Huawei’s revenue has continued to fall under the weight of US sanctions that have heavily impacted the company’s businesses globally.

The Chinese telecom giant said on Friday its annual revenue had fallen by nearly a third from the previous year, as it continued to be weighed down by US sanctions that have hit its smartphone sales.

In an annual New Year message, Huawei’s rotating chairman Guo Ping said the company’s revenue fell 29% year-on-year to 634 billion yuan ($99.5 billion).

“In 2021, despite all the trials and tribulations, we worked hard to create tangible value for our customers and local communities,” Guo said.

“We enhanced the quality and efficiency of our operations, and expect to round off the year with a total revenue of 634 billion yuan.”

He added that the telecom carrier segment had “remained stable” and “overall performance was in line with our forecasts.”

Huawei became a victim of the US-China trade, technology and political dispute, which was heightened during former President, Donald Trump’s administration. Concerned about the possible threat Chinese Huawei poses to its national security, the US has imposed multiple sanctions on the telecom vendor, greatly limiting its ability to lead the global 5G roll out and manufacture smartphones.

But in addition to US sanctions, APF noted that Huawei’s revenue has fallen in 2021 due in part to the offloading of its budget phone brand Honor, which was sold late last year.

Huawei is not publicly listed, and the message did not give any other financial specifics.

Guo said the company was on a “bumpy, but rewarding” road, adding that 2022 will come with “its fair share of challenges.”

The US also pressured its allies to uphold many of its sanctions against Huawei, resulting in many western countries’ decision to halt 5G deployment with Huawei.

The embattled firm has been forced to quickly pivot into new business lines including enterprise computing, wearables and health tech, technology for intelligent vehicles, and software. Earlier this year, it announced plans to go into vehicle manufacturing, but that faces the same challenge.

As part of the sanctions, Google was ordered to cut Huawei off from its Android operating system, forcing the company to create its own operating system called HarmonyOS. Huawei was also barred from acquiring crucial components such as microchips, a decision which affects other Chinese entities.

This month, the company launched a new foldable phone and said 220 million Huawei devices were running its HarmonyOS system.

Owing to the US sanctions, Huawei has fallen from the tops where it used to rank among the top-three smartphone makers alongside Apple and Samsung. Its position as the world’s biggest supplier of telecoms network gear has also been dampened.

The company said in October that its January-September sales volume fell 32 percent. However, the Chinese government has been working to boost local chip production so as to help companies impacted by the US sanctions. Huawei also scored a win this year when the chief financial officer Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, who had been held in Canada on a US extradition warrant, was released. Meng spent nearly three years under house arrest, a situation which further complicated US-China political and technology relationship.

Meng was released in November following an agreement by US prosecutors under which fraud charges were to be suspended and eventually dropped. It is not clear how her release will help Huawei out of its present predicament.

This is the full text of Mr. Buhari to Nigerians.

We remain grateful to the Almighty God for yet another Year attained as a country, united by a common destiny and resolute in our determination to overcome the several challenges along the path to build the great and prosperous nation of our dream.

1. I salute the courage and resilience of all Nigerians, which was evident in 2021 as this nation, like other countries of the world, faced significant challenges that occurred as a consequence of the COVID-19 pandemic and the efforts to restore the global economy and social order.

2. The persistent insecurity in certain parts of the country may have threatened to unravel the incremental gains achieved in the real sectors of the economy and in the administration’s overall objective to position the nation on the irreversible trajectory of sustainable growth and progress, but I assure you that we will remain resolute in our commitments and shall continue to press ahead with our programmes and plans.

3. The path to nationhood is often fraught with unpredictable difficulties and challenges, and most tried and tested nations have often prevailed through dogged determination, resilience, concerted commitment to unity, and the conviction that the whole of the nation, standing together against all odds, is by far greater and would ultimately be more prosperous and viable than the sum of its distinguishable parts.

4. There is no doubt that the issue of Security remains at the front burner of priority areas that this Administration has given utmost attention to. As a follow up to our promise to re-energize and reorganize the security apparatus and personnel of the armed forces and the police, it is on record that this Administration has invested heavily in re-equipping our military in line with upgrading the platforms and firepower required to tackle the current challenges being faced in the country.

5. The net results of these efforts have been the number of insurgents and bandits who have willingly surrendered to our Security Forces and continue to do so through various channels and the Safe Corridor created for that purpose.

6. Government, however, realizes that victory on the battlefield is just one aspect of sustainable victory. We know that to fully win this war, we must also win the peace and real security lies in winning the hearts and minds of the affected citizens. To this end, working with our international partners and neighbouring countries, we would be deploying multi-faceted solutions that will be targeted at addressing human security at the grassroots, before it leads to insecurity.

7. Once again I would like to take a moment to remember and honour the gallant Military, Police Officers, and other security agents who have lost their lives in the cause of protecting the territorial integrity of this Nation against both internal and external aggressors, assuring their families that their sacrifices would not be in vain.

8. We equally remember and commiserate with Nigerians who have lost loved ones as a result of insecurity in different parts of the country. Every life matters and every single death caused by any form of insecurity is a matter of personal concern to me both as a citizen and as the President of this great country.

