Business
Court Order: Abuja Customers May Boycott DSTV – GoTV
Some Abuja residents yesterday threatened to boycott subscription to Multichoice Nigeria services following the company’s disregard of a court order restraining it from increasing its tariff.
Multichoice is providing satellite television and broadcast services to Nigerians and some other African countries through DSTV and GoTV channels.
The Tide source recalls that the restraining order was issued by a Federal High Court sitting in Lagos.
The order followed a class action suit filed by two Lagos-based lawyers, Messrs Osasuyi Adebayo and Oluyinka Oyeniji, against the company, challenging the increase in cost of subscription.
Justice Chukwujekwu Aneke of the Federal High Court in Lagos had on April 2, restrained the company from implementing its new subscription tariff from April 1, pending the determination of the suit.
The judge had said that there should be no increase until the court meets to hear and determine the case.
In his remarks on the court order, Mr Moyosore Onigbanjo (SAN), Multichoice’s lawyer, said that applications to discharge the order and to challenge the court’s jurisdiction to hear the matter had been filed.
Onigbanjo also explained that the order was made a day after Multichoice started the implementation of the new rates, and that the order was brought to the attention of his client on April 8.
According to Mr Adelaja Onipede, a client of Multichoice, the company has no reason whatsoever to increase its tariff because of the quantity of subscribers to its services in Nigeria.
Another Multichoice client, Miss Ngozi Anosike, said: “The company has not improved its services; rather, it is cheating innocent Nigerians who spend their hard earned money to subscribe to their services.’’
“We have not been able to get value for our money; this type of outright cheating needs to be curbed.
“The company should maintain the status-quo in line with the court’s order, period,’’ Anosike said.
Mr Danladi Dogo, a business man, on his part, urged the company to encourage Nigerians by investing more on the growth of the nation.
“It would be better for them to improve their services by showing the latest innovative programmes without frequent repetition rather than just siphoning our money away.
“In fact, they should reduce the tariff to enable people in the rural areas access the services easily and they should establish more offices across the country especially in the riverside areas.
“They should also focus on offering Nigerian students, at home and abroad, scholarships, creating jobs and carrying out other positive activities as part of their social responsibility,’’ Dogo said.
Mr Osuji Emenike, an activist, said he would encourage people to carry out a peaceful rally if, at the end of the month, Multichoice refused to address the issue.
“We have folded our hands enough for South Africans to take us for fools; look at what they are doing to our brothers in their country, we cannot do that to them here.
“No foreign company can disregard an order of the court in their country and it would be accepted calmly; Nigerians need to open their eyes.
“We parade ourselves as the ‘giant of Africa’ and allow people to cheat on us anyhow; this has to stop or else we would force it to stop,’’ Emenike said.
Multichoice Public Relations Manager, Ms Caroline Oghuma, had in a statement in March, said that there were some important factors that were considered before the company introduced the new tariff.
According to Oghuma, the factors included “the impact on the subscriber, current inflation, and efficiencies effected within the company that may offset the necessity for a price increase”.
The company also said that the increase in DSTV subscription tariff was not only in Nigeria but also in every country where Multichoice had its operations.
She explained that Multichoice implements annual subscription price increase in all its operating countries, however, a price increase was not implemented in Nigeria last year.
“We would like to reassure our subscribers of our best intentions and reaffirm our commitment to Nigeria which is clearly demonstrated through our continuous investment in the country,’’ Oghuma said.
People off-loading watermelon at Muda Lawal Market in Bauchi yesterday.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
