Broadcasting
What does it mean to be an impact investor in the African context?
By Keoleboge Malela, ESG and Impact Manager, Norsad Capital
Impact investing refers to investments that are made to achieve positive financial returns combined with measurable, positive environmental and social impact. The impact investment sector is currently estimated to be worth US$1.164 trillion globally. Of that, Sub-Saharan Africa lays claim to a relatively small US$65 billion, with South Africa accounting for 84% of all impact investment assets in the region.
It should be clear, then, that there’s substantial room for impact investment growth across the continent. But if we’re to offer any kind of roadmap for how that growth might be achieved, it’s important to understand what it actually means to be an impact investor in Africa.
Understanding where the need lies
While it’s important for any investor to understand where there is a developmental need to be met or a problem to be solved, it’s especially critical for those participating in the impact sector in the African context.
Impact investors looking to build a presence in the region must do extensive work to understand the region as a whole, alongside the individual markets they seek to operate in. Ideally, that means having an active on-the-ground presence, as well as making a conscious effort to hire relevant local expertise.
With those resources in place, it’s also important for investors to identify the problems that their investing expertise is best poised to solve. At Norsad Capital, for instance, our investments are aligned with the United Nations’ Sustainable Development Goals (SDGs) and focused on helping build sustainable livelihoods, financial inclusion, gender equality, and growth in climate and clean energy.
Meeting investor expectations
Increasingly, investors of all kinds expect investments to be made in accordance with environmental, social, and governance (ESG) guidelines.
Applying ESG best practices creates sustainable brands, increases productivity and enables companies to unlock further funding. It also creates expanded opportunities for impact investors as they’re ideally poised to deliver on those guidelines.
But to make the most of those opportunities, investors must work hard to ensure that they exceed ESG compliance standards. This intentional and focused approach is critical to being a successful impact investor.
Returns and measurability
Of course, impact investing is defined by more than the initial and ongoing work you put in. You also need to be able to demonstrate returns. Here, sound investment must be based on sustainability, measurability, supported by the transparent monitoring of benefits.
There are clear reasons for the need to generate returns. It’s what separates impact investors who have a growth imperative, from NGOs and charitable organisations that don’t. Impact investors believe that it’s possible to change the world while making a profit. The investors backing them believe that too, making it incredibly important to invest in companies that at least show the potential to generate returns.
Measurability in impact investing is both more important and more difficult to achieve than in traditional forms of investment. Remember, impact investors don’t just have to demonstrate that they’re delivering financial returns for investors but also that they’re having an actual impact.
Specific approaches to measuring impact will differ depending on investors’ objectives, capacities, and goals. However, according to the Global Impact Investing Network (GIIN) there are general measurement best practices. These include: establishing and stating social and environmental objectives to relevant stakeholders; setting performance targets related to these objectives using standardised metrics wherever possible; monitoring and managing the performance of investees against these targets; and reporting on social and environmental performance to relevant stakeholders.
In the African impact investing landscape, it’s also important to apply the widely varying contexts in which investments are made to those measurement principles and to help external stakeholders understand why that’s so critical.
Unlocking potential
Ultimately, though, the real meaning of being an African impact investor can’t be boiled down to those minutiae. Instead, it’s about unleashing the immense potential on the continent. It is, after all, home to a growing population (more than 60% of whom are under the age of 25) that is increasingly well-educated and connected. Impact investors see that potential and want to help unlock it for as many people as possible. And with the right approach, the bets they’re making could pay off big-time.
Federal government, yesterday, said that it will now launch the so-called FreeTV, with over 100 channels for news, sports, education, entertainment and children’s programming in multiple Nigerian languages on June 17.
National Broadcasting Commission (NBC) had initially scheduled for May 15 for the launch.
But the new date was announced by Mohammed Idris, minister of Information and National Orientation, on Wednesday during a facility tour of NIGCOMSAT, alongside Dr Charles Ebuebu, director general of the National Broadcasting Commission (NBC) and other stakeholders.
Idris said the long-awaited migration from analogue to digital broadcasting had finally become a reality after years of failed attempts and delays, describing the project as a major breakthrough for Nigeria’s broadcasting industry.
“I have been grappling with this idea of the DSO for many years. Moving our transmissions from analogue to digital has now happened and is ready to be commissioned by June 17,” the minister said.
He revealed that several channels had already been bundled onto the platform, adding that the digital transition would transform broadcasting, advertising and television consumption across Nigeria and Sub-Saharan Africa.
According to him, the new platform introduces scientific audience measurement tools capable of tracking viewership patterns in real time, thereby giving advertisers reliable data for targeted campaigns.
“Now science is at play. If you are viewing a station, we know who is watching what and how many people are watching. Advertisers can now take informed decisions about the kind of programming Nigerians want to watch across all demographics,” Idris stated.
The minister said the collaboration between NIGCOMSAT, NBC, the Ministry of Communications and the Ministry of Information had made the digital transition possible, while commending President Bola Tinubu for providing the necessary support and resources.
He described previous DSO efforts as limited and expensive due to encrypted set-top boxes but noted that the new system would be free and accessible to millions of Nigerians.
“In the past, the boxes were encrypted and costly. Now this is free. Government has taken off some of those costs on behalf of Nigerians,” he said.
Idris stressed that unlike earlier pilot phases restricted to a few cities, the new digital platform would have nationwide and regional reach through NIGCOMSAT’s satellite infrastructure.
“Everybody can now watch whatever he wants in real time and painlessly. Free TV everywhere for everybody”, he declared.
