MultiChoice Group Limited has written off $21m deposited in Nigeria’s Heritage Bank following the financial institution’s liquidation earlier this year.
This disclosure was contained in the company’s interim financial statements for the half-year ending September 30, 2024.
The sum was classified as irrecoverable after the Central Bank of Nigeria revoked Heritage Bank’s operating licence, effectively shutting down the institution.
The financial statement document read, “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’s decision to write off the funds underlines the difficulties faced by businesses navigating Nigeria’s financial sector, particularly amidst an unstable economic climate.
Nigeria remains a challenging terrain for MultiChoice,…