Broadcasting
It’s Time for the Corporate Sector to Rethink Business Capital
By Hyther Nizam, President – MEA, Zoho Corp.
The vast majority of people associate capital with financial wealth. When economists discuss capital, they refer to the assets that enable improved productivity, which should lead to a higher standard of living. However, when corporate capital is defined purely in terms of monetary wealth, market capitalisation or sales, it invalidates other larger, longer-term goals and they tend to be ignored, or are eliminated. While numbers are significant, they are not the most important component of capital for a company’s long-term survival.
The real concept of capital encompasses far more than just a financial metric. Apart from financial wealth, business capital is about developing competencies and deep know-how, establishing roots and nurturing a shared culture, enhancing individual and community livelihoods, and making an impact at the local, regional, and national levels. The method allows businesses to see themselves as more than just profit generators, and to see themselves as part of a much larger picture.
Building skills and capabilities
In order to take this holistic approach, organisations should focus on building capabilities through continuous investment in R&D and skills development. Developing knowledge capital has to take precedence over getting product out to market as quickly as possible. While this might initially mean sacrificing on budgets for marketing and other secondary functions, the benefits become clearer in the long term. Additionally, building knowledge capital shows your clients that you are in it for the long haul, which engenders brand credibility and helps forge stronger connections with customers.
Building this strong knowledge base goes hand-in-hand with talent nurturing. But when looking for talent, most businesses still restrict themselves to a highly selective talent pool based on credentials and educational qualifications. Unfortunately, credentials do not always attest to a person’s true potential and capabilities.
Alternatively, when you remove formal education from your hiring requirements, you have access to a huge pool of untapped talent that’s waiting for an opportunity to be trained and developed. Taking in potential talent and upskilling them in-house with industry-ready expertise further contributes to stronger knowledge capital. Such initiatives, additionally, make it easier to evolve and pivot when necessary.
Enriching employees’ lives
It’s also important for businesses to remember that their employees are more than the output they produce during working hours. For employees to be their best version of themselves at work, organisations need to foster a sense of belonging that combines material and spiritual well-being. Good pay, perks, promotions, and in-office recreation centres may look good on paper, but they mean little if they aren’t combined with a sense of freedom, trust, patience, and acceptance. Employees also need to feel free to make mistakes and learn from them without being unduly penalised.
Most businesses, however, approach this idea of building an empowered human capital backward. They start with the goal of maintaining a low attrition rate and then try to analyse why employees leave. Rather, it’s necessary for businesses to ask themselves “what have we done to deserve the loyalty and commitment of our employees?” This reverses the focus from “why do people leave us?” to “why should they stay with us?”, and urges companies to be grateful and appreciative of employees who choose to stick with them over the years.
Developing a shared culture deep-rooted in a core set of principles
A company’s culture is its unique personality, which manifests in the form of strongly-held values, business ethics, and a common sense of purpose. Culture adds meaning to why businesses do what they do and also guides how they do it. Culture gives a clear, collective goal for teams to work towards, spiritedly. This cannot be achieved through maximising profits or developing quick win strategies; they seldom motivate people or encourage them to bond.
Ultimately, getting this right means fostering an awareness that no business is larger than life, and thinking more from the angle of how a business fits into the bigger picture. This helps ensure that the business understands the role it plays in society and how it can be a community asset as it balances impact with growth.
Focusing on long term capital with skills development
Rather than focusing on immediate returns, organisations should recognize the value of building long-term capital that encompasses all the above. Business leaders that understand the business continuity and value that comes with skill development, culture, and know-how building will prioritise laying down these fundamentals of durability. This in turn will enable companies to persevere for longer periods of time, build a positive legacy, and as a result, contribute more to community progress and socio-economic upliftment.
Nigerian Civil Aviation Authority (NCAA) has directed Overland Airways to refund Value Added Tax (VAT) wrongly charged to passengers on flight tickets purchased in 2025.
NCAA
The directive follows a social media complaint that highlighted the airline’s application of new tax policies to older bookings, prompting NCAA intervention.
Michael Achimugu, NCAA Director of Public Affairs and Consumer Protection, confirmed Friday that Overland Airways agreed to process refunds after receiving clarification from the Nigeria Revenue Service (NRS).
The issue emerged in late January 2026 when a passenger alleged on X (formerly Twitter) that her grandmother faced an extra N11,286 VAT charge at the airport for a 2025 ticket. On January 28, NCAA summoned the airline to justify the additional payments for pre-2026 tickets.
The regulator sought NRS guidance on retroactive VAT application. NRS ruled that updated VAT rules, effective January 1, 2026, exclude tickets issued before that date.
Achimugu updated on X: “This means passengers who paid VAT at check-in in 2026 for 2025 tickets were not supposed to be charged.”
Overland Airways accepted the clarification and pledged refunds, earning NCAA commendation for cooperation. Achimugu noted the airline initially viewed charges as valid under the new framework, but NRS interpretation prevailed.
