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MultiChoice’s Subscriber Base Dip Reflects Difficult Consumer Environment

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Multichoice Tax Backlog

A business news item with some prominence last week was the interim financial results of the pay television company, MultiChoice Group, with Nigeria being one of its most significant markets. The most arresting item in the results is the announcement of the loss of 243,000 subscribers on MultiChoice’s DStv and GOtv services within the six months (April to September 2024) covered by the result released last week.

Also of public interest, albeit to a lesser extent domestically, is MultiChoice’s loss of 298,000 subscribers in its Zambian market, which was attributed to persistent power outages induced by drought. Although there were declines in the company’s other markets in the Rest of Africa (RoA) and South Africa, they were relatively low at 25% and 5%, respectively.

Also reflected in the results was the $21 million trapped in the distressed Heritage Bank, which has had its license revoked by the Central Bank of Nigeria. This splurge of negative information understandably sparked a mix of reactions, notably wildly unreasoned but with a smattering of clear-headed ones. The previous analysis, which focused only on subscriber losses and the $21 million, ignored other aspects of the results and reached an apocalyptic conclusion.

That strain of analysis blamed the subscriber base decline on the tariffs charged by the company. It was indifferent to the local economic conditions, which have significantly diminished purchasing power not only among MultiChoice subscribers but also for users of other services and goods.

It could not have been otherwise, given that the country’s inflation rate has been consistently above 30% for over a year, with the latest figure of 33.88%. The inflationary pressures have been aggravated by the drastic and continuous dip in the value of the naira, which caused huge foreign exchange losses for businesses, including MultiChoice. The pay television company’s losses from a dollar-denominated intergroup loan stood at 2.1 billion Rands within the period covered by the results.

It is quite clear that during tough economic times, consumers reduce spending on non-essential items, the category into which pay television services are included. This is supported by the recent  CBN Household Expectations Survey, which stated that at this time, Nigerians focus on food, household necessities, education, transportation, electricity, and medical care.

“The Buying Condition Index for high-ticket items like consumer durables, motor vehicles, and real estate suggests that most respondents believe the current month is unfavourable for purchasing these items. Additionally, consumers do not anticipate the next three to six months will be ideal for acquiring such products,” the report noted.

There is ample evidence that businesses are bleeding on account of the rough economic weather. Guinness Nigeria Plc reported a net loss of N12.2 billion for Q1 2025 (ending September 30, 2024). This represents a dramatic 568% decline from the N2.6 billion net profit recorded during the same period the previous year. The company cited declining sales volumes, a reduced gross profit margin, and foreign exchange revaluation losses amounting to N8.4 billion as the primary causes.

Nestlé Nigeria Plc reported a significant pre-tax loss of N255.4 billion for the first nine months of 2024. This represents a 381% increase in losses compared to the N56.65 billion loss recorded during the same period in 2023. Meanwhile, Airtel Group generated revenue of $2.37 billion for the half-year ending September 30, 2024, marking a 10% decline from $2.62 billion in the same period in 2023. The company’s operating profit fell by 20%, and it faced a $151 million loss attributed to the devaluation of the naira. These figures highlight the decline in consumer spending on calls and data services.

Some analysts, who seemingly paid inadequate attention to the results and/or heard voices in their heads, attributed the outcomes recorded by MultiChoice to the increasing consumer adoption of streaming services like Netflix and Prime and MultiChoice’s failure to diversify.

Neither, going by the results, has any factual basis. While no debate streaming services are rising in popularity, Showmax, MultiChoice’s subscription video-on-demand (SVOD) service platform is enjoying popularity, reporting 50% year-on-year growth and a 30% increase in paying subscribers. This is attributed to its transition to the Peacock technology stack, which has allowed it to establish partnerships with major distributors like Kenya’s M-PESA and South Africa’s Capitec to enhance adoption. The tariffs of the streaming services have similarly been affected by local economic conditions. Netflix, for example, has hiked the tariff of its premium package to N7,000 from N4,000 monthly.

The results, contrary to the claim that MultiChoice has focused solely on traditional pay television, show forethought and bold diversification footprints.

“We are proactive in our focus on right-sizing the business for the current economic realities and industry changes. We have successfully been implementing our strategy over the past few years, achieving key milestones such as our investment in KingMakers [MultiChoice’s gaming division],” Calvo Mawela, CEO of MultiChoice Group, stated.

