protests against the growing cost of living and hardship in Nigeria.

AOPI National President, Mr Paul Ajisafe, explained that “The lecture aims to promote dialogue, foster understanding, and build bridges across divides.

“The Apostles of Peace International is a tapestry woven with threads of compassion, service, and unwavering faith. This humanitarian, evangelical, and philanthropic society was initiated and founded by Mr Siyanbola Oladapo and inaugurated on January 17, 1998.”

He added that the peace award ceremony would include the investiture of former Osun State Governor, Bisi Akande; Group CEO of Blue Star, Sir Obi Okafor; and CEO of Aero Contractors, Mr Ado Sanusi.

“The distinguished speaker for the lecture is the 13th Vice-Chancellor, University of Lagos, Prof. Folashade Ogunsola, who will offer insights and perspectives on the theme ‘Peace in Nigeria.’

“They are the architects of policies that steer nations, promoting diplomacy and understanding. They educate and nurture, innovate, and propel progress. Generous to those in need, they bear the weighty responsibility of instilling hope and managing state affairs with wisdom and care.

“Tireless advocates for peace, their contributions form the bedrock of our society, their efforts and unwavering commitment a testament to enduring peace and the steadfast belief in a brighter future,” said Ajisafe.

Don’t threaten organisers of planned nationwide protest, Falana warns FG

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Don’t threaten organisers of planned nationwide protest, Falana warns FG

A Senior Advocate of Nigeria, Femi Falana has urged the Federal Government to listen to the demands of the organisers ahead of the August 1, 2024, nationwide planned protest in the country.

Falana, a human rights activist, also cautioned the FG not to threaten the protesters as such could exacerbate the situation.

While featuring on Channels Television’s Politics Today programme on Tuesday, Falana said, “How do you identify those who are issuing statements; those who are planning the protest, and then engage with them productively?

“But threats do not work. In fact, on some occasions, the desperation of the government also has a way of popularising such protests.”

He also noted that state governors should hold talks with residents and make them aware of their plans to ameliorate the hardship ravaging the country.

The legal practitioner stated, “So, this time around the government should try to identify the leaders of the movement and then engage them, and then the questions be raised. There are demands that are being made, and the government should address these demands.

“Between now and August 1 is still a long way and I understand the government is going to address the nation. It is also important for governors to come out and let the people know what they are doing to address hardship in the country which nobody is denying.”

Over the past week, calls for a nationwide hunger protest have been gaining traction across social media.

Addressing the matter on Tuesday, President Bola Tinubu, through the Minister of Information and National Orientation, Mohammed Idris, appealed to Nigerians who plan to stage nationwide hunger protests to shelve the plan as he called on citizens to give his administration enough time to respond to their requests.

“On the issue of the planned protest, Mr. President does not see any need for that. He asked them to shelve that plan and he has asked them to await the government’s response to all their pleas,” Idris said after a closed-door meeting with the president.

However, there’ve been calls from other quarters urging the FG to allow concerned Nigerians to proceed with the planned protest.

“Chasing shadows and contriving purported persons behind the planned protests is an exercise in futility when it is obvious that Nigerians, including supporters of Tinubu and the ruling APC, are caught up in the hunger, anger, and hopelessness brought about by the incompetence and cluelessness of this government,” former Vice President and key opposition figure, Atiku Abubakar said on Tuesday in a tweet via his X handle, #atiku.

Also, Amnesty International on Tuesday advocated citizens’ right to engage in the hunger protest, saying, “Threatening peaceful protesters is unlawful. It is a clear attack on freedom of assembly — which is guaranteed by international law and Nigeria’s 1999 Constitution:

“Nigerians must not be denied the constitutionally and internationally guaranteed right to peaceful protest; through veiled threats of violence and false insinuations.”

Anti-government protest: Threats won’t work – Femi Falana tells FG

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Anti-government protest: Threats won’t work – Femi Falana tells FG

Activist lawyer Femi Falana said no threat from the government or any quarters can stop the looming nationwide protests scheduled to begin on August 1.
TVN reports that some organisations and even the presidency had issued statements condemning the planned nationwide protests aimed at drawing the attention of the Federal Government to the prevailing hardship in the country.
Speaking on Channels TV on Tuesday, Falana urged the FG to identify the organisers of the protest and engage them in productive dialogue.
He said: “They have a way of contacting themselves and I think the government can draw some lessons from that 2020 (#EndSars) experience. Identify those who are planning the protest and then engage with them productively.
“Threat will not work. In fact, the action of the government has a way of popularising such protests.
“Nobody listens to such warnings. This time around, the government should identify the leaders of the movement and have some dialogue with them. There are demands that are being raised, the government should address those demands.”
Anti-government protest: Threats won’t work – Femi Falana tells FG

Lagos Red Line to begin operation in September

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Lagos Red Line to begin operation in September

