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MultiChoice: Subscriber Base Dip Reflects Difficult Consumer Environment

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A business news item with some prominence last week was the interim financial results of the pay television company, MultiChoice Group, with Nigeria being one of its most significant markets. The most arresting item in the results is the announcement of the loss of 243,000 subscribers on MultiChoice’s DStv and GOtv services within the six months (April to September 2024) covered by the result released last week.Also of public interest, albeit to a lesser extent domestically, is MultiChoice’s loss of 298,000 subscribers in its Zambian market, which was attributed to persistent power outages induced by drought. Although there were declines in the company’s other markets in the Rest of Africa (RoA) and South Africa, they were relatively low at 25% and 5%, respectively.Also reflected in the results was the $21 million trapped in the distressed Heritage Bank, which has had its license revoked by the Central Bank of Nigeria. This splurge of negative information understandably sparked a mix of reactions, notably wildly unreasoned but with a smattering of clear-headed ones. The previous analysis, which focused only on subscriber losses and the $21 million, ignored other aspects of the results and reached an apocalyptic conclusion.That strain of analysis blamed the subscriber base decline on the tariffs charged by the company.It was indifferent to the local economic conditions, which have significantly diminished purchasing power not only among MultiChoice subscribers but also for users of other services and goods.It could not have been otherwise, given that the country’s inflation rate has been consistently above 30% for over a year, with the latest figure of 33.88%. The inflationary pressures have been aggravated by the drastic and continuous dip in the value of the naira, which caused businesses, including MultiChoice, huge foreign exchange losses. The pay television company’s losses from a dollar-denominated intergroup loan stood at 2.1 billion Rands within the period covered by the results.It is quite clear that during tough economic times, consumers reduce spending on non-essential items, the category into which pay television services are included. This is supported by the recent CBN Household Expectations Survey, which stated that at this time, Nigerians focus on food, household necessities, education, transportation, electricity, and medical care.“The Buying Condition Index for high-ticket items like consumer durables, motor vehicles, and real estate suggests that most respondents believe the current month is unfavourable for purchasing these items. Additionally, consumers do not anticipate the next three to six months will be ideal for acquiring such products,” the report noted.There is ample evidence that businesses are bleeding on account of the rough economic weather. Guinness Nigeria Plc reported a net loss of N12.2 billion for Q1 2025 (ending September 30, 2024). This represents a dramatic 568% decline from the N2.6 billion net profit recorded during the same period the previous year. The company cited declining sales volumes, a reduced gross profit margin, and foreign exchange revaluation losses amounting to N8.4 billion as the primary causes.Nestlé Nigeria Plc reported a significant pre-tax loss of N255.4 billion for the first nine months of 2024. This represents a 381% increase in losses compared to the N56.65 billion loss recorded during the same period in 2023. Meanwhile, Airtel Group generated revenue of $2.37 billion for the half-year ending September 30, 2024, marking a 10% decline from $2.62 billion in the same period in 2023. The company’s operating profit fell by 20%, and it faced a $151 million loss attributed to the devaluation of the naira. These figures highlight the decline in consumer spending on calls and data services.Some analysts, who seemingly paid inadequate attention to the results and/or heard voices in their heads, , attributed the outcomes recorded by MultiChoice to the increasing consumer adoption of streaming services like Netflix and Prime and MultiChoice’s failure to diversify.Neither, going by the results, has any factual basis. While there is no debate that streaming services are rising in popularity, Showmax, MultiChoice’s subscription video-on-demand (SVOD) service platform is enjoying popularity, reporting 50% year-on-year growth and a 30% increase in paying subscribers. This is attributed to its transition to the Peacock technology stack, which has allowed it to establish partnerships with major distributors like Kenya’s M-PESA and South Africa’s Capitec to enhance adoption. The tariffs of the streaming services have similarly been affected by local economic conditions. Netflix, for example, has hiked the tariff of its premium package to N7,000 from N4,000 monthly.The results, contrary to the claim that MultiChoice has focused solely on traditional pay television, show forethought and bold diversification footprints.“We are proactive in our focus to right-size the business for the current economic realities and industry changes. We have successfully been implementing our strategy over the past few years, achieving key milestones such as our investment in KingMakers [MultiChoice’s gaming division],” Calvo Mawela, CEO of MultiChoice Group, stated.MultiChoice is expanding into the insurance and financial services sectors through a partnership with Sanlam. The partnership is expected to spawn an accounting gain of between $144.4 million and $182.9 million. Moment, the company’s fintech venture, is also experiencing significant growth, as it currently processes nearly 30% of MultiChoice’s total payments, achieving payment volumes of $242 million across 40 African countries since it was launched.In gaming industry, BetKing Nigeria has risen to the second position in the online betting sector. Though the industry experienced a 48% revenue decrease, Betking’s overall revenue rose by 10%. Irdeto, MultiChoice’s global technology division, has shown the capability to make significant contributions through the expansion of It offers digital security services to address the increasing demands of online and streaming platforms.The alarming predictions made by certain analysts and doomsayers fail to recognize that the economic conditions in Nigeria, particularly the soaring inflation, have forced consumers to tighten their belts. As a result, consumer behaviour has shifted significantly. Days of wine and roses are no longer around. For now, at least.

