Multichoice Group, owners of DStv and GOtv, had an account balance of N31.6 billion with Heritage Bank, before the bank’s liquidation, according to the group’s annual report for FY 2024.

Multichoice had a deposit of N33.7 billion (488 million South African Rands) with the bank as of the 2024 fiscal year end on March 31, 2024.

However, that balance was subsequently reduced to N31.6 billion (ZAR 400 million) due to cash remittances before the bank’s liquidation on June 3, 2024.

The significant deposit raises concerns for the group, as the sum far exceeds the N5 million maximum payout guaranteed by the Nigeria Deposit Insurance Commission (NDIC).

However, according to Multichoice’s annual report, the group will engage the liquidator (NDIC) to “ensure a reasonable outcome is achieved”.

Recall that NDIC had June 3, 2024, announced the liquidation of Heritage Bank. The statement specified that depositors with funds exceeding N5 million will receive a liquidation dividend, contingent upon realising the bank’s assets and recovering its outstanding debts.

In line with this step of selling the bank’s assets, the NDIC has announced a public bidding process for the sale of Heritage Bank assets.

The NDIC through a newspaper advert on June 13, 2024, noted,

“The Nigeria Deposit Insurance Corporation in the exercise of its rights as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct Heritage Banks through public competitive bidding.”

Multichoice and Heritage Bank had strong ties in the past, as the bank was a sponsor of the group’s endeavours, such as Big Brother Naija and the Africa Magic Viewer’s Choice Awards (AMVCA).

In celebration of Father’s Day, QNET, a leading global e-commerce company, reaffirms its dedication to empowering dads around the world with business opportunities and wellness solutions. Acknowledging the crucial role fathers have in families and communities, QNET is providing them with the chance to excel effortlessly in their roles through its direct selling business opportunity, along with products that enhance their wellness and lifestyle.

A recent report on Balancing work and dad duties in Nigeria recognises the sacrifices incredible Nigerian fathers make to be providers and active caregivers.

The report highlights the challenges fathers face in balancing work and family life. Understanding these challenges, QNET is dedicated to empowering aspiring entrepreneurs, particularly fathers, by providing them with the tools and support they need to succeed.

For fathers who aim to build a better future for their families, the company offers a platform that not only helps kick-start their businesses but also nurtures their growth. Through QNET’s business platform, fathers gain access to comprehensive product and business training and customer support, ensuring that they have the knowledge and skills necessary to thrive and feel empowered in their entrepreneurial journey.

“We believe that every father deserves the chance to succeed both professionally and personally,” said Biram Fall, Regional General Manager, QNET Sub-Saharan Africa.

“Our mission is to provide fathers with the opportunities and resources they need to achieve their goals and support their families.

“Through our business opportunities and health-promoting products, we are dedicated to empowering fathers to build better lives for themselves and their loved ones.”

In addition to business opportunities, QNET offers a variety of products designed to help men lead healthier and more fulfilling lives.

This Father’s Day, QNET is highlighting two exceptional products that exemplify this commitment: QAlive and the Bernhard H. Mayer 150th Anniversary timepiece.

QAlive is a plant-based supplement that naturally increases testosterone levels for men’s complete health and performance. Packed with essential nutrients and antioxidants, QAlive supports immune function, boosts energy levels, and helps fathers stay healthy and active.

The Bernhard H. Mayer 150th Anniversary watch is more than just a timepiece; it symbolizes sophistication and success. Designed with precision and style, it is perfect for the modern father who values both functionality and elegance. With its advanced features and sleek design, the Bernhard H. Mayer wristwatch is a testament to QNET’s dedication to quality and innovation.

“Fatherhood is a journey of resilience, sacrifice, and unwavering love. We recognize the profound impact fathers have on shaping the future.

“This Father’s Day, we stand alongside fathers worldwide, offering not just products, but distinct products created through extensive research.

“These products have been rigorously tested and proven effective in promoting good health and wellbeing” remarked Hakeem Ajisafe, Chief Executive Officer, Transblue Limited.

This Father’s Day, QNET invites everyone to celebrate the fathers who work tirelessly to provide for their families and communities. By offering unparalleled business opportunities and top-tier health products, QNET continues to support and empower fathers to reach their full potential.

South Africa’s TV giant MultiChoice posted a pretax loss of 706 million rand ($38 million) for the year ending in March, the company said Wednesday citing weak local currencies and a drop in subscribers.

The company is the subject of a takeover bid by France’s Canal+, which already holds more than 35 percent of MultiChoice’s shares.

“Volatile and weaker local currencies, power challenges in markets like South Africa, and a weak consumer environment due to rising inflation and high interest rates have created an extremely challenging environment,” MultiChoice said.

The loss followed a 921 million rand profit before taxes reported the year before.

It was compounded by a nine percent decline in subscriptions.

Business in South Africa suffered from 275 days of rolling power cuts, which discouraged potential subscribers without backup power, it said.

Group revenue was also down five percent to 56 billion rand, but the firm said that were it not for currency swings, it would have been up three percent.

Africa’s largest pay TV enterprise, said it would accelerate a cost saving programme, prioritise customer retention, leverage sports renewals and further develop local content.

Its Showmax video streaming business, which re-launched in February, was showing “encouraging early traction” with the paying subscriber base growing by 16 percent, the company said.

In April, Canal+, a subsidiary of the Vivendi group led by billionaire Vincent Bollore, made a firm offer to acquire all MultiChoice shares it does not currently own.

Upping an earlier rejected bid, it offered 125 rand per share, an amount deemed “fair and reasonable” by an independent board appointed by the South African firm.

Canal+ is present in 25 African countries through 16 subsidiaries, and has eight million subscribers, according to the French group.

Its stake in MultiChoice, Africa’s largest pay TV enterprise, has allowed it to gain a foothold in English-speaking and Portuguese-speaking nations across the continent.