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N31.6 Billion of Multichoice Funds Trapped in Liquidated Heritage Bank

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A significant financial setback has hit Multichoice (DSTV Nigeria) as N31.6 billion of its funds are trapped in the recently liquidated Heritage Bank. The bank, which had previously formed a partnership with Multichoice Nigeria by sponsoring high-profile projects like Big Brother Naija and the Africa Magic Viewer’s Choice Awards (AMVCA), has been declared insolvent.

According to Multichoice Group’s annual report for the fiscal year ending March 31, 2024, the company had a deposit of N33.7 billion with Heritage Bank. This amount now remains inaccessible due to the bank’s liquidation.

The recovery of these funds hinges on the Nigerian Deposit Insurance Corporation (NDIC) successfully selling the distressed bank’s assets. Only upon completion of this process will Multichoice be able to reclaim its money.

This development poses a significant challenge for Multichoice, potentially impacting its operations and future sponsorship agreements. The company has yet to comment on the potential implications of the trapped funds on its business activities in Nigeria.

The situation highlights the broader risks associated with banking sector instability and the importance of financial safeguards for corporations operating in volatile economic environments.

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GIAA Conference: AI Governance and Data Protection Take Center Stage in U.S.-Nigeria Partnership

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The Global Inclusivity and AI: Africa (GIAA) Conference recently convened in Abuja, drawing over 300 key stakeholders, including government officials from the United States and Nigeria, leaders from the private sector, civil society members, and academic experts. The conference served as a critical platform for discussing the vast opportunities and significant challenges associated with the development, deployment, and governance of artificial intelligence (AI) on the African continent.

One of the highlights of the event was the participation of Dr. Vincent Olatunji, National Commissioner and CEO of the Nigeria Data Protection Commission (NDPC). As a distinguished panelist during the “Interoperability in AI Governance, Data Protection, and Cybersecurity” session, Dr. Olatunji underscored the growing importance of AI and its impact on socio-economic development, with a particular focus on the crucial role of personal data in driving AI technologies.

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Guinness Celebrates Top Performers from Ivory Coast with Exclusive Global Brand Ambassador Experience

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Diageo Africa’s Marketing & Innovations Director, Ifeoma Agu FIMC, recently announced an exciting milestone for Guinness, showcasing the latest Global Brand Ambassadors from Ivory Coast. These top-performing partners, who excelled in the inaugural “Guinness Shines Brightest” incentive program, were honored with an exclusive opportunity to attend the Guinness Masterclass Experience at the Guinness Storehouse in Dublin, Ireland.

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In a few weeks, Precious Imuwahen Ajoonu, a seasoned Learning and Development (L&D) expert, will receive an award as one of the top 15 L&D professionals in Africa. With over 15 years of experience, Ajoonu’s journey to success has been defined by perseverance, passion, and an unwavering commitment to personal and professional growth.

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NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery, Based on September 2024 Pricing

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The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.

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In a major development for grassroots sports in Nigeria, Funmilola Abiola-Oyewole (ACIM), a seasoned professional in brand building, management, and digital marketing, has announced her appointment as the new MILO Sports Marketing Manager at Nestlé. The announcement marks a significant step for both her career and the future of sports in the country.

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The first batch of Innoson Vehicle Manufacturing (IVM) electric cars has officially sold out, thanks to an unconventional yet effective marketing strategy led by Cornell Osigwe, the company’s head of Corporate Communications.

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Matawalle’s Sokoto Working Visit Yielding Good Results

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By Malam Idris Nasir

In a major victory for security in Northwest Nigeria, the Nigerian military has successfully neutralized one of the most dangerous bandit kingpins, Halilu Buzu Sububu, marking a significant achievement in the ongoing fight against banditry in the region. This success comes shortly after the Minister of State for Defence, Dr. Bello Muhammed Matawalle , relocated the Command and Control Centre to Sokoto under the directive of President Bola Ahmed Tinubu GCFR.

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