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NNPC To Deliver Zero FAAC Remittance in May As Subsidy Payment Eats Deeper

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NNPC Nigeria

The Nigerian National Petroleum Corporation (NNPC) has disclosed that its projected monthly remittance to the Federation Accounts allocation committee (FAAC) for May will be zero.

This implies that the three tiers of government, federal, states and local governments, are in for tough times next month as they may get less from the Federation Account.

Already, the NNPC, which is being made to bear the cost for the price differential between the market price and pump price of petrol on behalf of the federation has served a notice that it will not be able to remit any funds to the Federation Account in April for distribution in May.

In a letter by the corporation to the Accountant-General of the Federation (AGF), Mr. Ahmed Idris,

NNPC said it posted a value shortfall of N111.966 billion in February 2021, which will ultimately impact on its ability to contribute to the joint account shared by the federal, state and local governments.

A copy of the letter, signed by the corporation’s Chief Financial Officer, Mr. Umar Ajiya, and dated April 26, 2021, was obtained by the media yesterday.

The minister of finance, budget, and national planning; the director-general, Nigeria Governors’ Forum; the director, home finance; and the chairman, Commissioners of Finance Forum were copied.

The implication is that the zero remittance from the NNPC may affect the monthly allocation to states, which may ultimately struggle to meet their statutory obligations, including payment of salaries and pensions.

The NNPC, in the letter, attributed the N111.966 billion shortfall to the rising average landing cost of petrol, which jumped to N184 per litre in March as opposed to the existing N128 ex-coastal price.

According to the corporation, the N111.966 billion incurred as landing costs would be deducted from April oil and gas proceeds due to the federation in May.

It stated: “Further to our previous correspondences on the above subject, we wish to advise on the projected remittance to the Federation Account for the months of April (May FAAC) to June 2021 (July 2021 FAAC).

“The accountant-general of the federation is kindly invited to note that the average landing cost of petrol for the month of March 2021 was N184 per litre as against the subsisting ex-coastal price of N128 per litre, which has remained constant notwithstanding the changes in the macroeconomics variables affecting petroleum products pricing.

“As the discussions between government and the labour are yet to be concluded, NNPC recorded a value shortfall of N111, 966, 456, 903.74 in February 2021 as a result of the difference highlighted above.”

The corporation said a projection of remittance to the Federation Account for the next three months had been sent to the Office of the Accountant-General.
It added: “Accordingly, the AGF is invited to note that the sum of N111,966,456,903.74 will be deducted from April 2021 oil and gas proceeds due to the federation in May 2021, which will translate to zero remittance to the Federation Account from NNPC in the month of May 2021.”

The corporation stated that the move was to ensure the continuous supply of petroleum products to the nation and the guarantee of energy security in the country.

Group Managing Director of the NNPC, Mallam Mele Kyari, had earlier raised the alarm over the rising landing cost of the product, saying that the NNPC could not continue in that trajectory.

However, earlier this month, Kyari assured the nation that there would be no price increase, even till May, as negotiations between labour and the federal government was continuing.

Also, during a visit to President Muhammadu Buhari, Kyari had said the NNPC had continued to shoulder the burden of paying subsidies, adding that in a deregulated pricing system, the product would be selling above N200 rather than the current N162 official price.

“The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of petrol that we are consuming and, therefore, someone is paying that cost,” he said, adding: “As we speak today, the difference is being carried in the books of NNPC and I can confirm to you that NNPC may no longer be in a position to carry that burden.”

In March last year, when the international price of crude oil was low, the federal government announced that it had deregulated the downstream sector, which meant that the pump price would be determined by market forces.

That policy was implemented for months until crude oil prices rose again, and the eventual return of subsidies’ payment, which the NNPC has put at about N120 billion monthly.

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Zynga Quarterly Net Revenue Up Almost 70% YoY – $680M in Q1 2021

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zynga - Investors King

American video game publishing company, Zynga, got investors excited after revealing strong 2020 numbers and an exciting acquisition plan for the future. According to data presented by SafeBet, Zynga’s quarterly net revenue increased by 68.5% YoY, reaching $680M in Q1 2021.

Zynga Posted YoY Revenue Growth of Close to 70%; CAGR at almost 10% from 2018-2021

Like many in the video game industry, Zynga saw engagement spike in 2020 as lockdowns forced people to shelter indoors in many parts of the world. As a result, Zynga posted strong numbers in many metrics in 2020, a trend that has continued on to 2021. In Q1 2021, Zynga posted a record quarterly revenue of $680.3M – a 68.5% YoY increase from the $403.8M revenue earned in Q1 2020.

