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Multichoice Nigeria Faces Revenue Decline Amid Economic Challenges

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MultiChoice Nigeria’s subscription revenue declined by 44 per cent to $197.74m in the financial year ended March 2025, down from $355.93m recorded in the same period a year earlier, as rising inflation and a worsening economic climate triggered a mass exit of subscribers.

The sharp revenue drop was driven by “sizeable customer losses in Nigeria as high inflation adds more pressure on consumers,” the company said in its latest financial report. Inflation stood at 23.71 per cent in April 2025, according to the National Bureau of Statistics.

The pay-TV provider has lost 1.4 million subscribers in Nigeria since its financial year ended in March 2023.

Nigeria alone accounted for 77 per cent of the 1.8 million subscribers lost across MultiChoice’s Rest of Africa segment, which includes markets such as Kenya, Zambia, and Angola.

Between April and September 2024, the company lost 243,000 subscribers in Nigeria, as macroeconomic and consumer conditions deteriorated further.

At the close of its 2025 fiscal year, MultiChoice reported 14.5 million total subscribers, with 7.5 million of them in RoA. The group attributed part of the overall decline in performance to foreign exchange losses resulting from a 44 per cent depreciation of the naira against the US dollar.

MultiChoice said it incurred foreign exchange losses of $158.19m and managed to remit only $133m from Nigeria at an average exchange rate of N1,589 per dollar, compared to $184m at N1,044 per dollar in the previous year.

“Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23 per cent drop in RoA subscription revenue to $779.66m,” said Chief Executive Officer, MultiChoice Group, Calvo Mawela.

Total subscription revenue, including South Africa, declined by 11 per cent year-on-year to $2.27bn. Overall group revenue fell nine per cent to $2.87bn, while operating profit declined by 34 per cent to $263.50m. Trading profit dropped by nearly half to $228.14m.

“Our performance reflects both the challenges we’ve faced and the resilience of our teams,” said Mawela. “While macroeconomic pressures and currency volatility have weighed on our results, our disciplined execution, cost management, and investment in new long-term growth opportunities position us well for the future.”

In spite of its declining linear subscriber base, down 2.8 million across two financial years, MultiChoice reported notable growth in its digital and streaming businesses.

DStv Internet revenue rose 85 per cent, KingMakers grew by 76 per cent in constant currency, DStv Stream increased 48 per cent, and Showmax saw a 44 per cent year-on-year rise in active paying customers.

“Our strategy is shaped by developments in our industry, such as changes in technology which are driving shifts in consumer behaviour, as well as the impact of a rise in piracy, streaming services, and social media,” Mawela said.


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SERAP, NGE Sue NBC over Threat to Sanction Broadcasters

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Socio-Economic Rights and Accountability Project (SERAP) and the Nigerian Guild of Editors (NGE) have jointly sued the National Broadcasting Commission (NBC) over what they described as an “arbitrary, unconstitutional, and unlawful” threat to sanction broadcast stations and presenters.

SERAP, NGE Sue NBC over Threat to Sanction Broadcasters

The development was disclosed in a Sunday statement signed by Kolawole Oluwadare, deputy director, and Onuoha Ukeh, general secretary of the Nigerian Guild of Editors.

According to the statement, SERAP and NGE challenged a recent directive by NBC, warning presenters and journalists against “expressing personal opinions as facts,” “bullying or intimidating guests,” and failing to maintain neutrality.

The statement reads, “SERAP and the Nigerian Guild of Editors (NGE) have filed a lawsuit against the National Broadcasting Commission (NBC) over the arbitrary, unconstitutional, and unlawful ‘Formal Notice’, which threatens to sanction broadcast stations and presenters for allegedly ‘expressing personal opinions as facts, bullying or intimidating guests, or failing to maintain neutrality.’

“The NBC had recently threatened to sanction broadcast stations and presenters who ‘express personal opinions as facts’ or ‘bully and intimidate guests,’ claiming it had ‘identified a sustained increase in breaches of the 6th Edition of the Nigeria Broadcasting Code across news, current affairs, and political programmes.’”

In the suit marked FHC/L/CS/854/2026 filed last Friday at the Federal High Court in Lagos State, SERAP and NGE asked the court to determine whether the various provisions of the Nigeria Broadcasting Code relied upon by the NBC in the directive are inconsistent with the Nigerian Constitution 1999 (as amended) and the country’s international human rights obligations.

According to the statement, the groups disclosed that Femi Falana (SAN), human rights lawyer, would lead a team of senior lawyers to represent SERAP and NGE in the lawsuit.

