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ZENITH GENERAL INSURANCE’S PROFIT BEFORE TAX RISES BY 16% TO N3.67bn

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ZENITH BANK NAMED MOST SUSTAINABLE BANK IN NIGERIA IN THE INTERNATIONAL BANKER AWARDS 2024 FOR THE SECOND CONSECUTIVE YEAR

Zenith General Insurance Limited has released its full-year financial statements for the year ended 31 December 2019. A review of the results showed positive improvements on a year-on-year basis with profit before tax rising by 16% from N3.16bn to N3.67bn while profit after tax rose by 10% up from N2.79bn to N3.06bn. The company also maintained a robust balance sheet closing the year with total assets of N40.1bn and a shareholders’ fund of N25.9bn.

Gross premium grew by 17% year-on-year from N13.7bn to N16.1bn, while there was a 46% growth in underwriting profit from N2.77bn to N4.06bn. The company made substantial gains from reduced claim expenses and healthy growth in gross written premiums.

Investment income showed an increase of 2% year on year, up from N3.55bn in 2018 to N3.63bn in 2019 despite lower yields on most investment classes in 2019.

Commenting on the financial results, the Managing Director/CEO, Mr. Kehinde Borisade said “we are re-affirming our mission statement that Zenith General Insurance Ltd exists to ensure peace of mind and also create value to people in a world of uncertainties. This is evident in our strong financial performance showing improvement across the board through increased premium income, underwriting profits and investment income despite the economic headwinds witnessed in various sectors of the economy. We also ensured prompt settlement of claims with total claims payment of N3.8bn for the year and an average settlement turnaround time of three days.”

He added that “our company has continued to maintain a very strong and healthy financial position with a growth of 6% year-on-year on total assets, and a 4% increase in shareholders’ funds. We also continue to strive to be the best in the insurance industry; maintaining the strongest solvency position and closing the year with a solvency ratio of 726%”.

Zenith Insurance is one of Nigeria’s leading insurance institutions. The company is one of the first Insurance companies to have met the recapitalisation requirements of the National Insurance Commission (NAICOM) by recapitalising its share capital from N3bn to N10bn.

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Nigeria’s Captured State: How MultiChoice Weaponized Laws to Protect Its Empire

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Nigeria’s Captured State: How MultiChoice Weaponized Laws to Protect Its Empire

THE CAPTURED BENCH: HOW MULTICHOICE AND ITS ELITE LAWYERS WEAPONIZED NIGERIA’S COURTS TO CRIPPLE DEMOCRACY, DEFY REGULATIONS AND EXPLOIT THE NATION

Price hikes and silenced watchdogs

In March 2025, Nigerians woke up to find that DStv and GOtv subscription prices had shot up by 20-25%. The Federal Competition and Consumer Protection Commission (FCCPC) immediately announced plans to investigate. Consumer advocacy groups were hopeful. Finally, someone would check whether Multichoice was abusing its market power, But once again, the courts stepped in. Multichoice’s lawyers, led by Moyosore Onibanjo, rushed to file an ex parte motion, claiming the FCCPC had no right to regulate pricing in a “free market.” Justice Omotosho issued an order that stopped the FCCPC from even looking into the matter. No debate. No hearing. Just a swift injunction.

For many Nigerians, this was the final straw. Complaints poured in on social media: “Why can’t our regulators do anything?” and “Is DStv above the law?” People couldn’t help noticing that every time an agency tried to act, a new court order appeared.

Corporate Leviathan

In Nigeria’s rapidly evolving media landscape, Multichoice Nigeria Limited, operators of DStv and GOtv, has long positioned itself as a market leader. However, recent revelations from the National Security Advisor’s office paint a starkly different picture: one of a corporate giant systematically deploying legal warfare to evade accountability, undermine regulatory bodies, and render agencies like the National Broadcasting Commission (NBC), the Federal Competition and Consumer Protection Commission (FCCPC) and the Economic and Financial Crimes Commission (EFCC) powerless. Over the past decade, Multichoice has weaponized Nigeria’s judicial system, securing a litany of court orders to stall investigations, invalidate regulations, and shield itself from sanctions. This report unravels the company’s calculated strategy to transform regulators and security agencies into “toothless bulldogs,” highlighting key cases, complicit judicial actors, and the broader implications for Nigeria’s regulatory framework.