The Lagos State government said on Wednesday the state’s Rail Mass Transit (LRMT) Red Line would begin operations in September.
The Managing Director of Lagos State Metropolitan Area Transport Authority (LAMATA), Mrs. Abimbola Akinajo, disclosed this at a news conference organised by the Ministry of Transportation and its agencies on Tuesday in Lagos.
She said the Red Line rail was 99 percent ready and would begin operations in the last quarter of the year.
Akinajo, who was represented at the briefing by the agency’s Director for Rail, Mr. Olasukanmi Okusaga, said the technical test run for the Red Line system had commenced ahead of September.
READ ALSO: Lagos govt procures additional rolling stocks for railway Blue and Red Lines
She said: “The train will be having four trips per day from Oyingbo to Agbado at 8:30 a.m. and 12:30 p.m. and this will run for four weeks.”
Also, the Managing Director of Lagos Bus Services Limited (LBSL), Mr. Idowu Oguntona, said the company had provided transportation to two million Lagos residents from May till date.
Oguntona added that the LBSL had a fully accredited high-capacity training school for drivers.
“We have also established a Sustainable Policy to decarbonise our fleet and this will help us to be environmentally responsible,” he said.
The Motor Vehicle Administration Agency (MVAA) General Manager, Mr. Rasheed Muri-Okunola, noted that the authority had automated its system to ensure seamless service delivery.
“We are working to ensure seamless delivery of service, working to get one’s plate number has been reduced to 36 hours from 48 hours.
“The MVAA is working with the Lagos State Number Plate Production Authority to actualise this and we have a one-stop centre at Ikorodu, Lekki, Agbado, and others,” he said.
The post Lagos Red Line to begin operation in September appeared first on Latest Nigeria News | Top Stories from TVN.

Tinubu signs North West Development Commission Bill into law

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Tinubu signs North West Development Commission Bill into law

President Bola Tinubu has given presidential assent to the North West Development Commission Bill.

Speaking on the bill, the sponsor and the Deputy Senate President, Jibrin Barau, commended the passage of the bill,

He noted that with the presidential assent, the Federal Government intervention agency will address the deleterious state of infrastructural facilities in the region.

Speaking with journalists on Tuesday in Abuja, Barau noted that it would mitigate the poor state of infrastructure in the region destroyed by the terror gang, Boko Haram.

He added, “The President has signed the North West Development Commission Bill into law. It has come to light that the commission is going to assist in developing the North West.

“You are all aware of the development of that zone that is at the forefront of food production in this country but it has been ravaged of recently by activities of Boko Haram that have destroyed health, education, and infrastructures. With this Commission, we can rebuild this region.

“Mr. President has shown that he loves the people of this region and whatever is done for North West, he has done for the entire country because we are all interconnected.”

According to the Deputy Senate President, the presidential assent has shown the President’s foresight and goodwill to develop the country.

“I appeal to Nigerians to cooperate with him he has been showing to us what he did in Lagos. We appreciate what he has done.

“What he has done is a demonstration that he is a leader to be trusted, we have to be patient with him, we know that Rome wasn’t built in a day. Let us continue to pray for him. This is just his one year, let us support him and shirk away those who want to distract him,” Barau said.

Egyptian fintech, MNT-Halan, raises $157.5m in financing to extend market penetration

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Egyptian fintech, MNT-Halan, raises $157.5m in financing to extend market penetration

Egyptian FinTech company, MNT-Halan has raised $157.5 million in funding, including $40 million from the International Finance Corporation (IFC), with the remainder coming from Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp.
With the funding now secured, MNT-Halan intends to revolutionize access to financial services for individuals and enterprises in the country via its digital platform, claiming to serve “millions”.
MNT-Halan was founded in 2018 with the goal of providing digital banking services to the unbanked and replacing cash with electronic alternatives.
READ ALSO: Google in advanced negotiations to acquire cyber startup Wiz for $23bn – Report
The company’s digital ecosystem includes lending to small and micro businesses, payment processing, consumer financing, and e-commerce services.
Mounir Nakhla, founder and CEO of MNT-Halan, emphasised the strategic direction of the company, stating, “While Egypt remains our primary market, we are committed to revolutionising access to financial services through technology beyond Egypt’s borders.
‘‘Our M&A strategy capitalises on our technology and industry expertise while leveraging our partners’ local knowledge, management capabilities, and licences. We are happy to have the IFC on board and to see the continued confidence from our current shareholders through their participation in this round.”
The post Egyptian fintech, MNT-Halan, raises $157.5m in financing to extend market penetration appeared first on Latest Nigeria News | Top Stories from TVN.

Tinubu’s wife urges Nigeria-based Turks to learn local languages

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Tinubu’s wife urges Nigeria-based Turks to learn local languages

Nigeria’s First Lady, Mrs. Oluremi Tinubu, says citizens of Turkiye based in Nigeria should learn any of the major local languages as a way to integrate with the society.