The minister also hinted that the platform would challenge the dominance of existing pay-TV operators by offering Nigerians wider viewing options at no cost.
“I don’t want to always use the word ‘substitute’, but this offers opportunities you didn’t get before. You no longer have that monopoly again. Competition is going to set in. Content will grow and viewership will grow,” he said.
He added that the platform would initially launch in standard definition, SD, before quickly transitioning to high definition, HD, bringing Nigerian broadcasting in line with global standards.
“Soon after the launch, we are moving to HD. Nigeria will now compete globally. What you watch here is what you get anywhere,” Idris said.
The minister further disclosed that the service was already available via mobile application and had successfully undergone testing ahead of the official unveiling.
Also speaking during the tour, managing director and chief executive officer of NIGCOMSAT, described the collaboration between NIGCOMSAT and NBC as a strategic partnership that has strengthened service delivery and raised operational standards within Nigeria’s digital broadcasting ecosystem.
According to her, ongoing investments and satellite expansion plans under the current administration will guarantee reliable and continuous service delivery.
“The work has only just started. The work has only just begun,” she said.
Among those who accompanied the Honourable Minister on the tour were Salihu Abdullahi Dembos, director-general, Nigerian Television Authority (NTA); Jibrin Baba Ndace, director-general, Voice of Nigeria (VON); Mohammed Bulama, director-general, Federal Radio Corporation of Nigeria (FRCN); and Lanre Issa-Onilu, director-general, National Orientation Agency (NOA), alongside other senior government officials and dignitaries.
Metro Digital Limited, a licenced Indigenous broadcasting organisation, has accused Multichoice, pay television company, of refusing to obey judgements emanating from Courts in Nigeria.
It said the latest of such judgements is the one that was delivered by Justice Chinelo Odili of Rivers State High Court on May 4, 2026 in Suit No. PHC/3943/FHR/2025.
Dr. Paul Osuji, operations manager of Metro Digital, at a press conference in Port Harcourt, Rivers State,
said the suit was filed by the organisation and two others against Multichoice and the Economic and Financial Crimes Commission (EFCC).
Osuji stated that Justice Odili has in the judgement described the arrest of a staff member of the company and the carting away of it’s properties and disruption of it’s broadcasting business by the EFCC over a civil dispute of copyrighy as unlawful and violations of the applicants’ rights.
The manager recalled that in October 2025, Multichoice instigated the EFCC to read their office in Port Harcourt, arrested a staff of the company and staff of another company, while the suit was still pending.
“On October 16, 2025, the premises of Metro Digital Limited, a licenced indigenous broadcasting organisation was raided by the Nigerian anti-graft agency, EFCC, instigated by Multichoice Nigeria, purportedly acting on a preservation order made by the Federal High Court sitting in Port Harcourt over the sub licensing of broadcasting content right.
“The preservation order came from a civil dispute already adjudicated by the Court of Appeal No. CA/CS/188/2021 – Multichoice Vs Metro Digital Limited and 20 others, which is a subject of a pending appeal -No. SC/CV/1248/2022 -Multichoice and 20 others before the Supreme Court.
“Instructively, while suit No. PHC/ 3943/ FHR/2025 was still pending, Metro Digital Limited filed an application to set aside the said preservation orders of the Federal High Court sitting in Port Harcourt and presided over by Hon. Justice A.T Mohammed.
“In his ruling delivered on December 10, 2025, set aside the preservation orders and it’s legal execution on Metro Digital Limited. The court also ordered EFCC to return unconditionally all the properties and records of Metro Digital Limited, illegally and unlawfully carted away during the raid but the agency has till today not obeyed those orders of the Court,” he said.
Metro Digital Limited is known for operating SLTV, a direct-to-home satellite television service launched to provide affordable, locally-owned alternatives to international pay TV
A Federal High Court in Lagos has restrained the National Broadcasting Commission (NBC) from sanctioning or punishing broadcast stations and presenters over the expression of personal opinions, alleged bullying of guests, or failure to maintain neutrality on air.
NBC
Justice Daniel Osiagor granted the interim injunction following an ex parte application filed by the Socio-Economic Rights and Accountability Project (SERAP) and the Nigerian Guild of Editors (NGE).
The court specifically restrained the NBC, its officers, agents and affiliated persons from enforcing its recently issued “Formal Notice” or imposing sanctions, fines or penalties on broadcasters based on provisions of the 6th Edition of the Nigeria Broadcasting Code, pending the hearing and determination of the substantive suit.
SERAP and NGE had approached the court to challenge what they described as an arbitrary and unlawful move by the commission to punish broadcasters for allegedly expressing personal opinions as facts, bullying or intimidating guests, or failing to maintain neutrality during programmes.
The groups also asked the court to determine whether the provisions of the Nigeria Broadcasting Code relied upon by NBC were inconsistent with the 1999 Constitution, as amended, and Nigeria’s international human rights obligations.
The suit followed an April statement by the NBC in which it raised concerns over what it described as increasing violations of the broadcasting code across news, current affairs and political programmes.
The commission had warned that presenters who expressed personal opinions as facts or bullied guests during live broadcasts would be sanctioned.
However, Justice Osiagor, in his ruling, held that pending the hearing of the substantive matter, the commission must refrain from using the formal notice to threaten, sanction or punish broadcast organisations and on-air personalities under the contested code provisions.
The matter was adjourned until June 1, 2026, for hearing of the motion on notice.
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