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See How Kanye West Lost $2 Billion In One Day

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By Funmilayo Olusanya
Heavy backlash has been directed at controversial US musician, Kanye West, as a result of his most recent anti-Semitic remarks.
West debuted “White Lives Matter” t-shirts at his Yeezy Season 9 show during Paris Fashion Week on October 3, 2022 and in a series of anti-Semitic tirades on social media, West had claimed that the Jews controlled Hollywood and vowed to “go Defcon 3” on the Jewish people, apparently referring to the military readiness condition.
See How Kanye West Lost $2 Billion In One Day

West

As a result of his conduct, there is now more public pressure on the rapper’s business partners to end their relationships with him.
Following are seven prestigious companies that dumped Kanye West due to his anti-Semitic rants;
*Adidas
The sportswear brand cut ties with the rapper on Tuesday after conducting a “thorough review” of his anti-semitic comments.
The company announced that it would immediately cease business with Ye.
“Adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness,” according to a statement from the German company.
The announcement by the sportswear company took a huge blow to the rapper’s financial standing and stripped him of his billionaire status.
Adidas estimates ending this partnership will cost it 250 million euros ($248 million) in net income this year. His Yeezy line brought in an estimated $2 billion a year, which accounted for nearly 10 percent of the annual Adidas revenue.
*Balenciaga
On October 21, Balenciaga, the top fashion brand, also announced it had cut ties with the rapper over his remarks. He had worked with the French company to create a line for Gap.
Read Also: Hard times for Kanye West
“Balenciaga has no longer any relationship nor any plans for future projects related to this artist,”
*Gap
Ye made the move to separate from the clothing brand in September, according to the Associated Press.
In mid-september, Kanye repeatedly took a swipe at the retail company on Instagram while announcing his intention to terminate their contract.
But on Tuesday, Gap took the extra step of announcing that it was ending its Yeezy Gap line of products.
“Our former partner’s recent remarks and behavior further underscore why. We are taking immediate steps to remove Yeezy Gap products from our stores,” according to a company statement.
*JP Morgan Chase Bank
JPMorgan Chase Bank was one of the first companies to sever its ties with Kanye in early October. The major financial institution informed the rapper in a letter that they were ending their banking relationship with him.
Conservative activist, Candance Owens, who is a friend of Ye, shared an alleged letter from the financial institution on her Twitter account informing the Chicago rapper to take his money elsewhere.
Reports have suggested that JPMorgan Chase was dissolving their relationship with Ye due to his anti-Semitic remarks.
*Vogue
Fashion and lifestyle magazine, Vogue, reportedly severed their long and close relationship with Kanye on Oct. 21, 2022. Its Editor-in-Chief, Anna Wintour, have no intentions of working with Kanye again due to his anti-Semitic remarks and White Lives Matter agenda. According to Page 6ix.
Their announcement also comes after Kanye attacked one of their editors, Gabriella Karefa-Johnson, who criticized him for wearing a White Lives Matter t-shirt at his Paris fashion show.
*CAA
On October 24, the Creative Artists Agency (CAA), who started representing West’s tours in 201, ended its contract with the music mogul, citing a similar reason for its decision.
*Footlocker
The sneaker retailer announced that it would not stock Yeezy products going forward and asked employees to hold them in stores’ backrooms pending further instruction on October 21.
“Foot Locker, Inc. does not tolerate any form of antisemitism, or hateful and discriminatory behavior,” the company said in a statement. “While we remain a partner with Adidas and carry a wide assortment of their collections — we will not be supporting any future Yeezy product drops, and we have instructed our retail operators to pull any existing product from our shelves and digital sites.”

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CSOs Urge Further Reduction Of Pump Prices Of Petrol

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NNPCL Raises Official Fuel Pump Price To N537 Per Litre

 

Following the marginal reduction of the pump prices of premium motor spirit (PMS) by the Dangote Petroleum Refinery and the Nigerian National Petrol Company Limited (NNPC Ltd), civil society groups have reacted by calling for further downward review.

Recall that the Dangote Petroleum Refinery had announced a partnership with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, while it reviewed the ex-depot price from N970 to N899.50 per litre.

The move, saw state oil major, the Nigeria National Petroleum Company peg its retail prices at N965/litre.

ALSO READ: Dangote Partnership: MRS Urges Nigerians To Insist On N935/Litre Petrol Price Nationwide

However, the civil society groups are of the opinion that the price reduction, fall short of expectations.

According to the Chairman, Centre for Accountability and Open Leadership, Debo Adeniran, the reduced price of N935/litre was still expensive and unsatisfactory.

He pointed out that petrol was just one of the products coming out of crude and that both government and private business could still give out free petrol to citizens while making huge profits from the other products.

In his words, “Well, we believe that if NNPC and the private sector actually give out PMS for free, they will still not run their business at a loss, because the other derivatives of petroleum products can still serve them, and can still make them to break even. So, even at that N900 and something, it’s still expensive.

“Dangote has kind of mooted the idea that it could drop to as low as N650. And if he has mulled this, then it means that it is the state, it is the NNPC that will have been the clog in the wheel of such progress. And you know also that we expected that fuel prices, especially PMS prices, will drop below N200 when Dangote was expected to come on stream.