In Nigeria, where media freedom once thrived, Multichoice Nigeria (owners of DStv and GOtv) have used legal tricks to dodge regulators and crush competition. What started as a success story turned into a corporate takeover of Nigeria’s broadcast industry. Multichoice’s legal team weaponized court technicalities to weaken government agencies, turning oversight into a joke.

The 2021 Default Judgment Debacle (FHC/ABJ/CS/1386/2021) Incorporated Trustees of Media Rights Vs. NBC
It was a brisk morning in Abuja when news of Justice James Omotosho’s decision sent shockwaves through Nigeria’s broadcasting circles. In a case that had once promised to empower the National Broadcasting Commission (NBC), the judge instead dealt a stunning blow to the commission’s authority—one that many believe would change the fate of broadcast regulation in the country.

The Incorporated Trustees of Media Rights took the NBC to court. They contended that the commission’s sanctions were not only heavy-handed but also a violation of natural justice. Justice Omotosho had already handed down a sweeping judgment—a permanent injunction that barred the NBC from levying any fines on broadcast stations.

In a bid to overturn the ruling, the NBC filed a motion that the earlier judgment was reached without due process. The NBC had sought to sanction Multichoice for breaching broadcast codes. Justice Omotosho dismissed their plea, and critics argue this set a dangerous precedent: regulators could now be punished for procedural oversights while corporations enjoyed judicial leniency.

This case set a precedent for regulators’ procedural missteps being exploited to entrench corporate impunity. By framing the NBC as negligent, Multichoice and allied entities secured judicial cover to bypass accountability. The significance of the ruling in this case, is to the effect that a regulator does not have the powers to impose sanctions for a breach of a defined law or regulation, which is an anomaly.

The 2024 AGI Heist (FHC/ABJ/CS/652/2024) Multichoice Nigeria Ltd. & Details Nigeria Ltd. v. NBC)
In a sweeping 2024 judgment, Justice Omotosho again ruled in favor of Multichoice, declaring Section 2(10)(b) of the NBC Code ultra vires for mandating 2.5% of broadcasters’ gross income as Annual Gross Income (AGI). The court redefined “annual income” as revenue minus production costs, slashing Multichoice’s liability. It also upheld a disputed 2020 waiver agreement, binding the NBC to accept fixed payments far below statutory rates. The ruling not only invalidated critical NBC regulations but also rewarded Multichoice for years of underpayment, costing the federal government an estimated N32.5 billion in lost revenue. The pattern again was to invoke functus officio to block regulatory appeals and framing Multichoice as the “vigilant” victim against “indolent” agencies.

The Price Hike That Sparked a Legal Firestorm

FCCPC vs. MultiChoice: A Legal Battle Over Price Hike
On March 1, 2025, MultiChoice raised DStv and GOtv subscription fees by 20-25%, citing rising costs. The move, barely a year after the last increase, triggered public outrage, with many accusing the company of exploiting its market dominance.

However, the Federal Competition and Consumer Protection Commission (FCCPC) had summoned MultiChoice and its CEO on February 27, to appear for an investigative hearing to explain its decision to increase rates starting on March 1. The commission expressed concerns about frequent price hikes, potential abuse of market leadership, and anti-competitive practices. However, instead of complying, MultiChoice filed an ex parte motion at the Federal High Court in Abuja on March 3, seeking to block FCCPC’s intervention.

On March 12, Justice James Omotosho known for his pro-corporate rulings, granted Multichoice’s request. In his decision, he restrained the FCCPC from taking any “administrative steps” against the company pending the determination of the case. The ruling effectively shields Multichoice from regulatory scrutiny, allowing it to proceed with the price hike while the FCCPC remains powerless to act. Critics have slammed the decision as a blow to consumer rights and a victory for corporate impunity.

The 2025 Ex Parte Order: EFCC and NBC Gagged
In a recent court order granted in March 2025 and filed under Suit No: FHC/L/CS/179/25 (Multichoice & Details Nigeria Vs. EFCC, NBC & Anor) reveals Multichoice’s desperation to avoid scrutiny. The EFCC had launched an investigation into the company’s alleged underpayment of Annual Gross Income (AGI) and refusal to submit financial records dating back to 2014. Instead of complying, Multichoice accused the EFCC and NBC of “harassment” and violating its “fundamental rights.”

Justice Omotosho, without hearing the regulators’ side, issued a sweeping injunction:
a. Blocked Arrests: Barred the EFCC from inviting or detaining Multichoice staff.
b. Froze Investigations: Halted demands for financial documents, including evidence of AGI remittances.

