Ben Murray-Bruce, the Silverbird Group’s founder, shared how he was swindled out of $3.5 million by his South African business partner in a deal to purchase a cinema complex in Kenya.

Although he refrained from disclosing his partner’s identity, he mentioned that after transferring the stated amount, the South African partner took ownership of the business by registering it under his name.

The former Senator for Bayelsa East Senatorial District made this revelation during the fourth edition of the Peace Anyiam-Osigwe Nigeria Digital Content Regulation Conference, which took place on Thursday in Victoria Island, Lagos State.

He said, “I was called to buy a cinema complex in Kenya for $3.5 million. I transferred the money and my South African partner registered it in his name. That was how I lost that huge investment.

“I have a studio in Los Angeles and I am battling with litigation with one of the most prominent actors in Hollywood.”

The media tycoon shared his passion for film production, revealing that he is developing a movie script, with the film set to tackle key societal issues.

He emphasized the importance of fostering creativity, remembering that during a visit to the Ajegunle area of Lagos some time ago, he witnessed a group of children fighting.

Murray-Bruce noted that the kids — “future leaders” were “learning how to be tough. But some people see them as crooks. Leaders of entertainment in the US today were born in their Ajegunle.

“The entertainment industry is a very successful one. In all the things I have done, I have never made one move about movie making but now, I will. I am working on a script and I know we will get it right. We will deal with fundamental issues.”

The passing of Anyiam-Osigwe, a distinguished Nigerian filmmaker and the creator of the African Movie Academy Awards, was confirmed on January 10, 2023.

The ex-legislator also honored the memory of the late Anyiam-Osigwe, reminiscing about her visits to his home, where she would arrive riding her bicycle.

“Peace came to my house one day and asked me why I abandoned entertainment and became a politician. I have known her since she was six years old. She used to come to our house on her bicycle. Her brothers also used to come riding theirs,” he said.

The Nigeria Macroeconomic Outlook for 2025 has predicted that the naira could sell for N2000 per dollar in a worst-case scenario, while both currencies may exchange for about N1790 in a best-case scenario.

The Macroeconomic Outlook, released yesterday in Abuja by Veriv Africa, a data insights, research, and advisory company, also forecast a 3.6 percent Gross Domestic Product (GDP) real growth rate in 2025.

The body, focused on providing comprehensive insights into Nigeria’s economic and political landscape through rigorous study and diverse expert perspectives, also revealed a GDP growth rate of about 2.5 percent in a worst-case scenario.

Veriv Africa Co-founder, Basil Abia, who made the revelation in Abuja during the unveiling of the 2025 outlook of the macroeconomic landscape of the country, said the research also put the aggregate inflation rate for 2025 at 31 percent, while the price for Premium Motor Spirit (PMS) may rise to N1100 per litre.

He said, “For the best-case scenario, we are going to be able to get a 3.6 percent GDP real growth rate. Outside of that, we are also going to be doing N1790 naira per dollar. And then with regards to PMS, we are going to be seeing PMS prices of over N1200 per litre.

“We are also foreseeing that GDP growth rates will just be around 2.5 percent or 2.53 percent, to be more specific, or around 2.6 percent in the worst-case scenario. We are also foreseeing inflation rates at 36 percent, which is a slight reduction.

“Well, not a reduction, because, in all honesty, the aggregate inflation rate for the entirety of 2024 would be around 33 percent, so a 36 percent headline inflation rate next year is a significant increase, which basically means that our bills will be further tightened.

“Now, for the worst-case scenario, this is the one that a lot of people are praying doesn’t happen. We are foreseeing the dollar going for N2000 naira per dollar.”

He added that the organisation is working hard to provide policymakers with more nuanced and in-depth coverage of local happenings compared to economic reports by the International Monetary Fund (IMF), the World Bank, and the African Development Bank (AfDB).

He added, “We are trying to give policymakers more nuance, more in-depth coverage across the board for them to plan with, in terms of policy implementation, programmatic design, and policy ideals. The difference between our outlook and the outlook of the IMF is the depth and local context.

“Our macroeconomic model is very sound. We also complement that with very sound qualitative data. We did a lot of coverage in mining. We carried out key interviews with mining experts and mining players.”

Earlier in her remarks, Managing Director of Veriv Africa, Omotayo Faro, explained that the initiative was born from the belief that data-driven decision-making is key to unlocking Nigeria’s full potential.

According to Faro, the 2025 macroeconomic outlook is a result of meticulous research and analysis by a team of experts and provides a comprehensive overview of the key economic trends, challenges, and opportunities Nigeria will face in 2025.

She noted that the research is designed to empower Nigerians with the knowledge they need to navigate the complex economic landscape in Nigeria and make important decisions.

