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MultiChoice Decries Loss, Cites Decline In Subscribers, Weak Local Currencies

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The owners of DSTV and GoTV, MultiChoice, announced on Wednesday a pretax loss of 706 million rand ($38 million) for the year ending in March 2024, citing a decline in subscribers and weak local currencies.

The company claimed that the loss followed a previous year’s reported profit of 921 million rand before taxes, which was further compounded by a nine percent decline in subscriptions.

“Volatile and weaker local currencies, power challenges in markets like South Africa, and a weak consumer environment due to rising inflation and high interest rates have created an extremely challenging environment,” MultiChoice said.

Business in South Africa suffered from 275 days of rolling power cuts, which discouraged potential subscribers without backup power, it said.

Group revenue was also down five percent to 56 billion rand, but the firm said that were it not for currency swings, it would have been up three percent.

Africa’s largest pay TV enterprise, said it would accelerate a cost saving programme, prioritise customer retention, leverage sports renewals and further develop local content.

Its Showmax video streaming business, which re-launched in February, was showing “encouraging early traction” with the paying subscriber base growing by 16 percent, the company said.

In April, Canal+, a subsidiary of the Vivendi group led by billionaire Vincent Bollore, made a firm offer to acquire all MultiChoice shares it does not currently own.

Upping an earlier rejected bid, it offered 125 rand per share, an amount deemed “fair and reasonable” by an independent board appointed by the South African firm.

Canal+ is present in 25 African countries through 16 subsidiaries, and has eight million subscribers, according to the French group.

Its stake in MultiChoice, Africa’s largest pay TV enterprise, has allowed it to gain a foothold in English-speaking and Portuguese-speaking nations across the continent.

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JUST IN: Ooni’s Ex-Wife Naomi, 7 Others Arrested Over Children’s Funfair Stampede In Ibadan

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The Oyo State Police Command has announced the arrest of the ex-queen of the Ooni of Ife, “Naomi Silekunola”; the Principal of Islamic High School, Ibadan, “Fasasi Abdulahi”; and six others in connection with the deaths of several children during a stampede at a funfair in Ibadan, the state capital, on Wednesday.

The ex-queen was identified as the primary sponsor of the event.

Furthermore, the number of children who have died from the stampede has increased to 35, while six others are critically injured, according to a statement issued on Thursday by the State Police Public Relations Officer, “Adewale Osifeso.”

The event, which was held at the Islamic High School, Basorun, Ibadan, was intended for 5,000 children, but reportedly over 7,500 attended.

 

More to come…

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NAFDAC Seal Shops, Destroy Items Worth N5bn In Aba Market Over Fake, Expired Products

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The National Agency for Food and Drug Administration and Control (NAFDAC) has shut down 150 shops at Eziukwu Market, Aba, Abia State.

The Agency disclosed this in a statement it posted on its X handle on Wednesday.

It said its team uncovered large-scale production and distribution of fake and expired goods, including beverages, carbonated drinks, wines, spirits, vegetable oils, and revalidated food items such as “noodles,” “powdered milk,” and “yoghurt.”

NAFDAC noted that the team destroyed items that were valued at ₦5 billion.

Describing the market as a hub for counterfeit and substandard products, the Agency’s Director in the Southeast Zone, Martins Iluyomade, expressed dismay at the continued illegal activities, despite a previous undertaking signed by market leaders in December 2023 to expose counterfeiters.

The statement added that NAFDAC DG, Prof. Mojisola Adeyeye, reaffirmed the Agency’s zero tolerance for such practices and emphasised its unwavering commitment to safeguarding public health while working toward a permanent solution to the problem of counterfeit products in the market.

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Lil Smart Files Petition Against Naira Marley, Zinoleesky Over ‘Threat To Life’

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Lil Smart, the Nigerian dancer, has filed a petition against Naira Marley and Zinoleesky over an alleged threat to his life.

On December 9, Smart shared disturbing photos and videos on social media, claiming that his life was at risk.

He warned that Naira Marley and Zinoleesky should be held responsible if anything were to happen to him.

Zinoleesky, however, denied the allegations, accusing Smart of “chasing clout.” He also threatened legal action against the dancer.

In a recent (now deleted) Instagram post, Smart claimed that he had previously endured bullying from the singers but lacked the evidence necessary to take legal action.

He mentioned that he has now officially submitted his petition, with the required evidence, to the authorities and is hopeful that the legal system will provide him justice.

“This has not been the first or third time I have been experiencing this bullying. But I did not have enough evidence to face the law. Now, I thank God that I have very good evidence, and I will put everything I have in line to make sure this bullying and threat to life is stopped,” he said.

“With my evidence, I really hope that they are not too big to be apprehended and face the law. I have submitted my petition, and I have provided my evidence to the authorities. By God’s grace, the law that binds us as citizens of Nigeria will make sure I get the justice I deserve.”

Naira Marley has yet to comment on the allegations.

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