9. We remain fully committed to upholding the constitutional provisions that protect all Nigerians from any form of internal and external aggression.

10. On the economy, we have shown a high level of resilience to record some significant achievements despite the turbulence that has characterized our economy and indeed the global economy. The lessons we have learned and keep learning from COVID-19 have encouraged us to intensify efforts to mitigate its socio-economic effects on our Nation.

11. The major wins we have recorded can be clearly seen in Nigeria’s most recent Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS). The 4.03% growth recorded in the third quarter of 2021 is indicative of the recovery being recorded in our economy and the confidence that is being shown through the policies that our Administration has put in place after the outbreak of the pandemic.

12. We may also recall that this recent growth is closely followed by the 5.1% (year on year) growth in real terms recorded by Nigeria in Quarter 2 of 2021. This growth was one of the best recorded by any nation across Sub-Saharan Africa. The 5.1% growth at that time was and remains the highest growth recorded by the Nigerian economy since 2014.

13. Despite the challenges we have faced as a Nation, the good news is that we have so far recorded four consecutive quarters of growth after the negative growth rates recorded in Quarter 2 and Quarter 3 of 2020 due to the effect of the COVID-19 pandemic.

14. On August 16, 2021, I signed the landmark Petroleum Industry Act into law. The signing of this legacy legislation is a watershed moment in the history of our Nation, considering the massive positive impact the new Act would have on the economy. I would like to sincerely commend the 9th Assembly for the grit they demonstrated, succeeding where others have failed, and the cooperation that led to the completion of this process after almost two decades.

15. Just like I stated during the investment trips and fora that I have attended recently, the legislation is expected to serve as a liberalizing force in the energy industry, and we are optimistic that this law will provide the much-needed legal, governance, regulatory and fiscal framework for the development of the energy sector, the host communities, and Nigeria as a Nation. Our objective to increase Liquefied Natural Gas exports and expand our domestic market is still very much at the forefront of some of the policies we would be pushing in the new year.

16. In year 2022 and going forward, our Administration would intentionally leverage ICT platforms to create jobs, while ensuring that the diversification of our economy creates more support to other emerging sectors. I am proud to announce that several foreign investors are taking advantage of our ranking as one of the leading start-up ecosystems in Africa to invest in our digital economy.

17. We have given the utmost priority to fighting corruption and other related offenses which have been a bane to the growth and prosperity of our dear Nation. We have made major strides and breakthroughs through the innovative use of technology and forensics in the investigative and prosecutorial procedures with commendable results to show that the anti-corruption drive of our Administration is succeeding.

18. In the meantime, the accomplishments that have been recorded so far can be traced to the dedication of the Nation’s anti corruption Agencies who have received the necessary support needed to effectively prosecute their duties.

19. Despite our challenges in 2021, it was also a year in which the Administration executed successfully, key projects, programmes, and initiatives to fulfil the promises made under the Security, Economy Anti-corruption (SEA) agenda.

20. As we welcome 2022, let us, with hope, envision a year of continued progress against our combined challenges arising from security and socio-economic issues.

21. As it is said, the past is but a story told, the future will still be written in gold. Let us be united in our fight to keep our Nation united against all odds and with gratitude, celebrate life in this new epoch.

22. I wish you a very happy and prosperous New Year.

Muhammadu Buhari

Receipts or a payment receipt is a document given to a customer or a buyer as proof of full or partial payment for a product, item or service acquired from the seller or provider of the service. A payment receipt is also referred to as a ‘receipt for payment’. It’s created after payment has been entered on a given sale  and it’s duly signed and endorsed by both the buyer and the seller for it to be valid and legally binding on the contracting parties. 

Whenever you make a purchase or acquire a property or service especially, items of high financial value, you should never be in a hurry to pick up the item and leave, you as the buyer and even as the seller should insist on getting the receipt of the particular items as getting and keeping the receipts have a lot of advantages legally speaking as one of it is that it is a proof that contact has taken place. 

Some of the advantages of having a receipt of payment of an item you purchased may include;

Receipt of payment Proves that you are legally the owner and you are the rightful owner of the item and it can serve as your irrefutable and irrebuttable proof if and when dispute or another claim of ownership arises.

Receipt of payment Proves that the item was not stolen. An item you can provide a receipt gotten from the seller clearly shows you are not a thief and that you didn’t steal the item. You can be accused of stealing an item you can’t provide the receipt for, especially by the law enforcement agents.

It can be required when or if you want to return the purchased item. It’s the only legal means the seller would use to recall you had a transaction with them.

It is the proof of a contract that has taken place between the buyer and the seller and it can help in enforcing the contract between the parties.

Multiple receipts from a seller can show you have a long standing business relationship with them and it can work in your favor when you are negotiating for discounts or reduction in price.

Financially speaking, receipts can help you keep track of your spendings and expenditures.

Receipts state and show the price that an item is purchased and it goes a long way to show that there’s no fraud or backhand dealings.

A receipt is a contractual document that can be presented in court and can be admissible in evidence when the need arises.