MultiChoice is expanding into the insurance and financial services sectors through a partnership with Sanlam. The partnership is expected to spawn an accounting gain of between $144.4 million and $182.9 million. Moment, the company’s fintech venture, is also experiencing significant growth, as it currently processes nearly 30% of MultiChoice’s total payments, achieving payment volumes of $242 million across 40 African countries since it was launched.

In the gaming industry, BetKing Nigeria has risen to the second position in the online betting sector. Though the industry experienced a 48% revenue decrease, Betking’s overall revenue rose by 10%. Irdeto, MultiChoice’s global technology division, has shown the capability to make significant contributions through the expansion of It offers digital security services to address the increasing demands of online and streaming platforms.

The alarming predictions made by certain analysts and doomsayers fail to recognize that the economic conditions in Nigeria, particularly the soaring inflation, have forced consumers to tighten their belts. As a result, consumer behaviour has shifted significantly. Days of wine and roses are no longer around. For now, at least.

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Championing Ethical Sourcing Within Dairy Communities

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Arla Nigeria

Human Rights Day often centres on themes of dignity, equity, and freedom. Yet for many Nigerians, these rights are not debated in courtrooms they are expressed in the ability to access nutritious food, build meaningful livelihoods, and secure a healthy future for their families. Nutrition, in this sense, becomes a fundamental human right.

Despite a growing population and rising nutrition needs, Nigeria faces a pressing dairy reality. The country remains heavily dependent on dairy imports, leaving nutritional access vulnerable and local capacity underdeveloped. This is not just an economic concern; it is a human one. When families cannot easily access affordable, high-quality dairy, the foundations of health and development are weakened.

It is within this context that Arla Nigeria operates not merely as a dairy company, but as a nutrition powerhouse committed to nourishing a nation. Our ambition extends beyond selling products. We are working to build the foundations of a stronger, more resilient local dairy sector that supports food security, economic participation, and national progress.

At the heart of our efforts is the Damau Integrated Dairy Farm in Kaduna Statea fully operational modern farm designed to demonstrate what responsible, efficient, and scalable dairy production can look like in Nigeria. Arla Nigeria produces its own milk on-site, ensuring quality, safety, and consistency as we continue building the systems required for a sustainable local value chain. In fact, until our yoghurt factory launches, the reverse is true: some stakeholders purchase milk from us.

But infrastructure alone is not the story. What truly matters is the human impact surrounding the farm.

Arla Nigeria has been intentional about engaging and empowering the communities around Damau. By creating employment opportunities for local residents, providing skills development, and contributing to community growth, we are ensuring that the benefits of dairy development extend beyond production lines. This is development rooted in people where progress is measured in livelihoods improved and opportunities created.

As Arla Nigeria continues to expand operations, our long-term commitment remains clear: to contribute meaningfully to local milk sourcing and value chain development, strengthening Nigeria’s capacity to feed itself. Backward integration is not a slogan for Arla Foods; it is a structured pathway with building responsibly and sustainably. From farm systems to future household milk initiatives, the goal is to create a model that supports farmers, enhances productivity, and drives economic inclusion in the years ahead.

On Human Rights Day, the conversation often revolves around preventing harm avoiding exploitation, ensuring fair labour, and upholding ethical standards. These are essential, but they are only the beginning. True respect for human rights means creating enabling systems that allow people to thrive.

With Arla Foods, that begins with nutrition. Milk is a super food, rich in essential nutrients that support growth and development. Ensuring access to such nutrition contributes directly to national well-being and productivity. When we help secure a healthier population, we strengthen the foundation for education, economic participation, and long-term prosperity.

This is why Arla believes that dairy is not just food it is nutrition, livelihood, and progress. By investing in sustainable production, community development, and future local sourcing capabilities, Arla Nigeria is contributing to food security and economic growth in a tangible, measurable way.

Ultimately, ethical business is not defined by corporate language or labels. It is defined by the stability, nourishment, and dignity it brings to people’s lives. As Nigeria celebrates Human Rights Day, let us recognise that the right to nutrition and the opportunity to build a better future are among the most powerful rights we can help protect.

