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VFD Group Proposes SplitXchange for Financing Nigeria’s Creative Industry

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VFD Group Plc has proposed the introduction of a specialized Exchange that would address the issue of financing in Nigeria’s entertainment and creative industries to bolster foreign exchange earnings and economic development.

Folagbade Adeyemi, the Managing Director of Splitar Limited,  stated this while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) quarterly Forum, sponsored by VFD Group Plc.

Adeyemi revealed that the Group is actively pursuing an exchange platform tailored to the media and entertainment sector, offering diverse investment opportunities for both domestic and international investors.

Currently in its development stage, SplitXchange when launched, would offer a platform for financing the media and entertainment industry, among other alternative assets.

According to him, “Seeing the huge potential in alternative assets, Splitar Holdings, through Split Exchange, would drive the alternative assets space with its revolutionary digital exchange.”

He emphasized the potential of this sector to significantly improve the GDP of the country and called for a collaborative approach towards establishing robust frameworks and clear guidelines to support investment in alternative assets leveraging technology.

“Unless we collaboratively set up institutions that can provide data around these asset classes and place a true value on these asset creators to make seeking finance a lot easier, we will not see significant returns.

“A lot of transactions have been ongoing within that space which are not captured within the country’s value chain. That is what SplitXchange seeks to address.”

With Nigeria’s estimated population at 208.8 million people, Adeyemi highlighted the increasing demand for Nigerian content locally and on a global scale.

Speaking on the theme: “Beyond Tradition: Increasing Relevance of Alternative Assets in the Capital Market,” Adeyemi lamented the absence of robust funding pillars in the country.

He emphasized the potential of Entertainment and Media, noting that globally there is an average market size of $41 billion as of 2021 with an estimated growth of 4.2 per cent.

While pointing out investments by Netflix and Amazon, which have churned out blockbuster movies that have gained viewership and streams across the globe, he noted that Nigeria’s biggest investor in the form of Pension Assets was yet to invest in the entertainment or streaming services.

He stressed the need to solve the problems of liquidity, efficiency, and barriers to entry in the country.

“In today’s market, the quick conversion of assets into cash is a challenge due to the absence of a well-structured marketplace that oversees and regulates these assets.

“The automation of processes such as compliance, escrow account management, dividend distribution, corporate action management, and drag-along actions technology presents a significant challenge in today’s alternative market. The high initial cost of assets in this market restricts participation to only affluent individuals and corporate investors,” he said.

He noted that the sector remains excluded from the organized financial sector due to the inability of intermediaries to recognize Intellectual Property (IP) as suitable collateral to access funding. “Projects are financed informally through a network of angel investors, high net worth individuals, non-governmental organizations, government, and personal savings,” Adeyemi said.

Furthermore, he pointed out that investors and asset creators face challenges when seeking investment opportunities or raising capital through traditional financial avenues.

“Traditional financial institutions are ill-equipped to appraise industry opportunities due to poor visibility, data, and income/revenue leakages leading to mispricing through high-interest rates, market illiquidity of associated securities, poor market depth, and lack of accessibility for retail investors,” he said.


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CCPT Dismisses Class Action Suit against MultiChoice over Tariff Hikes

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Competition and Consumer Protection Tribunal (CCPT) in Abuja has dismissed a class action suit filed by one Uche Diala and 961 other DStv and GOtv subscribers against MultiChoice Nigeria and the Federal Competition and Consumer Protection Commission (FCCPC), citing lack of jurisdiction.

CCPT Dismisses Class Action Suit against MultiChoice over Tariff Hikes

The suit challenged MultiChoice’s subscription price increases in November 2023 and May 2024, which the claimants described as arbitrary, exploitative, and unfair.

Diala and others sought to reverse the hikes and compel the company to adopt a more flexible billing model, such as a pay-as-you-view system used in other countries like South Africa.

They also accused MultiChoice of price discrimination against Nigerian consumers.

MultiChoice, through its counsel, raised a preliminary objection, arguing that pricing decisions do not fall within the tribunal’s remit and that the suit was improperly filed as a class action without first seeking the tribunal’s leave.

In its ruling on Thursday, the tribunal’s three-member panel led by Justice Thomas Okosun held that the core issues raised, which were pricing and tariff regulation, fall under the exclusive purview of the executive branch, particularly the President, as stipulated under the Price Control Act.

“The issue of price regulation is a matter that falls within the exclusive purview of the President of the Federal Republic of Nigeria,” Okosun stated.

