Broadcasting
MTN and its FY2023 Financial Results Abracadabra

By Abdullahi Taminu Bida
MTN Nigeria Communications Plc (MTN Nigeria), the leading telecommunication service provider in the country, on Thursday, 29 February, 2024, submitted its full-year audited report for the year ended 31 December, 2023 to the Nigerian Exchange (NGX). The report showed very impressive highlights like growths in total subscriber base, active data users, active mobile money (MoMo PSB) wallets, service revenue and earnings before interest, tax, depreciation and amortization (EBITDA). Despite all these positive highlights in the Statement of Accounts, the media and most analysts, as the MTN Nigeria would wish, ran with the forex loss of N740.4 billion as well as the loss before tax of N177.8 billion.

Karl Toriola, Chief Executive Officer, MTN Nigeria
According to MTN Nigeria, the losses are as result of “rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira. Karl Toriola, the Chief Executive Officer of the company, noted that “MTN Nigeria’s operations are exposed to foreign currency volatility on its operating and capital expenditure. The most significant of these exposures relates to the tower lease costs, which comprised the bulk of the 45-50 percent foreign currency exposure in our operating expenses in 2023.” Specifically, the company attributed the poor financial performance for the year under review mainly to the foreign exchange loss of N740.4 billion as a result of a 96.7 percent movement in the exchange rate from N461/$1 in December 2022 to N906/$1 in December 2023.
From media reports many of the analysts seem to look at the MTN Nigeria’s 2023 Financial reports from the prism of the company – harsh operational environment, unfavourable government policies and the general macro-economic conditions. They seem to be so convinced by the jaundiced narrative the telecom company has deliberately crafted to hoodwink stakeholders to its side that they barely look at the submitted report critically.
To start with, MTN Nigeria listed on the floor of the Nigerian Exchange in 2019 as part of its bargain with the government to have its $5.2 billion fine, for failure to disconnect its subscribers who were yet to link their National Identification Numbers to their telephone lines, slashed. Prior to the listing, MTN Nigeria was a private company and had no disclosure requirements unlike now, as a publicly quoted company, it is required to meet the disclosure requirements including the submission of quarterly results.
Let us highlight some of the items as disclosed in the report. The Loss after tax was N137.0 billion due to net forex loss; Profit after tax (PAT), adjusted for the net forex loss, decreased by 14.3 percent to N344.5 billion; Earnings per share (EPS) declined to negative N6.38 kobo (N16.56 kobo adjusted for the net forex loss, down 14.1 percent); the Net loss for the year resulted in a depletion of its retained earnings and shareholders fund to negative N208.0 billion and N40.8 billion, respectively; the Capital expenditure (capex) increased by 13.2 percent to N571.0 billion; and the company’s liabilities and assets were N3.22 trillion and N3.18 trillion respectively.
The report, as indicated, showed that the company’s liabilities are bigger than its assets, an admission that MTN Nigeria is technically insolvent. The reality is that this insolvency would remain for a long time without shareholder funding and may trigger default. This also throws up the going concern questions. How can MTN Nigeria’s auditors sign off the on the going-concern assessment of the company with such reality – a case of financial illiteracy or poor oversight?
Also, the issue of lease agreements leaves plenty room for suspicion. Is attributing an item that, according to the company, constitutes 45-50 percent of its foreign currency exposure without naming the service provider a deliberate ploy to conceal pertinent facts? It is a known fact that MTN has large ownership stakes in the companies that provide these lease services and the ‘losses’ the company posts as a result of the forex fluctuations, it ‘gains’ in form of returns on investment.
Similarly, the report indicated that MTN Nigeria changed its “measurement” of FX loses from “realized FX differences on dollar indexed leased” to the N/US$ spot exchange rate at the end of each reporting period. This, it claims, is in line with the IAS 21 and FIRS 16 and led to adjustments of 2021 and 2022 results. Why would MTN Nigeria limit the restatement of its lease liabilities to 2021 and 2022 only and not 2020 and 2019 financials when it got listed on the NGX? It is also curious that forex for the H1 2023 was not restated – when objectively there was nothing that could have triggered the IFRS 16 treatment to be altered in H2. In fact, the report showed that MTN Nigeria did a restatement on the H1 FX related transaction that was undertaken in October 2023.
These may be pointers to a possibility of sharp practices and willful concealment on the part of MTN Nigeria in contravention of the extant disclosure rules of the Exchange. This possible concealment, probably aimed at avoiding tax liabilities and/or shareholder obligations, should be of interest to industry stakeholders, in particular and Nigerians in general. MTN Nigeria’s over two-decade operations in Nigeria leaves much to be desired as there have been cases that border around corporate governance such as tax defaults, illegal repatriations of profits and other corporate vices.
Abdullahi Taminu Bida, writes for Abuja
Broadcasting
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform

