Bank shuts down HiTV premises

A team of mobile police officers, a lawyer and a GTBank staff went to lock up the building

At a few minutes past 12pm on Monday, a team of mobile police officers and two civilians; a lawyer and astaff of the Guaranty Trust Bank (GTBank)stormed the premises of HiTV, the Nigerian-ownedpay satellite TV.

A source, who works in HiTV and spoke to Daily Times on condition of anonymity, said: “They gave everyone in the building five minutes to pick up only their belongings and exit the building.”

When HiTV staff members enquired as to why they were being told to vacate their office premises, theteamreplied:"We don't owe you an explanation as to why we are locking the place."

Staff of TVC who were present in the building were also asked to exit and afterwards the entrance to the HiTV building was shut.

http://dailytimes.com.ng/article/bank-shuts-down-hitv-premises


Gtbank has put HITV in to recievership for it (hitv) failure to pay or liquidate about 9 billion naira loan the bank granted it. Chief Aribisala A Ajibola as the receivership manager. What this means is that the receivership manager will take over the affair of hitv to sell the asset either in bit or all as it deam fit. My prayer here is to get someone who can buy the whole of the asset so that the company can continue to exist for the benefit of the subscribers.

na wao! see the wahala of epl cut-throat competition with dstv?

George_D:

na wao! see the wahala of epl cut-throat competition with dstv?

it simply b'cos they did not do their home work . . .the typical Nigerian thinking

wey those HiTV agents wey been dey argue blindly?

agitator:

wey those HiTV agents wey been dey argue blindly?

Question!!!

i wonder what next for subair? can he survive this and bounce back again?

What a shame as another one bites the dust.no thanks to D**V.My heart bleeds for Subair

ugotuf:

What a shame as another one bites the dust.no thanks to D**V.My heart bleeds for Subair

dont blame dstv for subair mistake,

George_D:

na wao! see the wahala of epl cut-throat competition with dstv?

lol

Is that also why TV Continental is off the air even outside the Hitv platfom? Can someone pls educate me.

Poor feasibility study killed Hitv long time ago.

DSTV was paying $25 Million dollars for EPL right for three years, Hitv came with $100 million in order to outswitch DSTV but the investment was never recouped and the loan could  not be repaid. Poor Management, poor feasibility and inexposure and inexperience killed Hitv. May its broadcasting soul rest in peace.

You won take dstv play abi? Hitv fada

hitv is d worst thing dat has eva happend in satlite tv in nig. First they spoilt buz 4 viewin centres bt dstv does do lyk dat, any nw station dey add, subscription will increase bt dstv does not do lyk dat. Abeg i no fit shout, DSTV 4 life.

It is not a crime to do business and lose, Once it is done professionally. There is also no-where in the world where Feasibility report is sine qua-non for business success. GTBank would not even have invested and/or grant facility if the feasiblity/business plan submitted was not sound.

It is a normal business harzard. unfortunately, Hitv failed in this direction. It is not how someone fails, but how he gets up. Even  here in Nigeria, we have so many of our popular businessmen indebted to banks for years and after series of business failures, they have bounced back.

I can only wish Toyin Zubair to bounce back, He's a Jolly Good Fellow!

so, what is happening now? are they off the air? is tv continental a part of hitv in anyway? Answers pls.

good riddance to bad RUBBISH. toyin subair the traitor has got what he bargained for.

all happened because they lost the EPL broadcast rights and they also lost the bid because the chief financier (Chief Bode George) had bigger issues(Imprisonment) to deal with at that time.

It's not as a result of poor feasibility study or lack of good management but sole dependence on their chief financier.

N9b is a lot of money but I doubt if GTB can recoup their money by liquidating HITV because good chunk of that money must have been used to acquire premiership rights for the period it lasted.So there can't be any physical asset that will be equall in value to the loan sum. Operating HiTV by reciever/manager or using competent consultants would have been better. The negative publicity that this type of rambo style takeover does not help either side, banks have been taking over organizations quietly without any negative publicity. Thumbsdown GTbank.