Q1 2021’s revenue is also a 10% QoQ increase from Q4 2020’s $616M revenue. In the period from Q1 2018 – Q1 2021, Zynga’s quarterly revenue grew at an impressive Compound Annual Growth Rate (CAGR) of 9.53%. 97% of Zynga’s total revenue is generated from their mobile games which amounted to $660.7M in Q1 2021.

Zynga’s User Base Grew Significantly Since Q1 2020

Zynga’s user base also rose sharply within the same reporting period. In q1 2021, Zynga’s mobile games had 38M average daily active users (DAU) This figure is a sharp YoY increase of almost 81% from Q1 2020’s 21M average DAU. Zynga’s average monthly active users (MAU) grew even more in the same reporting period.

In Q1 2020, Zynga registered 164M MAU compared to just 68M in Q1 2020 – a staggering 141% YoY increase.

Zynga Has 8th Largest Market Share; Announces Plans to Make $250M Acquisition

As of Q1 2021, Zynga had the 8th largest market share among mobile gaming publishers in the US with a 2.09% share. The company also recently announced plans to purchase the ad-technology company Chartboost clearly signalling Zynga’s intention to enter the mobile advertising industry.

Rex Pascual, esports editor at Safe Betting commented;

“Zynga’s continued strong performance in Q1 2021, combined with publicised plans to purchase Chartboost has got investors very excited about what’s to come for Zynga. The company is well-positioned to sustain its impressive growth after not only adding an entirely new revenue stream but a very lucrative one at that.”

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Combined Revenues Of World’s Top Five Football Clubs Still $330M Below Pre-COVID-19 Levels

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Real Madrid's Portuguese forward Cristia

Over the last two decades, football became a massive cash-generating industry bringing millions of dollars of profit across Europe. However, the COVID-19 crisis produced a costly financial hit to European football leagues, causing their clubs’ revenues to plunge deep below 2019 levels.

According to data presented by SafeBettingSites.com, the combined revenues of FC Barcelona, Real Madrid, FC Bayern Munich, Manchester United, and Liverpool FC, as Europe’s five biggest football clubs, hit over $3.5bn in 2021, $330 million less than before the pandemic struck.

Considerable drops in broadcast and matchday profits triggered by lockdowns caused football clubs’ revenues to fall significantly amid the COVID-19 pandemic.

The Forbes data revealed that FC Barcelona ranked as the leader among the European football clubs, with $792 million in revenue in 2021, compared to $824 million two years ago. Despite that, the team value of the Spanish club increased by $800 million, rising from $4bn in 2019 to $4.8bn in 2021.

As the second-leading football club by revenue Real Madrid witnessed a much bigger financial loss in this period. In 2019, one of the most prestigious football clubs worldwide generated $896 million in revenue. Over the last two years, this figure plunged by $104 million to $792 million in 2021, a three times bigger loss than its largest competitor FC Barcelona.

The Forbes data revealed that Real Madrid also managed to increase its team value despite the financial losses caused by the pandemic, with the figure rising from $4.2bn to $4.8bn in two years.

As the third-largest football club by revenue, FC Bayern Munich also witnessed impressive revenue growth in recent years. Statistics show German club’s revenues more than doubled in a decade, jumping to over $751 million in 2019. However, the COVID-19 pandemic brought a costly hit to the club’s finances, with revenues falling to $703 million in 2021, a $48 million drop in two years.

Statistics show that the leading Premier League club, Manchester United, suffered the largest revenue cut among the top five European football clubs in this period. In 2021, the club’s revenues hit $643 million, $152 million less than in 2019.

As the fifth-largest football club on this list, Liverpool FC is the only club whose revenues increased in two years, rising from $613 million in 2019 to $619 million in 2021.

Over the last two decades, football became a massive cash-generating industry bringing millions of dollars of profit across Europe. However, the COVID-19 crisis produced a costly financial hit to European football leagues, causing their clubs’ revenues to plunge deep below 2019 levels.

According to data presented by SafeBettingSites.com, the combined revenues of FC Barcelona, Real Madrid, FC Bayern Munich, Manchester United, and Liverpool FC, as Europe’s five biggest football clubs, hit over $3.5bn in 2021, $330 million less than before the pandemic struck.

Considerable drops in broadcast and matchday profits triggered by lockdowns caused football clubs’ revenues to fall significantly amid the COVID-19 pandemic.

The Forbes data revealed that FC Barcelona ranked as the leader among the European football clubs, with $792 million in revenue in 2021, compared to $824 million two years ago. Despite that, the team value of the Spanish club increased by $800 million, rising from $4bn in 2019 to $4.8bn in 2021.