“We hope that this outlook will serve as a valuable resource for policymakers, stakeholders, businesses, and investors. We are committed to continuing to provide high-quality research and analysis to help shape Nigeria’s future,” she said.

The Zamfara Government says it will implement the N70,000 minimum wage very soon, the State Head of Service, Alhaji Ahmad Liman, has said.

Liman, who disclosed this at a press briefing in Gusau on Wednesday reiterated Gov. Dauda Lawal administration’s commitment to promoting the welfare of the civil servants in the state.

He said that Lawal has already promised to pay N70,000 minimum wage to the state civil servants.

“You know the state government set up a committee for the civil servants verification and that of the implementation of the 70,000 minimum wage.

“The two committees have been working day and night to complete the exercise,” he said.

Liman emphasised that the committee’s responsibility was to provide an accurate framework of civil servants data in the state for immediate implementation of the minimum wage.

“The welfare of workers is a top priority for our administration, I am very confident that the implementation of the new minimum is the top priority agenda of Gov. Lawal.

“The two committees conducting the ongoing exercises are expected to complete their work by the end of this month of November,” he stated.

Liman said that as soon as the committees complete their work and present their report to the governor he would approve the new minimum wage.

He said, “You know, the ongoing exercise is necessary to address various irregularities in the civil service sector inherited by the previous administration.”

The head of service mentioned ghost workers and over payment among the irregularities discovered at the ongoing verification exercise.

“We discovered a single general hospital in the state with 22 medical doctors receiving salary monthly,

“The ongoing exercise discovered only two doctors are real workers in that hospital, all the remaining 20 doctors were fake workers.

“There was also an issue of a secondary school teacher receiving N140,000 as his monthly salary, but the committee discovered that he was receiving N700,000,” he explained.

Liman further disclosed another issue of a medical doctor receiving N700,000 as his monthly salary but he was discovered by the committee receiving over N1 million.

“There are a lot of issues related to the civil service sector in the state, I believe at the end of the ongoing exercise, the details of the findings of the committee will be made available to the public.

“I am therefore appealing to the civil servants in the state to remain calm, the state government under Gov. Dauda Lawal is committed to their welfare,” he explained.

Subscribers to pay TV services have berated MultiChoice Group for announcing that its Nigerian unit, MultiChoice Nigeria, lost 243,000 subscribers on its Digital Satellite Television (DStv) and GOtv services within six months.

The News Agency of Nigeria (NAN) reports that the South African-owned pay-TV operator had, in its Interim Financial Results for the period ending Sept. 30 released on Tuesday, announced the loss of 243,000 subscribers on its DStv and GOtv.

NAN also reports that MultiChoice had attributed the decline to Nigeria’s high inflation rate, which has exceeded 30 per cent, resulting in rising costs of food, electricity and fuel, thus causing many customers to unsubscribe.

The company further reported a 566,000-subscriber loss in the Rest of Africa operations over the past six months, with Zambia and Nigeria contributing the largest shares.

The announcement had sparked reactions from Nigerians, especially DStv and GOtv subscribers, with many saying that the company was the cause of its woes.

Some of them, who joined the buzz on social media, said that they were no longer interested in subscribing to MultiChoice services because the prices were no longer affordable, considering current economic situation of the country.

@cashoggy: “They will still lose more subscribers. Internet and smart TV have rendered Dstv unattractive with their rate.

“Imagine paying 25,700 for a premium subscription when you can surf the internet and watch all the programs for less.”

Another Nigerian, @ gentle_t said: “Why we dey sub again when 2/4/7, many people are using their phones to watch what they want.”

@realbl posted: MultiChoice lost 243,000 subs because there is Multi-hunger in Nigeria. More so, there are now multiple choices replacing MultiChoice on our tablets when we need to watch soccer.”

@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me.

“A company this big can’t improve on their content? Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”

@Jatiti_O wrote: “You people haven’t realized that people don’t watch TV anymore. They go out in the hot Sun to look for money.”

@ribaduabubakar2 said :“I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”

@ekoh wrote: “Not only bad economy but also everyday increase in their monthly tariff. If they want to bounce back, they should cut their subscription price and make it a pay-as-you-go.”

NAN reports that this development is coming barely eight months after Competition and Consumer Protection Tribunal (CCPT) ordered suspension of tariffs hike by MultiChoice Nigeria.

The company had earlier in a statement entitled: ‘Price Adjustment on DStv and GOtv Packages’ announced price hike on both packages.

However, after the intrigues of series of legal battles, Multichoice Nigeria brazenly hiked the subscription rates for its DStv and GOtv packages, effective from May 1.

Bitcoin soared to a new record high on Sunday, as traders bet that Donald Trump’s return to the White House will be good for the cryptocurrency.