Jungle don mature.

Shouldn't be saying this BUT saw it coming. A lot of posters have have said it. HiTV was built on bold face bravado and less planning and like most things Nigerian, crashes before you say BARCELONA. So sad. All the Entrepreneur of the year title given to Toyin just because he started HiTV. In Nigeria we dont even wait for 10 years to critically analyse a thing before we start shouting we have conquered the world. That was how they were calling Alistair the guy who set up BEN TV in England - the Nigerian Ted Turner. Is BEN and CNN in the same category? And to see people like Dele Momodu shouting " Nigeria's Ted Turner" shows Nigeria is doomed. We need to go back to basics and re-evaluate the reason for being.
Toyin Subair was part of Nu Metro also. That one too died less than 5 years after they came to Nigeria.

toxicguy:

good riddance to bad RUBBISH. toyin subair the traitor has got what he bargained for.

Bros you be shareholder for DSTV,cos I know Toyin worked for years in the legal dept of DSTV before breaking out to form Hitv,so many Dstv people NEVER forgave him for that

Jimmy Boy:

N9b is a lot of money but I doubt if GTB can recoup their money by liquidating HITV because good chunk of that money must have been used to acquire premiership rights for the period it lasted.So there can't be any physical asset that will be equall in value to the loan sum. Operating HiTV by reciever/manager or using competent consultants would have been better. The negative publicity that this type of rambo style takeover does not help either side, banks have been taking over organizations quietly without any negative publicity. Thumbsdown GTbank.

I thought what they did was to appoint a receiver-manager. Right? Also, was GTBank was responsible for the publicity? You know some organizations are already the cynosure of eyes.

toxicguy:

good riddance to bad RUBBISH. toyin subair the traitor has got what he bargained for.

How is he a traitor?

@Shinor I don't know this Toyin Subair guy, but I know if someone has not experienced business failure before he probably has never being in business before or not for too long. We need to understand that we go into business based on projections which in turn are based on assumptions. The truth is that many things just happen outside our projections. I want to belivie that GTBank's Risk Management guys must have studied HiTV business plans properly before disbursing N9b, you also need to know the loans of this magnitude are beyond even the MD/CEO of the bank , it has to go to Board Credit Committe.

So, I don't think is fair to suggest that this guy was dumb when he was concieving the Hitv idea. I just pray he recovers from this debacle.

another one bites the dust.
living big on borrowed money without paying attention to the basics of good business i.e. honour your promises to ALL your stakeholders- workers, clients, suppliers/franchisers, debtors, shareholders, government tax collectors etc.
Most Nigerian, African businesses cannot sustain themselves at the initial glittery pace beyond three years. No maintenance culture and focus on praise singers and sycophants who get carried away by the shine, shine effect of everything NEW.
I remember the acting big man who also had an agreement for direct flights to the US some seven - ten years ago only to have the aircrafts seized by the lessors since the guy was not paying while selling tickets to mugus in Nigeria and the US. The only surprise is I never heard that the guy was taken to court by the disappointed passengers who were left stranded at year end festivities.

Jimmy Boy:

@Shinor I don't know this Toyin Subair guy, but I know if someone has not experienced business failure before he probably has never being in business before or not for too long. We need to understand that we go into business based on projections which in turn are based on assumptions. The truth is that many things just happen outside our projections. I want to belivie that GTBank's Risk Management guys must have studied HiTV business plans properly before disbursing N9b, you also need to know the loans of this magnitude are beyond even the MD/CEO of the bank , it has to go to Board Credit Committe.

So, I don't think is fair to suggest that this guy was dumb when he was concieving the Hitv idea. I just pray he recovers from this debacle.

In that case, the GTB risk assessment people are dumb, also the board credit committee.

