Broadcasting
Norsad Capital Provides CABS Zimbabwe with a Medium-term Credit facility of USD10 million
Norsad Capital, an impact investor, and private creditor provider, offering tailor-made debt solutions to mid-market growth companies in Sub-Saharan Africa, has provided Central Africa Building Society (CABS) Zimbabwe, (a member of the Old Mutual Group), a USD10 million Credit Facility to support the bank’s growth strategy. The facility is earmarked towards lending to CABS’ export clients, particularly in the agricultural sector.
CABS is one of the top three banks in Zimbabwe and was established as a building society in 1949 before being granted approval by the Reserve Bank of Zimbabwe (RBZ) in 2011 to engage in full commercial banking operations. CABS has 38 operational branches, over 900 Agents, and the largest Point of Sales machine network of about 25,000 countrywide.
This adds to its digital banking offering which includes Mobile, Internet, and WhatsApp Banking. The agricultural sector is key to Zimbabwe’s economy for domestic production, exports, and employment; hence, Norsad’s facility supports sustainable livelihoods and builds a better Africa by impacting lives.
Carol-Jean Harward, Investment Director at Norsad Capital and transaction lead said: “This investment aligns with Norsad’s sectoral theme of Financial Institutions as well as the impact focus on financial inclusion and sustainable livelihoods. The transaction will capacitate the exporting industry by providing working capital and capital expenditure facilities to sectors in agriculture and manufacturing. We are excited to partner with CABS as it plays a catalytic role in unlocking opportunities to enable local farmers and SMEs to export both regionally and internationally.”
Cecil Ndoro, Deputy Managing Director of CABS said: “Norsad’s funding will help strengthen CABS’ balance sheet by providing medium-term funding as well as capacitating the exporting industries by providing working capital and capital expenditure facilities, thus boosting the country’s foreign currency earnings.
As CABS, we will deploy the funds to the productive export sectors, notably agriculture, manufacturing, mining, and tourism. The focus will be on generation of foreign currency, creation of employment and value chain financing for the benefit of industry players and the economy at large. The investment will promote entrepreneurship, enable growth, and improve livelihoods.”
Broadcasting
How to Beat DStv Price Increase with ‘Price Lock’ Feature
In today’s fast-paced world, where every penny counts, finding ways to save on essential services is more important than ever. And as part of its commitment to customer satisfaction, DStv has reiterated its “Price Lock” feature.
This is in response to the upcoming tariff increase, which the company understands may impose some financial strain on its valued customers.
What exactly does the “Price Lock” feature entail? The “Price Lock” feature offers customers the opportunity to retain their subscriptions at the current rate for 12 months.
To use the “Price Lock” feature, customers simply need to renew their subscriptions before the due date each month, ensuring uninterrupted access to their favourite DStv content at the current rate for the next 12 months.
But here’s the catch: only customers with an active subscription by the 30th of April qualify for this offer, when the tariff adjustment comes into effect.
Make sure you don’t miss the price lock offer! Simply download the MyDStv or MyGOtv app or dial *288# to subscribe, upgrade, or set up Auto-Renewal.
Broadcasting
OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content
Civil Society Organisation (CSO) under the auspices of Open Justice Initiative (OJI), has threatened to drag the National Broadcasting Commission (NBC) to court if it fails to ban Netflix, TikTok, and others over the alleged broadcast of offensive same-sex content on Nigeria’s airwaves.
The CSO, also urged NBC to ban other social media platforms, including X, formerly known as Twitter, Facebook, etc with regard to the subject matter.
Donald Ayibiowu, lawyer and programme officer of OJI, gave the warning in a letter addressed to Mr. Charles Ebuebu, director-general of the NBC.
The certified true copy of the letter titled: “Need to ban and bar the continuous broadcast of offensive same-sex contents on Nigeria’s airwaves by Netflix and other specialised broadcast outlets”, made available to newsmen in Abuja, was received by the Commission on April 23, 2024.
The letter said, “We write to draw the esteem attention of your commission to some obnoxious and repugnant same-sex contents being aired or transmitted by some broadcast outfits operating within the Nigeria broadcast space, which platforms includes Netflix and some social media entities.
“These abhorrent contents being campaigned about borders on the promotion of amorous relationships between persons of same sex on the said platforms.
“We received complaints on this topic from well-meaning Nigerians and religious organisations and further discovered that the broadcast contents/materials on these platforms are laced with embedded scenes/episodes where same-sex relationships are practically being propagated.
“We also conducted research on some social media platforms like TikTok, Twitter (X), Facebook (Meta), etc with regards to this subject, and found same hazardous and illegal same-sex content being promoted and transmitted.
“It is clear that there is an agenda to surreptitiously lure the unsuspecting young population of this country to this satanic habit/lifestyle of same-sex practice in Nigeria by subtly introducing same through entertainment and showbiz industry, albeit through the airwaves.
“It is now commonplace to see some of these illegal contents being conveyed on social media and specialised platforms in Nigeria.
“We wish to point out that these contents are clearly being aired or transmitted in contravention of our extant laws such as Sections 4(2) and 5(2} of the Same-Sex Mariage (Prohibition) Act, 2013,” he said.
The lawyer said the act being subtly propagated and promoted via the mediums was targeted at destroying the moral fibre and rectitude, erode, dislodging and polluting the society with unacceptable inhuman values.
He said it was also to erode the age-long cultural practices and sacred religious belief system of male and female gender only as created by God Almighty.
Ayibiowu said, that if the commission failed to block, restrict or scrap the same-sex promotional material/contents from Nigeria airwaves, “we shall proceed to seek further redress in pursuit of our goal of saner Nigeria airwaves”.
Broadcasting
FCCPC to Review Multichoice’s Tariff Hike
Federal Competition and Consumer Protection Commission (FCCPC) has promised to review recent price increases in MultiChoice cable subscriptions to ensure subscribers in Nigeria get value for their money.
Recall that the leading pay TV operator, recently announced increase in the subscriptions for its DStv and GOtv packages by at least 25 per cent.
Multichoice announced the increase in tarrifs in a message sent to subscribers on Wednesday and said that the new regime will be effective May 1.
The company stated this in the statement signed by John Ugbe, chief executive officer was titled, ‘Price Adjustment on DStv and GOtv Packages.’
The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.
The company said, “We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision.
“It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service. So, from Wednesday, 1 May 2024, the price adjustment will take effect.”
But Adamu Abdullahi, acting chief executive officer, FCCPC, in a chat with Channels Television on its Dateline Abuja programme on Thursday, provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.
He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.
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