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Startimes Reduces Decoder, Antenna Prices

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StarTimes has reduced the prices of its decoder and antenna for new subscribers willing to purchase them until March 31.

 

The Pay TV company announced the price reduction from N10, 500 to N7, 500 for its DTT (Antenna) and N9, 500 to N6,500 for its SD decoder.

 

The HD decoder now sells for N7, 500 while a combination of HD Decoder and Antenna sells for N8,9 00, a more than 30 per cent reduction.

 

Kunmi Balogun, StarTimes public relation manager, in a statement said StarTimes is the top destination for news coverage during this season, adding the pay tv has added more news channels.

 

“We recently added PlusTV Africa to our news channels while the existing ones such as TVC, Channels and NTA News 24 remain.

 

“We place great priority on the quality of our content as we continue to evolve, adding more of local channels that our subscribers have found engaging and all-round entertaining and irresistible over time”, he said.


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Multichoice Writes Off N31.6Bn with liquidated Heritage Bank

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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.


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EFCC Cracks Down on Currency Racketeering: 50 Convicted

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Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), says the commission has convicted over 50 persons for currency racketeering and dollarisation of the Nigerian economy in 2024 alone.

Olukoyede revealed this in Abuja on Monday, November 11, while the Senate Committee Chairman on Anti-Corruption and Financial Crimes, Senator Emmanuel Udendeon was on an oversight and pre-budget presentation visit with other members of the Committee to the corporate headquarters of the EFCC.

The EFCC boss described currency racketeering and dollarisation as an act of economic sabotage.

“I would also like you to know that part of the economic sabotage is in the area of currency racketeering and mutilation and the dollarization of our economy. There is no country in the world that doesn’t regard its currency as a legal tender.

We must respect the Naira. As I am talking to you now, our Special Task Force is all over the place and we have brought some sanity in the handling of the national currency. People are still committing the crime, I am aware of that. This year alone, we have procured over 50 convictions on it.”


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MTN Group Hosts Nigerian Delegation to Bolster Bilateral Ties Ahead of Presidential Visit

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MTN Group recently welcomed a delegation of senior officials from Nigeria’s Ministry of Foreign Affairs at its headquarters in Johannesburg, South Africa.

This visit comes in anticipation of His Excellency, President Bola Ahmed Tinubu’s state visit to South Africa scheduled for December, which aims to enhance diplomatic and economic relations between the two nations.

The Nigerian delegation included prominent figures such as Rt. Hon. Wole Oke, Chairman of the House Committee on Foreign Affairs; Amb. Ahmed Sulu-Gambari, Head of the Ministry of Foreign Affairs; and Nigeria’s High Commissioner, H.E. Alexander T. Ajayi, among others. They were received by top MTN executives, including the Group Chairman Mcebisi Jonas and others.

During the meeting, Rt. Hon. Wole Oke acknowledged MTN’s contributions to Nigeria’s economy. “MTN remains a leading player in the Nigerian telecommunications industry. Over the years, the company has contributed significantly to the nation’s economy through its investment in infrastructure, promotion of digital inclusion, and job creation,” he stated.

The delegation emphasized that MTN’s investments in Nigeria are crucial for strengthening bilateral ties between Nigeria and South Africa. Mcebisi Jonas reiterated MTN’s commitment to fostering these relationships: “At MTN, we believe in Pan-Africanism and promoting African solidarity. Building social, economic, and political relations is crucial for a united Africa, and MTN is dedicated to fostering these relationships across countries.”

Discussions also focused on expanding partnerships between MTN Group and the Nigerian government, exploring how corporate objectives can align with Nigeria’s national development goals.

Jonas highlighted MTN’s long-term commitment to Nigeria’s digital economy: “MTN is in Nigeria for the long haul. We will continue to partner with the Nigerian government in promoting financial inclusion, digital transformation, and other initiatives that will enhance the nation’s economy.”

He assured that MTN would actively support the Nigerian presidency’s diplomatic and economic objectives during the upcoming state visit. President Bola Ahmed Tinubu’s visit to South Africa is set for December 2, 2024, representing a pivotal opportunity for both nations to align their strategic interests and strengthen bilateral relations.


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