The ruling effectively halts Nigeria’s anti-graft agency from probing (a) ₦32.5 billion in unpaid levies (as established in the 2024 AGI case) and alleged tax evasion tied to creative accounting of “programming costs.”

The Legal Playbook: How Courts Became Corporate Tools
Multichoice’s tactics follow a ruthless blueprint:

1. Forum Shopping: Multichoice repeatedly filed cases in the Abuja Division of the Federal High Court, where judges like Omotosho became reliable allies. Legal experts accuse the company of “judicial engineering”—handpicking courts to secure favourable rulings that redefine regulatory authority.

2. Killing Competition: When the NBC amended its code in 2022 to break Multichoice’s stranglehold on exclusive content (like Premier League rights), the company sued. Justice A. Lewis-Allagoa sided with Multichoice, declaring that “private contracts trump over public interest.” The decision cemented Multichoice’s monopoly, leaving smaller rivals unable to compete.

3. Redefining the Rules: In 2024, Multichoice challenged the NBC’s Annual Gross Income (AGI), arguing that its 2.5% fee should apply to profits, not gross revenue. Justice Omotosho agreed, slashing Multichoice’s contributions by billions of naira. The ruling starved the NBC of funds meant to support local broadcasters, widening the gap between corporate giants and struggling independents.

4. Pre-emptive Strikes: At the first hint of regulatory action, Multichoice files lawsuits to paralyze investigations. In 2025, when the Federal Competition and Consumer
5. Protection Commission (FCCPC) probed sudden price hikes for DStv subscriptions, Multichoice secured an exparte order from Justice Omotosho—blocking the inquiry before regulators could present their case. Critics called it a “judicial coup.”

Consequently, Nigeria’s judiciary stands accused of enabling corporate impunity. Justice
James Kolawole Omotosho of the Federal High Court, Abuja, emerges as the central figure in Multichoice’s legal fortress. Between 2021 and 2025, he presided over at least seven high stakes cases involving the company, each time ruling in its favour with near-scripted consistency.

The Fallout: Toothless Bulldogs and a Captured State
The cumulative effect of these rulings is a regulatory landscape where:
* NBC is financially crippled, unable to collect lawful levies or enforce content rules.
* FCCPC is barred from investigating blatant consumer exploitation.
* Judicial Complicity: Courts prioritize corporate rights over public interest, with certain judges becoming repeat enablers.

The lawyers behind the scenes
Behind all of Multichoice’s courtroom triumphs are two powerful Senior Advocates of Nigeria (SANs): M.J. Onigbanjo and Moyosore Onibanjo. Their tactics are legendary among legal circles in Abuja.

a. Onigbanjo the Codebreaker: Known for pre-emptive strikes, he files lawsuits against regulators just before they finalize audits or announce sanctions. By flipping the script, he forces agencies to defend themselves rather than go on the offensive.
b. Onibanjo the Ex Parte Maestro: Skilled at obtaining secretive court orders, he convinces judges that immediate action is needed—often without the regulators being present. Critics have called this “judicial malpractice.”

Their Playbook:
1. Judicial Engineering: Handpick courts and judges.
2. Weaponize Rights: Frame investigations as “rights violations.”
3. Delay Tactics: Adjourn cases for years (e.g., the EFCC suit is stalled until May 2025).

The Global Playbook – How Multichoice Replicated Its Nigerian Model and the Pushback
While Nigeria’s anti-graft agencies and courts remain paralyzed by legal maneuvers favouring Multichoice Nigeria, other African nations are mounting fierce resistance against the South African media giant’s monopolistic tactics. From Malawi’s bold expulsion of the company to South Africa’s billion-dollar fines, a pattern of defiance is emerging across the continent—one that starkly contrasts with Nigeria’s capitulation to corporate impunity.

Malawi’s Stand: “Follow the Rules or Leave”
In August 2023, Malawi became a beacon of regulatory courage. When Multichoice attempted to hike DStv subscription prices without approval, the Malawi Communications Regulatory Authority (MACRA) secured a court injunction to block the increase. Multichoice retaliated by halting new subscriptions and threatening to exit the country. “We don’t negotiate with bullies,” declared MACRA Director General Daud Suleman. By September 2023, Multichoice withdrew entirely, abandoning 200,000 subscribers. “Malawi’s laws protect its people, not foreign profits,” Suleman added.

