Nigeria: NTA And StarTimes Welcome Lawmakers' Audit, Say No Missing Funds!
The management of NTA-Star TV Network Ltd, a joint venture between the Nigerian Television Authority and the StarTimes Group, has welcomed the forensic audit on its finances and operations, as requested by the Nigeria's Senate's Joint Committee on Finance and National Planning and says it is "open to a proper investigation into its operations and financials with the belief things have been done in a prudent, responsible and sustainable manner.
A statement from the NTA-StarTV also wishes: "to clarify that no revenue is missing as gross earnings have been repeatedly ploughed back into the cost of production to cover the cost of components, namely transmitters, equipment, generating sets and satellite; content acquisition; as well as operating costs, which include salaries and other running costs, incurred within our ten years of operation."
The statement goes further to say that: "The loss in our operations over the years is as a result of the fact that our huge upfront investment is in U.S. dollars, and the long-term cost recovery has met brick-walls with successive years of naira depreciation."
"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 challenging to meet dollar-denominated obligations.
"With the support and trust of the public and business partners, StarTimes operating environment is fast improving, performance is rising, and our losses have been decreasing. We believe that as a going concern, we will eventually achieve profitability shortly and make greater contributions to society."