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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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EFCC Re-Arraigns Echefu, TStv CEO for Allegedly Defrauding Ex-Minister of N1Bn, $1.3m

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Bright Echefu, chief executive officer, Telecom Satellites Limited (TStv), and three co‑defendants appeared before the Federal High Court in Abuja yesterday on an amended twelve‑count indictment brought by the Economic and Financial Crimes Commission (EFCC). The charges allege money laundering, tax evasion, and investment fraud involving approximately ₦1 billion and $1.3 million.

EFCC Re-Arraigns Echefu, TStv CEO for Allegedly Defrauding Ex-Minister of N1Bn, $1.3m

Bright Echefu, chief executive officer, TStv

In addition to Echefu, the defendants are TStv Executive Director, Felix Igboanuga, Telecom Satellites Limited itself, and Briechberg Investment Ltd.

According to the April 5, 2025, amended charge sheet the EFCC accuses the quartet of defrauding Mr. Tanimu Turaki, Managing Director of Kalsiyam Global and former Minister of Special Duties, alongside BYI General Limited, out of a combined investment of ₦1 billion and $1.3 million. The commission has also included a ₦66 million alleged tax default.

The revised indictment lists:

Count 2: ₦33,909,542.47 in unremitted Company Income Tax

Count 3: ₦13,519,382.00 in unremitted VAT

Count 4: ₦19,488,860.00 in unremitted PAYE

Counts 5–12: Various fraud‑related transactions, including ₦380 million from Kalsiyam Farm, ₦400 million from BYI General Ltd and $1.35 million in loans secured under false pretences.

All defendants pleaded not guilty once again. At the hearing before Justice Mohammed Umar, Echefu’s lead counsel, Senior Advocate Eyitayo Fatogun, informed the court of ongoing settlement discussions with the complainants.

“There are moves to settle this matter and there was a meeting on Saturday between myself and the Nominal Complainant as it is about investment,” Fatogun stated.

“The Defendants have paid some money and I was thinking that the matter be adjourned for report of settlement.”

EFCC counsel A.S. Tomwell confirmed receipt of those payments but emphasized the necessity of entering a plea before considering any adjournment. The court thus ordered the formal reading of the charges and adjourned the trial to October 15, 2025.


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More Woes for MultiChoice as Ghana Orders 30% Price Cut

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The government of Ghana has ordered MultiChoice Ghana to reduce DSTV subscription costs by 30%, noting the significant appreciation of local currency and growing dissatisfaction with current rates.

This comes as Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).

According to Mr Babatunde Bamigboye, head Legal, Enforcement & Regulations, NDPC, the investigation, which commenced in the second quarter of 2024, was triggered by suspected breach of privacy rights of Multichoice subscribers and illegal cross-border transfer of personal data of Nigerians.

MultiChoice, which operates across Africa, continues to lose revenue and subscribers.

Ghana’s minister of communication, digital technology, and innovation, Samuel Nartey George, made the call last week during a meeting with a DSTV team led by Dr. Keabetswe Modimoeng, group executive for regulatory and corporate affairs.

According to a ministry statement, George said the government’s responsibility is to respond to Ghanaians’ concerns over high DSTV pricing and outdated content offers.

The Minister pointed out that despite a 30% increase in the cedi’s value over the past five months; DSTV prices have not reflected the positive economic trend.

‎The statement went on to say the minister is therefore calling for a 30% price reduction to match the cedi’s appreciation and to pass on economic benefits to consumers.

According to the statement, while MultiChoice has implemented promotional packages, people prefer a direct price reduction over temporary discounts.

George said feedback from public engagements revealed that many users are dissatisfied with DSTV’s content, describing it as outdated save for Premier League football. They also believe that the current cost is not justified.

‎”To address the concerns, he said MultiChoice Ghana has until July 21 to formally respond to the government’s request. The Minister expects a concrete proposal by this date, allowing time for further engagement before the end of July,” the statement said.

‎In response, Dr. Modimoeng acknowledged the government’s concerns and expressed gratitude for the opportunity to dialogue.

The MultiChoice team reacted positively to the minister’s request and committed to provide input by July 21st. They emphasised the need of balancing public interest and business sustainability.

This is the continent’s latest pricing conundrum for the pan-African pay-TV business, following fee disputes with Nigerian and Malawian authorities.

In Ghana, the demand for price cuts comes as MultiChoice is under pressure, having lost revenue and subscribers in the financial year that ended March 31, 2025. Last month, the company announced its financial year-end results.

In a statement to shareholders last month on the Stock Exchange News Service, the company said 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 noted.

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

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

 


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NDPC Slaps Multichoice with ₦766M Fine for Data Privacy Violations

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Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).

NDPC Slaps Multichoice with ₦766M Fine for Data Privacy Violations

NDPC is a public institution that processes data in furtherance of its mandate as Nigeria’s data protection authority and relies on recognised lawful bases for data processing, such as consent, legal obligation, and contract.

The fine was contained in a statement signed by Mr Babatunde Bamigboye, head Legal, Enforcement & Regulations, NDPC.

According to him, the investigation, which commenced in the second quarter of 2024, was triggered by suspected breach of privacy rights of Multichoice subscribers and illegal cross-border transfer of personal data of Nigerians.

“The NDPC found, among others, that Multichoice violated the data privacy rights of subscribers and their friends who are not necessarily subscribers.

The Commission also found that Multichoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria.

The depth of data processing by Multichoice is patently intrusive, unfair, unnecessary, and disproportionate.

This is a grave affront to fundamental right to privacy as enshrined in Section 37 of the 1999 Constitution of the Federal Republic of Nigeria.

In line with its standard remediation procedure, the Commission directed Multichoice to carry out appropriate remedial measures.

However, the Commission found the measures undertaken by Multichoice in this regard unsatisfactory.

For want of cooperation, the Commission has directed Multichoice to pay ₦766,242,500 for violating the Nigerian Data Protection Act.

“Nigeria is entitled to protect her citizens and data sovereignty under both international and extant municipal laws, as these have far-reaching implication for rule of law, national security, and economic growth.” the statement said.

Babatunde also revealed that, Vincent Olatunji, national Commissioner, NDPC, has directed that all outlets through which Multichoice is collecting personal data of Nigerian citizens should be investigated for non-compliance.

He added that any outlet that processes personal data in violation of the NDP Act is liable to penalty under the Act.

 


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