Sierra Leone: Slapped with a “Profiteering” Fine
Sierra Leone’s National Telecommunication Commission (NATCOM) took a similarly hardline stance in 2023, fining Multichoice R968,000 (Le250 million) for “unfairly profiteering” after the company blamed currency fluctuations for price hikes. NATCOM Chair Momoh Conteh accused Multichoice of “exploiting our people under the guise of exchange rates.” The regulator threatened to shut down DStv operations unless the fine was paid within a week—a move hailed by consumer groups.

Kenya’s Football Revolution: Breaking the Monopoly
In 2017, Kenya’s Competition Authority (CAK) ordered Multichoice to share exclusive English Premier League rights with rivals like Zuku TV, declaring the company’s monopoly “anticompetitive and destructive.” After a two-year legal battle, CAK Director Wang’ombe Kariuki announced: “No single entity can hoard content that belongs to the people.” The ruling opened Kenya’s airwaves to fair competition, a model now praised across East Africa.

South Africa’s $3.7 Billion Reckoning
In its home country, Multichoice faced its toughest blow yet. In 2017, South Africa’s
Competition Commission found the company guilty of anti-competitive practices, including hoarding sports rights to crush rivals. The penalty? A staggering 10% of annual revenue—$3.7 billion.

“No corporation is above the law here,” said Commissioner Tembinkosi Bonakele. By 2022, the South African Revenue Service (SARS) had clawed back another $500 million from Multichoice after uncovering years of profit under-declarations.

Nigeria: The Captured Market

While its neighbours fight back, Nigeria remains a glaring exception. In 2023, the Federal Inland Revenue Service (FIRS) settled a N1.8tn ($1.27bn) tax claim for the Multichoice Nigeria operation and a $342m claim for value-added tax dispute with Multichoice for just N35.4bn ($37.3m) —a colossal and unjustified discount.

Breaking the stranglehold

In hushed conversations across government offices and civil society groups, there’s a growing belief that Nigeria must reclaim its regulatory powers—or risk sinking deeper into a state of corporate capture. Some propose that the National Judicial Council (NJC) investigate the repeated pattern of rulings in Multichoice’s favor. Others call for a new Broadcast Industry Reform Act that would strengthen the NBC’s authority. Also, the National Security Adviser must probe the question whether judges collude with Multichoice’s legal team and whether there is economic sabotage whereby preemptive lawsuits have been used to stifle Nigeria’s broadcast sector regarding the Multichoice’s ₦32.5 billion levy evasion.

Nigerians are frustrated by skyrocketing subscription fees and a sense of helplessness. Yet without coordinated action from the courts, lawmakers, and the executive branch, these calls for justice may remain just that—calls.

For now, Multichoice continues to operate in Nigeria with near-impunity, while the rest of the continent moves toward stricter enforcement. The central question remains: “Will Nigeria’s institutions stand up for the public interest, or will the nation remain a haven for corporate giants who know how to work the system”?

Until something changes, the courts will keep issuing orders, regulators will keep hitting walls, and ordinary Nigerians will keep wondering why the rules seem to favour the powerful over the people. The stage is set for a showdown—one that could either reaffirm Nigeria’s commitment to fair governance or cement its status as a captured state under the gavel of judges and unconscionable practices of members of the Bar.

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Benin Republic, Togo Owe Nigeria $8.84M for Electricity, Payment Defaults Spark Concern

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Benin Republic, Togo Owe Nigeria $8.84M for Electricity, Payment Defaults Spark Concern

Benin Republic, Togo Owe Nigeria $8.84M for Electricity, Payment Defaults Spark Concern

Nigeria’s power supply to neighboring countries has once again stirred controversy as Benin Republic and Togo have amassed a debt of $8.84 million for electricity consumed in the fourth quarter of 2024, according to a report by the Nigerian Electricity Regulatory Commission (NERC).

The report, which details remittance performance by both domestic and international customers, reveals a troubling trend—Nigeria’s electricity market is facing low payment compliance from its international consumers, raising questions about the financial sustainability of its cross-border power supply.

Nigeria’s Struggle to Recoup Power Debts

According to NERC, the six international bilateral customers supplied by Nigeria’s power-generating companies (Gencos) were billed a total of $14.05 million in Q4 2024. However, they only managed to pay a meager $5.21 million, translating to a remittance performance of just 37.08%—a figure that underscores a persistent issue of payment default by international customers.

Among the top defaulters:

  • Paras-SBEE (Benin Republic) was billed $2.65 million but failed to make any payment.

  • Paras-CEET (Benin Republic) was invoiced $1.64 million but has not remitted a dime.

