Finance Fintech June 14, 2024June 14, 2024

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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Airtel Nigeria Spreads Festive Cheer with 10th Edition of “5 Days of Love”

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Airtel Nigeria has brought love and joy to communities nationwide with the successful conclusion of the 10th edition of its annual “5 Days of Love” initiative. The event, which spanned six states, reinforced Airtel’s commitment to giving back and spreading goodwill during the festive season.

This year, over 6,000 people across Lagos, Abuja, Borno, Enugu, Rivers, and Osun experienced the generosity of Airtel’s “Love train,” which made celebratory stops in each state. The initiative featured the distribution of hot meals and refreshing drinks to individuals and families, emphasizing the spirit of togetherness and care that defines the festive season.

A Decade of Giving

Since its…

Business Culture Economy Investments December 25, 2024December 25, 2024

Nigeria Needs Industrialists, Not Traders: Efe Obiomah Champions Economic Change

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“Nigeria doesn’t need more traders; it needs more industrialists,” says Efe Obiomah, a Marketing & PR Consultant and Trainer, as she reflects on the country’s economic challenges. Her call to action is not just a critique but a rallying cry for a shift in mindset and priorities.

Efe recalls a defining moment when she decided to leave an alumni WhatsApp group. The group was abuzz with conversations about a celebrity’s extravagant display of wealth at his mother’s funeral. While many applauded his success in supporting importers and traders, Efe took a different stance.

“I argued that Nigeria didn’t need more traders. We needed more Dangotes—people willing to build industries that could transform the economy. But my perspective wasn’t well received,”…

Business Gadgets Government Investments Opinion December 24, 2024December 24, 2024

Opinion: Why the NCC’s Telecom Tariff Hike is the Right Call

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By Anthony Emeka Nwosu

When the Nigerian Communications Commission (NCC) announced the upcoming telecom tariff hike, many Nigerians understandably expressed concern. Starting January 2025, call charges will rise from ₦11 to ₦15.40 per minute, SMS from ₦4 to ₦5.60, and a 1GB data bundle will increase from ₦1,000 to at least ₦1,400. Change often comes with resistance, especially when it hits our pockets. But looking closer, this isn’t just about higher prices—it’s about ensuring the survival and growth of an industry that keeps Nigeria connected and moving forward.

For years, telecom operators have been struggling under immense financial pressure. Think about it: MTN Nigeria recorded a jaw-dropping ₦514.9 billion loss in just nine months of 2024. Airtel Africa, another major…

Business Economy Energy December 24, 2024December 24, 2024

NNPC Limited Joins OGMP 2.0, Strengthens Global Efforts on Methane Transparency and Net Zero Goals

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In a landmark move that underscores its commitment to environmental sustainability and global climate action, NNPC Limited, Nigeria’s national energy company, has officially joined the Oil and Gas Methane Partnership (OGMP) 2.0. This decision is a significant milestone in the company’s strategy to address methane emissions as part of its decarbonisation agenda and achieve net zero methane intensity by 2030.

As a key player in Africa’s energy sector, NNPC Limited recognises the critical importance of methane mitigation in addressing climate change. Methane, a potent greenhouse gas, has a global warming potential over 80 times that of carbon dioxide over a 20-year period. Its reduction is pivotal to slowing the pace of global warming. NNPC’s decision to join OGMP 2.0 demonstrates its proactive approach to tackling methane emissions at the source while setting a standard for accountability and environmental stewardship in the oil and gas industry.

Global Framework for Local Impact
The OGMP…

Art Business Culture Entertainment December 24, 2024December 24, 2024

The Perilous Contracts Nigerian Artists Must Navigate By Onyedika Anambra

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The Nigerian music industry is undoubtedly one of the fastest-growing in the world, producing global superstars and chart-topping hits that resonate far beyond the continent. Yet, behind the glitz and glamour lies a dark reality that continues to plague many artists—a cycle of exploitative contracts that rob them of their creativity, autonomy, and, in many cases, financial stability.

The recent ordeals of Seyi Vibez and Shallipopi serve as stark reminders of this grim reality. Seyi Vibez, one of the country’s rising stars, is embroiled in a bitter contractual dispute with Dapper Entertainment. His desire to break free from the label has led to a proposed out-of-court settlement that is nothing short of career-threatening. According to reports, Seyi Vibez would be required to stop releasing music for 13 months—a virtual death sentence in an industry that thrives on consistency and visibility. To compound…

Business Economy Education December 24, 2024December 24, 2024

Deborah Paul Enenche: A Bold Inspiration and a Celebration of Motherhood

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The arrival of a new life is always a reason for joy, and I extend my heartfelt congratulations to Deborah Paul Enenche on the birth of her baby boy! This milestone is as unique as the woman herself, and it’s inspiring to witness how gracefully she navigated this chapter of her life.

One of the things I deeply respect about Deborah is how she chose to keep her pregnancy private, resisting the common temptation to share every moment on social media. Instead, she revealed those precious moments only after safely delivering her baby—a thoughtful decision that speaks to her wisdom and sense of priority. In today’s oversharing culture, it’s refreshing to see someone protect their journey with such intentionality.

If I’m being honest, Deborah, you looked absolutely radiant while pregnant. That special glow made your beauty shine even brighter. And, of course, your…

Business Economy Technology Trends Telecoms December 23, 2024December 23, 2024

NCC: Driving Transformation in Nigeria’s Telecommunications Sector Through Transparency and Innovation

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The Nigerian Communications Commission (NCC) has solidified its position as a key pillar of growth, innovation, and stability in Nigeria’s telecommunications industry. Through consistent publication of factual reports and detailed statistics, the NCC has fostered trust, enabled informed decision-making, and empowered stakeholders, including Nigerians, investors, and operators. Its role as an exceptional regulator continues to serve as a benchmark for transparency and efficiency, driving the telecom industry to unparalleled heights.

Empowering Nigerians with Accurate and Actionable Data

The NCC has consistently delivered on its mandate to provide Nigerians with critical insights into the telecommunications sector. Through its quarterly and annual reports, the Commission ensures that Nigerians, whether consumers or businesses, are equipped with reliable data to understand the state of…

Business Economy Technology Technology Trends Telecoms December 23, 2024December 23, 2024

Telecom Leadership: NCC Drives Innovation in A2P Messaging with New Regulatory Framework

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The Nigerian Communications Commission (NCC) has reiterated its commitment to fostering a fair, secure, and competitive telecommunications ecosystem within Nigeria and the broader ECOWAS region. This commitment was underscored during the Virtual Stakeholders’ Forum on the Draft A2P Licensing Framework, where Mrs. Chizua Whyte, Acting Head of Legal & Regulatory Services at the NCC, delivered the welcome address on behalf of the Executive Vice Chairman/CEO, Dr. Aminu Maida.

The forum brought together stakeholders from across the telecommunications value chain to deliberate on the proposed framework for regulating Application-to-Person (A2P) messaging services. A2P messaging is a cornerstone of modern communication, enabling businesses, governments, and organizations to send SMS notifications directly to consumers. It is widely used for transactional alerts, promotional campaigns, and essential public service updates.