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PodFest Naija Returns September 25 with Nigeria’s Leading Storytellers, Creators, and Brands

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Lagos, Nigeria – The Muvmnt Studio, the creative force behind Nigeria’s first podcast festival, has announced the return of PodFest Naija – A Festival of Stories, scheduled to take place on September 25, 2026, at Harbour Point, Victoria Island, Lagos. Building on the success of its inaugural edition, PodFest Naija returns as the country’s premier gathering for storytellers, podcasters, creators, brands, and culture shapers. The 2026 festival will feature a diverse lineup of influential voices who continue to shape conversations, communities, and culture across Nigeria and beyond.Created as a convergence point for the storytelling ecosystem, PodFest Naija exists to celebrate, collaborate, innovate, and support storytellers as they elevate their craft. Attendees can look forward to insightful conversations that explore the future of storytelling, evolving audience behaviours, emerging tools and platforms, and the power of authentic narratives. Beyond the discussions, the festival offers opportunities for meaningful engagement with some of the country’s most beloved creators and storytellers, who will share personal experiences and lessons from their journeys across specially curated themed stages.”Storytelling remains the heartbeat of meaningful communication,” said Tosin Adefeko, Curator of PodFest Naija and Chief Executive Officer of AT3 Resources – The Muvmnt Agency.”At The Muvmnt Agency, we recognised a major shift: consumers have become storytellers in their own right, shaping narratives, influencing culture, and driving conversations. Yet, despite the growth of the ecosystem, many creators were still operating in silos. No one was gathering the tribe. PodFest Naija was our response to that gap. The success of our first edition validated the power and potential of storytelling. This year, we are bringing together an even broader and more influential community of voices to amplify consumer-led narratives, foster deeper connections, and strengthen the storytelling ecosystem.”Podfest Naija is the creative economy’s signal to the ecosystem that our voices, stories, and community deserve to be seen, heard, and invested in. This year’s festival will feature specially curated stages hosted by some of Nigeria’s most influential voices across finance, branding, culture, health, relationships, and public discourse, including Rolake Akinkugbe-Filani, Olushola Olaleye, Ife Durosinmi-Etti, Aproko Doctor, Joro Olomofin, Tochukwu Macfoy (Dr Foy), Babajide Ogunsanwo, and Francesca Uriri. They will be joined by an impressive lineup of speakers and storytellers, including Grace Ofure, Ify Mogekwu, Abdulhafees Adelani, Bola Balogun, Rosemary Egabor-Afolahan, Adefunke Arowolo, Audu Maikori, Morenike Molehin, Tomike Adeoye, Anthony Wolve, Adefunke Arowolo, William Benson, Gbemi Olateru Olagbegi, Audrey Abayomi, Bola Balogun, and many more.Beyond the main stage conversations and the Next Big Podcaster talent discovery initiative, designed to spotlight and support emerging podcast voices across Nigeria, PodFest Naija 2026 will also feature a Spotify-led masterclass, providing creators with practical insights to grow and sustain impactful platforms. An interactive exhibition arena will give brands the opportunity to showcase products and services, connect directly with attendees, and engage with one of Nigeria’s most vibrant and influential creative communities.The festival is proudly supported by Eventful Nigeria, MTN, Fan Milk, Eve Essentials, and UAC, among other leading brands, further cementing PodFest Naija’s position as the definitive gathering for Nigeria’s podcasting and storytelling community.About PodFest NaijaPodFest Naija is Nigeria’s first podcast festival and a celebration of storytelling in all its forms. Designed as a platform for learning, networking, collaboration, and community building, the festival brings together creators, podcasters, brands, media professionals, and storytelling enthusiasts to shape the future of narrative-driven content in Africa.The event will CELEBRATE creativity, foster COLLABORATION, showcase INNOVATION, and provide a platform for LEARNING.