While the tribunal acknowledged it holds both original and appellate jurisdiction under the FCCPC Act, it emphasized that such authority does not cover general price control unless abuse of market dominance is established—a point the claimants failed to prove.

On the procedural matter of filing a class action without prior approval, the tribunal noted that although it is ideal to obtain leave, failure to do so was not fatal in this instance since the claimants demonstrated a shared grievance and common interest.

Nonetheless, the tribunal upheld MultiChoice’s objection, ruling that it lacked jurisdiction to adjudicate the matter.

“The preliminary objection of the first defendant succeeds,” the panel held. “This suit is accordingly struck out for want of jurisdiction.”

This ruling follows a similar outcome on May 8, when a Federal High Court in Abuja upheld MultiChoice’s price increases after the company sued the FCCPC.

In that judgment, Justice James Omotoso declared that the FCCPC lacked the authority to fix or suspend subscription rates.


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MultiChoice Nigeria Slashes Decoder Price by 50 Percent, Offers Free Upgrades

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MultiChoice Nigeria has slashed the price of its DStv decoder from N20,000 to N10,000, representing a 50 percent drop, in a aim at attracting attract more customers and curb declining subscriptions.

MultiChoice Nigeria Slashes Decoder Price by 50 Percent, Offers Free Upgrades

The campaign, titled “We’ve Got You,” was launched on June 16 and will continue until July 31.

Also, as part of its efforts to ease economic pressure on households and improve access to digital TV services, the campaign offers a free upgrade for both active and returning customers.

Speaking on the campaign, John Ugbe, chief executive officer (CEO) of MultiChoice Nigeria, said the initiative reflects the company’s commitment to rewarding loyalty and enhancing daily viewing experiences.

“We want to ensure our customers feel appreciated and have access to the best entertainment every day,” Ugbe said.

“The ‘We’veGot You’ campaign is about making premium content more accessible and showing that DStv offers something for everyone, not just football fans.

“By repositioning itself as a platform for daily value, DStv aims to encourage content discovery across a wider array of genres, including movies, drama, kids’ programming, and news.

“This means more channels, more shows, and more reasons to tune in every day.”

The development comes amid MultiChoice Nigeria’s legal battle with the Federal Competition and Consumer Protection Commission (FCCPC) over price hike.

 


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Qatar Airways Top Brass Face Court Action in Nigeria Over FCCPC Charges

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Federal Competition and Consumer Protection Commission (FCCPC) will, on Oct. 7, arraigned the Chief Executive Officer (CEO) of Qatar Airways, Mr Temi Birdzell, alongside the company and its top officers, over allegations bordering on breach of FCCPC Act, 2018.

The defendants will be arraigned before Justice James Omotosho of the Federal High Court in Abuja.

Others to be arraigned with Birdzell are Stella Ihediwa, the Account Manager of the airline; Kennedy Chirchir, the Country Manager and Eva Ojeje, who is the Sales Manager of the company.

Although the arraignment was scheduled for Tuesday, the matter could not proceed.

Upon resumed hearing, none of the defendants was in court.

When the matter was called on Tuesday, none of the defendants was in court due to improper service of the court documents, including the hearing notice, on them.

FCCPC.’s lawyer, Chizenum Nsitem, told the court of their inability to serve four of the defendants, although the company was served.

Nsitem then sought an adjournment to enable them do the needful and the judge adjourned the matter until Oct. 7 for the defendants to take their plea.

The News Agency of Nigeria (NAN) reports that the commission, in the charge marked: FHC/ABJ/CR/200/2025, dragged Qatar Airways, Birdzell, Ihediwa, Chirchir and Ojeje to court as 1st to 5th defendants respectively.

FCCPC, in the application dated May 26 but filed May 27, had preferred a two-count charge against the defendants.

The defendants were alleged to have failed to appear before FCCPC in compliance with a lawful summons of the commission dated Sept. 6, 2024, and thereby committed an offence contrary to and punishable under Section 33 (3) of the Federal Competition and Consumer Protection (FCCPC) Act, 2018.

They were also accused to have on Sept. 18, 2024, intentionally withheld the production of documents in compliance wth a lawful summons of the commission, thereby committed an offence contrary to and punishable under Section 111 of FCCP Act, 2018.

In count three, they were alleged to have on Sept. 18, 2024, engaged in the contravention of the consumer rights, thereby committed an offence contrary to Section 124(1) and punishable under Section 155 of the same Act.


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