  • Odukpani-CEET (Togo) owes a staggering $2.37 million.

  • Transcorp-SBEE (Ughelli, Benin) paid only $1.71 million out of its $3.59 million invoice.

  • Transcorp-SBEE (Afam 3) settled just $0.90 million out of its $1.2 million bill.

The only international customer to fully pay its dues was Mainstream-NIGELEC, which settled its $2.60 million invoice in full—a sharp contrast to other defaulters, particularly Benin Republic and Togo.

Payment Defaults Extend Beyond International Borders

Nigeria’s domestic bilateral customers also showed a lackluster remittance performance, paying just ₦1.25 million out of the ₦1.98 million billed, a 63.36% remittance rate.

Additionally, special customers such as Ajaokuta Steel Co. Ltd and its host community failed to pay a single naira for their ₦1.27 billion (NBET) and ₦0.11 billion (MO) invoices. The NERC highlighted that this non-payment trend has persisted for years, urging the Federal Government of Nigeria (FGN) to intervene.

Is Nigeria’s Electricity Market Being Exploited?

The ongoing payment shortfalls from international customers have sparked debates about whether Nigeria should continue supplying power to countries that fail to meet their financial obligations. Critics argue that while Nigeria faces its own power shortages, it continues to supply electricity to Benin and Togo, who in turn fail to make full payments, thereby straining Nigeria’s electricity sector.

Despite Challenges, Nigeria’s DisCos See Revenue Growth

On the domestic front, Nigeria’s electricity distribution companies (DisCos) recorded a significant revenue generation of ₦509.84 billion in Q4 2024. This represents 77.44% collection efficiency—an improvement from 74.55% in Q3 2024.

While this signals better revenue collection within Nigeria, the lingering issue of international payment defaults remains a thorn in the side of the electricity market.

What’s Next?

With Nigeria’s international electricity consumers repeatedly defaulting on payments, energy sector analysts suggest that NERC must impose stricter payment conditions, reconsider supply agreements, or enforce sanctions against defaulters.

The big question remains: Will Nigeria continue to supply electricity to Benin and Togo despite their growing debts, or will stricter measures be put in place?

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ADVANS TRADING CONSULT EMPOWERS NIGERIAN YOUTH AND STUDENTS THROUGH FOREX TRADING EDUCATION

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ADVANS TRADING CONSULT EMPOWERS NIGERIAN YOUTH AND STUDENTS THROUGH FOREX TRADING EDUCATION

ADVANS TRADING CONSULT EMPOWERS NIGERIAN YOUTH AND STUDENTS THROUGH FOREX TRADING EDUCATION

In a bid to demystify Forex trading and empower Nigerian youth and students with financial knowledge, Advans Trading Consult, under the leadership of its CEO, Mr. Akano Samuel, has successfully concluded the FOREX TRADING CLASS 1.0 training program.

The intensive three-day event, which took place from March 20 to March 22, 2025, at Federal Cooperative College, Eleyele, Ibadan, Oyo State, provided participants with in-depth insights into the opportunities within the Forex market.

Recognizing the widespread misconceptions that have discouraged many Nigerians from embracing Forex trading, the National Youth and Students Enterprise Group (NASEG), in collaboration with Advans Trading Consult, launched this initiative to educate and equip young people with the right skills to navigate the market effectively.

Speaking at the closing session, Olalere Benedict Adetunji, National President of NASEG, emphasized the need for financial literacy among youth, stating:

“Financial freedom does not answer to mere wishes or prayers but to knowledge, diligence, and strategic investments. For too long, Forex trading has been misrepresented, preventing many from leveraging its wealth-building potential. Through this training, we are changing that narrative and ensuring that Nigerian youth have access to legitimate opportunities for financial independence.”

Special appreciation was extended to Mr. Akano Samuel, CEO of Advans Trading Consult, for his unwavering commitment to empowering the next generation of traders. His dedication, expertise, and resources have played a crucial role in making this training a success.

The program witnessed active participation from youth and students eager to harness the potential of Forex trading. With this success, plans are already underway to expand the training to other states, ensuring that more young Nigerians can benefit from this initiative.

NASEG and Advans Trading Consult remain committed to equipping Nigerian youth with the tools they need for financial breakthrough. The journey has just begun, and we will not relent until young Nigerians fully harness the power of Forex trading for economic empowerment.

Olalere Benedict Adetunji
National President, National Youth and Students Enterprise Group (NASEG)
07061830662

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