“So, it’s unfortunate that we are still talking about over N900 and they want us to jump up and rejoice for that. That is not satisfactory. They should just let us see the breakdown of their production cost and why it’s still there. I mean, there are countries like Libya under Gaddafi that gave out PMS for free and they didn’t run anything at any loss. So, I believe that it can still go further down.”

On his part, the Executive Director of the Civil Society Legislative Advocacy Centre, Ibrahim Rafsanjani, commended the reduction of fuel prices by the NNPC and Dangote, but said the government could still reduce the price.

“Dangote’s own is about N899 or something like that. Well first and foremost, we are happy that there is a little reduction in the prices. But also based on analysis and based on facts and evidences, we believe that it is possible for the Nigerian government to further reduce the prices.

“Because if a private company can reduce the price and it still makes profit, we wonder why government-owned enterprises cannot really pity its citizens,” he said.

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Non-Oil Sector Fuels Nigeria’s Q3 2024 GDP Growth, Says CBN

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The Central Bank of Nigeria (CBN) has announced a significant growth in the country’s economy, with a 3.46% increase in gross domestic product (GDP) in the third quarter of 2024.

This marks the third consecutive quarter of expansion, up from 3.19% in Q2 2024 and 2.54% in Q3 2023.

According to the newly published Q3 economic report, Nigeria’s GDP output rose to ₦20.115 trillion, reflecting a notable improvement from ₦18.285 trillion in the previous quarter.

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The CBN attributed this growth primarily to the performance of the non-oil sector, which grew by 3.37% compared to 2.80% in Q2 2024.

The report highlighted transportation, crop production, and other sub-sectors such as financial & insurance services, information & communication, trade, and real estate as major contributors to the expansion.

The non-oil sector accounted for 3.18 percentage points of the total growth rate.

“The expansion of the non-oil sector was driven by the performance of the financial & insurance, information & communication, crop production, trade, transportation & storage, and real estate sub-sectors,” the report stated.

Despite the economic growth, challenges persist. Inflation, particularly in food prices, remains a significant concern, standing at 39.93% as of November 2024.

Rising food and energy costs have also impacted transportation expenses, with intercity bus fares increasing by 20.23% year-on-year to ₦7,117.17 in July 2024, according to the National Bureau of Statistics.

Furthermore, the cost of petroleum, now exceeding ₦1,000 per litre, has driven up logistics and transportation expenses, adding pressure to households and businesses alike.

The CBN acknowledged these challenges, noting that the growth was achieved despite headwinds such as high inflation and rising operational costs.

Enhanced security measures in the Niger Delta have boosted domestic crude oil production, while restrictive monetary policies have helped moderate inflation in some areas.

“The growth recorded in the country is a result of continued efforts to improve the business environment, streamline cumbersome business processes, and deepen the quality of business infrastructure,” the CBN noted.

However, the report comes amid concerns over businesses exiting Nigeria due to persistent economic challenges.

 

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CSR: Asharami Synergy Donates Furniture To Gaskiya Junior School

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AOW 2021: Sahara Group advocates measured transition in Africa’s upstream sector

 

Asharami Synergy, a leading downstream energy solutions provider, has demonstrated its commitment to community development and education by donating essential furniture to Gaskiya Junior School in Ijora, Lagos, Nigeria.

Biztellers reports that the social responsibility initiative was executed in collaboration with Sahara Group Foundation – the social impact vehicle of global energy conglomerate, Sahara Group.

It was gathered that the initiative is part of Asharami Synergy’s ongoing efforts to support education in communities.

The donation includes classroom desks and chairs for the JSS1 classes.

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CEO of Asharami Synergy, Nomnso Dike, said the project will create a more comfortable and functional learning environment and enhance student performance.

“We are delighted at the opportunity to support the attainment of Sustainable Development Goal (SDG) 4, which focuses on ensuring inclusive and equitable quality education. It has been a privilege to collaborate with the management and students of Gaskiya Junior School to deliver this project, and we look forward to future opportunities to enhance academic performance in this historic institution,” Dike said.

According to him, Asharami Synergy’s education-focused social impact initiatives have benefitted over 10,000 individuals. They focus on building capacity and providing the resources necessary to help students learn and grow sustainably.

“Education is the foundation of a brighter future, and at Asharami Synergy, we believe that every child deserves a learning environment that inspires and empowers them” he noted, adding, “This donation is not just about providing furniture; it’s a reminder to the students that their dreams are valid, and we are committed to helping them achieve their goals.”

Vice Principal Academic of Gaskiya Junior School, Sola Oladokun, commended Asharami Synergy for the donation, noting that it would inspire students to perform better with “increased concentration and fewer distractions”.

“These desks and chairs are a game-changer for our students. It’s heartwarming to see their excitement, and as teachers, we are equally thrilled because this will make teaching and learning more effective. We are incredibly grateful to Asharami Synergy and Sahara Group Foundation for this thoughtful intervention,” she added.

Two representatives of the students, Akin Moses and Chukwudi Gift, at the event said the donation would increase their “desire to dream bigger and concentrate better during lessons”.

Also speaking at the commissioning, COO at Asharami Synergy, Adekanmi Adesola, said, “What started as an opportunity to support the communities that host our operations has now come full circle. This donation directly impacts the lives of these students, and we are proud to bring smiles to the faces of the students and teachers.”

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