Connect with us

Broadcasting

Multichoice Writes Off N31.6Bn with liquidated Heritage Bank

Published

on

Kindly share this post

Multichoice Group, South African Pay-TV operator, has announced that it has written off N31.6 billion ($21 million) in cash that was held with the recently liquidated Heritage Bank.

Multichoice Writes Off N31.6Bn with liquidated Heritage Bank

A write-off is the decision decision by a company or government to accept that they will never recover a debt or an amount of money that has been spent on something.

The company made this disclosure in its financial results for the six months ending September 30, 2024.

Earlier, in its FY 2024 annual report released in June, the group had reported a deposit of N33.7 billion with the bank as of March 31, 2024, the end of the fiscal year.

However, following cash remittances made before the bank’s liquidation on June 3, 2024, the balance was adjusted to N31.6 billion.

“Following the revocation of Heritage Bank’s banking licence by the Central Bank of Nigeria on 3 June 2024 and its subsequent liquidation, the group wrote off its receivable relating to the cash held with the bank,” Multichoice stated in a note to the $21 million listed as part of its operating losses for the half-year under review.

The Group reported that the continued depreciation of the naira against the US dollar led to additional foreign exchange losses on non-quasi equity loans, particularly on the USD-denominated intergroup loan from MultiChoice Africa Holdings B.V. to MultiChoice Nigeria Limited.

Despite these challenges, the Group successfully repatriated some funds from its Nigerian operations to its headquarters, although the amount was lower compared to the previous year.

“The group extracted USD65 million from Nigeria in the period (1H FY24: USD91 million) at an average rate of NGN1,516:USD (1H FY24: NGN794:USD), incurring extraction losses of USD1 million or ZAR20 million (1H FY24: USD28 million or ZAR518m) in the process.

“The group held USD11 million in cash in Nigeria at period-end, down from USD39 million at end FY24, a consequence of consistent focus on remitting cash, the impact of translating the balance at the weaker naira and the write-off of the USD21 million receivable relating to the cash held with Heritage Bank before its license was revoked and the bank was liquidated,” it stated.

After the Central Bank of Nigeria (CBN), revoked Heritage Bank’s banking license on June 3, 2024, the Nigeria Deposit Insurance Corporation (NDIC), was appointed as the liquidator.

The NDIC has since begun paying insured deposits, with a maximum coverage of N5 million per depositor.

While Multichoice initially stated in June that it would work with the NDIC to ensure a reasonable outcome regarding its funds in the liquidated bank, its deposit exceeds the maximum amount insured by the NDIC.

Recently, the NDIC announced that it is actively working to ensure that depositors with amounts exceeding the N5 million insurance limit are compensated through liquidation dividends generated from the sale of the defunct bank’s assets.

The Corporation also confirmed that it has begun efforts to recover debts and liquidate investments and physical assets from the bank to facilitate timely reimbursement for uninsured depositors.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Broadcasting

NAFDAC Dismisses False Claims of Approving ‘Lung-Cleansing Tea’

Published

on

Kindly share this post

National Agency for Food and Drug Administration and Control (NAFDAC) has refuted claims that it approved a herbal product marketed as “lung-cleansing tea” for smokers.

Mojisola Adeyeye, director-general of NAFDAC, in a statement on Saturday, December 14, clarified that the product, identified as Lungitox (Smokers Pride), was never approved and had its registration application rejected due to its unsubstantiated health claims.

“The attention of the National Agency for Food and Drug Administration and Control (NAFDAC) has been drawn to a misleading video circulating on social media, alleging that NAFDAC approved the registration of a herbal product claiming that ‘smoking is healthy’ when used with their product,” the statement read.

“NAFDAC wishes to categorically state that this claim is false and completely unfounded.

“The product in question—Lung Detox Tea or Lungitox (Smokers Pride) or any similar product—is NOT registered by NAFDAC.

The unscrupulous individual behind this product had applied for registration, but the application was outrightly rejected due to the unsubstantiated and dangerous claim that smoking could be made ‘healthy’ by consuming the product.”

NAFDAC reaffirmed its commitment to protecting public health and ensuring that only safe and scientifically validated products are approved.