SERAP and NGE asked the court to declare that the provisions of the 6th Edition of the Broadcasting Code used by the NBC are vague and constitute a fundamental breach of press freedom guaranteed by the Nigerian Constitution and international human rights standards.

The statement added, “SERAP and NGE are asking the court for a declaration that the provisions of the 6th Edition of the Broadcasting Code used by the NBC are vague and overly broad and constitute a fundamental breach of freedom of expression and media freedom guaranteed by the Nigerian Constitution and international human rights standards.”

The groups also sought an interim injunction to restrain the NBC, its agents and other authorities from imposing sanctions on broadcast stations and presenters based on what they described as “unlawful provisions of the 6th Edition of the Broadcasting Code”, pending the hearing and determination of the motion.

“SERAP and NGE are also seeking an order of interim injunction restraining the NBC, its agents or privies, whether jointly or severally or any other authority, from imposing sanctions on broadcast stations and presenters based on the patently unlawful provisions of the 6th Edition of the Broadcasting Code, pending the hearing and determination of the motion on notice filed simultaneously in this suit,” the statement concluded.

 


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Glo-sponsored African Voices Spotlights Ejatu Shaw

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Globacom continues to celebrate African creativity as its sponsored programme African Voices on CNN International features London based photographer and multidisciplinary artist Ejatu Shaw this week. The episode highlights her journey, her art, and the stories behind her work.

Ejatu Shaw’s journey into photography began in 2013 during a family trip to Sierra Leone, a moment that sparked a passion which has since shaped her creative path. Born in 1996, the British Sierra Leonean artist later went on to earn a master’s degree in photography arts from the University of Westminster in 2020.

Her work explores identity in a personal and expressive way, drawing from her Islamic faith and African heritage. She is inspired by classic African studio photographers such as Malick Sidibé, Sory Sanlé, and Omar Yahia Barram. Through self-portraits and visual storytelling, she brings her memories and experiences to life.

Shaw’s talent continues to gain global recognition. In 2025, the British Fashion Council named her a New Wave Creative.

She has also photographed top names including Angela Bassett, Cynthia Erivo, and Usain Bolt, and worked on projects for major platforms like EBONY, The Guardian, The Sunday Times, and Vogue. She also designed the album cover for Craig David.

The programme will air on Saturday at 7:30 a.m. and 11:00 a.m. On Sunday, it will show at 3:30 a.m. and 6:00 p.m., with repeats on Monday at 3:00 a.m. and 5:45 p.m.


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QEDNG Summit 2026 set for August 11 in Lagos

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QEDNG Creative Powerhouse Summit will hold its second edition on August 11 in Lagos, bringing together leaders across the creative, business and policy spaces.

QEDNG Summit 2026 set for August 11 in Lagos

Convened by Mighty Media Plus, publishers of online newspaper QEDNG, the summit brings together conversations at the intersection of creativity, enterprise and influence, with a focus on strengthening Nigeria’s creative economy.

Reflecting on the inaugural edition, Iyanda said the summit drew participation from respected figures across sectors, including group managing director of SO&U Udeme Ufot as chairman and founder of The Africa Soft Power Group Dr Nkiru Balonwu as keynote speaker, alongside panellists such as filmmaker Kunle Afolayan, All Africa Music Awards (AFRIMA) founder Mike Dada and executive director of the National Film and Video Censors Board (NFVCB) Dr Shaibu Husseini who contributed to discussions on the direction of the creative economy.

“The first edition showed that there is a strong interest in serious engagement around the creative economy. We had contributions from experienced voices who helped set the tone for the kind of platform we are building,” Iyanda said.

Building on the success of its inaugural edition, the summit continues to expand its scope, attracting a diverse mix of industry leaders, entrepreneurs, policymakers and emerging talents.

“This summit is designed as a meeting point for ideas, influence and execution. It is not just about conversations, but about outcomes that strengthen the creative economy,” Iyanda added.

He noted that the timing of the summit is significant as the country’s creative sector continues to evolve.

“Nigeria’s creative sector has grown in visibility, but the structures that support it are still evolving. The QEDNG Creative Powerhouse Summit is part of the effort to bring clarity, direction and serious engagement to that growth,” he said.

The 2026 edition will feature keynote addresses, panel discussions and curated sessions addressing themes around innovation, growth, funding and the global positioning of Nigerian creative talent.

According to Iyanda, the long-term goal is to build a platform that remains relevant across generations.

“Our goal is to build a platform that remains useful over time, one that documents progress, connects stakeholders and contributes meaningfully to policy and practice,” he said.

Further details on speakers, partners and the full programme will be announced in the coming weeks.


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