HITV came in banking on only the EPL to sell decoders, seeing as they snatched the rights off DSTV, people starved of their regular dose of football ran to them in droves. They soon discovered that apart from football on weekends, the rest of HITV's content was total waste, nothing with real entertainment value.

HITV should have seen the handwriting on the wall. During the Off-season of the EPL, 80% of subscribers never renewed subscription until football starts again in August. They keep sending texts and calling , dear subscriber, why haven't you recharged? Like Duh?

They kept banking on the EPL, even the EPL quality was zero, sometimes sounds go off, mic too high and so on. Well, subscribers still endured coz we want our football and HITV was still smiling to the bank. Then the unthinkable happened! They lost the rights.

Eye still no clear them at that point, instead of going back to the drawing board it was still the same old rubbish Channels and promise of "more". Do you know that when DSTV lost the EPL rights to HITV, they went back and formulated channels like Afmag yoruba, afmag hausa, and others, Opened a supersport studio in Naija, and so on. Those improvement even increased sales without EPL. Ofcourse house wives loved it and most people who had HITV also had Dstv at home.


So yea, Tony subair is totally dumb and an incompetent CEO/business man. Even a 3 year old would run HITV better.

HiTV is really owned by Bola Tinubu. Toyin Subair is just a front. The seed capital used to found HiTV came from a LASG account with Skye Bank. I got that from an impeccable source in Skye Bank. Even part of the funds wired to pay the EPL broadcasting rights came from a state government account.

kalokalo:

HiTV is really owned by Bola Tinubu. Toyin Subair is just a front. The seed capital used to found HiTV came from a LASG account with Skye Bank. I got that from an impeccable source in Skye Bank. Even part of the funds wired to pay the EPL broadcasting rights came from a state government account.

Try ot use your head to think okay! Do you know how much First Nation airlines gulp compared to the the N7bn of hitv? Tinubu is not the owner of hitv, stop spreading false news!

TCD:

In that case, the GTB risk assessment people are dumb, also the board credit committee.

HITV came in banking on only the EPL to sell decoders, seeing as they snatched the rights off DSTV, people starved of their regular dose of football ran to them in droves.  They soon discovered that apart from football on weekends, the rest of HITV's content was total waste, nothing with real entertainment value.

HITV should have seen the handwriting on the wall. During the Off-season of the EPL, 80% of subscribers never renewed subscription until football starts again in August. They keep sending texts and calling , dear subscriber, why haven't you recharged?  Like Duh?

They kept banking on the EPL,  even the EPL quality was zero, sometimes sounds go off, mic too high and so on. Well, subscribers still endured coz we want our football and HITV was still smiling to the bank. Then the unthinkable happened! They lost the rights.


Eye still no clear them at that point, instead of going back to the drawing board it was still the same old rubbish Channels and promise of "more". Do you know that when DSTV lost the EPL rights to HITV, they went back and formulated channels like Afmag yoruba, afmag hausa, and others, Opened a supersport studio in Naija, and so on. Those improvement even increased sales without EPL. Ofcourse house wives loved it and most people who had HITV also had Dstv at home.



So yea, Tony subair is totally dumb and an incompetent CEO/business man. Even a 3 year old would run HITV better.

Thanks man, May God bless you

ah, the way the cookie crumbles!

Haha, HITV, Ofcos must people saw this coming.
What a shame!!!

Jimmy Boy:

N9b is a lot of money but I doubt if GTB can recoup their money by liquidating HITV because good chunk of that money must have been used to acquire premiership rights for the period it lasted.So there can't be any physical asset that will be equall in value to the loan sum. Operating HiTV by reciever/manager or using competent consultants would have been better. The negative publicity that this type of rambo style takeover does not help either side, banks have been taking over organizations quietly without any negative publicity. Thumbsdown GTbank.

I totally agree with these post @jimmy

Learnth subair is a squadamanic, typical nija way