NTA-StarTimes declares no N200 billion missing, says it is open to forensic audit

The management of NTA-Star TV Network Ltd, a joint venture between the Nigerian Television Authority and the StarTimes Group, has declared that no N200 billion is missing as suggested by the legislators.

In a release signed by the PR Manager, StarTimes Nigeria, Lazarus Ibeabuchi, and seen by Nairametrics, the company said that it is open to forensic audit of its financials, as requested by the Senate’s Joint Committee on Finance and National Planning.

The management of NTA-Star TV Network Ltd, a joint venture between the Nigerian Television Authority and the StarTimes Group, has declared that no N200 billion is missing as suggested by the legislators.

In a release signed by the PR Manager, StarTimes Nigeria, Lazarus Ibeabuchi, and seen by Nairametrics, the company said that it is open to forensic audit of its financials, as requested by the Senate’s Joint Committee on Finance and National Planning.

Ibeabuchi added that the company’s accounts are audited by one of the big four audit firms in the world, widely known for their integrity and professionalism in the audit field, and that the corporate organisation had conducted its activities in line with statutory regulations.

They also said that the company’s accounts have also been fully audited by the Federal Inland Revenue Service, FIRS over the years.

“To this end, we are open to a proper investigation into our operations and financials, especially as we believe the company is run in a prudent, responsible and sustainable manner,” it read.

Why the loss

According to the statement, the loss is due to huge initial investments made in dollars, and the naira depreciation which has frustrated the long-term cost recovery planned out.

“Pay-TV business is capital intensive and has a long gestation period. More than 80 per cent of inputs into our operations are dollar-denominated. The naira fluctuations haven’t been favourable to the business, making it more and more difficult to meet dollar-denominated obligations,” Ibeabuchi said.