Pan-African television broadcaster MultiChoice Group has announced that its subsidiaries have reached a settlement with Nigerian tax authorities.
The company has agreed to pay a total tax of about $37.3 million, with the amount to be offset against the security deposits and good faith payments made to date.
This settlement comes after the Federal Inland Revenue Service (FIRS) froze MultiChoice Nigeria’s accounts in 2022 and served the company with a significant tax claim.
MultiChoice Group, which owns popular brands such as DStv, GOtv, Showmax, and SuperSport, provides services to over 23.5 million households in 50 markets across sub-Saharan Africa.
The settlement of the tax dispute is a significant development for the company, which derives approximately 34% of its total revenue from Nigeria.
The agreement marks the resolution of a contentious issue between MultiChoice and the Nigerian tax authorities, allowing the company to move forward with its operations in the region.