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Nestlé Nigeria Convenes Stakeholders at Nestlé for Good Summit to Advance Nutrition, Community, and Sustainable Food Systems Agenda

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Captions: Victoria Uwadoka, Corporate Communications, Public Affairs and Sustainability Lead at Nestlé Nigeria,(left); Patricia Ekaba, Head of Corporate Communications, Public Affairs and Sustainability for Central and West Africa,(middle); Mrs Folashade Bada Ambrose-Medebem, Honourable Commissioner, Commerce, Cooperatives, Trade and Investment, Lagos State; Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, at the Nestle for Good Summit held in Lagos, recently

Nestlé Nigeria has convened government representatives, healthcare professionals, development partners, academia, industry leaders, civil society organisations, and the media at the Nestlé for Good Summit 2026, a stakeholder platform focused on advancing practical, collaborative solutions to improve nutrition outcomes, strengthen communities, and support more sustainable food systems in Nigeria. At a time when Nigeria continues to navigate evolving nutrition, public health, and food system challenges, the Summit provided a timely forum for cross-sector dialogue on how to drive meaningful and scalable impact. Held in Lagos, the Summit brought together key stakeholders including the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, Mrs. Folashade Bada Ambrose-Medebem, and the Honourable Commissioner for Health, Professor Akin Abayomi, alongside leaders from development organisations, public health institutions, and the private sector. The discussions centered on practical pathways to improving nutrition across the life stages, strengthening local food systems, and building more resilient communities. Participants explored the role of partnerships in addressing interconnected challenges spanning nutrition, livelihoods, and environmental sustainability. Speaking at the event, the Managing Director and Chief Executive Officer of Nestlé Nigeria PLC, Wassim Elhusseini, said the Summit reflects Nestlé’s long-standing belief that creating shared value is fundamental to how the company operates. “At Nestlé, we are guided by a simple but powerful purpose: to unlock the power of food to enhance quality of life for everyone, today and for generations to come. Delivering good food consistently and at scale depends on strong systems across the value chain — from responsible sourcing and manufacturing to distribution, livelihoods, capability development, and environmental sustainability,” he said. He added that Nestlé for Good provides a clearer, more connected expression of how the company delivers impact across Nutrition, Thriving Communities, and the Planet. In her keynote address, the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose-Medebem, commended Nestlé Nigeria for convening stakeholders around issues critical to both public wellbeing and economic development. “The conversations we are having today are not only about food. They are about human capital, productivity, public health, economic growth, and ultimately, the future of our society,” she said. She also underscored the importance of sustained collaboration across government, industry, development institutions, and communities in delivering improved nutrition outcomes at scale. Providing further perspective on the company’s approach, Victoria Uwadoka, Corporate Communications, Public Affairs and Sustainability Lead at Nestlé Nigeria, noted that the platform helps bring together the full scope of Nestlé’s impact. “Nestlé for Good is not simply about showcasing individual initiatives. It is about demonstrating how our products, sourcing, partnerships, and community investments connect in practical ways to support healthier lives and more resilient communities,” she said.Also speaking, Patricia Ekaba, Head of Corporate Communications, Public Affairs and Sustainability for Central and West Africa, highlighted the importance of long-term, system-focused thinking. “Sustainable progress requires looking beyond short-term interventions. Business growth and social progress are interconnected, and lasting impact comes from creating value for both the business and the communities it serves,” she said. A key feature of the Summit was an impact showcase, where participants engaged with real stories of beneficiaries connected to Nestlé’s initiatives in women empowerment, youth capability development, dairy development, and environmental sustainability. These stories illustrated how targeted interventions across the value chain are contributing to improved livelihoods, stronger communities, and more sustainable practices. The Summit also provided an opportunity for stakeholders to experience how Nestlé’s products and initiatives contribute to nutrition, livelihoods, and sustainability across different stages of the food system. The Nestlé for Good Summit marks an important step in deepening dialogue and strengthening partnerships that can translate into measurable progress. As Nigeria continues to address complex nutrition and development challenges, Nestlé Nigeria remains committed to working collaboratively with stakeholders to drive practical solutions that improve quality of life at scale.