As the second-leading football club by revenue Real Madrid witnessed a much bigger financial loss in this period. In 2019, one of the most prestigious football clubs worldwide generated $896 million in revenue. Over the last two years, this figure plunged by $104 million to $792 million in 2021, a three times bigger loss than its largest competitor FC Barcelona.

The Forbes data revealed that Real Madrid also managed to increase its team value despite the financial losses caused by the pandemic, with the figure rising from $4.2bn to $4.8bn in two years.

As the third-largest football club by revenue, FC Bayern Munich also witnessed impressive revenue growth in recent years. Statistics show German club’s revenues more than doubled in a decade, jumping to over $751 million in 2019. However, the COVID-19 pandemic brought a costly hit to the club’s finances, with revenues falling to $703 million in 2021, a $48 million drop in two years.

Statistics show that the leading Premier League club, Manchester United, suffered the largest revenue cut among the top five European football clubs in this period. In 2021, the club’s revenues hit $643 million, $152 million less than in 2019.

As the fifth-largest football club on this list, Liverpool FC is the only club whose revenues increased in two years, rising from $613 million in 2019 to $619 million in 2021.

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Education

Ministry of Primary Education of the Republic of Cameroon Will Receive 1 mln Licenses of Russian MyOffice Software

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Myoffice software - Investors King

The Russian developer of office software for joint work on documents and communications announced that a memorandum has been signed with the Ministry of Primary Education of the Republic of Cameroon for the supply of 1 million licenses of MyOffice software to all schools around the country over a period of 10 years.

The signing ceremony took place in Yaoundé, the capital of Cameroon, with the direct support of the Ministry of Foreign Affairs of Russia, represented by Mr. Anatoliy Gennadyevich Bashkin, Ambassador Extraordinary and Plenipotentiary of the Russian Federation in the Republic of Cameroon.

The memorandum was signed by Mr. Laurent Serge Etoundi Ngoa, Minister of Primary Education of the Republic of Cameroon, and Mr. Jafar Hilali, founder and managing partner of Carousel Finance SA, a master partner for distribution of MyOffice in African countries. The signed memorandum provides for collaboration in the form of a public-private partnership, under which Carousel Finance SA is to supply 1 million MyOffice licences to primary and secondary schools in the Republic of Cameroon over a period of 10 years, and the educational institutions will receive MyOffice software free of charge.

The memorandum was signed during a business mission held in the country, which entailed a series of meetings at the highest state level. For example, at a meeting with Mr. Joseph Dion Ngute, Prime Minister of the Republic of Cameroon, the parties discussed the current challenges in the sphere of information security faced by leaders of the republic, and discussed proposals for developing a digitization program in the country using Russian software.

“Signing the memorandum became a logical continuation of the collaboration with MyOffice. Last year, we initiated pilot projects for implementation in 10 schools around Cameroon, which demonstrated their effectiveness as part of the school program. Our approach to teaching children involves not only the transfer of fundamental scientific knowledge, including natural sciences, but also the development of digital literacy skills among the younger generations. We are interested in using the safe Russian software MyOffice in our teaching practices, and starting from today, it will be delivered to all schools around the country,” declared Laurent Serge Etoundi Ngoa, Minister of Primary Education of the Republic of Cameroon.

“MyOffice arouses genuine interest among African countries that are taking their first steps on the road to civilization and facing new challenges in the field of IT. The Republic of Cameroon was one of the first to prioritize the development of its digital sovereignty; it recognized the need to upgrade its own proprietary infrastructure, and has already seen the first positive results of pilot projects to implement Russian software. The official agreement was a confirmation of the Government of the Republic of Cameroon’s serious interest in switching to modern and safe MyOffice products,” stated Jafar Hilali, founder and managing partner of Carousel Finance SA, a master partner for distribution of MyOffice in African countries.

“The Republic of Cameroon aims to become a leader on the African continent by providing its citizens with modern digital services and support. Today, 14% of the population have Internet connection, and the total length of high-speed communication lines exceeds 8,000 km. It is clear that implementing digitization in the country would be impossible without first providing training and developing digital literacy. Switching to the modern Russian software MyOffice in Cameroonian schols will make it possible to achieve this goal more quickly and easily,” believes Gleb Cheglakov, managing partner of Carousel Finance SA.

“We see great potential in developing the Russian-African partnership, and believe that the Republic of Cameroon is one of the most attractive countries for Russian business, since it shows stable population growth and economic prosperity. According to the World Bank, the population size has increased by 27% in the last ten years alone, and the per capita GDP has grown by 41% over the same period. The signing of the high-level memorandum highlights the mutual interest and expands new horizons for development of the private-public partnership,” pointed out Dmitry Komissarov, General Director of MyOffice.

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