Lebara Nigeria has announced the launch of Lebara Play, described as Africa’s first telecoms-owned micro-drama platform aimed at expanding opportunities for African storytellers and distributing local content to global audiences.

The company said the platform is designed to support creators by providing a new distribution channel for African narratives while making content accessible to both subscribers and non-subscribers worldwide.
Lebara Nigeria added that the platform will debut with an original production titled Imported Bahu, produced by Forever 7 and starring Osas Ighodaro.
The project is directed by Hamisha Daryani Ahuja, known for her work on Namaste Wahala, and is positioned as the first in a series of original content offerings.
According to the company, Lebara Play is built to serve both creators and audiences, with a focus on showcasing African stories to a global market and strengthening the continent’s growing digital entertainment ecosystem.
Speaking on the company’s vision at the launch, Teniola Stuffman, chief executive officer, Lebara Nigeria, said the organisation was focused on building a telecommunications ecosystem that combined innovation, connectivity, and customer-centric digital experiences.
Stuffman said, “This platform represents an important step in our vision of building a telecommunications brand that delivers more than connectivity. We are creating an ecosystem where technology, innovation, and entertainment come together to provide meaningful experiences for customers while unlocking new opportunities for creative talent and content development across Africa.”
Beyond entertainment, she said, industry stakeholders believed the initiative demonstrated how global telecommunications expertise could be adapted to local market realities.
“Drawing from decades of experience across multiple international markets, Lebara is expected to introduce additional innovative services aimed at enhancing convenience, engagement, and value for Nigerian consumers,” she said.
Stuffman added that the company’s strategy reflected growing recognition that today’s telecom customers demanded more than network access, pointing out that consumers increasingly seek brands that offer seamless digital experiences, personalised services, and access to content that enriches everyday life.
Stuffman stated that LebaraPlay also aligned with the company’s commitment to supporting Africa’s creative economy by creating new distribution channels for content creators, producers, and digital storytellers.
“Through a combination of original productions and strategic partnerships, the platform seeks to create opportunities for talent while delivering quality entertainment to audiences,” she said.
Hamisha Daryani, founder of Forever7 Entertainment, expressed excitement over the partnership with Lebara Nigeria and the premiere of her latest micro-drama series on the LebaraPlay platform.
She stated that Lebara’s customer-centric vision aligns closely with the values of Forever7 Entertainment, making the collaboration a natural fit for both organisations.
Daryani revealed that the new microdrama featured a star-studded cast drawn from both Bollywood and Nollywood, in a compelling romantic story designed specifically for mobile audiences.
According to her, the production is developed with mobile-first consumers in mind, delivering premium entertainment in short, engaging formats at an affordable cost.
“Microdrama, which typically consists of short episodes of about three minutes, is redefining how audiences consume entertainment. It offers a convenient, immersive, and affordable viewing experience for people who increasingly access content through their mobile devices,” she said.
She added that the platform was created to support seamless creative expression while providing new opportunities for content creators across the continent.
Daryani further explained that the microdrama format has already achieved significant success in Asia and the Americas and is now gaining traction across Africa.
She said the initiative would create opportunities for emerging creatives through knowledge sharing, skills development, content curation, and industry collaboration, with the Nigerian rollout of the featured series expected to commence in July.
Broadcasting
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries

Following an expanded partnership between CANAL+ and Samsung Electronics, the DStv Stream app will now be pre-installed on new Samsung Smart TVs sold in Nigeria and 17 other African countries.

