Lagos State Electricity Regulatory Commission (LASERC) has issued a new directive establishing a formal regulatory framework for electricity market operations within Lagos.

With the release of Order No. LASERC ORDER/001/2025, the commission finalizes the shift of oversight from the Nigerian Electricity Regulatory Commission (NERC) to LASERC, aligning with the Electricity Act 2023 and Lagos State Electricity Law 2024.

Under the new regulations, individuals or entities involved in electricity-related activities in Lagos must obtain a license or permit from LASERC. Licenses issued by other regulatory bodies will no longer be recognized. Unlicensed operators must immediately halt operations and apply for proper authorization to avoid penalties, which include a fine of ₦20 million and additional daily fines of ₦20,000 for continued violations.

LASERC has encouraged entities unsure of their regulatory status to seek clarification to prevent sanctions. Despite the transition, existing national guidelines, including tariff structures, grid codes, and safety regulations, will remain in effect unless amended.

Dr. Fouad Animashaun, CEO and Executive Commissioner of LASERC, emphasized that the order is designed to ensure a secure, efficient, and reliable electricity market in Lagos.

He reiterated the commission’s commitment to global standards and safeguarding the interests of electricity consumers and investors.

This policy marks a significant shift in the state’s power sector and aims to enhance regulatory compliance while ensuring a more structured and effective electricity market.

Video entertainment company MultiChoice’s woes are persisting with the company continuing to suffer massive losses in revenue and subscribers.

This emerged today when the DStv parent company announced its financial results for the year ended 31 March (FY25).

In a statement to shareholders on the Stock Exchange News Service, the JSE-listed firm says the past two financial years have been a period of significant financial disruption for economies, corporates and consumers across sub-Saharan Africa due to challenging macro-economic factors.

Combined with the impact of structural industry changes in video entertainment such as the rise of piracy, streaming services and social media, this has materially affected the overall performance of the MultiChoice Group, it notes.

Over this period, MultiChoice says the group lost 2.8 million active linear subscribers and had to absorb a R10.2 billion negative impact on its topline due to local currency depreciation against the US dollar.

For the year ended 31 March, the company reveals that linear subscribers were down 1.2 million or 8% year-on-year (YoY) to 14.5 million active subscribers, with the loss evenly split between South African (600 000) and Rest of Africa (600 000).

Although reflecting an improvement on FY24 trends, MultiChoice says this indicates ongoing broad-based pressure across the group’s entire customer base.

Active paying Showmax subscribers were up 44% YoY, reflecting healthy growth and gaining regional market share, it adds.

Group revenue declined by R5.2 billion or 9% YoY to R50.8 billion, mainly due to an 11% decline in subscription revenues (-1% organic) caused by foreign currency and subscriber volume headwinds and the deconsolidation of the NMSIS insurance business from December 2024, it explains.

According to the firm, this was partially offset by inflationary pricing and new product growth (DStv Internet, DStv Stream and Extra Stream).

Trading profit, which declined by R3.8 billion or 49% YoY to R4 billion, was materially affected by the R2.3 billion organic increase in trading losses in Showmax and the R5.2 billion in foreign currency revenue losses, partially offset by a significant outperformance in delivering total cost savings of R3.7 billion.

Adjusted core headline earnings, the board’s revised measure of the underlying performance of the business, shifted to a loss of R800 million (FY24: earnings of R1.3 billion) due to lower trading profit and hedging losses in FY25 (compared to gains in FY24), partially offset by smaller losses on cash remittances from Nigeria.

The group incurred a free cash outflow of R500 million in FY25 (FY24: inflow of R600 million), impacted by lower profitability, higher lease repayments due to timing and partially offset by improved working capital management as well as a 29% YoY decline in capex.

At year-end, the group held R5.1 billion in cash and cash equivalents and retains access to R3 billion in undrawn general borrowing facilities.

A part of the R12 billion term loan was repaid early by using the R900 million upfront proceeds from the NMSIS transaction (ie R1.2 billion, net of tax), says the company.

The group operates in numerous markets across Africa and internationally, resulting in significant exposure to foreign exchange volatility.

Amid the challenges, MultiChoice states that management acted decisively to ensure that the group could withstand these headwinds, focusing on key areas within its control.

It notes that this has meant maintaining a discipline of inflationary pricing, with price increases of 5.7% in South Africa in FY25 (FY24: 5.6%) and an average of 31% in local currency in Rest of Africa (FY24: 27%), which enabled the group to offset subscriber volume pressures and deliver 1% YoY organic revenue growth in the current financial year.

In addition, further efficiencies were implemented to manage costs and cash flows without unduly sacrificing the group’s customer value proposition, it adds.

In this regard, the group delivered R3.7 billion in cost savings, well ahead of management’s initial R2 billion target (and the revised R2.5 billion target set at interims) and almost double the R1.9 billion saved in FY24, the company says.

Afia TV & Radio has announced its official entry into the Lagos media market, in its commitment to expanding the broadcaster’s footprint, connecting businesses to audiences across Nigeria, and redefining regional media excellence.

Chief Emeka Mba,

Nnamdi Obanya, general manager of Afia TV & Radio, said there is only one digital satellite and one digital station in the southeastern region of Nigeria, which is Afia.

Obanya, stated that: “We are specialists in developing products. A programme on our channel, ‘How Market’, is where we talk to the people in the market to tell their stories and advertise their products on AFIA.”

According to him, “the market world has changed a lot, as the physical market has become a ware house while people are buying digitally.”

Chief Emeka Mba, founder and CEO, stated: “The parley brought together top media buyers, advertising agencies, and communication professionals for engaging conversations around emerging trends, innovation, and future-forward strategies in media planning and buying. The event also served as a platform for Afia TV and radio to unveil its offerings, platforms, and unique value proposition to Lagos-based stakeholders.”

While noting that they are thrilled to bring Afia’s fresh, original, and regional perspective to Lagos, Mba said, “this parley signals our readiness to collaborate, innovate, and deliver impactful results for our partners through data-driven content and targeted reach especially for brands looking to penetrate the southern Nigerian market.”

Equipped with modern broadcast studios, digital-first production capabilities, and a highly experienced team, Afia TV & Radio is poised to make a bold impression on the Lagos media landscape.

The media brand delivers high-quality programming ranging from news and documentaries to lifestyle, business, culture, and entertainment only in south-east but in Lagos, African and beyond, we want to be chief marketing platform of the eastern region, we are the only 24/7 radio station now in Enugu.