Home News Deals and Investment NTA/StarTimes Joint Venture Records Zero Profit in 11 Years
Deals and Investment - News - August 25, 2020

NTA/StarTimes Joint Venture Records Zero Profit in 11 Years

After 11 years of the joint venture between the Nigerian Television Authority (NTA) and StarTimes, the country has made zero profit.

StarTimes is a Chinese electronics and media company that offers digital terrestrial television and satellite television services to consumers, provides technologies to countries and broadcasters that are switching from analog to digital television.

The Director-General, NTA, Yakubu Ibn Mohammed on Monday, August 24, said the business partnership with Startimes is a futile effort as it did not yield a dime in profit.

Mohammed revealed this when he was questioned by the Senate Joint committee on Finance and National Planning on Monday, August 24.

While expressing his disappointment at the failed partnership, the committee Chairman, Senator Solomon Adeola asked the NTA DG to attend the next session of the questioning with the MD of the subsidiary unit in charge of the joint operations.

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He said, “Mr DG are you telling this committee that for solid 11 years, the joint venture agreement NTA had with StarTimes has not yielded any profit despite using your facilities for over one million subscribers. This is completely unfair to Nigeria. Something is cooking. You must come with the MD of your subsidiary unit overseeing the contractual and operational agreement.”

In his response, the DG said the joint venture had been unprofitable before he assumed office.

“As an Executive Director in 2009 in NTA, not a single kobo was made from the joint venture with StarTimes, the same situation I met in 2016 when I returned as D-G”, Mohammed explained.

He said when he resumed office as the DG, a record of non-profitability was presented to him by the NTA subsidiary outfit running the joint venture, adding that the partnership has still not yielded any returns till today.

The Managing Director of NTA TV Enterprises, who supervises the joint venture with StarTimes, is expected to appear before the Senate Committee on Tuesday, August 25, for further investigations.

 

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