The agreement covers English and Portuguese-speaking African markets, including Nigeria, Kenya, Angola, Tanzania, Uganda, Zambia, Zimbabwe and South Africa. It marks the first pre-installation rollout of a MultiChoice Group streaming application on Samsung Smart TVs.
The development comes after the completion of the combination between CANAL+ and MultiChoice Group. It also extends an existing relationship between both companies that already spans 40 markets across Europe, French-speaking Africa, and Asia.
Through the integration, Samsung customers can now access DStv Stream directly from the television home screen. The app provides access to premium sports and entertainment content, including coverage of the FIFA World Cup 2026, English Premier League football, domestic and international rugby, and local and international television programming.
With the introduction of this connected television which kicked off on June 1, televisions can now connect to the internet, allowing users to stream content directly without requiring a separate decoder or satellite dish. The pre-installation of the app removes the need for users to search for and download it themselves, reducing friction and improving content discoverability.
The rollout is one of the first major distribution initiatives following the integration of CANAL+ and MultiChoice. The combined group has identified streaming growth and enhanced digital distribution as key priorities across Africa, where connected television adoption continues to increase.
David Mignot, CEO of CANAL+ Africa and CEO of MultiChoice Group, affirmed, “We are delighted to extend our longstanding partnership with Samsung across new English and Portuguese-speaking African countries. It marks a significant milestone in the synergies created by the combination of CANAL+ and MultiChoice Group.
“Mignot added, “As viewing habits continue to evolve rapidly across the continent, strengthening the accessibility and discoverability of our content offer on connected devices is key. By expanding the availability of our applications on Samsung Smart TVs across key African markets, we are making it even easier for millions of MultiChoice Group’s subscribers to seamlessly access the content that define the uniqueness of the CANAL+ and MultiChoice Group experience.”
This extended partnership is expected to strengthen Samsung’s position as a key distribution partner for streaming services globally while providing CANAL+ and MultiChoice with a broader route to market as competition intensifies among international and regional streaming platforms across Africa.
Broadcasting
Court Deals Fresh Blow to NBC, Throws Out Appeal over Broadcast Fines

The Court of Appeal in Abuja has dismissed an appeal filed by the National Broadcasting Commission (NBC) challenging a Federal High Court judgment that restrained the commission from imposing fines on broadcast stations.

Delivering judgment, Justice Jane Esienanwan Inyang held that the appeal was fundamentally defective and therefore incompetent.
The appeal stemmed from a Jan. 17, 2024 judgment delivered by Justice Rita Ofili-Ajumogobia of the Federal High Court, Abuja, which barred the NBC from enforcing N5 million fines imposed on several broadcast stations in 2022.
The sanctions had been issued over allegations that the stations aired documentaries on banditry and insecurity considered by the commission to be capable of undermining national security.
The affected broadcasters included Multichoice Nigeria Limited, owners of DStv, TelCom Satellite Limited, Trust TV Network Limited and NTA StarTimes Limited.
The suit was instituted by Media Rights Agenda (MRA), which challenged the legality of the fines imposed by the commission.
In her ruling, Justice Inyang pointed to a discrepancy in the appeal documents, noting that the respondent before the Federal High Court was listed as the “National Broadcasting Commission,” while the notice of appeal identified the appellant as the “Nigerian Broadcasting Commission.”
According to the court, the inconsistency was substantial enough to deprive it of the jurisdiction required to entertain the appeal.
“The notice of appeal is the foundation of an appeal and a condition precedent to the exercise of appellate jurisdiction by this court,” the judge held.
Consequently, the appeal was struck out without consideration of the substantive issues raised by the commission.
The ruling represents another setback for the NBC in its efforts to defend its authority to sanction broadcast organisations through administrative fines.
In April 2026, the Court of Appeal similarly dismissed a separate appeal by the commission against another judgment that restricted its powers to impose fines on broadcasters.
Earlier, in May 2023, the Federal High Court in Abuja ruled that the NBC lacked the judicial authority to impose penalties on media organisations without recourse to the courts.
The controversy over the commission’s sanctioning powers dates back to March 2019 when the NBC imposed N500,000 fines on 45 broadcast stations for alleged violations of the Nigerian Broadcasting Code during the general elections.
At the time, the then Director-General of the commission, Is’haq Kawu, said the sanctions were imposed for ethical breaches and violations of broadcasting regulations.
Legal analysts say the latest judgment reinforces previous court decisions limiting the commission’s authority to impose fines on broadcasters without judicial intervention.
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