Multichoice Group, the owner of DSTV, had a significant account balance of N31.6 billion with Heritage Bank before its liquidation on June 3, 2024. This balance was reduced from N33.7 billion due to cash remittances. The Nigeria Deposit Insurance Commission (NDIC) has announced a public bidding process for the sale of Heritage Bank assets.
Multichoice Group has expressed concerns about the deposit, which exceeds the maximum payout guaranteed by the NDIC. However, the group plans to engage with the liquidator to achieve a reasonable outcome.
Despite its financial challenges in Nigeria, Multichoice Group reported a 39.4% increase in repatriation from Nigeria in its FY 2024 annual report. However, the group incurred significant losses due to exchange rate instabilities and reported a decline in active subscribers in Nigeria.
The group has faced legal challenges in Nigeria, including a fine of N150 million for challenging the jurisdiction of the Competition and Consumer Protection Tribunal (CCPT) and an order to provide a one-month free subscription to Nigerians.
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