“The issue has reached a satisfactory conclusion,” he stated, reaffirming NCAA’s commitment to passenger rights and fair policy enforcement.
Affected passengers who paid extra VAT on 2025-issued Overland tickets qualify for full refunds.
MultiChoice has said that it will not implement its customary yearly price increase on DStv and GOtv subscriptions.
This is the first time the Pay-TV company will not be adjusting its price in April, as it has in previous years, signalling a clear shift in direction under its new owner, Canal+.
The decision, confirmed by David Mignot, group chief executive,MultiChoice in an interview with TechCentral, comes as the pay television operator grapples with steep subscriber losses across its markets.
For many households accustomed to annual April tariff adjustments, the announcement will be a welcome break.
Responding to questions about whether DStv prices would rise in April as they have in previous years, Mignot gave a firm response: there will be no increase.
He explained that the company’s immediate focus is on rebuilding its subscriber base, making this an unsuitable period to adjust prices upward.
He added that while there are no current plans for a price hike, the company has not completely ruled out adjustments later in the year, especially if economic conditions demand it, such as significant currency movements.
MultiChoice has historically reviewed and raised DStv subscription fees in April, often citing inflationary pressures and rising content costs. As recently as April 2025, bouquet prices were adjusted upwards by between 2.1 per cent and 7.9 per cent.
The DStv Premium package rose from R929 to R979 per month, while DStv Access, the entry-level satellite package, recorded one of the steepest increases.
This year’s pause represents a break from that pattern and forms part of a broader reset following Canal+’s acquisition of MultiChoice in September 2025.
Mignot, who brings three decades of experience in the pay television industry, summed up his mission in simple terms: halt subscriber losses and return the business to growth.
The urgency behind the move is evident in MultiChoice’s recent performance.
The group has lost 2.8 million linear broadcasting subscribers in the two years ended 31 March 2025, with roughly half of those losses occurring in South Africa.
In the financial year to end-March 2025 alone, MultiChoice shed 1.2 million subscribers, representing an eight per cent year-on-year decline and leaving the group with 14.5 million active customers.
The previous year saw an even steeper drop of 1.6 million subscribers. By June 2025, Canal+ indicated that the pace of decline had intensified further.
The financial impact has been significant. Revenue for the year ended 31 March 2025 declined by R4 billion to R52 billion, while trading profit fell sharply by 49 per cent to R4 billion.
According to Mignot, the company’s difficulties stem less from its programming slate and more from weaknesses in its commercial execution.
He argued that in subscription businesses, a churn rate of between 12 and 15 per cent annually is inevitable as customers relocate, experience job losses, adjust household budgets, or change priorities. Without attracting a comparable number of new subscribers each year, losses accumulate.
Mignot maintained that the content offering remains strong, particularly in sport and general entertainment. He cited flagship brands such as SuperSport, M-Net and Africa Magic as evidence of sustained investment in programming. However, he stressed that content strength alone cannot offset a weakening subscriber acquisition engine.
He noted that MultiChoice’s commercial machinery had performed robustly across Africa until around 2022, describing the current challenges as relatively recent.
Drawing on Canal+’s experience in French-speaking African markets, Mignot pointed out that pricing there has remained largely unchanged for close to 14 years, supported by a volume-driven approach. He described his strategy as one focused on growing subscriber numbers while maintaining profitability.
While he did not dismiss the possibility of reviewing prices downward in future, he indicated that no such decision has been taken.
Spotify marked five years in Nigeria since its February 2021 launch with dramatic year-on-year listening growth averaging 163.5% through 2025, featuring triple-digit surges early on and sustained momentum, propelled by Afrobeats streams rocketing +5,022% alongside booming genres like Amapiano (+10,330%), Gospel/Praise (+5,499%), Hip-hop/Rap (+3,020%), and R&B (+2,602%).
Spotify
Indigenous language music listening surged +554% in Nigeria in 2024 and +87% in 2025, with global growth at +141% and +41% respectively, underscoring rising demand for local storytelling sounds.
The platform’s Nigerian artist roster expanded +158%, fueling a discovery boom where average listeners (aged 26) streamed 150 different artists recently; users created over 25 million playlists, logged 1.4 million play hours in 2025 alone, and streamed 59 billion podcast hours total.
Top Artists (2021-2025): Asake, Wizkid, Seyi Vibez, Burna Boy, Davido.
Top Songs: “Remember” (Asake), “Dealer” (Ayo Maff & Fireboy DML), “Awolowo” (Fido), “Kese (Dance)” (Wizkid), “Lonely At The Top” (Asake), “Joy is Coming” (Fido), “With You” (Davido feat. Omah Lay), “Terminator” (Asake), “MMS” (Asake feat. Wizkid), “Doha” (Seyi Vibez).
Nigeria’s debut stream was Shiga Lin’s Cantopop epitomizing borderless discovery from day one.
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