A leading Pay TV Multichoice Group, owners of DSTV, had an account balance of N31.6 billion with Heritage Bank, before the bank’s liquidation.
According to the group’s annual report for FY 2024 seen by 9News Nigeria, Multichoice had a deposit of N33.7 billion (488 million South African Rands) with the bank as of the 2024 fiscal year end on March 31, 2024.
However, that balance was subsequently reduced to N31.6 billion (ZAR 400 million) due to cash remittances before the bank’s liquidation on June 3, 2024.
The significant deposit raises concerns for the group, as the sum far exceeds the N5 million maximum payout guaranteed by the Nigeria Deposit Insurance Commission (NDIC).
However, according to Multichoice’s annual report, the group will engage the liquidator (NDIC) to “ensure a reasonable outcome is achieved”.
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