Economy
Osinbajo submits ₦2.3 trillion sustainability plan
The Vice President, Yemi Osinbajo has submitted a ₦2.3trillion sustainability plan to the President. The plan is part of the Federal Government's response to the impact of the COVID-19 pandemic. It includes support of private organisations in strategic sectors and the expansion of the Social Intervention Programmes such as N-power and TraderMoni which have already impacted over 12 million Nigerians. The plan will also focus on providing technology and ICT related jobs.
Banking
Unity Bank announces ₦3.6 billion profit
Unity Bank announced a profit before tax (PBT) of ₦3.6 billion in 2019, a turnaround from its loss of ₦7.5 billion in the previous year. The change in fortune was driven mainly by an 18% increase in net interest income to ₦16.5 billion and a 5% reduction in operating expenses to ₦19.6 billion. Unity Bank’s profitability has continued in 2020 as it announced a Q1 2020 PBT of ₦550 million.
Film and Tv
Multichoice to integrate Netflix, Amazon streaming services on decoder
Multichoice, owners of DStv, Africa’s largest PayTV, signed deals with Netflix and Amazon, to integrate their streaming services into a new DStv Explora decoder. The goal is to encourage customer retention as competition arises with streaming platforms gaining subscribers in Africa. Still, in Multichoice’ full-year report (2019 April - March 2020), its subscribers rose by 5%, with demand increasing in March when South Africa, its biggest market, began its COVID-19 lockdown.
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