This figure was disclosed in the company’s consolidated financial statements released on Wednesday.
This amount marks a substantial increase from the previous year’s $132 million, facilitated at an average exchange rate of N1044:USD, compared to N684:USD in FY23. Despite the successful remittance, MultiChoice incurred losses of $59 million, a decrease from $132 million in the prior year. By the end of FY24, the group held $39 million in cash in Nigeria, down from $104 million at the end of FY23, largely due to continuous efforts to remit cash and the effects of translating the balance at the weaker naira rate.
The fiscal year saw a 13 percent decline in subscribers across Nigeria, Angola, Kenya, and Zambia. The depreciation of local currencies, including Kenya’s, had a 32 percent impact on the Group’s USD revenues. Conversely, South Africa experienced only a five percent decline in subscribers, attributed to a “strong focus on retention initiatives.”