“Turkish citizens here should also learn some of our languages,” said Tinubu when she visited the Yunus Emre Institute, Maitama, Abuja, at the invitation of the First Lady of the Republic of Turkiye, Mrs. Emine Erdogan, on Tuesday.

The Senior Special Assistant to the First Lady on Media, Mrs. Busola Kukoyi, disclosed details of Tuesday’s outing in a statement titled ‘First Lady Oluremi Tinubu urges youths to believe in themselves.’

She called on youths to be focused positively and set their minds on creative things.

Established by the Turkish Government, the institute trains Nigerians in creative arts and other aspects of cultural exchange between the two countries.

Mrs. Tinubu said, “This centre provides great opportunities for you to live your dreams as artists.

“You are not only learning about Turkey but also actualisons your dreams.

“Believe in what you are doing, and as long as you set your mind to it, you will succeed. Dream big but do not despise the days of humble beginnings.”

The First Lady, who inspected some of the paintings exhibited by the Nigerian artists at the centre, expressed her delight at the level of creativity while admonishing them to express more positivity in their creative works.

She also visited the classroom of some of the children from an orphanage who are undergoing formal education courtesy of the Turkish Embassy in Nigeria.

“I see this as a step towards granting our children scholarships just as we have with the Republic of Belarus,” she said.

Mrs. Tinubu thanked her Turkish counterpart, Erdoğan, for her presence at the recently concluded OIC High-Level Seminar on Cancer Awareness hosted by Nigeria and also for inviting her to visit the centre.

“I appreciate the First Lady for all the work she is doing for Africa and also for identifying Africa as the rising sun and light,” she said.

Earlier, the Ambassador to Turkey in Nigeria, Hidayet Bayraktar, while welcoming the First Lady to the centre, noted the collaborative efforts between the two nations, especially in the area of cultural exchange and education.

He said, “Our relations have been growing especially in economic issues. We have very good political relations as well.

“One of the aspects of these relations is, of course, the cultural aspects of these two countries.

“One of the aims of this Institute is that the Nigerian students that are learning Turkish will have the opportunity of working in Turkish companies, when they come to establish here and even when they go to Turkey.”

The Ambassador expressed optimism of a more robust relation between the countries.

Tuesday’s meeting comes three months after the First Lady visited the Republic to launch two High Endurance Offshore Patrol Vessels for the Nigerian Navy.

Since Nigeria and Turkiye established diplomatic ties in 1962, both nations have intensified partnerships buoyed by mutual interests in expanding trade, military cooperation, and educational exchanges.

Turkey sees Nigeria as a pivotal partner in Africa, given its significant population and economic potential, while Nigeria benefits from Turkey’s technological advancements and investment.

In December 2021, Nigeria’s former President Muhammadu Buhari visited Turkiye to attend the third Turkey-Africa Partnership Summit.

Two months earlier, in October, Turkish President Recep Tayyip Erdoğan visited Nigeria as part of a three-nation African tour.

The visit led to the signing of eight major agreements covering energy, mining, defence and counter-terrorism.

LG polls: PDP seeks more women in elective offices in Akwa Ibom

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LG polls: PDP seeks more women in elective offices in Akwa Ibom

Ahead of the October 2024 local government elections in Akwa Ibom State, the Peoples Democratic Party, PDP, has expressed the desire to see women occupy more elective offices.
To achieve that, the PDP state chairman, Elder Aniekan Akpan, while interacting with journalists in Uyo on Tuesday, said the party has given a waiver to female aspirants to purchase the Expression of Interest form, while the main form, the nomination form, would be given free of charge to them.
The chairman said that was the directive from the leader of the party and governor of the state, Pastor Umo Eno, to encourage more women’s participation in governance.
He said the party was targeting having at least six female local government chairmen, two from each of the three senatorial districts and four female councillors from the 368 wards in the state.
He, therefore, urged women, whom he described as strong and resourceful, to maximise the opportunity given by the governor to take up these elective positions in the forthcoming council elections.
According to him: “We want to encourage women; we are gender friendly. This governor has come up with his own mantra; total participation and inclusiveness down to the local level.
“Women have been there for us. In mobilisation, going to elections, you see them lining up to vote, so why can’t we reciprocate and allow them to take up some of these positions?
“It was a directive from the leader of the party, the governor. We need numbers to win and women are there in their numbers. They are not as weak as people presume. We have strong and capable women and we want to give them the opportunity to excel.”
The chairman also said the sales of councillorship forms would end on Wednesday, July 24 and that of chairmanship begins immediately the same day.
While expressing the readiness of the party to conduct the primaries and the elections proper, elder Akpan urged the aspirants to adhere strictly to the party guidelines, even as he promised to provide a level playing field to all of them.
“The aspirants already have our guidelines and they have to adhere to them strictly; we want everybody to go through the process,” he said.
LG polls: PDP seeks more women in elective offices in Akwa Ibom

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