deposit 5000
slot deposit 5000
slot gacor situs toto
togel online
toto 4d
situs slot toto 4ddemo slot gacorslot 88
slot gacor slot gacor
slot gacor
brenjitu
slot gacor
situs toto
situs toto
SITUS TOTO
situs toto
TOTO 4D
SITUS TOTO 4D
SLOT GACOR
https://booking.embuni.ac.ke/live-draw-sydney-hongkong
TOTO 4D
toto togel
slot online
slot gacor
slot gacor
slot pulsa
hongkong lotto
slot gacor
brenjitu
slot pragmatic
situs bola
situs gacor
situs toto
situs slot gacor
slot 4d

Multichoice Group writes off N31.6bn in defunct Heritage Bank

Onwubuke Melvin
Onwubuke Melvin

Multichoice Group has confirmed that it has written off the N31.6 billion ($21 million) in cash it held with the recently liquidated Heritage Bank.

This information was disclosed in the company’s financial results for the six months ending September 30, 2024.

The Group had in its FY 2024 annual report, released in June, reported a deposit of N33.7 billion with the bank as of March 31, 2024, prior to the bank’s liquidation.

The balance of N33.7 billion previously reported was reduced to N31.6 billion due to cash remittances made prior to Heritage Bank’s liquidation on June 3, 2024.

“Following the revocation of Heritage Bank’s banking licence by the Central Bank of Nigeria on 3 June 2024 and its subsequent liquidation, the group wrote-off its receivable relating to the cash held with the bank,” Multichoice stated in a note to the $21 million listed as part of its operating losses for the half-year under review.

The Group noted that the continued depreciation of the naira against the US dollar led to additional foreign exchange losses on non-quasi equity loans, particularly the USD-denominated intergroup loan from MultiChoice Africa Holdings B.V. to MultiChoice Nigeria Limited.

Despite these challenges, the Group successfully repatriated some funds from its Nigerian operations to its headquarters, although the amount was lower compared to the previous year.

“The group extracted USD65 million from Nigeria in the period (1H FY24: USD91 million) at an average rate of NGN1,516:USD (1H FY24: NGN794:USD), incurring extraction losses of USD1 million or ZAR20 million (1H FY24: USD28 million or ZAR518m) in the process.

“The group held USD11 million in cash in Nigeria at period-end, down from USD39 million at end FY24, a consequence of consistent focus on remitting cash, the impact of translating the balance at the weaker naira and the write-off of the USD21 million receivable relating to the cash held with Heritage Bank before its license was revoked and the bank was liquidated,” it stated.

After the Central Bank of Nigeria revoked Heritage Bank’s banking license on June 3, 2024, the Nigeria Deposit Insurance Corporation was appointed as the liquidator.

The NDIC has since begun reimbursing insured deposits, with a maximum payout of N5 million per depositor. While Multichoice had stated in June that it would work with the NDIC to “ensure a reasonable outcome” for its funds in the liquidated bank, its deposit exceeds the insurance coverage limit.


Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

situs totoslot thailand situs totoslot gacor situs toto slot online situs toto demo slot gacor situs slot gacorsitus 4d situs totoslot gacorslot gacorslot gacorslot gacorslot gacor
slot gacor
slot gacor situs toto
togel online
toto 4d
situs slot slot demo pgslot 88
slot gacor slot gacor
slot gacor
brenjitu
situs toto
situs toto
SITUS TOTO
toto macau 4d
TOTO 4D
SITUS TOTO 4D
SLOT GACOR
https://booking.embuni.ac.ke/live-draw-sydney-hongkong
TOTO 4D
toto togel
slot online
slot gacor
slot pulsa
hongkong lotto
slot gacor
slot gacor
slot pragmatic
situs bola
situs gacor
situs toto
situs slot gacor
situs totoslot gacordemo slot situs slot gacor
slot66
slot gacor
situs slot gacor
slot gacor
scatter hitam
scatter hitam
slot gacor scatter hitam
scatter hitam
situs slot gacor pulsa
situs baru slot gacor

Hacklinkgrandpashabet
grandpashabet
Meritking
Deneme Bonusu Veren Siteler
Extrabet casino ve güncel giriş
onwin giriş
Hair Transplant istanbul
da pa kontrolü
casibom güncel giriş
marsbahis
replika saat
eskişehir temizlik
sms onay
ankara nakliyat
ordu nakliyat
Vozol Puff
iqos terea
NORA
creative
Marketing
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu 2024
deneme bonusu veren siteler
deneme bonusu veren siteler
primebahis giriş
bahçelievler nakliyat
istanbul evden eve nakliyat
istanbul bahçelievler evden eve nakliyat
esenyurt escort
matbet üyelik
matbet anasayfa
ligobet girişfixbet girişSahabet
?>

Hacklinkgrandpashabet
grandpashabet
Meritking
Deneme Bonusu Veren Siteler
Extrabet casino ve güncel giriş
onwin giriş
Hair Transplant istanbul
da pa kontrolü
casibom güncel giriş
marsbahis
replika saat
eskişehir temizlik
sms onay
ankara nakliyat
ordu nakliyat
Vozol Puff
iqos terea
NORA
creative
Marketing
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu 2024
deneme bonusu veren siteler
deneme bonusu veren siteler
primebahis giriş
bahçelievler nakliyat
istanbul evden eve nakliyat
istanbul bahçelievler evden eve nakliyat
esenyurt escort
matbet üyelik
matbet anasayfa
ligobet girişfixbet girişSahabet
Hacklinkbetsat
betsat
betsat
holiganbet
holiganbet
holiganbet
Jojobet giriş
Jojobet giriş
Jojobet giriş
casibom giriş
casibom giriş
casibom giriş
xbet
xbet
xbet
grandpashabet
grandpashabet
grandpashabet
tuzla evden eve nakliyat
İzmir psikoloji
creative news
Digital marketing
radio kalasin
radinongkhai
gebze escort
grandpashabet
grandpashabet
casibom güncel giriş
casibom
casibom giriş
jojobet
sultanbeyli çekici
extrabet resmi hesap
beylikdüzü escort
onwin giriş
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu siteleri
deneme bonusu veren siteler
deneme bonusu veren siteler
deneme bonusu veren siteler
instagram followers buy
grandpashabet2196.com
casinolevant
stonebahis giriş
casibom giriş
casibom giriş
matadorbet güncel giriş
sweet bonanza
casibom