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Quickteller, Verve Champion Storytelling Excellence at the 12th AMVCAs

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L-R; Lateef Adedimeji, Actor; and Dr. Cherry Eromosele, Executive Vice President, Group Marketing and Communications, Interswitch, presenting the Best Writing (Movie and Series) award, sponsored by Verve, at the 12th AMVCAs which held recently in Lagos.

The 12th edition of the Africa Magic Viewers’ Choice Awards (AMVCAs) brought together the very best of African film and television in a vibrant celebration of storytelling, creativity, and cultural expression, while also highlighting the systems that help make experiences like this seamless and engaging.

As one of Africa’s most influential entertainment events, the AMVCAs once again convened the continent’s leading creatives and industry voices in Lagos, Nigeria for a weekend that spotlighted excellence, creativity, and the expanding reach of African film and television.  At the heart of this year’s AMVCA activities were Quickteller and Verve, Interswitch’s flagship brands, both of which played a strategic role in enhancing engagement and elevating key moments across the event.

The brands’ involvement went beyond visibility. Quickteller and Verve sponsored three key category awards that celebrate the depth and craftsmanship behind African storytelling. Quickteller backed the Best Music Score category award, while Verve supported both Best Writing in a Movie category award and Best Writing in a TV Series category award, recognising the creative brilliance behind the music and storytelling that shape unforgettable screen experiences.

The Best Music Score category award featured an impressive lineup of nominees, including Duval Timothy and CJ Mirra for their work in ‘My Father’s Shadow’, Nissi Ogulu for ‘Cold Dishes, and Tolu Obanro, recognised for both ‘Gingerrr and ‘The Party. On the awards night, Duval Timothy and CJ Mirra  emerged as the winners for their work in the movie, ‘My Father’s Shadow, a testament to the power of music in shaping cinematic storytelling.

In the writing categories, the spotlight fell on the creative minds shaping Africa’s film and television narratives. From ‘The Herd and ‘Blackout to ‘MTV Shuga Mashariki’ and ‘The Party, the diversity and strength of storytelling on display reflected an industry that continues to evolve in both depth and global relevance. Wale Davies took home the award for Best Writing in a Movie for his work in ‘My Father’s Shadow’, while Annette Shadeya, Natasha Likimani, Mkamzee Mwatela, Arnold Mwanjila, and Makgano Mamabolo won the Best Writing in a TV Series award for their work in the TV Series, ‘MTV Shuga Mashariki’, further highlighting the richness of African storytelling.

Interswitch’s support for the AMVCAs was underscored by a high-level delegation on the AMVCA stage; Dr. Cherry Eromosele, Executive Vice President, Group Marketing and Communications, presented the Best Writing in a Movie category award while Franklin Ali, Group Chief Human Resources Officer, presented the Best Music Score category award.

Together, these appearances reinforced a simple but powerful message that supporting creativity means showing up, not just in name, but in presence and participation. Beyond the awards, Interswitch extended its presence across key moments of the AMVCA experience.

At the Cultural Day celebration held at Federal Palace Hotel, Lagos, the vibrancy of African heritage set the tone for a weekend that celebrated identity as much as achievement. This energy carried through to the main awards ceremony at Eko Hotel and Suites, Lagos, where storytelling, style, and spectacle came together in a seamless blend of culture and entertainment.

Across both touchpoints, Interswitch delivered engaging on-site activations that connected guests with the capabilities of Quickteller and Verve. The AMVCAs are no longer just a celebration of African storytelling; they are a reflection of a growing creative economy.

For Interswitch, supporting this platform is part of a broader commitment to enabling the ecosystems where culture, creativity, and commerce intersect. Through Quickteller and Verve, the company continues to enable access, participation, and meaningful experiences across industries that shape everyday life. And at this year’s AMVCAs, both brands played a role in supporting the stories, talent, and creativity that brought the celebration to life.

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