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In Praise of Nigeria’s Elite Memory Loss Clinic

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memory loss clinic Busayo Cole

By Busayo Cole

There’s an unacknowledged marvel in Nigeria, a national institution so revered and influential that its very mention invokes awe; and not a small dose of amnesia. I’m speaking, of course, about the glorious Memory Loss Clinic for the Elite, a facility where unsolved corruption cases go to receive a lifetime membership in our collective oblivion.

Take a walk down the memory lane of scandals past, and you’ll encounter a magical fog. Who remembers the details of the N2.5 billion pension fund scam? Anyone? No? Good. That’s exactly how the clinic works. Through a combination of political gymnastics, endless court adjournments, and public desensitisation, these cases are carefully wrapped in a blanket of vagueness. Brilliant, isn’t it?

The beauty of this clinic lies in its inclusivity. From the infamous Dasukigate, which popularised the phrase “arms deal” in Nigeria without actually arming anything, to the less publicised but equally mystifying NDDC palliative fund saga, the clinic accepts all cases with the same efficiency. Once enrolled, each scandal receives a standard treatment: strategic denial, temporary outrage, and finally, oblivion.

Not to be overlooked are the esteemed practitioners at this clinic: our very own politicians and public officials. Their commitment to forgetting is nothing short of Nobel-worthy. Have you noticed how effortlessly some officials transition from answering allegations one week to delivering keynote speeches on accountability the next? It’s an art form.

Then there’s the media, always ready to lend a hand. Investigative journalists dig up cases, splash them across headlines for a week or two, and then move on to the next crisis, leaving the current scandal to the skilled hands of the clinic’s erasure team. No one does closure better than us. Or rather, the lack thereof.

And let’s not forget the loyal citizens, the true heroes of this operation. We rant on social media, organise a protest or two, and then poof! Our collective short attention span is the lifeblood of the Memory Loss Clinic. Why insist on justice when you can unlook?

Take, for example, the Halliburton Scandal. In 2009, a Board of Inquiry was established under the leadership of Inspector-General of Police, Mike Okiro, to investigate allegations of a $182 million bribery scheme involving the American company Halliburton and some former Nigerian Heads of State. Despite Halliburton admitting to paying the bribes to secure a $6 billion contract for a natural gas plant, the case remains unresolved. The United States fined the companies involved, but in Nigeria, the victims of the corruption: ordinary citizens, received no compensation, and no one was brought to justice. The investigation, it seems, was yet another patient admitted to the clinic.

Or consider the Petroleum Trust Fund Probe, which unraveled in the late 1990s. Established during General Sani Abacha’s regime and managed by Major-General Muhammadu Buhari, the PTF’s operations were scrutinised when Chief Olusegun Obasanjo assumed office in 1999. The winding-down process uncovered allegations of mismanagement, dubious dealings, and a sudden, dramatic death of a key figure, Salihijo Ahmad, the head of the PTF’s sole management consultant. Despite the drama and the revelations, the case quietly faded into obscurity, leaving Nigerians with more questions than answers.

Then there is the colossal case of under-remittance of oil and gas royalties and taxes. The Federal Government, through the Special Presidential Investigatory Panel (SPIP), accused oil giants like Shell, Agip, and the NNPC of diverting billions of dollars meant for public coffers. Allegations ranged from falsified production figures to outright embezzlement. Despite detailed accusations and court proceedings, the cases were abandoned after the SPIP’s disbandment in 2019. As usual, the trail of accountability disappeared into thin air, leaving the funds unaccounted for and the public betrayed yet again.

Of course, this institution isn’t without its critics. Some stubborn Nigerians still insist on remembering. Creating spreadsheets, tracking cases, and daring to demand accountability. To these radicals, I say: why fight the tide? Embrace the convenience of selective amnesia. Life is easier when you don’t worry about where billions disappeared to or why someone’s cousin’s uncle’s housemaid’s driver has an oil block.

As World Anti-Corruption Day comes and goes, let us celebrate the true innovation of our time. While other nations are busy prosecuting offenders and recovering stolen funds, we have mastered the fine art of forgetting. Who needs convictions when you have a clinic this efficient? Oh, I almost forgot the anti-corruption day as I sent my draft to a correspondent very late. Don’t blame me, I am just a regular at the clinic.