The digital currency passed $80,000 for the first time in its history shortly after 12:00 pm (1200 GMT).

It has been rising since Republican candidate Trump won last Tuesday’s US presidential election over sentiment that he will ease regulations on digital currencies.

Bitcoin reached $75,000 on Wednesday, topping its previous all-time peak of $73,797.98 achieved in March.

Trump was seen as the pro-crypto candidate in his battle with the Democratic Party’s candidate Kamala Harris.

During his first presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, even launching his own platform for the unit.

He has pledged to make the United States the “bitcoin and cryptocurrency capital of the world,” and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of governmental waste.

The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into high-growth assets such as cryptocurrency.

Trump announced in  September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial.

But it had a faltering sales launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer.

Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.

In the run-up to the election, Trump apparently became the first former president to use bitcoin in a purchase, as he bought burgers at a New York City restaurant, which hailed it as a “historic transaction”.

Bitcoin is listed continuously, including on Sundays.

The dollar surged and bitcoin hit a record high Wednesday as traders bet on a victory for Donald Trump as he picked up key swing states needed to take the White House, ramping up bets on fresh tax cuts, tariffs and rising inflation.

While polls had shown the race on a knife edge, the Republican appeared to be faring better than his Democratic opponent Vice President Kamala Harris as results rolled in.

Both candidates picked up expected wins in safe states, but indications that the business tycoon was on course for a second term boosted the so-called Trump Trade.

The tycoon won Georgia and North Carolina, with others still up in the air, while US networks declared him the winner in key battleground Pennsylvania with Fox News calling the election in his favour.

News that the former president’s party had won control of the Senate boosted the prospect of sweeping tax cuts, more tariffs and deregulation — seen as a boost for the greenback.

The dollar jumped 1.5 percent to 154.33 yen, its highest since July, while it was also up more than one percent against the euro and more than three percent against the Mexican peso.

Bitcoin piled more than $6,000 higher to a record $75,371.69, topping its previous peak of $73,797.98 in March.

Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire Elon Musk in charge of a wide-ranging audit of governmental waste.

“The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” Russ Mould, an analyst at AJ Bell, said ahead of Tuesday’s US election.

Investors are “potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency”, he added.

Analysts said a clean sweep of Congress and the White House for Trump and Republicans would likely boost the dollar and Treasury yields owing to his plans to cut taxes and impose tariffs on imports.

Republican control of the Senate and House “could bring sweeping spending or tax policy shifts. Still, congressional gridlock could be the ultimate volatility suppressor”, said SPI Asset Management’s Stephen Innes.

And Peter Esho, economist and founder at Esho Capital, said: “The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook.”

Such an outcome could provide a headache for Federal Reserve boss Jerome Powell as he continues his battle to bring inflation to heel, with Trump’s plans considered inflationary.

The election comes as the central bank prepares to deliver its latest policy decision Thursday amid expectations it will cut interest rates by 25 basis points, having lowered them by 50 points in September.

The dollar’s surge against the yen rallied stocks more than three percent in Tokyo at one point thanks to gains in exporters, while markets Sydney, Singapore, Taipei, Mumbai and Bangkok also rose.

However, there were losses in Shanghai, Seoul, Wellington, Manila and Jakarta.

Hong Kong was also well down — at one point diving almost three percent — on worries about the impact of a Trump presidency on China’s economy and relations between Beijing and Washington.

Traders had been given a strong lead from Wall Street, where all three main indexes climbed more than one percent.

While the result of the election is being closely followed globally, it is of real interest in China after Trump vowed to ratchet up a trade battle with the economic titan by imposing massive tariffs on goods from the country.

The vote comes as Chinese leaders hold a key meeting to hammer out a package of stimulus measures aimed at kickstarting growth and providing support to the colossal property sector, which is mired in a painful debt crisis.

– Key figures around 0710 GMT –

Dollar/yen: UP at 154.21 yen from 151.60 yen on Tuesday

Euro/dollar: DOWN at $1.0711 from $1.0930

Pound/dollar: DOWN at $1.2853 from $1.3035

Euro/pound: DOWN at 83.32 from 83.82 pence

Tokyo – Nikkei 225: UP 2.6 percent at 39,480.67 (close)

Hong Kong – Hang Seng Index: DOWN 2.6 percent at 20,467.69

Shanghai – Composite: DOWN 0.1 percent at 3,383.81 (close)

West Texas Intermediate: DOWN 1.9 percent at $70.59 per barrel

Brent North Sea Crude: DOWN 2.0 percent at $74.03 per barrel

New York – Dow: UP 1.0 percent at 42,221.88 (close)

London – FTSE 100: DOWN 0.1 percent at 8,172.39 (close)