“NAFDAC remains steadfast in its mandate to protect public health and ensure that only safe, effective, and scientifically substantiated products are approved.

“We condemn any attempt to mislead or endanger the public with false claims.

“The public is advised to disregard this video and report any suspicious claims or products to the Agency through our official channels.”

Adeyeye provided contact information for reporting such claims, urging Nigerians to remain vigilant.

“For further inquiries or reports, please contact NAFDAC via 0800-162-3322, email [email protected], or visit our website at www.nafdac.gov.ng.

NAFDAC will continue to take decisive action against any individual or entity attempting to violate public health standards.”

The agency reiterated its dedication to ensuring that all products in the Nigerian market meet the required safety and efficacy standards.


Kindly share this post
Continue Reading

Broadcasting

Coalition Drags Reuben Abati, Arise TV to NBC over Anti-Igbo Remarks

Published

on

Kindly share this post

A coalition of media organisations, comprising the League of Public Affairs Analysts and South East Media Professionals Network, has called for disciplinary action against Arise TV and Dr. Reuben Abati, show host, over alleged inciting remarks against the Igbos.

Coalition Drags Reuben Abati, Arise TV to NBC over Anti-Igbo Remarks

This was contained in a formal petition to the National Broadcasting Commission (NBC), signed by Ambrose Igboke.

According to the group, Arise TV and Dr. Reuben Abati allegedly made a divisive comment against the South East and Igbos during a TV Breakfast Show on November 21, 2024.

Recall that during the November 21 Breakfast Show, Abati had said on Arise TV, “It is a shame that the same Igbos who are so industrious that they’re all over and they do well in other parts of Nigeria.

“You go there as a non-Igbo man to go and buy land, you’ll be told that you don’t belong, even as an in-law. These are the issues in my view.”

The journalist and former Presidential aid referred to an incident reportedly involving the former Minister of Information, T.O.S Benson, who sought to purchase land in Igbo land for his wife.

The anti-Igbo comment has resulted in criticism and outburst from different groups.

They argued in the petition that there are “concerns about remarks made by Dr. Abati, which perpetuated harmful stereotypes against the Igbo community.

“These statements have been further amplified by extremist groups like Lagospidia, exacerbating ethnic tensions in an already delicate socio political climate.”

The media professionals said, “Dr. Abati’s reference to the Igbo people in a broad, negative context risks inflaming ethnic tensions and promoting dangerous generalizations. This kind of action was what ignited the Rwandan genocide where the Hutu and Tutsi engaged in a fratricidal war of extermination. It all started with a radio

“His comments were quickly weaponized by groups known for anti-Igbo sentiments, fueling divisive narratives that undermine national unity.

“Dr. Abati’s hostile response to a colleague, Ms. Ojy Okpe, on the following day’s broadcast, demonstrated a troubling disregard for professional journalistic standards.

” The remarks and behavior constitute a breach of the Nigerian Broadcasting Code, which prohibits content that incites division or promotes hate speech.”

The petitioners called for a thorough review of Abati’s remarks and the editorial lapses that allowed such conduct to air.


Kindly share this post
Continue Reading

Broadcasting

NCAA Educates Passengers on Travel Challenges and Solutions

Published

on

Kindly share this post

Nigeria Civil Aviation Authority (NCAA) has called on aviation passengers to become more informed about the challenges they may encounter while traveling through airports.

This appeal was made by the NCAA Head of Consumer Protection, Michael Achimugu, during a road walk in Port Harcourt, the Rivers State capital, on Saturday, December 7.

He highlighted the importance of passenger awareness, especially during the heavy travel season, and emphasized the need for proper sensitization regarding flight delays and possible solutions.

“We’re now in the high travel season in aviation and as you know there’s been a lot of flight disruptions as well as a lot of complaints,” Achimugu said.

“Our duty at NCAA is to sensitize our passengers because most of the time when complaints come about these disruptions, it comes from a place of poor knowledge about their rights and responsibilities as air passengers. We must protect both the passenger and the airline,” he added.

The NCAA continues to engage in efforts to educate passengers and address concerns during this busy travel period.


Kindly share this post
Continue Reading

Trending