So, here’s to Nigeria’s Memory Loss Clinic, a shining beacon of how to “move on” without actually moving forward. May it continue to thrive, because let’s face it: without it, what would we do with all these unsolved corruption cases? Demand justice? That’s asking a lot. Better to forget and focus on the next election season. Who knows? We might even re-elect a client of the clinic. Wouldn’t that be poetic?

Now, if you’ll excuse me, I have a new scandal to ignore.

Busayo Cole is a Branding and Communications Manager who transforms abstract corporate goals into actionable, sparkling messaging. It’s rumored that 90% of his strategic clarity is powered by triple-shot espresso, and the remaining 10% is sheer panic. He can be reached via busayo@busayocole.com. 

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How Nigerian Companies are Leading More Responsible Digital Transformation

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Kehinde Ogundare 2025

By Kehinde Ogundare

Artificial intelligence is everywhere–in polished social media posts, in the recommendations that guide our viewing habits, and in the bots that handle customer queries before a human agent steps in. On LinkedIn, AI-assisted writing has become standard practice.

A year ago, more than half of English long-form posts that went viral were estimated to have been written by or assisted by AI. If that’s the norm on the world’s biggest business network, it’s no surprise that AI is driving conversations in Nigerian boardrooms as companies move from experimentation to embedding AI into their daily operations.

Part of the package

The Nigeria Data Protection Act (NDPA), modelled on the European Union’s General Data Protection Regulation, together with the Nigeria Data Protection Commission, requires companies to build privacy into their systems from the outset rather than adding it later. This clear regulatory framework has evolved alongside a rapid rise in AI adoption.

New research from Zoho on responsible AI adoption highlights the impact of the regulations. As per the report, 93% of Nigerian companies have already started using AI in their daily operations; 84% have tightened their privacy controls after adoption, and 94% now have a dedicated privacy officer or team, which is well above global averages.

The survey, conducted by Arion Research LLC among 386 senior executives, shows just how deeply embedded AI has become in Nigeria. One in four companies already uses it across several departments, and nearly a third report advanced integration. Financial services firms are pioneers in this sector, using AI to automate client interactions, streamline operations and sharpen their marketing, while staying compliant with data protection rules.

The NDPA has helped make privacy part of business planning. Four in ten companies now spend more than 30% of their IT budgets on privacy. Regular audits, privacy impact assessments and explainability checks are becoming standard practice.

Skills, compliance and capacity

Rapid adoption brings challenges. More than a third of businesses say that their biggest obstacle is a lack of technical skills, and another 35% cite privacy and security risks. Instead of outsourcing, most are building capacity in-house: nearly 70% of companies are training staff in data analysis, more than half are improving general AI literacy, and 40% are investing in prompt engineering for generative tools.

The understanding of the NDPA regulation, which came into force in 2023, has also improved. 65% of organisations see compliance as essential. Many voluntarily apply data-minimisation and transparency standards even when not required to do so, aligning more closely with international norms and easing collaboration with global partners.

Privacy is increasingly influencing business decisions — from investment priorities to system design. Companies are asking tougher questions: is specific data essential? How can exposure be limited? How can fairness and transparency be proven?

Trusted systems

As privacy becomes part of how technology is built, companies are being more cautious about the tools they use because they now want systems that protect customer data, with clear boundaries between data and model training, straightforward controls, and reliable records for compliance teams.

Demand for business software that balances productivity with privacy is also growing. Zoho, among others, has seen strong customer growth as more organisations are looking for platforms that support responsible data handling.

The study identifies three main reasons behind AI adoption: to make work more efficient by automating routine tasks, to support better decision-making by identifying patterns sooner, and to improve customer engagement through faster, more relevant interactions. But none of this can succeed without trust. Nigeria’s experience shows that privacy and innovation can reinforce each other when they’re built together.

There’s still work to do because some industries are moving faster than others, and smaller businesses often face the biggest hurdles in time, cost and skills. Enforcement is also patchy; while the law is clear, application across sectors and geographies is a work in progress.

The next steps are more practical, requiring investment in skills – from data analysis and AI literacy to sector-specific training – and for governance to be put in place, with clear responsibilities, written policies, and a plan for managing errors or breaches. Privacy impact assessments should become part of every new system rollout, enabled by technology.

As AI becomes fundamental to doing business, Nigerian companies that build it carefully and responsibly will be better able to compete at home and abroad.

Kehinde Ogundare is the Country Head for Zoho Nigeria

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